Oil & Gas Refining
Refining Operating Margin
Operating margin for fiscal 2025. Refining runs on single-digit margins against enormous revenue, so small moves in the crack spread swing profits violently. This is the segment where a good year for producers can be a bad year for refiners.
Refiner Revenue Trend
Six years of revenue. Refiner revenue largely tracks the price of the crude they buy rather than their own profitability, which is why revenue and margin can move in opposite directions here.
Refiner Operating Income
Absolute operating income for fiscal 2025, the figure that thin percentage margins can obscure at this revenue scale.
