In this article, we will look at the 13 largest refineries in the US. We have also discussed the latest global predictions about crude oil prices.
In January 2024, the Brent crude oil spot price rose to $80 per barrel, marking a $2 increase from December. This uptick followed heightened concerns about global oil shipments due to attacks on vessels in the Red Sea, a crucial shipping channel, especially significant given Russia’s invasion of Ukraine. Despite these tensions, no oil production had been lost as of February 6.
Global oil inventories saw a notable increase, averaging 0.8 million barrels per day (b/d) from October 2023 to January 2024. This accumulation, coupled with production stability, limited the impact of the Red Sea attacks on oil prices. However, OPEC+ production cuts are expected to lead to inventory withdrawals of 0.8 million b/d in the first quarter of 2024, potentially driving prices up.
Looking ahead, global liquid fuels production is forecasted to increase by 0.6 million b/d in 2024, with non-OPEC supply leading the growth. Meanwhile, global consumption is projected to rise by 1.4 million b/d in 2024, with significant growth in non-OECD Asia, particularly in China and India. Despite these increases, oil prices are expected to fluctuate, reaching the mid-$80s per barrel range in early 2024 before stabilizing and averaging $81/b in December 2024, with a slight decline anticipated by December 2025.
On February 16, 2024, with the simmering Middle East tensions, US crude oil settled at $79.19 per barrel, the highest since November. The West Texas Intermediate contract for March increased by $1.16, marking a 1.49% increase, while April Brent futures settled at $83.47, up 61 cents per barrel.
Speculative traders seized on geopolitical uncertainties, propelling US crude to a weekly increase of 3%, hitting its peak since November 6. Meanwhile, the global benchmark climbed 1.5%, reaching its highest level since January 26. Escalating border tensions between Israel and Lebanon added to market anxieties, overshadowing concerns about stubborn inflation and a murky demand outlook. Geopolitical factors continue to exert significant influence on oil markets, driving volatility and shaping price trajectories.
The ongoing conflict in the Middle East amplifies uncertainties, with geopolitical events often triggering abrupt shifts in oil prices. As tensions persist, market participants remain vigilant, closely monitoring developments and their potential impacts on global supply and demand dynamics.
It is worth highlighting that in 2023, the US crude oil refining capacity rebounded by over 100,000 barrels per day (bpd) after a two-year decline, reaching 18.1 million bpd, as per a recent government report. During the initial two years of the COVID-19 pandemic, processing capacity for gasoline, diesel, and jet fuel dropped by 5.4%, mainly due to reduced demand caused by lockdowns and remote work arrangements.
However, with the resurgence in demand for gasoline and diesel last year, coupled with diminished capacity, the industry witnessed soaring fuel prices and record profits. President Joe Biden urged oil companies to lower prices and reinvest profits into expanding output. United States is also the largest exporter of refined petroleum.
The increase in capacity is attributed to expansions at Marathon Petroleum Corp (NYSE:MPC) and Citgo Petroleum, yet it still falls short of the peak capacity of 18.98 million bpd in 2019. Notably, ExxonMobil Corp (NYSE:XOM)’s refinery in Beaumont, Texas, added 250,000 bpd in capacity, marking the largest expansion to a US refinery in over a decade, bringing the total capacity to around 18.3 million bpd. Marathon Petroleum Corp (NYSE:MPC) remains the largest US refiner, with major contributions from Valero Energy Corp (NYSE:VLO) and Motiva Enterprises, with a shifting landscape towards renewable energy sources. To read more about refineries, see the top 20 Largest Refineries In The World.
On the other hand, Chevron Corp (NYSE:CVX) and its partners have greenlit a $24 million investment to enhance natural gas production from the Tamar reservoir, situated off Israel’s Mediterranean coast. This will mark the second phase of a project aimed at elevating production to approximately 1.6 billion cubic feet (BCF) per day, with plans to export to Egypt. The investment signifies Chevron Corp (NYSE:CVX)’s commitment to bolstering Israel’s energy resources for both domestic and regional markets. The project includes laying a 150-kilometer pipeline and expanding production to 1.2 BCF daily, with completion expected in 2025, requiring a total investment of $673 million.
It is worth mentioning that the C and H refinery is a rare industrial site and is renowned for its distinction as the world’s smallest functioning oil refinery.
Aerial view of an oil & gas refinery, showcasing the scale of operations.
Our Methodology
For our list of the largest refineries in the US, we utilized data on crude oil refineries’ operable capacity as of January 2023 as our primary metric. We relied on data from the US Energy Information Administration. The list is presented in an ascending order.
