INVESTOR PRESENTATION
|
|
- Clemence Joseph
- 5 years ago
- Views:
Transcription
1 INVESTOR PRESENTATION
2 CONTENTS 1 REFINING INDUSTRY 2 COMPANY OVERVIEW 3 KEY FINANCIALS 4 INVESTMENTS
3 1 Refining Industry
4 Brent Crude Oil Prices ($/bbl) 55 5 PROS OPEC & Non OPEC Supply Cut Healthy PMI data in US, Europe and China Expectation of high global GDP Protests in Venezuela Inventory levels 5,7 56,3 53,4 52, ,2 47, , 4,3 CONS Increase in number of rigs & production in US Concerns about the impact of OPEC & Non OPEC production cuts Supply is still in line with demand, inventory drawbacks has not stabilised yet Increase in Libya, Brazil, Nigeria & Canada prod. High crude exports of OPEC 25 Jan-16 Mar-16 May-16 Jul-16 Sep-16 Nov-16 Jan-17 Mar-17 May-17 4
5 Thousand Barrels/Day Thousands Refinery Capacity Change 3. China India Middle East Other Asia Other Japan North America Europe Gross Capacity Additions Source: Tüpraş, Reuters, Reports 5
6 Turkish Economy Strengths Population (mn) 1.4% growth in last 5 yrs -4 yrs >65% ,2 8,8 GDP Forecast (Million USD) 4,2 3, % % 4, 2,9 3, ,1 2, ACT Diesel Consumption 3.5% 8.7% average growth in last 5 yrs annual growth Car ownership per thousand people 67% Source: EMRA, TSI 6
7 Competitive Advantages of Tüpraş Added Value Created by Tüpraş Local Market Dynamics Cost Base of Tüpraş Best Fit for the Market with high diesel yield High Growth Energy Efficient High Complexity of Tüpraş Short on Diesel Crude Oil & Feedstock Cost Advantage Presence in all over Turkey through refineries and terminals Import Parity Pricing (Freight advantage of Tüpraş) Economies of Scale 7
8 Middle Distilatte Cracks ($/bbl) Diesel ,4 11,1 1, 7,8 8,6 7,2 11,2 7,3 1,6 7,6 1, Jan Feb Mar Apr May Jun Jul Agu Sep Oct Nov Dec 2 Jet Fuel ,5 1,1 8,9 7,6 7,7 6,6 1,2 9,5 6,7 8, 9,1 Jan Feb Mar Apr May Jun Jul Agu Sep Oct Nov Dec Kaynak: Platts *As of 24th May,217 8
9 Light Distilatte Cracks ($/bbl) 24 Gasoline ,6 13,5 14,1 12,2 15,9 13,6 12,8 15,7 11,9 6 Jan Feb Mar Apr May Jun Jul Agu Sep Oct Nov Dec ,4 -,7 -,5-2,9-2,2-2, Naphta -4, -7,3-7,9-7,3-11,7 Jan Feb Mar Apr May Jun Jul Agu Sep Oct Nov Dec -2, ,2-17,2-2 -1,2-19,5-19,7 LPG -21,9-31, , -5 Jan Feb Mar Apr May Jun July Agu Sep Oct Nov Dec -4,7 Kaynak: Platts *As of 24th May,217 9
10 Quarterly Product Crack Margins ($/bbl) Diesel Jet Fuel ,7 15,2 14, , ,5 11,2 1,8 9,2 8,9 7,9 Q1 Q2 Q3 Q ,5 11,2 1,7 1,2 9,4 7,3 7,7 7,9 Q1 Q2 Q3 Q4 Gasoline Fuel Oil ,3 19,4 18,9 15,2 13,5 14,5 13, 12,8 1,9 Q1 Q2 Q3 Q ,1 Q1 Q2 Q3 Q4-11,6-12, -13,2-15, -5,7-1,6-12,5-13,1 1
11 Crude Price Differentials ($/bbl) 1 Brent Differental Range Ural Differentials -1-1,2-1,5-1,1-1,4-2 -1, Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Price Differentials Brent Ural Iran Light (KI) Iran Heavy (KI) Kirkuk Arab. Heavy *As of 24th May,217 11
12 Turkish Consumption (Million tons) Diesel Jet Fuel , , % -4% 215 2, , , % 214 4,1 +12 % , 1, 2, 3, 4, 5, Gasoline Fuel Oil* 216 2,23 216, , % 215,6-3.5% +9.1 % -18.5% 214 1,92 214,54 Source: EMRA *bunker excluded.,8 1, 1,2 1,4 1,6 1,8 2, 2,2,1,2,3,4,5,6 12
13 3 Months Turkish Consumption (Million tons) Diesel Jet Fuel 217 4,94 217, % -1.2% 216 4,69 216,93 1, 2, 3, 4, 5, 6,,,2,4,6,8 1, Gasoline Fuel Oil* 217,48 217, % -1.8% 216,47 216,21 Source: EMRA *bunker excluded.,1,15,2,25,3,35,4,45,5,,5,1,15,2,25 13
14 Turkey s Import / Export Balance (Net) (Million Ton) Export 2,1 2,5 2,4 2,5 3, 2,8 1,5 1,6 1, 1,8 1,6, , -3, -3,1-3,1-3, -3, Import -1, -1,8-12, -12,3-12,7-13, LPG Gasoline Diesel Fuel 14
15 2 Company Overview
16 Tüpraş Refining Assets & Distribution Network Black Sea Baku OPET Marmara Terminal 721, m3 İstanbul MARMARA İzmit OPET Giresun Terminal 43,13 m3 Ankara Kırıkkale İzmir Batman OPET Antalya Terminal OPET Mersin Terminal 19,392 m3 24, m3 Total Capacity: 28.1 mn. ton Nelson Complexity: 9.5 Tüpraş Storage Cap.: 7.2 mn. mᶟ OPET Storage Cap.: 1.1 mn. mᶟ Terminal Kirkuk Refinery İzmit İzmir Kırıkkale Batman 11. MT Capacity 11. MT Capacity 5. MT Capacity 1.1 MT Capacity NC: 14.5 NC: 7.66 NC: 6.32 NC: 1.83 Storage Capacity: 3. mn m 3 Storage Capacity:2.5 mn m 3 Storage Capacity: 1.4 mn m 3 Storage Capacity:.25 mn m 3 Base oil 4 k tons 16
