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An industry chapter · Refining & Marketing

Refining & Marketing

19 members, 5019 to WKC, A to Z by ticker.

Gross profitability: median 20% — gross profit as a share of total assets, each member's median across its readable years; read on 13 of 19 members
Capital intensity: median 1.4% — capital expenditure as a share of revenue, each member's median across its readable years; read on 17 of 19 members
Net cash: 1 of the 18 members with a readable debt line hold more cash and short-term investments than total debt

Figures describe the list as a group, from each member's own filed record; they name no member and form no rank. A member missing an input is absent from that median, never counted against the others.

From the latest filings · data as of August 17, 2026.

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5019 Idemitsu Kosan

A capital-intensive business, run on heavy physical assets that must be kept working and earn a return above what they cost to maintain.

Owner earnings 2017–2026 ¥12.1B¥78.7B¥74.8B(¥151.4B)¥49.4B¥51.4B(¥118.4B)¥306.5B¥390.2B¥296.5B

Retained capital Retained ¥742.9B of earnings over 2017–2026; annual owner earnings grew ¥275.9B, ¥0.37 per ¥1 retained.

Balance sheet Heavy net debt, ¥1.21T · dividend paid 10 of 10 yrs, cut at least once

5020 ENEOS Holdings

Revenue is led by Petroleum Products (88%) and Electricity (3%), with 2 more segments behind.

Owner earnings 2018–2026 ¥501.8B¥150.0B¥279.7B¥441.8B(¥21.3B)(¥403.0B)¥706.5B¥294.0B¥379.7B

Retained capital Retained ¥981.5B of earnings over 2018–2026; annual owner earnings grew ¥149.6B, ¥0.15 per ¥1 retained.

Balance sheet Meaningful net debt, ¥1.74T · dividend paid 9 of 9 yrs, never cut

CAPL CrossAmerica Partners LP Common

We are one of the ten largest independent distributors by motor fuel volume in the United States for ExxonMobil, BP and Marathon, and we also distribute Shell, Valero and Phillips 66-branded motor fuels.

Owner earnings 2016–2025 $59M$76M$76M$48M$67M$54M$131M$82M$61M$56M

Retained capital Paid out $435M more than it earned over 2016–2025; annual owner earnings fell $4M.

Balance sheet Heavy net debt, $694M · dividend paid 10 of 10 yrs, cut at least once

CLMT Calumet Inc.

We manufacture, formulate and market a diversified slate of specialty branded products and renewable fuels to customers across a broad range of consumer-facing and industrial markets.

Owner earnings 2022–2025 ($436M)($287M)($123M)$57M

Retained capital Paid out $381M more than it earned over 2022–2025; annual owner earnings grew $164M.

Balance sheet Heavy net debt, $2.1B

CVI CVR Energy Inc.

CVR Energy, Inc. is a diversified holding company, formed in September 2006, primarily engaged in the petroleum refining and marketing industry, the renewable fuels industry, and the nitrogen fertilizer manufacturing industry through its interest in CVR Partners, LP, a publicly traded limited partnership.

Owner earnings 2016–2025 $134M$128M$526M$626M($34M)$172M$776M$743M$225M($41M)

Retained capital Paid out $399M more than it earned over 2016–2025; annual owner earnings grew $46M.

Balance sheet Heavy net debt, $1.3B · dividend paid 9 of 10 yrs, cut at least once

DINO HF Sinclair

Revenue is led by Refining (76%) and Marketing (12%), with 2 more segments behind.

Owner earnings 2020–2025 $187M($97M)$3.3B$1.9B$640M$866M

Retained capital Retained $168M of earnings over 2020–2025; annual owner earnings grew $25M.

Balance sheet Modest net debt, $1.8B · buybacks at an average near $53.62 · dividend paid 6 of 6 yrs, cut at least once

DK Delek US Holdings

Our refining system produces a variety of petroleum-based products used in transportation and industrial markets, which are sold to a wide range of customers located principally in inland, domestic markets and which comply with current EPA clean fuels standards.

Owner earnings 2016–2025 $202M$148M$361M$381M($552M)$149M$145M$621M($495M)$138M

Retained capital Paid out $1.4B more than it earned over 2016–2025; annual owner earnings fell $149M.

Balance sheet Heavy net debt, $2.6B · buybacks at an average near $33.15 · dividend paid 9 of 10 yrs, cut at least once

GLP Global Partners LP Common

We are one of the largest independent owners, suppliers and operators of gasoline stations and convenience stores, primarily in Massachusetts, Maine, Connecticut, Vermont, New Hampshire, Rhode Island, New York, New Jersey and Pennsylvania and Maryland and Virginia.

Owner earnings 2016–2025 ($191M)$299M$100M$12M$236M($51M)$373M$424M($72M)$193M

Retained capital Retained $850M of earnings over 2016–2025; annual owner earnings grew $113M, $0.13 per $1 retained.

Balance sheet Heavy net debt, $1.2B

MPC Marathon Petroleum Corporation

Marathon Petroleum buys crude oil and other feedstocks and runs them through large, complex refineries to make gasoline, diesel, jet fuel and related products, which it sells wholesale and through fuel stations carrying its brand. Around this core it runs a midstream business of pipelines, storage, gathering and processing that moves hydrocarbons for oil and gas producers, plus a smaller renewable diesel operation. The bulk of revenue, and nearly all the swing in profit, comes from refining and marketing.

