Figure 7. Environmental Capital Expenditures as a Share of U.S. Refining Capital Expenditures for FRS Companies, 1988-2001

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.

Sources: U.S.refining capital expenditures - Energy Information Administration, Form EIA-28 (Financial Reporting System). Environmental capital expenditures - 1988-1989: American Petroleum Institute, Petroleum Industry Environmental Performance (Washington, DC, May 1997), pp. 47-48 and U.S. Department of Commerce, Bureau of the Census, Pollution Abatement Costs and Expenditures: 1994 (various issues) (Washington, D.C.). (Estimates of expenditures were made by applying the ratio of the American Petroleum Institute series to the corresponding Census series for the 1990-1994 overlap period to the Census values for 1988 and 1989.) 1990-1996: American Petroleum Institute, Petroleum Industry Environmental Performance (Washington, DC, May 1997), pp. 47-48. 1997-2001: American Petroleum Institute, U.S. Oil and Natural Gas Industry's Environmental Expenditures (Washington, DC, February 2003), p. 9. FRS environmental capital expenditures are prorated by share of U.S. crude distillation capacity.

Last Updated on May 16, 2003.
File name: http://www.eia.doe.gov/emeu/perfpro/ref_pi2/fig7.html
By Financial Analysis Team, Office of Energy Markets and End Use, Energy Information Administration
Email: jon.rasmussen@eia.doe.gov