2022 Trends Among U.S. Pure-Play Refiners

U.S.-based pure-play refiners in 2022 were largely able to turn the page on the demand destruction and turmoil of the COVID-19 pandemic as product demand and refining margins surged driven by continued reopening and new geopolitical pressures. 2022 was also a significant year in terms of legislative and regulatory developments for refiners in the U.S. Finally, refiners continued their focus on sustainability and renewable fuels buoyed by increasingly robust subsidies and incentives.

Market Forces Drive Strong Financial Performances

Early in the year, refiners were forced to reckon with the market turmoil stemming from the Russian invasion of Ukraine. Additionally, demand for refined products continued to recover from the lows of the COVID-19 pandemic. Responding to these market pressures, commodity prices and refining margins drove a very strong 2022 for refiners financially. As a result, publicly traded refiners were able to focus on returning cash to