Refining Profits Boost BP and TOTAL

Both PB and TOTAL announced higher than expected 1st quarter earnings based on increasing profits from their refineries. The earnings reflect the resilience of global oil firms to the lower oil prices. Large oil companies have been shutting down refineries in recent years in attempts to stem losses and streamline operations. However, due to low oil prices "refineries could process much cheaper crude and generate higher profits on fuels such as diesel or gasoline." BP's refineries more than doubled profit in the 1st quarter 2015, while TOTAL, the largest European refiner, more than tripled its refinery income.