EXXON REDUCES PRODUCTION AT U.S. REFINERIES

Exxon Co. U.S.A. has trimmed output of its U.S. refineries by a combined 15% because of depressed margins on products markets. The company made the announcement last week as it began increasing crude runs at its 396,000 b/cd refinery at Baytown, Tex., on the Houston Ship Channel. Exxon trimmed Baytown crude runs late last month to manage feedstock inventories after a barge was rammed and sunk in the ship channel, briefly halting traffic. Most feedstock is delivered to the Baytown plant by