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13. Valero Energy Corp, Texas
Barrels per Calender Day: 335,000
Company: Premcor Refining Group Inc
Site: Port Arthur
Valero Energy Corp (NYSE:VLO)’s Texas City Refinery is situated on the Houston Ship Channel and boasts a workforce of approximately 445 employees processing 335,000 barrels per day. The refinery is a proud participant in OSHA’s Voluntary Protection Program and actively focuses on safety and community engagement. With over 10,000 volunteer hours since 2018, Valero Energy Corp (NYSE:VLO) invests in local initiatives, contributing over $4 million to the United Way and $3 million to area charities since 2017. Committed to environmental responsibility, the refinery has largely reduced emissions and invested over $1 billion in environmental and reliability improvements. It is one of the largest refineries in America.
Texas is one of the states with the largest refining capacity.
12. Koch Industries Inc, Minnesota
Barrels per Calender Day: 335,000
Company: Flint Hills Resources LP
Site: Saint Paul
Operated by Marathon Petroleum Corp (NYSE:MPC), the Saint Paul Park refinery in Minnesota, USA, holds huge importance in the energy sector. With operations commencing in 1939, it boasts a Nelson Complexity Index (NCI) of 11.45, indicating its sophisticated refining capabilities. Despite encountering three incidents between 2017 and 2022, it remains a key asset in Marathon Petroleum Corp (NYSE:MPC)’s portfolio.
The St. Paul Park Refinery is the recipient of the Minnesota Safety Council’s award. Engaging with the community, employees from the refinery actively participated as judges at the 85th Minnesota State Science & Engineering Fair, evaluating projects from hundreds of students. Over 20 MPC employees volunteered for a local Adopt-a-Highway initiative which confirm the refinery’s commitment to community service.
11. WRB Refining LP, Illinois
Barrels per Calender Day: 356,000
Company: WRB Refining LP
Site: Wood River
The Wood River Refinery, established in 1917 near Roxana, Illinois, close to St. Louis, Missouri, spans approximately 2,200 acres. With a skilled workforce of around 800 employees, it boasts a Nelson Complexity Factor of 11.0, indicating its sophisticated operations. The refinery’s facilities have various units including crude distilling, catalytic cracking, hydrocracking, and coking that enable a clean product yield capability of 81%. Predominantly focused on transportation fuels, it also produces petrochemical feedstocks, asphalt, and fuel-grade petroleum coke, distributing refined products across the Midcontinent region via pipeline, railcar, barge, and truck, cementing its pivotal role in regional energy infrastructure. It is one of the largest refineries in the US in 2024.
10. Chevron Corp, Mississippi
Barrels per Calender Day: 356,440
Company: Chevron USA Inc
Site: Pascagoula
Chevron Corp (NYSE:CVX)’s Pascagoula Refinery, with a capacity of 356,440 barrels per day, primarily produces motor gasoline and fuel oils like Liquefied Petroleum Gas (LPG). Specialty products include benzene, ethylbenzene, propylene, and premium base oils. The refining process involves separation, treatment to remove impurities, and cracking to create various transportation fuels. Committed to environmental standards, Chevron Corp (NYSE:CVX) operates in partnership with suppliers and offers a plethora of career opportunities.
9. Marathon Petroleum Corp, California
Barrels per Calender Day: 363,000
Company: Tesoro Refining & Marketing Co
Site: Carson
Located in Los Angeles County near the bustling Los Angeles Harbor, the refinery is the largest on the West Coast, with an impressive crude oil capacity of 363,000 barrels per calendar day. Processing crudes sourced from California, Alaska North Slope, South America, West Africa, and beyond, the refinery is a key player in producing clean fuels. From California Air Resources Board (CARB) gasoline to CARB diesel fuel, conventional gasoline, distillates, and coke variants, the refinery offers a diverse range of products. With a strong commitment to safety and environmental stewardship, it continually invests in technology upgrades, emission reduction measures, and community initiatives. It is one of the top refineries in the US.
8. ExxonMobil Corp, Texas
Barrels per Calender Day: 369,024
Company: Exxonmobil Refining & Supply Co
Site: Beaumont
ExxonMobil Corp (NYSE:XOM)’s Beaumont refining facilities, established in 1903 along the Neches River, have evolved into a vital petrochemical complex as it plays a key role in global energy supply. With a workforce dedicated to safety and emergency response, ExxonMobil Corp (NYSE:XOM) engages deeply with the Beaumont community, contributing over $50 million in local taxes annually and volunteering more than 25,000 hours. The refinery generates one out of every seven jobs in the area and invests in educational activities, youth programs, senior services, and hunger relief. It is one of the refineries with the largest capacity in the US.
7. BP PLC, Indiana
Barrels per Calender Day: 435,000
Company: BP Products North America Inc
Site: Whiting
The Whiting Refinery is situated on Lake Michigan’s southwestern shore and is operated by BP. It spans Whiting, Indiana, with parts extending into Hammond and East Chicago. Founded in 1889 by Standard Oil of Indiana, it’s the seventh largest US refinery with a capacity of 435,000 barrels per day of crude oil.
