New Zealand Refining said its Marsden Point oil refinery operated at near full capacity in November and December and processed 7.2 million barrels of oil.
The average gross refining margin for the November and December period was $US1.18 ($NZ1.71) per barrel. The refiner earned a process fee of $8.2 million in the two month period.
Over-capacity in the global refining industry and reduced demand for oil products has significantly reduced refining margins.
Markets showed some signs of a recovery during late 2009 and early 2010 but fundamentals had not yet changed sufficiently to expect a sustained recovery in refining margins at this stage, the company said.
Marsden Point is New Zealand's only oil refinery.