[Conference Call] HD Hyundai: "Inventory Effect of 500 Billion Won from Rising Oil Prices... Refining Margins Expected to Remain Flat in Q3"
HD Hyundai stated during its Q2 2026 earnings conference call held on July 31, "Due to the rise in oil prices in the second quarter, inventory-related profit and loss amounted to approximately 500 billion won. Of this, the inventory effect was about 420 billion won, and the forex effect was around 80 billion won." The company further explained, "In the petrochemical segment, the improvement in performance was primarily driven by Hyundai Chemical's oil refining business rather than HPC."
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The company also said, "The proportion of Middle Eastern crude oil imports in the second quarter was 53%, showing little change compared to the period before Middle East risk emerged. We plan to maintain the current level into the third quarter, but will diversify sources to ensure stable crude oil procurement." It added, "Refining margins remain strong due to the situation in the Middle East, but it is difficult to forecast at this point. For the third quarter, we expect margins to remain flat."
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