31.   Refining margins slipped late in the quarter, although the decline at least partially was offset by stronger marketing margins.

32.   Refining margins, though, remained low.

33.   Refining margins are the difference between what a company pays for a barrel of oil and the price at which it sells products made from the crude.

34.   Refining margins are the difference between what a company pays for a barrel of oil and the price at which products made from it can be sold.

35.   Refining margins in the U.S. and Far East, in particular, have strengthened, he said.

36.   Refining margins, while nothing grand, are far more tolerable than a year ago.

37.   So far this quarter, refining margins have averaged lower in most regions of the U.S. compared with the year-ago quarter.

38.   That offset weak refining margins.

39.   The company was already looking to downgrade this estimate, as refining margins have fallen short of previous estimates because of excess refinery capacity in the region.

40.   The drop reflects a continuing decline in chemical prices and stubbornly weak refining margins, industry analysts said.