BP p.l.c.
Group results
Fourth quarter and full year 2013
|
Top of page 1
|
Fourth
|
Third
|
Fourth
|
|||||
quarter
|
quarter
|
quarter
|
Year
|
Year
|
|||
2012
|
2013
|
2013
|
$ million
|
2013
|
2012
|
||
1,488
|
3,504
|
1,042
|
Profit for the period(a)
|
23,451
|
11,017
|
||
521
|
(326)
|
465
|
Inventory holding (gains) losses, net of tax
|
230
|
411
|
||
2,009
|
3,178
|
1,507
|
Replacement cost profit(b)
|
23,681
|
11,428
|
||
Net (favourable) unfavourable impact of non-operating
|
|||||||
1,843
|
514
|
1,302
|
items and fair value accounting effects, net of tax(c)
|
(10,253)
|
5,643
|
||
3,852
|
3,692
|
2,809
|
Underlying replacement cost profit(b)
|
13,428
|
17,071
|
||
Replacement cost profit
|
|||||||
10.53
|
16.84
|
8.06
|
per ordinary share (cents)
|
125.08
|
60.05
|
||
0.63
|
1.01
|
0.48
|
per ADS (dollars)
|
7.50
|
3.60
|
||
Underlying replacement cost profit
|
|||||||
20.19
|
19.57
|
15.02
|
per ordinary share (cents)
|
70.92
|
89.70
|
||
1.21
|
1.17
|
0.90
|
per ADS (dollars)
|
4.26
|
5.38
|
|
· BP's fourth-quarter replacement cost (RC) profit was $1,507 million, compared with $2,009 million for the same period in 2012. After adjusting for a net charge for non-operating items of $1,003 million and net unfavourable fair
value accounting effects of $299 million (both on a post-tax basis), underlying RC profit for the fourth quarter was $2,809 million, compared with $3,852 million for the same period in 2012 with the reduction mainly arising due
to lower profits in Upstream and Downstream which were partially offset by higher earnings from Rosneft compared with the earnings we reported for TNK-BP in the equivalent quarter of 2012(d). For the full year, RC profit was $23,681 million, compared with $11,428 million in 2012. After adjusting for a net gain for non-operating items of $10,533 million and net unfavourable fair value accounting effects of $280 million (both on a post-tax basis), underlying RC profit for the full year was $13,428 million, compared with $17,071 million for 2012. RC profit or loss for the group, underlying RC profit or loss and fair value accounting effects are non-GAAP measures and further information is provided on pages 3, 19 and 21. |
|
· All amounts relating to the Gulf of Mexico oil spill have been treated as non-operating items, with a net adverse impact on a pre-tax basis of $189 million for the quarter and $469 million for the full year. For further information
on the Gulf of Mexico oil spill and its consequences, including information on utilization of the Deepwater Horizon Oil Spill Trust fund, see page 12 and Note 2 on pages 25 - 31. Information on the Gulf of Mexico oil spill is also included in Legal proceedings on pages 35 - 37. |
|
· Including the impact of the Gulf of Mexico oil spill, net cash provided by operating activities for the quarter and full year was $5.4 billion and $21.1 billion respectively, compared with $6.4 billion and $20.5 billion in the same
periods of 2012. Excluding amounts related to the Gulf of Mexico oil spill, net cash provided by operating activities for the fourth quarter and full year was $5.3 billion and $21.2 billion respectively, compared with $5.8 billion and $22.9 billion in the same periods of 2012. We expect to see net cash provided by operating activities of between $30 billion and $31 billion in 2014(e), consistent with the cash flow objectives we set in 2011 as part of our 10-point plan. |
|
· Net debt at the end of the quarter was $25.2 billion, compared with $27.5 billion at the end of 2012. The ratio of net debt to net debt plus equity at the end of the quarter was 16.2% compared with 18.7% at the end of 2012. We
will continue to target a net debt ratio in the 10-20% range, while uncertainties remain. Net debt and the ratio of net debt to net debt plus equity are non-GAAP measures. See page 4 for more information. |
|
· The reserves replacement ratio on a combined basis of subsidiaries and equity-accounted entities, was 129%(f) for the year, excluding the impact of acquisitions and disposals. Including the net growth in our Russian
portfolio as a result of the change in our holdings, the reserves replacement ratio on a combined basis was 199%. |
|
· BP today announced a quarterly dividend of 9.5 cents per ordinary share ($0.57 per ADS), which is expected to be paid on 28 March 2014. The corresponding amount in sterling will be announced on 17 March 2014. See page
4 for further information. |
(a)
|
Profit attributable to BP shareholders.
|
(b)
|
See page 3 for definitions of RC profit and underlying RC profit.
|
(c)
|
See pages 20 and 21 respectively for further information on non-operating items and fair value accounting effects.
|
(d)
|
Fourth quarter 2012 included 21 days of earnings for TNK-BP, for the period 1 October to 21 October, at which point equity accounting for TNK-BP ceased as it was classified as held for sale.
|
(e)
|
Assumes $100/bbl oil and $5/mmBtu Henry Hub gas. The projection includes BP's estimate of the Rosneft dividend and the impact of payments in respect of federal criminal and securities claims with the US government and Securities and Exchange Commission where settlements have already been reached, but does not reflect any cash flows relating to other liabilities, contingent liabilities, settlements or contingent assets arising from the Gulf of Mexico oil spill, which may or may not arise at that time.
|
(f)
|
Includes BP's share of TNK-BP's production and reserves additions from 1 January 2013 to 20 March 2013, and BP's share of Rosneft production and reserves additions from 21 March 2013 to 31 December 2013.
|
The commentaries above and following are based on RC profit and should be read in conjunction with the cautionary statement on page 38.
|
|
· Total capital expenditure for the fourth quarter was $7.2 billion, of which organic capital expenditure(a) was $7.1 billion. For the full year, total capital expenditure was $36.6 billion (including the Rosneft transaction), of which
organic capital expenditure was $24.6 billion. In 2014, we expect organic capital expenditure to be around $24 billion to $25 billion. Disposal proceeds received in cash were $0.4 billion for the quarter and $22.0 billion for the full
year. In October 2013, BP announced plans to divest a further $10 billion of assets before the end of 2015. BP has agreed around $1.7 billion of such further divestments to date.
|
|
· The effective tax rate (ETR) on RC profit for the fourth quarter was 15% compared with 49% for the same period in 2012. For the full year the ETR on RC profit was 21% compared with 38% in 2012. Adjusting for non-operating
items and fair value accounting effects, the underlying ETR in the fourth quarter was 24% compared with 16% for the same period in 2012. The underlying ETR was higher in the fourth quarter of 2013 mainly due to the
absence of a number of one-off items which reduced the ETR in the fourth quarter of 2012. For the full year the underlying ETR was 35% compared with 30% in 2012, the underlying ETR was higher in 2013 mainly due to
foreign exchange effects on deferred tax. For 2014 the underlying ETR is expected to be around 35%.
|
|
· Finance costs and net finance expense relating to pensions and other post-retirement benefits were a charge of $378 million for the fourth quarter, compared with $467 million for the same period in 2012. For the full year, the
respective amounts were $1,548 million and $1,638 million.
|
|
· As at 31 December 2013, BP had bought back 753 million shares for a total amount of $5.5 billion, including fees and stamp duty, since the announcement on 22 March 2013 of a share repurchase programme with a total value
of up to $8 billion expected to be fulfilled over 12 - 18 months from the date of the announcement.
|
|
· Total production for the fourth quarter, including Rosneft, was 3.2 million barrels of oil equivalent per day. BP's share of Rosneft production in the fourth quarter was 985 thousand barrels of oil equivalent per day.
|
|
· The charge for depreciation, depletion and amortization was $13.5 billion in 2013 and we expect this to be around $1 billion higher in 2014. The expected increase reflects the expected ramp-up of production from new upstream
projects, as well as the full-year impact of the Whiting refinery modernization project.
|
(a)
|
Organic capital expenditure excludes acquisitions, asset exchanges, and other inorganic capital expenditure. See page 18 for further information.
|
Fourth
|
Third
|
Fourth
|
|||||
quarter
|
quarter
|
quarter
|
Year
|
Year
|
|||
2012
|
2013
|
2013
|
$ million
|
2013
|
2012
|
||
RC profit before interest and tax
|
|||||||
7,688
|
4,158
|
2,537
|
Upstream
|
16,657
|
22,491
|
||
1,329
|
616
|
(360)
|
Downstream
|
2,919
|
2,864
|
||
575
|
-
|
-
|
TNK-BP(a)
|
12,500
|
3,373
|
||
-
|
792
|
1,058
|
Rosneft(b)
|
2,153
|
-
|
||
(505)
|
(674)
|
(605)
|
Other businesses and corporate
|
(2,319)
|
(2,794)
|
||
(4,126)
|
(30)
|
(179)
|
Gulf of Mexico oil spill response(c)
|
(430)
|
(4,995)
|
||
(428)
|
263
|
(240)
|
Consolidation adjustment - UPII(d)
|
579
|
(576)
|
||
4,533
|
5,125
|
2,211
|
RC profit before interest and tax
|
32,059
|
20,363
|
||
Finance costs and net finance expense relating to
|
|||||||
(467)
|
(397)
|
(378)
|
pensions and other post-retirement benefits
|
(1,548)
|
(1,638)
|
||
(1,995)
|
(1,462)
|
(270)
|
Taxation on a RC basis
|
(6,523)
|
(7,063)
|
||
(62)
|
(88)
|
(56)
|
Non-controlling interests
|
(307)
|
(234)
|
||
2,009
|
3,178
|
1,507
|
RC profit attributable to BP shareholders
|
23,681
|
11,428
|
||
(766)
|
444
|
(634)
|
Inventory holding gains (losses)
|
(290)
|
(594)
|
||
Taxation (charge) credit on inventory holding
|
|||||||
245
|
(118)
|
169
|
gains and losses
|
60
|
183
|
||
1,488
|
3,504
|
1,042
|
Profit for the period attributable to BP shareholders
|
23,451
|
11,017
|
(a)
|
BP ceased equity accounting for its share of TNK-BP's earnings from 22 October 2012. See Note 3 on page 31 for further information.
|
(b)
|
BP's investment in Rosneft is accounted under the equity method from 21 March 2013. See page 10 for further information.
|
(c)
|
See Note 2 on pages 25 - 31 for further information on the accounting for the Gulf of Mexico oil spill response.
|
(d)
|
Unrealized profit in inventory arising on inter-segment transactions.
