Welcome to Figure 2 of 'The Impact of Environmental Compliance Costs on U.S. Refining Profitability, 1995 - 2001.' For assistance with this document, please call the National Energy Information Center at (202) 586-8800.

Figure 2.   U.S. Refining/Marketing Return on Investment for FRS Companies and Return on Equity for Non-FRS Refiners, 1998-2001

This figure indicates that the return on investment for U.S. refining/marketing operations of the FRS companies was consistently (but not quite always) lower than the return on equity for non-FRS refining/marketing companies through 1997. Please call the National Energy Information Center at (202) 586-8800 for additional information.

Note:   Return on investment (ROI) = net income as a percent of net property, plant, and equipment and investments and advances.   Return on equity (ROE) = net income as a percent of stockholders' equity.   The negative ROE values for non-FRS refiners is mainly due to Pennzoil-Quaker.   Excluding its values would result in ROE values of -1.3% and 5.9% in 1998 and 1999, respectively. ROE is used since ROI is not available for non-FRS refiners.
Sources:   FRS Companies: Energy Information Administration, Form EIA-28 (Financial Reporting System).   Non-FRS Refiners: Compustat PC Plus, a service of Standard and Poor's.

Last Updated on May 16, 2003.
File name: http://www.eia.doe.gov/emeu/perfpro/ref_pi2/fig2.html
By Financial Analysis Team, Office of Energy Markets and End Use, Energy Information Administration
Email: jon.rasmussen@eia.doe.gov