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US Independent Refiners: Q1 2026 results recap and analysis
*Please note that this report only includes an Excel data file if this is indicated in "What's included" below
Report summary
Q1 earnings for the five US Independent refiners wrapped up this Tuesday with Marathon Petroleum (MPC). Phillips 66 (P66) kicked the season off on 29 April, while Valero (VLO), PBF Energy (PBF) and HF Sinclair (DINO) reported in between.
Table of contents
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Our take
- In focus: the Strait of Hormuz disruption
- Q1 performance
- Margins and profitability
- Operational performance
- Capital allocation
- Market outlook
- Crude
- Low carbon
- 4 more item(s)...
Tables and charts
This report includes the following images and tables:
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Reported profitability metrics – by quarterReported operational statistics – by quarterQ1 2026 sources and uses of cash flow
What's included
This report contains:
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