- Q1 earnings reports illustrate the end of U.S. refiners' years-long boom from cheap and plentiful crude, Reuters reports, as rising oil inventories and weak demand hurt profits and pushed revenues to their lowest in years.
- PBF Energy (NYSE:PBF) and CVR Energy (NYSE:CVI) reported respective quarterly losses of $66.5M and $68M (I, II), while Marathon Petroleum (NYSE:MPC) eked out a $1M profit following earnings of nearly $900M a year ago, and reported their weakest revenue totals in at least four years.
- Refiners "were incentivized to run at higher rates and put more barrels in inventory. That's the overhang we're seeing right now," CVR CEO Jack Lipinski said in today's earnings conference call.
- PBF also coped with downtime at its Delaware plant because of a weather-related power outage in January.
- Phillips 66 (NYSE:PSX) is scheduled to report Q1 results tomorrow, with Valero Energy (NYSE:VLO), Tesoro (TSO) and others coming next week.
- Now read The best of the best in the refining industry