Newsletters | Request Trial | Log in | Advertise | Digital Issue   |   Search
  • Upstream
  • Midstream & Downstream
  • Gas & LNG
  • Trading & Markets
  • Corporate & Finance
  • Geopolitics
  • Podcasts
Search
Related Articles
Profitability remains a prerequisite for a credible energy transition—Repsol
Insisting that profitability must be maintained as energy companies transition from fossil fuels to clean fuels has enabled Repsol to ratchet up its climate neutrality ambitions, making the company an industry leader.
Rising costs threaten Mozambique LNG
As security improves, TotalEnergies has other concerns
International firms compete for Uruguayan blocks
The country’s frontier upstream continues to attract interest
ConocoPhillips nearing Willow FID
Alaska's upstream continues to gain momentum despite environmental concerns
Outlook 2023: Building the path to a just energy transition
With the right policies, security of supply should not be an opposing force to decarbonisation
Mozambique upstream progress defies unrest
The east African country continues to attract investment in oil and gas projects, but concerns over security are still impeding developments in the gas-rich north
Exodus from Canada’s oil sands continues
Companies are still fleeing the carbon-heavy assets, despite the industry committing to net-zero emissions by 2050 through the Pathways Alliance
Energy costs hit European refining
Margins narrowed considerably in the third quarter but still remain elevated for the time of year, as the continent continues to adapt following Russia’s invasion of Ukraine
QatarEnergy’s INOC paradox
The state-owned LNG heavyweight is adamant that it is a purely commercial enterprise, but the evidence is conflicting
EU takes aim at the TTF
The bloc’s energy crisis plans include proposals that threaten to distort the global gas market and may have unintended consequences
Repsol Tüpraş Marathon Oil BP TotalEnergies Shell
Bill Barnes
20 April 2018
Follow @PetroleumEcon
Forward article link
Share PDF with colleagues

Refiners and finance: who’s winning and where?

Companies that splurged on sophisticated capacity additions, like Repsol and Tüpraş, and the majors with balanced upstream-downstream portfolios will benefit most

While upstream oil and gas have harvested most of the corporate headlines over the past year, the often-overlooked oil refining sector has been delivering both volume and value for its backers. Analysts believe that value could continue to accrue for some time to come. Consultants Wood MacKenzie note that their 2017 Global Composite Margin, which gives an indication of crude oil refining margins worldwide, registered its second highest average since 2010—at $6.40 a barrel. This was only lower in 2015 when it registered $7.20/b, during the oil price crash. Wood MacKenzie forecasts that the margin won't dip below $6/b until after 2020. In this context, large diversified refiners operating comp

Also in this section
Ammonia ambitions to help drive gas demand
22 July 2025
The gas-hungry sector is set for rapid growth, and oil majors and some of the world’s largest LNG firms are investing in ammonia production and export facilities, though much depends on regulatory support
WPC Energy to promote role of women
22 July 2025
Next year’s WPC Energy Congress taking place in April in Riyadh, Saudi Arabia will continue to promote the role of women in the energy sector, with a number of events focusing on the issue.
Energy sector needs stable policy and better communication
22 July 2025
Pedro Miras is the serving President of WPC Energy for the current cycle which will culminate with the 25th WPC Energy Congress in Riyadh, Saudi Arabia in April 2026. He has over 30 years of experience in the energy sector, including stints with Repsol and the IEA. Here he talks to Petroleum Economist about the challenges and opportunities the global energy sector currently faces.
California refiners dreaming of heyday
17 July 2025
US downstream sector in key state feels the pain of high costs, an environmental squeeze and the effects of broader market trends

Share PDF with colleagues

Rich Text Editor, message-text
Editor toolbarsBasic Styles Bold ItalicParagraph Insert/Remove Numbered List Insert/Remove Bulleted List Decrease Indent Increase IndentLinks Link Unlinkabout About CKEditor
COPYRIGHT NOTICE: PDF sharing is permitted internally for Petroleum Economist Gold Members only. Usage of this PDF is restricted by <%= If(IsLoggedIn, User.CompanyName, "")%>’s agreement with Petroleum Economist – exceeding the terms of your licence by forwarding outside of the company or placing on any external network is considered a breach of copyright. Such instances are punishable by fines of up to US$1,500 per infringement
Send

Forward article Link

Rich Text Editor, txt-link-message
Editor toolbarsBasic Styles Bold ItalicParagraph Insert/Remove Numbered List Insert/Remove Bulleted List Decrease Indent Increase IndentLinks Link Unlinkabout About CKEditor
Send
Sign Up For Our Newsletter
Project Data
Maps
Podcasts
Social Links
Featured Video
Home
  • About us
  • Subscribe
  • Reaching your audience
  • PE Store
  • Terms and conditions
  • Contact us
  • Privacy statement
  • Cookies
  • Sitemap
All material subject to strictly enforced copyright laws © 2025 The Petroleum Economist Ltd
Cookie Settings
;

Search

  • Upstream
  • Midstream & Downstream
  • Gas & LNG
  • Trading & Markets
  • Corporate & Finance
  • Geopolitics
  • Podcasts
Search