First Quarter Highlights: - Tronox revenue of $475 million and adjusted EBITDA of $40 million - TiO2 segment adjusted EBITDA of $22 million and free cash flow of $44 million - Alkali segment adjusted EBITDA of $35 million and free cash flow of $29 million - TiO2 pigment selling prices rising globally in second quarter; expect to see sequential selling price improvements in both second quarter and third quarter - Operational Excellence program on track to meet 2016 cash generation target sourced from cost reductions and working capital reductions - Fairbreeze mine formally commissioned and producing feedstock for KZN Sands operations and co-products zircon and rutile
National Average Price for Regular – Current: $2.969; Month Ago: $2.782; Year Ago: $2.372.
National Average Price for Diesel – Current: $3.208; Month Ago: $3.043; Year Ago: $2.510.
Futures dropped 1.1 percent in New York after a third weekly loss. Russia, which along with Saudi Arabia is trying to garner support for lifting output limits, was said to have boosted production earlier this month to above the level envisioned by OPEC. Meanwhile, the number of rigs drilling for crude in the U.S. inched higher, signaling output may extend a record. Saudi Arabia and Russia, among the countries with spare capacity to raise production, signaled last month they may restore output even though they hadn’t yet consulted most other producers. Oil prices have fallen more than 7 percent since the two nations made their proposal public. Click Read More below for additional information.
Brent, the international benchmark, was up 21 cents at $48.20 a barrel at 1133 GMT, 11 percent below this month's high. U.S. crude futures traded up 26 cents at $44.86 a barrel. "Today, we have a consolidation in the price of oil. From our point of view the low-to-mid $40s constitutes a decent floor because it's deep into the cost curve of the U.S. shale oil industry," said Harry Tchilinguirian, global head of commodity strategy at BNP Paribas.