Higher crack spreads led to better refining margins for Integrated Oils, but can’t offset their upstream loses
Integrated oil and gas companies saw much higher profits from their refining operations in the first quarter of this year than in Q1 2014, but it is not enough to offset the effects of the precipitous fall of crude oil prices on the E&P sector. Profits in the downstream sector were the largest at the beginning of this year than for any quarter since Q3’12, almost $6 billion (95%) high than in Q1’14, according to the Energy Informa...


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