"A collapse in petroleum prices.... reduced the cost of making gasoline"
And THEREFORE!
"Refining profits fuel Exxon Mobil, Chevron
HOUSTON - Exxon Mobil Corp. and Chevron Corp., the biggest US oil companies, exceeded analyst earnings estimates as increased fourth-quarter refining profits blunted the impact of a record drop in crude prices.
Net income at Exxon Mobil fell 33 percent to $7.82 billion....
In ONE QUARTER, folks!!
Chevron, based in San Ramon, Calif., said its profit rose less than 1 percent to $4.9 billion.... Chevron's refining earnings jumped tenfold to $2.08 billion.
Exxon Mobil had a gain of more than 6 percent to $2.41 billion as profit margins in overseas markets widened. A collapse in petroleum prices, which cut profits from oil and natural-gas wells, reduced the cost of making gasoline, diesel and other fuels....
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