Sheila Dan and Sharik Khan
Houston -This week’s large -scale petroleum executives reported the 4th quarter revenue that was severely impressed by the declining of margins for all fuel -producing fuel. I almost never saw short -term improvement.
Increasing global purification abilities in 2024 and increasing sputtering demand is to impair the purified margin.
CHEVRON’s shares decreased by 4 % after the first report of refining business since 2020.
“This trend, which has been softened until 2024, can be expected to expand until 2025,” said Chevron’s CEO Mike Worth.
“It was a weak fourth quarter, but there is no doubt about it,” he said at a post -profits’ conference in response to questions from an analyst with analysts about sophisticated economic recession.
“I don’t call it a perfect storm, but it’s all a quarter of one way, and it was negative.”
Worth stated that Chevron would focus on what could be controlled to bounce, including a lighter schedule of the refinery next year.
The EXXON Mobil shares decreased by 2.5 % after reporting that 75 % of the revenue adjusted from the improvement had plummeted compared to the third quarter. The wider S & P 500 Energy Sector index has decreased by 2.8 % on Friday.
In an interview, Exon’s highest finance officer, Casslin Micles, said that after a new refinery opened in various countries around the world, the improvement project was under pressure from additional fuel supply entering the market. I mentioned it.
“When we are ahead of 2025, it’s really what we are watching,” she said.
The first US oil producer has a high estimation of profits because it has a large production from the top oil fields in the United States, the Permian basin, and the latest oil hot spot, Gaiana.
The British -based shell said on Thursday that he had no plans to withdraw the refining business, but neither would expand.
The company’s fourth quarter revenue was almost halved from the previous year to $ 3.66 billion.
Shells will sell a hub of refining and chemicals last year in Singapore and will close another factory in Germany’s Wesseling.
Hit an independent refined company
The increase in petroleum and gas production supported the cushion oil major due to the impact of lower purification profits, but pure play refined companies have intensified fuel demand in the United States and China, the largest oil consumers. I hit it as I did.
The fourth quarter of Philips 66 has plunged from $ 1.26 billion to $ 8 million in the same period of the previous year. Balero’s purified profit decreased by 73 % in the fourth quarter.