U.S. oil refiners set for worst earnings quarter of the pandemic

  • 📰 Reuters
  • ⏱ Reading Time:
  • 39 sec. here
  • 2 min. at publisher
  • 📊 Quality Score:
  • News: 19%
  • Publisher: 97%

Ireland News News

Ireland Ireland Latest News,Ireland Ireland Headlines

U.S. refiners are girding for a painful slate of fourth-quarter earnings, reflecting the pressure of rising crude prices, weak demand due to renewed COVID-19 travel restrictions, and higher costs of associated with blending of renewable fuels into their products.

FILE PHOTO: General view of the Marathon petroleum refinery in Carson, California, U.S., December 5, 2019. REUTERS/Mike Blake

“[This] would mark the weakest quarter of the year,” said Matthew Blair, analyst at Tudor Pickering Holt and Co. Crude oil benchmarks rallied more than 20% in the quarter, which squeezed U.S. refining margins to less than $10 a barrel on average - the threshold for which most refiners make money - for the majority of the fourth quarter.

Delta Airlines’ refinery in Trainer, Pennsylvania, in early January posted a $102 million refining segment loss in the fourth quarter, and a $441 million loss on third party fuel sales. Credit Suisse analyst Manav Gupta said Phillips 66 will lose $1.16 per share in the quarter. He had originally anticipated a 30-cent loss, but changed that due to lower refining earnings in the Gulf Coast, West Coast and Midwest markets.

 

Thank you for your comment. Your comment will be published after being reviewed.
Please try again later.

Thanks Joe!🇺🇸😡

DO YOU KNOW WHAT IS NOT FUNNY OR A PERFORMANCE ART? SEX CRIMES!!! DO YOU KNOW WHO IS NOT JOKING AROUND? ME, ANDREW BALLARD!!! I AM A SEX CRIME/POLICE CORRUPTION VICTIM, AND I DESERVE JUSTICE! WILL YOU HELP ME GET A FBI/FBIPhoenix/TheJusticeDept INVESTIGATION?

But they’ll still be making money unlike millions of Americans!

Oh boohoo

Good.

We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:

 /  🏆 2. in İE

Ireland Ireland Latest News, Ireland Ireland Headlines