Integrated Oil, Refining & Marketing

Integrated majors, refiners and fuel distributors.

Companies

With a moat

49%

Average quality

0 wide moat · 17 narrow moat · 18 no moat · Open in screener →

Updated 27 Sep 2026

Integrated Oil, Refining & Marketing covers the integrated oil majors, independent refiners and fuel distributors. MoatScope covers 31 companies here. None has a wide moat; 15 have a narrow moat and 16 none.

How the industry makes money

Integrated majors earn across production, refining, chemicals and fuel marketing, which smooths results through the cycle. Independent refiners earn the spread between crude costs and the prices of gasoline, diesel and jet fuel, a spread that swings widely.

Where the moats are

Efficient scale appears in 12 of the 15 moat-rated companies and cost advantages in 11: large, complex refineries and integrated systems are hard to replicate and cheap to run per barrel.

The narrow-moat group includes Exxon Mobil, Chevron, Shell, TotalEnergies, Petrobras, Marathon Petroleum and Valero. Companies without a moat include Eni, Equinor and Imperial Oil. Equinor scores 63 on MoatScope's quality scale despite carrying no moat.

What wears moats down

Commodity cycles swing profits, long-term demand for fuel faces the energy transition, and environmental rules raise refining costs.

What to watch

Oil prices and refining margins.
Capital discipline and shareholder returns.
Spending on lower-carbon businesses.

Moat ratings and quality scores on this page update as companies report. Price versus fair value for every company in the industry is in the screener.

Markets

MoatScope splits Integrated Oil, Refining & Marketing into 3 markets. Each table ranks the businesses in one market by revenue and shows each one's share of the market's total: companies filed under this industry, the segments of companies filed elsewhere that compete in it, and the largest companies MoatScope doesn't cover, such as private companies and companies listed outside the US. Each market's total comes from a cited source and covers the geography its businesses compete in (a national market counts only US revenue). A company that runs several businesses is split by the segments it reports.

Integrated oil majors

Produce, refine and market oil and gas worldwide.

Global market · $2.86T total revenue in 2025 · source: Company reports · rough estimate. Shares are of the whole market, including companies MoatScope doesn't cover; company revenue is for the fiscal year closest to 2025. Combined revenue of the 13 members plus Saudi Aramco, PetroChina and Sinopec, including trading; other national oil companies are missing.

#	Business	Market share	Revenue
1	Saudi Aramco State-owned · Aramco FY2025 results press release	15.6%	$445.7B
2	PetroChina Listed outside the US (HKEX) · PetroChina 2025 annual results announcement	13.9%	$398.5B
3	Sinopec (China Petroleum & Chemical) Listed outside the US (HKEX) · Sinopec 2025 annual results	13.5%	$386.8B
4	XOM · EXXON MOBIL CORP	11.6%	$332.2B
5	SHEL · Shell plc	9.3%	$266.9B
6	TTE · TotalEnergies SE	7.0%	$201.2B
7	BP · BP PLC	6.7%	$192.5B
8	CVX · CHEVRON CORP	6.6%	$189.0B
9	EQNR · EQUINOR ASA	3.7%	$106.5B
10	PBR · PETROBRAS - PETROLEO BRASILEIRO SA	3.2%	$91.4B
	All other companies	<0.1%	$44M

Refiners

Refine crude oil into fuels and chemicals.

US market · $619.5B total revenue in 2025 · source: EIA Short-Term Energy Outlook Oct 2026, Table 4b. Shares are of the whole market, including companies MoatScope doesn't cover; company revenue is for the fiscal year closest to 2025. US refinery output at 2025 wholesale prices (EIA).

#	Business	Market share	Revenue
1	MPC · Marathon Petroleum Corp	20.1%	$124.3B
2	VLO · VALERO ENERGY CORP/TX	18.8%	$116.2B
3	PSX · Phillips 66	17.0%	$105.0B
4	PBF · PBF Energy Inc.	4.7%	$29.3B
5	DINO · HF Sinclair Corp	3.8%	$23.8B
6	DK · Delek US Holdings, Inc.	1.7%	$10.6B
7	CHSCO · CHS INC Energy (refining) · filed under Food Products	1.2%	$7.6B
8	PARR · PAR PACIFIC HOLDINGS, INC.	1.2%	$7.2B
9	CVI · CVR ENERGY INC	1.0%	$6.4B
10	SSL · SASOL LTD Fuels · filed under Chemicals	0.9%	$5.4B
	All other companies	29.2%	$180.6B

Fuel distribution & marketing

Wholesale fuel distribution, terminals and fuel marketing.

US market · $499.7B total revenue in 2025 · source: EIA Short-Term Energy Outlook Oct 2026, Table 4a. Shares are of the whole market, including companies MoatScope doesn't cover; company revenue is for the fiscal year closest to 2025. US fuel consumption at wholesale prices (EIA); World Kinect's figure also includes aviation and marine fuel outside the US.

