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U.S. refiners to post worst second-quarter results in a decade
July 29, 2020 12:13 AM EDTBy Laura Sanicola
(Reuters) - 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.
Fuel consumption has tumbled, with latest U.S. data showing a 25% drop on auto travel from a year earlier and a 75% decline in passengers at airports. Refiners get the bulk of their profits from domestic fuel sales, with the June quarter among the biggest for travel.
The seven top independent refiners, including Valero Energy Corp (NYSE:... More
