Source: https://www.linkedin.com/feed/update/urn%3Ali%3Ashare%3A6956254174787354624
Top U.S. #Refiners Set For 652% Surge In #Profits: “We’re seeing margins twice as high as the golden age” #Record #Oil #Windfall #Profits #Margins #Financial #Markets #EPS #Stocks #StockPrices: https://lnkd.in/gsPqjwMu : Amid #soaring #gasoline #prices in the second quarter, the eight biggest independent U.S. #refiners are set to report later this month a huge 652% sequential jump in their #average #earnings #per #share ( #EPS ). All refiners and all integrated oil and gas companies are set for a windfall of profits for the second quarter as U.S. gasoline prices soared to the highest ever on record of over $5 per gallon in early June. The biggest refiners are also expected to generate billions of cash flow from operations as refining margins are at their highest in many years.
The largest #international #majors are also set for exceptional earnings at their #refining businesses, thanks to high refining margins and fuel demand in the second quarter. Some of the largest international oil majors have already announced expectations of #blockbuster #earnings from their #refining #divisions when they report Q2 #profits later this month. France’s supermajor TotalEnergies said last week that “Refining & Chemicals results are expected to be exceptional given the very high levels of distillate and gasoline cracks.” ExxonMobil said in an U.S. Securities and Exchange Commission #SEC #filing in early July that the rise in industry margins is set to add between $4.4 billion and $4.6 billion to its Q2 results. At Shell, the #refining #margin nearly #tripled in Q2 compared to Q1 and is expected to add between $800 million and $1.2 billion to the second quarter results of Shell’s Products division, compared to the first quarter 2022.
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