Release Date: December 2008
Next Release Date: December 2009  

• Tables and Figures
  
  
• Major Findings
• Financial Developments
• Production
• Refining & Marketing
• About the Financial Reporting System Companies
• About Performance Profiles
• About the Financial Reporting System (FRS) Survey
• Market Overview
  
  
• Acronyms
• Financial Terms
• Glossary
• Historical Company List
  
  
  

Refining & Marketing

1. Refining/marketing net income in 2007 decreased to $31.6 billion, down 3 percent (in constant 2007 dollars) from 2006.

2. Profitability for refining/marketing fell to 22 percent, the third-highest level ever in the FRS.

3. The U.S. refined product net margin decreased to $4.78 per barrel, $0.20 per barrel lower than 2006's all-time peak.

4. The average price of refined products sold by FRS companies rose 7 percent in 2007, but was outpaced by increases in raw materials, energy, and other operating costs.

5. Refining/marketing capital expenditures increased in 2007 and the 2007 level was higher than all but two of the 31 years since the survey began.

6. FRS domestic refinery output fell 4 percent in 2007 while foreign output decreased 3 percent from 2006. Total refining capacity of FRS companies fell 4 percent in 2007.

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