Strong refining margins continue to help integrated oil companies boost downstream profits as a prolonged crude oil slump batters their overall earnings.
ExxonMobil’s earnings fell 52% year-over-year in the second quarter of 2015, but its downstream profits increased by $795 million to $1.5 billion. Similarly, Chevron’s downstream earnings jumped 41% while its overall profits fell 90%.
French oil giant Total’s profits were down only 2.1% year-over-year despite the downturn. Via Reuters, the highest refining margins in 12 years combined with increased production helped buoy its results. Total, however, has been trying to reduce its downstream exposure in recent years. The company is seeking to sell half of its Port Arthur, Texas, refinery, though it will remain as operator if it finds a buyer.
Meanwhile, BP nearly tripled its downstream profits in a quarter in which it lost $6.3 billion.
