In the oil and gas industry, upstream and downstream refer to different stages of the supply chain. Upstream operations include the exploration, drilling, and production of crude oil and natural gas. This sector includes related services such as rig operations, feasibility studies, machinery rental, and extraction of chemical supply. Downstream operations include the refining, distribution, manufacturing, and retailing of crude oil and natural gas products. This sector is responsible for transforming crude oil into derived products such as gasoline, naphtha, kerosene, and diesel oil. Midstream operations link upstream and downstream and include transportation and storage services. Midstream companies make money by charging fees to transport and store oil and gas.

In summary:

• Upstream: exploration, drilling, and production of crude oil and natural gas
• Midstream: transportation and storage of crude oil and natural gas
• Downstream: refining, distribution, manufacturing, and retailing of crude oil and natural gas products