Financial Times

The U.S. refining industry has been enjoying a remarkable revival thanks to the shale boom, making shares in companies such as Marathon Petroleum and Tesoro the best-performing of any large energy companies worldwide last year.

In a sign of how shale oil and gas production is reshaping the global industrial landscape, refining has become more internationally competitive in the US, enabling it to export record volumes of oil products such as diesel fuel.

An analysis published on Monday by PFC Energy, a consultancy, shows that in 2012 shares in US refiners rose by between 57 and 105 per cent, making their strongest recoveries since the collapse in oil prices and refining profit margins in 2008-09.

The leading US refiners report full-year results this week and they are all expected to report strong gains with analysts forecasting earnings per share up 40 per cent at Valero Energy, 44 per cent at Tesoro and 63 per cent at Marathon Petroleum.

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