| U.S. refiners, which posted robust profits the last 18 months even as other parts of the oil business were racked by low crude prices, finally saw their roll come to a halt in the first quarter. Many refining businesses reported earnings for the period that were down roughly by half from a year earlier.
That decline helped sour results for oil giants such as Exxon Mobil Corp., which has counted on refining to offset profit declines in energy production, and for Valero Energy Corp., the world’s largest stand-alone refiner by output, which on Tuesday reported its lowest first-quarter profit in four years...............................................Full Article: Source
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