United States refineries are running at utilization rates well above 90%, but don’t count them as part of the oil and gas industry being squeezed in the current commodity market. The Energy Information Administration (EIA) still expects domestic production to increase in 2015 (albeit, at slightly lower numbers than before), and refiners are prepared to take advantage of margins that have suddenly swung in their favor.

Many E&Ps reported lower than expected earnings in Q3’14 – the first hard effects of dropping oil prices. ExxonMobil (tic...


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