US refiners to post worst second-quarter results in a decade | The Business Standard
Skip to main content
  • Latest
  • Economy
    • Banking
    • Stocks
    • Industry
    • Analysis
    • Bazaar
    • RMG
    • Corporates
    • Aviation
  • Videos
    • TBS Today
    • TBS Stories
    • TBS World
    • News of the day
    • TBS Programs
    • Podcast
    • Editor's Pick
  • World+Biz
  • Features
    • Panorama
    • The Big Picture
    • Pursuit
    • Habitat
    • Thoughts
    • Splash
    • Mode
    • Tech
    • Explorer
    • Brands
    • In Focus
    • Book Review
    • Earth
    • Food
    • Luxury
    • Wheels
  • Subscribe
    • Epaper
    • GOVT. Ad
  • More
    • Sports
    • TBS Graduates
    • Bangladesh
    • Supplement
    • Infograph
    • Archive
    • Gallery
    • Long Read
    • Interviews
    • Offbeat
    • Magazine
    • Climate Change
    • Health
    • Cartoons
  • বাংলা
The Business Standard

Saturday
July 12, 2025

Sign In
Subscribe
  • Latest
  • Economy
    • Banking
    • Stocks
    • Industry
    • Analysis
    • Bazaar
    • RMG
    • Corporates
    • Aviation
  • Videos
    • TBS Today
    • TBS Stories
    • TBS World
    • News of the day
    • TBS Programs
    • Podcast
    • Editor's Pick
  • World+Biz
  • Features
    • Panorama
    • The Big Picture
    • Pursuit
    • Habitat
    • Thoughts
    • Splash
    • Mode
    • Tech
    • Explorer
    • Brands
    • In Focus
    • Book Review
    • Earth
    • Food
    • Luxury
    • Wheels
  • Subscribe
    • Epaper
    • GOVT. Ad
  • More
    • Sports
    • TBS Graduates
    • Bangladesh
    • Supplement
    • Infograph
    • Archive
    • Gallery
    • Long Read
    • Interviews
    • Offbeat
    • Magazine
    • Climate Change
    • Health
    • Cartoons
  • বাংলা
SATURDAY, JULY 12, 2025
US refiners to post worst second-quarter results in a decade

Global Economy

Reuters
29 July, 2020, 12:10 pm
Last modified: 29 July, 2020, 12:12 pm

Related News

  • 35% tariff: Bangladesh, US 'reach general consensus on some issues' on second day of talks; final round today
  • US remains Bangladesh’s top export destination
  • Trump's tariffs: What's in effect and what could be in store?
  • Tariffs drive US clothing imports from China to 22-year low in May
  • US wants easier access for military equipment, LNG, wheat, cotton imports: Commerce secretary

US refiners to post worst second-quarter results in a decade

Refinery crude processing rates remain about 2.8 million bpd

Reuters
29 July, 2020, 12:10 pm
Last modified: 29 July, 2020, 12:12 pm
A Valero Energy Corp. gas station is pictured in El Cajon, California, US, August 8, 2017. Photo:Reuters
A Valero Energy Corp. gas station is pictured in El Cajon, California, US, August 8, 2017. Photo:Reuters

US 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 US 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 (VLO.N), Phillips 66 (PSX.N), PBF Energy Inc (PBF.N) and Marathon Petroleum Corp (MPC.N), are expected to post losses.

The Business Standard Google News Keep updated, follow The Business Standard's Google news channel

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.

Refinery crude processing rates remain about 2.8 million bpd, or 17% below the seasonal average over the past five years, according to the US Energy Information Administration. Profits also were hurt by high inventories, as refiners ramped up in anticipation of business reopenings.

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.

"Refiners benefited as consumers who may have shopped at bigger, more crowded stores like Walmart (WMT.N) shifted spending to smaller refiner retail locations," said Matthew Blair, refining analyst at Tudor, Pickering, Holt and Co.

WEST COAST WOES
Companies with heavy West Coast presence face added trouble because of California's second lockdown, with tech companies such as Facebook and Google having employees work from home.

"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.

