Refined products thereby can be sold to set a fixed refining margin. When comparing the short list of publicly traded refining companies that are master limited partnerships (MLPs), there are two companies that stand out for their solid execution and attractive dividend yields. The first is Valero Energy ( VLO ), the second largest pure refiner in the industry, with a market cap of about $35 billion. Valero owns 15 petroleum refineries with a combined refining capacity of 3.1 million barrels per day that are sold wholesale and through 7,400 retail outlets. It also owns 11 ethanol plants that produce roughly 1.45 billion gallons per year. The other refiner that catches my attention is CVR Energy ( CVI ), a much smaller refiner with a market cap of roughly $3.9 billion, which owns refining and nitrogen fertilizer operations. The company operates two refiners close to Cushing, Oklahoma, with a combined capacity of about 206,000 barrels per day.