Exxon Mobil Corp., which operates one of the world’s biggest oil-refining networks, is trying to be more responsive to changing consumer demands as the energy transition gathers pace. The changes it’s considering include potentially replacing some gasoline production with chemicals.
The oil giant has long pursued a strategy of upgrading refineries to expand production and make higher-value products from crude oil such as lubricants and plastic feedstock. But it now sees those projects potentially helping the company to move away from traditional fuels, demand for which is likely to wane in coming decades.
“We’re planning on modifying some of that yield from gasoline to distillate and chemicals feed,” Jack Williams, Exxon senior vice president, said Wednesday at the company’s office in Spring, Texas. “We’ve got projects that we know we would do to take those steps.” Exxon has upgraded and added to its refineries at Fawley in the UK and Beaumont in Texas to produce more diesel, which is used for heavy-duty transportation and is less vulnerable to competition from electric vehicles.
“This really allows us to pivot as demand evolves,” said Karen McKee, President of Exxon’s Product Solutions division.
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