EBITDA was minus $10.3 million in the third quarter, compared to positive $1.4 million in the same quarter of 2006.
The third quarter of 2007 results included $4.7 million in expensed seismic and general exploration costs and expenses totaling $4.1 million related to the firm’s liquid natural gas joint venture project.
In the third quarter, the refinery’s gross margin was $2 million on 1.92 million barrels, up by $2.4 million on the gross margin posted in the same quarter of 2006. These operational improvements were offset by losses on derivative contracts and lower foreign exchange gains.
The company’s wholesale and retail distribution business reported gross margin of $6.1 million on sales volumes of 141.9 million liters, an increase of $0.7 million from the third quarter of 2006.
