Interim report provides data-driven insight into reliability and profitability of global refining.

PASADENA, TEXAS (December 9, 2020) – Pinnacle, the world’s leading provider of data-driven reliability and integrity programs, announces the release of its first Global Economics of Reliability Report. The report is the first of its kind, and the first in a series of reports that explore the impact reliability has on various global industries including the oil and gas, chemical, wastewater, and other industrial processing industries.

“We estimate that complex processing systems spend over $500 billion annually on reliability,” said Jeff Krimmel, director of market and data analysis at Pinnacle. “Reliability is a core competitive strategy for these systems because it helps facilities optimize costs, mitigate risk, and increase availability. Despite the competitive edge reliability can provide, facilities have not been able to easily measure and understand the reliability performance of industry leaders. Our report provides insight into the top-performing facilities in the world, and will help leaders understand the operational and financial realities that shape the reliability of major global industries.”

The interim report, which focuses on the current market trends in the petroleum refining industry, leverages Pinnacle’s data models to estimate the reliability spending patterns and performance of refineries in the United States, Europe, and Asia Pacific regions. The foundation of the data analysis combines public data from international governments and refineries and Pinnacle’s internal algorithms to provide unique insight into the industry. Highlights of the report include how best-in-class refineries achieve superior reliability and the estimation of the global impact an improvement in reliability will have on the market.

“In this report, we conclude that 10% to 30% percent of industry spend on reliability-related initiatives is wasted,” said Ryan Sitton, founder and CEO of Pinnacle. “We found that the systems with the best reliability performance leverage data-focused analysis.”

On Tuesday, December 15th, Krimmel and Sitton will host Pinnacle’s Economics of Global Reliability brief. During the virtual brief, they will discuss additional insights and the future of reliability in the petroleum refining sector. Download the report and register for the virtual brief at pinnaclereliability.com.

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