OCI reported second-quarter 2024 revenues of $1.2 billion and EBITDA of $295 million, down 12% and 9%, respectively, from last year due to lower nitrogen prices globally, higher gas prices in the Middle East, and planned maintenance at Natgasoline.
The nitrogen major highlighted its strong operational performance, boasting a 90% asset utilization rate at its Beaumont and OCI Nitrogen facilities. Additional tailwinds in the amount of $22 million stemmed from lower natural gas prices globally.
“Following extremely challenging market conditions in 2023, conflated with prolonged turnarounds at some of OCI’s assets, OCI benefited in the second quarter of 2024 from sustained improved asset reliability across the business,” said OCI CEO Ahmed El-Hoshy. “OCI’s manufacturing excellence program and investments to improve reliability continue to drive productivity gains, with asset utilization rates surpassing historical levels across both the nitrogen and methanol complex.”
OCI highlighted its recent European product portfolio expansion with AdBlue, CAN+Sulphur, as well as bio-melamine. OCI also announced the sale of its Beaumont Texas low-carbon facility to Australian energy major Woodside. No updates on the closing of the IFCo and Fertiglobe sales were provided.