{"id":29880,"date":"2026-03-09T11:57:18","date_gmt":"2026-03-09T11:57:18","guid":{"rendered":"https:\/\/www.vtmarkets.com\/tr\/uncategorized\/par-petroleumun-aralik-2025-ceyreginde-geliri-1-dususle-181-milyar-dolar-olurken-hisse-basina-kar-eps-117-dolara-yukseldi\/"},"modified":"2026-03-09T11:57:18","modified_gmt":"2026-03-09T11:57:18","slug":"par-petroleumun-aralik-2025-ceyreginde-geliri-1-dususle-181-milyar-dolar-olurken-hisse-basina-kar-eps-117-dolara-yukseldi","status":"publish","type":"post","link":"https:\/\/www.vtmarkets.com\/tr-mena\/live-updates\/par-petroleumun-aralik-2025-ceyreginde-geliri-1-dususle-181-milyar-dolar-olurken-hisse-basina-kar-eps-117-dolara-yukseldi\/","title":{"rendered":"Par Petroleum\u2019\u00fcn Aral\u0131k 2025 \u00e7eyre\u011finde geliri 1% d\u00fc\u015f\u00fc\u015fle 1,81 milyar dolar olurken, hisse ba\u015f\u0131na k\u00e2r (EPS) 1,17 dolara y\u00fckseldi."},"content":{"rendered":"Par Petroleum, Aral\u0131k 2025 \u00e7eyre\u011finde 1,81 milyar dolar gelir a\u00e7\u0131klad\u0131; gelir y\u0131ll\u0131k bazda %1 geriledi. Hisse ba\u015f\u0131na k\u00e2r (EPS: \u015firketin k\u00e2r\u0131n\u0131n hisse ba\u015f\u0131na d\u00fc\u015fen k\u0131sm\u0131) 1,17 dolar oldu; ge\u00e7en y\u0131l -0,79 dolard\u0131. \n\nGelir, Zacks Konsens\u00fcs Tahmini (analistlerin ortalama beklentisi) olan 1,71 milyar dolar\u0131n %5,9 \u00fczerinde ger\u00e7ekle\u015fti. EPS ise 1,21 dolarl\u0131k konsens\u00fcs\u00fcn %2,91 alt\u0131nda kald\u0131. \n\n

Temel Operasyonel G\u00f6stergeler<\/h3> \nToplam rafineri besleme (ham madde) i\u015fleme hacmi 190900 milyon varil petrol oldu; \u00fc\u00e7 analistin 189129,2 olan ortalama tahmininin \u00fczerindeydi. Hawaii\u2019de i\u015fleme 87,10 MMBBL\/D (g\u00fcnde milyon varil) ile 85,96\u2019n\u0131n \u00fcst\u00fcnde geldi; Washington 37,00 ile 36,08\u2019in \u00fczerinde, Wyoming 14,40 ile 15,53\u2019\u00fcn alt\u0131nda, Montana 52,40 ile 51,55\u2019in \u00fczerinde ger\u00e7ekle\u015fti. \n\nWashington rafinerisinde varil ba\u015f\u0131na d\u00fczeltilmi\u015f br\u00fct marj (ham petrol maliyeti ile rafine \u00fcr\u00fcn sat\u0131\u015f fiyat\u0131 aras\u0131ndaki fark; baz\u0131 tek seferlik kalemlerden ar\u0131nd\u0131r\u0131lm\u0131\u015f) 8,32 dolar oldu; iki analistin 6,39 dolarl\u0131k tahmininin \u00fczerindeydi. Varil ba\u015f\u0131na \u00fcretim maliyeti (rafineride i\u015fleme i\u00e7in enerji, i\u015f\u00e7ilik, bak\u0131m gibi giderler) Wyoming\u2019de 13,27 dolar ile 10,25\u2019in \u00fcst\u00fcnde; Washington\u2019da 4,57 ile 4,08\u2019in \u00fcst\u00fcnde; Hawaii\u2019de 4,15 ile 4,70\u2019in alt\u0131nda ger\u00e7ekle\u015fti. \n\nRafinaj geliri 1,75 milyar dolar ile 1,57 milyar dolarl\u0131k tahminin \u00fczerinde geldi ve y\u0131ll\u0131k bazda %1,2 geriledi. Perakende geliri 142,28 milyon dolar ile 145,87 milyon dolar\u0131n alt\u0131nda kalsa da %0,5 artt\u0131; lojistik geliri 73,71 milyon dolar ile 74 milyon dolar\u0131n biraz alt\u0131nda kald\u0131 ve %4,9 d\u00fc\u015ft\u00fc. \n\nAral\u0131k 2025\u2019te biten \u00e7eyrek raporu, Par Petroleum i\u00e7in kar\u0131\u015f\u0131k bir tablo ortaya koydu. Gelir beklentiyi a\u015ft\u0131, ancak hisse ba\u015f\u0131na k\u00e2r Wall Street tahminlerinin az da olsa alt\u0131nda kald\u0131. Bu durum, g\u00fc\u00e7l\u00fc operasyon ile net k\u00e2ra yans\u0131yan performans aras\u0131ndaki fark\u0131n izlenmesi gerekti\u011fini g\u00f6steriyor. \n\nOlumlu tarafta, \u00f6zellikle Washington rafinerisindeki g\u00fc\u00e7l\u00fc br\u00fct marj dikkat \u00e7ekti. Bu, \u015firketin elveri\u015fli piyasa ko\u015fullar\u0131ndan yararlanabildi\u011fine i\u015faret ediyor. Son veriler, 3:2:1 crack spread\u2019in (rafineri marj g\u00f6stergesi; 3 varil ham petrolden \u00e7\u0131kan 2 varil benzin ve 1 varil dizel\/\u0131s\u0131tma yak\u0131t\u0131 fiyat fark\u0131na dayal\u0131 \u00f6l\u00e7\u00fcm) son ayda varil ba\u015f\u0131na 30 dolar\u0131n \u00fczerine geni\u015fledi\u011fini g\u00f6steriyor; bu da k\u00e2rl\u0131l\u0131k potansiyelinin y\u00fcksek oldu\u011funa i\u015faret ediyor. \n\n

