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Global fuel demand has recovered to near pre-pandemic levels, while Western sanctions on Russia following its invasion of Ukraine have tightened crude oil supplies worldwide.
In addition, refining capacity dropped worldwide during the pandemic, with several less profitable oil refineries closing operations in the last two years.
The company said its refining and marketing margins rose to $15.31 per barrel in the first quarter from $10.16 per barrel a year ago.
Crude capacity utilization was 91%, resulting in total throughput of 2.8 million barrels per day (bpd), compared with an 83% utilization and total throughput of 2.6 million bpd a year earlier.
The Findlay, Ohio-based refiner said net profit was $845 million, or $1.49 per share, for the three months ended March 31, compared with a loss of $242 million, or 37 cents per share, a year earlier.
