NZR
14/07/2015 11:20
MONTHLY
PRICE SENSITIVE
REL: 1120 HRS The New Zealand Refining Company Limited
MONTHLY: NZR: Refining NZ - Margin & Throughput Report - May/June 2015
Refining NZ's Processing Fee for the first six months of 2015 was NZD 170.9
million, NZD 2.5 million above the full year result for 2014. This is after
deducting a Margin Cap of NZD 7.8 million, which is recoverable in the second
half of 2015 should the Gross Refinery Margin (GRM) move below the Margin
Cap.
The year to date throughput of 20.9 million barrels was one million barrels
ahead of the 2014 first half throughput.
Excellent operational performance and successful completion of the planned
shutdown in May resulted in a throughput for May/June of 6.42 million
barrels. The GRM - excluding the Cap -for May/June was USD 8.55 per barrel,
resulting in a Processing Fee income of NZD 53.4 million or NZD 48.9 million
including the Cap.
Singapore complex margins remained healthy for the period at an average of
USD 4.24 per barrel and Refining NZ's margin uplift over Singapore complex
margins was USD 4.31 per barrel.
The average exchange rate for the period was USD/NZD 0.72.
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
End CA:00266973 For:NZR Type:MONTHLY Time:2015-07-14 11:20:51
