BP - NESTE lifts Q2 refining outlook - focus shifts to Exxon and Shell pre-announcements

Neste (OTCPK:NTOIF) released a statement ahead of the market open Tuesday, lifting expectations for Q2 refining results. The Finish oil and bio-fuel refiner has been under pressure in 2022, as investors have shifted away from high-multiple, ESG-focused stories. However, Neste (OTCPK:NTOIF) continues to operate significant oil refining capacity, and is set to benefit from elevated refining margins:    Per Tuesday's release, "oil products' second-quarter total refining margin is expected to more than double from the level seen in the first quarter." While many analysts have focused on the relative cost advantages of US refiners, Europeans will also benefit from elevated margins. Not only pure-play European refiners like Saras (OTCPK:SAAFY), but also integrated names like Total (TTE), BP (BP) and Shell (SHEL). As Q2 results near, investors will be laser focused on pre-releases from Shell (SHEL) and Exxon (XOM) near month-end, as results at those two companies will likely drive share

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NESTE lifts Q2 refining outlook - focus shifts to Exxon and Shell pre-announcements