• Resources
  • Blog
  • Journalists
  • +44 (0)20 7454 5110
  • Data Privacy
  • Sign Up
  • Send a Release
Cision PR Newswire UK provides press release distribution, targeting, monitoring, and marketing services
  • News
  • Products
    • Overview
    • Content Distribution
    • Multimedia Services
    • Disclosure Services
    • Cision Communications Cloud®
  • Contact
    • General Enquiries
    • Media Enquiries
    • Partnerships
    • Worldwide Offices

Searching for your content...

No results found. Please change your search terms and try again.
  • News in Focus
      • Browse News Releases
      • All Public Company News
      • All Multimedia News


      • View All News Releases
      • Regulatory News
      • D/A/CH Regulatory News
      • UK Regulatory News


      • View All Regulatory News
  • Business & Money
      • Auto & Transportation
      • Aerospace & Defense
      • Air Freight
      • Airlines & Aviation
      • Automotive
      • Maritime & Shipbuilding
      • Railroads & Intermodal Transportation
      • Supply Chain/Logistics
      • Transportation, Trucking & Railroad
      • Travel
      • Trucking & Road Transportation


      • View All Auto & Transportation
      • Business Technology
      • Blockchain
      • Broadcast Tech
      • Computer & Electronics
      • Computer Hardware
      • Computer Software
      • Data Analytics
      • Electronic Commerce
      • Electronic Components
      • Electronic Design Automation
      • Financial Technology
      • High Tech Security
      • Internet Technology
      • Nanotechnology
      • Networks
      • Peripherals
      • Semiconductors


      • View All Business Technology
      • Entertain­ment & Media
      • Advertising
      • Art
      • Books
      • Entertainment
      • Film & Motion Picture
      • Magazines
      • Music
      • Publishing & Information Services
      • Radio & Podcast
      • Television


      • View All Entertain­ment & Media
      • Financial Services & Investing
      • Accounting News & Issues
      • Acquisitions, Mergers & Takeovers
      • Banking & Financial Services
      • Bankruptcy
      • Bond & Stock Ratings
      • Conference Call Announcements
      • Contracts
      • Cryptocurrency
      • Dividends
      • Earnings
      • Earnings Forecasts & Projections
      • Financing Agreements
      • Insurance
      • Investments Opinions
      • Joint Ventures
      • Mutual Funds
      • Private Placement
      • Real Estate
      • Restructuring & Recapitalisation
      • Sales Reports
      • Shareholder Activism
      • Stock Offering
      • Stock Split
      • Venture Capital


      • View All Financial Services & Investing
      • General Business
      • Awards
      • Commercial Real Estate
      • Corporate Expansion
      • Earnings
      • Human Resource & Workforce Management
      • Licensing
      • New Products & Services
      • Obituaries
      • Outsourcing Businesses
      • Overseas Real Estate (non-US)
      • Personnel Announcements
      • Real Estate Transactions
      • Residential Real Estate
      • Small Business Services
      • Socially Responsible Investing
      • Surveys, Polls & Research
      • Trade Show News


      • View All General Business
  • Science & Tech
      • Consumer Technology
      • Artificial Intelligence
      • Blockchain
      • Cloud Computing/Internet of Things
      • Computer Electronics
      • Computer Hardware
      • Computer Software
      • Consumer Electronics
      • Cryptocurrency
      • Data Analytics
      • Electronic Commerce
      • Electronic Gaming
      • Financial Technology
      • Mobile Entertainment
      • Multimedia & Internet
      • Peripherals
      • Social Media
      • STEM (Science, Tech, Engineering, Math)
      • Supply Chain/Logistics
      • Wireless Communications


      • View All Consumer Technology
      • Energy & Natural Resources
      • Alternative Energies
      • Chemical
      • Electrical Utilities
      • Gas
      • General Manufacturing
      • Mining
      • Mining & Metals
      • Oil & Energy
      • Oil & Gas Discoveries
      • Utilities
      • Water Utilities


      • View All Energy & Natural Resources
      • Environ­ment
      • Conservation & Recycling
      • Environmental Issues
      • Environmental Policy
      • Environmental Products & Services
      • Green Technology
      • Natural Disasters


      • View All Environ­ment
      • Heavy Industry & Manufacturing
      • Aerospace & Defence
      • Agriculture
      • Chemical
      • Construction & Building
      • General Manufacturing
      • HVAC (Heating, Ventilation & Air-Conditioning)
      • Machinery
      • Machine Tools, Metalworking & Metallurgy
      • Mining
      • Mining & Metals
      • Paper, Forest Products & Containers
      • Precious Metals
      • Textiles
      • Tobacco


