U.S. Refining Capacity Falls to Lowest Level Since 2014

S&P Global, June 22, 2022

America's refining capacity fell below 18 million b/d at the beginning of 2022, hitting its lowest level since 2014, according to the U.S. Energy Information Administration's annual refinery capacity report released June 21. The EIA projects the nation's operable crude refining capacity dipped to 17.94 million b/d as of January 1, down from 18.09 million b/d at the beginning of 2021, and from the record high of 18.98 million b/d in 2020 before the pandemic took hold. The 2022 projection is the lowest since 17.92 million b/d in 2014, the EIA said.

The dip comes amid numerous refinery closures in recent years due to hurricane damage, pandemic impacts, high operating costs, the inability to complete sales, weaker future demand forecasts, or from conversions to produce more renewable fuels. North America has lost close to 1.3 million b/d in refining capacity in the last three years, including more than 600,000 b/d in Louisiana with closures of the 255,600 b/d Phillips 66 Alliance Refinery, the 211,146 b/d Shell Convent Refinery, and the 135,500 b/d Calcasieu Refining complex. Elsewhere, Marathon Petroleum has shuttered its 161,000 b/d Martinez Refinery in California, as well as its 26,000 b/d Gallup Refinery in New Mexico, while LyondellBasell said it plans to close its 263,776 b/d Houston, Texas Refinery by the end of 2023. 

Click here to read the full article from S&P Global.

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