Refined Products, Crude Oil, Diesel-Gasoil, Gasoline, Fuel Oil, Jet Fuel
August 13, 2026
Oil earnings divide: Producers grow, refiners thrive
Featuring Jeff Mower, Janet McGurty, and Ashok Dutta
HIGHLIGHTS
Producers raise output, maintain discipline
Refiners post strongest margins since 2022
North American oil companies delivered a striking second-quarter earnings season. Upstream producers raised output guidance while maintaining capital discipline, arguing that efficiency gains, not higher spending, are driving growth. Meanwhile, refiners benefited from some of the strongest margins since 2022, fueled by robust diesel and jet fuel demand, lower Chinese exports, refinery outages in Russia and Middle East-related disruptions. Jeff Mower is joined by Janet McGurty and Ashok Dutta to unpack the key earnings themes shaping oil markets.