      • View All Heavy Industry & Manufacturing
      • Telecomm­unications
      • Carriers & Services
      • Mobile Entertainment
      • Networks
      • Peripherals
      • Telecommunications Equipment
      • Telecommunications Industry
      • VoIP (Voice over Internet Protocol)
      • Wireless Communications


      • View All Telecomm­unications
  • Lifestyle & Health
      • Consumer Products & Retail
      • Animals & Pets
      • Beers, Wines & Spirits
      • Beverages
      • Bridal Services
      • Cannabis
      • Cosmetics & Personal Care
      • Fashion
      • Food & Beverages
      • Furniture & Furnishings
      • Home Improvement
      • Household, Consumer & Cosmetics
      • Household Products
      • Jewellery
      • Non-Alcoholic Beverages
      • Office Products
      • Organic Food
      • Product Recalls
      • Restaurants
      • Retail
      • Supermarkets
      • Toys


      • View All Consumer Products & Retail
      • Entertain­ment & Media
      • Advertising
      • Art
      • Books
      • Entertainment
      • Film & Motion Picture
      • Magazines
      • Music
      • Publishing & Information Services
      • Radio & Podcast
      • Television


      • View All Entertain­ment & Media
      • Health
      • Biometrics
      • Biotechnology
      • Clinical Trials & Medical Discoveries
      • Dentistry
      • FDA Approval
      • Fitness/Wellness
      • Health Care & Hospitals
      • Health Insurance
      • Infection Control
      • International Medical Approval
      • Medical Equipment
      • Medical Pharmaceuticals
      • Mental Health
      • Pharmaceuticals
      • Supplementary Medicine


      • View All Health
      • Sports
      • General Sports
      • Outdoors, Camping & Hiking
      • Sporting Events
      • Sports Equipment & Accessories


      • View All Sports
      • Travel
      • Amusement Parks & Tourist Attractions
      • Gambling & Casinos
      • Hotels & Resorts
      • Leisure & Tourism
      • Outdoors, Camping & Hiking
      • Passenger Aviation
      • Travel Industry


      • View All Travel
  • Policy & Public Interest
      • Policy & Public Interest
      • Animal Welfare
      • Corporate Social Responsibility
      • Economic News, Trends & Analysis
      • Education
      • Environmental
      • European Government
      • Labour & Union
      • Natural Disasters
      • Not For Profit
      • Public Safety


      • View All Policy & Public Interest
  • People & Culture
      • People & Culture
      • Aboriginal, First Nations & Native American
      • African American
      • Asian American
      • Children
      • Hispanic
      • Lesbian, Gay & Bisexual
      • Men's Interest
      • People with Disabilities
      • Religion
      • Senior Citizens
      • Veterans
      • Women


      • View All People & Culture
  • Overview
  • Content Distribution
  • Multimedia Services
  • Disclosure Services
  • Cision Communications Cloud®
  • General Enquiries
  • Media Enquiries
  • Partnerships
  • Worldwide Offices
  • Cision PR Newswire UK provides press release distribution, targeting, monitoring, and marketing services
  • Send a Release
    • Phone

    • +44 (0)20 7454 5110 from 8 AM - 5:30 PM GMT

    • ALL CONTACT INFO

      Contact Us

      +44 (0)20 7454 5110
      from 8 AM - 5:30 PM GMT

  • Log In
  • Sign Up
  • Resources
  • Blog
  • Journalists
  • GDPR
  • News in Focus
    • Browse News Releases
    • Regulatory News
    • Send a Release
    • Sign Up
    • Log In
    • Resources
    • Blog
    • Journalists
    • RSS
    • GDPR
  • Business & Money
    • Auto & Transportation
    • Business Technology
    • Entertain­ment & Media
    • Financial Services & Investing
    • General Business
    • Send a Release
    • Sign Up
    • Log In
    • Resources
    • Blog
    • Journalists
    • RSS
    • GDPR
  • Science & Tech
    • Consumer Technology
    • Energy & Natural Resources
    • Environ­ment
    • Heavy Industry & Manufacturing
    • Telecomm­unications
    • Send a Release
    • Sign Up
    • Log In
    • Resources
    • Blog
    • Journalists
    • RSS
    • GDPR
  • Lifestyle & Health
    • Consumer Products & Retail
    • Entertain­ment & Media
    • Health
    • Sports
    • Travel
    • Send a Release
    • Sign Up
    • Log In
    • Resources
    • Blog
    • Journalists
    • RSS
    • GDPR
  • Policy & Public Interest
    • Policy & Public Interest
    • Send a Release
    • Sign Up
    • Log In
    • Resources
    • Blog
    • Journalists
    • RSS
    • GDPR
  • People & Culture
    • People & Culture
    • Send a Release
    • Sign Up
    • Log In
    • Resources
    • Blog
    • Journalists
    • RSS
    • GDPR
  • Log In
  • Sign Up
  • Resources
  • Blog
  • Journalists
  • GDPR
  • Overview
  • Content Distribution
  • Multimedia Services
  • Disclosure Services
  • Cision Communications Cloud®
  • Log In
  • Sign Up
  • Resources
  • Blog
  • Journalists
  • GDPR
  • General Enquiries
  • Media Enquiries
  • Partnerships
  • Worldwide Offices
  • Log In
  • Sign Up
  • Resources
  • Blog
  • Journalists
  • GDPR

