financetom
Business
financetom
/
Business
/
US oil refining capacity falls for third time in four years
News World Market Environment Technology Personal Finance Politics Retail Business Economy Cryptocurrency Forex Stocks Market Commodities
US oil refining capacity falls for third time in four years
Jun 14, 2024 10:43 AM

HOUSTON, June 14 (Reuters) - U.S. crude oil refining

capacity fell 4% to 17.53 million barrels per day (bpd) this

year, a government report showed on Friday amid plant closures

and conversions to biofuels.

The Energy Information Administration (EIA) said the figures

reflect capacity online as of Jan. 1, and the drop came despite

the startup last year of a major expansion to Exxon Mobil's ( XOM )

Beaumont, Texas, refinery.

Oil processing capacity at the start of 2024 was more than a

million barrels 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 ( MPC ) remained the largest refiner

in the United States, able to process up to 2.95 million bpd, or

16.8% of the country's total, at its 13 U.S. plants, the EIA

report showed.

Valero Energy Corp ( VLO ) was the second-largest U.S.

refiner by volume with its 2.21 million bpd capacity equal to

about 12.6% of the total.

Exxon was third largest with nearly 1.95 million bpd after a

$2 billion expansion to its Beaumont, Texas, facility came

online in spring, 2023, raising that facility's processing

capacity to 609,000 bpd.

Comments
Welcome to financetom comments! Please keep conversations courteous and on-topic. To fosterproductive and respectful conversations, you may see comments from our Community Managers.
Sign up to post
Sort by
Show More Comments
Related Articles >
-- Teck Brief: Scotiabank Has Cited Shareholder Push Back Against Lack of Premium In Anglo American Takeover Offer, according to BNN TV, Which Didn't Provide Details
-- Teck Brief: Scotiabank Has Cited Shareholder Push Back Against Lack of Premium In Anglo American Takeover Offer, according to BNN TV, Which Didn't Provide Details
Sep 18, 2025
09:40 AM EDT, 09/18/2025 (MT Newswires) -- Price: 55.00, Change: +0.42, Percent Change: +0.77 ...
Market Chatter: Sumitomo Mitsui Financial Weighs Lifting Jefferies Stake to Around 20%
Market Chatter: Sumitomo Mitsui Financial Weighs Lifting Jefferies Stake to Around 20%
Sep 18, 2025
09:32 AM EDT, 09/18/2025 (MT Newswires) -- Sumitomo Mitsui Financial Group ( SMFG ) is considering investing more than 100 billion yen ($677 million) in Jefferies Financial Group ( JEF ) , increasing the Japanese lender's stake in the US investment bank to about 20% from 15%, Bloomberg reported Thursday, citing people familiar with the matter. Jefferies did not immediately...
Adobe GenStudio Selected by Qualcomm to Enhance Content Creation With Generative AI
Adobe GenStudio Selected by Qualcomm to Enhance Content Creation With Generative AI
Sep 18, 2025
09:40 AM EDT, 09/18/2025 (MT Newswires) -- Adobe (ADBE) said Thursday its GenStudio marketing tool was picked by Qualcomm ( QCOM ) to improve its content supply chain with generative artificial intelligence. Adobe said Qualcomm ( QCOM ) is using applications in GenStudio like GenStudio for Performance Marketing, Firefly, Express, Experience Manager, and Workfront to create marketing campaigns. Financial details...
Intuit Reiterates Q1, Fiscal 2026 Outlook
Intuit Reiterates Q1, Fiscal 2026 Outlook
Sep 18, 2025
09:36 AM EDT, 09/18/2025 (MT Newswires) -- Intuit (INTU) said Thursday it is reiterating its Q1 and fiscal 2026 guidance provided on Aug. 21 and continues to expect fiscal 2026 non-GAAP earnings per share of $22.98 to $23.18. Analysts polled by FactSet expect $23.16. The company also reiterated its fiscal 2026 revenue of $21 billion to $21.19 billion. Analysts surveyed...
Copyright 2023-2026 - www.financetom.com All Rights Reserved