Petroleum & Coal Products Manufacturing Industry Profile

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 103.5 million barrels per day (b/d) in 2024, and is set to reach about 104.7 million b/d by the end of 2025, according to the International Energy Agency (IEA).

The US petroleum and coal products manufacturing industry includes more than 2,100 establishments (single-location companies and units of multi-location companies) with combined annual revenue of more than $540 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 45% of industry revenue), light fuel oils (about 23%), and jet fuels (about 10). Other products include heavy fuel oil; liquid petroleum ...