Methodology: Refiner Operating Metrics
What these figures are
The Operating Metrics card on this stock page shows operating statistics the company reports in its own quarterly earnings release — the SEC Form 8-K exhibit filed alongside the results. Oxford Ledge reads them directly from the as-filed exhibit and normalizes the labels so you can compare a company to itself over time.
They are an Oxford Ledge Signal: our reading of a public filing, not a re-audit of the company’s books and not a licensed data-vendor feed. Every value on the card carries its filing as-of date and links back to the SEC source.
The metrics, in plain English
| Metric | What it measures |
|---|---|
| Throughput | Barrels of crude processed, in thousand barrels per day. |
| Utilization | The share of crude-processing capacity actually used -- the throughput-efficiency read. |
| Refining margin | Profit per barrel processed -- the value of products sold minus the cost of crude and inputs. |
| Crack spread | The market's benchmark theoretical margin from cracking a barrel of crude into products, per barrel. |
How we read and normalize it
For each refiner we fetch the most recent quarterly earnings 8-K exhibit from SEC EDGAR, locate the operating table, and read each value verbatim from the reported column -- never a prior-year or year-to-date column standing in for the quarter, and never a crack-spread sensitivity mistaken for a reported margin. We show consolidated figures; a single refining-segment number is not shown as the company total. The reading is checked against a hand-verified golden set before any figure is allowed to publish.
What we deliberately do not do
- We do not re-audit. The figures are as reported by the issuer under regulatory convention. We normalize labels; we do not restate the company’s numbers.
- We do not pool figures that are not the same measure. The peer table compares only like with like and leaves the rest blank.
- We do not show a value we are unsure of. Any reading our extractor flags is dropped from the display, never shown greyed or asterisked. Honest or absent.
- We do not treat these as forecasts, ratings, or advice. They are historical operating results a company disclosed, presented for study.
Freshness
The stock page is cached at the edge, so a brand-new filing’s figures can lag up to a day on the cached page. Each value is stamped with the filing it came from, so the as-of date always tells you exactly how current the number is.