Exxon Mobil Sells Montana Oil Refinery for $310 Million
Exxon Mobil Corp. is moving forward with the sale of the Billings...
Exxon Mobil Corp. is moving forward with the sale of the Billings oil refinery in Montana, which it has operated since 1949.
In an Oct. 20 release, Exxon Mobil said it had reached an agreement with Houston-based Par Pacific Holdings Inc. for the sale of the Billings refinery and select midstream assets in Montana and Washington. Par Pacific separately listed the base purchase price of the transaction at $310 million “plus hydrocarbon and other inventory to be valued at closing.”
For Exxon Mobil, the sale ends a year-long effort by the U.S. oil giant to further reduce its refining footprint and concentrate production on plants along the U.S. Gulf Coast and in the Midwest. It also has been selling oil-producing properties to boost returns.
Benchmark U.S. crude oil for November delivery rose 43 cents to $85.98 a barrel Thursday....
Benchmark U.S. crude oil for November delivery rose 43 cents to $85.98 a barrel Thursday. Brent crude for December delivery fell 3 cents to $92.38 a barrel.
Wholesale gasoline for November delivery was unchanged at $2.65 a gallon. November heating oil fell 14 cents to $3.76 a gallon. November natural gas fell 10 cents to $5.36 per 1,000 cubic feet.
U.S. stocks finish lower as Treasury yields continue to climb
U.S. stocks finished lower on Thursday for the second day in...
U.S. stocks finished lower on Thursday for the second day in a row as yields on the 10-year and 2-year Treasury notes advanced to their highest levels in more than 14 years, causing early earnings-inspired gains in equities to evaporate.The S&P 500 SPX, -0.80% finished off 29.38 points, or 0.8%, at 3,665.78. The Dow Jones Industrial Average DJIA, -0.30% dropped 90.22 points, or 0.3%, to close at 30,333.59. The Nasdaq Composite COMP, -0.61% shed 65.66 points, or 0.6%, to close at 10,614.84. The yield on the 2-year Treasury note rose to 4.608%, its highest level since Aug. 8, 2007, based on 3 p.m. figures from Dow Jones Market Data. The yield on the 10-year Treasury advanced 9.8 basis points to 4.225%, the highest since June 17, 2008.
Oil prices could soar to $150 a barrel next year, according to JP Morgan. The firm's...
Oil prices could soar to $150 a barrel next year, according to JP Morgan. The firm's global head of energy strategy says underinvestment in the industry could lead to tight supply for the next decade. Cautiousness over tight supply helped push oil prices higher on Wednesday. Here's more on JP's Morgan's view on underinvestment.
The numbers: The number of people who applied for unemployment benefits fell by 12,000...
The numbers: The number of people who applied for unemployment benefits fell by 12,000 in mid-October to a three-week low of 214,000, as more people who couldn’t work after Hurricane Ian returned to their jobs.
Economists polled by the Wall Street Journal had forecast new claims to total 230,000 in the seven days ended Oct. 15. The figures are seasonally adjusted. The number of people applying for jobless benefits is one of the best barometers of whether the economy is getting better or worse.
New unemployment filings had crept higher in the past month, but they are extremely low and signal the labor market is still tight.
