Star Petroleum Refining (SPRC) Q3 2024 earnings summary

Executive summary

• Q3 2024 saw a significant decline in EBITDA and net profit, primarily due to stock losses from a sharp drop in oil prices, despite ongoing optimization efforts and integration benefits.

• Integration of the Caltex-branded fuels marketing business and expansion of the retail network contributed to value creation and operational synergies.

• Operational availability remained high at 99.8%, and enterprise margin was $5.14/bbl for the quarter.

• Retail segment saw 18% year-on-year same-store sales growth, despite weather-related challenges.

• Reported a net loss of $24.0 million for Q2 2025, reversing a profit of $9.3 million in Q2 2024.

Financial highlights

• Q3 2024 consolidated EBITDA was $(51.9)MM, down from $39.1MM in Q2 2024 and $177.6MM in Q3 2023.

• Net loss for Q3 2024 was $(64.3)MM, compared to $9.3MM profit in Q2 2024 and $120.2MM profit in Q3 2023.

• Year-to-date consolidated EBITDA was $152.9MM, and net profit was $55.2MM.

• Q2 2025 revenue was $1.89 billion, up from $1.59 billion in Q2 2024.

• Refinery EBITDA for Q3 was a loss of $50 million; nine-month EBITDA was a profit of $137 million.

Outlook and guidance

• Expecting higher utilization rates in Q4 as margins improve, potentially exceeding 95% if crack spreads remain strong.

• Focus on maximizing refinery value during 2026 turnaround by processing lighter crude and upgrading heavy products.

• Exploring bio and circular business opportunities and integration with petrochemical partners.

• Continued investment in scaling up retail networks and enhancing non-fuel retail offerings.

• No major capital projects planned before the 2026 turnaround; focus on low-cost, high-return investments.