The oil majors reflected on a challenging quarter at the end of a difficult year during earnings calls held in February. Marketing was the unexpected bright spot for most companies. Fuel sales volumes were lower, but this was offset by higher margins realised on convenience offerings. The companies are feeling slightly more optimistic about the coming months due to: (i) actions taken to preserve balance sheet strength; (ii) signs of tightening in oil markets; and (iii) the rollout of vaccines.
