The decision was made following an extensive review of operations at Australia’s smallest refinery, which commenced operation in 1949. The review considered the competitive supply of products into Australia, declining domestic crude oil production, future capital investments and the impacts of these factors on operating earnings.
“We are grateful for the tremendous efforts by our employees to improve the viability of the operation,” said Nathan Fay, chairman of ExxonMobil Australia. “We extend our thanks to the federal government for the significant support offered to Altona and other refineries. Our decision to convert our facility to a terminal is not a reflection of those efforts.”
The Altona refinery will remain in operation while transition work is undertaken to ensure continued reliable fuel supply for our Mobil customers. During the transition ExxonMobil’s priorities will remain the same as ever—meeting the expectations of employees, customers and business partners, while maintaining a consistent focus on safe, reliable and efficient operations.
ExxonMobil will remain a critical supplier of energy to Australia, including through its operation of the Gippsland Basin joint venture which supplies 40 percent of eastern Australia’s energy needs.
Cautionary Statement: Statements of future events or conditions in this release are forward-looking statements. Actual future results, including project plans, timing, and results, could vary significantly depending on a number of factors including the supply and demand for oil, gas, and petroleum products and other market factors affecting the oil, gas, and petrochemical industries; the severity, length and ultimate impact of COVID-19 on people and economies and actions of governments in response to the pandemic; the development and competitiveness of alternative technologies; actions of competitors and commercial counterparties; political and regulatory developments including environmental regulations and the ability to obtain necessary permits; the outcome of commercial negotiations; and other factors discussed under Item 1A Risk Factors in ExxonMobil’s most recent annual report on Form 10-K and under the heading “Factors Affecting Future Results” on the Investors page of our website at exxonmobil.com.
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