U.S. oil refiners are expected to report a significant downturn in Q2 2024 earnings from a year ago, largely thanks to a tepid summer driving season
that has taken a bite out of margins for refiners, Reuters reported on Wednesday. Markets had been banking on an uptick in processing capacity for the second-quarter after fuel demand rose; however, that was counterbalanced by new refineries coming on line in the Middle East, more China exports and steadily increasing diesel stockpiles, analysts told Reuters. ' Refining cracks weakened through the second quarter.
Exxon, Shell and BP have all issued warnings about softening margins, which, in turn, will make it more challenging to finance buybacks and dividends. According to Bloomberg, Big Oil is now starting to push pause on low-carbon projects and taking on increased levels of debt to fund buybacks and new oil and gas output. Marathon Petroleum NYSEMPC, the largest U.S. refiner by volume, is expected to report Q2 EPS of $3.22 compared with $5.32 a year ago, according to LSEG estimates cited by Reuters.
Diesel Refining Margins Fuel Demand Gasoline Crack Spread
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