PR: Oil Refineries Announces Results For Second Quarter 2010
Consolidated Net Profit for the Second Quarter of 2010 Totaled $32
Million Compared With Net Loss of $8 Million in the Second Quarter of
2009
- Consolidated Adjusted EBITDA for First Half 2010 Totaled $113 Million
Compared With $71 Million in Same Period Last Year
- Consolidated Adjusted EBITDA for Second Quarter Totaled $80 Million
Compared With $23 Million in the Same Quarter of the Previous Year
- Consolidated Operating Income for Second Quarter Totaled $50 Million
Compared With a Zero Balance in Same Quarter Last Year
- Adjusted Refining Margin for the Second Quarter at USD/bbl 4.6, 31%
Higher Than USD/bbl 3.5 Average Reuter's Quoted Mediterranean Ural
Cracking Margin
Oil Refineries Ltd. (TASE: ORL.TA) (hereinafter "the Company," "ORL"), Israel's largest integrated refining and petrochemical group, announced today its financial results for the second quarter 2010, ending June 30, 2010. Results are reported in US Dollars and under International Financial Reporting Standards (IFRS).
- Adjusted refining margin USD/bbl 4.6, 31% higher than USD/bbl 3.5
average Reuter's quoted Mediterranean Ural Cracking Margin
- Consolidated adjusted EBITDA at $80 million compared with $23 million
in the same quarter of the previous year
- Consolidated adjusted EBITDA in the Refining and Trade segment totaled
$33 million in the second quarter of 2010 compared with $8 million in the
same quarter of the previous year
- EBITDA from Petrochemicals segment totaled $47 million in the first
quarter of 2010 compared with $18 million in the corresponding quarter of
the previous year.
Note: This period saw volatility in the price of crude oil and its products, with crude oil prices in April rising to levels not seen since the end of 2008. Until the Euro devaluation financial market crisis, Brent crude oil was trading at a price of $85 a barrel. In May of this year, crude oil prices declined significantly and those rose again in June to $75 a barrel.
As accepted by major leading international refiners and marketers of oil and its products, the results are presented as reported as well as net of the accounting provision for inventory gains or write offs, in addition to buying and selling timing and derivative accounting methods under IFRS. This is in order to enable a common base for comparison of the Company's ongoing operations.
