Publicly owned companies, like many U.S. refineries, have a fiduciary responsibility (which is a legal obligation) to act in the best interest of their shareholders, and that extends to how companies spend their earnings. Often, earnings are spent on a combination of the following: direct dividends, stock buy back programs, paying down debt and capital investment projects.
American Fuel & Petrochemical Manufacturers (AFPM) President & CEO Chet Thompson today issued the following statement on the recent hiring of Aaron Ringel as Vice President of Government Relations: “We are glad to welcome Aaron and immediately put him to work on behalf of AFPM’s members from the refining, petrochemical and midstream energy industries..."
Issues and Policies
U.S. refining increased to more than 18.6 million barrels per day, almost 20% of global capacity.
We create the jobs that employ more than 4 million Americans in 33 states.
Petrochemical manufacturers have invested $185 billion to expand operations to meet growing demand.