Star Petroleum Refining Plc (“SPRC”) reported total revenue of US$1,626.7 million and net income of US$228.6 million for the first quarter of 2026.
Compared with the previous quarter, net income increased significantly, driven by an inventory gain (after tax) of US$177.5 million, resulting from the sharp rise in oil prices amid geopolitical tensions in the Middle East.
Excluding inventory gain, adjusted net income was US$51.1 million, reflecting a decrease in performance compared to the previous quarter due to reduced production rates from the refinery shutdown and additional Turnaround and Inspection (T&I) related costs recognized during the quarter.
During the quarter, crude utilization was 63.2%, compared with 92.6% in Q4/2025, primarily due to the planned shutdown for major T&I activities, which were successfully completed as scheduled. The turnaround is expected to support refinery reliability, operational efficiency, and long-term performance.
Due to the conflict in the Middle East, the company’s performance has been significantly affected by volatility in oil prices. During the first quarter, the company recorded substantial stock gains as a result of rising oil prices.
Conversely, the company may be adversely impacted by stock losses when oil prices move in the opposite direction. In addition, significantly higher committed crude premiums and freight costs have directly affected the global oil supply chain and the company’s operational performance.
Herbert Matthew Payne II, SPRC’s CEO and Director said “The company continues to closely monitor the geopolitical situations and market conditions while actively managing inventory, cash flow and financial liquidity to maintain operational resilience and support long-term national energy security for Thailand. We are also allocating profits toward crude oil procurement, operational efficiency, and refinery and product quality upgrades to support long-term performance stability. In addition, we continue to strengthen our integrated platform through margin improvement, safety and reliability, environmental compliance, facility upgrades, and digitalization.”
“Going forward, as a business operating in an inherently cyclical industry, SPRC remains committed to prudent financial and operational management across market cycles to optimize shareholder returns while ensuring a sufficient and reliable fuel supply to support domestic demand and national energy security”, concluded Mr Matthew.
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