Oil Majors Take Earnings Hit as Refinery Margins Narrow: ChartBy
Exxon Mobil Corp., Royal Dutch Shell Plc and BP Plc reported plunges in second-quarter profits and missed the consensus forecasts of analysts partly because refinery margins in northwest Europe and on the U.S. Gulf Coast narrowed from a peak in 2015. Exxon and Shell posted their lowest quarterly profits since 1999 and 2005, respectively. BP had its lowest refining margins in six years.
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