The majors cannot rely on a repeat of last year's high refining margins to support profits this year, but divest- ments, upgrades and increased petrochemicals integra- tion leave them better placed to weather any downturn. The majors have spent a number of years selling or clos- ing underperforming refineries and focusing on a smaller number of larger, increasingly complex and more profitable assets. "A world-class downstream business requires focus on the right assets with the right scale, location and configuration," BP chief executive Bob Dudley says.
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