AM-97-08 Refining in the Future- Meeting the Performance Challenge

Description:

During the past decade, U.S. refiners faced a difficult business environment that resulted in the destruction of significant shareholder value. Unsatisfactory financial performance continued in recent years despite improving fundamentals such as growing demand for refined products and increasing capacity utilization. In looking to the future of U.S. refining, the industry will be characterized not by revolutionary transformation, but by evolutionary change. The course of action chosen by today’s refiners will be one of, if not the, most important factor shaping the future industry structure and performance. To understand how this might play out, three key questions are explored: 9[ What is the nature of the performance challenge facing U.S. refiners? q[ What strategic options will help refiners achieve financial success? p[ How will their collective actions impact the future of the industry?