Baker Hughes reported second-quarter 2025 revenue of $6.91 billion, exceeding estimates of $6.64 billion, with adjusted earnings per share (EPS) of $0.63 compared to the expected $0.56. The company recorded GAAP EPS of $0.71, orders totaling $7.03 billion, and free cash flow of $239 million. Valero Energy surpassed expectations with Q2 revenue of $29.89 billion against an estimate of $26.97 billion, and adjusted EPS of $2.28 versus an estimated $1.72. Despite a year-over-year decline in net income to $714 million from $880 million and GAAP EPS dropping to $2.28 from $2.71, Valero achieved a refining margin of $12.35 per barrel, above the $11.75 estimate, and reported record refining throughput in the U.S. Gulf Coast region. Phillips 66 also exceeded Q2 estimates, posting adjusted EPS of $2.38 compared to the $1.72 forecast and revenue of $33.52 billion, beating estimates by $1.2 billion despite a 13.9% year-over-year revenue decline. The company reported net income of $877 million, refining capacity utilization of 98%, and an 86% clean product yield. Phillips 66 is on track to cease operations at its Los Angeles refinery and complete transactions in Germany and Austria by year-end. CEO Mark Lashier highlighted the strong margins and operational efficiency driving the solid earnings results.