By Erwin Seba HOUSTON - Exxon Mobil Corp expects its motor fuels and chemicals earnings to reach $16 billion by 2027, up about $4 billion from current levels as demand continues to rise,By Erwin Seba
The largest U.S. oil company has been generating strong refining profits this year in part on a massive expansion of refining capacity and focus on higher margin chemicals. Executives forecast gasoline demand will not peak until late this decade, a much longer timeframe than other forecasters. Exxon combined its once separate chemicals and oil refining businesses and redesigned operations to quickly shift between fuels and chemicals based on which delivers the highest profit.
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Exxon sees $16 billion in earnings for fuels, chemicals by 2027Exxon Mobil Corp expects its motor fuels and chemicals earnings to reach $16 billion by 2027, up about $4 billion from current levels as demand continues to rise, executives said on Wednesday. The largest U.S. oil company has been generating strong refining profits this year in part on a massive expansion of refining capacity and focus on higher margin chemicals. 'Toward the end of this decade we see gasoline demand peaking, but it will be a long plateau,' Exxon Senior Vice President Jack Williams said at briefing at its Spring, Texas, headquarters.
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