The energy refining sector shows a structural margin compression that goes deeper than typical commodity cycles. PSX posted in annual revenue with a net margin—consistent with the CSV—but the quarterly volatility is severe: $51.0B, $32.5B, $34.1B, $34.5B across the last four quarters. That's not demand destruction; that's refinery throughput swings tied to crude availability and maintenance cycles, a normal pattern in the sector. More telling is the earnings trajectory.

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