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Top of
page 1
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FOR IMMEDIATE RELEASE
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London 29 October 2019
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BP p.l.c. Group results
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Third quarter and nine months 2019
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Highlights
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Continued strong operating cash flow and strategic
delivery
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Bob Dudley – Group
chief executive:
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BP delivered strong operating cash flow and underlying earnings in
a quarter that saw lower oil and gas prices and significant
hurricane impacts. Our focus remains firmly on maintaining
financial discipline and delivering safe and reliable operations
throughout BP. We’re also continuing to advance our strategy,
making strong progress with our divestment plans and building
exciting new opportunities in fast-growing downstream markets in
Asia.
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Financial summary
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Third
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Second
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Third
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Nine
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Nine
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|||||
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quarter
|
quarter
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quarter
|
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months
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months
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|||||
$ million
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2019
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2019
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2018
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2019
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2018
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|||||
Profit
(loss) for the period attributable
to BP shareholders
|
|
(749
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)
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1,822
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3,349
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4,007
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8,617
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Inventory holding (gains) losses, net of tax
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398
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(47
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)
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(258
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)
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(488
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)
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(1,348
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)
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RC profit (loss)
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(351
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)
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1,775
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3,091
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3,519
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7,269
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Net
(favourable) adverse impact of non-operating items and fair value
accounting effects, net of tax
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2,605
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1,036
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747
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3,904
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1,977
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Underlying RC profit
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2,254
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2,811
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3,838
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7,423
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9,246
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RC profit (loss) per ordinary share (cents)
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(1.72
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)
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8.72
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15.45
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17.33
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36.42
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RC profit (loss) per ADS (dollars)
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(0.10
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)
|
0.52
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|
0.93
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|
|
1.04
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|
2.19
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Underlying RC profit per ordinary share (cents)
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11.06
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13.82
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19.18
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36.57
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46.32
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Underlying RC profit per ADS (dollars)
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0.66
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|
0.83
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|
1.15
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|
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2.19
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|
2.78
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The commentary above and following should be read in conjunction
with the cautionary statement on page 36.
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Results
For the
nine months, underlying replacement cost (RC) profit* was $7,423
million, compared with $9,246 million in 2018. Underlying RC profit
is after adjusting RC profit* for a net charge for non-operating
items* of $4,044 million and net favourable fair value accounting
effects* of $140 million (both on a post-tax basis).
RC
profit was $3,519 million for the nine months, compared with $7,269
million in 2018.
For the
third quarter, underlying RC profit was $2,254 million, compared
with $3,838 million in 2018. Underlying RC profit is after
adjusting RC loss for a net charge for non-operating items of
$2,931 million, primarily divestment-related impairment charges
(see Note 3 and page 27), and net favourable fair value accounting
effects of $326 million (both on a post-tax basis).
RC loss
was $351 million for the third quarter, compared with a profit of
$3,091 million in 2018.
BP’s
reported result for the third quarter and nine months was a loss of
$749 million and a profit of $4,007 million respectively, compared
with a profit of $3,349 million and $8,617 million for the same
periods in 2018.
See
further information on pages 3, 27 and 28.
Depreciation, depletion and amortization
The
charge for depreciation, depletion and amortization was $4.3
billion in the quarter and $13.3 billion in the nine months. In the
same periods in 2018 it was $3.7 billion and $11.5 billion
respectively (prior to the implementation of IFRS 16). In 2019, we
expect the full-year charge to be around $18 billion.
Effective tax rate
The
effective tax rate (ETR) on RC profit or loss* for the third
quarter and nine months was 168% and 49% respectively, compared
with 38% and 41% for the same periods in 2018. Adjusting for
non-operating items and fair value accounting effects, the
underlying ETR* for the third quarter and nine months was 40% and
38% respectively, compared with 36% and 38% for the same periods a
year ago. The higher underlying ETR for the third quarter reflects
deferred tax charges due to foreign exchange impacts. In the
current environment the underlying ETR in 2019 is expected to be
around 40%. ETR on RC profit or loss and underlying ETR are
non-GAAP measures.
Dividend
BP
today announced a quarterly dividend of 10.25 cents per ordinary
share ($0.615 per ADS), which is expected to be paid on 20 December
2019. The corresponding amount in sterling will be announced on 9
December 2019. BP also announced that the board has suspended the
scrip dividend alternative in respect of the third quarter 2019
dividend. Dividend reinvestment plans will be introduced effective
from this third quarter dividend. See page 23 for further
information.
