Figure 8. Operating Return on Investment in U.S. Refining/Marketing for FRS Companies, 1988-2001

This figure indicates that the operating return on investment for U.S. refining/marketing operations of the FRS companies was consistently higher over the 1988 to 2001 period in the absence of the environmental requirements of the Clean Air Act Amendments of 1990. Please call the National Energy Information Center at (202) 586-8800 for additional information.

Note: Operating Return on Investment (Actual Operating ROI) = operating income as a percent of net property, plant, and equipment (PP&E). Operating ROI excluding financial effects of environmental requirements = operating income less environmental operating costs less environmental depreciation expenses as a percent of net PP&E less environmental net PP&E.
Sources: Energy Information Administration, Form EIA-28 (Financial Reporting System); American Petroleum Institute, Petroleum Industry Environmental Performance (Washington, DC, May 1997); and American Petroleum Institute, U.S. Oil and Natural Gas Industry's Environmental Expenditures (Washington, DC, February 2003).

Last Updated on May 16, 2003.
File name: http://www.eia.doe.gov/emeu/perfpro/ref_pi2/fig8.html
By Financial Analysis Team, Office of Energy Markets and End Use, Energy Information Administration
Email: jon.rasmussen@eia.doe.gov