- Exxon Mobil (NYSE:XOM), which fell to another 52-week low today, says it is planning a 20K bbl/day capacity expansion at its 345K bbl/day refinery in Beaumont, Tex., to accommodate increased processing of U.S. light crudes.
- The move shows XOM could become more interested in refining as a way to replace reduced profits from crude production as the gap between upstream and downstream profit narrows, 24/7 Wall Street's Paul Ausick writes.
- XOM does not disclose a timeline or an estimated cost for the proposed project.