Energy
Exxon Weighs Chemicals Output Boost as EVs Threaten Gasoline Use
- Oil giant overhauls refining division due to energy transition
- Executives want flexibility to change feedstocks, product runs
The Esso Fawley Oil Refinery, operated by Exxon Mobil Corp. in Fawley, UK.
Photographer: Luke MacGregor/BloombergThis article is for subscribers only.
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.