Earnings Volatility from Crude Oil Price Fluctuations and Competition
First written in FY2016. 16 of 37 entries say "Restated". Latest entry: FY2026.
Capita moved to the "Worse" side of this theme in 2021, 1 year after the typical company in this theme (2020).
The whole theme swung hardest in 2019: 12 of 22 companies on the "Worse" side.
0 other companies' latest entry also says "Mitigated".
- FY2026MitigatedAnnual report
「Fuel oil margins remained solid, partly because subsidies helped stabilize prices.」
Although margin volatility driven by surging crude oil prices and other factors continued, fuel oil margins remained solid due to price stability supported by subsidies. - 2026-05-14MaterialisedRevision of earnings forecasts
「In our petroleum business, net sales declined due to fluctuations in petroleum prices,」
The company stated that fluctuations in petroleum prices reduced sales, showing that price volatility had materialized as earnings volatility. - FY2026-H1MitigatedAnnual report
「Fuel oil margins remained solid, partly because subsidies helped stabilize prices.」
Fuel oil margins remained solid against the backdrop of price stability supported by subsidies. - FY2025RestatedAnnual report
「In the oil business, global economic instability continued, and surging crude oil prices had a significant impact.」
The company continues to report global instability and surging crude oil prices as factors driving earnings volatility. - FY2025-H1RestatedAnnual report
「In the oil business, global crude oil prices remained high due to the Russia-Ukraine conflict, while the trend toward a weaker yen also continued without changing, keeping oil prices high.」
High oil prices due to the Russia-Ukraine conflict and yen depreciation have continued. - FY2024RestatedAnnual report
「In the oil business, global economic instability continued, and surging crude oil prices had a significant impact.」
The company continues to identify global instability and surging crude oil prices as factors driving earnings volatility. - FY2024-Q3Impact of high crude oil prices continues, but abnormal surge has easedAnnual report
「Although issues including the Russia-Ukraine conflict and the conflict between Hamas and Israel persisted, crude oil prices did not experience the abnormal surge seen for a time.」
The risk to crude oil prices from international conditions continues, but the company states that prices did not reach the abnormal highs seen previously. The impact of high crude oil prices on margin compression remains. - FY2024-Q2Margin compression from high crude oil prices followed by recovery through supplier adjustmentsAnnual report
「Margins were compressed by surging crude oil prices, but they began to recover as a result of adjustments to suppliers and other measures.」
Margin compression due to surging crude oil prices continued, while supplier adjustments and other measures supported a recovery in margins. - FY2024-Q1WorsenedAnnual report
「We continued to work to secure appropriate margins in fuel oil sales, but repeated increases in crude oil prices compared with the previous year, together with higher prices following a reduction in government subsidies, slowed fuel oil consumption and became a factor limiting fuel oil profit growth.」
Higher crude oil prices and higher selling prices following a reduction in government subsidies slowed fuel oil consumption and affected earnings through sluggish fuel oil profit growth. - FY2023WorsenedAnnual report
「Crude oil prices continue to rise, and if higher procurement costs cannot be passed through to selling prices, our business performance may be affected.」
The company explicitly states that it may be affected if higher procurement costs resulting from surging crude oil prices cannot be passed through to selling prices, against the backdrop of Russia's invasion of Ukraine. - FY2023-Q3RestatedAnnual report
「In the oil business, global economic instability has continued due to the impact of COVID-19. We were also significantly affected by a substantial rise in crude oil prices compared with the previous year.」
Global economic instability and substantial increases in crude oil prices have continued to drive earnings volatility, reducing fuel oil margins and limiting profit growth. - FY2023-Q2RestatedAnnual report
「In the SS Division, we continued to review store operating hours and operating formats and expand profit from non-fuel products, with sales volumes and appropriate margins remaining the foundation. Although we continued to work to secure appropriate margins in fuel oil sales, repeated increases in crude oil prices compared with the previous year reduced fuel oil margins and became a major factor limiting profit growth.」
The reduction in fuel oil margins caused by higher crude oil prices and sluggish profit growth have continued. - FY2023-Q1RestatedAnnual report
「We were also significantly affected by a substantial rise in crude oil prices compared with the previous year.」
The substantial rise in crude oil prices and repeated increases in fuel oil margins were cited as factors limiting profit growth. - FY2022WorsenedAnnual report
「We were also significantly affected by a substantial rise in crude oil prices compared with the previous year.」
The substantial rise in crude oil prices reduced fuel oil margins and limited profit growth. The company also explicitly identifies the risk of higher crude oil prices and difficulty passing them through to selling prices against the backdrop of Russia's invasion of Ukraine. - FY2022-Q2WorsenedAnnual report