|
Fourth
|
Third
|
Fourth
|
|||||
quarter
|
quarter
|
quarter
|
Year
|
Year
|
|||
2012
|
2013
|
2013
|
$ million
|
2013
|
2012
|
||
Underlying RC profit before interest and tax
|
|||||||
4,375
|
4,423
|
3,852
|
Upstream
|
18,265
|
19,436
|
||
1,394
|
720
|
70
|
Downstream
|
3,632
|
6,463
|
||
224
|
-
|
-
|
TNK-BP
|
-
|
3,127
|
||
-
|
808
|
1,087
|
Rosneft
|
2,198
|
-
|
||
(448)
|
(385)
|
(614)
|
Other businesses and corporate
|
(1,898)
|
(1,996)
|
||
(428)
|
263
|
(240)
|
Consolidation adjustment - UPII
|
579
|
(576)
|
||
5,117
|
5,829
|
4,155
|
Underlying RC profit before interest and tax
|
22,776
|
26,454
|
||
Finance costs and net finance expense relating to
|
|||||||
(461)
|
(388)
|
(368)
|
pensions and other post-retirement benefits
|
(1,509)
|
(1,619)
|
||
(742)
|
(1,661)
|
(922)
|
Taxation on an underlying RC basis
|
(7,532)
|
(7,530)
|
||
(62)
|
(88)
|
(56)
|
Non-controlling interests
|
(307)
|
(234)
|
||
3,852
|
3,692
|
2,809
|
Underlying RC profit attributable to BP shareholders
|
13,428
|
17,071
|
Fourth
|
Third
|
Fourth
|
|||||
quarter
|
quarter
|
quarter
|
Year
|
Year
|
|||
2012
|
2013
|
2013
|
2013
|
2012
|
|||
Per ordinary share (cents)
|
|||||||
7.80
|
18.57
|
5.57
|
Profit for the period
|
123.87
|
57.89
|
||
10.53
|
16.84
|
8.06
|
RC profit for the period
|
125.08
|
60.05
|
||
20.19
|
19.57
|
15.02
|
Underlying RC profit for the period
|
70.92
|
89.70
|
||
Per ADS (dollars)
|
|||||||
0.47
|
1.11
|
0.33
|
Profit for the period
|
7.43
|
3.47
|
||
0.63
|
1.01
|
0.48
|
RC profit for the period
|
7.50
|
3.60
|
||
1.21
|
1.17
|
0.90
|
Underlying RC profit for the period
|
4.26
|
5.38
|
Fourth
|
Third
|
Fourth
|
|||||
quarter
|
quarter
|
quarter
|
Year
|
Year
|
|||
2012
|
2013
|
2013
|
$ million
|
2013
|
2012
|
||
48,800
|
50,284
|
48,192
|
Gross debt
|
48,192
|
48,800
|
||
1,700
|
734
|
477
|
Less: fair value asset of hedges related to finance debt
|
477
|
1,700
|
||
47,100
|
49,550
|
47,715
|
47,715
|
47,100
|
|||
19,635
|
29,499
|
22,520
|
Less: cash and cash equivalents
|
22,520
|
19,635
|
||
27,465
|
20,051
|
25,195
|
Net debt
|
25,195
|
27,465
|
||
119,752
|
131,251
|
130,407
|
Equity
|
130,407
|
119,752
|
||
18.7%
|
13.3%
|
16.2%
|
Net debt ratio
|
16.2%
|
18.7%
|
Fourth
|
Third
|
Fourth
|
|||||
quarter
|
quarter
|
quarter
|
Year
|
Year
|
|||
2012
|
2013
|
2013
|
2013
|
2012
|
|||
Dividends paid per ordinary share
|
|||||||
9.000
|
9.000
|
9.500
|
cents
|
36.500
|
33.000
|
||
5.589
|
5.763
|
5.801
|
pence
|
23.399
|
20.852
|
||
54.00
|
54.00
|
57.00
|
Dividends paid per ADS (cents)
|
219.00
|
198.00
|
||
Scrip dividends
|
|||||||
72.7
|
65.7
|
78.1
|
Number of shares issued (millions)
|
202.1
|
138.4
|
||
498
|
452
|
602
|
Value of shares issued ($ million)
|
1,470
|
982
|
Fourth
|
Third
|
Fourth
|
|||||
quarter
|
quarter
|
quarter
|
Year
|
Year
|
|||
2012
|
2013
|
2013
|
$ million
|
2013
|
2012
|
||
7,692
|
4,165
|
2,540
|
Profit before interest and tax
|
16,661
|
22,387
|
||
(4)
|
(7)
|
(3)
|
Inventory holding (gains) losses
|
(4)
|
104
|
||
7,688
|
4,158
|
2,537
|
RC profit before interest and tax
|
16,657
|
22,491
|
||
Net (favourable) unfavourable impact of non-operating
|
|||||||
(3,313)
|
265
|
1,315
|
items and fair value accounting effects
|
1,608
|
(3,055)
|
||
4,375
|
4,423
|
3,852
|
Underlying RC profit before interest and tax(a)
|
18,265
|
19,436
|
(a)
|
See page 3 for information on underlying RC profit and see page 7 for a reconciliation to segment RC profit before interest and tax by region.
|
The commentary above contains forward-looking statements and should be read in conjunction with the cautionary statement on page 38.
|
Fourth
|
Third
|
Fourth
|
|||||
quarter
|
quarter
|
quarter
|
Year
|
Year
|
|||
2012
|
2013
|
2013
|
$ million
|
2013
|
2012
|
||
Underlying RC profit before interest and tax
|
|||||||
827
|
1,301
|
1,091
|
US
|
4,001
|
3,854
|
||
3,548
|
3,122
|
2,761
|
Non-US
|
14,264
|
15,582
|
||
4,375
|
4,423
|
3,852
|
18,265
|
19,436
|
|||
Non-operating items
|
|||||||
3,992
|
5
|
(3)
|
US
|
58
|
3,131
|
||
(646)
|
(231)
|
(1,198)
|
Non-US
|
(1,422)
|
58
|
||
3,346
|
(226)
|
(1,201)
|
(1,364)
|
3,189
|
|||
Fair value accounting effects(a)
|
|||||||
(29)
|
(84)
|
(112)
|
US
|
(269)
|
(67)
|
||
(4)
|
45
|
(2)
|
Non-US
|
25
|
(67)
|
||
(33)
|
(39)
|
(114)
|
(244)
|
(134)
|
|||
RC profit before interest and tax
|
|||||||
4,790
|
1,222
|
976
|
US
|
3,790
|
6,918
|
||
2,898
|
2,936
|
1,561
|
Non-US
|
12,867
|
15,573
|
||
7,688
|
4,158
|
2,537
|
16,657
|
22,491
|
|||
Exploration expense
|
|||||||
139
|
147
|
126
|
US(b)
|
438
|
649
|
||
170
|
364
|
2,048
|
Non-US(c)
|
3,003
|
826
|
||
309
|
511
|
2,174
|
3,441
|
1,475
|
|||
Production (net of royalties)(d)
|
|||||||
Liquids (mb/d)(e)
|
|||||||
402
|
356
|
392
|
US
|
363
|
390
|
||
100
|
75
|
97
|
Europe
|
96
|
109
|
||
670
|
716
|
712
|
Rest of World
|
718
|
680
|
||
1,172
|
1,147
|
1,201
|
1,176
|
1,179
|
|||
Natural gas (mmcf/d)
|
|||||||
1,593
|
1,546
|
1,507
|
US
|
1,539
|
1,651
|
||
371
|
146
|
190
|
Europe
|
237
|
422
|
||
4,521
|
4,458
|
4,360
|
Rest of World
|
4,483
|
4,536
|
||
6,484
|
6,150
|
6,057
|
6,259
|
6,609
|
|||
Total hydrocarbons (mboe/d)(f)
|
|||||||
676
|
622
|
652
|
US
|
628
|
675
|
||
164
|
100
|
130
|
Europe
|
137
|
182
|
||
1,449
|
1,485
|
1,464
|
Rest of World
|
1,491
|
1,462
|
||
2,290
|
2,207
|
2,246
|
2,256
|
2,319
|
|||
Average realizations(g)
|
|||||||
100.00
|
100.66
|
98.26
|
Total liquids ($/bbl)
|
99.24
|
102.10
|
||
5.03
|
5.01
|
5.49
|
Natural gas ($/mcf)
|
5.35
|
4.75
|
||
62.38
|
62.80
|
65.04
|
Total hydrocarbons ($/boe)
|
63.58
|
61.86
|
(a)
|
These effects represent the favourable (unfavourable) impact relative to management's measure of performance. Further information on fair value accounting effects is provided on page 21.
|
(b)
|
Full year 2012 includes $308 million classified within the 'other' category of non-operating items (see page 20).
|
(c)
|
Fourth quarter and full year 2013 include an $845-million write-off relating to the value ascribed to block BM-CAL-13 offshore Brazil as part of the accounting for the acquisition of upstream assets from Devon Energy in 2011 and $216 million of costs relating to the Pitanga exploration well, which was drilled in this block and did not encounter commercial quantities of oil or gas. The $845-million write-off has been classified in the 'other' category of non-operating items (see page 20). Exploration expense also includes the write-off of costs relating to the Risha concession in Jordan as our exploration activities did not establish the technical basis for a development project in the concession.
|
(d)
|
Includes BP's share of production of equity-accounted entities in the Upstream segment.
|
(e)
|
Crude oil and natural gas liquids.
|
(f)
|
Natural gas is converted to oil equivalent at 5.8 billion cubic feet = 1 million barrels.
|
(g)
|
Based on sales of consolidated subsidiaries only - this excludes equity-accounted entities.
|
Because of rounding, some totals may not agree exactly with the sum of their component parts.
|
Fourth
|
Third
|
Fourth
|
|||||
quarter
|
quarter
|
quarter
|
Year
|
Year
|
|||
2012
|
2013
|
2013
|
$ million
|
2013
|
2012
|
||
564
|
1,009
|
(840)
|
Profit (loss) before interest and tax
|
2,725
|
2,377
|
||
765
|
(393)
|
480
|
Inventory holding (gains) losses
|
194
|
487
|
||
1,329
|
616
|
(360)
|
RC profit (loss) before interest and tax
|
2,919
|
2,864
|
||
Net (favourable) unfavourable impact of non-operating
|
|||||||
65
|
104
|
430
|
items and fair value accounting effects
|
713
|
3,599
|
||
1,394
|
720
|
70
|
Underlying RC profit before interest and tax(a)
|
3,632
|
6,463
|
(a)
|
See page 3 for information on underlying RC profit and see page 9 for a reconciliation to segment RC profit before interest and tax by region and by business.
|
The commentary above contains forward-looking statements and should be read in conjunction with the cautionary statement on page 38.
