Thai Enquirer
BCP post record Q2 profit driven by oil rally, refining margins and SAF
Compiled by KHAO Editorial — aggregated from 1 outlet. See llms.txt for citation guidance.
◌ Single Source
Bangchak Corporation Plc (SET: BCP) reported a strong second quarter, posting a net profit attributable to shareholders of 12.24 billion Baht, almost double the previous quarter and a sharp turnaround from a 2.56-billion Baht loss a year earlier. Revenue rose 46% year-on-year to 183.55 billion Baht, while EBITDA surged to 25.97 billion Baht, reflecting stronger contributions across its refining, upstream, trading and marketing businesses.
Key facts
- Bangchak’s average operating gross refinery margin remained elevated at US$18.41 per barrel, while the company also benefited from a sharp reduction in unrealized hedging losses that weighed on first-quarter earnings
- For the first six months of 2026, Bangchak reported revenue of 326.08 billion Baht and net profit of 18.38 billion Baht.
- The results came amid an unusually favourable operating environment for energy producers
- Crude oil prices and refining margins climbed sharply during the quarter following supply disruptions linked to tensions in the Middle East, boosting profitability for refiners worldwide
- Higher realized oil and gas prices also lifted earnings from its upstream business, while its trading arm expanded crude and petroleum product volumes.
Summary
The results came amid an unusually favourable operating environment for energy producers. Crude oil prices and refining margins climbed sharply during the quarter following supply disruptions linked to tensions in the Middle East, boosting profitability for refiners worldwide.
A major highlight of the quarter was the commercial launch of Thailand’s first standalone Sustainable Aviation Fuel (SAF) production facility. The plant began deliveries in May, operated at an average of 680,000 barrels per day, and sold 39 million litres of SAF during the quarter, contributing EBITDA for the first time and giving Bangchak a new growth engine as demand for low-carbon aviation fuels increases globally.