17 OPET Tüpraş Share 4.% Stations Market positions: 18.9% in White product; 1.5% in black product 1.1 Million M3 Storage Marmara, Aegean, Black Sea & Mediterranean 2nd Biggest Distribution Company by Volume # 1 Brand Royalty Award Jet Fuel Sales Turkish Airlines JV 66% Market Share Lubricants Fuchs JV International Trading London 17
18 Million Tons DİTAŞ, Marine Transport Tüpraş Share 79.98% Cumhuriyet Sevgi Gönül Suna Leyla Esra & Aylin Caroline Nevbahar Crude ,9 K DWT Products 28 1,98 K DWT Products 29 1,87 K DWT Products ,5 K DWT Products 211 6,3 K DWT Bitumen 2x2 K DWT Esra 214 Aylin 215 Products 29 1,9 K DWT Products 29 11,5 K DWT Turkey s leading company in marine transportation of crude oil and petroleum products World s biggest Asphalt Tankers (2 x 2, DWT ) for semi-product transfers btwn refineries 13 tugboats 1 mooring boats 2 service boats 1 pilot boat DİTAŞ Financials 216 (mn $) Net Sales 151,3 Op. Profit 4, ,9 2,6 18, 3,1 19,3 14,8 Crude Oil Product 9,6 8,4 3,1 3,5 11,8 5,2 6,4 4,8 6,6 15,2 5,9 9,
19 ,59,6,3,3,, 1,43 2,39 2,26 3,11 3,24 2,57 2,58 2,8 5,47 6,98 9,25 11,54 Crude Suppliers of TÜPRAŞ (Million Tons) Crude Type ,% 6,3% In 216, Tüpraş purchased 18 different types of crude oil from 1 countries, with gravities ranging between API 41,7% > > , ,3 5,1 7,2,6 1,5 2, 2,1 1,9 2,9 2,8 2, 2,4 2,4 2,3 2,4 3,8 3,1 5,7 6,1 1,6 1,5 1,5 1,1,2,3,3,1,1,7 1,, 2,6,6,6,3 I RAN RUSSIA S.ARABIA TURKEY I RAQ K A Z A K STAN I TALY L İ BYA OTHER
20 J-8 A-8 J-8 O-8 J-9 A-9 J-9 O-9 J-1 A-1 J-1 O-1 J-11 A-11 J-11 O-11 J-12 A-12 J-12 O-12 J-13 A-13 J-13 O-13 J-14 A-14 J-14 O-14 J-15 A-15 J-15 O-15 J-16 A-16 J-16 O-16 J-17 A-17 Margin Environment ($/bbl) 9,5 Med Complex Month Annual 7,5 5,5 3,5 1,5 -, ,54 4,83 5,13 4,21 3,97 2,89 1,95 1,95 1,67 1,17 Tüpraş Gross Margin Tüpraş Net Margin Med Margin 13,26 11,86 11,22 1,55 9,62 8,65 6,47 6,3 4,83 5,1 3,97 3,21 2,45 1,67 1,95 Premium to the benchmark Mediterranean peers refining margin due to: Refined products deficit characteristic to the Turkish market Access to cheaper sources of crude oil Ability to use heavier and sour crudes Proximity to major suppliers Reduces transport costs Implemented cost reduction measures Energy efficiency programs Capacity to produce higher value added range of refined products Direct pipeline connections with domestic clients High export capability Q1 2
21 65,1 8,7 94,5 99,9 Production Capacity Utilisation* (%) Quarterly Production Volume (Mn Tons) ,9 99,7 5,2 +6.7% 16,4 6, ,1 6,6 5,6 6,9 6,7 7,3 7,4 7,2 7,4 8 5,2 4 68, 2,9 Min / Max 27/ Crude Oil Other Q1 215 Q1 216 Q1 217 Q1 Q1 Q2 Q3 Q4 *Nameplate capacity calculated by standard 33 days of operations. 21
22 1st Quarter Product Yields ASRFO+Vac 2% Bitumen 9% Gasoline 22% -5,2 Fuel Oil 12% ASRFO+Vac 1% Bitumen 5% Gasoline 21% -,4 Coke 2% Fuel Oil 13% Other 6% Other 6,1% Black Prod. 26,1% Light Distil. 22,4% Mid. Distil. 45,4% Naphtha 1% Jet 15% -,7 Coke 3% Other 5% Other 5,4% Black Prod. 2,9% Mid. Distil. 51,7% Light Distil. 22,% Naphtha 1% Jet 16% ULSD 3% White Product 72,94% Production : 6,6 mn tons API: 31,14 % +5, ULSD 36% White Product 77,97% Production : 7,1 mn tons API: 31,8 +6,3 22
23 Tüpraş Sales (Million Tons) Jet Fuel Bitümen Gasoline Domestic sales of selected products Diesel 4,6 4,1 4,3 3,9 2,62 2,94 2,75 3,3 3,5 2,23 2,9 1,83 2,27 2,33 1,66,6,64 1,73,55 1,48,52,54 1,8,45,63,91 1,16,46,79,39,43,43,44,23,27,42,29,76,86 1,,83,98 1,26 1,23 1,18 1,5 1,27 5,4 5,8 6, 3,6 1,73,44,51 5,1 5,3 2,59 2,87,5,52,9,87,91 1,13 1, ,7 1,1 Domestic Export 5,6 1,7 3,6 3,9 Q1 Q2 Q3 Q4 6,9 7,2 1,8 2,3 5,1 5, 4,7,9 4,1 7,3 1,9 5,4 Total Sales 7,7 1,3 6,4 6,4 1,5 4,9 7,9 8,1 1,2 1,2 6,8 6,9 6,1 1,8 4,3 7,9 7,6 1,7 1,3 6,2 6, Q1 Q2 Q3 Q4 23
