- Release Date: 17/05/16 10:10
- Summary: MONTHLY: NZR: Throughput and Margin Report March - April 2016
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NZR 17/05/2016 10:10 MONTHLY PRICE SENSITIVE REL: 1010 HRS The New Zealand Refining Company Limited MONTHLY: NZR: Throughput and Margin Report March - April 2016 Refining NZ Throughput and Margin Report for March/April 2016 The planned shutdown of the hydrocracker and related units to perform maintenance was completed successfully in April. This includes repair work on the unit, failure of which led to a "margin update" to the market on 24 March 2016. All units are now fully back in operation. Te Mahi Hou continued to operate well throughout the period. The Gross Refinery Margin(1) (GRM) for the period was USD 5.72 per barrel excluding the shutdown (USD 2.88 per barrel impact) and repair work (USD 1.00 per barrel impact). The net GRM for the period, including the shutdown and repair work, was USD 1.84 per barrel. This compares favourably with the minus USD 2.84 per barrel during the previous hydrocracker shutdown in 2014. This resulted in a Processing Fee income of NZD 14.8 million, including a Margin Cap(2) recovery of NZD 0.7 million. Throughput for the period was 7.5 million barrels, reflecting good operational performance outside the shutdown period. The Singapore Dubai complex margin for the period remained strong at an average of USD 3.18 per barrel, supported by strong gasoline price spreads. The margin uplift continues to be affected by a weaker freight uplift and higher market premia for light crudes which are priced off Brent instead of Dubai as benchmark. The average exchange rate for the period was USD/NZD 0.68. Appendix I shows further information on throughput, margin and refining income. Performance Update Presentation Attached is a presentation pack with further commentary on the Company's year to date performance. 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 (1) 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. (2) 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). End CA:00282491 For:NZR Type:MONTHLY Time:2016-05-17 10:10:57
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- Ann: MONTHLY: NZR: Throughput and Margin Report March - April 2016
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