Petroleum Refining Industry Profile

Report Page Length: 10-12
Last Quarterly Update: 7/22/2024
SIC Codes: 1311, 2911
NAICS Codes: 324110
Chapters Include:
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Business Challenges Financial Information Glossary & Acronyms
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Excerpt from Petroleum Refining Industry Profile

Companies in this industry refine crude oil to produce fuel and other products. Major companies include Chevron, Exxon Mobil, and Valero (all headquartered in the US); BP (the UK); and Royal Dutch Shell (the Netherlands).

Worldwide, the petroleum refining industry processes about 96 million barrels of crude oil each day, according to Statista. About 18.4 million barrels per day are refined in the US, according to the Energy Information Administration (EIA). According to Yahoo Finance, Singapore, Mexico, and Spain, are some of the countries with the largest refining capacity.

The US has about 150 petroleum refineries with an annual revenue of about $500 billion. Variations in the price of crude oil can cause revenue to fluctuate significantly.


Demand is driven by consumption of gas and diesel fuel. The profitability of refineries depends on feedstock prices, efficient operations and the best mixture of products. Although there are significant economies of scale in refinery operations, a small refinery can compete effectively with large ones if it's located in a favorable market area, or if it produces specialty products that are in high demand. The US industry is highly concentrated: the eight largest companies account for about 70% of revenue.

Imports of refined petroleum products account for about 10% of the US Market. Major sources of refined products are Canada, Russia, South Korea, and India. Major export markets for US refined petroleum products include Mexico, ...

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