Exxon to focus on chemicals to keep company profitable
All new passenger cars sold will be electric by 2040, ExxonMobil’s CEO Darren Woods told CNBC on Monday—not just in one country, but in the whole world.
For comparison’s sake, last year, only 9% of the world’s passenger car sales were electric vehicles, including plug-in hybrids. While that’s a 100% increase from the year before, it’s l00% of a relatively small figure.
Exxon Mobil isn’t just a large oil producer—it also owns three of the United States’ top ten refiners—two of which boast a capacity of over a million barrels a day each, according to the EIA. According to Woods, Exxon will need to focus on chemicals to keep the company profitable during the transition.
“That change will not make or break this business or this industry, quite frankly,” Woods said.
Exxon is forecasting that by 2040, oil demand will be what it was in 2013 or 2014.
Information Source: Read More By Julianne Geiger for Oilprice.com
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