At the 2023 ADI Forum, Heath DePriest, VP of Renewable Fuels at Phillips 66, shared insights on the future of refining, highlighting the need for decarbonization and diversification. By 2035, the refining industry was expected to look vastly different. Refineries would likely evolve into integrated industrial complexes, heavily focused on producing chemicals alongside cleaner fuels. Survival hinged on significant decarbonization efforts, including carbon capture and the integration of renewable energy sources such as solar, hydrogen, and natural gas. These facilities would need to optimize their existing operations to lower their carbon footprint while still providing essential liquid hydrocarbons. A key shift involved the rise of highly profitable niche markets within the energy transition, such as advanced biofuels derived from waste. To navigate this transformation, refiners needed to evolve their leadership, build credibility through early successes in sustainable projects, and adapt to a future where profitability could be found in these specialized, high‑margin opportunities.
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ADI is a prestigious, boutique consulting firm specializing in oil and gas, energy, and chemicals since 2009. We bring deep expertise in a broad range of markets where we support Fortune 500, mid-sized and early-stage companies, and investors with consulting services, research reports, and data and analytics, with the goal of delivering actionable outcomes to help our clients achieve tangible results.
We also host the ADI Forum that brings c-suite executives together for meaningful dialogue and strategic insights across the oil & gas, energy transition, and chemicals value chains. Learn more about the ADI Forum.
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