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Oil majors lost one engine; now the second one is sputtering

The drop in refining margins is the added problem and foreshadows a difficult second half for them

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Refining margins were the weakest for the April-to-June period in six years, BP said.

London

IF Big Oil was a two-engine airplane, you could say it's been flying on a single engine since energy prices crashed in 2014. Now, the second motor is sputtering.

The major integrated oil companies, including Exxon Mobil Corp, Total SA and BP plc, have relied on their so-