Q1 results came in well above expectations. The comparable EBITDA was €126m (stable vs. Q1 16), at the top of the range of consensus estimates, and the adjusted net result was €47m (+16% yoy). By division: 1) Refining comparable EBITDA was €71m (-1% yoy). The EMC benchmark margin was at $3.3/bbl (vs. $3.6/bbl in Q1 16 and $3.5/bbl in Q4 16). The refinery run at 25.1 mbbl (vs. 21 mbbl in Q1 16). Saras’ additional margin was $2.6/bbl (vs. $4.0/bbl in Q1 16 and Q4 16); 2) Ma
16 May 2017
Healthy outlook for refining margins in 2017
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Healthy outlook for refining margins in 2017
SARAS S.p.A. - Raffinerie Sarde (S7A:FRA) | 0 0 0.4% | Mkt Cap: 1,544m
- Published:
16 May 2017 -
Author:
Marzio Foa -
Pages:
2
Q1 results came in well above expectations. The comparable EBITDA was €126m (stable vs. Q1 16), at the top of the range of consensus estimates, and the adjusted net result was €47m (+16% yoy). By division: 1) Refining comparable EBITDA was €71m (-1% yoy). The EMC benchmark margin was at $3.3/bbl (vs. $3.6/bbl in Q1 16 and $3.5/bbl in Q4 16). The refinery run at 25.1 mbbl (vs. 21 mbbl in Q1 16). Saras’ additional margin was $2.6/bbl (vs. $4.0/bbl in Q1 16 and Q4 16); 2) Ma