Oil refiners shut plants as demand losses may never return [Yahoo! Finance News]
Exxon Mobil Corporation (XOM)
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Source: Yahoo! Finance News
FILE PHOTO: The sun sets behind a crude oil pump jack on a drill pad in the Permian Basin in Loving County) - Oil refiners are permanently closing processing plants in Asia and North America and facilities in Europe could be next because of the uncertain prospects for a recovery in fuel demand after the coronavirus pandemic cut consumption.The pandemic initially cut global fuel demand 30% and refiners temporarily idled plants. But consumption has not returned to pre-pandemic levels and lower travel may be here to stay, leading to the possibility plants may shut permanently.Here are some of the companies/refineries involved:* Australia has proposed offering incentives worth A$2.3 billion $1.68 billion) over 10 years to keep the country's four remaining oil refineries open and said it would invest in building fuel storage as part of a long-term fuel security plan.The four refiners - BP Plc, Exxon Mobil Corp, Viva Energy Group and Ampol Ltd - all welcomed the proposals but made no commit
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- 4/22/24 - Form PX14A6G
- 4/18/24 - Form PX14A6G
- 4/11/24 - Form DEFA14A
- XOM's page on the SEC website