Oil & Gas
Oil Refining Industry by Company
Largest US Refiners by Capacity
Crude distillation capacity, January 2026.
| # | Refiner | Barrels/day | US share |
|---|---|---|---|
| 1 | Marathon Petroleum | 2.99M | 16.4% |
| 2 | Valero | 2.23M | 12.3% |
| 3 | ExxonMobil | 1.97M | 10.8% |
| 4 | Phillips 66 | 1.22M | 6.7% |
| 5 | Chevron | 1.06M | 5.8% |
| 6 | PBF Energy | 1.04M | 5.7% |
| 7 | Citgo (PDV America) | 0.82M | 4.5% |
| 8 | HF Sinclair | 0.72M | 4.0% |
| 9 | Koch (Flint Hills) | 0.71M | 3.9% |
| 10 | BP | 0.67M | 3.7% |
The 3-2-1 Crack Spread
What a refiner earns per barrel.
Full history10 years5 years
$68/bbl in 2026-09
3-2-1 crack spread ($/bbl)2026-09: $68.23
WTI crude ($/bbl)2026-09: $97.31
Independent Refiner Throughput
Thousand barrels per day
FY 2023FY 2025
Valero2,9792,988
Marathon Petroleum2,6772,787
Phillips 661,8781,883
1,8002,2002,6003,000
US Refinery Operable Utilization
US Petroleum Product Supplied
US Retail Gasoline and Diesel
Refining Operating Margin
Fiscal 2025.
Refiner Revenue Trend
Marathon Petroleum
$133B
Phillips 66
$132B
Valero
$123B
PBF
$29.3B
HF Sinclair
$26.9B
Fiscal 2016 to 2025, one scale.
Refiner Operating Income
Fiscal 2025.
Refiner Free Cash Flow
Fiscal 2025.