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Exxon Sees $5.5 Billion Refining Windfall as Gas Prices Soar

  • Signals gigantic profits for worldwide oil-refining industry
  • Exxon has the largest refining footprint of the supermajors
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Exxon Mobil Corp.’s second-quarter refining earnings surged by as much as $5.5 billion, signaling a season of windfall profits for the fuel-making sector as consumers bear the burden of near-record gasoline prices.

Widening refining margins added as much as $4.6 billion during the quarter while the value of unsettled derivatives provided up to $900 million more, the Irving, Texas-based company said in a regulatory filing on Friday. Meanwhile, surging oil and natural gas prices boosted results by as much as $3.3 billion.