California Oil Refinery Cost Disclosure Act Monthly Report

Estimated Aggregate Gross Margin ($) = Total Gasoline Volume Sold (gallons) x Volume-Weighted Average Gross Gasoline Margin ($/gallon)

* Based on data reported by California refiners. The total gasoline volume sold does not include spot pipeline transaction sales and may be considered a conservative estimate as a result. CEC has not assessed whether refiners have properly deducted various costs from their self-reported margins. Data may differ from previous reports.

Please refer to the note above in the blue box concerning the sources and reliability of this data.

The CEC anticipates that this table will be updated, including historical values, in the coming months.

Gross gasoline refining margin ($/gal) = Wholesale price of gasoline ($/gal) – Crude oil cost ($/gal)
Net gasoline refining margin ($/gal) = Gross gasoline refining margin ($/gal) – Operational costs ($/gal)

* California volume-weighted average gasoline refining margins are weighted by the amount of crude oil received by each refinery, using data reported by all six California refining companies. CEC has not assessed whether refiners have properly deducted various costs from their self-reported margins. Data may differ from previous reports.

The Net Margin data reported by multiple refiners has demonstrated extreme variability that is likely not accurate nor reliable.  The CEC is currently working with refiners to report this statutorily mandated data in an accurate and consistent manner.  When accurate Net Margin information is available, this table will be updated promptly.

Please refer to the note above concerning the sources and reliability of this data.

* As reported by California refiners with two or more refineries. CEC has not assessed whether refiners have properly deducted various costs from their self-reported margins. Data may differ from previously reported. Margins are volume-weighted by the amount of crude oil received by each refinery. Refiner names are removed to protect anonymity.

Please refer to the note above in the blue box concerning the sources and reliability of this data.

* As reported by California refiners with two or more refineries. CEC has not assessed whether refiners have properly deducted various costs from their self-reported margins. Data may differ from previously reported. Margins are volume-weighted by the amount of crude oil received by each refinery. Refiner names are removed to protect anonymity.

The data reported by multiple refiners, and which is reflected in the table above, demonstrate extreme variability that is likely not accurate nor reliable.  The CEC is currently developing guidance for refiners to report this statutorily mandated data in an accurate and consistent manner.  When accurate information is available, this table will be updated.

Please refer to the notice above concerning the accuracy and reliability of this data.

* Based on data reported by all six California refiners. Prices are volume-weighted by the product volume reported by each refinery. 

Senate Bill X1-2 
Public Resources Code 25355.

1. For purposes of this section, the following definitions apply:
   1. “Gross gasoline refining margin” means the difference, expressed in dollars per barrel, between the volume-weighted average price of wholesale gasoline sold by a refiner in the state and the average price of crude oil received by the refinery.
   2. “Net gasoline refining margin” means the gross gasoline refining margin minus the refinery’s operational costs.
   3. “Operational costs” means costs, expressed in dollars per barrel, necessarily incurred by the operator of a refinery in the state to produce gasoline meeting California specifications, including, but not limited to, costs of labor, electricity, natural gas, chemicals, maintenance, hydrogen, and other intermediate oil products, federal renewable identification numbers, obligation costs, capital investments, logistics costs, and additive costs.
2. Within 30 days of the end of each calendar month, the operator of each refinery operating in the state that produces gasoline meeting California specifications shall submit to the commission a report for the refinery containing all the following information:
   1. The volume, in barrels, of crude oil received in that month, separated into domestic and foreign subtotals.
   2. The volume-weighted average crude oil acquisition cost paid for crude oil that is received and intended to be refined during that month, separated into domestic and foreign crude oil acquisition costs.
   3. The volume in barrels of refined gasoline received or imported in that month from entities other than the refiner.
   4. The volume-weighted average cost of any refined gasoline received or imported by a refiner during that month.
   5. The quantity, in barrels, of wholesale gasoline meeting California specifications sold and the corresponding volume-weighted average prices, less all applicable local, state, and federal taxes, separated by unbranded rack sales, branded rack sales, bulk sales, spot pipeline sales, and dealer tankwagon (DTW) sales in that month.
   6. Separate quantification of the volume-weighted fees or estimated valuations of costs embedded in all wholesale gasoline sales associated with the low-carbon fuel standard (LCFS) and associated with the cap and trade cap-at-the-rack (CAR) program, for each volume-weighted average price for: (A) unbranded rack sales, (B) branded rack sales, (C) bulk sales, (D) spot pipeline sales, and (E) DTW sales, in that month.
   7. The gross gasoline refining margin per barrel of gasoline sold in that month.
   8. The operational costs per barrel of gasoline sold in that month, including a complete description and amount of each category of cost identified in paragraph (3) of subdivision (a) and any other category of cost.
   9. The net gasoline refining margin per barrel of gasoline sold in that month.
3. Within 45 days of the end of each calendar month, the commission shall post on its internet website all of the following:
   1. The gross gasoline refining margin data reported pursuant to this section for that month, and any gross gasoline refining margin independently calculated by the commission, as a volume-weighted gross refining margin in aggregate for all the combined refineries in the state.
   2. The gross gasoline refining margin data reported for that month, and any gross gasoline refining margin independently calculated by the commission, in aggregate for each refiner with more than one refinery operating within California.
   3. The net gasoline refining margin data reported pursuant to this section for that month, and any net gasoline refining margin independently calculated by the commission, as a volume-weighted net refining margin in aggregate for all the combined refineries in the state.
   4. The net gasoline refining margin data reported for that month, and any net gasoline refining margin independently calculated by the commission, in aggregate for each refiner with more than one refinery operating within the state.
   5. The aggregated data submitted pursuant to paragraphs (1) through (4), inclusive, of subdivision (b) for that month.

Amended by Stats. 2023, 1st Ex. Sess., Ch. 1, Sec. 4. (SB 2 1x) Effective June 26, 2023.)