Apr 12, 2026
Early Moves Include Strategic Acquisitions
In his initial three months, Abel has overseen several transactions. The company concluded a $9.7 billion acquisition of OxyChem from Occidental Petroleum, a deal arranged before his promotion. He also collaborated with insurance head Ajit Jain on a $1.8 billion strategic investment for a stake of about 2.5% in the Japanese insurer Tokio Marine, with potential for further open-market purchases.
Reinstating Share Repurchases
A significant early action was the reinitiation of the company’s share repurchase program. In March, Abel authorized a purchase of $226 million worth of Berkshire Hathaway stock and may continue buying throughout the year. This follows a period where share repurchases were halted in mid-2024 when the stock was considered expensive.
Buyback Policy and Valuation Context
The board’s authorization, changed in mid-2018, permits buybacks when the company maintains ample Treasury bill liquidity and the stock trades below its intrinsic value. The prior cessation of buybacks coincided with a rise in the company’s price-to-book value, which exceeded 1.5 in early 2024 and remained at elevated levels through 2025, even reaching above 1.75 times book value at one point before Warren Buffett’s retirement.
Interactive table based on the Store Companies dataset for this report.
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Sort: Company A-Z
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#
Company
Headquarters
Focus
Scale
Note
1
Exxon Mobil Corporation
Spring, Texas
Integrated oil & gas, refining
Global major
Largest US refiner by capacity
2
Chevron Corporation
San Ramon, California
Integrated oil & gas, refining
Global major
Major refiner and marketer
3
Marathon Petroleum Corporation
Findlay, Ohio
Refining, marketing, midstream
National leader
Largest US refiner by volume
4
Valero Energy Corporation
San Antonio, Texas
Independent petroleum refining
National leader
Major independent refiner
5
Phillips 66
Houston, Texas
Refining, marketing, chemicals
National leader
Diversified downstream company
6
PBF Energy Inc.
Parsippany, New Jersey
Petroleum refining, supply
Large independent
Major independent refiner
7
HF Sinclair Corporation
Dallas, Texas
Refining, marketing, renewables
Large independent
Major Rocky Mountain refiner
8
Motiva Enterprises LLC
Houston, Texas
Refining, fuels marketing
Large independent
Operates largest US refinery
9
CITGO Petroleum Corporation
Houston, Texas
Refining, marketing, lubricants
Large independent
Owned by PDVSA
10
Delek US Holdings, Inc.
Brentwood, Tennessee
Refining, logistics, retail
Mid-size independent
Focus on mid-continent region
11
Monroe Energy, LLC
Trainer, Pennsylvania
Petroleum refining
Mid-size independent
Delta Air Lines subsidiary
12
Par Pacific Holdings, Inc.
Houston, Texas
Refining, retail, logistics
Mid-size independent
Focus on Hawaii and Pacific Northwest
13
Calumet Specialty Products Partners
Indianapolis, Indiana
Specialty fuels, lubricants
Mid-size independent
Specialty hydrocarbon products
14
HollyFrontier Corporation
Dallas, Texas
Refining, lubricants
Large independent
Now part of HF Sinclair
15
Placid Refining Company LLC
Port Allen, Louisiana
Petroleum refining
Regional
Independent refiner
16
United Refining Company
Warren, Pennsylvania
Refining, retail (Kwik Fill)
Regional
Northeast US focus
17
Ergon Refining, Inc.
Jackson, Mississippi
Refining, specialty products
Regional
Private company
18
Marathon Oil Corporation
Houston, Texas
Upstream exploration & production
Large independent
Separate from Marathon Petroleum
19
CVR Energy, Inc.
Sugar Land, Texas
Refining, fertilizers
Mid-size independent
Controlled by Carl Icahn
20
Alon USA Energy, Inc.
Dallas, Texas
Refining, retail
Mid-size independent
Now part of Delek US
21
Western Refining
El Paso, Texas
Refining, retail
Large independent
Now part of Marathon Petroleum
22
Tesoro Corporation
San Antonio, Texas
Refining, retail
Large independent
Now part of Marathon Petroleum
23
Shell USA, Inc.
Houston, Texas
Integrated oil & gas, refining
Global major
US subsidiary of Shell plc
24
BP America Inc.
Houston, Texas
Integrated oil & gas, refining
Global major
US subsidiary of BP plc
25
LyondellBasell Industries
Houston, Texas
Chemicals, refining, polymers
Global major
Operates Houston refinery
26
Flint Hills Resources, LLC
Wichita, Kansas
Refining, chemicals
Large independent
Koch Industries subsidiary
27
NuStar Energy L.P.
San Antonio, Texas
Terminals, pipelines, refining
Mid-size
Limited refining assets
28
Vertex Energy, Inc.
Houston, Texas
Refining, recycling oils
Small
Focus on used oil re-refining
29
American Refining Group, Inc.
Bradford, Pennsylvania
Specialty refining, lubricants
Small
Private company
30
Plains All American Pipeline
Houston, Texas
Midstream, NGL processing
Large
Limited refining focus
This report provides a comprehensive view of the processed petroleum oils and distillates industry in the United States, tracking demand, supply, and trade flows across the national value chain. It explains how demand across key channels and end-use segments shapes consumption patterns, while also mapping the role of input availability, production efficiency, and regulatory standards on supply.
