prior industry slide masks some extraordinary refinery operations. Individual refiners
accomplished some very large yield shifts away from gasoline and into
distillate simply through operating changes.
This chart shows the average yield shift for individual refineries in
PADDs 1, 2, 3 and 5 for May to August in 2008, compared to the same months in
2007. The table only shows refineries
that did not have any major unit outages during those months in both years,
although in a few cases, the change is based on only 3 months.
most important observation was that yield shifts were across a wide range of refineries. We explored various refining dimensions to
see if certain refinery variables favored yield shifts more than others. Differences were modest. The shifts occurred:
refineries operated by all companies,
regions of the country
largest shift was in PADD 3 which showed distillate yield up +5.0 percentage points
, and gasoline down -3.5.
refineries of all complexity
yield shift for less complex refineries (FCC only) averaged +3.1 percentage points
of distillate and –2.0 of gasoline, compared to +5.3 percentage points of distillate
and –4.6% of gasoline for FCC plus coking refineries, and +4.7distillate, -3.2%
gasoline for refineries with FCC, coking, and hydrocracking.
refineries running from light to heavy crude oil,
greatest shift occurred for refineries running intermediate gravity crude oil (32-35°API)
refineries with different starting gasoline-to-distillate ratios
distillate yield increase was slightly greater for refiners with higher
initial gasoline/distillate production ratios.