Wednesday, October 6, 2010

BP (NYSE:BP) Says Refining Margins in EU Plunge 33 Percent in Third Quarter

BP Plc. (NYSE:BP) said refining profits quarter over quarter plummeted 33 percent in northwest Europe.

On the company's website they said its Indicator Margin averaged $2.59 a barrel in the latest quarter, in comparison to the $3.84 in the second quarter. It was also one percentage point below the peformance in the same quarter of 2009.

In the Mediterranean region, margins dropped to $2.70 barrel in the third quarter from $3.92 in the second quarter.

The Global Indicator Margin of BP averaged $4.53 a barrel in contrast to the $5.49 in the prior three months and $3.41 last year in the same period.

BP arrives at these numbers from gathering data from regional crude oils and product yields.

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