Equity Insider News Commentary

WOODS CROSS, Utah, Sept. 24, 2026 /PRNewswire/ —  The global market for refined petroleum products is valued at approximately $3.25 trillion in 2026 and is projected to reach roughly $3.89 trillion by 2030, a compound annual growth rate of about 4.6%, according to The Business Research Company. The firm points to demand for low-sulfur fuels, refinery modernization investment and petrochemical integration as drivers over the forecast period. In the American West, however, the more pressing question is not global demand. It is where the barrels will come from as refining capacity inside the region shrinks. Active Companies from around the markets with current developments this week include: Sky Quarry Inc. (NASDAQ: SKYQ), Valero Energy Corporation (NYSE: VLO), Marathon Petroleum Corp. (NYSE: MPC), PBF Energy Inc. (NYSE: PBF), HF Sinclair Corporation (NYSE: DINO).

Mordor Intelligence, which sizes the oil refining market on a capacity basis rather than on product value, estimates the market at approximately $64.44 billion in 2026, rising to about $75.08 billion by 2031 at a CAGR of roughly 3.11%. The two firms measure different things, but both point the same way: steady demand for refined fuels, served by a refining base that is being modernized in some regions and retired in others.

The West Coast sits firmly in the second category. The U.S. Energy Information Administration has noted that the Phillips 66 refinery in Los Angeles and Valero’s Benicia refinery together accounted for about 17% of California’s refinery capacity and 11% of West Coast (PADD 5) capacity. Phillips 66 ended refining at its Los Angeles plant in late 2025, and Valero moved to wind down refining at Benicia in early 2026, removing a meaningful share of in-region supply in less than a year.

The effects do not stop at the California border. California refineries have historically supplied the large majority of Nevada’s motor fuel, with reporting by The Center Square putting that share at approximately 86%. Nevada has no refining hub of its own on the scale of its neighbors, and fuel moving into the state depends heavily on pipeline and truck links running out of California and the Rockies.

State policymakers have taken notice. Governor Joe Lombardo’s office has stated that Nevada relies entirely on imported transportation fuels, primarily from California, and the Governor moved in October 2025 to create a fuel resiliency body under the Nevada Commission on Homeland Security. The resulting Fuel Resiliency Committee was approved in December 2025 and held its first meeting in January 2026, with industry participants that include HF Sinclair, Marathon Petroleum and PBF Energy. At the same time, U.S. refiners have reported sharply higher second-quarter earnings on stronger margins, which puts a premium on any refining capacity positioned close to underserved demand.

Sky Quarry Inc. (NASDAQ: SKYQ) Restarts Nevada’s Only Crude Oil Refinery

Received an air permit from the Nevada Division of Environmental Protection.

Restarted operations at the Eagle Springs Refinery near Ely, Nevada, the state’s only crude oil refinery.

Completed approximately $300,000 in repairs and upgrades identified through a TAR360 assessment commissioned in 2025.

Stated nameplate capacity of approximately 5,000 barrels of crude oil per day.

Approximately 15,000 barrels of crude oil inventory on hand, with additional supply expected as operations progress.

Sky Quarry Inc. (NASDAQ: SKYQ), an energy infrastructure company focused on domestic refining and resource development, has announced that it received an air permit from the Nevada Division of Environmental Protection and has restarted operations at its Eagle Springs Refinery near Ely, Nevada. The refinery is operated by the Company’s wholly owned subsidiary, Foreland Refining Corporation, and is Nevada’s only crude oil refinery.

In preparation for the restart, Sky Quarry completed approximately $300,000 in repairs and upgrades identified through a TAR360 assessment commissioned in 2025. Eagle Springs has a stated nameplate capacity of approximately 5,000 barrels of crude oil per day. The Company reported approximately 15,000 barrels of crude oil inventory on hand and said it expects additional supply as operations progress. With the restart complete, the focus now shifts to ramping the refinery toward its full operating potential.

“Receiving this permit and restarting Nevada’s only crude oil refinery is a major step for Sky Quarry,” said Marcus Laun, Interim Chief Executive Officer of Sky Quarry. “Nevada has relied on fuel refined elsewhere for too long. Our job now is to ramp Eagle Springs toward its full operating potential and make Nevada-refined products a more meaningful part of the region’s supply.”

Sky Quarry presented at a Nevada Fuel Resiliency Committee meeting earlier in 2026 and said it intends to remain engaged as the state considers fuel supply and infrastructure initiatives.

The Company also supports previously announced, proposed initiatives to expand oil exploration and production in Nevada. It cites a U.S. Geological Survey estimate that federal lands in Nevada contain approximately 1.4 billion barrels of undiscovered, technically recoverable oil resources, and says that if more Nevada crude comes to market, Eagle Springs could refine suitable barrels in-state and grow alongside the state’s oil industry.

Separately, Sky Quarry continues discussions regarding its previously announced farm-in opportunity at PR Spring and potential collaboration involving its 7-megawatt power generation capacity, and expects to provide updates as those discussions progress.

Sky Quarry Inc. (NASDAQ: SKYQ) is an energy infrastructure company focused on domestic refining and resource development. Through its wholly owned subsidiary, Foreland Refining Corporation, the Company operates the Eagle Springs Refinery near Ely, Nevada, which the Company says produces diesel, vacuum gas oil, naphtha and liquid paving asphalt. Sky Quarry is also developing its PR Spring facility in Utah to recover hydrocarbons and other marketable materials from waste asphalt shingles and oil-bearing resources.

