- Release Date: 14/11/14 10:08
- Summary: MONTHLY: NZR: Throughput and Margins Report - September-October 2014
- Price Sensitive: No
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NZR 14/11/2014 10:08 MONTHLY REL: 1008 HRS The New Zealand Refining Company Limited MONTHLY: NZR: Throughput and Margins Report - September-October 2014 The Gross Refinery Margin1) (GRM) for the period was USD 7.54 per barrel. Singapore complex margins averaged USD 2.60 per barrel during the period. Refining NZ's margin uplift over Singapore complex margins of USD 5.00 per barrel was again higher than the normal range of USD 3 - 4 per barrel, largely driven by the 2014 margin initiatives (USD 0.67 per barrel) and favourable crude prices reflected in a narrow Brent-Dubai spread (USD 0.88 per barrel). Processing Fee income for the period was NZD 42.3 million, enabling another NZD 21.3 million payback of the Fee Floor2) to customers. This brings the total floor repayment during the second half of Refining NZ's financial year to NZD 34.8 million, leaving the outstanding Fee Floor amount at NZD 1.5 million. The Company also expects to deliver on its promise of cost savings in 2014; total costs are expected to close at around $150 million for the year, some $8 million lower than originally promised. Crude prices declined from around USD 105 per barrel earlier in the year to around USD 85 per barrel by the end of October. Lower crude pricing improves Refining NZ's competitiveness against imported product due to lower inventory costs for its customers. At the current crude price of around USD 80 per barrel, Refining NZ is competitive at a GRM of USD 5.50 per barrel or better. Throughput for the period was 6.4 million barrels with an average exchange rate of USD/NZD 0.80. This period included a planned 'pit stop' for a preventive fix of a compressor in the platformer unit. The GRM for the period, including the Fee Floor repayment, was USD 3.75 per barrel, resulting in a net Processing Fee income of NZD 21.0 million. 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 For further information: Sjoerd Post, Chief Executive Officer T: (09) 4328311; M: 027 4697007 ; E: [email protected] End CA:00257669 For:NZR Type:MONTHLY Time:2014-11-14 10:08:59
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Ann: MONTHLY: NZR: Throughput and Margins Report - September-October 2014
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