Trading conditions update - data to Wednesday 15 May 2013
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.
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.
Quarter to date data are updated to the date shown at the top of this page, with the exception of the Russian domestic marker which is updated one month in arrears.
* 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.
Important noteThe rules of thumb were provided following the 4Q12 and FY12 Results on 5th February 2013. They are intended to give directional indicators of the impact of changes in the trading environment on BP's 2013 full-year pre-tax results.
These rules of thumb are approximate and based upon BP’s current view of the 2013 portfolio excluding announced divestments. 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 and for 2013 excludes Texas City and the US South West Fuels Value Chains for the whole year. Many other factors will affect BP's earnings quarter-by-quarter. Actual results in individual quarters may therefore differ significantly from the estimates implied by the application of these rules of thumb.