Want to See Who's Happy About Low Oil Prices? Look at Refiners
- Tesoro ran its refineries at 101% during record third quarter
- Refiners are using windfall to purchase pipeline assets
Why Now Is a Good Time to Invest in Oil Producers
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While oil and gas drillers cut spending to the bone, U.S. refiners are reaping a windfall from low prices.
Tesoro Corp. reported record profit in the third quarter, while Valero Energy Corp., Phillips 66 and Marathon Petroleum Corp. posted their best quarter in at least three years. Crude prices are down by more than half from their 2014 peak, while American drivers are on pace to set a record for miles driven.