Oil Companies Score Big Profit Rises

WELLINGTON — New Zealand’s biggest oil companies recorded huge profit increases in 2004, in part because of their holdings in New Zealand Refining, which hit a record $50 a share yesterday.

But the petrol companies claim margins are under pressure.

All of the companies are benefiting from a blockbuster year for New Zealand Refining, which operates the Marsden Point Refinery.

New Zealand Refining shares jumped $2 to hit $50 for the first time yesterday, the price rising almost 60 percent this year and 509 percent since 2000. The refinery profit was up 200 percent for the year to December to $97.5 million as it reported “refining margins at significantly higher levels than historically” .Among them, the four big oil companies own 72 percent of New Zealand Refining and received $38.4 million in dividends during the 2004 calendar year. BP was the biggest recipient, reaping $9 million.

Shell is by far the biggest oil company in New Zealand. It is the only one active in exploration and production as well as the sale of fuel and oil-related products such as lubricants.

Shell’s oil products business had an increase in post-tax profit to $106.2 million, up from $63.8 million.

BP showed the greatest increase during the year, with post-tax profit more than doubling from $22.6 million to $53.7 million. Its revenue for the year was $1.96 billion, up from $1.74 billion in 2003.

Mobil fell just short of doubling its profit, with the $61.6 million in 2004 up from $33 million in 2003.

Revenue was $1.51 billion, up from $1.41 billion.