U.S. Energy Information Administration said last week the nation’s refining capacity increased in 2023 on expansions at existing facilities. In its annual Refinery Capacity Report, EIA said July 30 U.S. operable atmospheric crude oil distillation capacity totaled 18.4 million barrels per calendar day at the start of 2024 – a 2 percent increase compared to the start of 2023.
In 2024 the three largest refiners in the U.S. – Marathon, Valero and ExxonMobil – reported increases in capacity compared to 2023. Phillips 66, the fourth largest U.S. refiner, reduced capacity last year. PBF Energy overtook Chevron to become the fifth largest U.S. refiner by portfolio capacity.
Refinery expansions were completed in 2023 by Marathon in Galveston Bay, by Valero in Port Arthur and by ExxonMobil in Beaumont. The EIA Refinery Capacity Report included 132 operable refineries this year compared to 129 at the beginning of 2023.