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BP AT A GLANCE

P/E ► 7.08 AVG EV/EBITDA ► 3.80 AVG ROA ► 9.8% AVG ROE ► 22.9% AVG Debt to Equity ► 1.50 AVG Current Ratio ► 0.951 LOW Interest Coverage Ratio ► 23.2 AVG

 

 

 

 

 

 

Revenue, Net Income, and Net MarginRevenue, Gross Profit, and Gross MarginOperating IncomeEbitIncome Before TaxesNet Income from Continuing OpsInterest vs Continuing IncomeInterest CoverageOperating Expenses Research & DevelopmentSG&AAmortization & Depreciation

BP is one of the world's largest oil and gas companies. In 2008, the company's exploration and production segment produced approximately 3.8 million barrels of oil equivalents(BOE) per day while the company's refining throughput averaged 2.2 million barrels/day.^[1] BP expands its production capacity through improved rig equipment and technology as well as expansions into other countries.^[2] As of April 2009, BP's operates in 29 countries including Mexico, Russia, Algeria, and many others in the Middle East and Africa.^[3] While BP's global reach gives the company an ability to access "untapped" reserves, many of its operations are exposed to political risk in those countries. In particular, BP's Russian operations have faced significantly managerial problems in 2007 and 2008.^[4]

Both segments of BP are exposed to world-wide oil and natural gas prices and consumption.^[5] When oil prices dropped during the second half of 2008, BP cuts its overall production of oil and gas.^[6] As a result, production in 2008 increased less than 1% when compared to production in 2007.^[7] However, production increased to 4 million BOE/day during the first quarter of 2009 after a new production field in the Gulf of Mexico became fully operational. Despite low consumption of oil and natural gas products in late 2008 and early 2009, BP plans to continue its expansions into other countries in 2009.^[8] The company believes that world energy demand could be 45% higher by 2030, and its world-wide operations have the potential of giving it an advantage over its competitors.^[9] BP has also created a separate business that specializes in alternative, renewable forms of energy known as BP Alternative.^[10] Through investments of $2.9 billion from 2005 to 2009, BP Alternative is capable of profiting from the use of renewable energy and reducing BP's reliance on oil and gas.^[11]

[edit] Company Overview

In 2008, revenues increased 26.5% to $365 billion when compared to revenues from the previous year. Profit before tax and interest was 35.23 billion, a 9% increase from 2007. Revenues and profits were determined by the prices of crude oil and natural gas, which were volatile in 2008. Since oil prices peaked in July 2008, BP's profitability has declined as a result of lower energy prices and weak consumption of gasoline, crude oil, and natural gas.

[edit] Business Segments

Exploration and production(22% of 2008 Revenues): Through its Exploration and Production segment, BP engages in the search for undeveloped oil and gas reservoirs, the development of reservoirs, and the production and transportation of oil and natural gas from developed wells.^[12] BP’s upstream activities include the exploration and extraction of crude oil and natural gas from wells in eight different countries.^[13] In 2008, the company completed nine major production projects. On December 31, 2008, production began at four wells in BP's Thunder Horse field, the world’s largest semi-submersible oil platform in terms of reserves, with production capacity around 200,000 barrels of oil equivalent per day.^[14] BP processes and transports the extracted crude oil and natural gas through a series of pipeline networks, processing facilities and terminals, and LNG facilities. Trans-Alaska Pipeline System in the United States, the Forties Pipeline System and the Central Area Transmission System pipeline, both in the United Kingdom sector of the North Sea, and the Baku-Tbilisi-Ceyhan pipeline, running through Azerbaijan, Georgia and Turkey.^[15]

High energy prices and increased production resulted in record profits for BP in 2008. Profit before tax and interest was $37.9 billion, 39% higher when compared to annual profit for 2007. BP’s 2008 profits were higher primarily because of rising oil prices, which peaked at $147 per barrel in July 2008.^[16] For BP, the average prices of crude oil and natural gas liquids in 2008 respectively increased 30.8% and 8.5% when compared to average prices in 2007.^[17] Production of natural gas and oil increased 5% and also contributed to 2008 profits.^[18] Production in 2008 totaled 3,838 million of barrels of oil equivalent per day. ^[19]

