Oct 30, 2023 / 01:00AM GMT
Unidentified Company Representative -
[Interpreted] Joining me is CFO J.W. Bang; [IR team leader], J.W. Ahn and IR team members. And allow me to go over the financial highlights for Q3 2023.
S-Oil recorded KRW 858.9 billion in Q3 operating income, which sharply went up quarter-on-quarter. The bearish Asian refining margin in Q3 (inaudible) turnaround driven by strong demand in summer driving season and air travel peak season. It was the biggest contributor to a jump in operating income from the previous quarter.
We had heavy T&I of major processes from early June and completed it one by one from end of June until middle of July during when refining margin was at its lowest of the year. And start-up coincided with the refining margin turnaround, which minimized the opportunity loss.
International oil price jumped during Q3 in reaction to OPEC+'s voluntary output cut and the decision to extend it. This resulted in roughly KRW 230 billion in inventory-related impacts, which more than offset roughly minus KRW 190 billion inventory-related loss in the first half of the year.
Q3 2023 S-Oil Corp Earnings Call Transcript
Mar 12, 2024
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