Mon, Mar. 7, 9:16 AM
Mon, Mar. 7, 8:23 AM
- Sasol (NYSE:SSL) says it will move ahead at a slower pace with its $8.9B chemicals plant planned for Lake Charles, La., because of the slump in oil and chemical prices.
- SSL says the operation of “some smaller derivative units” at the plant that will convert ethane into plastics and other products will start in 2019, after previously expecting to complete the facilities by 2018, and says a review of the project’s schedule and cost probably will be completed in the middle of the year.
- The South African company reports a profit of 7.31B rand (~$475M) for H1 of its fiscal year, down 63% Y/Y, as it continued to cut costs in response to lower crude prices, while EPS fell 24% to 24.28 rand, in line with expectations.
- SSL says it is raising its cost-cutting plan to 65B-75B rand from an earlier outlook for 30B-50B rand, as it delays its ethane cracker in Louisiana, cuts back drilling in Canada, and shifts its early focus on gas rather than both oil and gas at the same time at its big expansion in Mozambique.
Tue, Jan. 26, 9:22 AM
Dec. 11, 2015, 10:57 AM
- Sasol (SSL -4.4%) names Bongani Nqwababa and Stephen Cornell as joint CEOs, effective at the beginning of its next financial year on July 1, 2016.
- Nqwababa is SSL's current CFO, and Cornell is executive VP for international operations.
- The selection follows the announcement in June that President and CEO David Constable would not extend his contract beyond June 30, 2016.
Dec. 10, 2015, 9:14 AM
Oct. 28, 2015, 6:26 PM
- Mozambique’s government awards six licenses to search for oil and gas, including three licenses for offshore blocks to Exxon Mobil (NYSE:XOM) in partnership with Rosneft (OTC:RNFTF), and one to a consortium led by Eni (NYSE:E) that includes Sasol (NYSE:SSL) and Statoil (NYSE:STO), Bloomberg reports.
- The government says the proposed exploration programs have the potential for investments of up to $700M, with the opening of a minimum of 10 wells.
- Mozambique hopes to attract investments to exploit huge gas finds in the offshore northern Rovuma basin that could help turn the country into the world’s third-biggest liquefied natural gas exporter in a decade.
Sep. 28, 2015, 12:58 PM
- Huntsman (HUN -23.8%) plunges by nearly 25% following an earnings warning from the company after Friday's market close that lower titanium dioxide pricing, currency headwinds, soft demand in Asia, lower oil prices and a delay in benefits from lower raw material prices will negatively impact Q3 earnings.
- HUN says it also sees lower margins for methyl tertiary butyl ether due to lower oil prices and forecast continued lower MDI urethane component product margins in the Asia Pacific region.
- CEO Peter Huntsman says he is "optimistic about the future" despite the short-term headwinds, and that the company anticipates Q4 adjusted EBITDA similar to Q3 at ~$300M, similar to last year's level; HUN also remains committed to a separation of the pigments and additives business by year-end 2016 or sooner.
- Other chemical companies also are lower: DOW -2.7%, DD -1.7%, EMN -4%, ASH -4.3%, CC -7.6%, KRO -1%, SHLM -3.1%, LYB -4.1%, SSL -4%, OTCQX:BASFY -1.3%.
Sep. 24, 2015, 12:54 PM
- Even as it cuts costs and slashes jobs like its global energy peers, Sasol (SSL -0.2%) is forging ahead with its largest ever project: an $8.9B investment in a U.S. gas processing facility that can produce 1.55M metric tons of ethylene.
- It is a major bet on the U.S. shale gas revolution, and "a defining moment because it’s diversifying the company, both in terms of chemicals... and geographically,” CEO David Constable tells Financial Times.
- Although SSL has an international presence, it relies on the South African market for more than 80% of its profits, but Constable estimates that 30% of the company's profits will come from Louisiana by the end of the decade if the cracker starts operating in 2018 as planned.
Sep. 8, 2015, 9:17 AM
- Sasol (NYSE:SSL) reports a profit of 29.7B South African rand ($2.14B) for FY 2015 ended June 30, up 0.5% Y/Y, on 8.6% lower revenue of 185.3B rand, in line with expectations, as the company cut costs to cope with lower crude oil prices.
