Listen: Global Conflicts Have Meant Huge Profits for U.S. Oil Refiners
Dow Jones07:00
U.S. oil refiners Marathon Petroleum, Phillips 66, and Valero Energy were hit hard among the selloff in energy shares today.
Over the last two weeks though, they have been reporting huge profits.
In this latest episode of What's News in Earnings, John Auers, a refined-fuels analyst at Novi Labs, explains how the refiners are rushing to pump out fuel after a global shortage caused by the Ukraine and Iran wars.
Key to the refiners' gains? What the industry calls the crack spread. The price of oil has risen, but at a slower rate than the price of refined fuels-like gasoline or diesel-that these companies sell.
You can listen to What's News in Earnings here.
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