Alternatives

January 1, 2016

Refining Second Quarter 2016

Refining Overview: The refining industry is surrounded by uncertainty.  Refiners’ inputs and products are both commodities, which means that the price they pay for inputs and the prices they receive for their products are generally determined by the market.

Refining Overview

The refining industry is surrounded by uncertainty.  Refiners’ inputs and products are both commodities, which means that the price they pay for inputs and the prices they receive for their products are generally determined by the market.  Before the collapse of oil prices in July of 2014, refiners had become accustomed to low input prices and wide margins.  The crude export ban allowed refiners to pay low prices for landlocked crude and sell their refined products to the global market where prices reflected the global oil and gas market.  When the price of crude oil fell worldwide, the price of refined products followed a few months after.  

Although the price of refined products has increased slightly over the last few months, the M&A market for downstream oil and gas is still at a standstill waiting to better understand the long term effects of the lifting of the export ban.

Download the full newsletter

Download
Download the newsletter

Continue Reading

Appalachian Basin Mergers and Acquisitions Update: October 2025 Through September 2026
Appalachian Basin Mergers and Acquisitions Update

October 2025 Through September 2026

Appalachian Basin M&A activity from October 2025 through September 2026 featured a mix of large strategic asset trades, mineral and royalty acquisitions, and non-operated investments. The transactions highlight a broadening buyer universe and the importance of interpreting valuation benchmarks in light of differing asset structures and strategic considerations.
How Do Reserve Categories Affect Oil and Gas Valuation?
How Do Reserve Categories Affect Oil and Gas Valuation?
Reserve categories influence oil and gas valuation through differences in recovery certainty, required capital, development timing, and exposure to execution risk. Understanding how PDP, PDNP, PUD, probable, and possible reserves differ helps support more defensible valuation assumptions and conclusions.
How Do Business Appraisers Account for Cyclicality When Valuing Oilfield Services Companies?
How Do Business Appraisers Account for Cyclicality When Valuing Oilfield Services Companies?
Oilfield services companies present distinctive valuation challenges because earnings, market multiples, cash flow, and equipment values can shift materially across the industry cycle. Effective appraisal requires applying the income, market, and asset-based approaches with careful attention to normalized performance and cycle position.

Cart

Your cart is empty