SUBSCRIBER NOTE: Platts to revise various refining margin calculations

Effective September 1, 2015, Platts proposes to make the following changes to its daily crude refining margin calculations to improve the accuracy of its margins.

1. All Brent refining margins for will be calculated using the Platts Brent Ninian Blend spot crude assessment (AAVJA00), replacing the Platts Dated Brent assessment (PCAAS00), which is itself a reflection of the most competitive of four grades of crude -- BNB, Forties, Oseberg and Ekofisk. Platts publishes Brent refining margins for the US Atlantic Coast, US Gulf Coast, the Caribbean, Northwest Europe and Italy.

2. The Northwest Europe Gullfaks margins will be calculated by subtracting the Gullfaks spot price assessment from Gullfaks yields, which are determined at the refinery itself, instead of subtracting the spot assessment from the Gullfaks netbacks, which reflect FOB loading. Platts is proposing to make this change because the current primary Gullfaks spot assessment is CIF Rotterdam.

3. The Northwest Europe Urals margins will be calculated with the FOB Primorsk Urals spot assessment (AAWVH00), which will replace the CIF Rotterdam assessment (PCAFW00) currently being used in the calculations. The Italy Urals margins will be calculated using the FOB Novorossiisk spot assessment (AAGZS00), which will replace the CIF Mediterranean spot assessment (PCACE00) currently being used.

4. The Italy CPC margin will be calculated with the CPC FOB 80 kt spot assessment (AAOFV00), which will replace the CPC CIF Augusta (AAGZU00) assessment currently being used.

5. The US Atlantic Coast Statfjord margins will be calculated using the FOB Statfjord spot assessment (PCAEE00), which will replace the CIF Statfjord assessment (AASAS00).

6. The Northwest Europe and Italy Azeri margins will be calculated using the Azeri FOB Supsa spot assessment (AALWD00), which will replace the Azeri CIF assessment (AAGZX00).

7. The US Atlantic Coast, US Midwest, US Gulf Coast and US West Coast Bakken margins will be calculated with the Bakken spot crude assessment (AAXPP00), which will replace the Bakken ex-Clearbrook assessment (AASRU00) currently being used. Platts proposes to make this change because the Bakken spot assessment reflects Bakken crude delivered into North Dakota terminals with rail and rail/pipeline loading capabilities.

These prices are published on Platts Global Alert pages 802, 804, 806, 810, 812, 814, 820, 830, 832, 834, 820, 822, 824 and 840. The daily prices are also published in the Crude Oil Marketwire and in Platts Market Data.

Please send any comments or questions by August 1, 2015, to jeff.mower@platts.com, oilgroup@platts.com and pricegroup@platts.com.

For written comments, please provide a clear indication if comments are not intended for publication by Platts for public viewing. Platts will consider all comments received and will make comments not marked as confidential available upon request.