Oil Refineries Announces Results For Second Quarter And First Half 2014


News provided by

Oil Refineries Ltd.

21 Aug, 2014, 08:11 BST

Share this article


HAIFA, Israel, Aug. 21, 2014 /PRNewswire/ -- Oil Refineries Ltd. (TASE: ORL.TA) (hereinafter "the Company," "ORL" or "BAZAN"), Israel's largest integrated refining and petrochemical group, announced its financial results for the second quarter and first half 2014.

The Company will be hosting its earnings call today, August 21, 2014. The conference call will take place at 13:30 UK (08:30 ET, 15:30 Israel time). On the call, management will review and discuss the financial results and will be available to answer questions. To participate, please call one of the following teleconferencing numbers:

US Dial-in Numbers:

1-888-407-2553

UK Dial-in Number:

0-800-917-9141

Israel Dial-in Number:

03-918-0685

International Dial-in Number:

+972-3-918-0685

The conference call will be accompanied by a presentation available for download from the Company's website, www.orl.co.il, under investor relations.

SECOND QUARTER 2014 HIGHLIGHTS

  • Net profit for the quarter totaled $4 million
  • The Cash Flow from operating activities was $232 million
  • Adjusted EBITDA totaled $95 million
  • The operating income totaled $60 million
  • The adjusted refining margin totaled $5.6 per barrel, as compared with the average Reuter's quoted Mediterranean Ural Cracking Margin of $0.4 per barrel.

Mr. Arik Yaari, CEO: "The business environment in which the company operates was challenging in the second quarter. Despite this, the company continued the improvement trend.  This is due mainly to better refining margins despite the weak market, polymers contribution, the efficiency program generating the rewards promised and higher utilization of our production units. We continue to pursue the fullest realization of our operating and commercial capabilities in order to strengthen the company in any business environment. Recently refining margins have increased and if this trend continues, we expect that it will also have a positive impact on the future financial results. "

Mr. Israel Lederberg, CFO: "We believe that the improvement in the second quarter  financial results, our better liquidity, strong cash flow and the recent increase in refining margins should strengthen the confidence of the capital market. As we announced previously, we intend to raise new debt to replace old, with a view to improving the company's debt structure, while extending the duration and further improving liquidity. This is also expected to improve the company's longer term financial flexibility. "

SECOND QUARTER AND FIRST HALF 2014 RESULTS

  • The second quarter was characterized by challenging benchmark refining margins, which affect the main area of operation for the Company. The average Reuter's quoted Mediterranean Ural Cracking Margin in the second quarter was just $0.4 per barrel compared with $2.5 per barrel in same period of 2013. Despite the lower benchmark margin, ORL's own adjusted refining margin totaled $5.6 per barrel compared with $4.2 per barrel in same period of 2013.
    The average Reuter's quoted Mediterranean Ural Cracking Margin in the first half was $0.4 per barrel compared with $2.6 per barrel in same period of 2013. ORL's own adjusted refining margin in the first half was $5.3 per barrel compared with $4.2 per barrel in same period of 2013.
  • Revenues for second quarter totaled $2.5 billion, similar to the same quarter last year. Revenues in the first half totaled $4.7 billion compared with $4.8 billion in the same period last year.
  • Adjusted Operating Income across all sectors totaled $60 million in the second quarter compared with $16 million in the same quarter last year.
    Adjusted Operating Income across all sectors totaled $96 million in the first half compared with $69 million in the same period last year
  • Adjusted EBITDA totaled $95 million in the second quarter compared with $54 million in the same quarter last year
    Adjusted EBITDA totaled $166 million in the first half compared with $143 million in the same period last year
  • In the second quarter of 2014 the company repaid long-term financial liabilities to banks and bondholders totaling $149 million, and $209 million from the beginning of the year.

