For further information, please refer to bp's second quarter supplementary information on RIM.
The bp Refining Indicator Margin is a simple indicator of the weighted average of bp’s crude slate and product yield as deemed representative for each refinery. Actual margins realised by bp may vary due to a variety of factors, including the actual mix of a crude and product for a given quarter.
RIM refers solely to the impact of market pricing on bp’s global refining portfolio and should not be interpreted as indicative of trading outcomes.The formula is subject to annual revision, with liquid market price data accessible via third-party market data providers.
The calculation includes a constant factor of $3/bbl to represent the estimated delivered crude cost, losses incurred in processing and other crude differentials.
The marker accounts for RINs for our US refineries.
| Crude markers | ||
|---|---|---|
| EU | Brent | 55% |
| US | WCS1 | 25% |
| US | ANS | 10% |
| US | WTI | 10% |
| Global | Total inputs | 100% |
| 1) WCS differential to WTI is lagged one calendar month. | ||
| Product markers | ||
|---|---|---|
| EU | Naphtha (NWE) | 2% |
| EU | Gasoline (NWE, MED) | 16% |
| EU | Jet (NWE, MED) | 6% |
| EU | Diesel (NWE, MED) | 25% |
| EU | Fuel oil (NWE) | 4% |
| US | Gasoline (MW, NW) | 23% |
| US | Jet (MW, NW) | 5% |
| US | Diesel (MW, NW) | 14% |
| Global | Other products2 | 5% |
| Global | Total inputs | 100% |
| 2) Other products - including bitumen, coke and LPG | ||
| Other margin drivers | ||
|---|---|---|
| US | RINS3 | 37% |
| Global | Constant factor4 $(3)/bbl | 100% |
3) The marker includes an estimate of the cost of RINs (Renewable Identification Numbers) for our US refineries. RINs represent a compliance cost for refiners and importers under the US Renewable Fuel Standard (RFS). 4) The constant factor represents the estimated delivered crude cost, losses incurred in processing and other crude differentials. |
||
ANS: Alaskan North Slope
Med: Mediterranean
MW: Mid-West
NW: North--West
NWE: North-West Europe
WCS: Western Canadian Select
WTI: West Texas Intermediate