|
Fourth
|
Third
|
Fourth
|
$ million
|
||||
quarter
|
quarter
|
quarter
|
Underlying RC profit (loss) before interest and tax -
|
Year
|
Year
|
||
2012
|
2013
|
2013
|
by region
|
2013
|
2012
|
||
583
|
(22)
|
(162)
|
US
|
1,123
|
3,045
|
||
811
|
742
|
232
|
Non-US
|
2,509
|
3,418
|
||
1,394
|
720
|
70
|
3,632
|
6,463
|
|||
Non-operating items
|
|||||||
(96)
|
(145)
|
(20)
|
US
|
(154)
|
(2,846)
|
||
23
|
(12)
|
(54)
|
Non-US
|
(381)
|
(326)
|
||
(73)
|
(157)
|
(74)
|
(535)
|
(3,172)
|
|||
Fair value accounting effects(a)
|
|||||||
(9)
|
81
|
(446)
|
US
|
(211)
|
(441)
|
||
17
|
(28)
|
90
|
Non-US
|
33
|
14
|
||
8
|
53
|
(356)
|
(178)
|
(427)
|
|||
RC profit (loss) before interest and tax
|
|||||||
478
|
(86)
|
(628)
|
US
|
758
|
(242)
|
||
851
|
702
|
268
|
Non-US
|
2,161
|
3,106
|
||
1,329
|
616
|
(360)
|
2,919
|
2,864
|
|||
Underlying RC profit (loss) before interest and
|
|||||||
tax - by business(b)(c)
|
|||||||
1,019
|
344
|
(204)
|
Fuels
|
2,230
|
5,012
|
||
329
|
325
|
230
|
Lubricants
|
1,272
|
1,285
|
||
46
|
51
|
44
|
Petrochemicals
|
130
|
166
|
||
1,394
|
720
|
70
|
3,632
|
6,463
|
|||
Non-operating items and fair value accounting
|
|||||||
effects(a)
|
|||||||
(86)
|
(105)
|
(430)
|
Fuels
|
(712)
|
(3,609)
|
||
1
|
4
|
-
|
Lubricants
|
2
|
(9)
|
||
20
|
(3)
|
-
|
Petrochemicals
|
(3)
|
19
|
||
(65)
|
(104)
|
(430)
|
(713)
|
(3,599)
|
|||
RC profit (loss) before interest and tax(b)(c)
|
|||||||
933
|
239
|
(634)
|
Fuels
|
1,518
|
1,403
|
||
330
|
329
|
230
|
Lubricants
|
1,274
|
1,276
|
||
66
|
48
|
44
|
Petrochemicals
|
127
|
185
|
||
1,329
|
616
|
(360)
|
2,919
|
2,864
|
|||
16.9
|
13.6
|
11.0
|
BP average refining marker margin (RMM) ($/bbl)(d)
|
15.4
|
18.2
|
||
Refinery throughputs (mb/d)
|
|||||||
1,325
|
618
|
641
|
US
|
726
|
1,310
|
||
732
|
772
|
742
|
Europe
|
766
|
751
|
||
293
|
312
|
312
|
Rest of World
|
299
|
293
|
||
2,350
|
1,702
|
1,695
|
1,791
|
2,354
|
|||
95.0
|
95.3
|
95.6
|
Refining availability (%)(e)
|
95.3
|
94.8
|
||
Marketing sales of refined products (mb/d)
|
|||||||
1,393
|
1,211
|
1,179
|
US
|
1,282
|
1,396
|
||
1,236
|
1,284
|
1,189
|
Europe
|
1,237
|
1,230
|
||
599
|
551
|
603
|
Rest of World
|
565
|
587
|
||
3,228
|
3,046
|
2,971
|
3,084
|
3,213
|
|||
2,434
|
2,596
|
2,504
|
Trading/supply sales of refined products
|
2,485
|
2,444
|
||
5,662
|
5,642
|
5,475
|
Total sales volumes of refined products
|
5,569
|
5,657
|
||
Petrochemicals production (kte)
|
|||||||
959
|
1,114
|
993
|
US
|
4,264
|
4,047
|
||
925
|
999
|
952
|
Europe(c)
|
3,779
|
3,927
|
||
1,500
|
1,538
|
1,426
|
Rest of World
|
5,900
|
6,753
|
||
3,384
|
3,651
|
3,371
|
13,943
|
14,727
|
(a)
|
Fair value accounting effects represent the favourable (unfavourable) impact relative to management's measure of performance. For Downstream, these arise solely in the fuels business. Further information is provided on page 21.
|
(b)
|
Segment-level overhead expenses are included in the fuels business result.
|
(c)
|
BP's share of income from petrochemicals at our Gelsenkirchen and Mülheim sites in Germany is reported in the fuels business.
|
(d)
|
The RMM is the average of regional indicator margins weighted for BP's crude refining capacity in each region. Each regional marker margin is based on product yields and a marker crude oil deemed appropriate for the region. The regional indicator margins may not be representative of the margins achieved by BP in any period because of BP's particular refinery configurations and crude and product slate. In 2013 BP updated the RMM methodology; prior periods have been restated.
|
(e)
|
Refining availability represents Solomon Associates' operational availability, which is defined as the percentage of the year that a unit is available for processing after subtracting the annualized time lost due to turnaround activity and all planned mechanical, process and regulatory maintenance downtime.
|
Fourth
|
Third
|
Fourth
|
|||||
quarter
|
quarter
|
quarter
|
Year
|
Year
|
|||
2012
|
2013
|
2013
|
$ million
|
2013
|
2012
|
||
-
|
836
|
901
|
Profit before interest and tax(a)(b)
|
2,053
|
-
|
||
-
|
(44)
|
157
|
Inventory holding (gains) losses
|
100
|
-
|
||
-
|
792
|
1,058
|
RC profit before interest and tax(b)
|
2,153
|
-
|
||
-
|
16
|
29
|
Net charge (credit) for non-operating items
|
45
|
-
|
||
-
|
808
|
1,087
|
Underlying RC profit before interest and tax(b)(c)
|
2,198
|
-
|
(a)
|
BP's share of Rosneft's earnings after finance costs, taxation and non-controlling interests is included in the BP group income statement within profit before interest and taxation.
|
(b)
|
Third quarter and full year 2013 include $5 million of foreign exchange losses arising on the dividend received. This amount is not reflected in the table below.
|
(c)
|
See page 3 for information on underlying RC profit.
|
Fourth
|
Third
|
Fourth
|
|||||
quarter
|
quarter
|
quarter
|
Year
|
Year
|
|||
2012
|
2013
|
2013
|
$ million
|
2013
|
2012
|
||
Income statement (BP share)
|
|||||||
-
|
1,197
|
1,062
|
Profit before interest and tax
|
2,786
|
-
|
||
-
|
(18)
|
(116)
|
Finance costs
|
(264)
|
-
|
||
-
|
(272)
|
(97)
|
Taxation
|
(422)
|
-
|
||
-
|
(66)
|
52
|
Non-controlling interests
|
(42)
|
-
|
||
-
|
841
|
901
|
Net income
|
2,058
|
-
|
||
-
|
(44)
|
157
|
Inventory holding (gains) losses, net of tax
|
100
|
-
|
||
-
|
797
|
1,058
|
Net income on a RC basis
|
2,158
|
-
|
||
-
|
16
|
29
|
Net charge (credit) for non-operating items, net of tax
|
45
|
-
|
||
-
|
813
|
1,087
|
Net income on an underlying RC basis
|
2,203
|
-
|
||
Cash flow statement
|
|||||||
-
|
456
|
-
|
Dividends received
|
456
|
-
|
31 December
|
31 December
|
||
$ million
|
2013
|
2012
|
|
Balance sheet
|
|||
Investments in associates
|
13,681
|
-
|
Fourth
|
Third
|
Fourth
|
|||||
quarter
|
quarter
|
quarter
|
Year
|
Year
|
|||
2012
|
2013
|
2013
|
2013
|
2012
|
|||
Production (net of royalties) (BP share)(d)(e)
|
|||||||
-
|
828
|
833
|
Liquids (mb/d)(f)
|
650
|
-
|
||
-
|
793
|
884
|
Natural gas (mmcf/d)
|
617
|
-
|
||
-
|
965
|
985
|
Total hydrocarbons (mboe/d)(g)
|
756
|
-
|
(d)
|
Information on BP's share of TNK-BP's production for comparative periods is provided on page 22.
|
(e)
|
Full year 2013 reflects production for the period 21 March to 31 December, averaged over the full year.
|
(f)
|
Liquids comprise crude oil, condensate and natural gas liquids.
|
(g)
|
Natural gas is converted to oil equivalent at 5.8 billion cubic feet = 1 million barrels.
|
Fourth
|
Third
|
Fourth
|
|||||
quarter
|
quarter
|
quarter
|
Year
|
Year
|
|||
2012
|
2013
|
2013
|
$ million
|
2013
|
2012
|
||
(505)
|
(674)
|
(605)
|
Profit (loss) before interest and tax
|
(2,319)
|
(2,794)
|
||
-
|
-
|
-
|
Inventory holding (gains) losses
|
-
|
-
|
||
(505)
|
(674)
|
(605)
|
RC profit (loss) before interest and tax
|
(2,319)
|
(2,794)
|
||
57
|
289
|
(9)
|
Net charge (credit) for non-operating items
|
421
|
798
|
||
(448)
|
(385)
|
(614)
|
Underlying RC profit (loss) before interest and tax(a)
|
(1,898)
|
(1,996)
|
||
Underlying RC profit (loss) before
|
|||||||
interest and tax(a)
|
|||||||
(291)
|
(309)
|
(228)
|
US
|
(800)
|
(859)
|
||
(157)
|
(76)
|
(386)
|
Non-US
|
(1,098)
|
(1,137)
|
||
(448)
|
(385)
|
(614)
|
(1,898)
|
(1,996)
|
|||
Non-operating items
|
|||||||
(54)
|
(297)
|
(14)
|
US
|
(449)
|
(782)
|
||
(3)
|
8
|
23
|
Non-US
|
28
|
(16)
|
||
(57)
|
(289)
|
9
|
(421)
|
(798)
|
|||
RC profit (loss) before interest and tax
|
|||||||
(345)
|
(606)
|
(242)
|
US
|
(1,249)
|
(1,641)
|
||
(160)
|
(68)
|
(363)
|
Non-US
|
(1,070)
|
(1,153)
|
||
(505)
|
(674)
|
(605)
|
(2,319)
|
(2,794)
|
(a)
|
See page 3 for information on underlying RC profit or loss.
|
(b)
|
Net wind generation capacity is the sum of the rated capacities of the assets/turbines that have entered into commercial operation, including BP's share of equity-accounted entities. The gross data is the equivalent capacity on a gross-JV basis, which includes 100% of the capacity of equity-accounted entities where BP has partial ownership. Capacity figures include 32MW in the Netherlands managed by our Downstream segment.
