For the quarter ended March 31, 2008, refining and marketing EBITDA was approximately $207 million. The first quarter 2008 refining and marketing EBITDA reflects a full quarter of operations for the company’s five refineries.
The company reported revenues of $5.42 billion for the first quarter of 2008, compared to $1.71 billion for the same period of 2007.
Robert Lavinia, CEO of Petroplus, said: This was a very difficult market for refining companies. Refined clean product margins were compressed during most of the first quarter, as the cost of crude oil increased more rapidly than refined product prices.
During the first quarter, we had the immediate impact of the higher cost of fuel consumed in production without a correlating uplift in clean product cracks. Further, there was the overall weakness in the gasoline crack and a weakening US dollar.
