The U.S. has gained refining capacity since 2000 even though there are now fewer refineries and companies involved in the sector. A report by the Energy Information Administration (EIA) shows overall refining capacity increased by nearly 1.5 million barrels per day between 2000 and 2013. The increase in capacity was enough to compensate for the closures of three major refineries over that period.The top five companies in the sector have a greater share of that capacity now than the top five did in 2000 (44% vs. 38%).
In its report, EIA outlined several key trends that have significantly changed the make-up of refinery ownership over the past 14 years. Companies such as BP, Chevron, Total, Exxon Mobil and Access Industries decreased their refining capacity while others such as Valero, Motiva and Deer Park boosted capacity. Valero’s 277% increase in refining capacity was by far the highest among those who added capacity due to its heavy acquisitive activity. Marathon Oil and ConocoPhillips separated their refining operations into stand-alone companies, while newcomers such as Suncor and Delta Airlines bought into the sector.