|
|
(c)
|
Ethanol-equivalent production includes ethanol and sugar.
|
The commentary above contains forward-looking statements and should be read in conjunction with the cautionary statement on page 38.
|
Fourth
|
Third
|
Fourth
|
|||||
quarter
|
quarter
|
quarter
|
Year
|
Year
|
|||
2012
|
2013
|
2013
|
$ million
|
2013
|
2012
|
||
93,910
|
96,601
|
93,717
|
Sales and other operating revenues (Note 4)
|
379,136
|
375,765
|
||
38
|
119
|
101
|
Earnings from joint ventures - after interest and tax
|
447
|
260
|
||
322
|
1,010
|
1,000
|
Earnings from associates - after interest and tax
|
2,742
|
3,675
|
||
1,129
|
178
|
235
|
Interest and other income
|
777
|
1,677
|
||
4,412
|
295
|
43
|
Gains on sale of businesses and fixed assets
|
13,115
|
6,697
|
||
99,811
|
98,203
|
95,096
|
Total revenues and other income
|
396,217
|
388,074
|
||
74,061
|
76,603
|
74,960
|
Purchases
|
298,351
|
292,774
|
||
12,240
|
6,276
|
7,257
|
Production and manufacturing expenses(a)
|
27,527
|
33,926
|
||
2,073
|
1,889
|
1,491
|
Production and similar taxes (Note 5)
|
7,047
|
8,158
|
||
3,248
|
3,415
|
3,736
|
Depreciation, depletion and amortization
|
13,510
|
12,687
|
||
Impairment and losses on sale of businesses and
|
|||||||
828
|
767
|
474
|
fixed assets
|
1,961
|
6,275
|
||
309
|
511
|
2,174
|
Exploration expense
|
3,441
|
1,475
|
||
3,389
|
3,411
|
3,482
|
Distribution and administration expenses
|
13,070
|
13,357
|
||
(104)
|
(238)
|
(55)
|
Fair value gain on embedded derivatives
|
(459)
|
(347)
|
||
3,767
|
5,569
|
1,577
|
Profit before interest and taxation
|
31,769
|
19,769
|
||
307
|
279
|
255
|
Finance costs(a)
|
1,068
|
1,072
|
||
Net finance expense relating to pensions and other
|
|||||||
160
|
118
|
123
|
post-retirement benefits
|
480
|
566
|
||
3,300
|
5,172
|
1,199
|
Profit before taxation
|
30,221
|
18,131
|
||
1,750
|
1,580
|
101
|
Taxation(a)
|
6,463
|
6,880
|
||
1,550
|
3,592
|
1,098
|
Profit for the period
|
23,758
|
11,251
|
||
Attributable to
|
|||||||
1,488
|
3,504
|
1,042
|
BP shareholders
|
23,451
|
11,017
|
||
62
|
88
|
56
|
Non-controlling interests
|
307
|
234
|
||
1,550
|
3,592
|
1,098
|
23,758
|
11,251
|
|||
Earnings per share - cents (Note 6)
|
|||||||
Profit for the period attributable to BP
|
|||||||
shareholders
|
|||||||
7.80
|
18.57
|
5.57
|
Basic
|
123.87
|
57.89
|
||
7.75
|
18.47
|
5.54
|
Diluted
|
123.12
|
57.50
|
(a)
|
See Note 2 for further details of the impact of the Gulf of Mexico oil spill on the income statement line items.
|
Fourth
|
Third
|
Fourth
|
|||||
quarter
|
quarter
|
quarter
|
Year
|
Year
|
|||
2012
|
2013
|
2013
|
$ million
|
2013
|
2012
|
||
1,550
|
3,592
|
1,098
|
Profit for the period
|
23,758
|
11,251
|
||
Other comprehensive income
|
|||||||
Items that may be reclassified subsequently to profit
|
|||||||
or loss
|
|||||||
246
|
662
|
(177)
|
Currency translation differences
|
(1,608)
|
538
|
||
Exchange gains (losses) on translation of foreign
|
|||||||
operations reclassified to gain or loss on sale of
|
|||||||
(15)
|
9
|
13
|
businesses and fixed assets
|
22
|
(15)
|
||
290
|
-
|
-
|
Available-for-sale investments marked to market
|
(172)
|
306
|
||
Available-for-sale investments reclassified to the
|
|||||||
(1)
|
-
|
-
|
income statement
|
(523)
|
(1)
|
||
1,439
|
104
|
62
|
Cash flow hedges marked to market(a)
|
(2,000)
|
1,466
|
||
Cash flow hedges reclassified to the income
|
|||||||
3
|
2
|
3
|
statement
|
4
|
62
|
||
7
|
10
|
(8)
|
Cash flow hedges reclassified to the balance sheet
|
17
|
19
|
||
Share of items relating to equity-accounted entities,
|
|||||||
13
|
31
|
-
|
net of tax
|
(24)
|
(39)
|
||
(245)
|
(25)
|
(23)
|
Income tax relating to items that may be reclassified
|
147
|
(170)
|
||
1,737
|
793
|
(130)
|
(4,137)
|
2,166
|
|||
Items that will not be reclassified to profit or loss
|
|||||||
Remeasurements of the net pension and other post-
|
|||||||
(1,506)
|
310
|
2,298
|
retirement benefit liability or asset
|
4,764
|
(1,625)
|
||
Share of items relating to equity-accounted entities,
|
|||||||
-
|
-
|
2
|
net of tax
|
2
|
(6)
|
||
Income tax relating to items that will not be
|
|||||||
367
|
(114)
|
(676)
|
reclassified
|
(1,521)
|
440
|
||
(1,139)
|
196
|
1,624
|
3,245
|
(1,191)
|
|||
598
|
989
|
1,494
|
Other comprehensive income
|
(892)
|
975
|
||
2,148
|
4,581
|
2,592
|
Total comprehensive income
|
22,866
|
12,226
|
||
Attributable to
|
|||||||
2,088
|
4,485
|
2,533
|
BP shareholders
|
22,574
|
11,988
|
||
60
|
96
|
59
|
Non-controlling interests
|
292
|
238
|
||
2,148
|
4,581
|
2,592
|
22,866
|
12,226
|
(a)
|
Full year 2013 includes $2,061 million loss (fourth quarter and full year 2012 $1,410 million gain) relating to the contracts to acquire Rosneft shares. See Note 3 for further information.
|
BP
|
||||
shareholders'
|
Non-controlling
|
Total
|
||
$ million
|
equity
|
interests
|
equity
|
|
At 1 January 2013
|
118,546
|
1,206
|
119,752
|
|
Total comprehensive income
|
22,574
|
292
|
22,866
|
|
Dividends
|
(5,441)
|
(469)
|
(5,910)
|
|
Repurchases of ordinary share capital
|
(6,923)
|
-
|
(6,923)
|
|
Share-based payments, net of tax
|
473
|
-
|
473
|
|
Share of equity-accounted entities' changes in equity, net of tax
|
73
|
-
|
73
|
|
Transactions involving non-controlling interests
|
-
|
76
|
76
|
|
At 31 December 2013
|
129,302
|
1,105
|
130,407
|
|
BP
|
||||
shareholders'
|
Non-controlling
|
Total
|
||
$ million
|
equity
|
interests
|
equity
|
|
At 1 January 2012
|
111,568
|
1,017
|
112,585
|
|
Total comprehensive income
|
11,988
|
238
|
12,226
|
|
Dividends
|
(5,294)
|
(82)
|
(5,376)
|
|
Share-based payments, net of tax
|
284
|
-
|
284
|
|
Transactions involving non-controlling interests
|
-
|
33
|
33
|
|
At 31 December 2012
|
118,546
|
1,206
|
119,752
|
31 December
|
31 December
|
||
$ million
|
2013
|
2012
|
|
Non-current assets
|
|||
Property, plant and equipment
|
133,690
|
125,331
|
|
Goodwill
|
12,181
|
12,190
|
|
Intangible assets
|
22,039
|
24,632
|
|
Investments in joint ventures
|
9,199
|
8,614
|
|
Investments in associates
|
16,636
|
2,998
|
|
Other investments
|
1,565
|
2,704
|
|
Fixed assets
|
195,310
|
176,469
|
|
Loans
|
763
|
642
|
|
Trade and other receivables
|
5,985
|
5,961
|
|
Derivative financial instruments
|
3,509
|
4,294
|
|
Prepayments
|
922
|
830
|
|
Deferred tax assets
|
985
|
874
|
|
Defined benefit pension plan surpluses
|
1,376
|
12
|
|
208,850
|
189,082
|
||
Current assets
|
|||
Loans
|
216
|
247
|
|
Inventories
|
29,231
|
28,203
|
|
Trade and other receivables
|
39,831
|
37,611
|
|
Derivative financial instruments
|
2,675
|
4,507
|
|
Prepayments
|
1,388
|
1,091
|
|
Current tax receivable
|
512
|
456
|
|
Other investments
|
467
|
319
|
|
Cash and cash equivalents
|
22,520
|
19,635
|
|
96,840
|
92,069
|
||
Assets classified as held for sale
|
-
|
19,315
|
|
96,840
|
111,384
|
||
Total assets
|
305,690
|
300,466
|
|
Current liabilities
|
|||
Trade and other payables
|
47,159
|
46,673
|
|
Derivative financial instruments
|
2,322
|
2,658
|
|
Accruals
|
8,960
|
6,875
|
|
Finance debt
|
7,381
|
10,033
|
|
Current tax payable
|
1,945
|
2,503
|
|
Provisions
|
5,045
|
7,587
|
|
72,812
|
76,329
|
||
Liabilities directly associated with assets classified as held for sale
|
-
|
846
|
|
72,812
|
77,175
|
||
Non-current liabilities
|
|||
Other payables
|
4,756
|
2,292
|
|
Derivative financial instruments
|
2,225
|
2,723
|
|
Accruals
|
547
|
491
|
|
Finance debt
|
40,811
|
38,767
|
|
Deferred tax liabilities
|
17,439
|
15,243
|
|
Provisions
|
26,915
|
30,396
|
|
Defined benefit pension plan and other post-retirement benefit plan deficits
|
9,778
|
13,627
|
|
102,471
|
