11/05/2025

Exxon Explores More Refinery Upgrades

Meanwhile, the company is honing higher-value products

After starting up operations at four new refining and chemicals initiatives this year, Exxon Mobil is surveying more opportunities to revamp other sites, an executive told Reuters in a recent interview.

The projects form what Exxon CEO Darren Woods has described as a wider strategy to turn low-value feedstocks into products that can be sold at a higher price. Upgrading existing refineries and diversifying production allows the company to keep investment costs low and better withstand fluctuating supply and demand markets, he said during the third quarter earnings call with analysts on Friday.

"We're looking at our existing facilities, finding opportunities where we can upgrade across and then provide high-value products," said Matt Crocker, Exxon's president of product solution, in an interview last Wednesday, before the earnings report. "As we look forward, I can see us doing more of those kinds of projects."

Please select this link to read the complete article from Reuters.