41.   This hurt refining margins, the difference between the cost of a barrel of oil and the price at which products made from it can be sold.

42.   This reflected an erosion of refining margins in both Europe and the U.S..

43.   U.S. oil companies will report sluggish third-quarter earnings because of a stagnant sales, thin refining margins and lower chemical prices, analysts said.

44.   Weymeuller said refining margins had improved somewhat in July and August, but that Elf does not expect any significant improvement.

45.   Weak international refining margins and lower chemical prices have cut into earnings for those companies.

46.   What happened during the third quarter was that refining margins narrowed from the second quarter, as gasoline demand declined, pushing down prices at the pump.

47.   Weak refining margins outside the U.S. will dampen the impact of higher oil and gas profits for Exxon, Chevron, Mobil, Amoco and Texaco.

48.   With the exception of the U.S., refining margins have dropped because of overcapacity around the world, even in fast-expanding Asia.

49.   Analysts said expectations of tight supplies and strong refining margins this summer have induced refiners to build up stocks at a rate not seen in more than a decade.

50.   Chairman Lee R. Raymond said both natural gas prices and refining margins were very strong early in the quarter but declined significantly by June.