Leading U.S. refiners, including Valero Energy, Marathon Petroleum and Phillips 66, expect third-quarter profits could surpass previous records. Their outlook reflects wider refining margins, or crack spreads: gasoline and diesel prices have risen faster than crude oil costs.
Global supplies of refined fuels are tightening amid conflict-related disruptions in the Middle East, Ukrainian attacks on Russian refining facilities and reduced fuel exports from Asia. U.S. refiners are increasing output to help meet the shortfall. Some analysts expect favorable conditions for high diesel margins to continue into 2027.