美国炼油企业今年继续公布创纪录的季度利润，第三季度盈利明显强于2019年
美国炼油企业明年的盈利预计将会下降，而今年将是盈利创纪录的一年
美国大型炼油企业的股价今年大幅飙升，其中大多数炼油企业将资金用于并购和股票回购
石油设备网讯 据油价网2022年12月15日报道，美国最大的炼油商今年公布了创纪录的季度利润，原因是炼油利润率高企，美国的运营能力下降，超过了自2020年以来的巨额亏损，当时疫情大流行打击了燃料需求。
路透社对财务报告的分析显示，今年美国最大的炼油商马拉松石油公司、瓦莱罗能源公司和菲利普斯66公司的现金流比2019年更多。
这些炼油企业的股价今年也大幅上涨，今年迄今为止，瓦莱罗能源公司的股价上涨了42%，马拉松石油公司的股价上涨了45%，菲利普斯66公司的股价今年迄今为止上涨了25%。
美国最大炼油商公布的第三季度利润和炼油利润率略低于创纪录的第二季度。然而，第三季度的盈利和炼油利润率仍远高于2021年和疫情前的水平。例如，瓦莱罗能源公司第三季度的炼油利润率为每桶21.34美元，是去年同期10.07美元的两倍。马拉松石油公司的炼油和营销利润率从每桶14.51美元增长了一倍多，达到30.21美元。
瓦莱罗能源公司董事长兼首席执行官Joe Gorder在第三季度业绩发布会上表示：“炼油基本面仍然强劲，因为我们系统的产品需求已经超过了2019年的水平，而由于产能削减和欧洲天然气价格高企，全球产品供应仍然受到限制，这为利润率设定了更高的底线。”
惠誉评级(Fitch Ratings)11月份在一份报告中表示，与今年的创纪录水平相比，美国炼油商明年的盈利可能会下降。该评级机构预计，受炼油厂产量结构调整、出口增加、全球炼油产能增加和全球经济增长疲软的影响，明年美国炼油裂解价差将从目前不可持续的高水平下降30%至50%。
惠誉评级认为大多数美国炼油商“都在用超额利润积累现金，可能是为了在现金流可能下降至正常水平之前保持流动性。”
这家评级机构指出，“然而，在我们观察的市场范围内，并购和股票回购是最常见的资本使用，仅次于积累现金。”
李峻 编译自 油价网
原文如下：
U.S. Oil Refiners Are More Profitable Than Before The Pandemic
· U.S. refiners continue to post record quarterly profits this year, with the third quarter earnings significantly stronger than in 2019.
· Earnings are expected to dip next year for U.S. refiners after what is set to be a record year in 2022.
· The biggest refiners have seen their share prices soar this year, with most of them using capital for M&A and share buybacks.
The top U.S. refiners have posted record quarterly profits this year amid high refining margins and reduced operational capacity in America, more than recovering the hefty losses from 2020, when the pandemic hit fuel demand.
The biggest refiners, Marathon Petroleum, Valero, and Phillips 66, have raked in more cash flows this year than in 2019, an analysis of financial reports by Reuters shows.
Their share prices have also jumped this year, with Valero up by 42% so far in 2022, Marathon Petroleum up 45%, and Phillips 66 rising by 25% year to date.
The top U.S. refiners reported slightly lower profits and refining margins for the third quarter compared to the record-breaking earnings for the second quarter. Yet, the Q3 earnings and refining margins were still much higher than in 2021 and the pre-pandemic levels. For example, Valero’s refining margin per barrel was at $21.34 for the third quarter, double the $10.07 margin for the same quarter last year. Marathon Petroleum’s refining and marketing margin more than doubled to $30.21 per barrel from $14.51 per barrel.
“Refining fundamentals remain strong as product demand through our system has surpassed 2019 levels, while global product supply remains constrained due to capacity reductions and high natural gas prices in Europe are setting a higher floor on margins,” Valero’s chairman and CEO Joe Gorder said in the Q3 release.
Earnings at the U.S. refiners are likely headed lower next year, compared to the record levels in 2022, Fitch Ratings said in a report last month. The rating agency expects U.S. refining crack spreads to fall by between 30% and 50% next year from unsustainably high current levels, “driven by refiner output mix adjustments, increasing exports, global refining capacity additions and weaker global economic growth.”
Most U.S. refiners rated by Fitch “are building cash with excess profits, presumably to preserve liquidity ahead of a likely decline in cash flows towards normalized levels.”
“However, M&A and share buybacks are the most common capital use within our coverage, after building cash,” the rating agency noted
