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- Release Date: 03/06/14 14:50
- Summary: MONTHLY: NZR: Throughput and Margin Report - March/April 2014
- Price Sensitive: No
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NZR
03/06/2014 12:50
MONTHLY
REL: 1250 HRS The New Zealand Refining Company Limited
MONTHLY: NZR: Throughput and Margin Report - March/April 2014
The average Gross Refinery Margin for the March/April 2014 period was USD
4.12 per barrel, resulting in Processing Fee income of NZD 20.7 million on a
Throughput of 6.1 million barrels. The average exchange rate for March/
April was USD/NZD 0.86.
During this period the Processing Fee was boosted with NZD 34.3 million Fee
Floor2) income. Excluding the Fee Floor, the GRM was USD -2.72 per barrel
and the Processing Fee NZD -13.6 million (USD -1.90 per barrel).
Refining NZ's margin during the period was impacted by the planned shutdown
of the hydrocracker and related units to replace catalyst and to perform
maintenance and project work.
The Refinery continued to manufacture product, and earned fee revenue from
manufacturing and pipeline activities during the shutdown. However, the
limited ability to upgrade low-value residue to higher value products during
the shutdown, saw the Company operate in "hydro skimming" mode for much of
the period.
During the March/ April period Singapore hydro skimming margins were
negative, while the Singapore complex margin averaged USD 1.36 per barrel.
Appendix I shows further information on throughput, margin and refining
income.
Historic Analysis
A five year history of Throughput, Margins and Processing Fees is attached as
Appendix II and can also be found on the company's website:
www.refiningnz.com
1) Refining NZ's Gross Refining Margin is defined as the typical market value
of the products produced minus the typical market value of the feedstock
used, expressed per barrel of feedstock used. The margin incorporates the
cost of the hydrocarbon used for fuel and incurred as process losses.
2) The Fee Floor is the minimum Processing Fee due, for a calendar year, up
to a maximum of NZD 126 million for 2014 (see Explanatory Notes for more
detail).
End CA:00251149 For:NZR Type:MONTHLY Time:2014-06-03 12:50:09
