Sasol (NYSE:SSL) released its business performance metrics for the nine months ended March 31, 2026, today, providing a complex picture of operational resilience tempered by geopolitical and safety challenges.
The South African energy and chemicals giant significantly revised its full-year 2026 (FY26) guidance, now expecting fuel sales to be 10–15% higher than FY25, up from previous estimates.
This optimism stems from increased production stability at its Secunda Operations and strong market demand at the Natref refinery.
However, the outlook for gas was lowered, with production now guided 5–10% below FY25 levels.
Management cited recent flooding in Mozambique and well availability constraints as primary drivers for the downward revision.
Additionally, the ORYX GTL plant in Qatar remains shut down following a major regional gas supply disruption in early March, with the timeline for a restart currently uncertain.
On the financial front, Sasol successfully bolstered its balance sheet by issuing a US$750 million seven-year bond at an 8.75% coupon rate.
The proceeds were strategically deployed to repurchase outstanding 2028 and 2029 notes, a move intended to be debt-neutral while extending the company's maturity profile.
Capital expenditure for the year was also narrowed to a range of R20–22 billion as the company maintains strict capital discipline.
Operational milestones during the quarter included the start-up of the Integrated Processing Facility (IPF) in Mozambique, which enabled the first in-country production of LPG.
Furthermore, the Natref refinery achieved ISCC PLUS certification, becoming the first in Africa to be recognized for the sustainable co-processing of aviation fuel and renewable diesel.