103,539
|
||
Total liabilities
|
175,283
|
180,714
|
|
Net assets
|
130,407
|
119,752
|
|
Equity
|
|||
BP shareholders' equity
|
129,302
|
118,546
|
|
Non-controlling interests
|
1,105
|
1,206
|
|
130,407
|
119,752
|
Fourth
|
Third
|
Fourth
|
|||||
quarter
|
quarter
|
quarter
|
Year
|
Year
|
|||
2012
|
2013
|
2013
|
$ million
|
2013
|
2012
|
||
Operating activities
|
|||||||
3,300
|
5,172
|
1,199
|
Profit before taxation
|
30,221
|
18,131
|
||
Adjustments to reconcile profit before taxation to net
|
|||||||
cash provided by operating activities
|
|||||||
Depreciation, depletion and amortization and
|
|||||||
3,403
|
3,765
|
5,633
|
exploration expenditure written off
|
16,220
|
13,432
|
||
Impairment and (gain) loss on sale of businesses and
|
|||||||
(3,584)
|
472
|
431
|
fixed assets
|
(11,154)
|
(422)
|
||
Earnings from equity-accounted entities, less dividends
|
|||||||
(65)
|
(489)
|
(855)
|
received
|
(1,798)
|
(2,172)
|
||
Net charge for interest and other finance expense,
|
|||||||
9
|
170
|
(40)
|
less net interest paid
|
323
|
268
|
||
(109)
|
153
|
(77)
|
Share-based payments
|
297
|
156
|
||
Net operating charge for pensions and other post-
|
|||||||
retirement benefits, less contributions and benefit
|
|||||||
(434)
|
(67)
|
(483)
|
payments for unfunded plans
|
(920)
|
(858)
|
||
3,938
|
(360)
|
(84)
|
Net charge for provisions, less payments
|
1,061
|
5,338
|
||
Movements in inventories and other current and
|
|||||||
1,190
|
(812)
|
1,110
|
non-current assets and liabilities(a)
|
(6,843)
|
(6,912)
|
||
(1,269)
|
(1,672)
|
(1,420)
|
Income taxes paid
|
(6,307)
|
(6,482)
|
||
6,379
|
6,332
|
5,414
|
Net cash provided by operating activities
|
21,100
|
20,479
|
||
Investing activities
|
|||||||
(7,059)
|
(5,882)
|
(6,798)
|
Capital expenditure
|
(24,520)
|
(23,222)
|
||
-
|
-
|
(67)
|
Acquisitions, net of cash acquired
|
(67)
|
(116)
|
||
(457)
|
(54)
|
(299)
|
Investment in joint ventures
|
(451)
|
(1,526)
|
||
(17)
|
(64)
|
(39)
|
Investment in associates
|
(4,994)
|
(54)
|
||
6,804
|
307
|
372
|
Proceeds from disposals of fixed assets
|
18,115
|
9,992
|
||
Proceeds from disposals of businesses, net of
|
|||||||
67
|
94
|
5
|
cash disposed
|
3,884
|
1,606
|
||
70
|
36
|
52
|
Proceeds from loan repayments
|
178
|
245
|
||
(592)
|
(5,563)
|
(6,774)
|
Net cash used in investing activities
|
(7,855)
|
(13,075)
|
||
Financing activities
|
|||||||
61
|
(1,258)
|
(2,265)
|
Net issue (repurchase) of shares
|
(5,358)
|
122
|
||
3,031
|
3,245
|
2,467
|
Proceeds from long-term financing
|
8,814
|
11,087
|
||
(3,592)
|
(568)
|
(4,212)
|
Repayments of long-term financing
|
(5,959)
|
(7,177)
|
||
(668)
|
122
|
(268)
|
Net increase (decrease) in short-term debt
|
(2,019)
|
(666)
|
||
-
|
29
|
3
|
Net increase (decrease) in non-controlling interests
|
32
|
-
|
||
(1,217)
|
(1,247)
|
(1,174)
|
Dividends paid - BP shareholders
|
(5,441)
|
(5,294)
|
||
(10)
|
(140)
|
(213)
|
- non-controlling interests
|
(469)
|
(82)
|
||
(2,395)
|
183
|
(5,662)
|
Net cash provided by (used in) financing activities
|
(10,400)
|
(2,010)
|
||
Currency translation differences relating to
|
|||||||
69
|
234
|
43
|
cash and cash equivalents
|
40
|
64
|
||
3,461
|
1,186
|
(6,979)
|
Increase (decrease) in cash and cash equivalents
|
2,885
|
5,458
|
||
16,174
|
28,313
|
29,499
|
Cash and cash equivalents at beginning of period
|
19,635
|
14,177
|
||
19,635
|
29,499
|
22,520
|
Cash and cash equivalents at end of period
|
22,520
|
19,635
|
(a)
|
Includes
|
737
|
(394)
|
482
|
Inventory holding (gains) losses
|
190
|
534
|
||
(104)
|
(238)
|
(55)
|
Fair value gain on embedded derivatives
|
(459)
|
(347)
|
||
(771)
|
192
|
(33)
|
Movements related to Gulf of Mexico oil spill response
|
(2,099)
|
(6,088)
|
Inventory holding gains and losses and fair value gains on embedded derivatives are also included within profit before taxation. See Note 2 for further information on the cash flow impacts of the Gulf of Mexico oil spill.
|
Fourth
|
Third
|
Fourth
|
|||||
quarter
|
quarter
|
quarter
|
Year
|
Year
|
|||
2012
|
2013
|
2013
|
$ million
|
2013
|
2012
|
||
By segment
|
|||||||
Upstream
|
|||||||
1,843
|
1,611
|
1,727
|
US(a)
|
6,439
|
6,385
|
||
3,345
|
3,124
|
3,751
|
Non-US(b)
|
12,676
|
12,135
|
||
5,188
|
4,735
|
5,478
|
19,115
|
18,520
|
|||
Downstream
|
|||||||
902
|
559
|
360
|
US
|
2,535
|
3,475
|
||
799
|
438
|
921
|
Non-US
|
1,971
|
1,774
|
||
1,701
|
997
|
1,281
|
4,506
|
5,249
|
|||
Rosneft
|
|||||||
-
|
-
|
-
|
Non-US(c)
|
11,941
|
-
|
||
-
|
-
|
-
|
11,941
|
-
|
|||
Other businesses and corporate
|
|||||||
143
|
54
|
85
|
US
|
231
|
681
|
||
395
|
136
|
375
|
Non-US
|
819
|
754
|
||
538
|
190
|
460
|
1,050
|
1,435
|
|||
7,427
|
5,922
|
7,219
|
36,612
|
25,204
|
|||
By geographical area
|
|||||||
2,888
|
2,224
|
2,172
|
US(a)
|
9,205
|
10,541
|
||
4,539
|
3,698
|
5,047
|
Non-US(b)(c)
|
27,407
|
14,663
|
||
7,427
|
5,922
|
7,219
|
36,612
|
25,204
|
|||
Included above:
|
|||||||
45
|
-
|
71
|
Acquisitions and asset exchanges
|
71
|
200
|
||
543
|
-
|
-
|
Other inorganic capital expenditure(a)(b)(c)
|
11,941
|
1,054
|
(a)
|
Fourth quarter and full year 2012 include $388 million and $899 million respectively associated with deepening our natural gas asset base.
|
(b)
|
Fourth quarter 2012 includes $155 million related to increasing our interest in North Sea assets.
|
(c)
|
Full year 2013 includes $11,941 million relating to our investment in Rosneft - see Note 3 for further information.
|
Fourth
|
Third
|
Fourth
|
|||||
quarter
|
quarter
|
quarter
|
Year
|
Year
|
|||
2012
|
2013
|
2013
|
2013
|
2012
|
|||
1.61
|
1.55
|
1.62
|
US dollar/sterling average rate for the period
|
1.56
|
1.58
|
||
1.62
|
1.61
|
1.65
|
US dollar/sterling period-end rate
|
1.65
|
1.62
|
||
1.30
|
1.32
|
1.36
|
US dollar/euro average rate for the period
|
1.33
|
1.28
|
||
1.32
|
1.35
|
1.38
|
US dollar/euro period-end rate
|
1.38
|
1.32
|
Fourth
|
Third
|
Fourth
|
|||||
quarter
|
quarter
|
quarter
|
Year
|
Year
|
|||
2012
|
2013
|
2013
|
$ million
|
2013
|
2012
|
||
7,688
|
4,158
|
2,537
|
Upstream
|
16,657
|
22,491
|
||
1,329
|
616
|
(360)
|
Downstream
|
2,919
|
2,864
|
||
575
|
-
|
-
|
TNK-BP(a)
|
12,500
|
3,373
|
||
-
|
792
|
1,058
|
Rosneft(b)
|
2,153
|
-
|
||
(505)
|
(674)
|
(605)
|
Other businesses and corporate
|
(2,319)
|
(2,794)
|
||
9,087
|
4,892
|
2,630
|
31,910
|
25,934
|
|||
(4,126)
|
(30)
|
(179)
|
Gulf of Mexico oil spill response
|
(430)
|
(4,995)
|
||
(428)
|
263
|
(240)
|
Consolidation adjustment - UPII
|
579
|
(576)
|
||
4,533
|
5,125
|
2,211
|
RC profit before interest and tax
|
32,059
|
20,363
|
||
Inventory holding gains (losses)
|
|||||||
4
|
7
|
3
|
Upstream
|
4
|
(104)
|
||
(765)
|
393
|
(480)
|
Downstream
|
(194)
|
(487)
|
||
(5)
|
-
|
-
|
TNK-BP (net of tax)
|
-
|
(3)
|
||
-
|
44
|
(157)
|
Rosneft (net of tax)
|
(100)
|
-
|
||
3,767
|
5,569
|
1,577
|
Profit before interest and tax
|
31,769
|
19,769
|
||
307
|
279
|
255
|
Finance costs
|
1,068
|
1,072
|
||
Net finance expense relating to pensions and
|
|||||||
160
|
118
|
123
|
other post-retirement benefits
|
480
|
566
|
||
3,300
|
5,172
|
1,199
|
Profit before taxation
|
30,221
|
18,131
|
||
RC profit before interest and tax
|
|||||||
1,069
|
560
|
(258)
|
US
|
3,279
|
180
|
||
3,464
|
4,565
|
2,469
|
Non-US
|
28,780
|
20,183
|
||
4,533
|
5,125
|
2,211
|
32,059
|
20,363
|
(a)
|
BP ceased equity accounting for its share of TNK-BP's earnings from 22 October 2012. See Note 3 on page 31 for further information.
|
(b)
|
BP's investment in Rosneft is accounted under the equity method from 21 March 2013. See Rosneft on page 10 for further information.
