BP - annual data

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).

Image with a graph of BP performance versus comparatives: R&M versus indicator margin

	Units	2004	2005	2006	2007	2008
Replacement cost profit from continuing operations before interest and tax (1,2) - Total	$m	24,385	30,038	35,411	28,794	41,727
RCPBIT - by business - select from menu
RCPBIT - R&M	$m	5,020	4,242	5,161	2,621	4,176
Indicator - BP average Global lndicator Refining Margin (3)	$/bbl	6.31	8.6	8.39	9.94	6.5

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

(3) The Global Indicator Refining Margin (GIM) is the average of regional industry indicator margins, which we weight for BP's crude refining capacity in each region. Each regional indicator margin is based on a single representative crude with product yields characteristic of the typical level of upgrading complexity. The refining margins are industry-specific rather than BP-specific measures, which we believe are useful to investors in analysing trends in the industry and their impact on our results. The margins are calculated by BP based on published crude oil and product prices and take account of fuel utilization and catalyst costs. No account is taken of BP's other cash and non-cash costs of refining, such as wages and salaries and plant depreciation. The indicator margin may not be representative of the margins achieved by BP in any period because of BP's particular refining configurations and crude and product slate.

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BP Annual data 2004 - 2008