Oil Majors’ Refining Earnings Jump as Tight Fuel Supplies Lift Margins

Chevron’s downstream earnings more than quadrupled year over year to $4.9 billion as tight refined-fuel supplies lifted margins, while disruptions and refinery closures constrained global output. The results add to a week of higher refined-products margins at several major oil companies. Shell, BP, TotalEnergies and ExxonMobil also posted higher margins in their refined-products businesses. Chevron did not provide a standalone refining-margin figure comparable with those measures; its results tied higher downstream earnings to stronger margins on refined-product sales. Oil companies said they were running facilities near capacity to meet demand.

Source: TokenPost