ExxonMobil completes sale of California refinery

Petroleum News Alaska

Exxon Mobil Corp. said May 15 that it has completed the sale of Exxon’s 130,000 barrel-per-day Benicia, Calif., refinery and fuels terminal and the assignment of California supply arrangements to Valero Energy Corp.

ExxonMobil said it expects to close the remaining element of the transaction with Valero, involving the transfer of Exxon fuels marketing assets in Oakland, San Francisco, San Jose and Santa Rosa to Valero, in mid-June.

The assets were purchased for $895 million plus an amount for inventories based on market-related prices at closing.

In addition to the refinery, the agreement involves Exxon’s interest in about 340 service stations. The service stations involved are all Exxon-branded stations in California.

ExxonMobil retains a 130,000 barrel-per-day refinery at Torrance and about 700 Mobil-branded service stations in California.