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.
AFPM President and CEO Chet Thompson issued the following statement in response to President Biden’s State of the Union address: "Using the State of the Union to politicize market fundamentals and single out stock “buy back” programs—while overlooking the fact that the Biden administration’s own policies discourage the reinvestment of earnings back into the U.S. liquid fuel supply chain—cheapens the dialog for everyone."
In a tight refined product market it has been U.S. refiners that have stepped up. Our industry ran full-out for most of 2022 making sure American consumers, our domestic economic centers and our allies had enough gasoline, diesel and jet fuel to keep everyone moving. Our refining sector leads the world in liquid fuel production and is effectively doing more than any other to bring better balance to the global market.
The U.S. refining industry has a widespread economic impact on our nation. It supports millions of American jobs and pumps billions of dollars into the economy, as documented by the new AFPM report Economic Contributions of U.S. Petroleum Refineries. Report highlights, based on the latest full year of data available through IMPLAN (2022), are featured in this blog.
WASHINGTON, D.C. — American Fuel & Petrochemical Manufacturers (AFPM) President and CEO Chet Thompson today issued the following statement on the United States Senate’s budget reconciliation bill.
What comes next for returning service members varies greatly. For McNeill and Harbin, both found rewarding work that instilled pride in them not too dissimilar from what they felt serving their country - in the fuel refining and petrochemical industries.
Over the past two decades, as the HollyFrontier Navajo Refinery has more than doubled its output, the surrounding community of Artesia, New Mexico has developed its local business district to support this unprecedented growth.
BAYTOWN, TEXAS – A decade ago, when Mike Zamora ran ExxonMobil’s Baytown petrochemical plant, his vision to expand the facility and boost its capacity was nothing but a pipe dream.
WASHINGTON, D.C. – Statement by American Fuel & Petrochemical Manufacturers President and CEO Chet Thompson following President Donald Trump’s address to the joint session of Congress.
WASHINGTON, D.C. – “It’s shameful that Administrator Pruitt and Secretary Perdue are considering recommending to the President that he renege on his promise to find a ‘win-win’ solution to the RFS that works for farmers, refinery workers and, most importantly, consumers.
