ExxonMobil has reached an agreement with Par Pacific Holdings for the sale of the Billings refinery and select midstream assets in Montana and Washington.
The agreement includes the Silvertip pipeline, ExxonMobil’s interest in the Yellowstone pipeline and Yellowstone Energy, and its interests in product terminals in both states. ExxonMobil did not reveal financial details of the deal.
“ExxonMobil is focused on investing in facilities where we can manufacture higher-value products such as lubricants and chemicals,” said Karen McKee, president of ExxonMobil Product Solutions. “We have operated the Billings refinery since 1949 and we thank our more than 300 talented employees for their dedicated service.”
Employees directly supporting these assets will be offered positions at Par Pacific.
Par Pacific has agreed to continue to supply Exxon- and Mobil-branded service stations in the region.
The transaction is expected to close in the second quarter of 2023.