「We continued to work to secure appropriate margins in fuel oil sales, but repeated increases in crude oil prices compared with the previous year reduced fuel oil margins and became a factor limiting profit growth.」
Repeated increases in crude oil prices reduced fuel oil margins and led to sluggish profit growth. - FY2022-Q1WorsenedAnnual report
「We were also significantly affected by a substantial rise in crude oil prices compared with the previous year.」
The company states that the substantial rise in crude oil prices reduced fuel oil margins and margins on oil products. - FY2021RestatedAnnual report
「In the oil industry, lower international demand due to the spread of COVID-19 continued. Although oil-producing countries confirmed their compliance with coordinated production cuts, concerns about economic stagnation meant that instability persisted. In Japan, fuel oil sales, centered on gasoline, continued to see relatively stable market prices due to synergies from the reorganization of the major oil distributors, although」
The company continues to describe unstable crude oil and international markets due to weak international demand, alongside relatively stable domestic market prices following the reorganization of major oil distributors. - FY2021-Q3RestatedAnnual report
「In the oil industry, lower international demand due to the spread of COVID-19 continued. Although oil-producing countries confirmed their compliance with coordinated production cuts, concerns about economic stagnation meant that instability persisted. In Japan, fuel oil sales, centered on gasoline, continued to see relatively stable market prices due to synergies from the reorganization of the major oil distributors, although」
The company continues to describe a combination of unstable crude oil and international markets due to weak international demand and concerns about economic stagnation, alongside relatively stable domestic market prices following the reorganization of major oil distributors. - FY2021-Q2Unstable crude oil prices coexisting with stable market pricesAnnual report
「Crude oil prices remained unstable due to lower international demand resulting from the spread of COVID-19 and international conditions shaped by the interests of oil-producing countries. In Japan, fuel oil sales, centered on gasoline, remained relatively stable due to synergies from the reorganization of the major oil distributors, although」
Continuing instability in crude oil prices coexisted with relatively stable domestic market prices following the reorganization of major oil distributors. - FY2021-Q1Recovery after crude oil price collapse coexisting with market-price stabilityAnnual report
「Affected by lower international demand due to the COVID-19 crisis and international conditions shaped by the interests of oil-producing countries, crude oil prices plunged from February to April 2020 and then continued to recover gradually. In Japan, fuel oil sales, centered on gasoline, remained relatively stable due to synergies from the reorganization of the major oil distributors, although」
Crude oil prices gradually recovered after plunging amid the COVID-19 crisis, while domestic market prices remained relatively stable following the reorganization of major oil distributors. - FY2020WorsenedAnnual report
「Affected by lower international demand due to the COVID-19 crisis and international conditions shaped by the interests of oil-producing countries, crude oil prices plunged from the fourth quarter and remained unstable.」
The company states that crude oil prices plunged and became unstable from the fourth quarter amid lower international demand and conflicting interests among oil-producing countries. - FY2020-Q3RestatedAnnual report
「Crude oil prices were also volatile during the cumulative third quarter, but fuel oil sales, centered on gasoline, remained relatively stable due to synergies from the reorganization of the major oil distributors. ... Crude oil prices also remained uncertain due to tensions in the Middle East.」
Relatively stable market prices following the reorganization of major oil distributors coexisted with volatile crude oil prices and uncertainty caused by tensions in the Middle East. - FY2020-Q2Market-price stability coexisting with uncertainty over crude oil and the Middle EastAnnual report
「Crude oil prices were volatile during the cumulative second quarter, but fuel oil sales, centered on gasoline, remained relatively stable due to synergies from the reorganization of the major oil distributors. ... Crude oil prices also remained uncertain due to tensions in the Middle East.」
Relatively stable domestic market prices following the reorganization of major oil distributors coexisted with volatile crude oil prices and uncertainty caused by tensions in the Middle East. - FY2020-Q1Crude oil prices trending lower with uncertainty from the Middle East situationAnnual report
「In the oil industry, crude oil prices were volatile under the influence of international political developments and trended lower in the first quarter. However, the tense situation in the Middle East has left the outlook uncertain.」
Crude oil prices trended lower in the first quarter, while tensions in the Middle East created uncertainty about the outlook. - FY2019Market-price stability coexisting with rising crude oil pricesAnnual report
