Our Downstream business is one of the world’s
largest refiners and lubricants manufacturers. Our
22 refineries – 17 of which are co-located with
chemical or lubricant facilities – enable us to
manufacture higher-value fuels, lubricants, and
chemical products more efficiently than our
We are highgrading our product slate to maximize the
value of every molecule. Our long-standing record of
technology leadership underpins the development of
the products our customers demand.
Our integrated business model across the entire
value chain enables us to benefit from lower-cost
feedstocks. Our proprietary process and catalyst
technologies help convert those feedstocks into the
fuels and lubricants marketed under our
The full value-chain integration is expected to
generate an additional $1 billion in the U.S.
Global Downstream portfolio
Downstream value chains
By 2040, demand for transportation fuel is expected
to increase by nearly 30 percent, driven by
commercial transportation in developing countries.
Demand for diesel fuel is expected to increase by
more than 30 percent, while worldwide gasoline
demand is expected to level off, as declining demand
for light-duty transportation fuel in developed
countries is offset by growth in developing nations.
Lubricant demand is also expected to grow,
particularly in Asia. Within the high-value
synthetic lubricants sector, where we have a leading
market position, demand is expected to outpace
industry growth significantly.
We selectively invest in sites and value chains that
generate the highest returns. Our integrated
business model, world-class assets, and feedstock
flexibility have positioned us to be a market leader
across the business cycle.