|
Fourth
|
Third
|
Fourth
|
|||||
quarter
|
quarter
|
quarter
|
Year
|
Year
|
|||
2012
|
2013
|
2013
|
$ million
|
2013
|
2012
|
||
Upstream
|
|||||||
Impairment and gain (loss) on sale of businesses and
|
|||||||
3,673
|
(374)
|
(391)
|
fixed assets
|
(802)
|
3,638
|
||
-
|
(21)
|
1
|
Environmental and other provisions
|
(20)
|
(48)
|
||
-
|
-
|
-
|
Restructuring, integration and rationalization costs
|
-
|
-
|
||
103
|
238
|
55
|
Fair value gain (loss) on embedded derivatives
|
459
|
347
|
||
(430)
|
(69)
|
(866)
|
Other(b)
|
(1,001)
|
(748)
|
||
3,346
|
(226)
|
(1,201)
|
(1,364)
|
3,189
|
|||
Downstream
|
|||||||
Impairment and gain (loss) on sale of businesses and
|
|||||||
(81)
|
(11)
|
(61)
|
fixed assets
|
(348)
|
(2,934)
|
||
-
|
(132)
|
7
|
Environmental and other provisions
|
(134)
|
(171)
|
||
13
|
-
|
(11)
|
Restructuring, integration and rationalization costs
|
(15)
|
(32)
|
||
-
|
-
|
-
|
Fair value gain (loss) on embedded derivatives
|
-
|
-
|
||
(5)
|
(14)
|
(9)
|
Other
|
(38)
|
(35)
|
||
(73)
|
(157)
|
(74)
|
(535)
|
(3,172)
|
|||
TNK-BP
|
|||||||
Impairment and gain (loss) on sale of businesses and
|
|||||||
-
|
-
|
-
|
fixed assets
|
12,500
|
(55)
|
||
(33)
|
-
|
-
|
Environmental and other provisions
|
-
|
(83)
|
||
-
|
-
|
-
|
Restructuring, integration and rationalization costs
|
-
|
-
|
||
-
|
-
|
-
|
Fair value gain (loss) on embedded derivatives
|
-
|
-
|
||
384
|
-
|
-
|
Other
|
-
|
384
|
||
351
|
-
|
-
|
12,500
|
246
|
|||
Rosneft
|
|||||||
Impairment and gain (loss) on sale of businesses and
|
|||||||
-
|
(16)
|
(19)
|
fixed assets
|
(35)
|
-
|
||
-
|
-
|
(10)
|
Environmental and other provisions
|
(10)
|
-
|
||
-
|
-
|
-
|
Restructuring, integration and rationalization costs
|
-
|
-
|
||
-
|
-
|
-
|
Fair value gain (loss) on embedded derivatives
|
-
|
-
|
||
-
|
-
|
-
|
Other
|
-
|
-
|
||
-
|
(16)
|
(29)
|
(45)
|
-
|
|||
Other businesses and corporate
|
|||||||
Impairment and gain (loss) on sale of businesses and
|
|||||||
(8)
|
(87)
|
21
|
fixed assets
|
(196)
|
(282)
|
||
-
|
(216)
|
(19)
|
Environmental and other provisions
|
(241)
|
(261)
|
||
(14)
|
(4)
|
3
|
Restructuring, integration and rationalization costs
|
(3)
|
(15)
|
||
1
|
-
|
-
|
Fair value gain (loss) on embedded derivatives
|
-
|
-
|
||
(36)
|
18
|
4
|
Other
|
19
|
(240)
|
||
(57)
|
(289)
|
9
|
(421)
|
(798)
|
|||
(4,126)
|
(30)
|
(179)
|
Gulf of Mexico oil spill response
|
(430)
|
(4,995)
|
||
(559)
|
(718)
|
(1,474)
|
Total before interest and taxation
|
9,705
|
(5,530)
|
||
(6)
|
(9)
|
(10)
|
Finance costs(c)
|
(39)
|
(19)
|
||
(565)
|
(727)
|
(1,484)
|
Total before taxation
|
9,666
|
(5,549)
|
||
(1,258)
|
205
|
481
|
Taxation credit (charge)(d)
|
867
|
251
|
||
(1,823)
|
(522)
|
(1,003)
|
Total after taxation for period
|
10,533
|
(5,298)
|
(a)
|
Non-operating items are charges and credits arising in consolidated entities and in TNK-BP and Rosneft that are included in the financial statements and that BP discloses separately because it considers such disclosures to be meaningful and relevant to investors. They are items that management considers not to be part of underlying business operations and are disclosed in order to enable investors better to understand and evaluate the group's reported financial performance. An analysis of non-operating items by region is shown on pages 7, 9 and 11.
|
(b)
|
Fourth quarter and full year 2013 include $845 million relating to the value ascribed to block BM-CAL-13 offshore Brazil, following the acquisition of upstream assets from Devon Energy in 2011, which was written off as a result of the Pitanga exploration well not encountering commercial quantities of oil or gas. See also page 7.
|
(c)
|
Finance costs relate to the Gulf of Mexico oil spill. See Note 2 for further details.
|
(d)
|
For the Gulf of Mexico oil spill and certain impairment losses, disposal gains and fair value gains and losses on embedded derivatives, tax is based on statutory rates, except for non-deductible items. For other items reported for consolidated subsidiaries, tax is calculated using the group's discrete quarterly effective tax rate (adjusted for the items noted above, equity-accounted earnings and the deferred tax adjustment relating to a reduction in UK corporation tax rates ($99 million for the third quarter 2013)). Non-operating items reported within the equity-accounted earnings of TNK-BP and Rosneft are reported net of tax.
|
Fourth
|
Third
|
Fourth
|
|||||
quarter
|
quarter
|
quarter
|
Year
|
Year
|
|||
2012
|
2013
|
2013
|
$ million
|
2013
|
2012
|
||
Favourable (unfavourable) impact relative to
|
|||||||
management's measure of performance
|
|||||||
(33)
|
(39)
|
(114)
|
Upstream
|
(244)
|
(134)
|
||
8
|
53
|
(356)
|
Downstream
|
(178)
|
(427)
|
||
(25)
|
14
|
(470)
|
(422)
|
(561)
|
|||
5
|
(6)
|
171
|
Taxation credit (charge)(a)
|
142
|
216
|
||
(20)
|
8
|
(299)
|
(280)
|
(345)
|
(a)
|
Tax is calculated using the group's discrete quarterly effective tax rate (adjusted for the Gulf of Mexico oil spill, equity-accounted earnings, certain impairment losses, disposal gains and fair value gains and losses on embedded derivatives and the deferred tax adjustment relating to a reduction in UK corporation tax rates ($99 million for the third quarter 2013)).
|
Fourth
|
Third
|
Fourth
|
|||||
quarter
|
quarter
|
quarter
|
Year
|
Year
|
|||
2012
|
2013
|
2013
|
$ million
|
2013
|
2012
|
||
Upstream
|
|||||||
Replacement cost profit before interest and tax
|
|||||||
7,721
|
4,197
|
2,651
|
adjusted for fair value accounting effects
|
16,901
|
22,625
|
||
(33)
|
(39)
|
(114)
|
Impact of fair value accounting effects
|
(244)
|
(134)
|
||
7,688
|
4,158
|
2,537
|
Replacement cost profit before interest and tax
|
16,657
|
22,491
|
||
Downstream
|
|||||||
Replacement cost profit (loss) before interest and
|
|||||||
1,321
|
563
|
(4)
|
tax adjusted for fair value accounting effects
|
3,097
|
3,291
|
||
8
|
53
|
(356)
|
Impact of fair value accounting effects
|
(178)
|
(427)
|
||
1,329
|
616
|
(360)
|
Replacement cost profit (loss) before interest and tax
|
2,919
|
2,864
|
||
Total group
|
|||||||
Profit before interest and tax
|
|||||||
3,792
|
5,555
|
2,047
|
adjusted for fair value accounting effects
|
32,191
|
20,330
|
||
(25)
|
14
|
(470)
|
Impact of fair value accounting effects
|
(422)
|
(561)
|
||
3,767
|
5,569
|
1,577
|
Profit before interest and tax
|
31,769
|
19,769
|
Fourth
|
Third
|
Fourth
|
|||||
quarter
|
quarter
|
quarter
|
Year
|
Year
|
|||
2012
|
2013
|
2013
|
2013
|
2012
|
|||
Average realizations(a)
|
|||||||
Liquids ($/bbl)(b)
|
|||||||
94.36
|
91.20
|
89.87
|
US
|
91.88
|
96.35
|
||
104.80
|
107.78
|
105.23
|
Europe
|
104.77
|
109.05
|
||
104.59
|
107.21
|
104.60
|
Rest of World
|
104.20
|
105.84
|
||
100.00
|
100.66
|
98.26
|
BP Average
|
99.24
|
102.10
|
||
Natural gas ($/mcf)
|
|||||||
2.62
|
2.91
|
3.08
|
US
|
3.07
|
2.32
|
||
9.33
|
9.72
|
9.95
|
Europe
|
9.68
|
8.63
|
||
5.58
|
5.67
|
6.21
|
Rest of World
|
5.97
|
5.33
|
||
5.03
|
5.01
|
5.49
|
BP Average
|
5.35
|
4.75
|
||
Total hydrocarbons ($/boe)
|
|||||||
62.40
|
59.24
|
62.11
|
US
|
60.78
|
61.57
|
||
84.38
|
95.00
|
93.29
|
Europe
|
90.46
|
85.24
|
||
59.04
|
61.74
|
63.36
|
Rest of World
|
61.72
|
58.13
|
||
62.38
|
62.80
|
65.04
|
BP Average
|
63.58
|
61.86
|
||
Average oil marker prices ($/bbl)
|
|||||||
110.08
|
110.29
|
109.24
|
Brent
|
108.66
|
111.67
|
||
88.15
|
105.79
|
97.59
|
West Texas Intermediate
|
97.99
|
94.13
|
||
107.08
|
110.52
|
104.80
|
Alaska North Slope
|
107.67
|
111.08
|
||
103.56
|
104.77
|
95.98
|
Mars
|
102.23
|
106.79
|
||
108.64
|
109.36
|
107.65
|
Urals (NWE - cif)
|
107.38
|
110.19
|
||
54.23
|
57.11
|
55.95
|
Russian domestic oil
|
54.97
|
53.98
|
||
Average natural gas marker prices
|
|||||||
3.41
|
3.58
|
3.60
|
Henry Hub gas price ($/mmBtu)(c)
|
3.65
|
2.79
|
||
65.26
|
65.21
|
67.48
|
UK Gas - National Balancing Point (p/therm)
|
67.99
|
59.74
|
(a)
|
Based on sales of consolidated subsidiaries only - this excludes equity-accounted entities.
|
(b)
|
Crude oil and natural gas liquids.
|
(c)
|
Henry Hub First of Month Index.
|
Fourth
|
Third
|
Fourth
|
|||||
quarter
|
quarter
|
quarter
|
Year
|
Year
|
|||
2012
|
2013
|
2013
|
2013
|
2012
|
|||
Production (net of royalties) (BP share)(a)(b)
|
|||||||
870
|
-
|
-
|
Crude oil (mb/d)
|
187
|
876
|
||
818
|
-
|
-
|
Natural gas (mmcf/d)
|
184
|
784
|
||
1,011
|
-
|
-
|
Total hydrocarbons (mboe/d)(c)
|
218
|
1,012
|
(a)
|
BP continued to report its share of TNK-BP's production and reserves following the agreement to sell its 50% share to Rosneft until the sale completed on 21 March 2013. Estimated hydrocarbon production for the full year 2013 represents BP's share of TNK-BP's estimated production from 1 January to 20 March, averaged over the full year.
