Lower crude feedstock costs contribute to US refinery profitability
According to recent analysis by the US Energy Information Administration (EIA), the higher profitability of US oil refineries compared to European oil refineries has been largely driven by lower North American crude oil prices compared with world prices. North American refiners’ earnings per barrel processed were more than $7/b higher than their European competitors in 2013, based on an analysis of 26 energy companies with refinery operations that submit financial and operating information by segment in annual reports to the US Securities and Exchange Commission, reports the EIA.
Petroleum Review is to take a closer look at the European refining sector in its July issue.
