Sector Focus 

A refined line

A refined line

Time, now, for a moment of self-criticism. In the last couple of years, there's been an inherent bias within the IC’s coverage of the so-called “vertically integrated” oil groups, as a brief scan through the archives reveals. We, by which 'we' mean this writer, has tended to focus on upstream operations – that is, the business of finding and producing hydrocarbons – as opposed to the downstream (the refining and marketing of those hydrocarbons). A preoccupation with rigs over distillation columns and refineries, if you will. Nostra (well, mea) culpa.

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