The Petroleum Refining industry has experienced multiple volatile conditions in recent years. Crude oil is the primary input cost for refiners in the United States. Attributable to its sensitivity to microeconomic and macroeconomic factors including supply, demand and the health of global economies, crude oil is a highly volatile commodity. The US oil and gas production index has increased in the last few years, contributing to the rise in the world price of crude oil. Despite the rising crude oil prices, volatility caused by the COVID-19 pandemic and Russia's invasion of Ukraine offset revenue growth. Over the past five years, industry revenue has been falling at a CAGR of 6.7% to an estimated $532.4 billion, including a projected 4.8% drop in 2023 alone. Industry operators refine crude oil into petroleum products. Petroleum refining involves one or more of activities including fractionation, straight distillation of crude oil and cracking. This industry does not include companies that extract crude oil or retail gasoline. This report covers the scope, size, disposition and growth of the industry including the key sensitivities and success factors. Also included are five year industry forecasts, growth rates and an analysis of the industry key players and their market shares.Pricing pressure: Surging crude oil prices are expected to improve industry profit
Table of Contents
ABOUT THIS INDUSTRY- Industry Definition
- Main Activities
- Similar Industries
- Additional Resources
INDUSTRY PERFORMANCE
- Executive Summary
- Key External Drivers
- Current Performance
- Industry Outlook
- Industry Life Cycle
- Supply Chain
- Products & Services
- Demand Determinants
- Major Markets
- International Trade
- Business Locations
- Market Share Concentration
- Key Success Factors
- Cost Structure Benchmarks
- Basis of Competition
- Barriers to Entry
- Industry Globalization
OPERATING CONDITIONS
- Capital Intensity
- Technology & Systems
- Revenue Volatility
- Regulation & Policy
- Industry Assistance
- Industry Data
- Annual Change
- Key Ratios
Companies Mentioned (Partial List)
A selection of companies mentioned in this report includes, but is not limited to:
- Marathon Petroleum Corporation
- Valero Energy Corp
- Exxon Mobil Corporation
- Chevron Corp
- Bp Plc
- Phillips 66 Co
- Motiva Enterprises LLC
- PBF Energy Inc.
- Royal Dutch Shell Plc
- Ergon, Inc.
- Sonneborn, LLC
- American Refining Group, Inc.
- Citgo Petroleum Corp
- Waterford Oil Co. Inc.
Methodology
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