「Synergies from the reorganization of the major oil distributors have improved market conditions, and market prices are moving toward stability. However, crude oil prices continued to trend upward during the cumulative fourth-quarter period,」
Market-price stabilization following the reorganization of major oil distributors coexisted with an upward trend in crude oil prices and higher procurement costs. - FY2019-Q3MitigatedAnnual report
「In the petroleum trading division, we focused on acquiring new customers and preventing customer attrition as market conditions stabilized. Our efforts to further improve customer service resulted in higher sales volumes and profit than in the same period of the previous year.」
The company sought to acquire new customers and prevent existing-customer attrition as market conditions stabilized, while sales volumes and profit improved year on year. - FY2019-Q2Market prices stabilizing while crude oil costs push market prices higherAnnual report
「Fuel oil sales, centered on gasoline, in the SS Division saw market prices gradually rise in the second quarter of fiscal 2018 due to higher crude oil costs.」
Although the integration of major oil distributors was described as stabilizing market prices, market prices also rose during the quarter as crude oil costs increased, indicating that market volatility continued. - FY2019-Q1MitigatedAnnual report
「Market conditions have improved and market prices are moving toward greater stability due to synergies from the integration of major oil distributors.」
The company states that synergies from the integration of major oil distributors are helping stabilize market prices, partly mitigating the risk of market-price fluctuations. The petroleum trading division also refers to fluctuating procurement prices and differentiation from competitors. - FY2018RestatedAnnual report
「The purchase prices of our oil products are directly exposed to market price fluctuations caused by factors such as surging crude oil prices. Accordingly, we determine selling prices while taking procurement costs into account. However, depending on how we respond to competition with other companies, our business performance may be affected.」
The company continues to report the risk that fluctuations in crude oil and market prices, and its response to selling prices amid competition, could affect business performance. - FY2018-Q3RestatedAnnual report
「Fuel oil sales, centered on gasoline, in the SS Division saw market prices continue to rise in the third quarter of fiscal 2017 due to higher crude oil costs, although」
Market prices continued to fluctuate in line with rising crude oil costs. - FY2018-Q2RestatedAnnual report
「Fuel oil sales, centered on gasoline, in the SS Division saw market prices gradually rise in the second quarter of fiscal 2017 due to higher crude oil costs, although」
Market prices continued to fluctuate in line with rising crude oil costs. - FY2018-Q1RestatedAnnual report
「In the petroleum trading division, procurement prices fluctuated with market and industry trends. We focused on differentiating ourselves from competitors and worked to further improve customer service and sell at appropriate margins, resulting in higher revenue and profit than in the same period of the previous year.」
The company continues to address earnings volatility by differentiating itself from competitors while managing fluctuating procurement prices. - FY2017RestatedAnnual report
「The purchase prices of our oil products are directly exposed to market price fluctuations caused by factors such as surging crude oil prices. Accordingly, we determine selling prices while taking procurement costs into account. However, depending on how we respond to competition with other companies, our business performance may be affected.」
The company continues to report the risk that fluctuations in crude oil and market prices, and its response to selling prices amid competition, could affect business performance. - FY2017-Q3RestatedAnnual report
「In the service station division of our oil business, market prices gradually rose in the third quarter due to a modest increase in crude oil costs.」
Crude oil costs and market prices continued to rise and fluctuate. - FY2017-Q2RestatedAnnual report
「In the second quarter of fiscal 2016, market prices gradually rose due to a modest increase in crude oil costs.」
The company reports continued fluctuations in crude oil costs and market prices. - FY2017-Q1WorsenedAnnual report
「In June, the decision by the United Kingdom to leave the EU heightened concerns about a slowdown in the global economy and energy demand, resulting in a sharp market-price decline.」
After crude oil costs rose, market prices fell sharply following the UK's decision to leave the EU, increasing concerns about a slowdown in the global economy and energy demand. - FY2016First statedAnnual report
「The purchase prices of our oil products are directly exposed to market price fluctuations caused by factors such as surging crude oil prices. Accordingly, we determine selling prices while taking procurement costs into account. However, depending on how we respond to competition with other companies, our business performance may be affected.」
While selling prices are set with procurement costs in mind, the company identifies its response to competition as a risk that could affect business performance.