Marathon's Martinez, California, refinery has remained idle and at least one of PBF Energy's two California plants could be idled to reduce losses, Credit Suisse said.

"We don't see gasoline demand recovering to pre-pandemic levels in California," Credit Suisse refining analyst Manav Gupta said in a note.

World+Biz

US / refiners

Comments

While most comments will be posted if they are on-topic and not abusive, moderation decisions are subjective. Published comments are readers’ own views and The Business Standard does not endorse any of the readers’ comments.

Top Stories

  • Representational image
    In addition to 35% tariff, US demands 40% local value addition for 'Made in Bangladesh' goods
  • Bangladesh and US hold tariff talks for second day on 9July 2025. Photo: CA Press Wing
    Dhaka, Washington to continue inter-ministerial dialogue as tariff talks end without full consensus
  • Kunming rising: China's emerging healthcare hub draws Bangladeshi patients
    Kunming rising: China's emerging healthcare hub draws Bangladeshi patients

MOST VIEWED

  • In terms of stream of education, girls maintained their excellence as well. Photo: TBS
    SSC 2025: Girls dominate boys by over 5%
  • Photo: Mohammad Minhaj Uddin/TBS
    SSC, equivalent results: Pass rate drops to 68.45%, GPA-5 also declines
  • The overall pass rate across all boards this year, 68.45%, is significantly lower than last year's. Photo: Focus Bangla
    SSC 2025: Rajshahi board records highest pass rate, Barishal lowest
  • How S Alam’s Global Islami Bank cooked Tk2,259cr loss into Tk128cr profit
    How S Alam’s Global Islami Bank cooked Tk2,259cr loss into Tk128cr profit
  • Representational image. Photo: TBS
    SSC 2025: 73.63% pass rate among technical students, 68.09% at Madrasahs
  • Economist Abul Barkat; Photo: Courtesy
    Economist Abul Barkat arrested in graft case

Related News

  • 35% tariff: Bangladesh, US 'reach general consensus on some issues' on second day of talks; final round today
  • US remains Bangladesh’s top export destination
  • Trump's tariffs: What's in effect and what could be in store?
  • Tariffs drive US clothing imports from China to 22-year low in May
  • US wants easier access for military equipment, LNG, wheat, cotton imports: Commerce secretary

Features

Kunming rising: China's emerging healthcare hub draws Bangladeshi patients

Kunming rising: China's emerging healthcare hub draws Bangladeshi patients

12h | Panorama
Photo: Collected/BBC

What Hitler’s tariff policy misfire can teach the modern world

1d | The Big Picture
Illustration: TBS

Behind closed doors: Why women in Bangladesh stay in abusive marriages

1d | Panorama
Purbachl’s 144-acre Sal forest is an essential part of the area’s biodiversity. Within it, 128 species of plants and 74 species of animals — many of them endangered — have been identified. Photo: Syed Zakir Hossain/TBS

A forest saved: Inside the restoration of Purbachal's last Sal grove

1d | Panorama

More Videos from TBS

Renowned economist Abul Barkat imprisoned

Renowned economist Abul Barkat imprisoned

11h | TBS Today
All of Iran's uranium still intact, Israel claims

All of Iran's uranium still intact, Israel claims

10h | TBS World
Trump-Netanyahu in new strategy on Gaza issue

Trump-Netanyahu in new strategy on Gaza issue

12h | TBS World
Shocking science: why birds stay safe on electricity lines

Shocking science: why birds stay safe on electricity lines

13h | TBS Stories
EMAIL US
contact@tbsnews.net
FOLLOW US
WHATSAPP
+880 1847416158
The Business Standard
  • About Us
  • Contact us
  • Sitemap
  • Advertisement
  • Privacy Policy
  • Comment Policy
Copyright © 2025
The Business Standard All rights reserved
Technical Partner: RSI Lab

Contact Us

The Business Standard

Main Office -4/A, Eskaton Garden, Dhaka- 1000

Phone: +8801847 416158 - 59

Send Opinion articles to - oped.tbs@gmail.com

For advertisement- sales@tbsnews.net