NEW YORK (Reuters) – U.S. independent refiners are expected to roll out lower than expected first-quarter profits after a spate of outages, weak gasoline margins and a surge in the price of Canadian oil, according to analysts.
FILE PHOTO: An aerial view of the Valero Houston Refinery is seen in Houston, Texas, U.S. August 31, 2017. REUTERS/Adrees Latif
Major independent refiners cut production dramatically during the quarter, with some electing to undergo maintenance rather than produce barrels at a time when gasoline margins slumped.
Several major U.S. refiners, including Valero Energy Corp, HollyFrontier Corp, and Marathon Petroleum Corp, are all expected to fall short of consensus estimates when they report results, according to Refinitiv Eikon’s SmartEstimate model, which values more recent revisions from higher-ranked analysts.