On June 17, 2015, according to U.S. media, the US Energy Information Administration EIA stated that ExxonMobil and other major oil companies won the oil refinery operations earlier this year after the oil price fell to its lowest point in six years. Li Feng thick.
According to the EIA report, 63% of the earnings of 11 comprehensive oil companies in the first quarter came from the downstream segment, including Exxon.
In 2011-2014, only 15% of the profits of these companies came from the downstream sector, and exploration and production accounted for the vast majority of the revenue. This phenomenon is not surprising when crude oil prices are generally higher than US$100/barrel.
For companies with oil refining business, the key lies in the cracking spread.
The refinery created the difference between the price of crude oil and the retail price of finished petroleum products. The spread of gasoline cracks in the first quarter was 28 cents, up 7 cents from last year.
EIA said that the current Brent crude oil, gasoline and fuel oil combination of cracking spreads higher than the level since 2011. Among them, Brent refers to international crude oil.
Basically, this means that although the price of crude oil has plummeted, it has not caused the price reduction of gasoline and other petroleum products to be equal, which is the profit generated by refineries.
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