Independent refining and marketing
Marathon Petroleum, Phillips 66 and Valero buy crude and sell refined products, so the crack spread (product prices minus crude cost) drives earnings.
Oil refining and integrated oil stocks
Companies classified under petroleum refining turn crude oil into gasoline, diesel, jet fuel and chemicals; this SEC group also includes integrated majors such as ExxonMobil and Chevron that produce oil and gas as well as refine it. Refiners profit from the spread between crude costs and product prices, while integrated companies also earn from oil and gas production.
How oil refining and integrated oil companies make money
Integrated oil and gas
ExxonMobil and Chevron combine upstream production with refining and chemicals, which partly offset each other through the commodity cycle.
Upstream-weighted issuers
ConocoPhillips appears in this SEC code but earns mainly from exploration and production, so its results follow oil and gas prices more than refining margins.
What drives oil refining and integrated oil stocks
- ◆Crude oil and natural gas prices
- ◆Refining margins (crack spreads) and refinery utilization
- ◆Global fuel demand and inventories
- ◆Capital discipline, dividends and buybacks
- ◆Environmental regulation and renewable fuel standards
Key risks
- ◆Commodity price swings
- ◆Refinery outages and turnarounds
- ◆Energy-transition policy reducing long-term fuel demand
- ◆Environmental liabilities
KPIs to track
- Refining margin per barrel
- Realized margin per barrel of throughput.
- Refinery utilization
- Throughput as a share of capacity.
- Production volumes
- Barrels of oil equivalent per day for integrated and upstream companies.
- Free cash flow and shareholder returns
- Cash available after capital spending.
Fiscal calendars in this group
Companies in this group report on a calendar year. Corporate reorganizations can change the SEC filer, so check that the annual report belongs to the current registrant.
| Fiscal year end (SEC) | Companies |
|---|---|
| December 31 | COP, CVX, MPC, PSX, VLO |
Oil refining and integrated oil stocks: company profiles and annual filings
Valero Energy Corporation (VLO)
Company research page
Valero Energy refines crude oil into fuels and produces renewable diesel and ethanol.
- Fiscal year end in SEC snapshot
- December 31
- Annual report period end
- 2025-12-31
Chevron Corporation (CVX)
Chevron is a global integrated energy company spanning upstream production, refining, and chemicals. It is a major player in US shale and returns significant cash to shareholders through dividends and buybacks.
- Fiscal year end in SEC snapshot
- December 31
- Annual report period end
- 2025-12-31
ConocoPhillips (COP)
ConocoPhillips is one of the largest independent oil and gas exploration and production companies, focused on the upstream business. It holds a deep inventory of low-cost US shale drilling locations.
- Fiscal year end in SEC snapshot
- December 31
- Annual report period end
- 2025-12-31
Marathon Petroleum Corporation (MPC)
Marathon Petroleum refines crude oil and markets fuel through a large US refining and pipeline network.
- Fiscal year end in SEC snapshot
- December 31
- Annual report period end
- 2025-12-31
Phillips 66 (PSX)
Phillips 66 refines crude oil and operates midstream, chemicals, and fuel-marketing businesses.
- Fiscal year end in SEC snapshot
- December 31
- Annual report period end
- 2025-12-31
Compare companies in this industry
COP vs CVX
Compare ConocoPhillips and Chevron Corporation: business context, fiscal calendars and official filings.
COP vs MPC
Compare ConocoPhillips and Marathon Petroleum Corporation: business context, fiscal calendars and official filings.
COP vs PSX
Compare ConocoPhillips and Phillips 66: business context, fiscal calendars and official filings.
COP vs VLO
Compare ConocoPhillips and Valero Energy Corporation: business context, fiscal calendars and official filings.
CVX vs MPC
Compare Chevron Corporation and Marathon Petroleum Corporation: business context, fiscal calendars and official filings.
CVX vs PSX
Compare Chevron Corporation and Phillips 66: business context, fiscal calendars and official filings.
CVX vs VLO
Compare Chevron Corporation and Valero Energy Corporation: business context, fiscal calendars and official filings.
MPC vs PSX
Compare Marathon Petroleum Corporation and Phillips 66: business context, fiscal calendars and official filings.
Sources and method
Industry codes and annual filing references come from the SEC submissions snapshot linked to each issuer in our company catalog (snapshot ; newer filings may exist). Only groups with at least three distinct issuers, business descriptions and annual filing links are included. Multiple share classes of one issuer count as one company. This is a coverage directory, not a complete industry census or a ranking of investments.
The industry explanation above is editorial and general; it is not drawn from any single company's filing. Company-specific figures are on each stock page with a link to the filing they come from.
SEC Standard Industrial Classification code list explains the classification system. Read our research methodology or browse all industry directories.
What do the petroleum refining numbers leave unanswered?
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