Sasol Limited(SSL)- NYSE
  • Mon, Sep. 12, 9:18 AM
    • Sasol (NYSE:SSL) reports a 17% Y/Y drop in FY 2016 headline earnings to 41.40 rand/share ($2.87), in the middle of the range that the company had flagged to the market, and revenue fell 6.6% to 172.9B rand.
    • SSL's unadjusted full-year net profit fell 55% to 13.22B rand ($914M) after writing down 9.9B rand ($680M) on its Canadian shale gas project, an impairment which had stood at 7.4B rand when it released its interim results in March.
    • The South African company says it reaped 28B rand of cash savings for the year, exceeding an original target of 16B rand, and is targeting savings of 65B-75B rand by 2018.
    • On its half-finished chemical project in Lake Charles, La., whose cost has escalated by nearly 25% to $11B, SSL says it "remain(s) confident that the fundamental drivers for this investment are sound."
    | Mon, Sep. 12, 9:18 AM
  • Tue, Aug. 23, 10:59 AM
    • Sasol (SSL +1.4%) raises the cost estimate for its Lake Charles, La., chemical project by nearly 25% to $11B from $8.9B, citing much more ground works required to establish the site compared to previous expectations.
    • In June, then-CEO David Constable said an increase in the cost estimate to $11B would be a “worst-case scenario."
    • The Lake Charles complex, which includes a 1.5M tons/year ethane cracker, is more than 50% complete, and most units are expected to start producing in early 2019 with the remainder completed by the end of that year, SSL says.
    | Tue, Aug. 23, 10:59 AM
  • Wed, Jul. 27, 8:57 AM
    • South African energy workers expect to begin an indefinite strike over pay starting tomorrow, in a stoppage that potentially would hit oil refineries of companies including Royal Dutch Shell (RDS.A, RDS.B), BP, Chevron (NYSE:CVX) and Sasol (NYSE:SSL).
    • The union representing the ~23K workers wants a one-year 9% pay hike, while the National Petroleum Employer's Association says a weak domestic economy and low global oil prices means that it can offer only a 7% raise.
    • Shell and BP jointly operate the largest refinery in South Africa, a 190K bbl/day plant along the east coast, while CVX, SSL and PetroSA run smaller refineries; South Africa is a net importer of refined petroleum products, and a long strike could lead to shortages.
    | Wed, Jul. 27, 8:57 AM
  • Fri, Jul. 1, 12:58 PM
    • Sasol (SSL +1%) says it is considering buying a majority stake in Chevron's (CVX -0.8%) South African assets, including a 110K bbl/day oil refinery and retail stations.
    • SSL, the world's biggest maker of fuel from coal, owns coal mines, refineries and service stations in South Africa and exports oil to several regional countries.
    • South Africa's energy department said yesterday it would investigate an offer by state-owned Strategic Fuel Fund to buy CVX's assets without seeking clearance.
    | Fri, Jul. 1, 12:58 PM | 2 Comments
  • Mon, Jun. 6, 2:18 PM
    | Mon, Jun. 6, 2:18 PM | 2 Comments
  • Mon, Jun. 6, 12:48 PM
    | Mon, Jun. 6, 12:48 PM
  • Mon, Jun. 6, 12:21 PM
    • Sasol (SSL -11.2%) slides after saying profit in its fiscal year through June will fall by as much as 30% following writedowns.
    • SSL, which already impaired its stake in the Montney shale-gas properties in Canada by 7.4B rand in December, says it will recognize an additional writedown of ~4.1B rand because of lower natural gas prices.
    • SSL also raises the projected cost of its chemicals complex in Lake Charles, La., to as much as $11B from a previous ~$8.9B amid construction delays.
    • SSL reduces expected returns from the chemicals project, which will convert ethane into plastics and other products, to around its weighted average cost of capital, which stands at ~10.6%.
    | Mon, Jun. 6, 12:21 PM
  • Mon, Jun. 6, 9:15 AM
    | Mon, Jun. 6, 9:15 AM
  • Tue, May 31, 11:59 AM
    • Sasol (SSL -0.5%) says Mozambique's debt crisis and lower oil prices will not affect its $1.4B gas project, since costs will be covered by the company and recouped through proceeds from gas sales.
    • Mozambique missed a loan repayment deadline this month, prompting Fitch to downgrade the country's credit rating last week and warn of a default, but SSL says it plans to continue with oil and gas developments.
    • SSL says it drilled the first of 12 planned wells in its new oil and gas field in Mozambique last week with first production expected in mid-2019.
    | Tue, May 31, 11:59 AM
  • Mon, Mar. 7, 9:16 AM
    • Sasol (NYSE:SSL): 1H16 net income of R$8.28B
    • Revenue of R$84.47B (-15.4% Y/Y)
    • Shares -0.1% PM.
    | 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.
    | Mon, Mar. 7, 8:23 AM
  • Tue, Jan. 26, 9:22 AM
    | Tue, Jan. 26, 9:22 AM | 5 Comments
  • 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. 11, 2015, 10:57 AM
  • Dec. 10, 2015, 9:14 AM
    | 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.
    | Oct. 28, 2015, 6:26 PM | 1 Comment
  • 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. 28, 2015, 12:58 PM | 7 Comments