There are several risks associated with the Company’s plans. The refinery has only just restarted, and ramping toward nameplate capacity is an objective rather than a demonstrated rate; there can be no assurance that operations will be sustained or reach full capacity. Operations depend on securing adequate crude oil feedstock at competitive prices, and results will be affected by crude and refined product prices, refining margins, equipment reliability and regulatory compliance. The proposed Nevada exploration and production initiatives are not Sky Quarry projects with committed capital, and the U.S. Geological Survey figure is an estimate of undiscovered resources on federal lands, not a resource held by Sky Quarry. Sky Quarry is a small-capitalization company that competes with far larger refiners and suppliers, will need adequate liquidity to support operations, and its shares may be volatile. Readers should review the Company’s filings with the U.S. Securities and Exchange Commission at www.sec.gov and the forward-looking statements in the Company’s releases before making any decision.

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In other industry developments and happenings in the market this week include:

Valero Energy Corporation (NYSE: VLO), one of the largest independent refiners in the U.S. and the operator of the Benicia refinery referenced in the EIA’s West Coast capacity analysis, recently reported second-quarter 2026 net income attributable to Valero stockholders of $3.7 billion, or $12.62 per share, compared to $714 million, or $2.28 per share, for the second quarter of 2025. The Refining segment reported operating income of $4.5 billion, up from $1.3 billion a year earlier.

“We are pleased to report a strong second quarter, driven by excellent operations and commercial execution across all three of our business segments,” said Lane Riggs, Valero’s Chairman, Chief Executive Officer and President. Valero reported stockholder cash returns of $2.6 billion for the quarter, declared a regular quarterly dividend of $1.20 per share on July 16, 2026, and said its St. Charles FCC Unit optimization project is still expected to be completed and begin operations in the third quarter of 2026.

Marathon Petroleum Corp. (NYSE: MPC), which operates the nation’s largest refining system, recently reported second-quarter 2026 net income attributable to MPC of $5.1 billion, or $17.73 per diluted share, compared with $1.2 billion, or $3.96 per diluted share, for the second quarter of 2025. Adjusted EBITDA for the quarter was $8.5 billion, compared with $3.3 billion a year earlier.

The company said yield-enhancing investments at its El Paso and Robinson refineries came online during the quarter, and that it returned $2.8 billion of capital to shareholders. MPC also said MPLX’s natural gas and NGL growth strategy is expected to support 12.5% annual distribution growth in 2026 and 2027. “The completion of two high-return, yield-enhancing refining investments further position us to deliver incremental value,” said Chairman, President and Chief Executive Officer Maryann Mannen.

PBF Energy Inc. (NYSE: PBF), whose refining system includes the Martinez refinery in California, recently announced second-quarter 2026 income from operations of $1,272.1 million, compared with $43.0 million for the second quarter of 2025. Net income attributable to PBF Energy Inc. was $906.4 million, or $7.54 per share, and the company reported that it reduced gross debt by more than $1 billion during the quarter.

The company said the Martinez refinery returned to full operations in May 2026 following repairs related to the February 2025 fire. “The Martinez refinery successfully returned to full operations in the second quarter and is once again supplying California with a full slate of much-needed, domestically-produced products,” said Chief Executive Officer Matthew Lucey. PBF also declared a quarterly dividend of $0.275 per share.

HF Sinclair Corporation (NYSE: DINO), which operates refineries across the Mid-Continent and West, including a refinery at Woods Cross, Utah, recently reported second-quarter 2026 net income attributable to HF Sinclair stockholders of $892 million, or $4.93 per diluted share, and adjusted net income of $960 million, or $5.31 per diluted share. Adjusted EBITDA was $1,482 million, compared with $665 million a year earlier, and the company announced a 5% increase in its regular quarterly dividend to $0.525 per share. HF Sinclair also announced plans to pursue a separation of its Lubricants & Specialties segment into a new independent, publicly traded company over the next 12 to 18 months.

Of particular relevance to Nevada, HF Sinclair has described a proposed, multi-phased pipeline expansion that could enable incremental supply of up to 150,000 barrels per day of product into western markets, subject to Board and regulatory approvals. The first phase is projected to add approximately 35,000 barrels per day of capacity to move Rockies supply into Nevada, through an expansion of the Pioneer Pipeline and debottlenecking of the company’s UNEV Pipeline running from Salt Lake City to Las Vegas.

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Forward-Looking Statements: This publication contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Forward-looking statements can be identified by words such as “expects,” “anticipates,” “intends,” “plans,” “may,” “will,” “could,” “should,” “believes,” “estimates,” “projects,” “targets” and similar expressions, and include, without limitation, statements regarding the ramp-up and sustainability of operations at the Eagle Springs Refinery, operation toward nameplate capacity, the availability of crude oil feedstock, proposed Nevada oil exploration and production initiatives, the PR Spring Farm-In opportunity, potential power generation collaboration, and market conditions in Nevada and the western United States. These statements are based on current expectations and assumptions and are subject to risks and uncertainties that could cause actual results to differ materially, including regulatory and compliance requirements, equipment failures and unplanned downtime, crude oil availability and pricing, refined product pricing and margins, liquidity and working capital, competition, and general economic conditions. Forward-looking statements speak only as of the date of this publication, and we undertake no obligation to update them except as required by law. Readers are cautioned not to place undue reliance on forward-looking statements.

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