Refining and Marketing( 78% of 2008 Revenues): BP’s Refining and Marketing operations include the processing of crude oil into refined petroleum products and the sale of those products to wholesalers and retailers located in over 100 countries around the world. In 2008, the Refining and Marketing segment was reorganized into the fuels value chains (FVCs) and international businesses (IBs) groups.^[20] The FVCs integrate the activities of refining, logistics, marketing, supply and trading, on a regional basis.^[21] The IBs include the manufacturing, supply and marketing of lubricants, petrochemicals, liquefied petroleum gas (LPG) and aviation and marine fuels.^[22] In total, BP operates 17 refineries worldwide with total throughput capacity of 2,155 million barrels per day.^[23] As of December 31, 2008, BP’s worldwide retail network consisted of 22,600 stations branded BP, Amoco, ARCO and Aral.^[24]

High crude oil prices reduced the profits BP makes from processing and selling petroleum products like diesel and gasoline.^[25] While revenue increased 27.7% in 2008, BP had a net loss of $1.9 billion for 2008,compared to a net profit of $6.1 billion in 2007.^[26] When crude prices were rising in the first half of 2008, the price differential between the selling price of refined petroleum products and the cost of making those products declined from $9.94 per barrel to $6.50 per barrel in 2008.^[27] BP’s profitability was also negatively affected by the declining value of BP’s inventories.

BP Alternative Energy: In 2008, BP created BP Alternative Energy, a separate company that focuses on low-carbon energy sources.^[28] In 2008, BP invested $1.4 billion in BP Alternative Energy as part of BP's commitment to spend $8 billion between 2005 and 2015 on the development of alternative energy sources like wind, solar, biofuels, and carbon capture and storage systems.^[29] In 2008, BP's solar capacity declined by 15 megawattts.^[30] On the other hand, wind energy capacity increased 251% due to increased investments in the construction of wind farms and turbines.^[31] In May 2009, BP's chief executive Tony Hayward said that solar power remains an inefficient source of energy compared to crude oil and natural gas.^[32] BP has been closing factories around the world, and announced a cut in its investment in alternative energies from $1.4bn in 2008 to $1bn in 2009.^[33] In 2009, BP solar began using sub-contractors in China to manufacture its solar products. Outsourcing manufacturing has given BP the capacity to produce about double 2008 output.^[34] However, BP Alternative Energy's production of energy and profits have the potential of declining in 2009 when compared to 2008 as a result of weak demand for alternative energy sources, such as solar power.^[35]

Although a separate company, BP Alternative Energy reports its earnings to BP's other businesses and corporate segment.^[36] Revenue for 2008 was $5 billion, compared to $3 billion in 2008. However, the segment had a net loss of $1,258 million in 2008 and $1,233 million in 2007.^[37]

[edit] Key Trends and Forces

[edit] Lower Crude Prices Have the Potential to Halt BP's Capital Expenditures in 2009

BP's received record high profits in 2008 that were 39%, or $25.6 billion, higher than in 2007.^[38] The oil company's profits came primarily from higher crude prices during the first seven months of 2008.^[39] However, BP's profit in the fourth quarter fell by 24% from a year earlier when those crude prices fell from $147 in July 2008 to $40 in December 2008.^[40] According to BP's management, the company will need crude oil prices to sustain a level of $50-$60 per barrel in order to continue using cash flows to cover capital expenditures and dividends.^[41] If oil prices remain below $50 per barrel, BP will have to borrow in order to pay for expansions, equipment upgrades, and investments in alternative energy forms.^[42] Currently, its debt to debt plus equity ratio is 12%.^[43]

In order to increase profits despite lower crude prices, BP plans to cut production and production costs in 2009.^[44] By the end of 2008, BP had cut 3% of its 98,000 workers and plans to cut up to 5,000 jobs in 2009.^[45] Additionally, BP plans to maintain capital expenditures close to 2008 levels rather than increase investments in equipment and expansions.^[46]

[edit] BP’s profits fall 62% in first quarter of 2009, business strategy becomes “Simplicity and Efficiency”

BP’s net profit after tax for the first quarter of 2009 was $2.38 billion, down 62% from the first quarter of 2008.^[47] The decline in BP’s profits is primarily the result of the low price of oil. Averaging $43 per barrel in the first quarter of 2009, oil prices were 56% lower in the first quarter of 2009 when compared to prices for the first quarter of 2008.^[48] Lower prices had such a strong effect on BP’s net profits because the price of oil affects BP in two ways.^[49] Lower oil prices reduce both the profit BP receives from the sale of its oil products and the value of its oil inventories. Oil majors like BP have withstood the consequences of lower oil prices by drawing from fund investments or dividends, but the first quarterly profits of 2009 barely covered BP’s dividend payments according to the Financial Times.^[50]