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Share buybacks
BP
repurchased 34 million ordinary shares at a cost of $215 million,
including fees and stamp duty, during the third quarter of 2019.
For the nine months, BP repurchased 52 million ordinary shares at a
cost of $340 million, including fees and stamp duty. Our share
buyback programme is expected to fully offset the impact of scrip
dilution since the third quarter 2017 by the end of
2019.
Operating cash flow*
Operating
cash flow excluding Gulf of Mexico oil spill payments* was $6.5
billion for the third quarter and $20.6 billion for the nine
months. These amounts include a working capital* release of $0.1
billion in the third quarter and $0.6 billion in the nine months,
after adjusting for net inventory holding losses or gains* and
working capital effects of the Gulf of Mexico oil spill. The
comparable amounts for the same periods in 2018 were $6.6 billion
and $19.0 billion (prior to the implementation of IFRS
16).
Operating
cash flow as reported in the group cash flow statement was $6.1
billion for the third quarter and $18.2 billion for the nine
months. These amounts include a working capital release of $141
million and build of $2.6 billion
respectively. The comparable amounts for the same periods in 2018
were $6.1 billion and $16.0 billion (prior to the implementation of
IFRS 16).
See
page 30 and Glossary for further information on Gulf of Mexico oil
spill cash flows and on working capital.
Capital expenditure*
Organic
capital expenditure* for the third quarter and nine months was $3.9
billion and $11.3 billion respectively. We reported $3.7 billion
and $10.7 billion for the same periods in 2018 (prior to the
implementation of IFRS 16).
Inorganic
capital expenditure* for the third quarter and nine months was $0.1
billion and $4.0 billion respectively, including $3.5 billion for
the nine months relating to the BHP acquisition, compared with $0.7
billion and $1.5 billion for the same periods in 2018.
Organic
capital expenditure and inorganic capital expenditure are non-GAAP
measures. See page 26 for further information.
Divestment and other proceeds
Divestment
proceeds* were $0.7 billion for the third quarter and $1.4 billion
for the nine months, compared with $0.1 billion and $0.4 billion
for the same periods in 2018.
Gearing*
Net
debt* at 30 September 2019 was $46.5 billion, compared
with $38.5 billion a year ago. Gearing at
30 September 2019 was 31.7%, compared with 27.1% a year
ago. Net debt and gearing are non-GAAP measures. See page 23 for
more information.
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Brian Gilvary –
Chief financial
officer:
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BP’s
third quarter results demonstrate the resilience of our financial
performance, even at lower prices. Net debt stayed flat in the
quarter, though gearing rose slightly following a reduction in
equity as a result of divestment-related impairment charges. With
growing free cash flow and receipt of disposal proceeds, we
continue to expect net debt to trend down over time. In addition,
the underlying effective tax rate for the quarter was lower than
previously indicated, mainly due to higher-than-expected estimated
Rosneft earnings and a lower-than-expected impact from the Upstream
profit mix.
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The commentary above contains forward-looking statements and should
be read in conjunction with the cautionary statement on page
36.
