• Star Petroleum Refining published its MD&A for Q1/2026, showing refinery run rates fell during a planned major turnaround, then returned to stable levels once work was completed.
• Net income rose to USD 228.6 million on EBITDA of USD 311.9 million, helped by a sharp improvement in enterprise margin as refined product prices rose faster than crude costs tied to earlier, lower-priced procurement.
• Results included an inventory gain, net of tax, of USD 177.5 million, tied to Dubai crude averaging USD 86.9/bbl versus USD 63.8/bbl in Q4/2025, with management flagging inventory valuation risk if crude prices fall as Middle East tensions ease.
• Commercial performance improved on stronger margins, supported by higher retail and aviation sales volumes.
• Management highlighted continued exposure to oil price volatility, crack-spread swings, freight and risk-premium costs, with storage nearing capacity in a softer demand backdrop that could pressure run rates, working capital, and receivables.

Disclaimer: This news brief was created by Public Technologies (PUBT) using generative artificial intelligence. While PUBT strives to provide accurate and timely information, this AI-generated content is for informational purposes only and should not be interpreted as financial, investment, or legal advice. Star Petroleum Refining pcl published the original content used to generate this news brief on May 14, 2026, and is solely responsible for the information contained therein.