The company’s performance benefited from a global indicative refining margin that climbed to $24 per barrel, up from $17 in the previous quarter. Chemical margins also saw a significant boost, doubling to $270 per ton. These gains were achieved despite lower LNG production volumes caused by regional instability in Qatar.
Operational efficiency played a central role, with refinery utilization reaching 102% between April and June. This output surge, coupled with heightened market volatility, propelled free cash flow to $17.524 billion. In response to the robust financial position, CEO Wael Sawan confirmed a $3 billion share buyback program for the third quarter, marking the 19th consecutive quarter of such capital returns to shareholders.
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