In an effort to offset declining profits, BP has reduced capital spending for 2009 and taken additional measures to cut operating costs. Through numerous layoffs and cuts in capital expenditures, BP has the potential of reducing annual costs from $32 billion in 2007 to $28 billion in 2009.^[51] According to BP’s chief executive Tony Hayward, BP’s cost reductions in the first quarter of 2009 reflect the company’s, “continued focus on simplification and efficiency.”^[52] The completion of the expensive Thunder Horse Platform in early 2009 is capable of reducing costs in the remaining quarters of 2009 as well.^[53]

[edit] To reduce costs, BP restructures its alternative energy operations,and plans for biofuel rebound

Between 2005 and 2015, BP plans to spend $8 billion in developing energy from wind turbines, solar cells, biofuels, and carbon capture systems.^[54] Through these investments in cleaner forms of energy, BP has the potential of financially benefiting from U.S. Government mandates for cleaner fuel. BP began restructuring its solar operations in 2009 as part of the company's plan to reduce operating costs and make solar power an economically competitive form of energy.

In order to combat solar cell prices that have been falling since the fourth quarter of 2008, BP Solar has outlined plans that have to potential restructure how the company manufactures its solar product as well lower overall production costs in 2009.^[55] BP Solar plans to close its cell manufacture and module assembly facilities in Frederick, Maryland and Madrid, Spain.^[56] Despite these planned reductions, BP's global manufacturing capacity has the potential to increase in 2009 and 2010 due to manufacturing contracts that BP Solar signed in 2008 to supplement its own manufacturing capacity.^[57] In 2009 BP Solar has the raw material resources and capacity to produce and sell 320MW in modules, a 100% increase from 2008.^[58]

In order to profit from the U.S.’s renewable fuel mandates, BP and Verenium have formed a 50-50 partnership to build a commercial-scale cellulosic ethanol plant in the U.S. by 2010 and begin ethanol production by 2012.^[59] BP’s partnership with Verenium is in response to Federal mandates from the U.S. Government which aim to increase concentration of cleaner-burning biofuels in gasoline mixtures. By 2022, the U.S. government is expected to require that 36 billion gallons of biofuel be mixed with the U.S. gasoline supply according to the New York Times.^[60] At the end of 2008, most U.S. refiners received their ethanol from contracts with third party producers and mixed it in with their refinedgasoline.^[61] In 2007, 6.5 billion gallons of ethanol were mixed into a supply of 142 billion gallons of gasoline.^[62] BP’s biofuel partnership has the potential to profit from higher biofuel standards not only because BP will not have to purchase ethanol from outside sources but the company will also be able to sell its ethanol to U.S. refiners required to mix the fuel with their refined fuel products.^[63]

[edit] To increase production BP's moves operations abroad, exposing the company to political risks

As one an oil majors, BP controls oil resources in countries around the world. 72% of BP's oil comes from North America and Europe, but the company's exploration and production segment has a strong incentive to push forward and explore in countries that are less politically stable.^[64] By expanding around the globe, BP has the potential of increasing its production capacity and reserve life.^[65] At the end of 2008, BP had invested 67% of its capital in Organizations for Economic Cooperation and Development(OECD) countries, and its U.S. and Europe operations are the company’s largest. .^[66] IOf BP’s assets, 41% are located in the US and 20% in Europe. .^[67] While its refining operations are located almost completely in the U.S. and Europe, BP’s has exploration and production operations located in 29 countries.^[68] Major development projects are located in the Gulf of Mexico, Azerbaijan, Algeria, Angola, and parts of Pacific Asia where BP believes are substantial oil reserves.^[69] Although BP’s expanding global reach is capable of increasing its production capabilities, political instability or uncertainty in many of these countries has the potential of reducing or destroying BP’s operations. The company believes its operations most exposed to political risk are located in Iran, Cuba, Syria, and Russia.^[70]

