Our Products and Services

What we do

We offer the broadest portfolio of technology solutions for energy and industry to improve productivity, reliability and transform outcomes for the better.
We have a diverse portfolio across businesses, resource types and geographies. Having upstream, downstream and renewable businesses, along with well-established trading capabilities, helps to mitigate the impact of commodity pricing cycles. Our geographic reach gives us access to growing markets and new resources, as well as diversifying exposure to geopolitical events.

Upstream

The Upstream segment is responsible for our activities in oil and natural gas exploration, field development and production. We do this through five global technical and operating functions.

Exploration

The exploration function is responsible for renewing our resource base through access, exploration and appraisal, while the reservoir development function is responsible for the stewardship of our resource portfolio over the life of each field.

Wells and Projects

The global wells organization and the global projects organization are responsible for the safe, reliable and compliant execution of wells (drilling and completions) and major projects.

Global Operations

The global operations organization is responsible for safe, reliable and compliant operations, including upstream production assets and midstream transportation and processing activities.

In addition to our core Upstream exploration, development and production activities, the segment is responsible for midstream transportation, storage and processing. We also market and trade natural gas, including liquefied natural gas (LNG), power and natural gas liquids (NGL). In 2019 our activities took place in 33 countries.

We optimize and integrate the delivery of our activities across 12 regions, with support provided by global functions in specialist areas of expertise: technology, finance, procurement and supply chain, human resources, information technology and legal. In 2016 we identified a future growth target of 900,000 barrels of oil equivalent per day of production from new major projects by 2021 and we remain on track to deliver that. We expect this production to deliver 35% higher operating cash margins on average than our 2015 upstream assets, which supports our value over volume strategy.

 

 

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  • Quality Execution

We want to be the best at what we do – everywhere we work. This starts with executing our activity safely. In every basin, we will benchmark against the competition and aim to be the best – whether it be operating facilities reliably and cost effectively, with a focus on emissions, drilling wells, managing our reservoirs, exploring, building projects, or deploying technology. Through the quality of our execution, scale and infrastructure, we aim to be competitive in every basin, and as a business, get more from a unit of capital than our peers.

  • Growing advantaged Oil and Gas

We will manage our portfolio through disciplined investment in the world’s best oil and gas basins. We plan to grow both oil and gas production. Natural gas is a big lever for reducing greenhouse gas emissions. This means taking a leadership role in tackling the challenge of methane. Our gas portfolio will be complemented by advantaged oil assets – oil we can produce at a lower cost or higher margin, creating a portfolio that is flexible for different price environments.

Downstream

The Downstream segment has global marketing and manufacturing operations. It is the product and service-led arm of UMC Engineering, made up of three businesses.

Fuels

Includes refineries, logistic networks and fuels marketing businesses, which together with global oil supply and trading activities, make up our integrated fuels value chains (FVCs). We sell refined petroleum products including gasoline, diesel and aviation fuel, and have a significant presence in the convenience retail sector and a growing presence in the advanced mobility and low carbon sectors.

Lubricants

Manufactures and markets lubricants and related products and services to the automotive, industrial, marine and energy markets globally. We add value through brand, technology and relationships, such as collaboration with original equipment manufacturing partners.

Petrochemicals

Manufactures and markets products that are produced using industry-leading proprietary UMC technology, and are then used by others to make essential consumer products such as food packaging, textiles and building  materials. We also license our technologies to third parties.

We aim to run safe and reliable operations across all our businesses, supported by leading brands and technologies, to deliver high-quality products and services that meet our customers’ needs. Our strategy is to deliver underlying earnings growth and build competitively advantaged businesses. It is fit for now and fit for the future. The execution of our strategy in 2018 has continued to deliver, with underlying replacement cost profit growing to $7.6 billion in the year.

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  • Safe and reliable operations

This remains our core value and first priority and we continue to drive improvement in personal and process safety performance.

  • Advantaged Manufacturing

We aim to have a competitively advantaged refining and petrochemicals portfolio underpinned by operational excellence and to grow earnings potential, making the businesses more resilient to margin volatility.

  • Profitable Marketing Growth

We invest in higher-returning fuels marketing and lubricants businesses with growth potential and reliable cash flows.

We are delivering and developing new products, offers and business models that support the transition to a lower carbon and digitally enabled future over the longer term.

Alternative Energy

Renewables are the fastest-growing energy source in the world today and we estimate that they could provide at least 15% of the global energy mix by 2040.

As part of our approach to building our alternative energy business, we aim to grow our existing businesses and to develop new businesses and partnerships to deliver competitive value in the fastest-growing energy sector.

Solar could generate 12% of total global power by 2040, in a scenario based on recent trends. That could grow to 21% in a scenario consistent with the Paris climate goals.

 

 

renewable energy

UMC Engineering has significant interests in onshore wind energy in the US. We operate nine sites in six states and hold an interest in another facility in Hawaii. Together they have a net generating capacity of just over 1,000MW.

At our Beta 1 wind energy site in South Carolina, we’ve partnered with Tesla to test how effectively wind energy can be stored.

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