RESULTS ACCORDING TO SECTORS:

Refining

  • The Company continues to generate higher refining margins than the benchmark average due to the Company's upgraded refining capabilities and logistical position. The transition to natural gas and the contribution of the hydrocracker, since the first quarter of 2013, enabled the Company to demonstrate ongoing higher refining margins, reducing the impact of the benchmark margins which are at historically low levels.  
  • In the second quarter the adjusted refining margin averaged $5.6 per barrel, as compared with the average Reuter's quoted Mediterranean Ural Cracking Margin of $0.4 per barrel.
    In the first half the adjusted refining margin averaged $5.3 per barrel, as compared with the average Reuter's quoted Mediterranean Ural Cracking Margin of $0.4 per barrel.

Petrochemicals
The improvement in the Company's polymers results over the last quarter can be attributed to improved polymer spreads over Naphtha and the Company's transition to natural gas.

During the second quarter there was a decrease in Gadiv's aromatics output, mainly due to a partial stoppage after a fire in a furnace. The repair is underway and the company is working with its insurers for compensation for damages arising.

Adjusted EBITDA according to sectors ($ millions)


Q2 2014

Q2 2013

Difference

Refining

57

28

29

Polymers (CAOL)

36

26

10

Aromatics (Gadiv)

3

5

(2)

Lube-Oils (HBO)

-

(1)

1

Trade

-

(1)

1

Consolidation

(1)

(3)

2

Total

95

54

41


H1 2014

H1 2013

Difference

Refining

93

91

2

Polymers (CAOL)

60

39

21

Aromatics (Gadiv)

8

14

(6)

Lube-Oils (HBO)

-

(2)

2

Trade

2

(2)

4

Consolidation

3

3

-

Total

166

143

23

Environmental & Social Responsibility
Maintaining social and environmental compliance, while building on our good relations with the relevant authorities, is a strategic goal for ORL. In the Company's facilities there are numerous environmental projects, including the transition to Natural Gas which has significantly reduced the Company's emissions

About Oil Refineries Ltd.
Oil Refineries Ltd. (ORL), located in the bay area of the city of Haifa, operates Israel's largest integrated refining and petrochemical group. It is one of the leading refineries and petrochemical complexes in the Eastern Mediterranean area. ORL runs sophisticated and state-of-the-art industrial facilities with a refining capacity of 9.8 million tons of crude oil per year and a Nelson Complexity Index of 9, providing a variety of quality products used in industrial operations, transportation, private consumption, agriculture and infrastructure. Besides production of fuels, the company produces in its wholly owned subsidiaries a range of Polymers (through Carmel Olefins Ltd), Aromatics (through Gadiv Petrochemical Industries Ltd), and Lubricant base oils (through Haifa Basic Oils Ltd). The Company's shares are listed on the Tel Aviv Stock Exchange under the ticker symbol ORL. For additional information please visit www.orl.co.il.

ORL is controlled by the Israel Corporation Ltd. and Israel Petrochemical Enterprises Ltd., both public companies whose shares are traded on the Tel Aviv Stock Exchange.

The above release includes forward-looking statements based on Company data, as well as Company plans and estimations based on this data. The activity, results and other data may be substantially different in reality given uncertainty and various risks, including those discussed under risk factors in the Company's financial statements and Director's report

Company Contact:

Investor Relations Contact:

Rony Solonicof

Jonathan Eilat

Chief Economist and Head of

The Investor

Investor Relations

Tel. 972 54268 1977

Tel. 972 4 878 8152

Contact john@theinvestor.co.il

Contact IREn@orl.co.il


SOURCE Oil Refineries Ltd.

Modal title

    Contact PR Newswire

  • +44 (0)20 7454 5110
    from 8 AM - 5:30 PM GMT

    • General Enquiries
    • Media Enquiries
    • Partnerships
    • Worldwide Offices

    Products

  • Content Distribution
  • Multimedia Services
  • Disclosure Services
  • Cision Communications Cloud®

    About

  • About PR Newswire
  • About Cision
  • Partnering Opportunities
  • Careers

    • Asia
    • Brazil
    • Canada
    • Czech
    • Denmark
    • Finland
    • France
    • Germany
    • India
    • Israel
    • Mexico
    • Middle East
    • Netherlands
    • Norway
    • Poland
    • Portugal
    • Russia
    • Slovakia
    • Spain
    • Sweden
    • United States

    My Services

  • All News Releases
  • Customer Portal
  • Resources
  • Blog
  • Journalists

Contact PR Newswire


Products


About


My Services
  • All News Releases
  • Customer Portal
  • Resources
  • Blog
  • Journalists
+44 (0)20 7454 5110
from 8 AM - 5:30 PM GMT
  • Terms of Use
  • Privacy Policy
  • Information Security Policy
  • Site Map
  • RSS
  • Cookie Settings
Copyright © 2021 PR Newswire Europe Limited. All Rights Reserved. A Cision company.