BP plc reported the following financial information:

• Total assets: $284 billion
• Total liabilities: $186 billion
• Total equity: $98 billion
• Net income: $4.0 billion
• Total revenue: $305 billion
• Total expenses: $301 billion
• Earnings per share (EPS): $1.20
Provide a detailed explanation of how to calculate the Asset Turnover Ratio for BP plc, including the formula and interpretation. Asset turnover ratio measures the efficiency of a company's asset utilization in generating revenue. It indicates how effectively a company is using its assets to generate sales. Understanding this ratio is crucial for investors as it helps assess a company's operational efficiency and revenue generation capabilities. To calculate the Asset Turnover Ratio for BP plc, the formula involves dividing total revenue by total assets:
• Total revenue: $305 billion
• Total assets: $284 billion Describe the calculation process step by step, highlighting its significance in evaluating BP plc's operational performance and efficiency in utilizing its assets to generate revenue. Interpret the resulting ratio value in the context of BP plc's industry and competitive landscape.