ExxonMobil Corporation (NYSE: XOM) expects motor fuels and chemicals profits to climb to $16 billion by 2027, reflecting a substantial $4 billion uptick from current levels, fueled by continuous demand elevation.
The oil and gas behemoth projects gasoline demand not to peak until late this decade, a lengthier timeframe than other forecasters, Reuters reported, citing statements from executives in a briefing.
"Toward the end of this decade, we see gasoline demand peaking, but it will be a long plateau," Exxon Senior Vice President Jack Williams told Reuters. "Refining's not going to go away. (But) a lot of it will be toward chemicals."
Exxon's Baytown, Texas-based refinery can process 564,440 barrels per day. It's also located next to a chemical unit, which lets it shift from producing fuels to also making chemicals.
Exxon's merged refining, petrochemicals, and low-carbon business unit is poised to harness the waves of market demand for each sector, Karen McKee, president of the Product Solutions unit, explained.
Price Action: XOM shares are trading higher by 0.51% to $116.99 in the premarket on the last check Thursday.