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Date: Mon, 22 Oct 2001 12:57:40 -0700 (PDT)
From: distribution@pira.com
To: eileen@pira.com
Subject: PIRA's Weekly Refinery Margin Charts
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Dear Global Oil Retainer Client,

PIRA is expanding its weekly assessment of global refining profitability to
include Mediterranean and Singapore refining regions - key additions to
those already provided on a weekly basis, which include "cracking" for WTI
crude in the U.S. Gulf, Chicago and Group 3; "cracking" for LLS crude in the
U.S. Gulf; and "cracking" and "hydroskimming" for Brent crude in N.W.
Europe. These margins are based on PIRA's proprietary crude yields, and
represent industry or "swing" refinery margins. The added margins are
"cracking" and "hydroskimming" for Urals crude in the Mediterranean, and
"cracking" and "topping" margins for Dubai crude in Singapore.

The $/Bbl margins represent incremental cash operating margins, which equal
gross product worth, less delivered crude cost, less variable refining
operating costs. Margins are calculated and plotted for each day that prices
are available.

PIRA will continue to publish margin charts every Monday afternoon at
www.pira.com.

Look for further announcements in the future as PIRA continues to enhance
worldwide refining information for its Retainer Clients, including margin
analysis in other key refining regions.

PIRA Energy Group