
Big Oils: Earnings Considerations Indeed
We had Chevron giving indications for the quarter on “Happy Hour” last week; the other majors have published third-quarter trading updates. Those also give a read for Valero, Phillips 66 and Marathon Petroleum, the independent refiners, and Dow. Not sure I can remember a time that I have loved the big Integrated Oils as much as right now. The risk is excess profit, and thus political windfall tax pressure, but the governments that made that


