Tosco, Valero, and the Independent Refining and Marketing Sector
This industry note analyzes the R&M sector of the oil and gas industry with an emphasis on several of the largest U.S. independent R&M firms.
This case is used as the basis for industry analysis. It focuses on the entry into the market and growth of two companies, Tosco and Valero. The case provides a vehicle for considering the viability of vertical integration and the difficulty of entering a mature industry. The case also can be used to illustrate the importance of environmental scanning for incumbent firms in a mature sector.