Oil: Regional refining margins
US dollars per barrel
	USGC West Texas Sour Coking	NWE Brent Cracking	Singapore Dubai Hydrocracking
1Q92	2.84	2.35	3.33
2Q92	3.35	2.17	3.39
3Q92	2.40	2.28	3.43
4Q92	2.05	2.59	3.88
1Q93	1.96	2.21	4.30
2Q93	3.31	2.56	4.63
3Q93	2.89	2.53	3.80
4Q93	1.88	3.06	4.50
1Q94	2.89	2.48	3.76
2Q94	1.88	1.94	2.70
3Q94	1.87	2.02	2.00
4Q94	0.73	1.42	3.09
1Q95	0.62	1.07	2.22
2Q95	2.78	1.67	2.12
3Q95	1.79	1.96	1.99
4Q95	1.14	2.04	3.58
1Q96	1.33	2.04	5.39
2Q96	2.18	1.94	3.68
3Q96	1.41	1.91	2.54
4Q96	2.12	2.54	3.80
1Q97	3.05	1.88	3.73
2Q97	3.14	2.20	2.99
3Q97	3.64	2.32	1.46
4Q97	1.67	2.00	1.43
1Q98	2.57	2.34	1.50
2Q98	3.71	2.21	1.62
3Q98	1.79	1.95	0.27
4Q98	1.51	1.93	1.05
1Q99	0.96	1.21	0.79
2Q99	1.48	0.81	0.18
3Q99	1.90	1.43	0.59
4Q99	0.76	1.34	0.46
1Q00	2.70	2.07	2.42
2Q00	5.22	4.26	0.63
3Q00	3.87	3.44	3.19
4Q00	3.78	3.63	2.19
1Q01	6.69	2.35	0.70
2Q01	7.71	3.35	0.96
3Q01	3.24	1.74	0.75
4Q01	1.79	1.53	1.20
1Q02	2.04	0.09	0.20
2Q02	2.62	0.59	0.18
3Q02	1.82	1.28	0.47
4Q02	2.98	2.19	1.41
1Q03	6.14	3.70	2.98
2Q03	3.59	2.14	0.66
3Q03	5.61	2.47	1.27
4Q03	3.52	2.21	2.20
1Q04	6.92	2.73	3.42
2Q04	9.18	5.29	2.80
3Q04	6.99	4.37	5.48
4Q04	5.52	4.72	8.02
1Q05	7.30	2.84	4.98
2Q05	9.37	5.68	6.30
3Q05	17.12	7.78	6.52
4Q05	11.64	5.51	4.42
1Q06	10.86	2.88	3.54
2Q06	17.74	5.78	6.83
3Q06	11.47	4.54	3.58
4Q06	7.92	2.49	2.95
1Q07	10.14	4.16	4.84
2Q07	24.46	7.12	6.01
3Q07	12.58	3.82	4.52
4Q07	6.82	4.84	5.80
1Q08	6.21	4.79	4.76
2Q08	8.59	7.46	9.41
3Q08	9.87	7.13	5.90
4Q08	2.49	7.48	5.16
1Q09	6.69	4.67	2.51
2Q09	6.00	3.10	-0.11
3Q09	4.16	2.60	-0.02
4Q09	1.75	2.69	-1.47
1Q10	3.5	4.29	0.97
2Q10	6.59	3.84	0.85
3Q10	4.72	2.59	2.34
4Q10	5.03	4.5	2.32
Note:  The refining margins presented are benchmark margins for three major global refining centres.
US Gulf Coast (USGC), North West Europe (NWE - Rotterdam) and Singapore.
In each case they are based on a single crude oil appropriate for that region and have optimized product yields based
on a generic refinery configuration (cracking, hydrocracking or coking), again appropriate for that region.
The margins are on a semi-variable basis, ie the margin after all variable costs and fixed energy costs.