Exxon has started production at expanded refinery in Beaumont after $2 billion investment

An earlier version of this article incorrectly characterized it as a new investment, when Exxon announced it more than four years ago. The news today is the start of production. It has been corrected.

Exxon Mobil Corp. (XOM) said Thursday it has started production at its expanded refinery in Beaumont, a $2 billion project that was equal to adding a medium-size refinery. The oil major said the move has increased capacity for transportation fuels by 250,000 barrels a day. That will bring overall capacity to more than 630,000 barrels a day. "Supported by the company's growing crude production in the Permian Basin, the largest refinery expansion in more than a decade will help meet growing demand for affordable, reliable energy," the company said in a statement. The refinery links to pipelines from Exxon's operations in the U.S. Permian Basin. The operations in Beaumont also include chemical, lubricants and polyethylene plants with about 2,100 employees accounting for one in every seven jobs in the region. The stock has gained 31.6% in the last 12 months, while the S&P 500 has fallen 10.7%.

-Ciara Linnane

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03-16-23 0912ET

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