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for Refining margins

Oil Majors’ Earnings Disappoint on Shrinking Refining Margins
Fourth-quarter earnings significantly missed expectations, but they do not necessarily negate the broader improving trend for the oil majors.

Despite Optimism, Oil Majors Hampered by Refining Margins, Higher Debt
Third quarter earnings figures for the oil majors reveal a mixed picture for the industry: Companies are dealing with more debt, weaker refining margins, and deeper spending cuts, but they are also experiencing increased optimism that the worst might be over.