Permian Majors Expand Downstream Processing

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Exxon announced a final investment decision to expand its Beaumont, TX, refinery capacity by 250,000 barrels/day, making it the largest U.S. plant, and then confirmed an investment with Plains All America and Lotus Midstream to build a 1M barrel/day pipeline to ship crude to its Beaumont and Baytown, TX, refineries.

In the same week, Chevron announced its purchase of the 110 mb/d Pasadena, TX, Houston Ship Channel refinery from Brazil’s national oil company Petrobras.

Both Exxon and Chevron boasted record Permian production in their fourth quarter 2018 earnings calls. This note reviews Chevron’s purchase and Exxon’s expansion considering the changing Gulf Coast refining market.

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