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Global oil and petchem companies announce Q2 results

by Başak Ceylan -
  • 02/08/2022 (02:54)
Global oil and petrochemical companies started announcing their quarterly financial statements. However, second-quarter earnings varied greatly by company, with several producers claiming record-high profits while others suffering substantial losses due to various headwinds, including elevated inflation and higher production costs.

British multinational oil and gas company Shell’s second-quarter adjusted net income was $11.47 billion, indicating an increase from $9.13 billion in the first three months of the year. This marked the company’s highest-ever earnings.

However, Shell’s chemicals sales volumes and earnings were lower from the first quarter, largely due to higher feedstock and utility costs and higher turnaround activities.

TotalEnergies, French multinational integrated energy and petroleum company, posted $2.76 billion in adjusted net operating income from its refining and chemicals segment. Compared with $511 million reported in the same quarter of 2021, the latest results suggested a substantial improvement, largely due to higher refined volumes amid the recovery in demand in Europe and the US.

At the same time, the company’s monomer and polymer production in the second quarter of 2022 was down by 15% and 2%, respectively, on a yearly basis. This was mainly due to scheduled turnarounds at Antwerp in Belgium and Feyzin in France.

Repsol’s adjusted net income for its industrial segment was €1.16 billion, €991 million higher than in the same quarter of 2021. In the chemicals segment, the Spanish company’s operating performance was €126 million lower year-on-year due to higher input prices and higher energy costs. This was partially compensated by higher polyolefin sales and higher cogeneration results.

South Korea’s S-Oil reported 1.01 trillion won ($775 million) in net profit came for the second quarter of 2022, up nearly 150% from the same period of last year. Operating profit came in at 1.72 trillion won ($1.32 billion), more than tripling from the previous year. The company’s sales also increased by more than 70% year-on-year to 11.4 trillion won ($8.8 billion) during the second quarter of 2022.

Exxon Mobil Corporation announced second-quarter earnings of $17.9 billion, which suggested a more than three-fold increase from its first-quarter earnings of $5.5 billion. However, the chemical products segment’s earnings were $1.1 billion, down from $1.4 billion in the first quarter. Higher ethane feed costs in North America, a stronger US dollar, higher planned seasonal expenses, and lower volumes driven by China lockdown demand pressured the company’s chemical earnings.

Chevron reported a record $11.6 billion profit for the second quarter of 2022. This was almost four times higher than $3.1 billion profit recorded last year. The company’s international downstream operations reported earnings of $1.08 billion, compared with $63 million in the second quarter of 2021. The increase was mainly due to higher margins on refined product sales and favourable foreign currency impacts.

LyondellBasell Industries announced net income for the second quarter 2022 of $1.6 billion, up $324 million from the previous quarter but down from $2.05 billion reported in the same period of last year. The company’s Olefins & Polyolefins - Europe, Asia, International (O&P-EAI) segment reported lower operating income of $121 million compared to $551 million reported during the second quarter of last year. The recent results were largely driven by lower volumes and margins.

The UK-headquartered INEOS’s profit for the second quarter fell 21% from last year to €566.8 million. The company’s operating profit also decreased by 14% to €738.1 million during the second quarter as compared to €856 million for the same period in 2021.

At the same time, INEOS’s revenue in the Olefins & Polymers Europe segment increased by €852 million, or 46%, to €2.69 billion, largely due to higher selling prices. Olefin sales volumes were slightly higher as compared to last year, mainly due to good demand and increased volumes from the company’s cracker in Cologne, Germany.

Eni’s chemicals business, managed by Versalis, reported an adjusted operating profit of €125 million, down €77 million compared to the second quarter of 2021. This was mainly due to a stronger oil-based feedstock costs and higher plant utilities expenses amid elevated natural gas prices. In the first half of 2022, the adjusted operating result was a profit of €10 million, compared to a profit of €241 million reported in the first half of 2021.

LG Chem’s net income came in at 718.3 billion won ($547 million) during the second quarter of this year, down from 1.56 trillion won ($1.19 billion) logged in the same period last year. The 54.1% drop was largely attributed to higher oil prices, rising inflation across the world and Covid-19 lockdowns in China. The company’s petrochemical division logged 513.2 billion won ($393 million) in in operating profit and 5.98 trillion won ($4.58 billion) in sales.

Saudi Kayan’s net profit stood at SAR150 million ($40 million), down substantially by more than 80% year-on-year from SAR788 million ($210 million). Higher average cost of feedstock and decrease in the average selling prices were cited as key factors weighing on the company’s net profit in the second quarter.
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