ExxonMobil moves forward with largest renewable diesel facility in Canada

• Imperial’s Strathcona refinery expected to produce 20,000 barrels of renewable diesel per day 
• $500+ million project will use low-carbon hydrogen, carbon capture and storage technology
• Renewable diesel has potential to reduce annual greenhouse gas emissions by about 3 million metric tons compared to conventional fuels

“The Strathcona project is another example of how we are investing in advantaged facilities and applying our leading technology and decades of experience to develop lower-emission solutions for customers,” said Karen McKee, president of ExxonMobil Product Solutions. “We continue to focus investments on markets like Canada, where well-designed policies support technologies that reduce life-cycle emissions.”

Imperial’s renewable diesel facility will use low-carbon hydrogen produced with carbon capture and storage technology to help Canada meet low emission fuel standards. Imperial has entered into an agreement with Air Products for low-carbon hydrogen supply and is developing agreements with other third parties for biofeedstock supply. The low-carbon hydrogen and biofeedstock will be combined with a proprietary catalyst to produce premium lower-emission diesel fuel and will help reduce greenhouse gas emissions from the transportation sector, relative to conventional fuels.

Site preparation and initial construction are underway. Renewable diesel production is expected to start in 2025. The project is expected to create about 600 direct construction jobs, along with hundreds more through investments by business partners.

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ExxonMobil, one of the largest publicly traded international energy and petrochemical companies, creates solutions that improve quality of life and meet society’s evolving needs.

The corporation’s primary businesses - Upstream, Product Solutions and Low Carbon Solutions - provide products that enable modern life, including energy, chemicals, lubricants, and lower-emissions technologies. ExxonMobil holds an industry-leading portfolio of resources, and is one of the largest integrated fuels, lubricants and chemical companies in the world.

In 2021, ExxonMobil announced Scope 1 and 2 greenhouse gas emission-reduction plans for 2030 for operated assets, compared to 2016 levels. The plans are to achieve a 20-30% reduction in corporate-wide greenhouse gas intensity; a 40-50% reduction in greenhouse gas intensity of upstream operations; a 70-80% reduction in corporate-wide methane intensity; and a 60-70% reduction in corporate-wide flaring intensity.

With advancements in technology and the support of clear and consistent government policies, ExxonMobil aims to achieve net-zero Scope 1 and 2 greenhouse gas emissions from its operated assets by 2050.To learn more, visit exxonmobil.com, Energy Factor, and ExxonMobil’s Advancing Climate Solutions.

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Cautionary Statement

Statements related to outlooks; projections; targets; expectations; estimates; descriptions of strategic, operating, and financial plans and objectives; statements of future ambitions and plans; and other statements of future events or conditions, are forward-looking statements.

Forward-looking statements in this release include, but are not limited to, plans to construct a renewable diesel facility at Strathcona; references to the production of renewable diesel at Strathcona, including production estimates and projections, and expected sources of feedstock; the availability of and use of carbon capture and storage technology; the discussion of plans to drive towards net zero emissions; projections regarding expected reductions in CO2 emissions in comparison to conventional fuels; the factors informing a final investment decision; expectations regarding job creation as a result of the project; the anticipated date for commencing renewable diesel production at the facility; and our commitment to investing in projects that support sustainability and contribute to reducing emissions.   

Forward-looking statements are based on current expectations, estimates, projections and assumptions at the time the statements are made. Actual future results, including financial and operating performance; refinery utilization, energy use and greenhouse gas emissions; the adoption and impact of new facilities or technologies; demand growth and energy source, supply and demand mix; the availability of locally-sourced and grown feedstock; general market conditions; commodity prices; business and project plans, timing, costs, capacities and returns could differ materially due to a number of factors.

These include global or regional changes in the supply and demand for oil, natural gas, petrochemicals, and feedstocks and other market conditions that impact prices and differentials for our products; government policies supporting lower carbon investment opportunities; actions of competitors and commercial counterparties; the outcome of commercial negotiations, including final agreed terms and conditions; the ultimate impacts of COVID-19, including effects of government responses on people and economies; final management approval of future projects and any changes in the scope, terms, or costs of such projects as approved; changes in law, taxes, or regulation including environmental regulations, trade sanctions, and timely granting of governmental permits and certifications; government policies and support and market demand for low carbon technologies; the capture of efficiencies within and between business lines and the ability to maintain near-term cost reductions as ongoing efficiencies; unforeseen technical or operating difficulties and unplanned maintenance; the development and competitiveness of alternative energy and emission reduction technologies; the results of research programs and the ability to bring new technologies to commercial scale on a cost-competitive basis; and other factors discussed under Item 1A. Risk Factors of ExxonMobil’s 2021 Form 10-K.

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