Like upstream, the refining sector has been undergoing consolidation over the past decade. Bigger players are holding on to plum assets and smaller independents have adopted agile business models to eke out profits from what’s left. Those who stuck with it when oil prices were over $100 a barrel and margins were correspondingly slim have reaped the benefits since crude prices slid in late 2014. Now they are wondering how long the good times can last. A little longer, at least, seems to be the answer, as high US shale oil production is keeping crude prices in check.