[edit] BP's Russian Ventures Meet Resistance from Co-Investors

In 2003, BP formed a 50-50 joint venture with several high-worth Russians to create TNK-BP, an integrated oil company operating in Russia and Ukraine.^[71] Since December 2008, BP and its Russian partners in TNK-BP have tried to agree on a suitable chief executive for Russia's third largest oil company in terms of production capacity.^[72] BP has been unable to agree with its co-investors on who should head the company, and both parties have now agreed to put nominees for CEO.^[73] Robert Dudley, TNK-BP's former CEO, was forced to resign after management disputes and accusations from Russian investors that his actions favored BP's interests.^[74] The six month temporary term of Mr. Dudley's replacement, Tim Summers, expires in June 2009, and Russian investors and BP are fighting for control over the top executive position.^[75] Although Tim Summers' interim contract has the potential of being renewed, neither BP nor its Russian partners have expressed interest in keeping Mr. Summer's as TNK-BP's permanent CEO.^[76] For CEO, BP has nominated Pavel Skitovich, and the Russian investors have nominated Maxim Barsky. Because the venture is split 50:50 between the two parties, the position of CEO is capable of deciding who has control over TNK-BP.^[77]

[edit] As Natural Gas Production Grows Abroad, it Will Need to be Transported to Large Markets like the U.S., Making BP's Investments in Liquefied Natural Gas Potentially Lucrative

In the face of environmental criticism of coal as a form of energy, many electric utilities in the U.S. are adopting natural gas as the fuel for their large-scale generators^[78] The supply to match this growing demand cannot be met solely through natural gas production in the U.S.; but importing natural gas requires the use of new technologies that convert the fuel from its gas form to a more-easily-transportable liquid form - liquefied natural gas (LNG). BP has a net production share of 310,000 mmcf at a LNG plant in Trinidad, 37.2 and 38% interests and LNG projects in Indonesia, a 15.7% interest in an Australian project, a 10% share of the Abu Dhabi Gas Liquefaction Company, and a 13.6% share of an Angola LNG project.^[79] The company is also trying to enter the U.S. LNG market, and had proposed a $750 million liquefaction plant on the New Jersey side of the Delaware river, though U.S. Supreme Court ruled that the state of Delaware has the right to block the project because of a 2,000 foot pier extending into the river.^[80] Despite the setback, BP's investments in LNG infrastructure give it access to the emerging LNG market.

[edit] BP is Vulnerable to Natural Disasters, like the Hurricane Season

The Gulf of Mexico, where 21% of BP's 2008 production occured^[81], is prone to violent hurricanes during the last few months of summer. These storms can damage drilling rigs and refineries, and injure workers. Like most oil companies in the region, BP reduces production during hurricane months. Still, some storms can do real harm. In 2008, Hurricane Ike and Gustav resulted in a significant amount of rig shut downs.^[82] The impact of both hurricanes was a reduction equivalent to approximately 24mboe per day for 2008.^[83] BP's Thunder Horse operations, completed in 2009, are also susceptible to hurricane destruction.

[edit] Competition

BP is the third-largest of oil majors^[84], and so competes with the major and national petroleum companies, as other oil and gas exploration and refining companies don't come close to matching its scale. Most important among these:

• Exxon Mobil - Exxon is the world's largest publicly traded company by revenue; it set the U.S. record for net income in 2007, with $39.5 billion.^[85]
• Royal Dutch Shell - With $318.8 billion in 2007 revenue, Shell is the third largest corporation in the world (after Exxon and Wal-Mart), and the second largest by gross income, with $26 billion.^[86]
• Chevron - The 3rd largest of the oil majors, Chevron had 2007 revenues of $210.8 billion and revenues of $18.8 billion.^[87]
• Total - Total is the smallest of the oil majors, with 2007 revenues of $158.8 billion and net operating income of $12.2 billion.^[88]
• ConocoPhillips - ConocoPhillips is the 5th largest of the oil majors, with 2007 revenues of $187.4 billion and net income of $11.89 billion.^[89]