|
(b)
|
On 21 March 2013, Rosneft acquired 100% of TNK-BP. BP's share of Rosneft production, which includes TNK-BP, is shown on page 10.
|
(c)
|
Natural gas is converted to oil equivalent at 5.8 billion cubic feet = 1 million barrels.
|
First
|
Second
|
Third
|
Fourth
|
Full
|
|||||||
quarter
|
quarter
|
quarter
|
quarter
|
year
|
|||||||
2012
|
2012
|
2012
|
2012
|
2012
|
|||||||
Selected lines only
|
As
|
As
|
As
|
As
|
As
|
As
|
As
|
As
|
As
|
As
|
|
reported
|
restated
|
reported
|
restated
|
reported
|
restated
|
reported
|
restated
|
reported
|
restated
|
||
$ million
|
|||||||||||
(except per share amounts)
|
|||||||||||
Income statement
|
|||||||||||
Earnings from joint
|
|||||||||||
ventures - after interest
|
|||||||||||
and tax
|
290
|
151
|
88
|
(36)
|
235
|
107
|
131
|
38
|
744
|
260
|
|
Net finance income
|
|||||||||||
(expense) relating to
|
|||||||||||
pensions and other
|
|||||||||||
post-retirement benefits
|
53
|
(136)
|
55
|
(137)
|
58
|
(133)
|
35
|
(160)
|
201
|
(566)
|
|
Profit (loss) for the period
|
5,976
|
5,828
|
(1,340)
|
(1,474)
|
5,500
|
5,347
|
1,680
|
1,550
|
11,816
|
11,251
|
|
Earnings per share
|
|||||||||||
Basic (cents)
|
31.17
|
30.39
|
(7.29)
|
(7.99)
|
28.54
|
27.74
|
8.48
|
7.80
|
60.86
|
57.89
|
|
Diluted (cents)
|
30.74
|
29.97
|
(7.29)
|
(7.99)
|
28.39
|
27.59
|
8.43
|
7.75
|
60.45
|
57.50
|
|
Replacement cost profit
|
|||||||||||
(loss) before interest
|
|||||||||||
and tax
|
|||||||||||
Upstream
|
|||||||||||
US
|
2,534
|
2,534
|
(1,584)
|
(1,584)
|
1,178
|
1,178
|
4,790
|
4,790
|
6,918
|
6,918
|
|
Non-US
|
4,445
|
4,449
|
4,497
|
4,497
|
3,732
|
3,729
|
2,882
|
2,898
|
15,556
|
15,573
|
|
6,979
|
6,983
|
2,913
|
2,913
|
4,910
|
4,907
|
7,672
|
7,688
|
22,474
|
22,491
|
||
Downstream
|
|||||||||||
US
|
158
|
158
|
(1,984)
|
(1,984)
|
1,106
|
1,106
|
478
|
478
|
(242)
|
(242)
|
|
Non-US
|
698
|
701
|
248
|
252
|
1,297
|
1,302
|
845
|
851
|
3,088
|
3,106
|
|
856
|
859
|
(1,736)
|
(1,732)
|
2,403
|
2,408
|
1,323
|
1,329
|
2,846
|
2,864
|
||
Group
|
|||||||||||
US
|
1,935
|
1,935
|
(4,246)
|
(4,246)
|
1,422
|
1,422
|
1,069
|
1,069
|
180
|
180
|
|
Non-US
|
5,781
|
5,789
|
4,967
|
4,971
|
5,956
|
5,959
|
3,443
|
3,464
|
20,147
|
20,183
|
|
7,716
|
7,724
|
721
|
725
|
7,378
|
7,381
|
4,512
|
4,533
|
20,327
|
20,363
|
||
Balance sheet
|
|||||||||||
Property, plant and
|
|||||||||||
equipment
|
119,991
|
124,379
|
117,565
|
121,960
|
119,687
|
124,288
|
120,488
|
125,331
|
120,488
|
125,331
|
|
Intangible assets
|
22,000
|
22,570
|
22,345
|
22,919
|
23,184
|
23,766
|
24,041
|
24,632
|
24,041
|
24,632
|
|
Investments in joint
|
|||||||||||
ventures
|
15,862
|
8,578
|
15,672
|
8,532
|
15,920
|
8,843
|
15,724
|
8,614
|
15,724
|
8,614
|
|
Net assets
|
119,220
|
119,315
|
113,323
|
113,415
|
118,773
|
118,883
|
119,620
|
119,752
|
119,620
|
119,752
|
|
Cash flow statement
|
|||||||||||
Profit (loss) before
|
|||||||||||
taxation
|
8,923
|
8,756
|
(1,815)
|
(1,989)
|
8,239
|
8,064
|
3,462
|
3,300
|
18,809
|
18,131
|
|
Net cash provided by
|
|||||||||||
(used in) operating
|
|||||||||||
activities
|
3,367
|
3,406
|
4,403
|
4,448
|
6,287
|
6,246
|
6,340
|
6,379
|
20,397
|
20,479
|
|
Net cash provided by
|
|||||||||||
(used in) investing
|
|||||||||||
activities
|
(4,329)
|
(4,308)
|
(3,462)
|
(3,473)
|
(4,672)
|
(4,702)
|
(499)
|
(592)
|
(12,962)
|
(13,075)
|
|
Increase (decrease) in
|
|||||||||||
cash and cash
|
|||||||||||
equivalents
|
25
|
90
|
789
|
808
|
1,160
|
1,099
|
3,507
|
3,461
|
5,481
|
5,458
|
Fourth
|
Third
|
Fourth
|
||||||
quarter
|
quarter
|
quarter
|
Year
|
Year
|
||||
2012
|
2013
|
2013
|
$ million
|
2013
|
2012
|
|||
Income statement
|
||||||||
4,126
|
30
|
179
|
Production and manufacturing expenses
|
430
|
4,995
|
|||
(4,126)
|
(30)
|
(179)
|
Profit (loss) before interest and taxation
|
(430)
|
(4,995)
|
|||
6
|
9
|
10
|
Finance costs
|
39
|
19
|
|||
(4,132)
|
(39)
|
(189)
|
Profit (loss) before taxation
|
(469)
|
(5,014)
|
|||
69
|
(44)
|
80
|
Taxation
|
73
|
94
|
|||
(4,063)
|
(83)
|
(109)
|
Profit (loss) for the period
|
(396)
|
(4,920)
|
31 December 2013
|
31 December 2012
|
|||||
Of which:
|
Of which:
|
|||||
amount related
|
amount related
|
|||||
$ million
|
Total
|
to the trust fund
|
Total
|
to the trust fund
|
||
Balance sheet
|
||||||
Current assets
|
||||||
Trade and other receivables
|
2,457
|
2,457
|
4,239
|
4,178
|
||
Current liabilities
|
||||||
Trade and other payables
|
(1,030)
|
(1)
|
(522)
|
(22)
|
||
Provisions
|
(2,951)
|
-
|
(5,449)
|
-
|
||
Net current assets (liabilities)
|
(1,524)
|
2,456
|
(1,732)
|
4,156
|
||
Non-current assets
|
||||||
Other receivables
|
2,442
|
2,442
|
2,264
|
2,264
|
||
Non-current liabilities
|
||||||
Other payables
|
(2,986)
|
-
|
(175)
|
-
|
||
Provisions
|
(6,395)
|
-
|
(9,751)
|
-
|
||
Deferred tax
|
2,748
|
-
|
4,002
|
-
|
||
Net non-current assets (liabilities)
|
(4,191)
|
2,442
|
(3,660)
|
2,264
|
||
Net assets (liabilities)
|
(5,715)
|
4,898
|
(5,392)
|
6,420
|
Fourth
|
Third
|
Fourth
|
||||||
quarter
|
quarter
|
quarter
|
Year
|
Year
|
||||
2012
|
2013
|
2013
|
$ million
|
2013
|
2012
|
|||
Cash flow statement - Operating activities
|
||||||||
(4,132)
|
(39)
|
(189)
|
Profit (loss) before taxation
|
(469)
|
(5,014)
|
|||
Adjustments to reconcile profit (loss) before
|
||||||||
taxation to net cash provided by operating
|
||||||||
activities
|
||||||||
Net charge for interest and other finance
|
||||||||
6
|
9
|
10
|
expense, less net interest paid
|
39
|
19
|
|||
3,618
|
(576)
|
11
|
Net charge for provisions, less payments
|
1,129
|
4,834
|
|||
Movements in inventories and other current
|
||||||||
(771)
|
192
|
(33)
|
and non-current assets and liabilities
|
(2,099)
|
(6,088)
|
|||
(1,279)
|
(414)
|
(201)
|
Pre-tax cash flows
|
(1,400)
|
(6,249)
|
Fourth
|
||||
quarter
|
Year
|
|||
$ million
|
2013
|
2013
|
||
Opening balance
|
5,147
|
6,442
|
||
Net increase (decrease) in provision for items covered by the trust fund
|
33
|
1,921
|
||
Derecognition of provision for items that can no longer be estimated reliably
|
-
|
(379)
|
||
Amounts paid directly by the trust fund
|
(281)
|
(3,085)
|
||
At 31 December 2013
|
4,899
|
4,899
|
||
Of which - current
|
2,457
|
2,457
|
||
- non-current
|
2,442
|
2,442
|
Litigation
|
Clean
|
|||||||
Spill
|
and
|
Water Act
|
||||||
$ million
|
Environmental
|
response
|
claims
|
penalties
|
Total
|
|||
At 1 October 2013
|
1,609
|
156
|
4,341
|
3,510
|
9,616
|
|||
Increase in provision - items not
|
||||||||
covered by the trust fund
|
-
|
-
|
150
|
-
|
150
|
|||
Increase in provision - items
|
||||||||
covered by the trust fund
|
-
|
-
|
33
|
-
|
33
|
|||
Transfer of amounts between
|
||||||||
categories of provision
|
47
|
(47)
|
-
|
-
|
-
|
|||
Change in discount rate
|
(5)
|
-
|
-
|
-
|
(5)
|
|||
Utilization
|
- paid by BP
|
(14)
|
(20)
|
(133)
|
-
|
(167)
|
||
- paid by the trust fund
|
(47)
|
-
|
(234)
|
-
|
(281)
|
|||
At 31 December 2013
|
1,590
|
89
|
4,157
|
3,510
|
9,346
|
|||
Of which
|
- current
|
389
|
84
|
2,478
|
-
|
2,951
|
||
- non-current
|
1,201
|
5
|
1,679
|
3,510
|
6,395
|
|||
Of which
|
- payable from the
|
|||||||
trust fund
|
1,253
|
-
|
3,595
|
-
|
4,848
|
Litigation
|
Clean
|
|||||||
Spill
|
and
|
Water Act
|
||||||
$ million
|
Environmental
|
response
|
claims
|
penalties
|
Total
|
|||
At 1 January 2013
|
1,862
|
345
|
9,483
|
3,510
|
15,200
|
|||
Increase (decrease) in provision -
|
||||||||
