With tough days in the petroleum business likely to linger, Irving-based Exxon is postponing a big investment.
The company is delaying by one year its new refinery planned in Beaumont.
The industry has taken a double-thumping from the collapse of consumption blamed on the Coronavirus and the crash of crude prices.
Although there's been a recent rebound, in April, the unthinkable happened. The futures price for West Texas Intermediate fell into negative territory, minus $37.63 a barrel.
With the delay in construction, Exxon's new Beaumont refinery is due to come online in 2023, a year later than planned.