(1) Latest data is for 2007 (2) Does not include reserves of equity affiliates

(1) Latest data is for 2007

[edit] References

1. ↑ BP Annual Review 2008
2. ↑ BP Annual Review 2008
3. ↑ BP Annual Review 2008
4. ↑ BP Annual Review 2008
5. ↑ BP Annual Review 2008
6. ↑ BP Annual Review 2008
7. ↑ BP Annual Review 2008
8. ↑ BP Annual Review 2008
9. ↑ BP Annual Review 2008
10. ↑ BP alternative: About Us
11. ↑ BP alternative: About Us
12. ↑ BP 2008 20-F, pages 13-14
13. ↑ BP 2008 20-F, pages 13-14
14. ↑ BP 2008 20-F, pages 13-14
15. ↑ BP 2008 20-F, pages 13-14
16. ↑ BP 2008 20-F, pages 13-14
17. ↑ BP 2008 20-F, pages 13-14
18. ↑ BP 2008 20-F, pages 13-14
19. ↑ BP 2008 20-F, pages 13-14
20. ↑ BP 2008 20-F, pages 27-28
21. ↑ BP 2008 20-F, pages 27-28
22. ↑ BP 2008 20-F, pages 27-28
23. ↑ BP 2008 20-F, pages 27-28
24. ↑ BP 2008 20-F, pages 27-28
25. ↑ BP 2008 20-F, pages 27-28
26. ↑ BP 2008 20-F, pages 27-28
27. ↑ BP 2008 20-F, pages 27-28
28. ↑ BP 2008 20-F, page 33
29. ↑ BP 2008 20-F, page 33
30. ↑ BP 2008 20-F, page 33
31. ↑ BP 2008 20-F, page 33
32. ↑ Financial Times: Sun sets on BP’s solar hopes, May 2009
33. ↑ Financial Times: Sun sets on BP’s solar hopes, May 2009
34. ↑ Financial Times: Sun sets on BP’s solar hopes, May 2009
35. ↑ Financial Times: Sun sets on BP’s solar hopes, May 2009
36. ↑ BP 2008 20-F, page 33
37. ↑ BP 2008 20-F, page 33
38. ↑ FT.com: BP ahead 39% to record $25.6bn, February 2009
39. ↑ FT.com: BP ahead 39% to record $25.6bn, February 2009
40. ↑ FT.com: BP ahead 39% to record $25.6bn, February 2009
41. ↑ FT.com: BP ahead 39% to record $25.6bn, February 2009
42. ↑ FT.com: BP ahead 39% to record $25.6bn, February 2009
43. ↑ Morningstar.com: Key Ratios for BP, Febuary 2009
44. ↑ FT.com: BP ahead 39% to record $25.6bn, February 2009
45. ↑ FT.com: BP ahead 39% to record $25.6bn, February 2009
46. ↑ FT.com: BP ahead 39% to record $25.6bn, February 2009
47. ↑ FT.com: BP’s 62% profit drop sets tone for big oil , April 2009
48. ↑ FT.com: BP’s 62% profit drop sets tone for big oil , April 2009
49. ↑ FT.com: BP’s 62% profit drop sets tone for big oil , April 2009
50. ↑ FT.com: BP’s 62% profit drop sets tone for big oil , April 2009
51. ↑ FT.com: Simplification and efficiency are key at BP, April 2009
52. ↑ FT.com: Simplification and efficiency are key at BP, April 2009
53. ↑ FT.com: Simplification and efficiency are key at BP, April 2009
54. ↑ 2008 Annual Report, page 37
55. ↑ BP.com: BP Solar lowers cost in drive toward grid competitive electricity, March 2009
56. ↑ BP.com: BP Solar lowers cost in drive toward grid competitive electricity, March 2009
57. ↑ BP.com: BP Solar lowers cost in drive toward grid competitive electricity, March 2009
58. ↑ BP.com: BP Solar lowers cost in drive toward grid competitive electricity, March 2009
59. ↑ Financial Times Online: BP and Verenium in biofuels joint venture, February 2009
60. ↑ New York Times Online: In Gas-Powered World, Ethanol Stirs Complaints, July 2008
61. ↑ New York Times Online: In Gas-Powered World, Ethanol Stirs Complaints, July 2008
62. ↑ New York Times Online: In Gas-Powered World, Ethanol Stirs Complaints, July 2008
63. ↑ Financial Times Online: BP and Verenium in biofuels joint venture, February 2009
64. ↑ BP 2007 20-F
65. ↑ BP 2007 20-F
66. ↑ 2008 Annual Report, page 16
67. ↑ 2008 Annual Report, page 16
68. ↑ 2008 Annual Report, page 16
69. ↑ 2008 Annual Report, page 16
70. ↑ 2008 Annual Report, page 16
71. ↑ 2008 Annual Report, page 27
