Ashlands Valvoline segment posted $105 million in operating income for the quarter ending March 31, up 28 percent from $82 million in the year-earlier period.

Sales were $479 million, down slightly from $481 million. Strong lubricant volumes and product mix were offset by pass-through pricing from lower raw-material costs and currency headwinds, the company said. The quarter ending March 31 is the second quarter of Ashlands fiscal year.

Covington, Ky.-based parent company Ashland said lubricant sales volume hit 43.7 million gallons for the quarter, up 7.9 percent from 40.5 million gallons.

Same-store sales at company-owned Valvoline Instant Oil Change locations rose nearly 10 percent. Premium-branded lubricant sales volumes increased to a 44.6 percent share of the companys U.S.-branded volumes, up from 40.7 percent a year earlier.

BP

BPs lubricants business reported an underlying replacement cost profit before interest and tax of $384 million in the first quarter, up 11.3 percent from $345 million for the same period in 2015.

The result reflects strong premium brand performance and margin growth despite adverse foreign exchange impacts, the company stated in its stock exchange announcement that summarized first quarter results.

SK Lubricants

SK Lubricants posted first-quarter operating profit of 132.2 billion South Korean won (U.S. $115 million), up 133.2 percent from 56.7 billion won in 2015s first quarter.

Revenue for the quarter reached 622.3 billion won, up slightly from 620.1 billion won in the year-earlier period.

In its earnings presentation, the company said its base oil business experienced increased operating profit on improved base oil spreads due to declined crude oil prices and decreased selling, general and administrative expenses. The company expected favorable base oil spreads to continue with seasonal demand increase.

SK operates a 40,000 barrels per day API Group II/III base oil plant at its refinery complex in Ulsan, South Korea, which includes a 26,000 b/d joint venture base oil plant built by SK Innovation with JX Nippon Oil & Energy.

Seoul-based SK Lubricants also has a joint venture plant with Pertamina in Dumai, Indonesia, with 10,000 b/d of Group III capacity, and is partners with Repsol on a 12,900 b/d Group II/III plant in Cartagena, Spain.

S-Oil

S-Oils lube base oil segment posted first quarter operating income of 127.5 billion won (U.S. $110.9 million), up 74.7 percent from 73.6 billion won in 2015s first quarter.

First quarter revenue declined 13.9 percent to 325.4 billion won, from 378.1 billion won.

In its earnings presentation, the refiner stated that the healthy lube base oil margin is likely to be maintained based on stable demand for high-quality base oil products in the United States and Europe, despite new base oil capacity additions from the Middle East in the second quarter.

S-Oils Onsan, South Korea, refinery has 20,000 b/d Group III, 20,500 b/d of Group II and 500 b/d Group I capacity.