6. PDV America Inc, Louisiana
Barrels per Calender Day: 455,000
Company: Citgo Petroleum Corp
Site: Lake Charles
Lake Charles II is an integrated coking refinery and is managed by CITGO Petroleum. Established in 1944, it is situated in Louisiana, USA. The refinery has a Crude Distillation Unit (CDU) capacity of 455 thousand barrels per day (mbd) and holds an Nelson Complexity Index (NCI) of 11.6. Petroleos de Venezuela SA is the proprietor of this facility.
5. ExxonMobil Corp, Louisiana
Barrels per Calender Day: 522,500
Company: Exxonmobil Refining & Supply Co
Site: Baton Rouge
ExxonMobil’s Baton Rouge Refinery, Louisiana, ranks fifth in the US and thirteenth globally, processing over 520,000 barrels daily since 2020. Originating in 1909 under Standard Oil, it houses the first commercial fluid catalytic cracking plant operational since May 25, 1942. The complex spans nine plants along the Mississippi River’s east bank, employing 6,300 workers, including 4,000 direct hires. With a tank farm capacity matching its processing rate, the facility remains a cornerstone of ExxonMobil’s operations.
The Baton Rouge Refinery earned the Louisiana Environmental Leadership Program Recognition Award for their notable recycling achievements. Their Chemical Plant was honored with the Global SSHE Excellence Award for outstanding safety, security, health, and environmental practices. Additionally, their Polyolefins and Plastics Plants received the Elite Gold Award from AFPM for excellence.
4. ExxonMobil Corp, Texas
Barrels per Calender Day: 564,540
Company: Exxonmobil Refining & Supply Co
Site: Baytown
The Baytown Refinery is situated in Baytown, Texas and is a significant oil refinery owned by ExxonMobil. With a daily capacity of 564,540 barrels, it stands as one of the largest in the United States, initially established in 1919 by the Humble Oil Company.
Occupying 2,400 acres (9.7 km2) alongside the Houston Ship Channel, the refinery plays a pivotal role in the region’s economy, serving as the largest employer in Baytown. Despite its prominence, the refinery encountered a major industrial accident on December 23, 2021, when a major explosion rocked the facility. This event resulted in serious injuries to five workers, prompting legal action against ExxonMobil and partner Team Industrial Services for alleged unsafe working conditions. Fortunately, there were no reported fatalities stemming from the incident, although its implications remain a focal point for both local and national scrutiny.
3. Marathon Petroleum Corp, Texas
Barrels per Calender Day: 593,000
Company: Marathon Petroleum Co LP
Site: Galveston Bay
The Galveston Bay Refinery, also known as Marathon Texas City Refinery, operates within the Texas City Industrial Complex on Galveston Bay. With a capacity of 593,000 barrels per day, it ranked among the largest refineries in Texas and the United States in 2008 and was the eighth largest globally by 2018. Established in 1931 as Republic Oil refinery, it merged with Marathon’s other Texas City refinery in 2018. However, in 2021, it gained notoriety as the top emitter of benzene, a carcinogen, into the US environment among all refineries, highlighting major environmental concerns.
2. Marathon Petroleum Corp, Louisiana
Barrels per Calender Day: 596,000
Company: Marathon Petroleum Co LP
Site: Garyville
The Garyville Refinery, owned by Marathon Petroleum Corporation, is America’s second-largest oil refinery, with a capacity of 596,000 barrels per day. Nestled in Garyville, Louisiana, it spans 3,500 acres along the Mississippi River. Construction initiated in 1973, culminating in completion by 1976, later expanded in 2009 through the $3.9 billion Garyville Major Expansion Project. Their operations include crude distillation, hydrocracking, catalytic cracking, and more, primarily refining heavy sour crude into gasoline, diesel, and other products. With 900 employees and 600 contract workers, it plays a key role in the region’s energy landscape, capitalizing on varied transportation modes for feedstock supply.
1. Saudi Aramco, Texas
Barrels per Calender Day: 626,000
Company: Motiva Enterprises LLC
Site: Port Arthur
The Motiva refinery in Port Arthur, Texas is North America’s largest oil refinery. Originating in 1902 under Texaco, it flourished into a cornerstone of Texan oil production, anchored by the Spindletop boom. Over the years, ownership has shifted hands, culminating in a joint venture between Shell and Saudi Aramco, before transitioning fully to Saudi Aramco in 2017. The refinery’s growth is marked by a landmark expansion in 2012 which increased its capacity to over 600,000 barrels per day. Versatile in processing, it handles different crude types, supplying a spectrum of fuels and oils across the United States. It is the largest refinery in the US.
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Disclosure: None. 13 Largest Refineries in the US is originally published on Insider Monkey.
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