re: U.S. Oil Refiners Are More Profitable Than Before The Pandemic

Posted by skewbs

Member since Apr 2008

2139 posts

Posted on 12/15/22 at 10:26 am to hubertcumberdale

Dude... this thread is about REFINERS. You posted a graphic of ConocoPhillips. Now tell me, is ConocoPhillips a refining company. Let me help you, no.

2 ...

Posted by hubertcumberdale

Member since Nov 2009

6710 posts

Posted on 12/15/22 at 10:32 am to skewbs

quote:
Dude... this thread is about REFINERS. You posted a graphic of ConocoPhillips. Now tell me, is ConocoPhillips a refining company. Let me help you, no.

Ok, what about oxy?

ETA: Marathon Petroleum

quote:
Largest petroleum refining companies in the United States

Rank Corporation Barrels/Day No. of US Refineries States
1 Marathon Petroleum 3,024,715 16 AK, CA, IL, KY, LA, MI, MN, ND, NM, OH, TX, UT, WA
2 Valero Energy 2,181,300 13 CA, LA, OK, TN, TX
3 Phillips 66 1,919,300 10 CA, IL, LA, MT, NJ, OK, TX, WA
4 ExxonMobil 1,732,124 5 IL, LA, MT, TX
5 Chevron 1,037,660 5 CA, MS, TX, UT
6 PBF Energy 1,021,400 6 CA, DE, LA, NJ, OH
7 Shell 810,645 4.5 AL, LA, TX, WA
8 Citgo 772,000 3 IL, LA, TX
9 BP 756,000 3.5 AK, IN, OH, WA
10 Koch 640,000 2 MN, TX
11 Saudi Aramco 607,000 1 TX

This post was edited on 12/15/22 at 10:37 am

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Posted by Cuz413

Member since Nov 2007

9214 posts

Posted on 12/15/22 at 10:33 am to bluebarracuda

Only because Shell can't efficiently operate assets. That plant has made money in the past.

Don't forget they also sold their Puget Sound, Mobile, and Deer Park refineries and shut down several others globally.

I think they tried to sell their small refinery in Canada for some time too.

This post was edited on 12/15/22 at 10:36 am

Posted by Highthoughts

Member since Sep 2022

313 posts

Posted on 12/15/22 at 10:35 am to BugAC

bookmarked for next time someone pisses and moans about Pfizer and Moderna

This post was edited on 12/15/22 at 10:36 am

Posted by ragincajun03

Member since Nov 2007

25066 posts

Posted on 12/15/22 at 10:40 am to BugAC

quote:
Oh no, a private company is making a profit! The horror!

That’s illegal in California unless you’re a tech company. Don’t worry, Gavey Newsome is on it!

Posted by Oilfieldbiology

Member since Nov 2016

39948 posts

Posted on 12/15/22 at 10:46 am to hubertcumberdale

quote:
Ok, what about oxy?

Oilfield and chemical company. Not a refiner

Also, Shell currently has 1 refinery, Norco. They sold Mobile, Puget Sound, and Deer Park

This post was edited on 12/15/22 at 10:47 am

Posted by Cosmo

glassman's guest house

Member since Oct 2003

125880 posts

Posted on 12/15/22 at 10:51 am to ragincajun03

So are businesses not supposed to make money?

Posted by lostinbr

Baton Rouge, LA

Member since Oct 2017

11903 posts

Posted on 12/15/22 at 11:01 am to hubertcumberdale

quote:
Ok, what about oxy?

Oxy doesn’t own any refineries.

Also, a lot of Oxy’s losses were due to their shite show acquisition of Anadarko.

quote:
ETA: Marathon Petroleum

quote:

Marathon Oil and Marathon Petroleum are two different companies. Marathon split their upstream and downstream assets into two separate publicly traded companies, years ago.

Marathon Oil (the image you posted) also does not own any refineries.

Posted by Triple Bogey

19th Green

Member since May 2017

6203 posts

Posted on 12/15/22 at 11:07 am to ragincajun03

Good. Super bullish on oil. Probably 60% of my current investments. Great dividends and these bitches just gushing cash.

Posted by Bard

Definitely NOT an admin

Member since Oct 2008

55653 posts

Posted on 12/15/22 at 11:29 am to ragincajun03

We've lost ~1M bpd refining capacity since COVID. LINK

Less supply + stable or higher demand = prices go up.

This is a textbook example of what happens when you try to deny supply-side economics.

Posted by YouAre8Up

in a house

Member since Mar 2011

12792 posts

Posted on 12/15/22 at 11:31 am to ragincajun03

The oil CEO's know how to run a business in both the good times and bad.

Posted by ragincajun03

Member since Nov 2007

25066 posts

Posted on 12/15/22 at 11:33 am to Cosmo

quote:
So are businesses not supposed to make money?

Is that stated in the OP?

Posted by Turf Taint

New Orleans

Member since Jun 2021

6010 posts

Posted on 12/15/22 at 11:42 am to ragincajun03

2019 - $50-60/bbl

2020-21 - overhead cost cutting

2022 - $75-100/bbl

Are the authors surprised by the 2022 returns?

Posted by tenderfoot tigah

Red Stick

Member since Sep 2004

11231 posts

Posted on 12/15/22 at 11:57 am to ragincajun03

quote:
U.S. Oil Refiners Are More Profitable Than Before The Pandemic

Now do Apple and their $100 billion profit last QUARTER.

Posted by ragincajun03

Member since Nov 2007

25066 posts

Posted on 12/15/22 at 12:00 pm to tenderfoot tigah

quote:
Now do Apple and their $100 billion profit last QUARTER.

Why?

It’s just an informational news article from a pro-industry author. It’s actually good news from a segment of industry that has been crunched on multiple fronts.

Posted by lsu777

Lake Charles

Member since Jan 2004

34991 posts

Posted on 12/15/22 at 12:06 pm to skewbs

quote:
Dude... this thread is about REFINERS. You posted a graphic of ConocoPhillips. Now tell me, is ConocoPhillips a refining company. Let me help you, no.

Did they split upstream and downstream? Because if not the. Yes they are a refiner

Posted by offshoreangler

713, Texas

Member since Jun 2008

22476 posts

Posted on 12/15/22 at 12:19 pm to lsu777

Yes...ConocoPhillips does not refine clean products...they spun the midstream and downstream portion off in 2012, now Phillips 66.

This post was edited on 12/15/22 at 12:22 pm

Posted by dgnx6

Member since Feb 2006

79732 posts

Posted on 12/15/22 at 12:25 pm to OweO

quote:
So wait.. You are saying they are actually making a profit because before they were not? I got to hear this one. Explain it to us.

Earnings are up from 2021. If you notice they only give you those figures, and expected to go back down now.

Nothing surprising really.