Consolidation opportunities fade downstream

摘要

US independent refiners expect opportunities for further mergers and acquisitions to wane, as the sector prepares for a sharp increase in revenue. Downstream executives foresee little reason to counter Marathon Petroleum’s proposed $23bn takeover of rival Andeavor, formerly Tesoro. The new entity would boast substantial midstream assets, supply more than 11,500 retail outlets and operate over 3mn b/d of refining capacity. US refiners have amassed billions of dollars in cash and are heading into what the industry expects to be a period of stronger margins.