Exxon's Texas Plant Marks End of Major US Refinery Projects.
Exxon Mobil's expansion of its southeast Texas refinery, which will increase daily capacity by almost 70% to about 619,000 barrels, is likely to be the last major expansion of US fuel-making capacity, given the industry-wide push to reduce carbon footprints and concurrent refinery construction across Africa, the Middle East and Asia that'll swell global oil-processing capacity. The expansion gives Exxon a guaranteed outlet for oil produced in the Permian Basin in West Texas and New Mexico, using domestic crude nets Exxon more than $40 for every barrel of diesel produced, a historically eye-popping margin.