Communicator

Picture: Chevron refining operations

Chevron newsroom, PASADENA, Texas (Dec. 10, 2024)

Chevron U.S.A., Inc., a wholly owned subsidiary of Chevron Corporation, has completed a retrofit of its refinery in Pasadena, Texas. The upgrade aims to increase product flexibility and expand the processing capacity of lighter crudes by nearly 15% to 125,000 barrels per day.

Key Benefits

▪️Increased Capacity: The refinery’s processing capacity for lighter crudes has increased by 15%, allowing it to handle more equity crude from the Permian Basin.
▪️Enhanced Gulf Coast Supply: The upgrade enables Chevron to supply more refined products to customers in the U.S. Gulf Coast region.
▪️Synergies with Pascagoula Refinery: The retrofit enhances synergies with Chevron’s Pascagoula refinery, improving overall refining system efficiency.
▪️Light Tight Oil (LTO) Project: The upgrade is part of Chevron’s LTO Project, which focuses on improving facility reliability and safety, boosting domestic refined product supply, and introducing jet fuel production and gas oil exports.

Strategic Intent

Chevron acquired the Pasadena Refinery in 2019 as part of its strategy to expand its Gulf Coast refining system. This upgrade supports the company’s goal of increasing its refining capacity and improving its ability to meet growing demand for refined products in the region.

Timeline

The upgrade was completed in December 2024, with the refinery now fully operational with its enhanced capabilities.

#chevron  #refinery  #capacityincrease  #crudeoil  #lightcrude  #permian  #pasadena 

SPRING and IRVING, Texas – Exxon Mobil Corporation (NYSE: XOM) and Pioneer Natural Resources (NYSE: PXD) jointly announced a definitive agreement for ExxonMobil to acquire Pioneer. The merger is an all-stock transaction valued at $59.5 billion, or $253 per share, based on ExxonMobil’s closing price on October 5, 2023. Under the terms of the agreement, Pioneer shareholders will receive 2.3234 shares of ExxonMobil for each Pioneer share at closing. The implied total enterprise value of the transaction, including net debt, is approximately $64.5 billion.

The merger combines Pioneer’s more than 850,000 net acres in the Midland Basin with ExxonMobil’s 570,000 net acres in the Delaware and Midland Basins, creating the industry’s leading high-quality undeveloped U.S. unconventional inventory position. Together, the companies will have an estimated 16 billion barrels of oil equivalent resource in the Permian. At close, ExxonMobil’s Permian production volume would more than double to 1.3 million barrels of oil equivalent per day (MOEBD), based on 2023 volumes, and is expected to increase to approximately 2 MOEBD in 2027. ExxonMobil believes the transaction represents an opportunity for even greater U.S. energy security by bringing the best technologies, operational excellence and financial capability to an important source of domestic supply, benefitting the American economy and its consumers.

• Transforms ExxonMobil’s upstream portfolio, more than doubling the company’s Permian footprint and creating an industry-leading, high-quality, high-return undeveloped U.S. unconventional inventory position

• Expect to generate double-digit returns by recovering more resource, more efficiently and with a lower environmental impact

• Combines Pioneer’s sizeable acreage, entrepreneurial culture and deep industry expertise with ExxonMobil’s balance-sheet strength, advanced technologies and industry-leading project development capabilities

• Plans to accelerate Pioneer’s net zero Permian ambition from 2050 to 2035

• Strengthens U.S. economy and energy security

#permian  #pioneer  #crudeoil 

Source: ExxonMobil News releases, 11^th Oct 2023