What changed
Adjusted EPS of $11.75 crushed the $7.81 consensus by $3.94, a 50.5% beat. Revenue came in at $10,857M, up 49.7% YoY. The blowout print was driven by tight transportation fuel supply, elevated crack spreads, and small refinery RINs waivers, which lifted Refining segment income to $2,435M from $476M a year ago.
Why it matters
Adjusted EPS of $11.75 crushed the $7.81 consensus by $3.94, a 50.5% beat. Revenue came in at $10,857M, up 49.7% YoY. The blowout print was driven by tight transportation fuel supply, elevated crack s