financetom
Business
financetom
/
Business
/
US oil refining capacity rises for second year in a row
News World Market Environment Technology Personal Finance Politics Retail Business Economy Cryptocurrency Forex Stocks Market Commodities
US oil refining capacity rises for second year in a row
Jun 14, 2024 11:53 AM

HOUSTON, June 14 (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 ( XOM ) 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 ( MPC ) 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 ) 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 ( CVX ) - 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.

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 >
TransUnion to Acquire Majority Ownership of Trans Union de Mexico
TransUnion to Acquire Majority Ownership of Trans Union de Mexico
Jan 16, 2025
07:01 AM EST, 01/16/2025 (MT Newswires) -- TransUnion ( TRU ) said Thursday that it has agreed to acquire majority ownership of Trans Union de Mexico. TransUnion ( TRU ) said it currently owns 26% of Trans Union de Mexico and has agreed to acquire an additional 68% from selling shareholders for $560 million in cash, increasing its ownership to...
Orla Mining Meets 2024 Production Guidance, Releases Preliminary 2025 Forecast
Orla Mining Meets 2024 Production Guidance, Releases Preliminary 2025 Forecast
Jan 16, 2025
07:12 AM EST, 01/16/2025 (MT Newswires) -- Orla Mining ( ORLA ) on Thursday said it hit its full-year 2024 production guidance range of 130,000 to 140,000 ounces. Fourth-quarter 2024 gold production of 26,531 ounces brought total 2024 production to 136,748 ounces. The company attributed the record annual production to higher-than-planned tonnes stacked, higher grade processed and higher recoveries due...
EV maker Polestar's full-year car sales miss forecast
EV maker Polestar's full-year car sales miss forecast
Jan 16, 2025
(Reuters) - Polestar said on Thursday it sold fewer-than-expected cars and the Swedish EV maker's CEO added that it will take longer for the company to be profitable. The company has struggled to scale up its business amid weakening demand for electric vehicles and intensifying competition from legacy manufacturers. Over the past year, Polestar has tried to overhaul its business,...
K92 Mining Makes Management Changes
K92 Mining Makes Management Changes
Jan 16, 2025
07:03 AM EST, 01/16/2025 (MT Newswires) -- K92 Mining ( KNTNF ) on Thursday promoted Heidi Grobler to vice president of human resources role and made other management changes. The company appointed Stanley Komunt to the role of general manager, external affairs designate, who will take over from Mark Schubert when he retires later this year. Andrew Kohler got promoted...
Copyright 2023-2025 - www.financetom.com All Rights Reserved