FuelClub Discount

PetroChina is expected to report that its first-half net profit fell by at least a third, analysts say, as losses in its refining business eroded gains from surging crude oil prices.

Even last year when PetroChina’s market value briefly topped $1 trillion by some calculations trouble was brewing at the traded unit of the country’s leading oil and gas producer.

While other global oil giants are reporting record profits, Chinese government price controls prevent PetroChina and other domestic refiners from passing on higher costs for crude oil to consumers. So their refining operations are bearing heavy losses, despite billions of dollars in subsidies.

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On Tuesday, August 19, 2008, Clean Diesel will hold a conference call at 10:00 a.m. ET to discuss the results and provide a general business update. The call will be available on the Company’s website at www.cdti.com, or by calling: 877 407 8031 U.S. callers, or +1 201 689 8031 for international callers. The conference call will be led by Dr. Bernhard Steiner, CEO and Ann Ruple, CFO of Clean Diesel Technologies, Inc.

A webcast will also be archived on the Company’s website. Additionally, a telephone replay of the call will be available approximately one hour following the call through midnight Eastern Time on Monday, August 25th, 2008 and can be accessed by calling: 877 660 6853 (U.S. callers) or +1 201 612 7415 (international callers) and entering account number 286 and conference ID 293486.

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World Fuel Services Corporation, a global leader in the marketing and sale of marine, aviation and land fuel products and related services, today reported second quarter GAAP net income of $20.5 million, ($0.72 and $0.71 per share on a basic and diluted basis, respectively), compared to $17.0 million ($0.61 and $0.58 per share on a basic and diluted basis, respectively), in the second quarter of 2007. Non-GAAP net income for the second quarter, which excludes share-based compensation and amortization of acquired intangible assets, was $22.8 million ($0.79 and $0.78 per share on a basic and diluted basis, respectively), compared to $18.7 million, ($0.67 and $0.64 per share on a basic and diluted basis, respectively), in the second quarter of 2007. A reconciliation of GAAP to non-GAAP results has been provided in the financial statement tables included in this press release. An explanation of these measures is also included below under the heading “Non-GAAP Financial Measures.”

Tags: fuel costs, profit rising, World Fuel Services Corporation
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