First Research US Industry Profile

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Petroleum Refining
SIC Codes: 1311, 2911
NAICS Codes: 324110
Last Quarterly Update: 6/13/2022
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 76 million barrels of crude oil each day, including about 14.2 million barrels per day refined in the US, according to the 2021 BP Statistical Review of World Energy. The countries with the largest refining throughput are the US, China, Russia, India, Japan, and South Korea. According to the International Energy Agency (IEA), China, the Middle East, and India are the main contributors to refining growth.
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.
Competitive Landscape
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 2% of the US Market. Major sources of refined products are China, Mexico, Canada, Germany, and Japan. Major export markets for US refined petroleum products include Canada, Mexico, China, Japan, and the UK. Exports account for about 3% of US production.
Products, Operations & Technology
Major products include gasoline and motor gasoline, which account for about 35%, followed by distilled light fuel oil (20%). Other products include jet ... plus:
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