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Third
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Second
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Third
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Nine
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Nine
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quarter
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quarter
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quarter
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months
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months
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|||||
$ million
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2019
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2019
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2018
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2019
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2018
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|||||
Underlying RC profit before interest and tax
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|
|
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|||||
Upstream
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2,139
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3,413
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3,999
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8,480
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10,664
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Downstream
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1,883
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1,365
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2,111
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4,981
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5,392
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Rosneft
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802
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638
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872
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2,007
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1,885
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Other
businesses and corporate
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(322
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)
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(290
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)
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(345
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)
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(1,030
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)
|
(1,214
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)
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Consolidation
adjustment – UPII*
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|
30
|
|
34
|
|
78
|
|
|
51
|
|
69
|
|
Underlying RC profit before interest and tax
|
|
4,532
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|
5,160
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|
6,715
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|
|
14,489
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|
16,796
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Finance
costs and net finance expense relating to pensions and other
post-retirement benefits
|
|
(754
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)
|
(752
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)
|
(610
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)
|
|
(2,260
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)
|
(1,522
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)
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Taxation on an underlying RC basis
|
|
(1,506
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)
|
(1,515
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)
|
(2,213
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)
|
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(4,641
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)
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(5,838
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)
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Non-controlling interests
|
|
(18
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)
|
(82
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)
|
(54
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)
|
|
(165
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)
|
(190
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)
|
Underlying RC profit attributable to BP shareholders
|
|
2,254
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|
2,811
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|
3,838
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|
|
7,423
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9,246
|
|
|
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Third
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Second
|
Third
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Nine
|
Nine
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|||||
|
|
quarter
|
quarter
|
quarter
|
|
months
|
months
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|||||
$ million
|
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2019
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2019
|
2018
|
|
2019
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2018
|
|||||
RC profit before interest and tax
|
|
|
|
|
|
|
|
|||||
Upstream
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|
(1,050
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)
|
2,469
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|
3,472
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|
|
4,303
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|
10,160
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|
Downstream
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|
2,016
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|
1,288
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|
2,249
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|
|
5,069
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|
4,802
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|
Rosneft
|
|
802
|
|
525
|
|
808
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|
|
1,813
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|
1,821
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|
Other
businesses and corporate
|
|
(412
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)
|
(381
|
)
|
(815
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)
|
|
(1,339
|
)
|
(2,411
|
)
|
Consolidation
adjustment – UPII
|
|
30
|
|
34
|
|
78
|
|
|
51
|
|
69
|
|
RC profit before interest and tax
|
|
1,386
|
|
3,935
|
|
5,792
|
|
|
9,897
|
|
14,441
|
|
Finance
costs and net finance expense relating to pensions and other
post-retirement benefits
|
|
(899
|
)
|
(868
|
)
|
(729
|
)
|
|
(2,649
|
)
|
(1,879
|
)
|
Taxation on a RC basis
|
|
(820
|
)
|
(1,210
|
)
|
(1,918
|
)
|
|
(3,564
|
)
|
(5,103
|
)
|
Non-controlling interests
|
|
(18
|
)
|
(82
|
)
|
(54
|
)
|
|
(165
|
)
|
(190
|
)
|
RC profit (loss) attributable to BP shareholders
|
|
(351
|
)
|
1,775
|
|
3,091
|
|
|
3,519
|
|
7,269
|
|
Inventory holding gains (losses)*
|
|
(512
|
)
|
81
|
|
371
|
|
|
657
|
|
1,773
|
|
Taxation (charge) credit on inventory holding gains and
losses
|
|
114
|
|
(34
|
)
|
(113
|
)
|
|
(169
|
)
|
(425
|
)
|
Profit (loss) for the period attributable to BP
shareholders
|
|
(749
|
)
|
1,822
|
|
3,349
|
|
|
4,007
|
|
8,617
|
|
Strategic progress
Upstream
Upstream
production for the third quarter, which excludes Rosneft, was
2,568mboe/d, 4.4% higher than a year earlier. Underlying
production*, adjusted for portfolio changes and PSA* impact,
decreased by 2.5% due to increased maintenance and the impact of
Hurricane Barry in the US Gulf of Mexico.
In July
BP deepened its presence in Oman, signing an exploration and
production sharing contract together with Eni for Block 77 in Oman,
east of the BP-operated Block 61.
In
October BP added to its position in the pre-salt region offshore
Brazil, accessing two new blocks in the Santos and Campos
basins.
BP
announced in August that it has agreed to sell its interests in
Alaska to a subsidiary of Hilcorp Energy for a total consideration
of $5.6 billion. Subject to regulatory approval, the
transaction
is expected to complete in 2020.
Downstream
During
the quarter BP announced an agreement to form a new joint venture
in India with Reliance Industries Limited. This will build on
Reliance’s current retail network of over 1,400 sites across
India and includes access to the country’s fast-growing
aviation fuels market.
BP also
recently announced the development of BP Infinia, an enhanced
recycling technology capable of processing currently unrecyclable
PET plastic waste into recycled feedstock.
Advancing the energy transition
In the
quarter BP continued to progress its advanced mobility agenda,
announcing an agreement with DiDi, the world’s leading mobile
transportation platform, to develop an electric vehicle charging
network in China, the world’s largest market for electric
vehicles.
In the
UK BP Chargemaster has installed the first 150kW ultra-fast
electric chargers at BP retail sites, the start of a roll out of
400 such chargers across the country over the next two
years.
BP
continues to take steps to limit operational emissions of methane,
including announcing that it will deploy continuous measurement of
methane emissions through technologies such as gas cloud imaging
(GCI) on all future major BP-operated oil and gas processing
projects.
