Trading conditions update

This trading conditions update is produced in order to provide disclosure to investors and potential investors of current trading conditions, and to ensure that they all receive equal access to the same information, at the same time

Data to Wednesday 27 July 2016

The marker prices and marker margins below do not represent the actual prices or margins realised by BP during the given periods.This data is normally updated every Friday at 15.30 UK time (or nearest UK working day in the event of public holiday).

Quarter to date data are updated to the date shown at the top of this page.
Marker Prices
Marker Prices
3Q 2015
3Q 2015
4Q 2015
4Q 2015
1Q 2016
1Q 2016
2Q 2016
2Q 2016
3Q 2016 to date
3Q 2016 to date
Marker Prices
Brent Dated ($/bbl)
3Q 2015
50.47
4Q 2015
43.76
1Q 2016
33.94
2Q 2016
45.59
3Q 2016 to date
45.45
Marker Prices
WTI Cushing ($/bbl)
3Q 2015
46.45
4Q 2015
42.07
1Q 2016
33.45
2Q 2016
45.53
3Q 2016 to date
45.06
Marker Prices
WCS Hardisty ($/bbl)
3Q 2015
31.93

4Q 2015
29.11
1Q 2016
22.11
2Q 2016
33.78
3Q 2016 to date
31.78
Marker Prices
ANS USWC ($/bbl)
3Q 2015
51.52
4Q 2015
43.62
1Q 2016
33.98
2Q 2016
45.74
3Q 2016 to date
44.95
Marker Prices
Mars ($/bbl)
3Q 2015
45.34
4Q 2015
38.79
1Q 2016
30.14
2Q 2016
42.08
3Q 2016 to date
41.80
Marker Prices
Urals (NWE - cif) ($/bbl)
3Q 2015
49.19
4Q 2015
41.42
1Q 2016
31.66
2Q 2016
43.37
3Q 2016 to date
43.77
Marker Prices
US gas Henry Hub first of month index ($/mmbtu)
3Q 2015
2.77
4Q 2015
2.27
1Q 2016
2.09
2Q 2016
1.95
3Q 2016 to date
2.92
Marker Prices
UK gas price - National Balance Point (p/therm)
3Q 2015
41.48
4Q 2015
36.64
1Q 2016
30.42
2Q 2016
31.37
3Q 2016 to date
34.34
Source: Platts
Light / heavy crude spreads
Light / heavy crude spreads
3Q 2015
3Q 2015
4Q 2015
4Q 2015
1Q 2016
1Q 2016
2Q 2016
2Q 2016
3Q 2016 to date
3Q 2016 to date
Light / heavy crude spreads
Brent vs. Urals (NWE - cif) ($/bbl)
3Q 2015
1.28
4Q 2015
2.34
1Q 2016
2.28
2Q 2016
2.22
3Q 2016 to date
1.68
Light / heavy crude spreads
WTI vs. WCS ($/bbl)
3Q 2015
14.52
4Q 2015
12.96
1Q 2016
11.34
2Q 2016
11.75
3Q 2016 to date
13.28
Light / heavy crude spreads
WTI vs. Mars ($/bbl)
3Q 2015
1.11
4Q 2015
3.28
1Q 2016
3.31
2Q 2016
3.46
3Q 2016 to date
3.26
Refining Marker Margins ($/bbl) - RMM
Refining Marker Margins ($/bbl) - RMM
3Q 2015
3Q 2015
4Q 2015
4Q 2015
1Q 2016
1Q 2016
2Q 2016
2Q 2016
3Q 2016 to date
3Q 2016 to date
Refining Marker Margins ($/bbl) - RMM
US North West
3Q 2015
27.3
4Q 2015
18.9
1Q 2016
15.6
2Q 2016
20.1
3Q 2016 to date
18.1
Refining Marker Margins ($/bbl) - RMM
US Midwest
3Q 2015
24.6
4Q 2015
14.4
1Q 2016
9.8
2Q 2016
17.2
3Q 2016 to date
11.9
Refining Marker Margins ($/bbl) - RMM
Northwest Europe
3Q 2015
16.8
4Q 2015
10.7
1Q 2016
9.2
2Q 2016
11.3
3Q 2016 to date
8.2
Refining Marker Margins ($/bbl) - RMM
Mediterranean
3Q 2015
14.3
4Q 2015
10.1
1Q 2016
9.3
2Q 2016
9.6
3Q 2016 to date
6.3
Refining Marker Margins ($/bbl) - RMM
Australia
3Q 2015
16.0
4Q 2015
14.0
1Q 2016
11.5
2Q 2016
10.7
3Q 2016 to date
8.6
Refining Marker Margins ($/bbl) - RMM
Global Refining Marker Margin*
3Q 2015
20.0
4Q 2015
13.2
1Q 2016
10.5
2Q 2016
13.8
3Q 2016 to date
10.4
The refining margins shown above are compiled using data from third party databases, and as such may be subject to possible errors.

* The Refining Marker Margin (RMM) is a generic indicator. Actual margins realised by BP may vary significantly due to a variety of factors, including specific refinery configurations, crude slate and operating practices. For example being based on a single regional marker crude, the RMM does not include the impact of the differential between Canadian Heavy crude and WTI.

Important note - Rule of thumb

The rules of thumb were provided in March 2015, based on the then prevailing range of oil and gas prices. They are intended to give directional indicators of the impact of changes in the trading environment on BP's 2015 full-year pre-tax results.

These rules of thumb are approximate and based upon BP’s current portfolio. Please note that the relationship between oil and gas prices and results is not necessarily linear across a wide range of oil and gas prices. Changes in margins, differentials, seasonal demand patterns, operational issues, and other factors including timing of acquisition and divestment activity, can also materially impact the results. Significant differences between the estimates implied by the application of the rules of thumb and the actual results themselves may also arise due to complex mechanisms for calculating government shares of Upstream revenues in some jurisdictions, depending on price levels, as well as in the Downstream from variations between the Refining Marker Margin (RMM) and BP's realised refining margins due to crude price levels and differentials, product price movements and other factors. The RMM rule of thumb reflects the sensitivity of the group to changes in refining margins. Many other factors will affect BP's earnings quarter-by-quarter. In the US, the industry impact of increased cost for Conventional Ethanol RINs (Renewable Identification Number) will result in lower actual margin capture than the RMM Rule of Thumb would suggest. Actual results in individual quarters may therefore differ significantly from the estimates implied by the application of these rules of thumb.
Operating environment Rules of Thumb: impact on pre-tax Replacement Cost Operating Profit
Operating environment Rules of Thumb: impact on pre-tax Replacement Cost Operating Profit
Full Year
Full Year
Operating environment Rules of Thumb: impact on pre-tax Replacement Cost Operating Profit
Upstream
Oil Price - Brent +/- $1/bbl
Natural gas - Henry Hub +/- $0.10/mcf
Full Year

$300m
$70m
Operating environment Rules of Thumb: impact on pre-tax Replacement Cost Operating Profit
Rosneft   
Not applicable
Full Year
n/a
Operating environment Rules of Thumb: impact on pre-tax Replacement Cost Operating Profit
Downstream   
Refining - RMM +/- $ 1/bbl
Full Year

$500m

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