24 Investments (mn $) RUP Total Investment: 3,1 Billion $ Total Incentive: 3,78 Billion TL Remaining : 3,18 Billion TL Avg 278 mn $ Nelson complexity High white product yield Process more heavier and sour crudes Run all refineries with 1% capacity utilization Avg 943 mn $ Q1 959 Avg. 279 mn $ *125 46,6 Ongoing Projects New Power Plant Revamp of Crude Unit FCC Modernization New Sulphur Units Energy Saving Projects Optimization of conversion units 24
25 3 Key Financials
26 Financial Highlights (mn $) ,3,32,24,26,35,4,11,16,22, EBITDA Net Debt / EBITDA,77 2,39 4,92 1,7 1,54 1,8 Net Debt Net Income Return on Average Equity 3.,5 2.,4 1.,3-1., ,1, Q H 216 9M Q1 26
27 Balance Sheet Analysis 3,22 3,1 3,28 3,4 2,46 1,74 1,7 1,59 1,36 1,23 1,69 1,98 2,2 2,62 Cash & Equivalents (Billion $) 3 2,45 2,2 2 1,72 1,69 1,64 1,68 1,72 1,64 1,59 1,3 1,21 1,4 1,4 1,82 1,2,8,4, Receivables (Billion $) 1,7 1,9,93,88,91,91,71,75,66,7,52,51,2, ,1,5 Financial Loans (Billion $) LT Loans ST Loans 3,7 3,2 3,2 3,3 3,7 3,9 4, 4,2 3,6 3,6 3,4,9,3,3,3,4,5,6 1, 1,2 1,1 3,45 3,57,6,56, Payables (Billion $) 2 1 2,6 2,8 2,9 2,9 3, 3,3 3,1 3, 2,8 2,9 2,8 3,1 2,89 2,
28 Tüpraş Balance Sheet Million USD Diff. % Diff. Current Assets Cash & Equivalents Receivables Derivatives Inventories Pre-paid expenses Other Current Assets Long Term Assets Financial Assets & Subsidiaries Fixed Assets Derivatives Pre-paid expenses Deferred Tax Other Long Term Assets Total Assets Short Term Liabilities Financial Loans Payables Derivatives Deferred Incomes Provisions Other ST Liabilities Long Term Liabilities Financial Loans Payables & Provisions Derivatives Other LT Liabilities Equity Minority Interests Total Liabilities
29 Dividends (TRY) 12 1 Earnings per Share Gross Dividend Total Payout One of the highest dividend yield in BIST The policy is to distribute all the net distributable profit for the period 1, Total Payout (Mn. TL) ,16 6,5 6, , ,96 4,78 3,93 3,85 3,24 2,94 2, ,31 2,5 1,73 1, /213 EPS includes the tax incentive 29
30 Creating Competitive & Sustainable Shareholder Value Foreign Currency Long Term Tüpraş BBB- (IG) Ba1 Turkey BBB-(IG) Ba1 (-) BB Koç Holding Baa3- (IG) BBB (IG) Analyst Recommendations CORPORATE GOVERNANCE RATING O V ERALL 94,15 HOLD; 33% S H A R EHOLDERS T R A N S P A R ENCY S T A K EHOLDERS 95,51 92,55 97,66 BUY 67% B O A R D 92,8 Tüpraş has one of the highest Corporate Governance Ratings 3
31 FX Risk Exposure (31 March 217) Consolidated Assets Consolidated Liabilities Million $ Cash Receivables & other assets 26 Stock Forward & CFH 1,636 Payables 957 ST Financials 522 RUP 296 LT Financials: 2,61 RUP Loans: 1,26 Eurobond: 7 Other credits million $ *Cash flow hedge(cfh) accounting : 1,43 mn $ 31
32 32 Future Expectations Brent Price Estimation Med Complex Margin Tüpraş Net Margin Capacity Utilisation Investment The average Brent price in 217 is expected to be 55 dollars per barrel. We expect Med Complex margins to be between dollars per barrel band in 217. Net Tüpraş refinery margin is expected to be in the region of dollars per barrel Expectations for 217; Full Capacity Utilization Production: ~ 29.2 million tons Total sales: 3.6 million tons Imports of finished products will be minimal, as we focus on selling increased volumes of production Refining CAPEX is expected to be 225 Million dollars. Additionally, 125 million dollar investment is planned for increasing the marine tanker fleet capacity.
33 Updated information can be found in the Investor Relations section of the company website DISCLAIMER Investor Relations and Reporting Department Tel. : Fax : Güney Mah. Petrol Cad. No.25 PK.4179 Körfez-Kocaeli info@tupras.com.tr This presentation contains forward-looking statements that reflect the Company management s current views with respect to certain future events. Although it is believed that the expectations reflected in these statements are reasonable, they may be affected by a variety of variables and changes in underlying assumptions that could cause actual results to differ materially. Neither Tüpraş nor any of its directors, managers or employees nor any other person shall have any liability whatsoever for any loss arising from use of this presentation.
