Friday, 29 March 2024

Announcement

MONTHLY: NZR: Refining NZ Throughput and Margin Report for Mar/Apr 2017

18 May 2017 10:48NZX
Refining NZ achieved a Gross Refinery Margin1) (GRM) of USD 9.35 per barrel
and captured Processing Fee income of NZD 48.1 million for the March/April
period, compared with NZD 14.8 million for the corresponding period last
year.

The positive year on year variance in Processing Fee income reflects the
differential impact of a shutdown of primary distillation capacity this year,
compared with the shutdown of Refining NZ''s hydrocracking capacity last year.

The Singapore Dubai complex margin for the March/April period was USD 3.02
per barrel and Refining NZ''s uplift over the Singapore Dubai complex margin
was strong at USD 6.33 per barrel. The March shutdown of primary distillation
capacity saw Refining NZ''s exposure to low hydro-skimming margins reduced and
0.5 million barrels high-margin residue stock drawn down which contributed
significantly to the high uplift over the Singapore Dubai complex margin.

Throughput for the period was 5.1 million barrels, 2.3 million barrels less
than the  corresponding period last year, also largely due to the March
shutdown.

The average exchange rate for the March/April period was USD/NZD 0.70.

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

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.
End CA:00301379 For:NZR    Type:MONTHLY    Time:2017-05-18 10:48:58
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