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US refiner

Marathon Petroleum posts smaller-than-expected loss as refining margins improve

Marathon Petroleum posts smaller-than-expected loss as refining margins improve

  • The mass public vaccinations and easing travel restrictions over the last few months have helped fuel demand tick up from the record lows hit last year, lifting the outlook for refiners.
  • Rivals Phillips 66 and Valero Energy also saw their refining margins surge sequentially in the first quarter.
Published 04 May, 2021 05:38pm
Valero warns of bigger first-quarter loss on costs from Texas deep freeze
Business & Finance

Valero warns of bigger first-quarter loss on costs from Texas deep freeze

  • Valero said it expects net loss attributable to its stockholders in the range of $2.05 to $1.81 per share for the first quarter, compared with an 88 cents per share loss in the fourth quarter.
  • Rival Phillip 66 also forecast a bigger-than-expected adjusted loss for the first quarter, citing the severe winter that battered its US Gulf Coast petrochemical operations.
Published 08 Apr, 2021 05:58pm
HollyFrontier posts bigger-than-expected loss on weak demand
Business & Finance

HollyFrontier posts bigger-than-expected loss on weak demand

  • US refining margins were on average below $10 a barrel - the threshold above which most refiners make money - for the majority of the fourth quarter of 2020.
  • The company's quarterly refinery throughput, or the amount of crude processed, fell nearly 2% from the previous quarter to 412,780 barrels per day.
Published 24 Feb, 2021 06:15pm
US refiner Marathon Petroleum's fourth-quarter loss narrows
Markets

US refiner Marathon Petroleum's fourth-quarter loss narrows

  • Demand for fuel has ticked up in recent months as more people traveled with many states and countries rolling back COVID-19 restrictions.
  • Like its rivals Valero and Phillips 66, Marathon Petroleum on Tuesday pinned economic recovery hopes on COVID-19 vaccine rollouts.
Published 02 Feb, 2021 05:32pm