Visibility to Growth and Disciplined Capital Management
Supportive Macro Environment Expected
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FEEDSTOCK SUPPLY
Abundant and growing supply of crude oil
and natural gas
Expanding North American logistics
capacity continues to add efficiency to
crude oil movements, particularly in the
U.S. Gulf Coast
PRODUCT DEMAND
• Economic growth continues to generate
rising product demand
• Price environment remains favorable for
healthy product demand
⚫ Bunker fuel specification change expected
to increase distillate demand
• Product shortages in Latin America,
Eastern Canada, Europe and Africa
REGULATORY AND GEOPOLITICAL
Evolving U.S. legislative and regulatory landscape
Emerging global developments
Positive fundamentals continue to drive global transportation fuels growth.
Macro environment themes represent industry consultant views.
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