Weak Refining Weighs Heavily on Majors' Q4 Earnings

摘要

Tough market conditions in the downstream weighed heavily on the majors' earnings in the fourth quarter of last year, despite generally improved upstream results. The squeeze on margins hurt everybody, even industry leader Exxon Mobil, whose refining and marketing division sank $189 million into the red due to heavy losses in the US. The group's net earnings for the quarter dropped 23% to $6 billion, while for 2009 as a whole the supermajor recorded its weakest full-year performance since 2002.