INVESTOR PRESENTATION
INVESTOR PRESENTATION 1 CONTENTS 1 REFINING INDUSTRY 2 COMPANY OVERVIEW 3 KEY FINANCIALS 4 INVESTMENTS 2 1 REFINING INDUSTRY 3 4 Brent Crude Oil Prices ($/bbl) 55 5 PROS OPEC & Non OPEC Supply Cut Healthy
More informationRESULTS FOR Q ANALYST TELECONFERENCE
RESULTS FOR Q4 216 ANALYST TELECONFERENCE Market 1 2 Operation Financials 3 Market 1 216 Fourth Quarter Market Conditions Product Market Crude Oil Postponed Maintenances Started to take place High Agricultural
More informationQ Analyst Teleconference. 9 August 2018
9 August 218 Disclaimer This presentation contains forward-looking statements that reflect the Company management s current views with respect to certain future events. Although it is believed that the
More informationINVESTOR PRESENTATION. November, 2017
INVESTOR PRESENTATION November, 217 CONTENTS 1 REFINING INDUSTRY 2 COMPANY OVERVIEW 3 KEY FINANCIALS 4 INVESTMENTS 1 REFINING INDUSTRY Brent Crude Oil Prices ($/bbl) 65 6 55 PROS OPEC & Non OPEC Supply
More informationQ INVESTOR PRESENTATION
Q2 216 INVESTOR PRESENTATION Company 3 Overview 2 Refining Industry Key 5 Financials 4 Investments Refining Industry 1.Jul.13 1.Aug.13 1.Sep.13 1.Oct.13 1.Nov.13 1.Dec.13 1.Jan.14 1.Feb.14 1.Mar.14 1.Apr.14
More informationINVESTOR PRESENTATION 16 March 2016
INVESTOR PRESENTATION 16 March 2016 Company 02 Overview 01 Refining Industry Key 04 Financials 03 Investments Refining Industry 02.01.2014 15.02.2014 31.03.2014 14.05.2014 27.06.2014 10.08.2014 23.09.2014
More informationInvestor Presentation December 2018
December 218 Disclaimer This presentation contains forward-looking statements that reflect the Company management s current views with respect to certain future events. Although it is believed that the
More informationQ INVESTOR PRESENTATION
Q1 2015 INVESTOR PRESENTATION Company 02 Overview 01 Refining Industry Key 04 Financials 03 Investments Refining Industry 2.1.14 23.1.14 13.2.14 6.3.14 27.3.14 17.4.14 8.5.14 29.5.14 19.6.14 10.7.14 31.7.14
More informationInvestor Presentation May 2018
May 218 Disclaimer This presentation contains forward-looking statements that reflect the Company management s current views with respect to certain future events. Although it is believed that the expectations
More informationInvestor Presentation March 2018
March 218 Disclaimer This presentation contains forward-looking statements that reflect the Company management s current views with respect to certain future events. Although it is believed that the expectations
More informationWelcome Welcome... 1
Welcome Welcome... 1 Presentation Structure Our presentation is split into three sections going through the market, operations and financials 2 3 As it has been indicated previously, it is now much clear
More informationTOFAŞ Q ANALYST PRESENTATION
TOFAŞ Q1 2016 ANALYST PRESENTATION 03.05.2016 1 2016 Q1 AGENDA Highlights Turkish Automotive Industry Production & Capacity Utilization Domestic Market Developments Tofaş Domestic Market Performance Export
More informationMonths Investor Presentation
2018 9 Months Investor Presentation 25.10.2018 Disclaimer Ereğli Demir Çelik Fabrikaları T.A.Ş. (Erdemir) may, when necessary, make written or verbal announcements about forward-looking information, expectations,
More informationTOFAŞ RESULTS WEBCAST PRESENTATION
TOFAŞ 31.12.2016 RESULTS WEBCAST PRESENTATION 02.02.2017 1 WEBCAST AGENDA Highlights Turkish Automotive Industry Production Domestic Market Developments Tofaş Domestic Market Performance Export Markets
More informationINVESTOR PRESENTATION. February 2011
INVESTOR PRESENTATION February 2011 Agenda Ford Otosan Overview Turkish Automotive Industry Overview Competitive Advantages Key Operating Data ISE Performance 2 Investor Presentation February 2011 FORD
More informationANALYST BRIEFING FOR THE THIRD QUARTER ENDED NOV 2016
ANALYST BRIEFING FOR THE THIRD QUARTER ENDED 2016 21 NOV 2016 MSM Malaysia Holdings Berhad Analyst Briefing Q3 2016 21/11/2016 1 CONTENTS 01 02 03 04 05 Group Financial Highlights Performance Review Sugar
More information3Q 2016 Analyst Presentation
3Q 2016 Analyst Presentation November 18, 2016 This presentation includes forward-looking statements. Actual future conditions (including economic conditions, energy demand, and energy supply) could differ
More informationANALYST BRIEFING FOR THE FOURTH QUARTER ENDED FEBRUARY 2017
ANALYST BRIEFING FOR THE FOURTH QUARTER ENDED 2016 22 FEBRUARY 2017 MSM Malaysia Holdings Berhad Analyst Briefing Q4 2016 22/2/2017 1 CONTENTS 01 02 03 04 05 Group Financial Highlights Performance Review
More information9M 2003 Financial Results (US GAAP)
9M Financial Results (US GAAP) January 2004 LUKOIL Group Crude Oil Production* mln tonnes 82 80 78 76 74 72 70 68 66 64 Crude oil production 3.2 5.5 3.9 76.8 70.3 71.3 2001 Production by subsidiaries Share
More informationTOFAŞ RESULTS WEBCAST PRESENTATION
TOFAŞ 31.12.2017 RESULTS WEBCAST PRESENTATION 02.02.2018 AGENDA Highlights Turkish Automotive Industry Production Domestic Market Developments Tofaş Domestic Market Performance Export Markets & Tofaş Performance
More informationRegional Refining Outlook
Regional Refining Outlook Implications for Crude Demand Platts Crude Summit 15 May 213 David Wech JBC Energy GmbH 13 th May 213 Research - Energy Studies - Consulting - Training Disclaimer All statements
More information2015 Interim Results Announcement
China Petroleum & Chemical Corporation 2015 Interim Results Announcement August 27, 2015 Hong Kong Cautionary Statement This presentation and the presentation materials distributed herein include forward-looking
More informationAnalyst Presentation 1Q 2008 Results
Analyst Presentation 1Q 2008 Results 0 Contents Section 1: Section 2: Section 3: Section 4: Section 5: Company Overview IPO Update Operating Performance Consolidated Financial Performance Dividend Update
More informationA summary of national and global energy indicators. FEDERAL RESERVE BANK of KANSAS CITY
THE U.S. Energy DATABOOK A summary of national and global energy indicators JULY 1, 17 FEDERAL RESERVE BANK of KANSAS CITY SUMMARY OF CURRENT ENERGY CONDITIONS The number of total active drilling rigs
More informationBAZAN Group Oil Refineries Ltd. First Quarter 2014 Results. May 2014
BAZAN Group Oil Refineries Ltd. First Quarter 2014 Results May 2014 1 Disclaimer This presentation has been prepared by Oil Refineries Ltd. (the "Company") as a general presentation of the Company and
More information282m 75% +575m. Net sales Operating income before non-recurring items. Operating margin before non-recurring items. Net Loss.
