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Esso Thailand reports Q2 loss as refining margins sink

Esso (Thailand) PCL on Aug. 13 reported a second-quarter loss of 927 million Thai baht, down significantly from the second-quarter profit of 2.87 billion baht noted during the same period in 2018.

The subsidiary of oil major Exxon Mobil Corp. reported second-quarter sales revenue of 45.75 billion baht, dropping from the 50.48 billion baht posted during the corresponding period a year ago.

The company's crude intake totaled 135,000 barrels per day in the second quarter, compared to the 145,000 bbl/d seen during the same quarter in 2018.

The firm's gross refining margin sank to US$1.30 per barrel during the quarter, compared to US$12.70/bbl posted a year prior.

As of Aug. 12, US$1 was equivalent to 30.86 Thai baht.