Houston based oil refiner Phillips 66 $PSX on Tuesday reported better than expected third quarter earnings of $5.4 billion compared with $402 million during the same period last year. Tight refining market supported high gasoline prices with refineries running at record levels this year, strong export demand amid a squeezed supply due to Russia’s invasion of Ukraine and plant closings. The composite global market crack actually fell 22% from $46.72 in the second quarter to $36.29 per barrel in the … Continue reading “Phillips 66 Profits Soared as Refineries Run at Record Capacity Despite Crack Spread Falling”
Refiner Valero Earnings Smash Estimates with Record Refinery Throughput
San Antonio, Texas based refiner Valero Energy reported better than expected third-quarter results Tuesday before the open. Valero higher throughput margin utilization rate of 95% in the reported quarter, compared with last year’s 91%. VLO refineries have operated this year at record levels boosted by demand for fuel and refined products from both domestic and global export demand since Russia’s invasion of Ukraine. Other major refiners, including Marathon Petroleum (MPC) and Phillips 66 (PSX), report in coming weeks. Valero Energy … Continue reading “Refiner Valero Earnings Smash Estimates with Record Refinery Throughput”
Most Texas Refineries Have Restarted Since Big Freeze
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.
Refiner Valero $VLO Beats Earnings, Overcomes Hurricane Harvey
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.
Big 3 Car Sales Crash Continues, Accelerate Lower in July
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%.
Phillips 66 $PSX Earnings Strength From Refining and Petrochemicals
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.
Highlights of Oil & Gas Energy Earnings Reports This Week
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.