S-Oil Corp reported a 21.6% quarter-on-quarter decline in operating income to KRW965 billion for the second quarter of 2026, as a one-off crude-price benefit from the first quarter largely subsided. Revenue rose 26.8% to KRW11.3 trillion, driven by higher crude prices. The lube segment delivered a record operating income of KRW477.4 billion, up 187%, on record product spreads, while the refining segment fell 49% to KRW532.4 billion and the petrochemical segment swung to a KRW44.8 billion loss. Net income stood at KRW514.6 billion, with inventory-related gains shrinking to KRW113.7 billion from KRW643.4 billion in the prior quarter. The company expects strong refining and lube market conditions to persist, supported by supply disruptions and tight supply-demand, and confirmed its Shaheen project remains on track for commercial operation in early 2027.
S-Oil CorpOperating income fell 21.6% QoQ due to lower inventory gains and weaker refining/petrochemical results, despite record lube margins.
