Q3 16 comparable EBITDA was €101m (vs. €215m in Q3 15), below consensus expectations (but €30m is postponed to Q4 due to contango transactions). By division: 1) Refining comparable EBITDA was €40m (-75% yoy). The EMC benchmark margin was at $2.0/bbl (vs. $4.8/bbl in Q3 15 and $2.6/bbl in Q2 16). The refinery run at 26.3mbbl (vs. 26.8mbbl in Q3 15). Saras’ additional margin was $2.5/bbl (vs. $3.8/bbl in Q3 15 and $4.6/bbl in Q2 16); 2) Marketing was in positive territ
08 Nov 2016
Q4 reference refining margin probably similar to Q3 levels
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Q4 reference refining margin probably similar to Q3 levels
SARAS S.p.A. - Raffinerie Sarde (S7A:FRA) | 0 0 0.4% | Mkt Cap: 1,544m
- Published:
08 Nov 2016 -
Author:
Marzio Foa -
Pages:
2
Q3 16 comparable EBITDA was €101m (vs. €215m in Q3 15), below consensus expectations (but €30m is postponed to Q4 due to contango transactions). By division: 1) Refining comparable EBITDA was €40m (-75% yoy). The EMC benchmark margin was at $2.0/bbl (vs. $4.8/bbl in Q3 15 and $2.6/bbl in Q2 16). The refinery run at 26.3mbbl (vs. 26.8mbbl in Q3 15). Saras’ additional margin was $2.5/bbl (vs. $3.8/bbl in Q3 15 and $4.6/bbl in Q2 16); 2) Marketing was in positive territ