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Independent refiners appear in the driver’s seat in the US as integrated oil companies increasingly shed refining assets.
Independent refiners are destined to be in the driver’s seat of the US refining industry as integrated oil companies increasingly shed refining assets, according to analysts at Deloitte.
In a report released Wednesday, the consultancy said by the end of 2013, over 70% of domestic refining capacity may be controlled by independent refiners, a radical shift from 1990, when most of the refining capacity in the US was in the hands of integrated oil companies.
That likely means a reduction in the cyclical profit margin swings normally seen by refiners, as independent companies are less likely to be able to weather downturns and therefore strive for more efficient and stable operations, Deloitte consultant Roger Ihne said. Remaining article at http://bit.ly/wIwHE3
By ANGEL GONZALEZ
Independents nab control of US refining industry
02.08.2012 | HP News Services