US-based refiner Tesoro recorded earnings of $67 million for the second quarter of 2010, improving from a net loss of $45 million from the previous year. That news piggybacks with positive downstream earnings for the quarter from integrateds Exxon Mobil ($1.2 billion), Shell ($1.47 billion), ConocoPhillips ($736 million) and independent US refiner Valero ($530 million). The reason for the strong quarter across the industry was due to two primary factors: increased margins and rising product demand.
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