BP is a big producer of a commodity: coffee.



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BP is a big producer of a commodity — coffee.

BP
BP,
+5.67%

BP,
+5.35%
saw a boost from its convenience stores that sell gasoline, coffee and all sorts of odds and ends. BP has previously said it sells 150 million cups of coffee per year.

What it calls convenience gross margin — a profit measure which is defined in 117 words in a glossary to results — rose 9% to $1.66 billion last year.

“Its convenience store business is a behemoth that should not be underestimated,” said Kathleen Brooks, research director at XTB.

BP has 21,100 retail sites, including 2,850 of what it calls strategic convenience sites.

One help to its business comes from electric vehicle charging. BP said in the U.K., charging customers are spending more in their shops than fuel customers.

The other oil majors also reported better times from their fuel stations, though their numbers weren’t as neatly broken out. Shell
SHEL,
+0.78%
for example reported higher unit margins from mobility, which operates its retail network, and Exxon Mobil
XOM,
+0.63%
also identified stronger marketing margins.

See also: BP shares make biggest gains in a year on buyback plan as profit tops estimates



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