S-OIL Q3 Earnings Announcement This Year... Operating Loss of 414.9 Billion KRW

Operating Profit Turns Negative... Impact of Falling International Oil Prices and Exchange Rates, One-Time Gains and Losses

Shahin Project on Track... 42% Progress Achieved as of End of October

S-OIL's third-quarter performance deteriorated due to the decline in oil prices and exchange rates, as well as the narrowing of chemical product spreads.

S-OIL recorded sales of 8.8406 trillion KRW and an operating loss of 414.9 billion KRW in the third quarter of this year.

S-OIL Q3 2024 Performance by Business Segment.

Sales decreased by 1.8% compared to the same period last year, and the company turned to a loss due to one-time factors such as inventory effects from the decline in oil prices and the drop in exchange rates.

By business segment, the refining division posted third-quarter sales of 6.8944 trillion KRW and an operating loss of 573.7 billion KRW.

The petrochemical division achieved third-quarter sales of 1.2016 trillion KRW and an operating profit of 5 billion KRW. The lubricants division recorded sales of 744.6 billion KRW and an operating profit of 153.8 billion KRW.

S-OIL expects refining margins to slightly recover in the fourth quarter due to seasonal demand increases such as year-end jet fuel and winter heating oil demand.

An S-OIL official stated regarding the Shahin project, "The project is progressing smoothly with the goal of mechanical completion in the first half of 2026."

This content was produced with the assistance of AI translation services.