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Financial framework
Following the introduction of IFRS 16 on 1 January 2019, the
positive impacts on Operating cash flow* and Organic capital
expenditure* are fully offset in the cash flow statement by a
new line, Lease liability payments. Lease payments are now
included in the definition of free
cash flow* as a use of cash, which means the net impact on
this measure is zero.
Operating cash flow excluding Gulf of Mexico oil spill
payments* was $20.6 billion for the nine months of 2019. For the
nine months of 2018, we reported $19.0 billion (prior to the
implementation of IFRS 16).
Organic capital expenditure for the nine months of 2019 was
$11.3 billion. BP expects 2019 organic capital expenditure to be
under $16 billion.
Lease liability payments of principal for the nine months of
2019 were $1.8 billion.
Divestment transactions announced totalled $7.2 billion in
the nine months of 2019. BP expects this total to reach around
$10 billion by the end of 2019.
Gulf of Mexico oil spill payments on a post-tax basis
totalled $2.5 billion in the nine months. Payments for the full
year continue to be expected to be around $2 billion on a post-tax
basis.
Gearing* at the end of the nine months was 31.7%. See page
23 for more information. We expect gearing to remain above the
target 20-30% range through 2019, before reducing towards the
middle of the targeted range in 2020, assuming recent average oil
prices.
Safety
Tier 1
and tier 2 process safety events* increased in the first nine
months of 2019 compared with the same period in 2018. The increase
related to both tier 1 and tier 2 events and includes performance
in assets acquired over the past year. Safety remains our number
one priority and we continue to be focused on working to reduce all
process safety events.
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Operating metrics
|
|
Nine months 2019
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Financial metrics
|
|
Nine months 2019
|
|
(vs. Nine months 2018)
|
|
|
(vs. Nine months 2018)
|
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Tier 1 and tier 2 process safety events
|
|
73
|
|
Underlying RC profit*
|
|
$7.4bn
|
|
(+23)
|
|
|
(-$1.8bn)
|
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Reported recordable injury frequency*
|
|
0.18
|
|
Operating cash flow excluding Gulf of Mexico oil spill payments
(post-tax)(b)
|
|
$20.6bn
|
|
(-13%)
|
|
|
(+$1.6bn)
|
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Group production
|
|
3,758mboe/d
|
|
Organic capital expenditure
|
|
$11.3bn
|
|
(+3.1%)
|
|
|
(+$0.5bn)
|
||
Upstream production (excludes Rosneft segment)
|
|
2,616mboe/d
|
|
Gulf of Mexico oil spill payments (post-tax)
|
|
$2.5bn
|
|
(+4.2%)
|
|
|
(-$0.5bn)
|
||
Upstream unit production costs*(a)
|
|
$7.02/boe
|
|
Divestment proceeds*
|
|
$1.4bn
|
|
(-3.5%)
|
|
|
(+$1.0bn)
|
||
BP-operated Upstream plant reliability*
|
|
94.4%
|
|
Gearing
|
|
31.7%
|
|
(-1.2)
|
|
|
(+4.6)
|
||
BP-operated refining availability*
|
|
94.6%
|
|
Dividend per ordinary share(c)
|
|
10.25 cents
|
|
(-0.2)
|
|
|
(—%)
|
The commentary above contains forward-looking statements and should
be read in conjunction with the cautionary statement on page
36.
|
|
|
Third
|
Second
|
Third
|
|
Nine
|
Nine
|
|||||
|
|
quarter
|
quarter
|
quarter
|
|
months
|
months
|
|||||
$ million
|
|
2019
|
2019
|
2018
|
|
2019
|
2018
|
|||||
Profit (loss) before interest and tax
|
|
(1,050
|
)
|
2,459
|
|
3,473
|
|
|
4,295
|
|
10,166
|
|
Inventory holding (gains) losses*
|
|
—
|
|
10
|
|
(1
|
)
|
|
8
|
|
(6
|
)
|
RC profit (loss) before interest and tax
|
|
(1,050
|
)
|
2,469
|
|
3,472
|
|
|
4,303
|
|
10,160
|
|
Net
(favourable) adverse impact of non-operating items* and fair value
accounting effects*
|
|
3,189
|
|
944
|
|
527
|
|
|
4,177
|
|
504
|
|
Underlying
RC profit before interest and tax*(a)
|
|
2,139
|
|
3,413
|
|
3,999
|
|
|
8,480
|
|
10,664
|
|
The commentary above contains forward-looking statements and should
be read in conjunction with the cautionary statement on page
36.
