Outages brighten European refineries' year-end profit prospects

Refining was a lifeline for energy companies when oil prices started falling sharply in the second-half of 2014. While global refining margins this year have tightened from 2015, Europe's fourth-quarter margins have held strong, a boost to earnings for energy majors Total , BP and Royal Dutch Shell as the oil price languishes at less than half those of 2014 peaks. "Margins were supported by turnarounds worldwide but the sizeable drop in Latin American refinery runs this year was probably the dec