Notes From All Over -- July 28, 2021 -- IN PROGRESS

Refiners: top three US refiners expected to report first profit since pandemic began. Link to Tsvetana Paraskova. But is it sustainable? LOL. From the linked article:

The second quarter of this year, however, will likely see decent earnings results from all three largest refiners in the U.S.—Valero Energy, Phillips 66, and Marathon Petroleum Corporation. That's thanks to higher fuel demand in America, increased run rates at refineries, and rising refining margins.

These three refiners are expected to report on Thursday and next week around $675 million in combined net profit for the second quarter.

But this estimate has been nearly halved over the past month—analysts expected at the end of June $1.3 billion in combined net earnings. The lower projections in recent days are the result of high oil prices in recent weeks, which dent profits for refiners, as well as sliding industry margins in June.

Concerns about the resurging COVID cases could mean that Q2 could be the 'peak profit' quarter for American refiners this year.

For Q1, Valero, Marathon Petroleum, and Phillips 66 all reported losses, but their managers were upbeat about fuel demand and refining margins going forward.

Crude oil days supply, US: drops from 27.3 days to 27.2 days. Link here.

Enterprise: 2Q21 earnings -- S&P Global Platts. 

• growth spending increases as more projects sanctioned
• record rise in second quarter profit July 28, 2021, as an ongoing recovery in demand spurred increasesin natural gas pipeline and processing volumes
• 50 cents/share vs 47 cents/share a year earlier (2020 -- pandemic lockdown)
• revenue jumped 64% to $9.45 billion from $5.75 billion; 
• but look at this: total costs and expenses rose 83% to $8.12 billion in the latest quarter; say wha?
• major projects remain on time and in progress:
• 4Q21 completion:
• Gillis natural gas pipeline: to connect Haynesville shale production with LNG markets in southwestern Louisiana
• a natural gasoline treated in Chambers County, TX