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Oil titans are losing their safety nets

stander
stander
in Oil, Gas and Energy News

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London - Refining profits that buttressed earnings for Exxon Mobil and Royal Dutch Shell as crude prices plunged are now slumping, further pressuring all of the world’s biggest oil companies as they move into 2016.


Global refining margins, the estimated profit from turning oil into gasoline and diesel, fell 34 percent in the fourth quarter, the steepest decline in eight years, to $13.20 a barrel, data on BP’s website show. Every $1 drop cuts BP’s pretax adjusted earnings by $500 million a year, according to its website.


http://www.iol.co.za/business/opinion/oil-titans-are-losing-their-safety-nets-1974590


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