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Another was weakness in the refining market, where returns are thin at best, and a sagging oil price.
Second, they have no refining assets, which means they are not exposed to the weak refining market.
The company attributes the losses to a lack of competitiveness in the European petrochemicals sector, along with a weak refining market.
Greens fear lower standards, but the current system is an awful mess: dozens of local variations have created a balkanised refining market and make shortages almost inevitable.
The refining market today "is at once both more competitive for petroleum products," Mr. Verleger said, "and much less financially secure".
In 2002, a Senate report identified "tight oligopolies" operating in twenty-eight states; in California in 2003, ninety-five per cent of the refining market was in the hands of just seven companies.
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Mr. O'Malley will run Phillips's refining, marketing and transportation division as a vice chairman.
I am currently an Enterprise Information Architect at Andeavor, a Fortune 100 oil and gas refining, marketing and logistics company in Texas.
Three of them are in Iberia, where Repsol will strengthen its downstream activities of refining, marketing and petrochemicals.
Chevron said its refining, marketing and transportation operations lost $613 million in the quarter, after posting a profit of $2.1 billion a year earlier.
Chevron has said it will reduce spending by $1 billion this year on downstream businesses, which include refining, marketing and transportation.
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