Hi posters - thanks for your responses, very good stuff
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Hi posters - thanks for your responses, very good stuff
http://www.thebull.com.au/articles/a...39;s-fall.html
Caltex Australia refining margins up strongly
Caltex margins soar on oil's fall
By AAP | 10.02.2015 04:33 PM
Caltex Australia is continuing to benefit from weak oil prices, with a 40 per cent bump in its refining margins.
Caltex's refiner margins - the profit it makes turning crude oil into fuels such as petrol and diesel - averaged $US25.10 a barrel in December, up from $US17.99 in November.
The increase from a year earlier was much greater - more than four times the margin of $US6.18 a barrel.
Margins over the course of 2014 were up 33 per cent to $US12.42.
The benefits are due to the oil price more than halving in 12 months to below $US50 a barrel, meaning Caltex is paying much less for its base refining product.
That prompted Caltex to forecast in December a lift in full year profit by more than 40 per cent to between $450 and $470 million.
Its marketing business is still expected to drive the result, with the refining business getting back into the black after a $65 million loss in the first half.
Caltex closed its Sydney refinery during the year but still operates one in Brisbane.
Caltex shares gained 12 cents to $34.43.
Hi all
I think the difference here is that Caltex is a vertically integrated refiner , ie refines the oil they have either produced or purchased. Whereas NZR is purely a tolling operation, gets paid per the product throughput without owning the feedstock . Note for Bunter, spoke to public relations NZR yesterday, seems the co2 benefits, except for the capture of the carbon emissions (which is significant in itself and may be worth something in carbon credits further down the track - about 50000 tonne per annum from memory.) have not been released as commercially sensitive but I am guessing will not impact bottom line too much except positively.
-d
http://www.brecorder.com/markets/ene...g-margins.html
Singapore complex refining margins sitting at $8 for the last 3 weeks. I am picking income of about 73m for the first 2 months but 13m of that being kept back as CAP. Nice position to be in!
Good news from 'Pakistan's premier financial daily' (where do you find these links?!)
Is that 73m refining income only?
Also- have been wondering who benefits from the cap - is it the major shareholders?
Or, in a competitive market, does it just result in lower fuel prices?
News is news I guess. Just use google to do Singapore complex Refining margins and search on news. Cap benefits the major users of the refinery some of which are shareholders. From what I understand, if margins fall below cap later on in the year, the users will have to refund some of the money to the refinery to make it up to cap again. Think of it as income smoothing.
looking forward to next fridays statement., share price will crack 3 dollar i think
will be on fire this week nzr
I looked at Z last week and also tried to work out how much NZR might affect Z. Have pasted on the Z thread.
Old link BTW - Oct 14.