Refining & Chemicals results
In 2014, refinery throughput increased slightly by 3% compared to 2013, essentially due to the start-up of the SATORP refinery in Saudi Arabia which reached full capacity in August 2014.
In 2014, adjusted net operating income from the Refining & Chemicals segment was $2,489 million, an increase of 34% compared to 2013 while the refining margin increased by only 4% to 18.7 $ / t in 2014. The synergies and efficiency plans are bearing fruit and the segment was able to adapt to the lower European margins in the first half and subsequently take advantage of a more favorable refining & chemicals environment in the second half of the year. The petrochemicals environment was more favorable in 2014, especially in the United States.
With a ROACE (1) of 15% in 2014, the segment attained its profitability objective one year earlier than the schedule fixed in 2011.
(2) Based on adjusted net operating income and average capital employed at replacement cost.