Weakness in the refining sector hit oil company earnings in 2009, with Valero, the US’ biggest refiner, widening its full-year net loss to $1.98bn, from a net loss of $1.13bn in 2008. ConocoPhillips, the US’ third biggest oil company, reported  its worldwide refining crude oil capacity utilization rate was 76 per cent in the fourth quarter, and it had deferred a planned upgrade project at its Wilhelmshaven, Germany, refinery.

Its refining and marketing division reported a fourth-quarter loss of $215m, swinging from a profit of $289m in the 2008 quarter, and a full-year profit of $37m, plunging from $2.3bn in profit in full-year 2008. Nonetheless, Conoco also has an exploration and production division, which offset the drop in demand for refined goods brought on by the economic downturn and a move toward energy efficiency and renewables. And a year spent restructuring, when the downturn exposed weaknesses in its portfolio, resulted in full-year 2009 earnings of $4.9bn, compared with a loss of $17bn in 2008.