- Average Brent crude oil prices fell 33% from the prior year, but the decrease was partially offset by a 10% weaker average U.S. dollar-to-rand exchange rate over the same period; “as the rand weakens, every $0.10 adds 650M rand to our bottom line,” says CEO David Constable.
- The CEO says the company will conserve 30B-50B rand between Jan. 1, 2015 and June 30, 2017, with 8.9B rand conserved in the first six months of this year, which means pulling back on capital projects in addition to buyouts and early retirements; “I think [the moves] will put us in pretty good shape to weather the storm here.”
Sep. 1, 2015, 11:59 AM
- Sasol (SSL -3.5%) is looking for contractors to help it become the first commercial oil producer in Mozambique and to extend a gas pipeline that will increase exports to neighboring South Africa.
- SSL, which has produced gas in Mozambique since 2004, proposes building a pipeline across the provinces of Gaza and Inhambane that will feed into supplies to its plants over the border; the planned oil plant would have capacity to produce as much as 15K bbl/day, along with gas and liquid petroleum gas.
- SSL says it will disclose more details once Mozambican authorities approve its field development plan, and it also will offer an update on its projects when it announces full-year results on Sept. 7.
Aug. 7, 2015, 9:01 AM
- Sasol (NYSE:SSL) +3% in London trading after the South African petrochemicals company said its earnings slump will not be as severe as analysts have predicted.
- The world's top producer of motor fuels from coal says in a trading update that adjusted EPS could fall by up to 19%, or 11.43 South African rand ($0.90), when it reports full-year results on Sept. 7, which would equate to EPS of 48.73 rand vs. the 42.51 consensus forecast.
- Citigroup says it views SSL's update as "solid guidance in a challenging pricing environment; reflecting strong operational delivery."
Jul. 1, 2015, 2:59 PM
- Seventeen oil companies, including South African petrochemical company Sasol (NYSE:SSL) and U.K.'s Tullow Oil (OTCPK:TUWLF, OTCPK:TUWOY), have been selected by Uganda's government to bid for six exploration blocks in the country’s first competitive oil bidding program.
- The contracts for the blocks will be awarded this year, with the companies going forward from the second round to be announced in August.
- The blocks on offer lie along Uganda’s western border with Congo and include at least four lucrative discoveries, relinquished by the existing oil companies this year.
- Last week, Uganda resolved a long standing tax dispute with Tullow, and observers believe energy development in the country will now move faster after years of delays.
Jun. 8, 2015, 7:54 AM
- Sasol (NYSE:SSL) says President/CEO David Constable will not extend his contract for a further term beyond June 30, 2016, and will move into an advisory role; no reason was provided for the decision.
- Constable was appointed to the top job in 2011 and led SSL's expansion plans in southern African and North America.
Apr. 17, 2015, 8:55 AM
- Sasol (NYSE:SSL) says it is evacuating 340 South African employees at its Mozambique operations to their home country, citing concerns that they may be attacked in retribution for violence against foreign workers in South Africa.
- SSL says the evacuation is a “precautionary measure” but that work at one of its sites had been temporarily halted, while others continued operating as normal.
- SSL is the first South African company with operations abroad to take measures to protect employees from the backlash resulting from widespread attacks on foreigners in South Africa.
Mar. 9, 2015, 7:48 AM
- Sasol (NYSE:SSL) says it has cut 1,500 jobs and will further postpone its $14B gas-to-liquid plant in Louisiana in response to low global oil prices.
- SSL also outlines additional policies totaling 30B-50B rand, including cutting 4B-7B rand in cash costs over the next 30 months and then 1B rand annually.
- Reaffirms plans to cut dividends by 12.5% to 7 rand, in a bid to build a cash pile over the next 30 months (earlier).
- The announcement came as SSL's says its net profit rose from 12.71B rand ($1.05B) to 19.54B rand in the six months ending Dec. 31 on revenue of 99.83B rand.
Feb. 18, 2015, 9:15 AM
Sasol Ltd. engages in the manufacture of industrial chemicals. It develops and commercializes technologies to produce a range of product streams, including liquid fuels, chemicals and low-carbon electricity. It operates through the following segments: South African Energy Cluster, International... More
Sector: Basic Materials
Industry: Major Integrated Oil & Gas
Country: South Africa
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