Economic TimesLean R·
US refiners ramp up buybacks as Iran war boosts fuel margins
US refiners Marathon Petroleum, Phillips 66 and Valero Energy reported combined second-quarter profits of $12.6 billion, benefiting from supply disruptions and higher refining margins. The trio returned $6.3 billion to shareholders through buybacks and dividends, more than double last year. Refining stocks also rallied sharply, while strong margins supported expectations of further payouts.
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