The Business Model
As previously discussed, the integrated oil business model consists of exploration and production (E&P), midstream segment, and downstream operations. Downstream business operations generally consist of retail gasoline operations. Most integrated majors will include refining operations in what is broadly referred to as the downstream segment. Within the midstream segment there may be terminal operations, pipelines, and other product-finishing and transportation operations.
In the oil industry, there are companies that focus exclusively on midstream or downstream operations and don't have E&P operations. A few of these companies are what one might refer to as independent refiners, focusing only on refining operations and perhaps ...
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