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Petroleum Refining - Industry Profile
First Research, April 2008, Pages: 10
Covering over 175 industries and updated every 90 days, the First Research Industry Profiles do the heavy lifting for you - saving your sales team valuable research time, enhancing client communications and giving you the competitive edge to win more business.
Easy-to-use and up-to-date, the Industry Profiles provide you with the industry research necessary to stay on top of constant changes in select industries.
The First Research profiles help target your products and services directly to prospects. The Industry Profiles provide the information and understanding you need to engage new prospects during the sales process, deepen customer relationships and strengthen your own bottom line.
Executive Summary
Brief Excerpt from Industry Overview Chapter:
About 145 petroleum refineries operate in the US, owned by 60 companies, with combined annual revenue of $160 billion. Large refiners include Valero, ConocoPhillips, ExxonMobil, BP, and Chevron. Annual revenue fluctuates substantially because of the shifting price of crude oil. The industry is highly concentrated: the five largest refiners hold about 50 percent of all US refining capacity.
COMPETITIVE LANDSCAPE
Demand, largely driven by US consumption of gas and diesel fuel, has been relatively flat in recent years. The profitability of refineries depends on 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 its located in a favorable market area, or if it produces specialty products that are in high demand. The industry is highly automated: average annual revenue per worker is over $3 million.
PRODUCTS, OPERATIONS & TECHNOLOGY
Major products are gasoline (60 percent by volume); diesel fuel (20 percent); propane (7 percent); heating oil (5 percent); and jet fuel (3 percent). Diesel fuel and heating oil are jointly called 'distillates.' A refinery uses crude oil as raw material. The output of a particular refinery depends on the grade of crude oil it uses and the downstream processing operations it has installed.
Refineries come in many different sizes, from 5,000 barrels per calendar day (bbl/cd) of distillation capacity up to 500,000 bbl/cd. A typical refinery has a capacity between 50,000 and 150,000 bbl/cd.
Crude oil is composed ...
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