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Chevron Corp., the second largest U.S. energy company by market value, said an upgrade to an oil-processing unit at its Salt Lake City refinery will cost $83 million.
The estimate was disclosed on Thursday in an e-mail from Sean Comey, a spokesman for the San Ramon, California-based company.
Michael Wirth, the executive vice president who oversees Chevron's refining business, announced the upgrade during a March 13 meeting with analysts in New York.
Comey's e-mail didn't set a timetable for the crude-processing unit upgrade.
Exxon Mobil corp. of Irving, Texas, is the largest U.S. energy company.