First-Half 2009 Financial Highlights Net sales Operating income before non-recurring items Operating margin before non-recurring items Net Loss Net debt-to-equity ratio Free cash flow** 7,134m 282m 4.0%
More informationFISCAL YEAR MARCH 2018 FIRST HALF FINANCIAL RESULTS
FISCAL YEAR MARCH 2018 FIRST HALF FINANCIAL RESULTS PRESENTATION OUTLINE Highlights Fiscal Year March 2018 First Half Results Fiscal Year March 2018 Full Year Forecast Progress of Key Initiatives/ Business
More information1. Trends in the current fiscal year and previous fiscal year 3. Business overview 2. Secular trends in first quarter financial results
FY2/19 (March 2018~May 2018) Fact Book 1. Trends in the current fiscal year and previous fiscal year 3. Business overview (1) Performance overview P. 1 (1) No. of students at the end of month P. 6 (2)
More informationERGMed Coastal. Refining
ERGMed Coastal Refining 11 Refining Industry Trend: Capacity World total oil products demand and crude runs increasing, faster than refining capacity. World Source: International Energy Agency (IEA), Oil
More informationGlobal Monthly March 2019
Global Monthly March 19 Percent of world bonds outstanding 3 5 15 5 Jan-1 Jun-1 Nov-1 Apr-15 Sep-15 Feb-1 Jul-1 Dec-1 May-17 Oct-17 Mar-1 Aug-1 Dec-1 Mar-19 March 19 Percent, year-on-year 7 5 3 1 1Q1 1Q
More informationMarket Report Series: Oil 2018 Analysis & Forecasts to Energy Community 10 th Oil Forum, Belgrade, 25 September 2018
Market Report Series: Oil 218 Analysis & Forecasts to 223 Energy Community 1 th Oil Forum, Belgrade, 25 September 218 Short term update: crude prices (excl. WTI) up strongly Aug/Sep $/bbl 8 Benchmark Crude
More informationFY2/18 (March 2017~February 2018)
FY2/18 (March 2017~February 2018) Fact Book 1. Trends in the current fiscal year and previous fiscal year 3. Business overview (1) Performance overview P. 1 (1) No. of students at the end of month P. 6
More informationJordan Petroleum Refinery Company Equity Report. Jordan Petroleum Refinery Company June June 14, 2009
Jordan Petroleum Refinery Company Equity Report June 14, 2009 Serene Zawaydeh Head of Research Awraq Investments szawaydeh@awraq.com P a g e 1 Table of Contents Executive Summary... 1 Financial Highlights...
More informationPETROBRAS ARGENTINA S.A.
PETROBRAS ARGENTINA S.A. Second Quarter 2015 Results Buenos Aires, July 30, 2015 Petrobras Argentina S.A. (Buenos Aires: PESA NYSE: PZE) announces the results for the second quarter ended June 30, 2015.
More informationNissan Motor Co., Ltd. February 12 th, 2019
Nissan Motor Co., Ltd. February 12 th, 2019 NET REVENUE 2,875.5 3,045.7 OPERATING PROFIT *1 NET INCOME 301.6 FREE CASH FLOW (AUTO) NET CASH (AUTO) 1,311.4 1,334.4 US TAX REFORM 207.7 82.4 103.3 93.9 *2
More informationFY16 results. Business updates. FY17 outlook. Nissan Motor Co., Ltd. May 11 th, 2017
Nissan Motor Co., Ltd. May 11 th, 2017 results Business updates FY17 outlook www.nissan-global.com Copyright NISSAN MOTOR CO., LTD. All rights reserved. 2 (TSE REPORT BASIS CHINA JV EQUITY BASIS) NET REVENUE
More informationRussia's downstream: Old Problems and New Reality
Russia's downstream: Old Problems and New Reality The CIS Downstream Summit Yakov Ruderman Director General Baku, Azerbaijan December 3, 215 Table of Contents Effects of low crude prices and tax reforms
More informationFISCAL YEAR MARCH 2018 FIRST QUARTER FINANCIAL RESULTS
FISCAL YEAR MARCH 2018 FIRST QUARTER FINANCIAL RESULTS PRESENTATION OUTLINE Highlights Fiscal Year March 2018 First Quarter Results Fiscal Year March 2018 Full Year Forecast Structural Reform Stage 2 Progress
More informationOil Refineries Ltd. Fourth Quarter and Full Year 2011 Results. March 2012
Oil Refineries Ltd. Fourth Quarter and Full Year 21 Results March 22 1 Disclaimer This presentation has been prepared by Oil Refineries Ltd. (the "Company") as a general presentation of the Company and
More informationFY2/18 2Q(March 2017~August 2018)
FY2/18 2Q(March 2017~August 2018) Fact Book 1. Trends in the current fiscal year and previous fiscal year 3. Business overview (1) Performance overview P.1 (1) No. of students at the end of month P.7 (2)
More informationFY17 RESULTS BUSINESS UPDATES FY18 OUTLOOK. Nissan Motor Co., Ltd. May 14 th, 2018
Nissan Motor Co., Ltd. May 14 th, 2018 RESULTS BUSINESS UPDATES FY18 OUTLOOK www.nissan-global.com Copyright NISSAN MOTOR CO., LTD. All rights reserved. 2 GLOBAL 91.81 5.08 TIV * 1 vs. 93.52 GLOBAL +1.9%
More informationCosmo Oil Co., Ltd. Presentation on Results for First Quarter of Fiscal 2012 August 2, 2012 Director: Satoshi Miyamoto
Cosmo Oil Co., Ltd. Presentation on Results for First Quarter of Fiscal 2012 August 2, 2012 Director: Satoshi Miyamoto Copyright 2012 COSMO OIL CO.,LTD. All Rights Reserved. Key Points of Financial Results
More informationSupporting Material for Third Quarter Results 2012
Supporting Material for Third Quarter Results 2012 31 October 2012 1 Notes This document contains forward-looking statements concerning the results of operations and businesses of. Forward-looking statements
