The NZ Refining Company (NZRC) is continuing to build on upbeat results in the first half of this year.In a statement to NZX today, the company announced a respectable throughput of 6.8 million barrels over the last two months, with the refinery operating
The NZ Refining Company (NZRC) is continuing to build on upbeat results in the first half of this year.
In a statement to NZX today, the company announced a respectable throughput of 6.8 million barrels over the last two months, with the refinery operating at full capacity.
Full-year throughput, taking into account a 26-day planned maintenance shut down in mid-October, is expected to be about 39.3 million barrels.
This compares to 37.9m barrels last year – following a second half which saw refining margins plummet from about $US12 a barrel to about $US1.
The average refining margin for July and August was $US7.17 per barrel – at the top end of the $US5-7 range experienced so far this year.
NZRC exercised typical caution in its announcement today: “Refining margins have remained healthy over the period but it would be premature to see this as an indication of sustained recovery and there remains uncertainty with respect to the outlook on margins.”
Shares (NZX: NZR) still experienced a boost, climbing 2.94% to $3.50.
The company posted a better-than-expected profit of $29m for the six months to June 20, 2010.
