Total reports record European refining margin indicator in third quarter
10/16/2015 12:00:00 AM
France-based energy company Total said on Friday that refining margins in Europe had risen to a new record high in the 2015 third quarter.
Total, Europe's biggest refiner, said its European refining margins indicator (ERMI) rose to $54.8/ton in the third quarter of 2015. That's up from $54.1 in the previous quarter, according to a table on the company's website.
The $54.8/ton margin was the highest level since records started in 2003, according to figures available on Total's website.
The indicator had hit a four-year low in the first three months of 2014, according to a Reuters report.
Total describes its European Refining Margin Indicator (ERMI) as an indicator intended to represent the margin after variable costs for a hypothetical complex refinery located around Rotterdam in Northern Europe that processes a mix of crude oil and other inputs commonly supplied to this region to produce and market the main refined products at prevailing prices in this region. The indicator margin may not be representative of the actual margins achieved by Total in any period because of Total's particular refinery configurations, product mix effects or other company-specific operating conditions.
Comments