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 Financial News for Major Energy Companies, Fourth Quarter 2007
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Figure 1.   Quarterly Foreign Gross Refining Margins,a 2004 - 2007

This figure indicates that Q307 gross refining margins in Europe (represented by the gross refining margin for Brent crude oil refined in Rotterdam) were higher than in Q306 by $0.55 per barrel. Similarly, Q307 gross refining margins in the Asia/Pacific region (represented by the gross refining margin for Dubai crude oil refined in Singapore) were higher by ($2.89 per barrel) than in Q306. Please call the National Energy Information Center at (202) 586-8800 for additional information.

a Refining margin is defined as netback price less spot crude oil price. Netback price is calculated by multiplying the spot price of each refined product by the percentage share in the yield of a barrel of crude oil. Transport and out-of-pocket refining costs are then subtracted to arrive at netback price.

Note:   The refining margin for Dubai crude oil refined in Singapore is used a proxy for Asia/Pacific gross refining margins.   Similarly, the refining margin for Brent crude oil refined in Rotterdam is used as a proxy for European gross refining margins.
Source:   Energy Intelligence Group, Oil Market Intelligence, (June 2005 and 2006; and January 2005, 2006, 2007, and 2008), page 12.


Last Updated on February 15, 2008.
File name: http://www.eia.doe.gov/emeu/perfpro/news_m/fig1.html
By Financial Analysis Team, Office of Energy Markets and End Use, Energy Information Administration
Email: neal.davis@eia.doe.gov