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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
Published Wed, Jul 27, 2016 · 09:50 PM
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-called downstream businesses, which include refining crude into petrol, oil trading and gas stations, to cushion the losses on their upstream units, which pump crude and natural gas.
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