- Release Date: 22/09/14 09:27
- Summary: MONTHLY: NZR: NZR Throughput and Margin Report July-August 2014
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NZR 22/09/2014 09:27 MONTHLY REL: 0927 HRS The New Zealand Refining Company Limited MONTHLY: NZR: NZR Throughput and Margin Report July-August 2014 Due to excellent operational performance, the Gross Refinery Margin1) (GRM) for the period was USD 6.75 per barrel representing a USD 7.30 per barrel uplift over Singapore complex margins. As a consequence, NZD 13.5 million of the Fee Floor2) was paid back to customers during the July/August 2014 period. The GRM for the period, including the Fee Floor repayment, was USD 4.14 per barrel, resulting in a Processing Fee income of NZD 21.3 million. Throughput for the period was 6.3 million barrels with an average exchange rate of USD/NZD 0.86. Singapore complex margins continued to fall during the period to an average of negative USD 0.55 per barrel. Refining NZ's margin uplift over Singapore complex margins of USD 7.30 per barrel was materially higher than the normal range of USD 3 - 4 per barrel. This uplift was driven by: - Increased margin uplifts delivered by the margin initiatives implemented during the first half of the year. During July/August these changes have added approximately USD 0.90 per barrel, ahead of our plan of USD 0.66 per barrel. - Running less crude oil in order to draw lower value residue from stock and to improve the yield of higher value product on process units. - A favourable Brent-Dubai price spread (lower Brent prices), effectively lowering our crude cost vs. Dubai. Around 40% of our crude is priced off Brent as benchmark. The maintenance 'pit stop' for a preventive fix of a compressor in the platformer unit, as advised with the half year announcement, was completed successfully ahead of plan during the first half of September. Our cost performance continues to be on track, exceeding our saving targets for the year. 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 End CA:00255496 For:NZR Type:MONTHLY Time:2014-09-22 09:27:49
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- Ann: MONTHLY: NZR: NZR Throughput and Margin Report July-August 2014
Ann: MONTHLY: NZR: NZR Throughput and Margin Report July-August 2014
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