SPRC Announces Q3 and 9M of 2023 Financial Results

Bangkok – November 8, 2023: Star Petroleum Refining Public Company Limited (SPRC) announced a net profit of US$120 million for Q3/23, marking a significant turnaround from a net loss of US$61 million in the previous quarter. This positive shift was attributed to the improved market refining margin and a stock gain in Q3/23, whereas the prior quarter witnessed a stock loss due to a decline in oil prices amid recession fears.


During the third quarter of 2023, the market refining margin stood at US$8.36/bbl, a notable improvement from the US$1.34/bbl recorded in prior quarter and US$6.00/bbl in Q3/22. This enhancement was mainly from strengthening the middle distillate refined product crack. The utilization rate for crude intake was 139 thousand barrels per day, equivalent to 80% of the refining capacity. This figure, though lower than the prior quarter, was a result of a planned Diesel Hydrotreating Unit (DHTU) shutdown for catalyst replacement to prepare for EURO V compliance and maintenance on the Residual Fluidized Catalytic Cracking Unit (RFCCU).

Mr. Robert Dobrik, CEO and Director of SPRC, highlighted key market factors impacting the oil industry. He noted, “Saudi Arabia and Russia’s production cuts, coupled with refinery maintenance and heightened summer travel demand, boosted oil prices this quarter. However, challenges persist due to economic concerns in China and Europe.”

SPRC’s remains committed to optimizing operations and maintaining healthy margins through the Bottom-Line Improvement Program (BLIP). Moreover, “We’re exploring opportunities for sustainable growth and value creation across the value chain.”

Looking ahead, SPRC maintains confidence in the industry’s recovery. “We foresee a rebound in the global economy and sustained product demands. Our 2025 Turnaround & Inspection (T&I) plan and focus on energy transition are strategic steps toward enhancing sustainability and shareholder value.”, Mr. Dobrik concluded.