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Exxon's Torrance refinery ready to return to full operation

May 06, 2016 8:41 AM ETExxon Mobil Corporation (XOM) StockXOM, PBFBy: Carl Surran, SA News Editor3 Comments
  • Exxon Mobil (NYSE:XOM) is expected to enter the final phases of returning its Torrance refinery in California to full operation this weekend, LA Times reports.
  • As part of its start-up procedure, XOM plans to turn off the refinery's pollution control system for six hours, a step approved by the South Coast Air Quality Management District.
  • The refinery has been operating at only ~20% of its normal production since a February 2015 explosion destroyed the plant's pollution control system; without the full operation of the plant, which usually generates 20% of southern California's refined gasoline capacity, gas prices in the Los Angeles region rose as much as $1.50 above the national average last year.
  • After Torrance is fully operational, XOM plans to sell the plant to PBF Energy (NYSE:PBF) in a deal expected to close by midyear.
  • Now read Exxon Mobil: Can dividends increase forever?

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