U.S. oil refiners in coming days are expected to report the worst second-quarter results in a decade, with production outrunning demand while pandemic-related closings have sapped summer travel.
Valero on Thursday is expected to report a per share loss of $1.41, according to IBES data from Refinitiv, compared to a profit of $1.51 a year earlier. The group’s average per share deficit will be $1.05, according to Refinitiv, compared to a $1.65 profit a year-ago.
Refiners with retail networks could receive a boost from sales of tobacco and beer, which ticked up in the quarter and could offset lower year-on-year volumes, according to Credit Suisse. “West Coast refining margins will be extremely weak due to a hit in driving demand...California was one of the first states to enter lockdown and has been hit again,” said Blair.
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