72. ↑ Financial Times: BP and Russians put nominees forward, May 2009
73. ↑ Financial Times: BP and Russians put nominees forward, May 2009
74. ↑ WSJ: Misreading the Kremlin Costs BP Control in Russian Venture, December 2008
75. ↑ Financial Times: BP and Russians put nominees forward, May 2009
76. ↑ Financial Times: BP and Russians put nominees forward, May 2009
77. ↑ Financial Times: BP and Russians put nominees forward, May 2009
78. ↑ International Herald Tribune: "As U.S. utilities switch to gas, energy prices expected to increase"
79. ↑ BP 2007 20-F
80. ↑ Reuters: "US high court: Delaware can block BP LNG terminal"
81. ↑ http://www.bp.com/extendedsectiongenericarticle.do?categoryId=9021605&contentId=7040949 2008 Annual Report, page 21]
82. ↑ 2008 Annual Report, page 23
83. ↑ 2008 Annual Report, page 23
84. ↑ Wikipedia: BP
85. ↑ CNN: "Exxon posts biggest annual profit ever"
86. ↑ Wikipedia: Royal Dutch Shell
87. ↑ Wikipedia: Chevron Corporation
88. ↑ Total 2007 Results Press Release
89. ↑ COP 2007 10-K
90. ↑ COP 2008 10-K, Item 8,Page 149
91. ↑ COP 2008 10-K, Item 8,Page 152
92. ↑ ^{92.0 92.1} RDS’A 2008 20-F, Supplementary Information, Crude oil and natural gas liquids
93. ↑ ^{93.0 93.1} XOM 2008 10-K, Item 1, Page6
94. ↑ ^{94.0 94.1} CVX 10-K 2009, Item 1, Page 7
95. ↑ ^{95.0 95.1} BP 2008 20-F, Item 1, Page 16
96. ↑ Lukoil Investor Relations – Fact Book 2008, Page 11
97. ↑ ^{97.0 97.1 97.2 97.3} ENI S.p.A. – Fact Book 2007, Page 11
98. ↑ ^{98.0 98.1} TOT 2008 20-F, Item 4, Page 10
99. ↑ COP 2008 10-K, Item 8, Page 151
100. ↑ ^{100.0 100.1} RDS’A 2008 20-F, Supplementary Information, Natural gas
101. ↑ Lukoil Investor Relations – Fact Book 2008, Page 12
102. ↑ ^{102.0 102.1} COP 2008 10-K, Item 6, Page 42
103. ↑ ^{103.0 103.1} XOM, 2008 10-K, Item 6, Page 36
104. ↑ ^{104.0 104.1} CVX 2008 10-K, Item 1, Page 5
105. ↑ ^{105.0 105.1} BP 2008 20-F, Item 1, Page 14
106. ↑ Lukoil Investor Relations – Fact Book 2008, Page 13
107. ↑ ^{107.0 107.1} TOT 2008 20-F, Item 4, Page 12
108. ↑ Lukoil Investor Relations – Fact Book 2008, Page 14
109. ↑ E 2007 Annual Report
110. ↑ SUN 2008 10-K, Item 7, Page 35
111. ↑ ^{111.0 111.1} CVX 10-K 2009, Item 1, Page 24
112. ↑ VLO 2008 10-K, Item 1, Page 3
113. ↑ ^{113.0 113.1} XOM 2008 10-K, Item 6, Page 43
114. ↑ RDS’A 2008 20-F, Results, Refining Data
115. ↑ Sinopec Investor Relations, Operational Statistics for 2008
116. ↑ WNR 2008 10-K, Item 7, Page 34
117. ↑ ^{117.0 117.1} COP 2008 10-K, Item 1, Page 16
118. ↑ ^{118.0 118.1} BP 2008 20-F, Item 1, Page 29
119. ↑ Lukoil Investor Relations – Fact Book 2008, Page 15
120. ↑ Conversion factor is 1 BPD = 50 tonnes per year
121. ↑ ^{121.0 121.1 121.2} TOT 2008 20-F, Item 4, Page 36
122. ↑ SUN 2008 10-K, Item 1, Page 1
123. ↑ ^{123.0 123.1} VLO 10-K 2008, Item 1, Page 1
124. ↑ RDS’A 2008 20-F, Results, Manufacturing
125. ↑ Sinopec Refining Overview
126. ↑ WNR 2008 10-K, Item 1, Page 19
127. ↑ Lukoil Investor Relations – Fact Book 2008, Page 16
128. ↑ SUN 2008 10-K, Item 1, Page7
129. ↑ CVX 10-K 2008, Item 1, Page 25
130. ↑ CVX 10-K 2008, Item 1, Page 26
131. ↑ XOM 2008 10-K, Item 2, Page 25
132. ↑ RDS’A 2008 20-F, Results, Marketing
133. ↑ Sinopec 2008 Annual Report, Business Review and Prospects, Page 20
134. ↑ WNR 2008 10-K, Item 1, Page 3
135. ↑ COP 2008 10-K, Item 1, Page 18
136. ↑ BP 2008 20-F, Item 1, Page 30
137. ↑ Lukoil Investor Relations – Fact Book 2008, Page 60

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