We have been commissioned by the Ministry of Business, Innovation and Employment (MBIE) to analyse the financial performance of the New Zealand fuel sector over 2011-15 (the study period). We received financial and other information from BP, Mobil and Z Energy (the majors). We also received information from Gull, and spoke to other industry participants (including suppliers other than the majors, the independents). This report was prepared jointly by Cognitus Economic Insight, Grant Thornton and NZIER for the Ministry of Business, Innovation and Employment.