Refining marker margin

bp started using a refining marker margin (RMM) from 2011 and have made certain changes to reflect the impact of planned divestments and changes in global supply and demand balances. The rule of thumb is approximate, and for 2023 is based on bp’s portfolio as shown below*

The RMM uses regional crack spreads to calculate the margin indicator and does not include estimates of fuel costs and other variable costs. The RMM is similar to the approach used by many of our competitors.

 

This page sets out how bp calculates its RMM.

 

RMMs are simplified regional margin indicators based upon product yields and a single “marker” crude oil deemed appropriate for the region. (e.g. Brent for Europe and WTI for the USMW). For example, being a single marker crude, the RMM does not include the impact of heavy Canadian crude in our US refining system.

 

Regional RMM descriptions

bp RMM crude unit capacity regional weightings (2023)

*As of 1 March 2023, the 1Q23 RMM number has been adjusted to the current 2023 portfolio basis. This is a result of bp completed the sale of its 50% interest in the bp-Husky Toledo refinery in Ohio, US, to Cenovus Energy, its partner in the facility on 28 February 2023.