|
|
|
Third
|
Second
|
Third
|
|
Nine
|
Nine
|
|||||
|
|
quarter
|
quarter
|
quarter
|
|
months
|
months
|
|||||
$ million
|
|
2019
|
2019
|
2018
|
|
2019
|
2018
|
|||||
Underlying RC profit before interest and tax
|
|
|
|
|
|
|
|
|||||
US
|
|
552
|
|
861
|
|
1,025
|
|
|
2,025
|
|
2,293
|
|
Non-US
|
|
1,587
|
|
2,552
|
|
2,974
|
|
|
6,455
|
|
8,371
|
|
|
|
2,139
|
|
3,413
|
|
3,999
|
|
|
8,480
|
|
10,664
|
|
Non-operating items(a)
|
|
|
|
|
|
|
|
|||||
US
|
|
(3,338
|
)
|
(446
|
)
|
(149
|
)
|
|
(3,814
|
)
|
(323
|
)
|
Non-US
|
|
(116
|
)
|
(320
|
)
|
(93
|
)
|
|
(410
|
)
|
4
|
|
|
|
(3,454
|
)
|
(766
|
)
|
(242
|
)
|
|
(4,224
|
)
|
(319
|
)
|
Fair value accounting effects
|
|
|
|
|
|
|
|
|||||
US
|
|
19
|
|
(225
|
)
|
(10
|
)
|
|
(299
|
)
|
(162
|
)
|
Non-US
|
|
246
|
|
47
|
|
(275
|
)
|
|
346
|
|
(23
|
)
|
|
|
265
|
|
(178
|
)
|
(285
|
)
|
|
47
|
|
(185
|
)
|
RC profit (loss) before interest and tax
|
|
|
|
|
|
|
|
|||||
US
|
|
(2,767
|
)
|
190
|
|
866
|
|
|
(2,088
|
)
|
1,808
|
|
Non-US
|
|
1,717
|
|
2,279
|
|
2,606
|
|
|
6,391
|
|
8,352
|
|
|
|
(1,050
|
)
|
2,469
|
|
3,472
|
|
|
4,303
|
|
10,160
|
|
Exploration expense
|
|
|
|
|
|
|
|
|||||
US
|
|
53
|
|
69
|
|
39
|
|
|
147
|
|
425
|
|
Non-US
|
|
132
|
|
77
|
|
271
|
|
|
551
|
|
563
|
|
|
|
185
|
|
146
|
|
310
|
|
|
698
|
|
988
|
|
Of which: Exploration expenditure written off
|
|
115
|
|
77
|
|
227
|
|
|
476
|
|
734
|
|
Production (net of
royalties)(b)
|
|
|
|
|
|
|
|
|||||
Liquids* (mb/d)
|
|
|
|
|
|
|
|
|||||
US
|
|
449
|
|
506
|
|
424
|
|
|
470
|
|
428
|
|
Europe
|
|
118
|
|
137
|
|
128
|
|
|
138
|
|
138
|
|
Rest of World
|
|
657
|
|
658
|
|
663
|
|
|
667
|
|
684
|
|
|
|
1,224
|
|
1,301
|
|
1,216
|
|
|
1,274
|
|
1,250
|
|
Natural gas (mmcf/d)
|
|
|
|
|
|
|
|
|||||
US
|
|
2,396
|
|
2,410
|
|
1,805
|
|
|
2,372
|
|
1,780
|
|
Europe
|
|
188
|
|
132
|
|
212
|
|
|
155
|
|
210
|
|
Rest of World
|
|
5,211
|
|
5,138
|
|
5,201
|
|
|
5,254
|
|
5,317
|
|
|
|
7,795
|
|
7,680
|
|
7,218
|
|
|
7,782
|
|
7,307
|
|
Total hydrocarbons* (mboe/d)
|
|
|
|
|
|
|
|
|||||
US
|
|
862
|
|
921
|
|
736
|
|
|
879
|
|
734
|
|
Europe
|
|
151
|
|
160
|
|
165
|
|
|
165
|
|
175
|
|
Rest of World
|
|
1,555
|
|
1,544
|
|
1,560
|
|
|
1,573
|
|
1,601
|
|
|
|
2,568
|
|
2,625
|
|
2,460
|
|
|
2,616
|
|
2,510
|
|
Average realizations*(c)
|
|
|
|
|
|
|
|
|||||
Total
liquids(d)
($/bbl)
|
|
55.68
|
|
62.63
|
|
69.68
|
|
|
58.38
|
|
66.11
|
|
Natural gas ($/mcf)
|
|
3.11
|
|
3.35
|
|
