Edison Investment Research - Hellenic Petroleum SA (ELPE) Hellenic Petroleum - Recovery in oil demand supports operations

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Edison Investment Research

Sanjeev Bahl

Hellenic Petroleum - Recovery in oil demand supports operations

Hellenic Petroleum, a leading oil refiner in Greece, reported Q321 EBITDA of €125m, up 90% from Q320 (€66m), with improved performance across all segments. We expect it to continue to benefit from favourable refining margins and higher demand for transport fuels in the coming months due to increased economic activity. However, this should be partially offset by higher operating costs due to sharply rising energy prices.

23/11/2021 1 EN

Underlying

Hellenic Petroleum SA

Hellenic Petroleum operates in the energy sector predominantly in Greece and the Balkans. Co.'s main activities include: refining and marketing of oil products ("R&M"); exploration, development and production, of hydrocarbons ("E&P"); manufacturing and marketing of petrochemical products; and power generation and trading. Refining, supply and trading are Co.'s core business and its main source of income and profit. Retail trading activities are split into domestic, comprising Co.'s Greek subsidiaries EKO and Hellenic Fuels, and International through local in-market retail subsidiary companies. Hydrocarbon exploration and production (E&P) Co. activities relate to Greece and abroad.

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GRS298343005 Greece

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Edison Investment Research

Edison is an investment research and advisory company, with offices in North America, Europe, the Middle East and AsiaPac. The heart of Edison is our world renowned equity research platform and deep multi-sector expertise. At Edison Investment Research, our research is widely read by international investors, advisors and stakeholders. Edison Advisors leverages our core research platform to provide differentiated services including investor relations and strategic consulting.

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Analysts

Sanjeev Bahl

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Hellenic Petroleum - Recovery in oil demand supports operations

HELLENiQ ENERGY - Dividend shows confidence in future

HELLENiQ ENERGY - Shareholders reduce holding

HELLENiQ ENERGY - Shaping up for the future

Dentsu Group - FY24 prospects weighted to H2

Record - AUME momentum and a sharper focus

Actinogen Medical - Funding in place through key catalysts

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