More informationFY2/17 3Q(March 2016~November2016)
FY2/17 (March 2016~November2016) Fact Book 1. Trends in the current fiscal year and previous fiscal year 3. Business overview (1) Performance overview P. 1 (1) No. of students at the end of month P. 7
More informationMurat KOLBAŞI. Oxygen Enrichment at Sulphur Recovery Unit
Murat KOLBAŞI Oxygen Enrichment at Sulphur Recovery Unit Contents 01 KOÇ Group Overview TÜPRAŞ Overview Project Summaries 01 KOÇ GROUP Overview KOÇ GROUP 01 Largest Industrial Group in Turkey 4 of the
More informationFinancial Statements Matti Lievonen, President & CEO 7 February 2017
Financial Statements 2016 Matti Lievonen, President & CEO Agenda 1 2 3 4 Year 2016 Financials 2016 Segment reviews Current topics 5 Appendix 2 Disclaimer The following information contains, or may be deemed
More informationBUSINESS OVERVIEW FEBRUARY
BUSINESS OVERVIEW FEBRUARY 2018 Except for historical information, the statements made in this presentation constitute forward looking statements. These include statements regarding the intent, belief
More informationFY2/17 (March 2016~February 2017)
FY2/17 (March 2016~February 2017) Fact Book 1. Trends in the current fiscal year and previous fiscal year 3. Business overview (1) Performance overview P. 1 (1) No. of students at the end of month P. 7
More information2010 Interim Results Presentation. August 23, 2010 Hong Kong
Sinopec Corp. 21 Interim Results Presentation August 23, 21 Hong Kong Disclaimer i This presentation and the presentation materials distributed herein include forwardlooking statements. All statements,
More informationEnergy Outlook. U.S. Energy Information Administration. For EnerCom Dallas February 22, 2018 Dallas, TX
Energy Outlook For EnerCom Dallas Dallas, TX Jeff Barron Industry Economist, U.S. Energy Information Administration U.S. Energy Information Administration Independent Statistics & Analysis www.eia.gov
More informationENEL PUBLISHES 2018 SECOND QUARTER AND FIRST HALF GROUP OPERATING DATA REPORT
Media Relations Investor Relations T +39 06 8305 5699 T +39 06 8305 7975 F +39 06 8305 3771 F +39 06 8305 7940 ufficiostampa@enel.com investor.relations@enel.com enel.com enel.com ENEL PUBLISHES 2018 SECOND
More informationA perspective on the refining industry. Platts European Refining Summit Brussels, 29 September2016 Kristine Petrosyan, International Energy Agency
A perspective on the refining industry Platts European Refining Summit Brussels, 29 September2016 Kristine Petrosyan, International Energy Agency OECD/IEA 2016 mb/d European refiners: busy 2015 OECD Europe
More informationPerforming In A Volatile Oil Market
Performing In A Volatile Oil Market Matti Lehmus Executive Vice President, Oil Products Capital Markets Day Key Trends Impacting Refining Margins Demand growth to resume after steep drop Supply growth
More informationRecent Developments in EU Refining and in the Supply and Trade of Petroleum Products
Recent Developments in EU Refining and in the Supply and Trade of Petroleum Products Second Meeting of the EU Refining Forum Brussels, 27 November 2013 Toril Bosoni, International Energy Agency OECD/IEA
More informationQ3 and Q1-Q3Q preliminary results
MOL Hungarian Oil and Gas Company Q3 and Q1-Q3Q3 2005 preliminary results November 11,, 2005 Disclaimer "This presentation and the associated slides and discussion contain forward-looking statements. These
More informationFISCAL YEAR MARCH 2014 FINANCIAL RESULTS
FISCAL YEAR MARCH 214 FINANCIAL RESULTS Mazda CX-5 Mazda Atenza Mazda Motor Corporation April 25, 214 New Mazda Axela 1 PRESENTATION OUTLINE Highlights Fiscal Year March 214 Results Fiscal Year March 215
More informationThe Impact of Shale Oil Production Growth in the US
The Impact of Shale Oil Production Growth in the US Presentation to IMSF, Copenhagen By Selena Yan, Senior Analyst www.clarksons.com Disclaimer The material and the information (including, without limitation,
More informationFISCAL YEAR MARCH 2018 THIRD QUARTER FINANCIAL RESULTS
FISCAL YEAR MARCH 2018 THIRD QUARTER FINANCIAL RESULTS PRESENTATION OUTLINE Highlights Fiscal Year March 2018 Nine Month Results Fiscal Year March 2018 Full Year Forecast Progress of Key Initiatives 1
More informationContinued strong performance in key businesses
Continued strong performance in key businesses SECOND QUARTER PRELIMINARY RESULTS August 9, Disclaimer "This presentation and the associated slides and discussion contain forward-looking statements. These
More informationGOOD OPERATIONAL RESULTS IN H1 2011
GOOD OPERATIONAL RESULTS IN H1 2011 Rompetrol Rafinare S.A. (symbols, Bucharest Stock Exchange: RRC, Reuters: ROMP.BX, Bloomberg: RRC RO) has released today its Second Quarter and First Semester 2011 financial
More informationUS Crude Oil Reshaping International Crude Oil Flows. Olivier Jakob,
US Crude Oil Reshaping International Crude Oil Flows Olivier Jakob, ojakob@petromatrix.com www.petromatrix.com Claimer Petromatrix publishes since 2006 a daily market note on the oil markets Our reports
