Neste raises its second quarter 2022 outlook

In Finland, Neste raises its second quarter 2022 outlook and said that while oil markets have been volatile, impacted by the war in Ukraine, the Northwest European gasoline and diesel margins have increased to exceptionally high levels.

In addition, Neste’s successful mitigation actions to replace Russian crude oil and natural gas have enabled the company to retain high utilization rates at its Porvoo refinery. Oil Products’ second-quarter total refining margin is expected to more than double from the level seen in the first quarter of 2022. Previously, the company estimated Oil Products’ second-quarter total refining margin to be at a roughly similar level as in the first quarter of 2022 (USD 10.3/bbl). The increase in the total refining margin is expected to improve the Group’s and Oil Products’ second-quarter comparable EBITDA significantly compared to the first quarter.