Q2 24 Refiner Earnings Outlook

September 10, 2024

Earnings results and call transcripts for oil companies are summarized in the table below, comparing their key financial metrics:

Forward Guidance Summary

- **Shell**: Expecting stable revenue growth with a focus on renewable energy investments. Capex is projected to increase slightly to support new projects¹.

- **BP**: Anticipates moderate revenue growth with continued emphasis on transitioning to low-carbon energy. Capex will remain steady².

- **Valero**: Forecasts stable earnings with a focus on optimizing refining operations. Capex is expected to remain consistent³.

- **Exxon**: Projects strong revenue growth driven by upstream operations. Capex will increase to support new exploration projects⁴.

- **Marathon**: Expects steady revenue with a focus on refining and marketing operations. Capex will remain stable⁵.

- **P66**: Anticipates moderate revenue growth with investments in midstream and chemicals. Capex is projected to increase slightly.

- **PBF**: Forecasts stable earnings with a focus on refining efficiency. Capex will remain consistent.

- **HF Sinclair**: Projects steady revenue with investments in renewable diesel production. Capex will increase slightly.

- **Chevron**: Expects strong revenue growth driven by upstream and downstream operations. Capex will increase to support new projects.