More informationThe Changing composition of bunker fuels: Implications for refiners, traders, and shipping
Platts 4 th European Refining Markets Conference The Changing composition of bunker fuels: Implications for refiners, traders, and shipping Wade DeClaris, EVP Marine World Fuel Services Corp. Agenda: Role
More informationAOC Holdings, Inc. (TSE:5017)
AOC Holdings, Inc. (TSE:5017) (TSE:5017) Report on on Performance in infy2008 (April 1, 1, 2008 2008 March 31, 31, 2009) May May 18, 18, 2009 2009 AOC AOC Holdings, Inc. Inc. www.aochd.co.jp 1 Chapter
More informationINCREASING SALES FOR MINING RELATED BUSINESS
Investor Relations of PT UNITED TRACTORS Tbk INCREASING SALES FOR MINING RELATED BUSINESS In the first half 2001, the Company managed to record increase in net revenue from IDR 2.32 trillion to IDR 3.54
More informationRecent Developments in EU Refining and in the Supply and Trade of Petroleum Products
Recent Developments in EU Refining and in the Supply and Trade of Petroleum Products Third Meeting of the EU Refining Forum Brussels, 22 May 2014 Toril Bosoni, International Energy Agency OECD/IEA 2014
More informationVolvo Group THIRD QUARTER 2015 JAN GURANDER. Volvo Group Headquarters Third quarter
Volvo Group THIRD QUARTER 2015 JAN GURANDER 1 VOLVO GROUP Third quarter highlights NET SALES SEK bn 12 months 310 bn IMPROVED PROFITABILITY ON FLAT VOLUMES UNDERLYING OPERATING MARGIN 6.9% 67 73 OPERATING
More informationRoadshow Presentation
Roadshow Presentation June 2, Wilfried Trepels, CFO 1 SAF-HOLLAND - Components Fifth Wheels Kingpins Suspensions Landing Gear Axle Systems 2 SAF-HOLLAND - Business Units Trailer Systems Powered Vehicle
More informationQ Matti Lievonen President and CEO
Q1 2018 Matti Lievonen President and CEO CONTENTS 1. Q1 2018 review 2. Group financials 3. Segment reviews 4. Current topics 5. Appendix 2 Disclaimer The following information contains, or may be deemed
More informationStart covering fall fuel needs OPEC unity stabilizes oil market for now By Bryce Knorr, senior grain market analyst
Start covering fall fuel needs OPEC unity stabilizes oil market for now By Bryce Knorr, senior grain market analyst OPEC and its allies are a strange bunch. Iran hates Saudi Arabia as much as it dislikes
More informationThird quarter results Matti Lievonen, President & CEO 26 October 2017
Third quarter results 2017 Matti Lievonen, President & CEO 26 October 2017 Agenda 1. Q3/17 Group financials 2. January-September 2017 review 3. Q3/17 Segment reviews 4. Current topics 5. Appendix 2 Disclaimer
More informationKCB GROUP PLC INVESTOR PRESENTATION. Q FINANCIAL RESULTS
KCB GROUP PLC INVESTOR PRESENTATION. Q3 2018 FINANCIAL RESULTS MACRO-ECONOMIC HIGHLIGHTS Macro-Economic Highlights: Kenya KENYA 4.9% 5.3% GDP Growth Rate (%) 5.6% 5.8% 4.9% 6.3% 6.2% KENYA 2013 2014 2015
More informationOperating Refineries in a High Cost Environment. Options for RFS Compliance. March 20, Baker & O Brien, Inc. All rights reserved.
Operating Refineries in a High Cost Environment Options for RFS Compliance March 2, 217 Baker & O Brien, Inc. All rights reserved. Discussion Points Introduction Renewable Fuels Standard (RFS) Overview
More informationDiesel prices at multi-year highs mean pain at the pump
Diesel prices at multi-year highs mean pain at the pump Conflicting signals from Wall Street keep commodity prices unsettled By Bryce Knorr, senior grain market analyst Headline news this week provided
More informationEconomic & Steel Market Development in Japan
1 Economic & Steel Market Development in Japan 68 th OECD Steel Committee Paris May 6-7, 2010 The Japan Iron & Steel Federation 2 Macro-economic overview Steel Supply and Demand v v v Steel Production
More informationPakistan Refining Industry An Overview
Pakistan Refining Industry An Overview October 2016 Oil World Crude Oil Reserves Largely sustained level of reserves Largest Region Contributes 47% (2014: 47.2%) Global proven oil reserves in 2015 fell
More informationFY2/15(March 2014~February 2015)
FY2/15(March 2014~February 2015) 1. Trends in the current fiscal year and the previous fiscal year 3. Business overview (1) Peformance overview P.1 (1) No. of students at the end of month P.7 (2) Cost
More informationFY2015 First Quarter Financial Results. SUZUKI MOTOR CORPORATION 3 August 2015
First Quarter Financial Results SUZUKI MOTOR CORPORATION 3 August 2015 Consolidated: Financial Summary Page2 Increased net sales and operating income/ordinary income Decreased net income attributable to
More informationThe Changing Face of Global Refining
The Changing Face of Global Refining OPIS National Supply Summit Las Vegas, Nevada October 24-26, 2010 John B. O Brien, Executive Chairman Baker & O Brien, Inc. All rights reserved. The Changing Face of
More informationFY2012. H1 Financial Results. November 8, Copyright(C) 2011 Isuzu Motors Limited All rights reserved
FY2012 H1 Financial Results November 8, 2011 1 Copyright(C) 2011 Isuzu Motors Limited All rights reserved Ⅰ. President and Representative Director : Susumu Hosoi :FY2012 H1 Financial Summary Outline Ⅱ.
