From Sheila Dang and Shariq Khan
Houston-velika oil managers this week had a little look about a short-term improvement of profit in refineries after Chevron, Exxon Mobil and Shell were all reported to the fourth quarter, which were strongly affected by the decrease in fuel production margins.
Increasing the global refinement capacity in 2024, combined with the growth of demand spray, saved the refinement of margins.
Chevron’s shares decreased 4% after they first reported to a refination business from 2020, which caused the oil number 2 to miss the profit estimation on Wall Street.
“This trend we saw that the softeners of softens by 2024 are something you can expect to continue to see, to expand in 2025,” said Chevron CEO Mike Wirth in an interview.
“It was a weak fourth quarter, there is no doubt,” he said at a conference call after earning in response to an issue of analyst about refining.
“I won’t call it a perfect storm, but it was a quarter where everything went in one direction and it was negative.”
Wirth said Chevron would focus on what he could control to bounce, including more easily scheduled maintenance of the refinery in the next year.
Exxon Mobile shares fell 2.5% after reporting a 75% drop in customized earnings from refinement compared to the third quarter. The wider energy sector index of S&P 500 on Friday was reduced by 2.8%.
The refinement job remains under the pressure of an additional fuel supply that has entered the market after the Exxon Cineona Cinema Cathryn Mikells in different countries open in different countries around the world have been in the interview.
“That’s what we look at as we look in advance by 2025,” she said.
The oil number 1 manufacturer still beat profit estimates with greater production from the Permian P
Shell, based in the UK, said on Thursday that, although he did not plan to get out of refinement, he did not plan to expand.
The company’s earnings in the fourth quarter almost halved from the previous year to $ 3.66 billion, partly due to weaker refinement margins.
Last year, Shell sold his center of refinement and chemicals in Singapore and plans to extinguish another factory in Wesseling in Germany.
Guess on independent refineries
Although higher oil and gas production helped oil pillows from the influence of lower earnings, the pure plan refiners hit because the demand for fuel failed in the US and China, the two largest oil consumer consumer.
The profit of the Phillips 66 fourth quarter fell to $ 8 million with $ 1.26 billion compared to the year before. Valero refinement profit in the fourth quarter fell to 73%.
