Margins on refined products have jumped from a pandemic-induced
slump in the world's largest fuel consumer, with gasoline and
distillate demand returning to five-year averages.
The company's third-quarter refining margin was $2.597 billion,
compared with $952 million in the previous year.
"We saw significant improvement in refining margins in the third
quarter as economic activity and mobility continued to recover
in key markets," Chief Executive Officer Joe Gorder said in a
statement.
The company, the first major U.S. refiner to report quarterly
earnings, said net income attributable to its stockholders stood
at $463 million, or $1.13 per share, for the three months ended
Sept. 30. The company posted a loss of $464 million, or $1.14
per share, a year earlier.
(Reporting by Arunima Kumar in Bengaluru; Editing by Arpan
Varghese)
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