The company said revenues for Q2 2024 fell by $19 million, while cost of sales rose by $1.5 billion, and operating income dropped to $1.2 billion from $2.8 billion, a decrease of $1.5 billion. It cited higher crude oil and other feedstock costs as the reason for the increase in cost of sales.

1. 01

   The company said revenues for Q2 2024 fell by $19 million, while cost of sales rose by $1.5 billion, and operating income dropped to $1.2 billion from $2.8 billion, a decrease of $1.5 billion. It cited higher crude oil and other feedstock costs as the reason for the increase in cost of sales.

2. 02

   The company said Refining segment margin for Q2 2024 fell by $1.2 billion. It cited the unfavorable impact of lower gasoline margins of approximately $684 million, a narrowing of crude oil differentials of approximately $235 million, and lower distillate margins, mainly diesel, of approximately $195 million.

3. 03

   The company said revenues for the first six months of 2024 fell by $4.7 billion, and cost of sales decreased by $833 million. Operating income fell to $2.9 billion from $6.8 billion, a decrease of $3.9 billion. It cited lower product prices for the petroleum-based transportation fuels sold by its Refining segment as the reason for the revenue decline.

4. 04

   The company said it generated $4.3 billion of cash from operating activities in the first six months of 2024. It said it used that cash, together with $3.1 billion of borrowings, for business investments of $1.0 billion, debt and finance lease repayments of $3.6 billion, and shareholder returns through share repurchases and dividends totaling $2.8 billion.

Key figures

Quarter ended June 30, 2024

Revenue

$34.5B

Operating income

$1.2B

Net income

$880M

EPS

$2.71

Analysis scope · Management's discussion (MD&A)We analyzed excerpts of the Management's Discussion and Analysis (MD&A) section (with omissions). Other sections of the report, such as the notes to the financial statements and risk factors, were not reviewed.

AI summarized the filing and translated the summary into English; it may differ from the original. For reference only, not investment advice. AI translated the published Korean report into English. Figures are copied as filed, not recalculated.

Original filing

The filing as submitted to SEC EDGAR. You can check the figures and statements of this summary against it.