Refiners active in the Midwest reported strong third-quarter profits, helped by steep discounts for heavy Canadian crude and Permian oil, which traded at an average $28 a barrel and $14 a barrel below West Texas Intermediate, respectively. Phillips 66 saw its quarterly profits skyrocket by 81% to almost $1.5 billion, while BP achieved its highest profits in five years, partly due to its Whiting, Ind., refining operations.
US refiners making windfall profits with oil price discounts
Sign up for AIChE SmartBrief
News for chemical engineers
Get the intelligence you need: news and information that is changing your industry today, hand-curated by our professional editors from thousands of sources and delivered straight to your inbox.