Including the impact of discontinued operations, Petroplus reported net income of $50.3 million, or $0.82 per share, for the first quarter of 2007, compared to a net income of $151.4 million, for the first quarter of 2006.
The company said that the financial and operational results for Q1 2007 are not comparable to the corresponding period in 2006. Results for first quarter 2007 reflect the operations of the BRC, Cressier and Teesside refineries and wholesale marketing operations.
Thomas O’Malley, Petroplus CEO, said: The first quarter of 2007 is the first period that Petroplus has operated as a pure-play, crude oil refiner and wholesale marketing company.
Petroplus also announced that, as of March 31, 2007, the newly-acquired Ingolstadt refinery in Germany has been fully integrated into the company’s refining system. Petroplus expects the refinery’s total throughput rates to be around 100,000 bpd for the second quarter of 2007.
The company is also set to acquire the Coryton refinery on May 31, 2007. Post acquisition, the company plans to run the refinery at 200,000 to 210,000 bpd of total throughput for the remainder of the year.
In addition, Petroplus expects its earnings to increase after the completion of the second quarter turnaround maintenance of the Cressier refinery in Switzerland and the BRC refinery in Belgium. Mr O’Malley said: Looking forward, with global demand expected to remain strong and insufficient new refining capacity additions, margins should remain strong.
Karyn Ovelmen, Petroplus CFO, concluded: Our balance sheet is strong and our liquidity position is excellent. We are in a solid position to fund our capital program and to pursue additional high-return growth opportunities.