Beyond headline metrics, the study benchmarks prices, margins, and trade routes so you can see where value is created and how it moves between domestic suppliers and international partners. The analysis is designed to support strategic planning, market entry, portfolio prioritization, and risk management in the processed petroleum oils and distillates landscape in the United States.
Quick navigation
Key findings
Domestic demand is shaped by both household and industrial usage, with trade flows linking local supply to imports and exports.
Pricing dynamics reflect unit values, freight costs, exchange rates, and regulatory shifts that affect sourcing decisions.
Supply depends on input availability and production efficiency, creating a distinct national cost curve.
Market concentration varies by segment, creating different competitive landscapes and entry barriers.
The 2035 outlook highlights where capacity investment and demand growth are most aligned within the country.
Report scope
The report combines market sizing with trade intelligence and price analytics for the United States. It covers both historical performance and the forward outlook to 2035, allowing you to compare cycles, structural shifts, and policy impacts.
Market size and growth in value and volume terms
Consumption structure by end-use segments
Production capacity, output, and cost dynamics
Trade flows, exporters, importers, and balances
Price benchmarks, unit values, and margin signals
Competitive context and market entry conditions
Product coverageProcessed Petroleum Oils and DistillatesCountry coverageCountry profile and benchmarks
This report provides a consistent view of market size, trade balance, prices, and per-capita indicators for the United States. The profile highlights demand structure and trade position, enabling benchmarking against regional and global peers.
Methodology
The analysis is built on a multi-source framework that combines official statistics, trade records, company disclosures, and expert validation. Data are standardized, reconciled, and cross-checked to ensure consistency across time series.
International trade data (exports, imports, and mirror statistics)
National production and consumption statistics
Company-level information from financial filings and public releases
Price series and unit value benchmarks
Analyst review, outlier checks, and time-series validation
All data are normalized to a common product definition and mapped to a consistent set of codes. This ensures that comparisons across time are aligned and actionable.
Forecasts to 2035
The forecast horizon extends to 2035 and is based on a structured model that links processed petroleum oils and distillates demand and supply to macroeconomic indicators, trade patterns, and sector-specific drivers. The model captures both cyclical and structural factors and reflects known policy and technology shifts in the United States.
Historical baseline: 2012-2025
Forecast horizon: 2026-2035
Scenario-based sensitivity to income growth, substitution, and regulation
Capacity and investment outlook for major producing companies
Each projection is built from national historical patterns and the broader regional context, allowing the report to show where growth is concentrated and where risks are elevated.
Price analysis and trade dynamics
Prices are analyzed in detail, including export and import unit values, regional spreads, and changes in trade costs. The report highlights how seasonality, freight rates, exchange rates, and supply disruptions influence pricing and margins.
Price benchmarks by country and sub-region
Export and import unit value trends
Seasonality and calendar effects in trade flows
Price outlook to 2035 under baseline assumptions
Profiles of market participants
Key producers, exporters, and distributors are profiled with a focus on their operational scale, geographic footprint, product mix, and market positioning. This helps identify competitive pressure points, partnership opportunities, and routes to differentiation.
Business focus and production capabilities
Geographic reach and distribution networks
Cost structure and pricing strategy indicators
Compliance, certification, and sustainability context
How to use this report
Quantify domestic demand and identify the most attractive segments
Evaluate export opportunities and prioritize target destinations
Track price dynamics and protect margins
Benchmark performance against leading competitors
Build evidence-based forecasts for investment decisions
This report is designed for manufacturers, distributors, importers, wholesalers, investors, and advisors who need a clear, data-driven picture of processed petroleum oils and distillates dynamics in the United States.
FAQ
What is included in the processed petroleum oils and distillates market in the United States?
The market size aggregates consumption and trade data, presented in both value and volume terms.
How are the forecasts to 2035 built?
The projections combine historical trends with macroeconomic indicators, trade dynamics, and sector-specific drivers.
Does the report cover prices and margins?
Yes, it includes export and import unit values, regional spreads, and a pricing outlook to 2035.
Which benchmarks are included?
The report benchmarks market size, trade balance, prices, and per-capita indicators for the United States.
Can this report support market entry decisions?
Yes, it highlights demand hotspots, trade routes, pricing trends, and competitive context.
