高盛：石油精炼 - 大型炼油企业：关注盈利报告要点

Larger Cap Refiners: What Are We Focused On Into EPS Results? In this note we update estimates for the US Larger Cap Refiners (MPC, VLO, PSX, DINO) ahead of 1Q25 earnings. Heading into the quarter, we are mindful of the tougher near-term setup where we note (a) softer global oil demand expectations, (b) tighter crude differentials with Brent-WTI tightening to $3/bbl (vs $5/bbl historical average) and WTI-WCS tightening to $9/bbl (vs $15/bbl historical average), and (c) depressed Renewable Diesel earnings. T ...