SEOUL, Aug. 15 (Korea Bizwire) — South Korea’s four major refiners posted a record combined operating profit in the first half as high oil prices pushed up refining margins, their earnings data showed Monday.
From January to June, SK Innovation Co., GS Caltex Corp., S-Oil Corp. and Hyundai Oilbank Co. reported 12.32 trillion won (US$9.43 billion) in overall operating profit, more than tripling from 3.899 trillion won a year earlier, according to their earnings results.
The four refiners are expected to report a record-high annual operating profit this year as the first-half result already far exceeds their existing record operating income of 7.873 trillion won in 2016.
Dubai crude prices soared from US$76.88 per barrel on Jan. 13 to US$127.86 a barrel on March 9 following the Russian invasion of Ukraine on Feb. 24, according to Opinet operated by Korea National Oil Corp. The Dubai prices have stayed at above $90 this month.
In the second half, brokerages expected oil demand to slow down amid worries over a global recession.