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2024 U.S. Industry Statistics & Market Forecast - Petroleum Refineries
Market Size & Industry Statistics
The total U.S. industry market size for Petroleum Refineries:
Industry statistics cover all companies in the United States, both public and private, ranging in size from small businesses to market leaders.
In addition to revenue, the industry market analysis shows information on employees, companies, and average firm size.
Investors, banks, and business executives use growth rates and industry trends to understand the market outlook and opportunity.
| Statistics | 2019 2020 2021 2022 2023 | |
|---|---|---|
| Market Size (Total Sales/Revenue) |
Order at top of page | |
| Total Firms | ||
| Total Employees | ||
| Average Revenue Per Firm | ||
| Average Employees Per Firm | ||
| Average Revenue Per Employee | ||
Market Forecast
Market forecasts show the long term industry outlook and future growth trends. The following extended five-year forecast projects both short-term and long-term trends.
| Forecast / Industry Outlook | 2024 | 2025 | 2026 | 2027 | 2028 | |
|---|---|---|---|---|---|---|
| Market Forecast ($ millions) | ||||||
| Projected Industry Growth Rate (%) | ||||||
Industry Insights
The petroleum refineries industry is a crucial aspect of the energy sector and the overall economy. Like most industries, it is continuously impacted by various trends and developments. Some of the critical trends affecting the petroleum refineries industry include:1) Increased focus on environmental sustainability and reducing greenhouse gas emissions, leading to stricter regulations and mandates.
2) Increasing demand for clean energy sources, coupled with a shift towards renewable energy, leading to declining demand for petroleum-based fuels.
3) Growing consumption of petroleum products in emerging economies like China and India, presenting new opportunities for companies in the industry.
4) Technological advancements such as artificial intelligence, data analytics, and automation, which are being adopted to improve operational efficiency and reduce costs.
5) Volatility in oil prices, which significantly impacts the industry's profitability and investment decisions.
6) Shift towards more integrated refining operations, with companies increasingly involving in the entire supply chain from exploration to marketing and retail sales.
7) Adoption of the circular economy model, wherein waste products are recycled and converted into usable products, leading to increased sustainability and reduced environmental impact.
8) Stricter safety regulations and protocols, with companies implementing more comprehensive safety measures to prevent accidents and ensure worker safety.
Overall, the petroleum refineries industry is continually evolving, and companies need to stay abreast of these trends and adapt accordingly to remain competitive and sustainable in the long term.
U.S. Geographic Distribution: Revenue Statistics by State
Market Size by State ($ millions) indicates how the industry's competition is distributed throughout the country. State-level information can identify areas with higher and lower industry market share than average.
Income Statement (Average Financial Metrics)
Financial metrics provide a snapshot view of a benchmark "average" company. Key business metrics show revenue and operating costs. The data collected covers both public and private companies.| Industry Average | Percent of Sales (Industry Benchmark) | |
|---|---|---|
| Total Revenue | Order at top of page |
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| Operating Revenue | ||
| Cost of Goods Sold | ||
| Gross Profit | ||
Operating Expenses | ||
| Pension, profit sharing plans, stock, annuity | ||
| Repairs | ||
| Rent paid on business property | ||
| Charitable Contributions | ||
| Depletion | ||
| Domestic production activities deduction | ||
| Advertising | ||
| Compensation of officers | ||
| Salaries and wages | ||
| Employee benefit programs | ||
| Taxes and Licenses | ||
| Bad Debts | ||
| Depreciation | ||
| Amortization | ||
| Other Operating Expenses | ||
| Total Operating Expenses | ||
| Operating Income | ||
| Non-Operating Income | ||
| EBIT (Earnings Before Interest and Taxes) | ||
| Interest Expense | ||
| Earnings Before Taxes | ||
| Income Tax | ||
| Net Profit Net Income | ||
Financial Ratio Analysis
Financial ratio information can be used to benchmark how a Petroleum Refineries company compares to its peers. Accounting statistics are calculated from the industry-average for income statements and balance sheets.| Profitability & Valuation Ratios | Industry Average |
|---|---|
| Company valuation can be measured based on the firm's own performance, as well as in comparison against its industry competitors. These metrics show how the average company in the Petroleum Refineries industry is performing. | |
| Profit Margin Gross Profit Margin, Operating Profit Margin, and Net Profit Margin. Show company earnings relative to revenues. |
|
| Return on Equity (ROE) Return on Equity (ROE) is net income as a percentage of shareholders' equity. Shareholders' Equity is defined as the company's total assets minus total liabilities. ROE shows how much profits a company generates with the money shareholders invested (or with retained earnings). |
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| Return on Assets (ROA) Return on Assets (ROA) is net income relative to total assets. The market research on Petroleum Refineries measures how efficiently the company leverages its assets to generate profit. ROA is calculated as Net Income divided by Total Assets. |
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| Liquidity Ratios | Industry Average |
|---|---|
| Bankers and suppliers use liquidity to determine creditworthiness and identify potential threats to a company's financial viability. | |
