+$ 864M SWING In Refining Operating Margin From Q4 To Q1- $ 195 million was DUE to FIFO ACCOUNTING GAIN
Total operating margin3 was about $3.2 billion, compared with $2.2 billion in the previous quarter. Upstream operating margin4 was approximately $2.6 billion, in line with the fourth quarter. Downstream operating margin4 was $560 million in the first quarter, compared with an operating margin shortfall of $304 million in the previous quarter. In the first quarter, operating margin in U.S. Refining benefited from approximately $195 million of first-in, first-out (FIFO) gains.
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