ExxonMobil NZ reports narrower loss
The local company's net loss for the year ended December 31 was $2.7 million.
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% and the company spent more on refinery fees.
The local company's net loss for the year ended December 31 was $2.7 million, compared with $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% to $1.4 billion, a faster decline than revenue as global oil prices fell through the year. "Other expenses" rose 12% to $188.2 million. It spent $587.9 million on sales taxes and duties, a 14% 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. NZ Refining, the operator of the country's only oil refinery, produced a net profit of $151 million for the 12 months to December 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% of NZ Refining.
ExxonMobil NZ's assets were worth $1.1 billion in 2015, up 4.6% 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 $US89.02 and have gained 16% this year.
(BusinessDesk)
Sophie Boot
Wed, 01 Jun 2016
Wed, 01 Jun 2016
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ExxonMobil NZ reports narrower loss
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