Oil Refineries Ltd (ORL) announced its financial results for three and six month periods ending June 30, 2008.
SECOND QUARTER 2008 Refining margin for the second quarter 2008 totaled USD/bbl 9.2 compared with USD/bbl 3.7 in the first quarter 2008. Refining margin for the second quarter 2008, net of both the IFRS recording method for derivative transactions and inventory gains, totaled USD/bbl 6.7, compared to USD/bbl 2.4 in the first quarter 2008.
The Mediterranean Ural Cracking Margin average quoted by Reuters for the second quarter 2008 totaled USD/bbl 6.3. Consolidated EBITDA for the second quarter 2008 totaled $114 million, compared to $35 million in the first quarter 2008.
Consolidated Operating Profit for the second quarter 2008 totaled $95 million, compared to $16 million in the first quarter 2008. Operating profit from the Refining and Trade Segment totaled $78 million in the second quarter 2008, compared to $7 million in the first quarter 2008. Operating profit from the Petrochemicals Segment totaled $18 million in the second quarter 2008, compared to $10 million in the first quarter 2008.
The Petrochemicals Segment includes the results of the Polymers Section (through 50%-held Carmel Olefins Ltd.) and the Aromatics Section (through wholly owned Gadiv Petrochemical Industries Ltd.). The Polymers Section generated an operating profit of $8 million in the second quarter 2008, compared to break even in the first quarter 2008. Operating profit of the Aromatics Section in the second quarter 2008 totaled $10 million, similar as the $10 million generated in the first quarter 2008.
Consolidated net income for the second quarter totaled $71 million, compared to $2 million in the first quarter 2008. FIRST SIX MONTHS 2008 Refining margin for the first six months 2008 totaled USD/bbl 6.5. Refining margin for the first six months, net of both the IFRS recording method for derivative transactions and inventory gains, totaled USD/bbl 4.6, compared to USD/bbl 8.4 in the first six months last year. The Mediterranean Ural Cracking Margin average, quoted by Reuters, for the first six months 2008 totaled USD/bbl 5.0. Consolidated EBITDA for the first six months 2008 totaled $149 million, compared to $223 million in the same period last year.
Consolidated Operating Profit for the first six months 2008 totaled $111 million, compared to $161 million in the first six months 2007. Operating profit from the Refining and Trade Segment totaled $85 million in the first six months 2008, compared to $135 million last year. Operating profit from the Petrochemicals Segment totaled $28 million in the first six months 2008, compared to $30 million in the comparable period last year. The Petrochemicals Segment includes the results of the Polymers Section and the Aromatics Section. The Polymers Section generated an operating profit of $8 million in the first six months 2008, compared to $14 million in the same period last year.