What key challenges are facing ExxonMobil and the global refining industry?
Challenges are nothing new to the refining business – we have been working for decades to provide reliable, affordable energy to consumers around the world. The primary challenge facing the industry is economically meeting the growing demand for energy. And, it’s not just that demand is increasing, but the product needs are changing as well. Gasoline demand in mature markets such as North America, Japan and Europe is decreasing, while global demand for diesel is strong. What this means for refiners is that we need to find ways of using our equipment and supply systems to meet the shifting demand as efficiently as possible. At the same time, the crude we use to make our products is changing as new supplies enter the market. We continue to find innovative ways to refine these often difficult-to-process crudes to maximize our raw material flexibility. The industry is also facing ongoing changes to product-quality specifications. New regulations often require major capital investments that
