The big freeze from the arctic blast knocked out more than 18 of the Texas refineries just a month ago. For these refineries it has been a battle to repair and restart. 16 of those 18 plants shut by freeze have started some or all units. In that time demand has risen and already some are able to run at full rates on better margins.
Valero Energy Corporation $VLO based in San Antonio, Texas reported better than expected third-quarter results Thursday before the open. Valero higher throughput margin due to 92% throughput capacity utilization despite Harvey supported Valero Energy’s strong results.
June was dismal for Car sales, we are now seeing July is even worse. General Motors $GM July sales down 15.4% , Fiat Chrysler $FCAU US sales down 10.5%, Ford $F Sales down -7.4%.
Houston based oil refiner Phillips 66 $PSX on Tuesday reported better than expected2Q17 earnings as refining and petrochemical revenues strengthened. Refining is recovering some after low fuel prices hit profit margins.
Energy company earnings kicked off this week with oil service giants $SLB & $HAL, Oil majors $XOM $RDG.A $COP and $CVX, Pipelines $TCP Natural gas $ECA $COP. Catch up on all the energy earnings you may have missed.