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

Monday
July 14, 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
MONDAY, JULY 14, 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

  • TBS Sketch
    Framework agreement: What experts say about US 'security concerns' regarding Bangladesh
  • Representational image. Photo: Mohammad Minhaj Uddin/TBS
    Navy-run Dry Dock takeover boosts Ctg Port container handling, daily avg up 7%
  • BNP Secretary General Mirza Fakhrul Islam Alamgir speaks at a book unveiling event in Dhaka on 13 July 2025. Photo: Collected
    Fakhrul alleges conspiracy to eliminate Tarique from politics

MOST VIEWED

  • RAB Director General AKM Shahidur Rahman speaks at the press briefing on a fake bomb threat on Biman Bangladesh flight on Saturday, 12 July 2025. Photo: TBS
    Mother faked bomb threat on Biman flight to stop married son from flying with girlfriend: RAB
  • Bangladeshi garment workers make clothing in the sewing section of a factory in Gazipur, Bangladesh, April 9, 2025. Photo: REUTERS/Mohammad Ponir Hossain/File Photo
    Some Walmart garment orders from Bangladesh on hold due to US tariff threat
  • Infographic: TBS
    Dollar price plummets by Tk2.9 in a week as demand wanes
  • From Gulf to Southeast Asia, why Bangladeshis are facing visa denials
    From Gulf to Southeast Asia, why Bangladeshis are facing visa denials
  • Bangladesh and US hold tariff talks on 11 July 2025. Photo: CA Press Wing
    Dhaka, Washington yet to agree on 20% of US tariff conditions: BGMEA
  • Energy Adviser Fouzul Kabir Khan speaking about tariff negotiations with United States on 13 July 2025. Photo: TBS
    US wants a framework agreement with Bangladesh that includes their security concerns: Fouzul

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

Photo: Collected

Grooming gadgets: Where sleek tools meet effortless styles

9h | Brands
The 2020 Harrier's Porsche Cayenne coupe-like rear roofline, integrated LED lighting with the Modellista special bodykit all around, and a swanky front grille scream OEM Plus for the sophisticated enthusiast looking for a bigger family car that isn’t boring. PHOTO: Ahbaar Mohammad

2020 Toyota Harrier Hybrid: The Japanese Macan

1d | Wheels
The showroom was launched through a lavish event held there, and in attendance were DHS Motors’ Managing Director Nafees Khundker, CEO Imran Zaman Khan, and GMs Arman Rashid and Farhan Samad. PHOTO: Akif Hamid

GAC inaugurate flagship showroom in Dhaka

1d | Wheels
After India's visa restriction, China's Kunming is drawing Bangladeshi patients

After India's visa restriction, China's Kunming is drawing Bangladeshi patients

2d | Panorama

More Videos from TBS

When the Threat Is Inside the White House

When the Threat Is Inside the White House

3h | Others
Shooting in Pallabi: What the police are saying

Shooting in Pallabi: What the police are saying

4h | TBS Stories
News of The Day, 13 JULY 2025

News of The Day, 13 JULY 2025

6h | TBS News of the day
Countries where Bangladeshis are not getting positive responses to their visa applications

Countries where Bangladeshis are not getting positive responses to their visa applications

5h | 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