Exxon’s Texas Plant Is Likely the Last Major US Refinery Project
- 5-year, $2 billion project makes Beaumont one of US’s biggest
- CEO Woods’ counter-cyclical investment approach is paying off
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When Exxon Mobil Corp.’s newest addition to its southeast Texas refinery ramps up to full production in the next few weeks, it’ll be the first major expansion of US fuel-making capacity in at least a decade. And probably the last.
For Exxon, the timing has worked impeccably: It’s expanding supplies of diesel and a gasoline ingredient called vacuum gasoil, or VGO, just as customers are struggling to replace sanctioned Russian cargoes.