items not covered by the trust fund
|
(24)
|
(66)
|
408
|
-
|
318
|
|||
Increase in provision - items
|
||||||||
covered by the trust fund
|
24
|
-
|
1,897
|
-
|
1,921
|
|||
Derecognition of provision for items
|
||||||||
that can no longer be
|
||||||||
estimated reliably
|
-
|
-
|
(379)
|
-
|
(379)
|
|||
Transfer of amounts between
|
||||||||
categories of provision
|
47
|
(47)
|
-
|
-
|
-
|
|||
Change in discount rate
|
(5)
|
-
|
-
|
-
|
(5)
|
|||
Unwinding of discount
|
1
|
-
|
-
|
-
|
1
|
|||
Reclassified to other payables
|
-
|
-
|
(3,933)
|
-
|
(3,933)
|
|||
Utilization
|
- paid by BP
|
(60)
|
(143)
|
(523)
|
-
|
(726)
|
||
- paid by the trust fund
|
(255)
|
-
|
(2,796)
|
-
|
(3,051)
|
|||
At 31 December 2013
|
1,590
|
89
|
4,157
|
3,510
|
9,346
|
Fourth
|
||||
quarter
|
Year
|
|||
$ million
|
2013
|
2013
|
||
Net increase (decrease) in provisions
|
183
|
2,239
|
||
Derecognition of provision for items that can no longer be estimated reliably
|
-
|
(379)
|
||
Recognition of reimbursement asset, net
|
(33)
|
(1,542)
|
||
Other net costs charged directly to the income statement
|
34
|
117
|
||
Change in discount rate
|
(5)
|
(5)
|
||
Loss before interest and taxation
|
179
|
430
|
||
Finance costs
|
10
|
39
|
||
Loss before taxation
|
189
|
469
|
Fourth
|
Third
|
Fourth
|
||||||
quarter
|
quarter
|
quarter
|
Year
|
Year
|
||||
2012
|
2013
|
2013
|
$ million
|
2013
|
2012
|
|||
By segment
|
||||||||
19,429
|
16,810
|
18,928
|
Upstream
|
70,374
|
72,225
|
|||
86,142
|
90,481
|
85,582
|
Downstream
|
351,195
|
346,391
|
|||
570
|
454
|
517
|
Other businesses and corporate
|
1,805
|
1,985
|
|||
106,141
|
107,745
|
105,027
|
423,374
|
420,601
|
||||
Less: sales and other operating revenues
|
||||||||
between segments
|
||||||||
11,800
|
10,512
|
10,838
|
Upstream
|
42,327
|
42,572
|
|||
187
|
440
|
256
|
Downstream
|
1,045
|
1,365
|
|||
244
|
192
|
216
|
Other businesses and corporate
|
866
|
899
|
|||
12,231
|
11,144
|
11,310
|
44,238
|
44,836
|
||||
Third party sales and other operating revenues
|
||||||||
7,629
|
6,298
|
8,090
|
Upstream
|
28,047
|
29,653
|
|||
85,955
|
90,041
|
85,326
|
Downstream
|
350,150
|
345,026
|
|||
326
|
262
|
301
|
Other businesses and corporate
|
939
|
1,086
|
|||
Total third party sales and other operating
|
||||||||
93,910
|
96,601
|
93,717
|
revenues
|
379,136
|
375,765
|
|||
By geographical area
|
||||||||
33,648
|
35,619
|
32,351
|
US
|
137,875
|
138,304
|
|||
69,069
|
71,843
|
70,082
|
Non-US
|
280,104
|
275,105
|
|||
102,717
|
107,462
|
102,433
|
417,979
|
413,409
|
||||
Less: sales and other operating revenues
|
||||||||
8,807
|
10,861
|
8,716
|
between areas
|
38,843
|
37,644
|
|||
93,910
|
96,601
|
93,717
|
379,136
|
375,765
|
|
|
|
|
5. Production and similar taxes
|
Fourth
|
Third
|
Fourth
|
||||||
quarter
|
quarter
|
quarter
|
Year
|
Year
|
||||
2012
|
2013
|
2013
|
$ million
|
2013
|
2012
|
|||
438
|
223
|
299
|
US
|
1,112
|
1,472
|
|||
1,635
|
1,666
|
1,192
|
Non-US
|
5,935
|
6,686
|
|||
2,073
|
1,889
|
1,491
|
7,047
|
8,158
|
|
|
|
|
6. Earnings per share and shares in issue
|
Fourth
|
Third
|
Fourth
|
||||||
quarter
|
quarter
|
quarter
|
Year
|
Year
|
||||
2012
|
2013
|
2013
|
$ million
|
2013
|
2012
|
|||
Results for the period
|
||||||||
Profit for the period attributable to BP
|
||||||||
1,488
|
3,504
|
1,042
|
shareholders
|
23,451
|
11,017
|
|||
1
|
-
|
1
|
Less: preference dividend
|
2
|
2
|
|||
Profit attributable to BP ordinary
|
||||||||
1,487
|
3,504
|
1,041
|
shareholders
|
23,449
|
11,015
|
|||
Inventory holding (gains) losses, net
|
||||||||
521
|
(326)
|
465
|
of tax
|
230
|
411
|
|||
RC profit attributable to BP ordinary
|
||||||||
2,008
|
3,178
|
1,506
|
shareholders
|
23,679
|
11,426
|
|||
Net (favourable) unfavourable impact of
|
||||||||
non-operating items and fair value
|
||||||||
1,843
|
514
|
1,302
|
accounting effects, net of tax
|
(10,253)
|
5,643
|
|||
Underlying RC profit attributable to BP
|
||||||||
3,851
|
3,692
|
2,808
|
shareholders
|
13,426
|
17,069
|
|||
Number of shares (thousand)(a)
|
||||||||
Basic weighted average number of
|
||||||||
19,071,754
|
18,867,320
|
18,689,386
|
shares outstanding
|
18,931,021
|
19,027,929
|
|||
3,178,626
|
3,144,553
|
3,114,897
|
ADS equivalent
|
3,155,170
|
3,171,321
|
|||
Weighted average number of shares
|
||||||||
outstanding used to calculate diluted
|
||||||||
19,177,841
|
18,967,190
|
18,802,026
|
earnings per share
|
19,046,173
|
19,157,888
|
|||
3,196,307
|
3,161,198
|
3,133,671
|
ADS equivalent
|
3,174,362
|
3,192,981
|
|||
19,119,757
|
18,821,216
|
18,611,489
|
Shares in issue at period-end
|
18,611,489
|
19,119,757
|
|||
3,186,626
|
3,136,869
|
3,101,914
|
ADS equivalent
|
3,101,914
|
3,186,626
|
(a)
|
Excludes treasury shares and the shares held by the Employee Share Ownership Plans (ESOPs) and includes certain shares that will be issued in the future under employee share-based payment plans.
|
7. Analysis of changes in net debt(a)
|
Fourth
|
Third
|
Fourth
|
||||||
quarter
|
quarter
|
quarter
|
Year
|
Year
|
||||
2012
|
2013
|
2013
|
$ million
|
2013
|
2012
|
|||
Opening balance
|
||||||||
49,071
|
46,990
|
50,284
|
Finance debt
|
48,800
|
44,208
|
|||
16,174
|
28,313
|
29,499
|
Less: cash and cash equivalents(b)
|
19,635
|
14,177
|
|||
Less: FV asset of hedges related to
|
||||||||
1,572
|
460
|
734
|
finance debt
|
1,700
|
1,133
|
|||
31,325
|
18,217
|
20,051
|
Opening net debt
|
27,465
|
28,898
|
|||
Closing balance
|
||||||||
48,800
|
50,284
|
48,192
|
Finance debt
|
48,192
|
48,800
|
|||
19,635
|
29,499
|
22,520
|
Less: cash and cash equivalents
|
22,520
|
19,635
|
|||
Less: FV asset of hedges related to
|
||||||||
1,700
|
734
|
477
|
finance debt
|
477
|
1,700
|
|||
27,465
|
20,051
|
25,195
|
Closing net debt
|
25,195
|
27,465
|
|||
3,860
|
(1,834)
|
(5,144)
|
Decrease (increase) in net debt
|
2,270
|
1,433
|
|||
Movement in cash and cash equivalents
|
||||||||
3,392
|
952
|
(7,022)
|
(excluding exchange adjustments)
|
2,845
|
5,394
|
|||
Net cash outflow (inflow) from financing
|
||||||||
1,229
|
(2,799)
|
2,013
|
(excluding share capital and dividends)
|
(836)
|
(3,244)
|
|||
Movement in finance debt relating to
|
||||||||
(602)
|
-
|
-
|
investing activities(c)
|
632
|
(602)
|
|||
(93)
|
(17)
|
(69)
|
Other movements
|
(192)
|
(104)
|
|||
3,926
|
(1,864)
|
(5,078)
|
Movement in net debt before exchange effects
|
2,449
|
1,444
|
|||
(66)
|
30
|
(66)
|
Exchange adjustments
|
(179)
|
(11)
|
|||
3,860
|
(1,834)
|
(5,144)
|
Decrease (increase) in net debt
|
2,270
|
1,433
|
(a)
|
Net debt is a non-GAAP measure - see page 4 for further information.
|
(b)
|
The cash balance at 31 December 2012 includes $709 million relating to the dividend received from TNK-BP in the fourth quarter 2012 which met the criteria to be treated as restricted cash until completion of the sale of BP's interest in TNK-BP to Rosneft. This is no longer restricted because the transaction completed in March 2013.
|
(c)
|
At 31 December 2013, finance debt includes no deposits received in advance relating to disposal transactions (nil at 30 September 2013 and $632 million at 31 December 2012).
|
8. Inventory valuation
|
9. Statutory accounts
|
London
|
United States
|
|
Press Office
|
David Nicholas
|
Scott Dean
|
+44 (0)20 7496 4708
|
+1 630 420 4990
|
|
Investor Relations
|
Jessica Mitchell
|
Craig Marshall
|
bp.com/investors
|
+44 (0)20 7496 4962
|
+1 281 366 3123
|