Refining yields in 2Q16
Refining yields indicate the quantity and variety of the refined products companies produce. Everything else being equal, the greater the production of high-value, lighter products, the better the refining margin.
Tesoro’s (TSO) gasoline production as a percentage of its total refined products stood at 52% in 2Q16. This was the highest level among its refining peers Marathon Petroleum (MPC), Phillips 66 (PSX), and Valero Energy (VLO).
On the other hand, PSX had the lowest gasoline production in the quarter. Gasoline constitutes 44% of the company’s total refined products.
For broad-based exposure to the energy sector, you can consider the Energy Select Sector SPDR ETF (XLE).