NZR
19/01/2016 10:03
MONTHLY
PRICE SENSITIVE
REL: 1003 HRS The New Zealand Refining Company Limited
MONTHLY: NZR: Throughput and Margin Report - November-December 2015
Refining NZ finished the year with an all-time record Processing Fee for the
year of NZD 378.7 million. This was earned on a throughput of 42.6 million
barrels, another all-time record and 4.5% ahead of our original guidance of
40.8 million barrels.
The Gross Refinery Margin1) (GRM) for the November/December period - prior to
Cap adjustments - was USD 10.82 per barrel, resulting in a Processing Fee
income of NZD 72.6 million. The Cap adjustment for the period was NZD 7.2
million and for the full year ended at NZD 14.4 million.
The Singapore complex margin for the period strengthened to an average of USD
6.37 per barrel. Refining NZ's margin uplift over the Singapore complex
margin was USD 4.45 per barrel. A throughput of 7.0 million barrels was
achieved for the period.
The Te Mahi Hou project was started up during the last week in November and
is operating in line with expectations.
The average exchange rate for the period was USD/NZD 0.67.
Appendix I shows further information on throughput, margin and refining
income.
Historical 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
Notes
1) The Margin Cap limits the Processing Fee to a maximum Gross Refining
Margin of 9 USD per barrel for over a calendar year. The Margin Cap applies
to each Customer severally (see Explanatory Notes for more detail).
2) 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.
End CA:00276529 For:NZR Type:MONTHLY Time:2016-01-19 10:03:59
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