| Current Ratio Measures a firm's ability to pay its debts over the next 12 months. |
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| Quick Ratio (Acid Test) Calculates liquid assets relative to liabilities, excluding inventories. |
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| Efficiency Ratios - Key Performance Indicators | Industry Average |
|---|---|
| Measure how quickly products and services sell, and effectively collections policies are implemented. | |
| Receivables Turnover Ratio If this number is low in your business when compared to the industry average in the research report, it may mean your payment terms are too lenient or that you are not doing a good enough job on collections. |
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| Average Collection Period Based on the Receivables Turnover, this estimates the collection period in days. Calculated as 365 divided by the Receivables Turnover |
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| Inventory Turnover A low turnover rate may point to overstocking, obsolescence, or deficiencies in the product line or marketing effort. |
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| Fixed-Asset Turnover Generally, higher is better, since it indicates the business has less money tied up in fixed assets for each dollar of sales revenue. |
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Compensation & Salary Surveys for Employees
Compensation statistics provides an accurate assessment of industry-specific jobs and national salary averages. This information can be used to identify which positions are most common, and high, low, and average annual wages.| Title | Percent of Workforce | Bottom Quartile | Average (Median) Salary | Upper Quartile |
|---|---|---|---|---|
| Management Occupations | 8% | Order at top of page |
||
| Chief Executives | % | |||
| General and Operations Managers | % | |||
| Business and Financial Operations Occupations | 6% | |||
| Business Operations Specialists | 5% | |||
| Architecture and Engineering Occupations | 8% | |||
| Engineers | 7% | |||
| Office and Administrative Support Occupations | 6% | |||
| Construction and Extraction Occupations | 7% | |||
| Construction Trades Workers | 6% | |||
| Installation, Maintenance, and Repair Occupations | 8% | |||
| Other Installation, Maintenance, and Repair Occupations | 6% | |||
| Production Occupations | 39% | |||
| Supervisors of Production Workers | 5% | |||
| First-Line Supervisors of Production and Operating Workers | 5% | |||
| First-Line Supervisors of Production and Operating Workers | 5% | |||
| Plant and System Operators | 17% | |||
| Miscellaneous Plant and System Operators | 17% | |||
| Petroleum Pump System Operators, Refinery Operators, and Gaugers | 14% | |||
| Other Production Occupations | 13% | |||
| Crushing, Grinding, Polishing, Mixing, and Blending Workers | 6% | |||
| Mixing and Blending Machine Setters, Operators, and Tenders | 5% | |||
| Transportation and Material Moving Occupations | 9% | |||
| Material Moving Workers | 5% | |||
Petroleum Refineries Competitor Landscape & Key Companies [PREMIUM]
The most influential companies in the Petroleum Refineries industry and adjacent industries either have large market share or are developing new business models and methods that could disrupt the status quo. We look at leading and emerging companies in the Petroleum Refineries industry and adjacent sectors:| Market Leaders: Direct Competitors Companies with the largest market share, focused in this industry |
Market leaders: Diversified Competitors Largest companies that have diversified operations in this and other industries |
| Innovators: Direct Competitors Innovative, Emerging, and Disruptive Companies that may influence the future direction of the industry. |
Innovators: Diversified Competitors Innovators and Disruptors in adjacent industries that may also affect the Petroleum Refineries industry. |
Source:
Innovation News
- Apr 18, 2024: Marathon Petroleum patents Systems And Methods For Holistic Low Carbon Intensity Fuel And Hydrogen Production
- Apr 18, 2024: Marathon Petroleum patents Assemblies And Methods For Enhancing Control Of Hydrotreating And Fluid Catalytic Cracking (fcc) Processes Using Spectroscopic Analyzers
- Apr 18, 2024: BP Corporation North America patents Robust Stochastic Seismic Inversion With New Error Term Specification
- Jan 11, 2024: Exxon Mobil trademarks "MOBIL" - Motor fuel
- Jan 10, 2024: Exxon Mobil trademarks "MOBIL" - Motor fuel
- Dec 20, 2023: Exxon Mobil trademarks "EM/F" - T-shirts, jackets, hats
- Aug 13, 2021: Emerging Fuels Technology raises $1 million in funding.
- Apr 28, 2021: Global Clean Energy Holdings raises $5 million in funding.
- Dec 03, 2015: Emerging Fuels Technology raises $3 million in funding.
Recent Federal Contracts for Petroleum Refineries- Apr 02, 2024: TEAM PETROLEUM LLC (Fort Collins, CO) awarded $105,552
- Apr 01, 2024: MORNING STAR PROPANE, LLC (Lame Deer, MT) awarded $65,000
- Apr 01, 2024: BSE PERFORMANCE LLC (Peoria, AZ) awarded $113,573
- Mar 29, 2024: ALL AMERICAN REFINERY INC (Baton Rouge, LA) awarded $29,947
- Mar 28, 2024: M. O. DION & SONS, INC. (Long Beach, CA) awarded $72,524
- Mar 27, 2024: MISCELLANEOUS FOREIGN AWARDEES (Washington, DC) awarded $1,191,703
- Apr 02, 2024: TEAM PETROLEUM LLC (Fort Collins, CO) awarded $105,552
- Apr 01, 2024: MORNING STAR PROPANE, LLC (Lame Deer, MT) awarded $65,000
- Apr 01, 2024: BSE PERFORMANCE LLC (Peoria, AZ) awarded $113,573
- Mar 29, 2024: ALL AMERICAN REFINERY INC (Baton Rouge, LA) awarded $29,947
- Mar 28, 2024: M. O. DION & SONS, INC. (Long Beach, CA) awarded $72,524
- Mar 27, 2024: MISCELLANEOUS FOREIGN AWARDEES (Washington, DC) awarded $1,191,703
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