ConocoPhillips Acquires Select Premcor Illinois Refinery Assets

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ConocoPhillips Acquires Select Premcor Illinois Refinery Assets

HOUSTON -- ConocoPhillips Inc. yesterday reached a deal with Premcor Inc. to purchase select assets at of its Hartford, Ill., refinery.

The purchase includes the coker, crude unit, catalytic cracker, alkylation unit, isomerization unit, a portion of the site utilities and a portion of the storage tanks used at the Premcor facility. The overall production of the Wood River refinery will not increase, but the purchase will enable the refinery to process heavier, lower cost crude oil.

"This acquisition and integration will further enhance the competitiveness of an already strong refinery asset in the Midwest," said Tom Nimbley, president of refining for ConocoPhillips. "Combining select assets of Premcor's facility with the current Wood River facility will position Wood River to improve its crude oil acquisition costs by enabling the combined facility to efficiently process lower cost, crude oil grades that are prevalent throughout both North and South America."

This purchase will create approximately 70 ConocoPhillips positions, some of which will be filled by ConocoPhillips employees from other locations. In addition, some contract positions will be used to maintain this facility, the company said. Product produced at the plant will be used to supply ConocoPhillips branded network of more than 5,300 stores.