US Oil Refining Capacity Rises for Second Year in a Row
06.18.2024 By Tank Terminals - NEWS

June 18, 2024 [Reuters]- U.S. crude oil refining capacity rose 1.5% to 18.38 million barrels per day (bpd) this year, a government report showed on Friday as a major new expansion in Texas boosted capacity.

 

The Energy Information Administration (EIA) said the figures indicate capacity online as of Jan. 1, which reflected for the first time the startup last year of an about 250,000 bpd expansion to Exxon Mobil’s Beaumont, Texas, refinery.

The gain was a second year in a row of increases due to expansions at existing operations. Still, processing capacity at the start of 2024 remained more than 500,000 bpd below the 2019 peak of 18.98 million bpd, which came before a wave of plant closures and conversions during the COVID-19 pandemic.

Refiners process crude oil into gasoline, diesel, jet fuel and other products.

Marathon Petroleum Corp remained the largest refiner in the United States, able to process up to 2.95 million bpd, or 16% of the country’s total, at its 13 U.S. plants, the EIA report showed.

Valero Energy Corp (VLO.N) was the second-largest U.S. refiner by volume with its 2.21 million bpd capacity equal to about 12% of the total.

Exxon was third largest with nearly 1.95 million bpd after a $2 billion expansion to its Beaumont refinery came online in spring, 2023, raising that facility’s processing capacity to 609,000 bpd.

The fourth largest refiner, Phillips 66, can process 1.39 million bpd while the fifth and sixth largest – PBF Energy and Chevron Corp – can each process more than 1 million bpd.

The sixth-largest refiner, Citgo Petroleum, is facing a court-ordered auction of shares in its parent that could lead to a change in ownership before the summer ends. Court officials are reviewing multi-billion-dollar bids for the shares and have scheduled a hearing on the offer in July.

 

Free Trial: Access 13,300 Tank Terminal and Production Facilities

13,300 tank storage and production facilities as per the date of this article. Click on the button and register to get instant access to actionable tank storage industry data

Enbridge's Q3 Profit More than Doubles on Acquisition Contributions
11.04.2024 - NEWS
November 04, 2024 [Reuters]- Enbridge’s third-quarter profit more than doubled from a year... Read More
Aramco and Petrovietnam Sign Agreement to Explore Energy Cooperation
11.04.2024 - NEWS
November 04, 2024 [Yahoo Finance]- Aramco has entered into a Collaboration Framework Agreement wi... Read More
Shell's $6 Billion Profit Smashes Forecasts as LNG Offsets Weak Refining
11.04.2024 - NEWS
November 04, 2024 [Reuters]- Shell reported on Thursday third-quarter profits of $6 billion that... Read More
PBF Energy Posts Weak Q3 Results, Set to Cut $200 Million of Costs in 2025
11.04.2024 - NEWS
November 04, 2024 [Reuters]- U.S. refiner PBF Energy plans to save around $200 million in operat... Read More