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Major South Korean oil refiners S-Oil Corp. and Hyundai Oilbank Co. suffered combined losses of 1.563 trillion won with global oil output far surpassing demand due to the pandemic.
It was one of the industry's worst showings in the January-March period.
S-Oil Corp., the no. 3 oil refiner in South Korea, posted a record loss of 1 trillion won triggered by refining margins and inventory losses.
The loss was roughly 50 percent higher than earlier expectations.
On the other hand, Hyundai Oilbank Co. suffered an operating loss of 563 billion won during the same period.
Two more oil refiners, no. 1 player SK Innovation Co. and GS Caltex Corp., will reveal their earnings reports this month.
Market watchers expect both to suffer losses.
SK Innovation Co. is set to report an operating loss of 1 trillion won, while GS Caltex Corp. is estimated to have endured a loss of at least 500 billion won.
The lackluster performances came amid plummeting global crude prices due to growing tension among oil-producing nations, and while the pandemic weighed down on demand.
Last month, the country's petroleum goods exports were halved on-year to $1.6 billion, while that of petrochemical products slumped by 33.6 percent.
According to market watchers, the business environment in the second quarter may improve for oil refiners when major oil-rich countries decrease their output, and the COVID-19 situation improves.
