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EXXON MOBIL CORPORATION

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Exxon Mobil : eyes upgrading UK refinery for more than $650 million

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09/11/2018 | 11:47am EST
FILE PHOTO: The logo of Exxon Mobil Corporation is shown on a monitor above the floor of the New York Stock Exchange in New York

(Reuters) - Exxon Mobil Corp is planning to spend more than 500 million pounds to upgrade the UK's largest oil refinery, Fawley, on England's south coast, a spokesman said on Tuesday.

The project at the 270,000 barrel per day refinery - representing a fifth of British refining capacity - still needs a final investment decision which is not expected before the second quarter of next year, Exxon said.

The planned upgrade, which would include building a new hydrotreater and a new hydrogen plant, would reduce Britain's reliance on diesel imports.

"ExxonMobil is considering significant upgrades at its Fawley site to help meet demand in the UK market for high quality fuels," Exxon said in a statement.

"If approved, the project, which is expected to involve an investment of hundreds of millions of pounds, will ... allow the site to process a wider selection of crude oils, and will help secure future employment for 1,000 employees at the site."

A spokesman confirmed a report in the Financial Times that the investment, if finalised, would amount to more than 500 million pounds.

The upgrade will allow the refinery to refine heavier, sourer barrels into ultra-low sulphur diesel, the FT reported.

(Reporting by Debroop Roy in Bengaluru and Shadia Nasralla in London; Editing by Shounak Dasgupta and David Evans)

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Financials ($)
Sales 2019 273 B
EBIT 2019 28 243 M
Net income 2019 19 346 M
Debt 2019 37 226 M
Yield 2019 4,35%
P/E ratio 2019 16,57
P/E ratio 2020 13,31
EV / Sales 2019 1,34x
EV / Sales 2020 1,19x
Capitalization 329 B
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Average target price 84,2 $
Spread / Average Target 8,3%
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Darren W. Woods Chairman, President & Chief Executive Officer
Andrew P. Swiger Chief Financial Officer & Senior VP
Samuel J. Palmisano Independent Director
Steven S. Reinemund Independent Director
Kenneth C. Frazier Independent Director
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