Saw in an interview with SVP of energy products that XOM expect "footprint to be 13 operated refineries by the end of this year". "The company operated or had economic interests in 19 refineries at the end of 2022."
BR, BT, Beau, Jol, Nant, Scona, Sarnia is 7 in NA
PAC, Jurong is 2 in AP
Rot, Ant, PJG, Fos, Fawly is 5 in Europe
Sums to 14
Does that mean another sale/closure, or is PAC/Jurong counted as one?
Probably not including the IOL operated refineries, German refinery and Saudi refineries. Did Thai refinery sale close yet?
At least two refineries in NA (most likely Canada) and two in Europe will be sold in the coming years. The headcount needed to run the downstream is overweight. By removing those operations and continued trimming, total headcount will be 40k globally for XOM. Most likely by 2027 latest.
Chem plants are safe from layoffs or safe from what?
If refinery margins are high, surely now is the time to sell whilst valuations are high?
Would estimate any plants which have integrated Chem plants are safe.
Refining margins are attractive right now, even in Europe, so expect this year and most of 2024 to be safe. 2025 will see sales then, to shift refineries whilst there is still some potential buyers out there. Closer to 2030 and you won't be able to give them away.
I take it all back, PAC and Jurong are 1, we are at the magic 13