PTT Global Chem Profit Beats On Higher Sales Volume, Refining Margins
BANGKOK, Nov 8 (Reuters) - Thailand's PTT Global Chemical, the petrochemical arm of energy giant PTT Group, reported a 60 percent jump in third-quarter profit on Wednesday, beating analyst estimates, on higher sales volumes and selling prices.
PTTGC's profit came in at 9.95 billion baht ($300.51 million) for the third quarter ended September as refinery spreads widened due to the impact of hurricane Harvey on the U.S. Gulf Coast oil industry, the company said in a statement.
Analysts were expecting 9.83 billion baht in quarterly profit, according to a Reuters poll.
Refinery shutdowns in the Netherlands, Indonesia and Mexico also tightened supply and increased spreads of petroleum products from the year-earlier period, the company said.
The company's gross refining margins (GRM), or the difference in the price of petroleum products and crude oil, nearly doubled to $8.08 per barrel from a year earlier.
Stock gains of 481 million baht on higher crude oil prices also boosted the quarter, the company said.
Earnings of another PTT petrochemical unit, IRPC, doubled on rising oil prices, it reported last week.
($1 = 33.1100 baht)
(Reporting by Chayut Setboonsarng; Editing by Amrutha Gayathri)
WHAT DO YOU THINK?
Generated by readers, the comments included herein do not reflect the views and opinions of Rigzone. All comments are subject to editorial review. Off-topic, inappropriate or insulting comments will be removed.
- Weatherford CEO's Rebound Plan Relies On Getting Smaller
- Iran Says Oil Market Is Too Tight For US Zero Exports Target
- China's Squeezed 'Teapots' Eye Petchem Path To Riches
- Baker Hughes: US Drillers Add Oil Rigs For Second Week In Three
- Venezuela Hands China More Oil Presence, But No Mention Of New Funds
- Brand Finance Ranks Most Valuable, Strongest Oil and Gas Brands
- Canacol Makes New Gas Discovery in Colombia's Magdalena Basin
- Egypt Plans to Meet Summer Fuel Needs with LNG Imports
- FortisBC Denies Gas Greenwashing as Suit Awaits
- Credit Agricole Helps NGP Secure Funds for Fishery-Solar Projects in Taiwan
- Oil and Gas Executives Predict WTI Oil Price
- Industry Protests Proposed Methane Fee Guidelines for O&G Facilities in US
- Exxon, Cnooc Merge Guyana Arbitration Claims Against Chevron
- New China Climate Chief Says Fossil Fuels Must Keep a Role
- Oil Demand Outpaces Expectations, Testing Calculus on Peak Crude
- House Passes Protecting American Energy Production Act
- TotalEnergies Restarts Production in Denmark's Biggest Gas Field
- Republican Lawmakers Say IEA Has Abandoned Energy Security Mission
- USA Oil and Gas Job Figures Jump
- Blockchain Demands Attention in Oil and Gas
- Macquarie Sees USA Oil Production Exiting 2024 at 14MM Barrels Per Day
- Houthis Warn Saudi Arabia of Retaliation If It Backs USA Attacks
- Summer Pump Prices Set to Hit $4 a Gallon Just as Americans Hit the Road
- New China Climate Chief Says Fossil Fuels Must Keep a Role
- Chinese Mega Company Makes Major Oilfield Discovery
- VIDEO: Missile Attack Kills Crew Transiting Gulf of Aden
- Norway Regulator Blasts Proposal to Halt New Oil and Gas Permits
- Chinese Mega Company Makes Another Major Oilfield Discovery
- What Is the Biggest Risk to Offshore Oil and Gas Personnel in 2024?
- Vessel Sinks in Red Sea After Missile Strike
- Exxon Rights in Stabroek Do Not Apply to Hess Merger with Chevron: Hess
- Equinor Makes Discovery in North Sea
- Analysts Reveal Latest Oil Price Outlook Following OPEC+ Cut Extension