Global refinery market weakness hits Parkland Corp.'s Burnaby refinery [BNN Bloomberg (Canada)]
TotalEnergies SE (TTE)
Company Research
Source: BNN Bloomberg
The Calgary-headquartered company is experiencing similar challenges to refiners worldwide, as the industry deals with a glut of fuel supply and weak global economic conditions that have reduced demand. On a conference call to discuss the company's third-quarter financial results Thursday, CEO Bob Espey said adjusted earnings from the company's refining segment fell 73 per cent year-over-year, to $49 million compared to $188 million in the same three-month period last year. He said this was in spite of Parkland's Burnaby refinery operating smoothly, with a strong utilization rate. Globally, refiners are dealing with weak “crack spreads,” an industry term that measures the difference between wholesale petroleum product prices and crude oil prices. When crack spreads are strong, refineries make more money, and when they are weak, refineries make less money. Crack spreads globally are currently low due to a variety of factors, including weak economic conditions that have reduc
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- TotalEnergies third-quarter income drops as refining margins collapse [Yahoo! Finance]Yahoo! Finance
TTE
Earnings
- 10/31/24 - Miss
TTE
Sec Filings
- 10/31/24 - Form 6-K
- 10/1/24 - Form 6-K
- 9/26/24 - Form SD
- TTE's page on the SEC website