Investor Presentaiton
0
2
REFINING MARGINS
6
US$/BARREL
10
8
-2
■Freight
4
2015
2016
Second full year of operations at the Fee Floor
FY20
FY21
Change
US$/BARREL
REFINING NZ MARGIN
Singapore Complex Margin
(SCM)1
(1.65)
(1.20)
0.45
Freight
1.55
1.80
0.25
Fee floor
4.86 equivalent
SINGAPORE COMPLEX MARGIN
3.73
Product quality
0.69
0.75
0.06
Plant availability
(0.16)
(0.19)
(0.03)
Crude cost and yield
1.20
2.56
1.36
(1.20)
Refining NZ uplift
3.28
4.93
1.65
Product Quality
Plant Availability
Crude Cost & Yield
RNZ GRM
1.63
3.73
2.10
2017
2018
2019
2020
2021
•
Refining margins improved from 2020 levels, but remained below Fee Floor
.
Stronger Refining NZ uplift due to the lower price for crudes processed, relative to Dubai
•
Fee Floor contributions of c. $33 million (FY20: c.$90 million)
1. The Singapore Complex Margin is calculated using Platts Dubai crude and Singapore product prices, VLCC freight to Singapore, and the International Energy Agency's Dubai complex refinery yields adjusted for fuel & loss.
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REFINING NZ
2021 ANNUAL RESULTS
PRESENTATIONView entire presentation