NZR
14/05/2015 12:17
MONTHLY
PRICE SENSITIVE
REL: 1217 HRS The New Zealand Refining Company Limited
MONTHLY: NZR: Margin and Throughputs Report - March/April 2015
Excellent operational performance resulted in a record throughput of 7.4
million barrels for the period.
The Gross Refinery Margin1) (GRM) for the period was USD 8.77 per barrel.
After partial add back of the previous period Margin Cap adjustment and a
minor prior year adjustment, the invoice GRM was USD 9.05 per barrel.
The GRM of USD 8.77 per barrel compares with a margin of -USD 2.84 per barrel
for the same period last year or a USD 11.61 per barrel improvement.
Singapore complex margins remained healthy at an average of USD 4.82 per
barrel for the period. Refining NZ's margin uplift over Singapore complex
margins was USD 3.95 per barrel for the period due to ongoing favourable
crude price spreads against the Dubai benchmark.
The Margin Cap adjusted processing fee for the period was NZD 62.3 million.
The remaining year to date Margin Cap adjustment is NZD 3.3 million which
will be recovered in future months if the GRM moves below the Margin Cap.
The average exchange rate for the period was USD/NZD 0.75.
The planned shutdown, scheduled for the last week of April, was moved to May
to take advantage of the higher margins during the March/April period, and is
progressing to plan. The shutdown involves maintenance and catalyst
regeneration work to a crude distillation unit and the platformer.
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:00264303 For:NZR Type:MONTHLY Time:2015-05-14 12:17:42