1. INTRODUCTION
Report Scope and Analytical Framing
Report DescriptionResearch Methodology and the Analytical FrameworkData-Driven Decisions for Your BusinessGlossary and Product-Specific Terms2. EXECUTIVE SUMMARY
Concise View of Market Direction
Key FindingsMarket TrendsStrategic ImplicationsKey Risks and Watchpoints3. DOMESTIC MARKET SIZE AND DEVELOPMENT PATH
Market Size, Growth and Scenario Framing
Market Size: Historical Data (2012-2025) and Forecast (2026-2035)Growth Outlook and Market Development Path to 2035Growth Driver DecompositionScenario Framework and Sensitivities4. CATEGORY SCOPE, DEFINITIONS AND BOUNDARIES
Commercial and Technical Scope
What Is Included and How the Market Is DefinedMarket Inclusion CriteriaProduct / Category DefinitionExclusions and BoundariesDistinction From Adjacent Products and Substitute Categories5. CATEGORY STRUCTURE, SEGMENTATION AND PRODUCT MATRIX
How the Market Splits Into Decision-Relevant Buckets
By Product Type / ConfigurationBy Application / End UseBy Customer / Buyer TypeBy Channel / Business Model / Technology PlatformSegment Attractiveness MatrixProduct Matrix and Segment Growth Logic6. DOMESTIC DEMAND, CUSTOMER AND BUYER ARCHITECTURE
Where Demand Comes From and How It Behaves
Consumption / Demand: Historical Data (2012-2025) and Forecast (2026-2035)Demand by End-Use and Buyer GroupDemand by Customer / Consumer SegmentPurchase Criteria, Switching Logic and Adoption BarriersReplacement, Replenishment and Installed-Base DynamicsFuture Demand Outlook7. DOMESTIC PRODUCTION, SUPPLY AND VALUE CHAIN
Supply Footprint and Value Capture
Production in the CountryDomestic Manufacturing FootprintCapacity, Bottlenecks and Supply RisksValue Chain Logic and Margin PoolsDistribution and Route-to-Market Structure8. IMPORTS, EXPORTS AND SOURCING STRUCTURE
Trade Flows and External Dependence
ExportsImportsTrade BalanceImport DependenceSourcing Risks and Resilience9. PRICING, PROMOTION AND COMMERCIAL MODEL
Price Formation and Revenue Logic
Domestic Price Levels and CorridorsPricing by Segment / Specification / ChannelCost Drivers and Margin LogicPromotion, Discounting and Procurement PatternsRevenue Quality and Commercial Levers10. COMPETITIVE LANDSCAPE AND PORTFOLIO POWER
Who Wins and Why
Market Structure and ConcentrationCompetitive ArchetypesSegment-by-Segment Competitive IntensityPortfolio Breadth and Product PositioningCapability MatrixStrategic Moves, Partnerships and Expansion Signals11. DOMESTIC MARKET STRUCTURE AND CHANNEL LOGIC
How the Domestic Market Works
Core Demand CentersLocal Production and Distribution RolesChannel StructureBuyer and Procurement ArchitectureRegional Imbalances Within the Country12. GROWTH PLAYBOOK AND MARKET ENTRY
Commercial Entry and Scaling Priorities
Where to PlayHow to WinDistributor / Partner / Direct Entry OptionsCapability ThresholdsEntry Risks and Mitigation13. WHERE TO PLAY NEXT: MOST ATTRACTIVE GROWTH OPPORTUNITIES
Where the Best Expansion Logic Sits
Most Attractive Product NichesMost Attractive Customer SegmentsWhite Spaces and Unsaturated OpportunitiesHigh-Margin and Underpenetrated PocketsMost Promising Product Adjacencies14. PROFILES OF MAJOR COMPANIES
Leading Players and Strategic Archetypes
Leading Manufacturers and SuppliersProduction Footprint and CapacitiesProduct Portfolio and Segment FocusPricing Positioning and Indicative Price LogicChannel / Distribution StrengthStrategic Archetypes15. METHODOLOGY, SOURCES AND DISCLAIMER
How the Report Was Built
Modeling LogicSource RegisterPublications, Regulatory and Industry ReferencesAnalytical NotesDisclaimer
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Exxon Mobil Corporation
Largest US refiner by capacity
Chevron Corporation
Major refiner and marketer
Marathon Petroleum Corporation
Largest US refiner by volume
Valero Energy Corporation
Major independent refiner
Phillips 66
Diversified downstream company
PBF Energy Inc.
Major independent refiner
HF Sinclair Corporation
Major Rocky Mountain refiner
Motiva Enterprises LLC
Operates largest US refinery
CITGO Petroleum Corporation
Owned by PDVSA
Delek US Holdings, Inc.
Focus on mid-continent region
Monroe Energy, LLC
Delta Air Lines subsidiary
Par Pacific Holdings, Inc.
Focus on Hawaii and Pacific Northwest
Calumet Specialty Products Partners
Specialty hydrocarbon products
HollyFrontier Corporation
Now part of HF Sinclair
Placid Refining Company LLC
Independent refiner
United Refining Company
Northeast US focus
Ergon Refining, Inc.
Private company
Marathon Oil Corporation
Separate from Marathon Petroleum
CVR Energy, Inc.
Controlled by Carl Icahn
Alon USA Energy, Inc.
Now part of Delek US
Western Refining
Now part of Marathon Petroleum
Tesoro Corporation
Now part of Marathon Petroleum
Shell USA, Inc.
US subsidiary of Shell plc
BP America Inc.
US subsidiary of BP plc
LyondellBasell Industries
Operates Houston refinery
Flint Hills Resources, LLC
Koch Industries subsidiary
NuStar Energy L.P.
Limited refining assets
Vertex Energy, Inc.
Focus on used oil re-refining
American Refining Group, Inc.
Private company
Plains All American Pipeline
Limited refining focus
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