The oil and gas refining industry is a segment of the overall oil and gas industry that is focused on the processing of crude oil and natural gas into more useful products. This typically involves separating the various components of crude oil and natural gas, such as gasoline, diesel, and propane, through a process called distillation. The resulting products are then refined further to produce a wide range of fuels and other chemicals that are used in a variety of applications.
The refining industry plays a critical role in the global economy, as it provides the raw materials for many important products, including transportation fuels, petrochemicals, and plastics. The industry is also a major employer, with many large refining facilities employing hundreds or even thousands of workers.
The refining industry is subject to a number of factors that can affect its performance, including changes in demand for its products, fluctuations in the price of crude oil, and competition from other industries. In recent years, the industry has faced increasing pressure to reduce its environmental impact and to find ways to produce cleaner, more sustainable fuels.
Industry’s Top Companies:
- Marathon Petroleum
- Phillips 66
- Valero Energy
- HF Sinclair
- Cosan
- Valvoline
- PBF Energy
- Sunoco
- CVR Energy
- Delek Holdings
- World Fuel Services
