Innovation and integration resulting in greater feedstock flexibility have provided a significant competitive advantage for ExxonMobil’s chemical business, Steve Pryor, president of ExxonMobil Chemical Company, told attendees at the Gulf Petrochemicals and Chemicals Association 8th Annual Forum today. Pryor noted that the feedstock landscape is always shifting, influenced by trends and innovations within the chemical industry, as well as in the upstream and refining sectors. “As an integrated company, ExxonMobil is constantly moving feedstock across our upstream, downstream and chemical operations to generate the most value from each molecule,” said Pryor. “For example, in Europe, our Rotterdam aromatics plant has been designed to receive feedstock from nine ExxonMobil refineries and chemical plants. Pooling feedstock supply, together with advanced technology, has enabled this plant to become the largest and one of the most profitable in the region.” Pryor said feedstock flexibility remains a central element of ExxonMobil Chemical’s investment strategy. “For example, in the U.S. Gulf Coast, we expanded our gas cracking capability while retaining our capacity to process refinery liquids,” Pryor said. ExxonMobil has also continued to develop new technologies that raise the bar on feedstock flexibility. “A case in point is the new steam cracker at our Singapore refining and petrochemical complex. This world-scale unit can process an unprecedented range of feedstocks, including crude oil.” Converting crude directly into chemicals provides a cost advantage over naphtha feedstock, the industry standard in Asia, Pryor said. It also saves energy and reduces emissions by eliminating the refining steps required to produce naphtha. “Crude cracking is a first for our company, a first for the world, and yet another step in our industry’s ongoing search for advantaged chemical feedstock,” he said. “For chemical companies to maintain a competitive advantage in this ever-changing environment, we must continuously innovate across the value chain -- from our raw materials to our finished products.”
###Statements relating to future plans, projections, events or conditions are forward-looking statements. Actual results, including project plans, costs, timing, capacities, and economic impacts, could differ materially due to factors including: changes in oil or gas prices or other market or economic conditions affecting the oil, gas and petrochemical industries, including the scope and duration of economic recessions; changes in law or government regulation, including tax and environmental requirements; the outcome of commercial negotiations; changes in technical or operating conditions; and other factors discussed under the heading "Factors Affecting Future Results" in the “Investors” section of our website and in Item 1A of ExxonMobil's 2012 Form 10-K. We assume no duty to update these statements as of any future date. The term “project” as used in this release does not necessarily have the same meaning as under SEC Rule 13q-1 relating to government payment reporting. To see the full remarks, visit: http://www.exxonmobil.com.sa/KSA-English/PA/Files/GPCAKeynote.pdf About ExxonMobil Chemical ExxonMobil Chemical is one of the world’s premier petrochemical companies with manufacturing, technology, and marketing operations around the world. The company delivers a broad portfolio of products and solutions efficiently and responsibly, with a commitment to create outstanding customer and shareholder value. ExxonMobil Chemical endorses the principles of sustainable development, including the need to balance economic growth, social development and environmental considerations. To learn more, visit www.exxonmobilchemical.com.