Petroleum Refining Industry Overview

Companies that engage in the production of gasoline, kerosene, fuel oils, and/or lubricants through fractionation or straight distillation of crude oil, redistillation of unfinished petroleum derivatives, cracking, or other processes.

Full Petroleum Refining Industry Description

Market Concentration

After a wave of mergers, just five large companies control almost half of US refinery capacity. Larger companies prefer to operate bigger, more-efficient refineries and may close smaller ones, leaving local markets vulnerable if a big refinery has to shut for maintenance or repairs. Big companies also manage inventories of gas and heating oil more tightly, leaving less of a cushion in the system.

Full Petroleum Refining Industry Trends

• CVR Energy, Inc.
• San Joaquin Refining Co., Inc.
• Sinopec Zhenhai Refining & Chemical Company Limited

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Hoover's has developed its own industry classifications to better serve its customers. These classifications are mapped to the North American Industry Classification System (NAICS) and the older U.S. Standard Industrial Classification (SIC) system. The Petroleum Refining maps to a number of NAICS codes including:

Full Petroleum Refining Industry Codes

• American Association of Petroleum Geologists
  
• American Petroleum Institute
  
• Energy Information Administration
  

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