Chevron hit by weak refining margins, but peers march higher


Chevron (CVX -0.4%) is lower after warning "significantly lower" earnings from its refining division would send Q3 EPS down Q/Q.

J.P. Morgan believes investors were anticipating relatively soft downstream results given the currently weak refining margin environment; perhaps that's why refiners are holding up very well today: VLO +4.4%, TSO +3.7%, PSX +2.3%, ALJ +6.7%, MPC +4.5%, WNR +3.7%, HFC +4.2%, CVI +4.6%.

Citigroup worries about CVX's upstream business too; it was expecting a much larger increase in Q3 production which would put CVX on track to meet its full year guidance of 2,650M boe/day.

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