SUBSCRIBER NOTE: Platts updates certain refining margin calculations

Effective September 15, 2015, Platts made the following changes to its daily crude refining margin calculations, following a period of feedback. Platts made these changes to improve the accuracy of its margins.

1. All Brent refining margins are 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 are 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 made this change because the current primary Gullfaks spot assessment is CIF Rotterdam.

3. The Northwest Europe Urals margins are calculated with the FOB Primorsk Urals spot assessment (AAWVH00), which replace the CIF Rotterdam assessment (PCAFW00) previously used in the calculations. The Italy Urals margins are calculated using the FOB Novorossisk spot assessment (AAGZS00), which replaces the CIF Mediterranean spot assessment (PCACE00).

4. The Italy CPC margin are calculated with the CPC FOB 80kt spot assessment (AAOFV00), which replaced the CPC CIF Augusta (AAGZU00) assessment.

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

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

7. The US Atlantic Coast, US Midwest, US Gulf Coast, and US West Coast Bakken margins are calculated with the Bakken spot crude assessment (AAXPP00), which replaced the Bakken ex-Clearbrook assessment (AASRU00). Platts made 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. The prices are also published in Platts Market Data.