BP PLC import terminal. (a) Based on LMCA data for top 20 selling OEMs (total new car sales) in 2019.
First Fourth First
quarter quarter quarter
USD million 2021 2020 2020
Profit (loss) before interest and tax 2,539 1,895 (3,951)
Inventory holding (gains) losses* (1,605) (650) 4,615
RC profit before interest and tax 934 1,245 664
Net (favourable) adverse impact of adjusting items (278) (1,119) 257
Underlying RC profit before interest and tax 656 126 921
Of which:[(b)]
customers - convenience & mobility 658 682 688
Castrol - included in customers 334 262 167
products - refining & trading (2) (589) 168
petrochemicals - 33 65
Taxation on an underlying RC basis (133) 100 (365)
Underlying RC profit before interest 523 226 556 (b) A reconciliation to RC profit before interest and tax by business is provided on page 30. Top of page 11 customers & products (continued)
First Fourth First
quarter quarter quarter
USD million 2021 2020 2020
Adjusted EBITDA*[(a)]
customers - convenience & mobility 982 1,006 975
Castrol - included in customers 373 304 205
products - refining & trading 419 (167) 578
petrochemicals - 35 115
1,401 874 1,668
Depreciation, depletion and amortization
Total depreciation, depletion and amortization 745 748 747
Capital expenditure*
customers - convenience & mobility 316 401 340
Castrol - included in customers 41 69 48
products - refining & trading 216 365 262
petrochemicals - 4 55
Total capital expenditure 532 770 657 (a) A reconciliation to RC profit before interest and tax by business is provided on page 30.
Retail[(b)] First Fourth First
quarter quarter quarter
2021 2020 2020
bp retail sites* - total (#) 20,300 20,300 18,900
bp retail sites in growth markets* 2,700 2,700 1,300
Strategic convenience sites* 2,000 1,900 1,700 (a) Reported to the nearest 100.
Marketing sales of refined products (mb/d) First Fourth First
quarter quarter quarter
2021 2020 2020
US 1,016 1,055 1,038
Europe 706 801 954
Rest of World 440 457 519
2,162 2,313 2,511
Trading/supply sales of refined products[(c)] 314 370 457
Total sales volume of refined products 2,476 2,683 2,968 (c) Comparative information for 2020 has been restated for the changes to net presentation of revenues and purchases relating to physically settled derivative contracts effective 1 January 2021. For more information see Note 1 basis of preparation - Voluntary change in accounting policy.
Refining marker margin*[(d)] First Fourth First
quarter quarter quarter
2021 2020 2020
bp average refining marker margin (RMM) (USD/bbl) 8.7 5.9 8.8
(d) In 2021 the RMM has been updated to reflect changes in bp's portfolio, and the update of crude reference for Mediterranean region. On this basis the fourth quarter and first quarter 2020 RMM would be USD6.1/bbl and USD8.9/bbl respectively.
Refinery throughputs - operated refineries (mb/d) First Fourth First
quarter quarter quarter
2021 2020 2020
US 725 708 748
Europe 747 720 835
Rest of World 129 200 223
Total refinery throughputs 1,601 1,628 1,806
bp-operated refining availability* (%) 94.8 96.1 96.1 Top of page 12 Rosneft Financial results . The replacement cost (RC) profit before interest and tax and underlying RC profit* before interest and tax for the first quarter was USD363 million, compared with a loss of USD17 million for the same period in 2020. There were no
adjusting items* in the first quarter of 2021 and 2020. . Compared with the same period in 2020, the result for the first quarter primarily reflects positive impact of
higher oil price and favourable foreign exchange and duty lag effects partially offset by lower production volumes
due to the divestments announced in December 2020. . On 22 April 2021, Rosneft announced that the board of directors had recommended the annual general meeting (AGM)
adopts a resolution to pay dividends of 6.94 roubles per ordinary share, which constitutes 50% of the company's
IFRS net profit for 2020. bp expects to receive later this year a dividend of 13 billion roubles after a deduction
of withholding tax, subject to approval at Rosneft's AGM.
First Fourth First
quarter quarter quarter
USD million 2021[(a)] 2020 2020
Profit (loss) before interest and tax[(b)(c)] 451 295 (218)
Inventory holding (gains) losses* (88) (25) 201
RC profit (loss) before interest and tax 363 270 (17)
Net (favourable) adverse impact of adjusting items - 41 -
Underlying RC profit (loss) before interest and tax 363 311 (17)
Taxation on an underlying RC basis (35) (31) 3
Underlying RC profit (loss) before interest 328 280 (14)
First Fourth First
quarter quarter quarter
2021[(a)] 2020 2020
Production: Hydrocarbons (net of royalties, bp share)
Liquids* (mb/d) 827 876 916
Natural gas (mmcf/d) 1,294 1,360 1,275
Total hydrocarbons* (mboe/d) 1,050 1,111 1,136 . (a) The operational and financial information of the Rosneft segment for the first quarter is based on preliminary operational and financial results of Rosneft for the three months ended 31 March 2021. Actual results may differ
from these amounts. Amounts reported for the first quarter are based on bp's 22.03% average economic interest for
the quarter (fourth quarter 2020 22.01% and first quarter 2020 19.75%). . (b) The Rosneft segment result includes equity-accounted earnings arising from bp's economic interest in Rosneft as
adjusted for accounting required under IFRS relating to bp's purchase of its interest in Rosneft, and the
amortization of the deferred gain relating to the divestment of bp's interest in TNK-BP. . (c) bp's adjusted share of Rosneft's earnings after Rosneft's own finance costs, taxation and non-controlling
interests is included in the bp group income statement within profit before interest and taxation. For each
year-to-date period it is calculated by translating the amounts reported in Russian roubles into US dollars using
the average exchange rate for the year to date. Top of page 13 other businesses & corporate Other businesses & corporate comprises our innovation & engineering business including bp ventures and Launchpad, regions, cities & solutions, our corporate activities & functions, and any residual costs of the Gulf of Mexico oil spill. Financial results . The replacement cost loss before interest and tax for the first quarter was USD678 million, compared with USD566
million for the same period in 2020. The first quarter included a net adjusting charge of USD508 million, including
USD447 million of fair value accounting effects*, compared with a net charge of USD134 million for the same period in
2020. . After excluding adjusting items*, the underlying replacement cost loss* before interest and tax for the first
quarter was USD170 million, compared with USD432 million for the same period in 2020, reflecting lower foreign exchange
impacts. The results also include a valuation gain of USD60 million up to the date of divestment of bp's holding in
Palantir. Strategic progress . bp and Qantas signed a memorandum of understanding on 15 January to collaborate on opportunities to reduce carbon
emissions in the aviation sector and contribute to the development of a sustainable aviation fuel industry in
Australia. . On 22 February, bp signed a memorandum of understanding with the Ministry of Energy of the Republic of Azerbaijan
to co-operate in assessing the potential and conditions required for large-scale decarbonized and integrated energy
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