BP annual data 2002

BP performance versus comparatives: R&M versus indicator margin
This chart shows replacement cost profit before interest and tax of the Refining and Marketing business segment (bar format, left hand scale), compared with the BP average Global Indicator Refining Margin (line format, right hand scale).

replacement cost profit before interest and tax of the Refining and Marketing business segment (bar format, left hand scale), compared with the BP average Global Indicator Refining Margin (line format, right hand scale)

	Units	2002 (UK GAAP)	2003 (IFRS)	2004 (IFRS)	2005 (IFRS)	2006 (IFRS)
Replacement cost profit from continuing operations before interest and tax (1,2) - Total	$m	11,200	18,724	24,385	30,038	35,411
RCPBIT - by business
RCPBIT - R&M	$m	1,936	3,162	5,194	4,394	5,283
Indicator - BP average Global lndicator Refining Margin (3)	$/bbl	2.27	4.08	6.31	8.6	8.39

The group adopted International Financial Reporting Standards (IFRS) with effect from 1 January 2005. Financial information for 2003 and 2004 has been restated to reflect the adoption of IFRS, as has the balance sheet at 1 January 2003, BP's date of transition to IFRS. BP chose not to adopt International Accounting Standard No. 39 'Financial Instruments: Recognition and Measurement' (IAS 39) until 1 January 2005, so financial assets and liabilities, including derivatives, are reported on the basis of UK generally accepted accounting practice (UK GAAP) for 2003 and 2004. The balance sheet at 1 January 2005 is also presented to show the effect of adopting IAS 39. The financial information for 2002 has not been restated for IFRS and remains on the basis of UK GAAP.

(1) Replacement cost profit before interest and tax includes equity-accounted interest and tax.
(2) Replacement cost profit is before inventory holding gains and losses.
(3) The Global Indicator Refining Margin (GIM) is the average of six regional indicator margins weighted for BP's crude oil refining capacity in each region. Each regional indicator margin is based on a single representative crude oil with product yields characteristic of the typical level of upgrading complexity. The regional indicator margins may not be representative of the margins achieved by BP in any period because of BP's particular refinery configurations and crude and product slate. The GIM data shown above excludes the Grangemouth and Lavéra refineries.

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BP annual data 2002 - 2006