Sasol's Results in Line With Our Expectations Despite Lower Production
No-moat Sasol reported fiscal 2018 results that were highlighted by another decrease in production. Liquids production declined 13% (after being down 16% in fiscal 2017) to 1.5 million barrels. Natural gas production was modestly lower at 135 billion cubic feet, down 2% compared with the prior year. Refined products were also modestly lower at 31.5 million barrels, down 3% from fiscal 2017. Despite the decline in production metrics, EBITDA was ZAR 52 billion, in line with our expectations.Saso...
Sasol is engaged in manufacturing and marketing of liquid fuels, gas and chemicals. Co. adds value to coal, oil and gas reserves, using these feedstocks to produce liquid fuels, fuel components and chemicals. Co. mines coal and refines imported crude oil and retails liquid fuel products in South Africa, and produces gas and condensate in Mozambique and oil in Gabon. Co. also supplies fuels to oil companies in South Africa and others in South Africa and sub-Saharan Africa. Co. maintains its chemical manufacturing and marketing operations worldwide. Co. divides its operations into three focused business clusters: South African Energy Cluster, International Energy Cluster and Chemical Cluster.
Morningstar, Inc. is a leading provider of independent investment research in North America, Europe, Australia, and Asia. The company offer an extensive line of products and services for individual investors, financial advisors, asset managers, and retirement plan providers and sponsors.
Morningstar provides data on approximately 530,000 investment offerings, including stocks, mutual funds, and similar vehicles, along with real-time global market data on more than 18 million equities, indexes, futures, options, commodities, and precious metals, in addition to foreign exchange and Treasury markets. Morningstar also offers investment management services through its investment advisory subsidiaries and had approximately $185 billion in assets under advisement and management as of June 30, 2016.
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