NEW YORK—U.S. refiners are girding for a painful slate of fourth-quarter earnings, reflecting the pressure of rising crude prices, weak demand due to renewed COVID-19 travel restrictions, and higher costs associated with blending renewable fuels into their products.
Seven U.S. independent refiners are projected to post an average earnings-per-share loss of $1.51, down from a loss of $1.06 in the third quarter of 2020, according to IBES data from Refinitiv.
