SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
Form 6-K
Report of Foreign Issuer
Pursuant to Rule 13a-16 or 15d-16 of
the Securities Exchange Act of 1934
for the period ended 2 April 2003
BP p.l.c.
(Translation of registrant's name into English)
1 ST JAMES'S SQUARE, LONDON, SW1Y 4PD, ENGLAND
(Address of principal executive offices)
Indicate by check mark whether the registrant files or will file annual
reports under cover Form 20-F or Form 40-F.
Form 20-F |X| Form 40-F
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Indicate by check mark whether the registrant by furnishing the information
contained in this Form is also thereby furnishing the information to the
Commission pursuant to Rule 12g3-2(b) under the Securities Exchange Act of
1934.
Yes No |X|
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April 2, 2003
BP 1Q 2003 TRADING UPDATE
This trading update is aimed at providing an overview of the revenue and trading
conditions experienced by BP during the first quarter ending March 31, 2003.
The first quarter margin, price, realisation, cost and other data referred to
below are currently provisional, some being drawn from figures applicable to the
first month or so of the quarter. All such data are subject to change and may
differ quite considerably from the final numbers that will be reported on April
29, 2003. The statement is produced in order to provide greater disclosure to
investors and potential investors of currently expected outcomes, and to ensure
that they all receive equal access to the same information at the same time.
Exploration and Production
Marker prices
1Q'03 4Q'02 1Q'02
Brent dated ($/bbl) 31.47 26.88 21.13
WTI ($/bbl) 34.00 28.31 21.54
ANS USWC ($/bbl) 33.16 26.86 19.76
US gas Henry Hub first of month index ($/mmbtu) 6.53 3.99 2.35
UK gas price - National Balancing Point (p/therm) 21.28 19.09 19.22
Compared to 4Q'02, liquid realizations are expected to move broadly in line with
the change in marker prices. Compared to 4Q'02, the Henry Hub gas marker price
is expected to increase by $2.54/mcf. However, US gas realizations are
projected to be up approximately $2.00/mcf, due to a widening of basin
differentials.
Gas, Power and Renewables
North American gas marketing margins are expected to be significantly up on
4Q'02. NGL margins are expected to be similar to 4Q'02.
Refining and Marketing
Refining Indicator Margins ($/bbl)
1Q '03 4Q '02 1Q '02
USA
- West Coast 6.77 3.95 5.43
- Gulf Coast 6.14 2.98 2.04
- Midwest 4.14 4.09 2.06
North West Europe 3.70 2.19 0.09
Singapore 2.98 1.41 0.20
Refining Global Indicator Margin* ($/bbl.) 4.52 2.76 1.64
*The refining Global Indicator Margin(GIM) is a weighted average based on BP's
portfolio. Actual margins may vary because of refinery configuration, crude
slate and operating practices.
1Q'03 refining margins are expected to be higher than 4Q'02, with some offset
from a significant increase in utility costs. The marketing environment is
projected to be down in 1Q'03 vs. 4Q'02 due to economic slowdown and normal
seasonal variations.
Chemicals
Weighted Chemicals Indicator Margin ($/te)
1Q'03 4Q'02 3Q'02 1Q'02
n/a 100 120 80
*The Chemicals Indicator Margin is a weighted average of externally-based
product margins. It is based on market data collected by Nextant (formerly Chem
Systems) in their quarterly market analyses, then weighted on BP's product
portfolio. This is described more fully in the Group's quarterly results
releases.
Chemicals margins in 1Q'03 are expected to be sharply lower than in 4Q'02, due
to feedstock costs rising more rapidly than prices for the majority of
petrochemical products.
Stock Purchases
During the quarter the company purchased for cancellation 154.9 million of its
shares at a cost of around $1 billion. Shares in issue as at 27 March '03 were
22,242 million.
- ENDS -
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the
undersigned, thereunto duly authorized.
BP p.l.c.
(Registrant)
Dated: 2 April 2003 /s/ D. J. PEARL
..............................
D. J. PEARL
Deputy Company Secretary