Weak refining margins rein in third-quarter earnings growth

12/09/2013
A sample of 59 US-based oil and gas producers and refiners posted a collective increase of 5.2% to $22 billion in earnings in this year's third quarter but a 12.7% decrease to $75 billion in the first 9 months compared with the same periods in 2012. During the most recent quarter, upstream earnings as a whole increased year over year on higher oil and gas prices and increased production volumes. However, the refining segment continued to report tremendously squeezed earnings due to lower crack spreads, narrowed crude oil differentials, and elevated Renewable Identification Number (RIN) costs compared with third-quarter 2012. A sample of oil and gas producers and pipeline companies with he...
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