Owner earnings 2016–2025 $2.0B$4.5B$4.0B$6.2B($368M)$2.9B$13.9B$12.2B$6.1B$4.8B

Retained capital Paid out $18.7B more than it earned over 2016–2025; annual owner earnings grew $4.2B.

Balance sheet Meaningful net debt, $29.6B · buybacks at an average near $97.46 · dividend paid 10 of 10 yrs, never cut

PARR Par Pacific Holdings

We operate in logistically complex, niche markets and, as such, each of our refineries has unique cost advantages and disadvantages as compared to their respective relevant market indices.

Owner earnings 2016–2025 ($48M)$75M$42M$22M($101M)($57M)$400M$497M($52M)$296M

Retained capital Retained $700M of earnings over 2016–2025; annual owner earnings grew $224M, $0.32 per $1 retained.

Balance sheet Modest net debt, $639M · buybacks at an average near $25.01

PBF PBF Energy

PBF Energy is an independent oil refiner. It buys crude oil, runs it through its refineries, and sells the refined fuels — gasoline, diesel and the like — to wholesale buyers and fuel distributors, with a single large customer accounting for a meaningful share of sales. Its profit is the spread between what it pays for the crude going in and what the finished products fetch going out.

Owner earnings 2016–2025 $508M$478M$630M$675M($828M)$228M$4.5B$1.0B($348M)($450M)

Retained capital Retained $2.2B of earnings over 2016–2025; annual owner earnings fell $463M, $-0.21 per $1 retained.

Balance sheet Net debt against an operating loss, $1.7B · dividend paid 9 of 10 yrs, cut at least once

PSX Phillips 66

Phillips 66 buys crude oil and other feedstocks and turns them into fuels — gasoline, diesel, jet fuel — which it sells to wholesalers and through branded service stations. It also moves crude and products through pipelines and terminals, and makes petrochemicals through a joint venture. Most of what it sells is a commodity, priced by the market rather than by the company.

Owner earnings not read

Retained capital not read

Balance sheet Meaningful net debt, $18.6B

PTLE PTL LTD

A diversified business; where the profit really comes from, and whether it is earned or bought, is what the segment detail settles.

Owner earnings not read

Retained capital not read

Balance sheet net position not read

SUN Sunoco LP Common

An oil and gas business, whose fortunes rise and fall with a price it does not set.

Owner earnings 2016–2025 $147M$126M$344M$287M$378M$386M$375M$385M$205M$615M

Retained capital Retained $2.3B of earnings over 2016–2025; annual owner earnings grew $196M, $0.08 per $1 retained.

Balance sheet Heavy net debt, $12.5B

SUNC SunocoCorp LLC Common

An oil and gas business, whose fortunes rise and fall with a price it does not set.

Owner earnings 2023–2025 $385M$205M$615M

Retained capital not read

Balance sheet Heavy net debt, $12.5B

UFG Uni-Fuels Holdings Limited

We are a global provider of marine fuel solutions to shipping companies headquartered in Singapore.

Owner earnings 2023–2025 ($998K)$323K($2M)

Retained capital not read

Balance sheet Net cash, debt-free, +$13M

UGP Ultrapar Participacoes S.A. (New)

Revenue is Ipiranga (91%) and Ultragaz (8%).

Owner earnings 2015–2023 R$2.4BR$1.4BR$1.0BR$2.1BR$2.4BR$2.5BR$1.9BR$1.3BR$2.8B

Retained capital Retained R$6.0B of earnings over 2015–2023; annual owner earnings grew R$416M, R$0.07 per R$1 retained.

Balance sheet Heavy net debt, R$6.1B · dividend paid 9 of 9 yrs, cut at least once

VLO Valero Energy Corporation

Valero buys crude oil and other feedstocks and refines them into gasoline and the other fuels that move through pipelines and trucks. It runs a network of refineries, sells the output into wholesale fuel markets, and also produces renewable diesel. The money is the spread between what the feedstock costs and what the refined fuel fetches, run across very large, very expensive plants.

Owner earnings 2016–2024 $3.5B$4.1B$2.3B$3.3B($1.5B)$3.4B$9.8B$7.3B$4.6B

Retained capital Retained $3.8B of earnings over 2016–2024; annual owner earnings grew $3.9B, $1.05 per $1 retained.

Balance sheet Modest net debt, $5.9B · dividend paid 9 of 9 yrs, never cut

WKC World Kinect

World Kinect is a fuel middleman. It buys petroleum products and resells them to the commercial operators that burn them, and wraps each sale in services such as supply logistics, credit, and payment handling. Almost all of what it books as revenue is fuel passing through; the company keeps only a thin margin on the spread plus fees for those services.

Owner earnings 2016–2025 $15M($188M)($255M)$148M$553M$134M$60M$184M$192M$227M

Retained capital Paid out $804M more than it earned over 2016–2025; annual owner earnings grew $344M.

Balance sheet Net debt against an operating loss, $694M · buybacks at an average near $33.83 · dividend paid 10 of 10 yrs, never cut

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The same four lines for every member, in strict ticker order; a figure that could not be read renders as "not read," never as a mark against the record beside it. The header describes the list and names no member; the entries carry no ranking and form no score. What a chapter cannot carry — understanding of the business, and a price — is yours.