Sharechat Logo

NZ Refining reports record annual throughput, margins for 2016

Wednesday 18th January 2017

Text too small?

New Zealand Refining, which operates the country's only oil refinery, said Wednesday its annual throughput hit record levels in 2016 and its fee income for the year was the third largest earned by the company in the past 10 years. 

The Whangarei-based company said its gross refinery margin over 2016 was a historically high average of US$6.47 per barrel, with annual throughput of 42.7 million barrels. Processing fee income was NZ$276.6 million. The gross refinery margin is the difference between the value of products and the cost of feedstock for each refining customer. 

Its gross refinery margin was US$9.20 for the November-December period. With high throughput of 7.5 million barrels, the processing fee income was NZ$67.6 million for the period, the company said. 

NZ Refining has continued to benefit from cheap oil, although it posted an 82 percent slump in profit for the six months ended June 30 and trimmed its interim dividend as a build-up in global oil stocks weighed on the Marsden Point refinery operator's margins.

The stock rose 5.6 percent to $2.85 and has declined 21 percent in the past 12 months.

BusinessDesk.co.nz

  General Finance Advertising    

Comments from our readers

No comments yet

Add your comment:
Your name:
Your email:
Not displayed to the public
Comment:
Comments to Sharechat go through an approval process. Comments which are defamatory, abusive or in some way deemed inappropriate will not be approved. It is allowable to use some form of non-de-plume for your name, however we recommend real email addresses are used. Comments from free email addresses such as Gmail, Yahoo, Hotmail, etc may not be approved.

Related News:

MARKET CLOSE: NZ shares up, led by Fisher & Paykel Healthcare, Ryman
NZ dollar heads for 0.1% weekly fall with jittery markets over weaker yuan
Xero quits developing in-house US payroll product, signs up with Gusto
Farming, horticultural groups seek flexibility in zero emissions plans
Hawaiki Submarine Cable begins commercial operations
Net migration falls in June, remains historically high, Stats NZ says
Commerce Commission files proceedings against Wilson Parking, seeks penalty
SeaDragon's funding transaction unfair but positives outweigh negatives, say independent advisers
Morningstar cuts earnings forecast for Z Energy but maintains hold rating
July 20th Morning Report

IRG See IRG research reports