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U.S. Crude Oil, Gasoline Inventories Boom

Tsvetana Paraskova

Tsvetana Paraskova

Tsvetana is a writer for Oilprice.com with over a decade of experience writing for news outlets such as iNVEZZ and SeeNews. 

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The Top Oil & Gas Companies This Earnings Season

Volatile crude prices and weak refining margins led to lower earnings at all five oil supermajors in the first quarter of 2019, suggesting that Big Oil shouldn’t stay complacent several quarters after the industry emerged from one of the worst downturns in a generation.

Big Oil’s five majors—ExxonMobil, Chevron, BP, Total, and Shell—reported over the past two weeks a mixed bag of results for Q1. While net earnings at all companies were lower than last year’s first quarter on the back of lower average Brent Crude prices compared to Q1 2018 and weak refining margins that battered downstream earnings, some supermajors met and even exceeded analyst expectations thanks to strong trading profits and to their natural gas businesses.  

Exxon’s upstream liquids production rose by 5 percent annually, driven by a nearly 140-percent jump in Permian unconventional growth. Yet, downstream operations were hit by heavier refinery maintenance and “weak industry fuels margins from high gasoline inventory levels and narrowed North American crude differentials,” said Exxon, whose global downstream operations swung to a loss of US$256 million from a US$940-million profit in Q1 2018. Related: Nigeria Shuts In More Oil After…





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