Greek oil refiner HELLENiQ ENERGY reported record refining margins in the third quarter of 2026, benefiting from tight global fuel supplies, strong export demand and improved refinery operations.
The company's realized refining margin surged to $49.10 a barrel, compared with $17.20 a year earlier, an increase of approximately 185%, according to financial results presented by Chief Executive Andreas Shiamishis. Its benchmark refining margin more than tripled to $30.10 a barrel from $8.50, reflecting exceptionally favorable conditions in international petroleum-product markets.
For the first nine months of 2026, realized margins averaged $30.70 a barrel, more than double the $14.90 recorded during the corresponding period last year. The strongest gains came from middle distillates, particularly diesel and aviation fuel. The premium for ultra-low-sulfur diesel over Brent crude climbed to $81 a barrel from $25, while jet-fuel margins jumped to $69 from $20. Gasoline margins rose to $41 from $17.
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The improvement translated into a sharp increase in operating earnings. Adjusted earnings before interest, taxes, depreciation and amortization from refining, supply and trading reached €1.051 billion in the third quarter, compared with €264 million a year earlier. For the nine-month period, adjusted EBITDA from those operations rose to €1.589 billion from €561 million.
HELLENiQ ENERGY attributed €608 million of the third-quarter earnings improvement to stronger benchmark refining and petrochemical margins. Optimizing its crude-oil mix contributed another €147 million, while operational improvements and exports added €97 million.
However, management cautioned that refining conditions remain volatile. Margins stayed elevated during the opening weeks of the fourth quarter but declined from their third-quarter peaks, suggesting that the exceptional profitability achieved during the summer may prove difficult to sustain.
