Downstream mergers, capacity hikes persist

Since 1995, a totally unanticipated restructuring of the US refining industry has reconstituted the corporate identities of the largest refiners. By 2007, venerable names-Amoco, Arco, Ashland, Clark, Coastal, Diamond-Shamrock, Texaco, and Unocal-had disappeared from the roster. Has the industry reached such concentration levels that further mergers and acquisitions will be successfully challenged by government agencies? Is the M&A party over? This article concludes that it is not.According to the 1995 OGJ refinery survey, 91 companies operated 169 refineries with 15.4 million b/d of refining capacity in the US (OGJ, Dec. 18, 1995, p. 41). By 2007, OGJ reported, the number of refining ...

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