S-Oil Q1 2026 Operating Profit Surges to KRW 1.2 Trillion, Turns Profitable; Petrochemical Expansion Continues

Consolidated revenue KRW 8.94 trillion (slight decrease YoY), operating profit KRW 1.23 trillion (swing from loss of KRW 21.5 billion in Q1 2025), net profit KRW 721 billion (vs loss)
Dividend guidance for 2025-2026: at least 20% payout of net profit; FY2025 final dividend: common KRW 330, preferred KRW 355
Segment operating profit: Refining KRW 1.04 trillion (vs loss), Lubricants KRW 166.6 billion (up), Petrochemical KRW 25.5 billion (vs loss)
Crude oil import price Q1 2026: USD 91.52/bbl (vs USD 70.38) - surge due to war
Shaheen project (petrochemical expansion) total investment KRW 9.26 trillion, targeting commercial operation in H2 2026; GTG project KRW 263 billion
Derivatives: FX forward gains KRW 151.1 billion, product swap losses KRW 39.5 billion, hedging derivatives OCI loss KRW 2.2 billion
Related party transactions: crude purchases from Saudi Aramco KRW 5.38 trillion, sales to Aramco Trading Singapore KRW 1.39 trillion
Debt-to-equity ratio 201.7% (2025 year-end 198.8%), cash and equivalents KRW 1.57 trillion