Opsiyon Stratejisi De\u011ferlendirmeleri<\/h3> \nBuna kar\u015f\u0131n, \u00f6zellikle Wyoming rafinerisinde maliyet sapmas\u0131 g\u00f6z ard\u0131 edilemez. \u00dcretim maliyetleri beklentinin neredeyse %30 \u00fczerine \u00e7\u0131kt\u0131. Bu, \u00f6nemli bir uyar\u0131 i\u015faretidir. Ayr\u0131ca WTI ham petrol (ABD tipi referans ham petrol) fiyat\u0131 g\u00fc\u00e7leniyor ve son d\u00f6nemde varil ba\u015f\u0131na 85 dolar civar\u0131nda i\u015flem g\u00f6r\u00fcyor. Ham madde maliyeti artarken maliyet bask\u0131s\u0131n\u0131n s\u00fcrmesi, g\u00fc\u00e7l\u00fc rafineri marjlar\u0131n\u0131n faydas\u0131n\u0131 h\u0131zla azaltabilir. \n\nY\u00fcksek marj potansiyeli ile y\u00fcksek maliyet riski aras\u0131ndaki bu gerilim, PARR opsiyonlar\u0131nda ima edilen oynakl\u0131\u011f\u0131n (opsiyon fiyatlar\u0131na yans\u0131yan beklenen fiyat dalgalanmas\u0131) d\u00fc\u015f\u00fck fiyatlanm\u0131\u015f olabilece\u011fine i\u015faret ediyor. \u00d6n\u00fcm\u00fczdeki haftalarda b\u00fcy\u00fck fiyat hareketinden fayda sa\u011flayan stratejiler, \u00f6rne\u011fin uzun straddle (ayn\u0131 vadede ayn\u0131 kullan\u0131m fiyatl\u0131 al\u0131m ve sat\u0131m opsiyonunu birlikte almak; hisse sert y\u00fckselirse de sert d\u00fc\u015ferse de kazanmay\u0131 hedefler) avantajl\u0131 olabilir. B\u00f6yle bir pozisyon, hisse marj g\u00fcc\u00fcyle yukar\u0131 k\u0131rarsa da maliyet endi\u015feleriyle a\u015fa\u011f\u0131 sarkarsa da kazan\u00e7 sa\u011flayabilir. \n\nY\u00fckseli\u015f senaryosuna yak\u0131n duran yat\u0131r\u0131mc\u0131lar i\u00e7in, kullan\u0131m fiyat\u0131 piyasa fiyat\u0131n\u0131n alt\u0131nda olan put credit spread sat\u0131\u015f\u0131 (daha y\u00fcksek kullan\u0131m fiyatl\u0131 put sat\u0131p daha d\u00fc\u015f\u00fck kullan\u0131m fiyatl\u0131 put almak; prim gelirini toplarken riski s\u0131n\u0131rlar) prim geliri elde etmek ve riski s\u0131n\u0131rlamak i\u00e7in bir se\u00e7enek olabilir. Son \u00e7eyrekte tahminleri %11\u2019den fazla a\u015fan g\u00fc\u00e7l\u00fc rafinaj gelirleri bu g\u00f6r\u00fc\u015f\u00fc destekliyor. Bu strateji, hissenin yatay kalmas\u0131 veya y\u00fckselmesi durumunda avantaj sa\u011flar.\n

\n\n

Hemen i\u015flem yapmaya ba\u015flay\u0131n – Ger\u00e7ek VT Markets hesab\u0131n\u0131z\u0131 olu\u015fturmak i\u00e7in buraya<\/a> t\u0131klay\u0131n <\/strong> <\/p>\n","protected":false},"excerpt":{"rendered":"

Par Petroleum\u2019da s\u00fcrpriz bilan\u00e7o: Gelir 1,81 milyar $ ile beklentiyi %5,9 a\u015ft\u0131, EPS 1,17 $ ile hafif ka\u00e7\u0131rd\u0131. Washington marj\u0131 g\u00fc\u00e7l\u00fc, Wyoming maliyet \u015foku ve 85$ WTI risk; opsiyonda volatilite f\u0131rsat\u0131.<\/p>\n","protected":false},"author":87,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[71],"tags":[],"class_list":["post-29880","post","type-post","status-publish","format-standard","hentry","category-live-updates"],"acf":{"acf_article_selection_author":null},"aioseo_notices":[],"_links":{"self":[{"href":"https:\/\/www.vtmarkets.com\/tr-mena\/wp-json\/wp\/v2\/posts\/29880","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.vtmarkets.com\/tr-mena\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.vtmarkets.com\/tr-mena\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.vtmarkets.com\/tr-mena\/wp-json\/wp\/v2\/users\/87"}],"replies":[{"embeddable":true,"href":"https:\/\/www.vtmarkets.com\/tr-mena\/wp-json\/wp\/v2\/comments?post=29880"}],"version-history":[{"count":0,"href":"https:\/\/www.vtmarkets.com\/tr-mena\/wp-json\/wp\/v2\/posts\/29880\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.vtmarkets.com\/tr-mena\/wp-json\/wp\/v2\/media?parent=29880"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.vtmarkets.com\/tr-mena\/wp-json\/wp\/v2\/categories?post=29880"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.vtmarkets.com\/tr-mena\/wp-json\/wp\/v2\/tags?post=29880"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}