|SThe 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.
|SThe 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
|In refineries operated by all companies,
|In all regions of the country
|The largest shift
was in PADD 3 which showed distillate yield up +5.0 percentage points , and
gasoline down -3.5.
|In refineries of all complexity
|The 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
|In refineries running from light to heavy crude oil,
|The greatest shift
occurred for refineries running intermediate gravity crude oil (32-35°API)
|In refineries with different starting
|The distillate yield
increase was slightly greater for refiners with higher initial
gasoline/distillate production ratios.