Thai Oil Q3 Net Profit Reaches 18 Billion Baht
Thai Oil posted a net profit of 18 billion baht in Q3 2026, buoyed by a 3.8 billion baht inventory gain from rising crude prices. The refiner is diversifying its crude supply away from the Middle East to reduce risk, while its Clean Fuel Project remains on schedule for 2027–2028 completion.
Thai Oil Public Company Limited (TOP) reported a net profit of 18,010 million baht, or 8.06 baht per share, for the third quarter of 2026, with EBITDA of 26,733 million baht. Although refining margins narrowed from the previous quarter, earnings were supported by a net inventory gain of 3,847 million baht driven by higher crude prices amid Middle East tensions. The company also recorded a realized loss of 922 million baht from commodity hedging instruments.
TOP has adjusted its crude procurement strategy, lowering the share of Middle East imports compared to the pre-conflict period and modifying production processes to accommodate new crude grades. This diversification aims to mitigate risk and maintain production continuity. High throughput was sustained after Crude Distillation Unit 1 returned from planned maintenance.
For the fourth quarter of 2026, the Dubai crack spread is expected to dip slightly from Q3 but remain at elevated levels. Crude prices are projected to soften in November–December as Middle East tensions potentially ease and supply gradually recovers, which would reduce combined refining margins and inventory gains compared to the prior quarter.
On the Clean Fuel Project (CFP), Thai Oil confirmed the new crude distillation unit is on track for construction completion in 2027 and full commercial operation across all units in 2028, within the approved budget and timeline, while preserving financial discipline and investment-grade credit ratings.
Additionally, Thai Oil has collaborated with the government to ease living costs, contributing over 19 billion baht in total. This includes more than 7 billion baht in ex-refinery diesel price reductions from April 9 to November 30, 2026, and outstanding oil fund compensation receivables of 12,429 million baht as of October 31, 2026. Corporate income tax recognized from January to September 2026 amounted to 11,397 million baht.
In social initiatives marking its 65th anniversary, Thai Oil supported public health, education, and sports projects worth over 300 million baht. The company has also installed solar power systems at 35 state hospitals and schools to date, with a combined capacity of 638.48 kilowatts, cutting greenhouse gas emissions by more than 535 tonnes of CO2 equivalent annually.
