U.S. refiners’ profits plunged sharply in Q2

Recently, several U.S. energy analysts observed that U.S. refiners’ profits in the second quarter of this year declined significantly year-on-year. Marathon Petroleum—the largest U.S. refiner—reported Q2 earnings per share (EPS) of $3.22, down from $5.32 a year earlier. Valero Energy—the second-largest U.S. refiner—has seen its stock price fall approximately 14% since the end of Q1; analysts project its Q2 EPS at $2.60, below $5.40 a year ago. Another major U.S. refiner, Phillips 66, reported Q2 EPS of $1.98, down from $3.87 year-on-year. Jason Gabelman, an analyst at TD Cowen, stated: “The decline in U.S. refiners’ profits in Q2 caught investors off guard.” Analysts noted that U.S. diesel inventories rose steadily during Q2, driven by new refineries coming online in the Middle East and increased Chinese exports—compressing refining margins and eroding profits. ExxonMobil attributed the decline in refining margins to a negative impact on its Q2 results, partly due to weak fuel prices. In June, the U.S. gasoline crack spread fell to $22.02 per barrel—the lowest since February.

Q3 2024 financial results summary for 29 oil companies, including Saudi Aramco, Sinopec, PetroChina, ExxonMobil, Shell, and Schlumberger

ADNOC Gas, a UAE natural gas processing company, released its Q3 2024 financial results. Quarterly revenue totaled $6.281 billion, up 8% year-on-year from $5.807 billion. Quarterly EBITDA stood at $2.205 billion, compared to $1.863 billion a year earlier. Quarterly net profit amounted to $1.243 billion, up from $1.116 billion year-on-year. Formosa Chemicals & Fibre Corporation (FCFC) announced its Q3 2024 results. Consolidated quarterly revenue was NT$173.19 billion (approximately $5.326 billion), down from NT$192.658 billion a year earlier. Quarterly operating loss was NT$4.763 billion, reversing from an operating profit of NT$18.055 billion a year earlier. Net loss attributable to owners of parent was NT$3.082 billion, compared to net profit of NT$17.156 billion a year earlier. Cosmo Energy Holdings announced its results for the first half of fiscal year ended September 30, 2024. Net sales totaled ¥1.321131 trillion (approximately $8.586 billion), up slightly from ¥1.308464 trillion a year earlier. Operating profit was ¥41.213 billion, down 45.7% year-on-year from ¥75.912 billion. Net profit attributable to owners of parent was ¥20.639 billion, down 56.1% year-on-year from ¥46.982 billion. United States ExxonMobil released its Q3 2024 results. Total quarterly revenue was $90.016 billion, down from $90.76 billion a year earlier. Net income attributable to the company was $8.61 billion, down from $9.07 billion year-on-year. Chevron released its Q3 2024 results. Total quarterly revenue was $50.669 billion, down from $54.08 billion a year earlier. Net income attributable to the company was $4.487 billion, down from $6.526 billion year-on-year. Phillips 66 released its Q3 2024 results. Total quarterly revenue was $36.163 billion, down from $40.322 billion a year earlier. Net income attributable to the company was $748 million, down from $2.097 billion year-on-year. Marathon Petroleum released its Q3 2024 results. Total quarterly revenue was $35.373 billion, down from $41.583 billion a year earlier. Net income attributable to the company was $622 million, down from $3.28 billion year-on-year. Valero Energy released its Q3 2024 results. Quarterly revenue was $32.876 billion, down from $38.404 billion a year earlier. Net income attributable to shareholders was $364 million, down from $2.622 billion year-on-year. Petrobras released its Q3 2024 results. Quarterly revenue was $23.366 billion, down from $25.552 billion a year earlier. Net income attributable to shareholders was $5.87 billion, up from $5.456 billion year-on-year.

Marathon Petroleum Beats Quarterly Estimates, Agrees to Sell Two Refineries to CVR Energy

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Marathon Petroleum exceeded third-quarter profit expectations driven by soaring refining margins and announced a $4.2 billion sale of two refineries to CVR Energy. The company plans to reinvest proceeds along the US Gulf Coast while expanding shareholder returns.

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