Valuation Trading Multiples & Precedent Transactions: Oil Refining and Petrochemical Companies
Valuation benchmarks for Oil Refining and Petrochemical Companies. Access public trading comps, EV/EBITDA acquisition multiples, and private market data for pitch books and valuation analysis.
1.1 - Oil Refining and Petrochemical Companies Market Context & Valuation Drivers
Public companies in this group operate integrated downstream energy businesses centered on refining crude into transportation fuels and petrochemicals, then marketing those products through wholesale, commercial, and retail channels. They are comparable for valuation because they share asset-intensive refining footprints, exposure to crack spreads and product mix, logistics-enabled distribution, and growing renewable fuels streams, yielding similar EBITDA profiles, cash flow cyclicality, and public trading comparables for benchmarking.
In addition to atmospheric and vacuum refining, these operators deploy hydrocracking, catalytic reforming, and desulfurization to optimize yields; manufacture petrochemicals, lubricants, and asphalt; blend gasoline and diesel; store and terminal products; distribute via pipelines, marine, and retail networks; and run energy trading and hedging programs. Many also supply LPG and natural gas solutions and invest in renewable diesel, SAF, and process technology services to enhance margins and compliance.
Primary customers include wholesale fuel distributors, aviation carriers, industrial manufacturers, commercial fleets, and retail motorists. Key valuation benchmarks encompass refinery utilization and throughput, realized crack spreads, product margins, EBITDA per barrel, free cash flow conversion, and ROCE. Additional drivers include marketing volumes, retail network performance, feedstock sourcing advantages, renewable fuel credit generation, and inventory management, all of which inform public trading comparables and valuation analysis.
2. Valuation Analysis: Public Trading Comps & Multiples for Oil Refining and Petrochemical Companies companies
2.1 - Public Peer Groups & Median Valuation Multiples for Oil Refining and Petrochemical Companies sector
Comparable group 1: Oil Refining and Petrochemical Companies
OMV
- Enterprise value: $●●●m
- Market Cap: $●●●m
- EV/Revenue: ●.●x
- EV/EBITDA: ●●.●x
- Description: Provider of integrated oil, gas, and petrochemical products, focusing on innovative, low-carbon, and sustainable solutions through energy transition efforts, with operations spanning Europe and key international markets.
- Key Products:
- Oil Refining: Processes crude oil into petroleum and chemical products
- Natural Gas Solutions: Supplies natural gas with various applications including energy and heating
- Chemical Products: Produces advanced and sustainable base chemicals
- Fleet Services: Provides on-the-road support and payment solutions for fleet vehicles
- Sustainable Feedstock: Develops eco-friendly resources for synthetic rubber and plastics.
Suncor Energy
- Enterprise value: $●●●m
- Market Cap: $●●●m
- EV/Revenue: ●.●x
- EV/EBITDA: ●●.●x
- Description: Provider of integrated energy services, focusing on oil sands extraction, refining, and production of renewable fuels, delivering across global markets from its base in Calgary, Alberta.
- Key Products:
- Oil Sands Production: Extraction and processing of bitumen at large scales for fuel production
- Refining Services: Conversion of crude oil into refined products such as gasoline and diesel
- Renewable Fuels: Development and distribution of sustainable energy alternatives
- Energy Trading: Comprehensive energy trading services in global markets
- Petrochemical Supply: Provision of essential petrochemical products for various industries.