11.   Holly Gustafson, an analyst with NatWest Securities Corp., said refining margins may slip in the third quarter.

12.   Industry refining margins also rose, BP said.

13.   It acknowledges that refining margins have risen lately, but says it lost money on the business earlier this year.

14.   It said higher profits from its gas stations made up for falling refining margins.

15.   Oil prices are headed lower, and some say refining margins have peaked for the year.

16.   Oil companies are keeping their stocks low, citing low refining margins and the uncertainty about the return of Iraqi oil to markets.

17.   Oil prices and refining margins have sunk recently.

18.   Oil prices and refining margins, while ahead of last year, have declined recently, and U.S. demand for chemicals may be waning.

19.   Prices for crude oil, the raw material for gasoline, were lower than in the year-ago quarter, increasing refining margins.

20.   Profit growth slowed in the second quarter, however, as refining margins remained under pressure.