Exxon Mobil Corp does not have a timeline for restarting fuel-producing units at...
HOUSTON - Exxon Mobil Corp does not have a timeline for restarting fuel-producing units at its second-largest U.S. refinery following a fire Wednesday that cut production, sources said, as the shutdown boosted gasoline prices on Thursday.
No injuries were reported from the fire that broke out from a natural gas pipeline shortly before midnight on Tuesday and burned for about seven hours on Wednesday, one of the sources said. Operations at the refinery and chemical plant continue, Exxon spokesman Jeremy Eikenberry said on Thursday. He declined to discuss the status of individual processing units.The company and other refiners are suffering from weak margins due to excess supplies and falling demand for some fuels. Exxon U.S. refining profits fell 42% last year over 2018 due to weak margins and higher maintenance costs.
Traders on the New York Mercantile Exchange attributed a jump in gasoline futures since Tuesday to the combined impact of a gasoline-producing unit outage last week at the Phillips 66 Bayway refinery in Linden, New Jersey, and the fire at Exxon’s Baton Rouge refinery.
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