Unique challenges facing downstream energy sector
Fidelity: 1. Scope 3 emissions - who is responsible? It's complex ... perhaps the least worse answer is a carbon tax.

Fidelity: 2. Long term product demand. Embrace renewable diesel, look at sustainable aviation fuels. Look at export models. Explore new business models.

export markets*

Harmony Capital Advisors: Lots of opportunity here. Hydrocarbons are incredible. Single use plastics are a disaster right now (AFPM disagrees) but what about performance plastics? That should be where it's at, it's a higher value product

Neuberger Berman: Control of sustainability narrative itself is challenge for downstream energy market. Concept of sustainability not in control of petrochemical sector. Potential solutions include partnering with end users that may use less plastics.

Barrow Hanley: Social risks that refineries and petrochemical facilities. Plants are often located in low-income areas. Most are also run by highly trained labor force from the area. This can pose risk that bears some analysis.

Neuberger Berman: We are using ESG data to see who might be best positioned 5-10 years out. ESG factors that affect risk or reward. Downstream - attentiveness to operational excellence and worker safety considered.