More informationFISCAL YEAR MARCH 2015 FIRST QUARTER FINANCIAL RESULTS. Mazda Roadster 25 th Anniversary Model
FISCAL YEAR MARCH 2015 FIRST QUARTER FINANCIAL RESULTS Mazda Roadster 25 th Anniversary Model Mazda Motor Corporation July 31, 2014 1 PRESENTATION OUTLINE Highlights Fiscal Year March 2015 First Quarter
More informationHealthier Net Profit under Stronger IDR
Investor Bulletin, First Half 2002 Healthier Net Profit under Stronger IDR As of June 2002, the consolidated revenue in USD increased by 32% y.o.y. Due to IDR strengthening against USD, in IDR revenue
More informationFISCAL YEAR MARCH 2015 FIRST HALF FINANCIAL RESULTS. New Mazda Demio
FISCAL YEAR MARCH 2015 FIRST HALF FINANCIAL RESULTS New Mazda Demio Mazda Motor Corporation October 31, 2014 1 PRESENTATION OUTLINE Highlights Fiscal Year March 2015 First Half Results Fiscal Year March
More informationFY 2010 first-half financial results
FY 2010 first-half financial results November 4, 2010 Nissan Motor Co., Ltd. first-half financial results Key performance indicators: Financial results (billion yen) Net revenue Operating profit Net income
More informationFY H1 Financial Results
FY2011 1 H1 Financial Results November 8, 2010 1 Copyright(C) 2010 Isuzu Motors Limited All rights reserved Contents Ⅰ. President and Representative Director : Susumu Hosoi :FY2011 H1 Financial Summary
More informationECONOMIC BULLETIN - No. 42, MARCH Statistical tables
ECONOMIC BULLETIN - No. 42, MARCH 2006 APPENDIX Appendix Statistical tables The world economy Table a1 Gross domestic product a2 Industrial production a3 Consumer prices a4 External current account a5
More information2015 Annual Results Announcement
China Petroleum & Chemical Corporation 2015 Annual Results Announcement March 30, 2016 Hong Kong Disclaimer This presentation and the presentation materials distributed herein include forward-looking statements.
More informationUBS Global Oil and Gas Conference May 22, Joe Gorder Executive Vice President Marketing and Supply
UBS Global Oil and Gas Conference May 22, 2008 Joe Gorder Executive Vice President Marketing and Supply 2008 Year-to-Date Performance Raised annual dividend rate by 25% to $0.60 per share Purchased more
More informationInvestor Presentation June, 2014
Investor Presentation June, 2014 Bob Espey (CEO) and Mike Lambert (CFO) Investor Relations tom.mcmillan@parkland.ca 800-662-7177 ext. 2533 Forward Looking Statements Certain information included herein
More informationHigh fuel costs could last Diesel and propane may not get much cheaper in 2019 By Bryce Knorr, senior grain market analyst
High fuel costs could last Diesel and propane may not get much cheaper in 2019 By Bryce Knorr, senior grain market analyst In July I recommended using a dip in the energy market to lock in propane for
More informationFY2/16(March 2015~February 2016)
FY2/16(March 2015~February 2016) 1. Trends in the current fiscal year and the previous fiscal year 3. Business overview (1) Peformance overview P.1 (1) No. of students at the end of month P.7 (2) Cost
More informationApril Título da apresentação DD.MM.AAAA
Aquisition of Shell Argentina downstream assets April 2018 Título da apresentação DD.MM.AAAA DISCLAIMER This presentation contains estimates and forward-looking statements regarding our strategy and opportunities
More informationFiscal Year 2015 Financial Results
Fiscal Year 2015 Financial Results Nissan Motor Co., Ltd May 12, 2016 results FY16 outlook 2 Key performance indicators: financial results (TSE report basis - China JV Equity basis) Net revenue Operating
More informationBUSINESS YEAR 2007 RESULTS
BUSINESS YEAR 2007 RESULTS EVOLUTION OF THE STAINLESS STEEL WORLD PRODUCTION Million Mt. YEAR 2003 YEAR 2004 YEAR 2005 YEAR 2006 YEAR 2007 (estimated) 9.5 10.6 2.7 9.8 11.9 2.9 9.1 12.5 2.7 10.3 15.1 3.0
More informationANNUAL STATISTICAL SUPPLEMENT
ANNUAL STATISTICAL SUPPLEMENT with 2016 data 2017 Edition This Statistical Supplement has been prepared to provide a longer historical perspective for the oil demand, supply, trade, stocks, prices and
More informationAnalyst Meeting. 1Q08 Performance. Friday 16 May 2008
Analyst Meeting 1Q08 Performance Friday 16 May 2008 Agenda 1Q08 Management Highlights Sales Report GRM & Plant Utilization CAPEX Financial Performance Industry Outlooks Conclusion 2 1Q08 Highlight Overview
More informationFISCAL YEAR ENDED MARCH 2011 FINANCIAL RESULTS
FISCAL YEAR ENDED MARCH 211 FINANCIAL RESULTS Mazda Motor Corporation April 28, 211 Mazda MINAGI 1 PRESENTATION OUTLINE Highlights Fiscal Year Ended March 211 Results In Summary Question & Answer Session
More informationRevised July 17, 2017
Revised July 17, 2017 ISM Manufacturing Purchasing Managers Index (June 2016 June 2017) 66 64 62 60 58 56 54 52 50 48 46 Jun-16 Jul Aug Sept Oct Nov Dec Jan-17 Feb Mar Apr May Jun Purchasing Managers'
More information3Q 2013 Financial Results (US GAAP) New York, November 2013
3Q 2013 Financial Results (US GAAP) New York, November 2013 Forward-Looking Statements Certain statements in this presentation are not historical facts and are forward-looking. Examples of such forward-looking
More informationBUSINESS OVERVIEW 12 February 2019
BUSINESS OVERVIEW 12 February 2019 Except for historical information, the statements made in this presentation constitute forward looking statements. These include statements regarding the intent, belief
More informationQ3 Results November 16, 2006 Analyst Presentation
Q3 Results 2006 November 16, 2006 Analyst Presentation Group Sales (in million Euro) Total Sales 2,395 +3.3% (+2.4%)* 2,474 Split per Business Group (YTD) Specialty Products 7% Q3 797 +1.0% (+2.5%)* 805
More information