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XoM sells Chalmette Refinery to PBF Energy
Posted on 6/18/15 at 9:34 pm
Posted on 6/18/15 at 9:34 pm
5
Posted on 6/18/15 at 9:56 pm to StrawberriousJackson
worst kept secret...
Posted on 6/18/15 at 10:16 pm to StrawberriousJackson
Good move, Their Torrance Ca refinery is for sale also
This post was edited on 6/18/15 at 10:20 pm
Posted on 6/18/15 at 10:29 pm to StrawberriousJackson
I have a lot of friends who work there and the company gives tons of money to the community. Hope this doesn't change.
Posted on 6/18/15 at 11:04 pm to StrawberriousJackson
So what will a company like Exxon typically do with the money from the sale? ...in this case 322 million dollars.
That's only a fraction of their worth. A tiny fraction.
That's only a fraction of their worth. A tiny fraction.
Posted on 6/18/15 at 11:31 pm to bayoubengals88
Use it to offset a portion of their lossss from the XTO purchase.
Posted on 6/19/15 at 3:03 am to bayoubengals88
quote:
So what will a company like Exxon typically do with the money from the sale? ...in this case 322 million dollars
Build a refinery someplace where $150,000 a year workers don't go on strike. They are both expanding and building new capacity at several foriegn locations.
Once the government ok'ed the export of crude the game was on as to who could bail out of the union run refineries the quickest. It is cheaper to ship crude overseas then back as refined products than deal with US labor and our enviromental laws.
LINK
LINK
Posted on 6/19/15 at 8:47 am to bayoubengals88
quote:
So what will a company like Exxon typically do with the money from the sale? ...in this case 322 million dollars.
Half of the money will go to Venezuala as they owned half of Chalmette Refining. And that country is having cash issues right now due to low price of oil.
Posted on 6/19/15 at 11:41 am to bayoubengals88
quote:
So what will a company like Exxon typically do with the money from the sale?
With lower crude prices refineries will have a tough time getting margins the next 10 years as good as margins they've had from 2005 to 2014 IMO. They might move this money from their refining business to the chemicals business in the US. US chemicals still have a nice advantage over the rest of the world from a feed stock cost standpoint.
Posted on 6/19/15 at 2:57 pm to StrawberriousJackson
So was the work force part of the acquisition?
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