With Diesel Margins Stretched, Production Is Underway at Nevada’s Only Crude Oil Refinery
Key Highlights
- ➤Sky Quarry (SKYQ) started refined petroleum production at Nevada’s only crude oil refinery.
- ➤Eagle Springs has approximately 5,000 barrels-per-day nameplate crude processing capacity.
- ➤PBF Energy (PBF) second-quarter net income reached $906.4 million, or $7.54 per share.
- ➤Calumet (CLMT) second-quarter Adjusted EBITDA rose to $159.3 million from $55.1 million.
- ➤Marathon Petroleum (MPC) second-quarter net income reached $5.1 billion, or $17.73 per diluted share.
Expert Statements
Marcus Laun, Chief Executive Officer of Sky Quarry
“Moving from a refinery restart to actual petroleum production is a tremendous milestone for Sky Quarry and our shareholders”
Marcus Laun, Chief Executive Officer of Sky Quarry
“The plant is operating as expected. We are excited by the support we are getting from our community of suppliers and customers.”
Matt Lucey, President and CEO of PBF Energy
“The underlying fundamentals for refining remain incredibly strong with tight global supply and demand balances”
Dane Neumann, Chief Executive Officer of CVR Energy
“CVR Energy posted another quarter of strong operating results across our system, with crude utilization of 98 percent and ammonia plant utilization of 99 percent”
Todd Borgmann, CEO of Calumet
“Our integrated specialties platform delivered exceptional results in a strong margin environment, supporting $115 million of debt retirement in July”
Maryann Mannen, Chairman, President and Chief Executive Officer of Marathon Petroleum
“Strong planning, commercial, and operational execution enabled safe and reliable operations to meet resilient consumer demand”
WOODS CROSS, Utah, Oct. 23, 2026 (GLOBE NEWSWIRE) -- Wall Street Investor News Commentary - Diesel is where the U.S. fuel market is tightest. The average U.S. on-highway diesel price reached $6.276 a gallon on October 19, up $2.656 from a year earlier, according to the U.S. Energy Information Administration, and in its October Short-Term Energy Outlook the agency said it expects U.S. distillate fuel inventories to remain below the 2021–2025 average throughout the forecast period, keeping diesel crack spreads elevated and retail prices above $4 per gallon through 2027. For refiners, that spread between the cost of crude and the price of finished fuel is where the money is made, and it is drawing attention to plants of every size, from coastal giants to a single refinery in eastern Nevada. Companies mentioned in today’s commentary include: Sky Quarry Inc. (NASDAQ: SKYQ), PBF Energy Inc. (NYSE: PBF), CVR Energy, Inc. (NYSE: CVI), Calumet, Inc. (NASDAQ: CLMT), Marathon Petroleum Corporation (NYSE: MPC).
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