Publicly owned companies, like many U.S. refineries, have a fiduciary responsibility (which is a legal obligation) to act in the best interest of their shareholders, and that extends to how companies spend their earnings. Often, earnings are spent on a combination of the following: direct dividends, stock buy back programs, paying down debt and capital investment projects.
AFPM President and CEO Chet Thompson issued the following statement in response to President Biden’s State of the Union address: "Using the State of the Union to politicize market fundamentals and single out stock “buy back” programs—while overlooking the fact that the Biden administration’s own policies discourage the reinvestment of earnings back into the U.S. liquid fuel supply chain—cheapens the dialog for everyone."
AFPM issued the following statement on the passage of California legislation that will empower the state’s unelected bureaucracy to impose an effective windfall tax and massive regulatory burden on the state’s remaining refineries. "...Add this legislative cocktail to the list of self-inflicted policy wounds for a state already bleeding people."
Governor Gavin Newsom continues to blame fuel refiners for California’s highest-in-the-nation fuel prices. He couldn't be more wrong. The problem and solution to much of California’s fuel price challenge can be found in Sacramento policy. Take a look to better understand the role of policy in regional price differences, why it’s inaccurate to equate “margins” or “refinery cracks” with “profits,” and why windfall profit taxes are a known policy failure.
WASHINGTON, D.C. – The American Fuel & Petrochemical Manufacturers (AFPM) is pleased to announce ExxonMobil’s Karen McKee—president of ExxonMobil Product Solutions Company—as the 2024 Petrochemical Heritage Award recipient for her outstanding contributions to the petrochemical community. McKee received the award today, March 25 during the International Petrochemical Conference in San Antonio, Texas hosted by AFPM.
2019 has ushered a slew of energy conferences to the oil- and gas-friendly state of Texas, and in some cases the media took issue with the lack of diversity — mainly women.
Plastic roads and buildings, the influence of energy and petrochemicals in geopolitics, and chemical and molecular recycling processes that could create a truly circular economy for plastic products were just a few of the topics discussed at AFPM’s 44th International Petrochemical Conference (IPC) in San Antonio last week.
WASHINGTON, D.C. – Today, Chet Thompson, President and CEO of the American Fuel & Petrochemical Manufacturers, made the following statement regarding the Administration’s announcement of tariffs on products made in Mexico.
This year’s AFPM International Petrochemical Conference (IPC) showcased the people, policies and trends shaping the future of the global petrochemical industry. Here’s a look at some of the many memorable moments.
WASHINGTON, D.C. — The American Fuel & Petrochemical Manufacturers (AFPM), in partnership with the Science History Institute and the Founders Club, is proud to announce that Bhavesh V. (Bob) Patel, retired CEO of LyondellBasell Industries, will receive the 2026 Petrochemical Heritage Award during AFPM’s International Petrochemical Conference on March 30.
