Leading market position in Korea's oil R&M industry. Balanced petrochemical portfolio between olefins and aromatics. High operating efficiency through large and integrated facilities. Vulnerable to oil refining and petrochemical business cycles as well as fluctuations in crude oil prices. Operating cash flows to remain solid based on reduced swings in oil prices and in oil refining and petrochemical industries. Capital expenditures and dividends likely to rise following improved operating cash flows. Prudent financial policy to prevent debt from increasing significantly over the next 12-24 months. Cyclical volatility to be reflected in cash flow assessment. The stable outlook reflects our expectation that SK Innovation Co. Ltd. (SKI) is likely to maintain solid operating cash flows and a prudent financial policy, keeping
