US oil firms seek higher refinery output
Summary
US oil companies are boosting refinery output and restarting shuttered plants as conflicts in Russia and Iran tighten global fuel supplies. ExxonMobil and Chevron reported record refinery utilization and more than doubled quarterly profits as gasoline and diesel prices stay elevated.
Key Points
- ExxonMobil said it achieved record fuels utilization outside the Middle East, including 100 percent crude utilization at its US Gulf Coast refineries.
- Chevron reported record refinery throughput and said it is reinvesting to bring more energy to a supply-constrained market.
- Oil companies are benefiting from higher commodity prices and strong refinery margins even as gasoline and diesel prices remain elevated.
- Conflict-related disruptions in Russia, Iran and Ukraine have reduced global refining capacity and tightened fuel supplies.
