Refining Becomes Driver of Oil Profits

Nov. 5, 2018 5:30 a.m. ET

WSJ: From Exxon Mobil Corp. to Phillips 66 , energy companies are reaping banner profits by taking cheap oil landlocked in North America and turning it into fuel.

Tremendous growth in oil output has overwhelmed pipelines and depressed crude prices in some regions of Texas and Canada. That has created a bonanza for companies in a position to take advantage by converting it into gasoline and diesel.

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