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Global oil and petchem companies announce financial results for Q3

  • 31/10/2018 (12:07)
Leading oil and petrochemical producers across the globe have mostly announced their financial results for the third quarter of 2018.

Among the producers operating in oil, refining, chemicals and petrochemicals industry, Total’s adjusted net income in the third quarter indicates a yearly increase of 48% at $4 billion. The company’s downstream segment also achieved $1.8 billion of cash flow despite a highly volatile environment for European refining margins.

The British oil giant BP ended the third quarter of 2018 with a net profit of $3.34 billion, almost doubling the amount that was reported in the same period last year.

Italian multinational oil and gas company, Eni saw an adjusted net profit at €1.38 billion ($1.565 billion), up by €1.15 billion versus the same quarter of 2017, thanks to increased operating profit as well as lower adjusted tax rates.

In chemicals and petrochemicals industry, LyondellBasell’s net income for the third quarter of 2018 increased to $1.1 billion from $1.05 billion in the same period of 2017. The company’s Olefins and Polyolefins Americas segment in the July-September period increased by 20% to $572 million. The company’s Olefins and Polyolefins - Europe, Asia, International (O&P-EAI) segment, on the other hand, reported an operating income of $141 million, down from $367 million recorded in the same period of last year.

Saudi Basic Industries Corp.’s (SABIC) net profit increased by 5.4% to SAR6.1 billion ($1.63 billion) in the third quarter of this year compared to the same period of last year. The company cited higher average selling prices and improved sales volumes as factors contributing to the increase.

​Saudi Kayan Petrochemical’s net profit in the third quarter also climbed by 24% on a yearly comparison to SAR472 million ($126 million) on the back of higher production and sales quantities. Saudi International Petrochemical Company’s (Sipchem) net income jumped by 48% to SAR180 million ($48 million) during the third quarter in the midst of improved operating efficiency at its plants and an increase in average selling prices.

Unlike their Saudi competitors, Germany’s BASF, PKN Orlen and Thai SCG witnessed lower profits during the July-September period.

Higher fixed costs amid increased maintenance expenses as well as record-low water levels on the Rhine River and the significant increase in raw material prices negatively affected BASF’s chemical segment’s earnings. The company’s EBITDA declined by 22% to €1.11 billion ($1.26 billion) during the third quarter.

PKN Orlen’s EBITDA was reported at PLN2.4 billion ($629 million), with a PLN3.04 billion year-on-year decrease. This was due to weaker macroeconomic environment amid the increase in oil prices and production restrictions as a result of planned maintenance shutdowns..

Thailand’s Siam Cement Group’s (SCG)’s profit for the third period dipped 20% year-on-year to THB9.47 billion ($284 million). The company blamed impairments charges as well as higher naphtha costs and global oil prices for lower figures.
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