Petroleum Refining Industry Profile

Report Page Length: 10-12
Last Quarterly Update: 7/3/2017
SIC Codes: 1311, 2911
NAICS Codes: 324110
Chapters Include:
Industry Overview Trends & Challenges Industry Forecast
Quarterly Industry Update Call Prep Questions Website & Media Links
Business Challenges Financial Information Glossary & Acronyms
View Full Sample Add To Cart

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 80 million barrels of crude oil each day, including about 16 million barrels per day refined in the US, according to the 2017 BP Statistical Review of World Energy. The countries with the largest refining capacity are the US, China, Russia, India, Japan, and South Korea. China, India, and the Middle East are expected to account for most of the refinery capacity expansions over the next several years.

The US has about 140 petroleum refineries, owned by about 70 companies. The industry has annual revenue of about $455 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 ...

 
View Full Sample Add To Cart Return to the Industry Profile Menu

Related Profiles

Would you or your company benefit from having unlimited access to First Research's industry intelligence tools?

Learn More About Subscription Options