ExxonMobil Corp agreed to sell its Billings, Montana, refinery and related pipeline properties to Par Pacific Holdings Inc for $310 MM.

The sale ends a years-long effort by the U.S. oil giant to further reduce its refining footprint and concentrate production on plants along the U.S. Gulf Coast and in the Midwest. It also has been selling oil producing properties to boost returns.

"ExxonMobil is focused on investing in facilities where we can manufacture higher-value products such as lubricants and chemicals," said Karen McKee, the head of the oil company's product solutions unit.

The deal for the 63,000-barrel-per-day refinery is expected to close in the second quarter of 2023, Exxon said in a statement.