Latest news with #oilcompany
Yahoo
5 days ago
- Business
- Yahoo
Parkland's US operating profit plummets as Sunoco sale nears completion
This story was originally published on C-Store Dive. To receive daily news and insights, subscribe to our free daily C-Store Dive newsletter. Dive Brief: Parkland Corp.'s adjusted EBITDA in the U.S. during Q2 fell by about 45% compared to the same period last year, continuing a difficult past few quarters in the states for the Canadian retailer, according to the company's earnings report released on Tuesday. Parkland's U.S. segment delivered an adjusted EBITDA of $26 million during the second quarter compared to the $47 million it garnered in Q2 2024, according to the report. Parkland said that the decrease was 'primarily due to ongoing macroeconomic pressures.' The losses come as Parkland — which has 660 c-stores in the U.S. and operates 190 of them directly — nears the estimated Q4 closing of its $9.1 billion sale to oil company Sunoco. Dive Insight: Although Parkland's EBITDA in Canada grew by about $22 million compared to this time last year, it's no surprise that the company's U.S. operating profit continues to plummet given its years of underperformance in the states. Since early 2023, Parkland has made hundreds of staff cuts to its U.S. segment and even explored a sale of its Florida business as operations struggled prior to the Sunoco agreement. The company's full-year revenue in the U.S. fell from $186 million in 2023 to $168 million in 2024, which leadership pinned on unfavorable market conditions causing declines in retail and commercial fuel volumes. Parkland's latest decline marks the third straight quarter in which its adjusted EBITDA in the U.S. has dropped. In Tuesday's report, Parkland said its struggles in the U.S. were 'driven by macroeconomic pressures continuing to impact fuel and convenience demand in line with broader industry trends,' as well as regulatory developments that hindered its ability to optimize its supply opportunities. Despite the struggles, Texas-based Sunoco is 'even more confident' in Parkland's business now than in May when it agreed to acquire the Canadian retailer, President and CEO Joseph Kim said during Sunoco's earnings call on Wednesday. Kim said that Sunoco is 'working diligently' on getting final approvals to close the deal. 'Combining the two companies will be a win for equity holders, debt holders, employees, as well as the countries we operate in,' Kim said. 'As the process plays out, we'll provide more specific details, but for now, we can tell you that we're highly confident that we will deliver double digit accretion while maintaining a strong balance sheet.' Given fuel was the main driver of the acquisition, Sunoco has offered few details on what it intends to do with Parkland's convenience store network once the deal closes. When asked during the call what Sunoco's M&A priorities will be when that happens, Kim again offered few details but added that Sunoco will prioritize integrating Parkland's assets into its network. 'After that, we'll assess the market and see what the market opportunities are,' Kim said. Recommended Reading 3 questions about Parkland's sale to Sunoco Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
The National
05-08-2025
- Business
- The National
Saudi Aramco posts 10th consecutive quarter decline in profit
Saudi Aramco, the world's top oil-exporting company, has reported a 22 per cent fall in its second-quarter profit in its 10th quarter decline as lower oil prices outweigh the impact of higher production. Net profit in the three months ended June fell to 85.02 billion Saudi riyals ($22.6 billion), from $109.01 billion, the company said on Tuesday in a filing to the Tadawul stock exchange, where its shares trade. That marked a 10th consecutive quarter of decline in profit. Revenue for the period decreased 11 per cent year-on-year to 378.8 billion riyals, down from 425.7 billion riyals in the same period last year, on lower crude oil prices and lower refined and chemical products prices, it said. "Market fundamentals remain strong and we anticipate oil demand in the second half of 2025 to be more than two million barrels per day higher than the first half. Our long-term strategy is consistent with our belief that hydrocarbons will continue to play a vital role in global energy and chemicals markets," said Aramco president and chief executive Amin Nasser. "We continue to invest in various initiatives, such as new energies and digital innovation with a focus on AI – aiming to leverage our scale, low cost, and technological advancements for long-term success.'
Wall Street Journal
05-08-2025
- Business
- Wall Street Journal
Saudi Aramco's Net Profit Hurt by Lower Oil Prices; Declares $21 Billion Dividend
Saudi Arabia's national oil company's second-quarter net profit was hurt by falling oil prices and higher operating costs, but the oil major said it would deliver more than $21 billion in dividends over the third quarter. Saudi Arabian Oil Co., known as Aramco, said net profit fell to $22.67 billion from $26.01 billion in the prior quarter.
Reuters
05-08-2025
- Business
- Reuters
Saudi Aramco second-quarter net profit drops 22% on lower revenues
DUBAI, Aug 5 (Reuters) - Saudi Arabian oil company Aramco reported a 22% drop in second-quarter profit on Tuesday, mainly due to lower revenue. The world's top oil exporter reported a net profit of $22.7 billion in the three months ended June 30, missing a company-provided median estimate from 17 analysts of $23.7 billion.
Reuters
09-05-2025
- Business
- Reuters
Mexico's Pemex hopes to return to capital markets when conditions permit, minister says
MEXICO CITY, May 9 (Reuters) - Mexican Finance Minister Edgar Amador said on Friday that state oil company Pemex hopes to return to capital markets for financing in the medium term, when conditions are favorable. Pemex has a financial debt of $101 billion and has not turned directly to the markets to raise funds in several years due to the high costs it faces. "We have to have a conversation with the market, with investors, eventually, in the medium term - not at this moment. Right now, the conditions are not ideal for that to happen," Amador said in an interview with Bloomberg Linea. "What we have to do is create those conditions so that the company can turn to capital markets," he added. When asked if the option of going to those markets was off the table, he responded: "That is the aspiration." Mexico's finance minister sits on Pemex's board of directors.
