Q1 2026 S-Oil Corp Earnings Call Transcript
Good morning. This is Kyung-Don Kang, Treasurer of S-Oil. I'd like to extend my gratitude to our investors and analysts in and out of Korea for joining S-Oil's conference call for Q1 2026 earnings results. For today's conference call, we have Ju-Wan Bang, our CFO; and IR team leader, Hyedong Jeong and team members.
First, I will take you through the highlights of Q1 results. In Q1, crude oil prices and refining margins remained strong, driven by the Middle East war. Strong refining margins were offset by opportunity losses resulting from scheduled maintenance in March and implementation of domestic fuel price cap. However, rising crude prices increased inventory-related gains, lifting the company's Q1 operating income to KRW1,231 billion, up significantly both year-on-year and quarter-on-quarter.
Next is the market outlook and the company's response. Despite heightened uncertainty in global crude oil and refined product supply due to the Middle East war, the company maintains stable crude supply and operations through long-term
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