Oil refiners Valero Energy Corp VLO.N and Marathon Petroleum Corp MPC.N are the biggest beneficiaries of the U.S. government’s oil reserve releases, taking nearly half the crude offered, a Reuters analysis of Department of Energy data showed on Wednesday.

The Biden administration has opened spigots at the nation’s Strategic Petroleum Reserve (SPR) to lower fuel prices and ease a supply crunch from Russia’s invasion of Ukraine. Awards of about 218 million barrels for the 12 months endedSept. 30 have tamed market worries and cut energy prices.

But they have slashed the reserve to 427.2 million barrels – or about four weeks of demand – the lowest level in about 38 years. This has sparked criticism because some oil was resold to buyers overseas. A few distributions came under congressional mandates while others are pending.

The two biggest receivers acquired nearly 98 million barrels so far. Valero, the second largest U.S. refiner by capacity, secured 52.7 million, while top oil processor Marathon Petroleum snapped up 45.2 million barrels.

Other big buyers included Exxon Mobil, with 24.7 million barrels, Motiva Enterprises at 22.1 million, Shell at 15.2 million and Phillips 66 at 16 million.

Marathon Petroleum declined to comment on crude sourcing. Other companies did not immediately respond to requests for comments.

Some of the barrels were exported by Exxon Mobil, Phillips 66, TotalEnergies’ TTEF.PA trading unit Atlantic Trading and Marketing as well as Unipec, an arm of Asia’s largest refiner Sinopec 600028.SS, according to U.S. Customs data.

Most of the oil was sold via auctions at prices determined by a five-day average around the date of delivery. A smaller quantity was exchanged and typically requires receivers to replace the oil with a slightly larger volume.

About 24.42 million barrels were released by exchange, with the largest amounts taken by Exxon and Shell.

The SPR will be replenished via contracts to purchase oil in the future at fixed, preset prices. The plan would help boost oil production, the administration said.

For a full list of companies awarded SPR crude oil, please see

Valero, Marathon Petroleum secure most crude from U.S. emergency stash.

Who are the top receivers of U.S. emergency reserve crude oil?
Source: Reuters (Reporting by Arathy Somasekhar in Houston; Editing by Josie Kao)