For example, Tesoro (NYSE: TSO) shows ongoing improvement and is adding integration programs in California. HollyFrontier (NYSE: HFC) is investing in improvement projects. Marathon Petroleum (NY:SE MPC) added increased condensate processing, distillate production and exports. Western Refining (NYSE: WNR) invested in logistics projects.

CRAK includes a 5.5% tilt toward TSO, 5.0% in HFC, 6.9% in MPC and 3.4% in WNR.

Refiners are also investing in midstream assets, which can provide earnings and achieve higher midcycle returns, with less volatility, Good said.

Furthermore, many refiners have generated free cash flow, which have been returned to shareholders through dividends and share buybacks. While yields have remained relatively low, dividend growth is picking up. CRAK’s underlying index shows a 30-day SEC yield of 1.51%.

For more information on oil refineries, visit our refiners category.

Max Chen contributed to this article.