SPRC Announces Operating Result for Q2/2019 and Interim Dividend Payment of Baht 0.1202 per share for 1H/2019
07 August 2019

     Bangkok - August 07, 2019: Mr. Timothy A. Potter, CEO and Director of Star Petroleum Refining Public Company Limited (“SPRC”), announced the company’s financial and operational results for Q2/2019. The total revenue for this quarter was US$ 1,553 million (Baht 49,332 million), a slight increase from Q1/2019.  Net earnings for Q2/2019 were a loss of US$ 19 million (Baht 599 million), impacted from lower refining margins and expenses associated with preparing for the planned refinery turnaround and capacity increase project in Q4/2019.

     For its operating performance in Q2/2019, SPRC achieved 99.8% Operational Availability (OA) and 85.1% of Utilization of Equivalent Distillation Capacity (UEDC).  The decrease in refinery utilization was due to optimizing refinery run rates to reflect the low refining margins in the market, maximizing earnings where possible.  Safety and Reliability performance remained strong and we surpassed 20.2 million man-hours without days away from work injury, or over six years of safe work.

    Mr. Timothy A. Potter emphasized planning and preparations for the scheduled November 1, 2019 refinery shut down for Inspections, Reliability Enhancements, and Capacity Increase Project which will add 10,000 barrels per day of production, are proceeding well and on schedule.  These reliability enhancements and the Capacity Increase Project will further strengthen SPRC and position us well for the future.  The refinery will be shut down for a period of 45 days (+/- 5 days).  SPRC has the plans and actions in place to ensure no supply disruption to its customers and oil demand in Thailand.

     Today, SPRC Board of Directors approved the interim cash dividend of Baht 0.1202 per share.  This represents the dividend payout ratio of 50% for the net income of 1H/2019.  The record date is on 22 August 2019 and the dividend is scheduled to be paid to shareholders on 6 September 2019.