Figure 4. U.S. Refining/Marketing Margins and Operating Costs for FRS Companies, 1988-2001

This figure indicates that in the late-1990's changes in the FRS companies' net margin tended to occur because of opposite changes in operating costs. However, in the early 2000's changes in the net margin tended to occur because of similar changes in their gross margin. Please call the National Energy Information Center at (202) 586-8800 for additional information.

Note: The FRS gross refining margin is refined product revenues less raw material cost and product purchases divided by refined product sales volume. Net margin = gross margin less operating costs.
Source: Energy Information Administration, Form EIA-28 (Financial Reporting System).

Last Updated on May 16, 2003.
File name: http://www.eia.doe.gov/emeu/perfpro/ref_pi2/fig4.html
By Financial Analysis Team, Office of Energy Markets and End Use, Energy Information Administration
Email: jon.rasmussen@eia.doe.gov