We have only have heard speculations and rumors but wondering if anyone else had heard the same about the Pipeline Company and what the end game is?
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It was communicated that it would save the company about $5M in taxes changing to a LLC.
I think other major (Shell, PBF, P66…) have their pipeline companies spun off as separate stock as well.
Even though it is a separate company, it still has ExxonMobil in its name and wholly owned.
Seems a huge reduction in liability if these pipelines were sold off to a specialty midstream company including good transportation rates for EM in the deal. If a pipeline leaks, we point fingers instead of taking a reputation and monetary hit.
Pipeline already it's own company.
Seems like a strategy to reduce liability due to potential oil spills.