#	Business	Market share	Revenue
1	SUN · Sunoco LP US revenue	4.5%	$22.5B
2	WKC · WORLD KINECT CORP US revenue	3.9%	$19.3B
3	GLP · GLOBAL PARTNERS LP	3.7%	$18.6B
4	UGI · UGI CORP /PA/ AmeriGas Propane, UGI International · filed under Gas & Water Utilities	0.9%	$4.4B
5	CAPL · CrossAmerica Partners LP	0.7%	$3.7B
6	SPH · SUBURBAN PROPANE PARTNERS LP	0.3%	$1.4B
7	MMLP · MARTIN MIDSTREAM PARTNERS L.P.	0.1%	$716M
8	TMDE · TMD Energy Ltd	0.1%	$689M
9	BANL · CBL International Ltd	0.1%	$538M
10	DLXY · Delixy Holdings Ltd	<0.1%	$308M
	All other companies	85.5%	$427.3B

Companies

Company	Moat	Quality	Market
XOM EXXON MOBIL CORP	Narrow	49	Integrated oil majors	11.6%	$739.0B
CVX CHEVRON CORP	Narrow	48	Integrated oil majors	6.6%	$443.3B
SHEL Shell plc	Narrow	48	Integrated oil majors	9.3%	$298.2B
TTE TotalEnergies SE	Narrow	50	Integrated oil majors	7.0%	$194.1B
PBR PETROBRAS - PETROLEO BRASILEIRO SA	Narrow	58	Integrated oil majors	3.2%	$136.9B
MPC Marathon Petroleum Corp	Narrow	44	Refiners	20.1%	$133.0B
VLO VALERO ENERGY CORP/TX	Narrow	41	Refiners + 1 other market	18.8%	$124.8B
PSX Phillips 66	Narrow	45	Refiners + 2 other markets	17.0%	$115.9B
EQNR EQUINOR ASA	None	53	Integrated oil majors	3.7%	$102.5B
E ENI SPA	None	34	Integrated oil majors	3.1%	$92.6B
BP BP PLC	Narrow	36	Integrated oil majors	6.7%	$86.1B
SU SUNCOR ENERGY INC	Narrow	41	Integrated oil majors	1.4%	$74.9B
IMO IMPERIAL OIL LTD	None	45	Integrated oil majors	1.2%	$62.3B
CVE CENOVUS ENERGY INC.	Narrow	45	Integrated oil majors	1.3%	$55.7B
EC ECOPETROL S.A.	Narrow	55	Integrated oil majors	1.1%	$36.5B
DINO HF Sinclair Corp	Narrow	44	Refiners + 3 other markets	3.8%	$22.1B
YPF YPF SOCIEDAD ANONIMA	Narrow	37	Integrated oil majors	0.6%	$20.0B
SUN Sunoco LP	Narrow	36	Fuel distribution & marketing	4.5%	$14.8B
PBF PBF Energy Inc.	None	20	Refiners	4.7%	$9.6B
CVI CVR ENERGY INC	None	30	Refiners + 1 other market	1.0%	$6.0B
UGP ULTRAPAR HOLDINGS INC	Narrow	49	Fuel distribution & marketing	—	$5.4B
CLMT Calumet, Inc. /DE	None	14	Refiners + 1 other market	0.5%	$4.9B
DK Delek US Holdings, Inc.	None	20	Refiners	1.7%	$4.6B
PARR PAR PACIFIC HOLDINGS, INC.	None	40	Refiners + 2 other markets	1.2%	$4.2B
SUNC SunocoCorp LLC	Narrow	31	Refiners	—^†	$3.7B
WKC WORLD KINECT CORP	None	24	Fuel distribution & marketing	3.9%	$1.8B
GLP GLOBAL PARTNERS LP	None	33	Fuel distribution & marketing	3.7%	$1.7B
SPH SUBURBAN PROPANE PARTNERS LP	None	43	Fuel distribution & marketing	0.3%	$1.1B
CAPL CrossAmerica Partners LP	None	31	Fuel distribution & marketing	0.7%	$823M
MMLP MARTIN MIDSTREAM PARTNERS L.P.	None	33	Fuel distribution & marketing	0.1%	$79M
BANL CBL International Ltd	None	16	Fuel distribution & marketing	0.1%	$70M
PTLE PTL Ltd	None	20	Fuel distribution & marketing	<0.1%	$70M
DLXY Delixy Holdings Ltd	None	8	Fuel distribution & marketing	<0.1%	$40M
UFG Uni-Fuels Holdings Ltd	None	19	Fuel distribution & marketing	<0.1%	$29M
TMDE TMD Energy Ltd	None	22	Fuel distribution & marketing	0.1%	$20M

35 companies.

Market share is a company's revenue in its main market (Market column) as a share of that market's total: every company in it, including private companies and companies listed outside the US (sources under each market above). Revenue is for the fiscal year closest to 2025, and a market that is national (such as US banking) counts only US revenue. Companies that run several businesses are split by the segments they report, and each segment counts in its own market. A dash means the market has no reliable total yet, or no revenue was reported for that year.

† SunocoCorp LLC: Holds Sunoco LP (SUN); same revenue, counted under SUN.

Price versus fair value for every company is in the screener.

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