The Refining Economics course is designed to teach fundamentals of refining economics to non-refiners or to those newly introduced to refining. A technical background is not necessary to understand course materials and the course should be useful to financing or marketing individuals who have some involvement with refining or petroleum products. Similarly, a marketing background is not critical and the course may be helpful to refinery engineers who would like to understand how commercial and economic factors drive operating and investment decisions that affect their refineries.
Muse, Stancil & Co.
Mr. Tod McGreevy has over 30 years industry experience and a diverse background in petroleum refining and manufacturing. Mr. McGreevy currently serves as Vice-President and Director of Muse, Stancil and Co., a global energy consultancy headquartered in Dallas, Texas. He has been with Muse since 2003 and is also a Director of Muse’s Singapore affiliate, Muse, Stancil & Co (Asia), Pte. Ltd.
During his career, Mr. McGreevy has held various positions that encompass many of the technical/managerial functions found in the downstream sector of the petroleum industry. Previous work assignments have given him a wealth of experience in refinery economics including tactical planning and optimization, long-term, strategic planning, project evaluation, economic justification, and development, budgeting, financial performance measurement and benchmarking, and financial modeling.
Senior Consultant, Muse, Stancil & Co., UK
Ramin Lakani is a consultant in the energy sector with 30 years experience in upstream, midstream and downstream projects. He is currently based in Muse, Stancil & Co.’s London office. He has previously worked for Esso Petroleum, Premier Oil, BG Group, Shell, Schlumberger, PetroCanada, GCA, Halliburton & HARPS Marine. A Chartered Engineer, he holds a B.Eng. in Chemical Engineering from University College London, an M.Sc. in Petroleum Engineering from Imperial College London and an Executive Leadership degree from Texas A&M Mays Business School.
Petroleum Supply and Demand
Crude Oil Physical Properties and Valuation
Refined Product Grades and Specifications
Renewable Fuels Markets
Crude Oil and Refined Products Pricing
Key Refining Technologies
Refinery Configurations: Typical vs. Marginal
Refining Yields and Operating Costs
Capital and Turnaround Costs
Refinery Economic Analysis Methodologies
Crude Oil Marketers
Refinery Finance Executives
Commercial Business Analysts
Crude & Products Managers
Products Supply & Distribution Executives
Strategic/Business Development Managers
Financial Institutions/Energy Lenders
E&C Firms/Economic Feasibility Analysts
I. INTRODUCTION TO REFINING
Refining is a highly interconnected, global business yet regional variations persist. This initial workshop module will provide a short overview of the global refining sector.
II. CRUDE OIL BASICS
The cost of crude oil is approximately 70-80% of the cost of operating refineries. Understanding crude oil supply/demand trade patterns is vital to achieving a profitable refining business.
The next part of the session focuses on crude oil properties, assay interpretation, and blending techniques. The discussion will focus on the relationship between crude oil properties and economic value and how refiners can optimize financial returns by utilizing shrewd blending strategies.
III. PETROLEUM PRODUCTS
Environmental concerns are resulting in increasingly stringent transportation fuels specifications, and this has a significant impact on refinery operations and profitability. This session will review product consumption trends and changes to key specifications.
IV. CRUDE OIL AND REFINED PRODUCT PRICING
Determining prices for crude oil and refined products can appear daunting at first. This module removes some of the mystery by introducing basic techniques and methodologies used by refiners around the world to translate reference market prices to the refinery gate. We will also cover some of basic concepts used by forecasters to develop forward prices for various petroleum commodities.
V. REFINERY CONFIGURATIONS & COMPLEXITY
Refineries vary in configuration type and complexity depending on many factors such as market demand and company investment objectives. We will learn about the four major configuration types and where they tend to be clustered geographically. We will also examine how size and complexity can play a determining role with respect to refinery profitability and competitive positioning. We will also review a number of the major refining technologies that are deployed world-wide with a focus on heavy oil upgrading.
VI. FUNDAMENTALS OF REFINING ECONOMICS
Refining companies around the world depend heavily on optimization models to continuously maximize profitability, yet often, there are few people in the organization that truly understand the power that these tools wield in resolving complex questions of economic direction. This module will provide delegates with a glimpse inside the “black-box” before demonstrating the economic value of a sound refinery planning and optimization program.
This module will lay out the basic economic metrics used by companies around the world to evaluate the financial positioning of refining assets. We will discuss several types of refinery margins used to describe profitability and learn how they are calculated. We will then cover the different elements that make up fixed and variable operating costs. The importance of capital spending will be examined, as will the effects of changes in working capital.
It gives a great overview of the vocabulary of refinery economics. Lots of nice examples. Immense experience. This course is a great introduction to petroleum and refining economics for industry professionals. I will heartily recommend it to others in my company.
The presentation and presenters were excellent. They make the material seem easy with their explanation and I got clearer background about the refineries and how they operate.
The experience of the speakers. Understanding the product oil yield of various crude and how refineries do their production planning.
Sheds light and provides a good understanding on certain important topics. Their experience, knowledge and I appreciate the pace and clarity. Helped develop my knowledge in non-legal areas.
It covers a broad array of refining and economics topics, without losing the depth for each of the topics discussed. The course instructors have extensive knowledge and expertise in the industry and are able to answer the questions raised by attendees coming from diverse backgrounds. It was interesting to learn about how the choice of crude, together with refinery configurations, affects the yields and refining margins.
Different speakers sharing each of their expertise. They all know their presentation very well. Simplified explanation of refinery process.
Very helpful and easy to understand. As a beginner in the oil and gas industry, I felt like this course gave me a good insight as to how things run.
Clear and very good presentation. Speak clearly and experienced. Economic Value of Key Refinery Processing Technologies & Refinery Economic Fundamentals.
Very informative, and it covers a wide range. This course provides a structural base, covering a wide range of knowledge. The course directors are very knowledgeable, and the information is updated.
This course is very detailed, covering many aspects of oil market. All the speakers have 20-30 years of industry experience. This training course has helped me to understand the oil market better.
Knowledgeable. Learning the fundamentals will be a major help in my current field.
I learned a lot about the oil market especially.
I am really glad that I have taken this course, as I have learned a lot useful information that will help me in my career.
This course provides a comprehensive yet compact understanding and appreciation of the refining industry, covering commercial, economic and technical aspects.
Very knowledgeable Course Directors and wide range of topics covered.
Very rich material. Knowledgeable and patient facilitators.
Very good course for the new comer to follow.
A very informative course about refinery economics, it covers a wide range of knowledge, and Instructor Tod is very knowledgeable
Extensive refinery hands-on knowledge
Content is great. Covered much information we need on our business
Wide range of relevant topics covered. Classroom examples and very useful take home spreadsheets
Deep technical material and extensive
Instructors know in-depth about the course material and very passionate about delivering information
This course gave valuable information and materials essential for a better understanding of refineries
Highly recommended for non-technical personnel
Good eye opener for non-technical