US refiners share record profits

摘要

US independent refiners’ appetite for buying distressed midstream assets is not slowing the industry’s transfer of record profits to shareholders. Downstream companies have spared little expense to remind investors that some energy investments remain lucrative in the lower oil price environment. Independent refiners are maintaining share buy-backs and dividends even as they hunt for acquisitions. Phillips 66 has increased its 2016 share buy-back plan by $2bn to $9bn next year. The refiner has reduced its total outstanding shares by 15pc since US tight oil production growth picked up speed in 2012.