Petroleum & Coal Products Manufacturing
Companies in this industry refine crude oil and coal into fuel, asphalt products, lubricating oils, and other products. Major companies include US-based Chevron, Exxon Mobil, Marathon, and Phillips 66, as well as CPC (Taiwan), ENEOS Corporation (Japan), ENI (Italy), Indian Oil (India), SK Energy (Korea), and Suncor Energy (Canada).
Global oil supply increased to 101.1 million barrels per day in 2023, according to Reuters. The global oil supply is set to average 103.8 million barrels per day by the end of 2024, according to the International Energy Agency.
The US petroleum and coal products manufacturing industry includes about 2,100 establishments (single-location companies and units of multi-location companies) with combined annual revenue of about $550 billion.
Competitive Landscape
Demand is driven by consumption of gasoline and diesel fuel and by construction activity. The profitability of individual companies depends on efficient operations. Larger refinery and asphalt companies enjoy economies of scale, but small companies can compete by producing specialty products that are in high demand. The US industry is highly concentrated: the 50 largest companies account for about 95% of revenue.
Imports of petroleum and coal products account for 10% of the US market. Major import sources are Canada and Russia. Exports, primarily to Mexico and Canada, account for 15% of US production.
Products, Operations & Technology
Major products include gasoline (about 50% of industry revenue), light fuel oils (about 30%), jet fuel (10), and petroleum lubricating oils, refined petroleum
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Regional & International Issues
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Also includes the following chapters:
Quarterly Industry Update
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Industry Indicators
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Business Challenges
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Trends and Opportunities
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Call Preparation Questions
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Financial Information
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Industry Forecast
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Industry Websites
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Glossary of Acronyms