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ExxonMobil NZ reports narrower loss in 2015, despite falling revenue and increasing refinery fees

Wednesday 1st June 2016

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The New Zealand division of ExxonMobil, the world's largest publicly traded international oil and gas company, narrowed its 2015 loss even as revenue dropped 15 percent and the company spent more on refinery fees.

The local company's net loss for the year ended Dec. 31 was $2.7 million, compared to $33.5 million a year earlier, as revenue fell to $2.4 billion from $2.8 billion in 2014, financial statements lodged with the Companies Office show. 

ExxonMobil NZ's spending on raw materials and consumables dropped 27 percent to $1.4 billion, a faster decline than revenue as global oil prices fell through the year. "Other expenses" rose 12 percent to $188.2 million. It spent $587.9 million on sales taxes and duties, a 14 percent increase from a year earlier. The company received a $1.4 million income tax benefit.

Its refinery processing fees were $91 million, a significant increase on the $34.8 million paid a year earlier. New Zealand Refining, the operator of the country's only oil refinery, produced a net profit of $151 million for the 12 months to Dec. 31, compared with $10 million in 2014. That company's profit boost was driven in part by a near doubling in the average gross refining margin at US$9.20 a barrel. The ExxonMobil group owns 17.2 percent of NZ Refining. 

ExxonMobil NZ's assets were worth $1.1 billion in 2015, up 4.6 percent from 2014. The value of its available-for-sale financial assets, which are its shares in NZ Refining, rose to $201.6 million from $118.8 million a year earlier. 

ExxonMobil's New York-listed shares recently traded at US$89.02 and have gained 16 percent this year.

BusinessDesk.co.nz

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