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Doug Terreson of Evercore ISI asks about weaker downstream volume for gasoline and distillate compared to the industry in 1Q16. $XOM said that the company's fuel margins were weaker with distillate margins being at five-year lows due to global surplus capacity and high commercial inventories. In US, there was less demand in the energy sector.
No better outlook on $MSFT. Even if the results beat a bit, the stock may move 4 to 6% higher, but won't go above $60.