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Ohio Utica Shale

Lower crude feedstock prices boost refining profits

By Bob Downing Published: June 5, 2014

From the U.S. Energy Information Administration today:

 

graph of company earnings per barrell processed, as explained in the article text

Source: U.S. Energy Information Administration, based on Evaluate Energy database
*Note: 2014 includes data for the first quarter of 2014.

First-quarter 2014 financial results continued a three-year trend of North American refineries showing considerably higher profitability than European refineries as measured by earnings per barrel processed. While many factors contribute to refinery profitability, lower North American crude oil prices compared with world prices have been a key factor driving this outcome. North American refiners' earnings per barrel processed were more than $6 per barrel (bbl) higher than their European competitors for the first three months of 2014, based on an analysis of 26 energy companies with refinery operations that submit financial and operating information by segment to the U.S. Securities and Exchange Commission (SEC).

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