Big Oil's Q2 Outlook: Downstream Gains and Upstream Pains

Key Takeaways ExxonMobil expects up to $1.9B decline in upstream earnings due to falling oil and gas prices. BP sees refining margins surge to $21.10 per barrel, adding up to $500M to downstream profits. Shell's refining margins rose to $8.90 per barrel, helping offset weaker LNG and drilling results.The upcoming earnings reports for big oil and energy companies will tell a story of two different worlds. On the one hand, we will likely see lower profits from simply drilling for oil and gas (or the ‘upstre ...