3.86
|
|
|
3.49
|
|
3.77
|
|
Total hydrocarbons ($/boe)
|
|
35.48
|
|
40.64
|
|
46.14
|
|
|
38.55
|
|
43.64
|
|
|
|
Third
|
Second
|
Third
|
|
Nine
|
Nine
|
|||||
|
|
quarter
|
quarter
|
quarter
|
|
months
|
months
|
|||||
$ million
|
|
2019
|
2019
|
2018
|
|
2019
|
2018
|
|||||
Profit (loss) before interest and tax
|
|
1,583
|
|
1,381
|
|
2,592
|
|
|
5,775
|
|
6,410
|
|
Inventory holding (gains) losses*
|
|
433
|
|
(93
|
)
|
(343
|
)
|
|
(706
|
)
|
(1,608
|
)
|
RC profit before interest and tax
|
|
2,016
|
|
1,288
|
|
2,249
|
|
|
5,069
|
|
4,802
|
|
Net
(favourable) adverse impact of non-operating items* and fair value
accounting effects*
|
|
(133
|
)
|
77
|
|
(138
|
)
|
|
(88
|
)
|
590
|
|
Underlying
RC profit before interest and tax*(a)
|
|
1,883
|
|
1,365
|
|
2,111
|
|
|
4,981
|
|
5,392
|
|
The commentary above contains forward-looking statements and should
be read in conjunction with the cautionary statement on page
36.
|
|
|
Third
|
Second
|
Third
|
|
Nine
|
Nine
|
|||||
|
|
quarter
|
quarter
|
quarter
|
|
months
|
months
|
|||||
$ million
|
|
2019
|
2019
|
2018
|
|
2019
|
2018
|
|||||
Underlying RC profit before interest and tax - by
region
|
|
|
|
|
|
|
|
|||||
US
|
|
537
|
|
566
|
|
835
|
|
|
1,634
|
|
1,823
|
|
Non-US
|
|
1,346
|
|
799
|
|
1,276
|
|
|
3,347
|
|
3,569
|
|
|
|
1,883
|
|
1,365
|
|
2,111
|
|
|
4,981
|
|
5,392
|
|
Non-operating items
|
|
|
|
|
|
|
|
|||||
US
|
|
(5
|
)
|
2
|
|
(14
|
)
|
|
(2
|
)
|
(186
|
)
|
Non-US
|
|
(9
|
)
|
(33
|
)
|
(23
|
)
|
|
(47
|
)
|
(129
|
)
|
|
|
(14
|
)
|
(31
|
)
|
(37
|
)
|
|
(49
|
)
|
(315
|
)
|
Fair value accounting
effects(a)
|
|
|
|
|
|
|
|
|||||
US
|
|
116
|
|
8
|
|
81
|
|
|
185
|
|
(339
|
)
|
Non-US
|
|
31
|
|
(54
|
)
|
94
|
|
|
(48
|
)
|
64
|
|
|
|
147
|
|
(46
|
)
|
175
|
|
|
137
|
|
(275
|
)
|
RC profit before interest and tax
|
|
|
|
|
|
|
|
|||||
US
|
|
648
|
|
576
|
|
902
|
|
|
1,817
|
|
1,298
|
|
Non-US
|
|
1,368
|
|
712
|
|
1,347
|
|
|
3,252
|
|
3,504
|
|
|
|
2,016
|
|
1,288
|
|
2,249
|
|
|
5,069
|
|
4,802
|
|
Underlying RC profit before interest and tax - by
business(b)(c)
|
|
|
|
|
|
|
|
|||||
Fuels
|
|
1,438
|
|
961
|
|
1,566
|
|
|
3,691
|
|
4,018
|
|
Lubricants
|
|
332
|
|
321
|
|
324
|
|
|
925
|
|
981
|
|
Petrochemicals
|
|
113
|
|
83
|
|
221
|
|
|
365
|
|
393
|
|
|
|
1,883
|
|
1,365
|
|
2,111
|
|
|
4,981
|
|
5,392
|
|
Non-operating items and fair value accounting
effects(a)
|
|
|
|
|
|
|
|
|||||
Fuels
|
|
135
|
|
(99
|
)
|
140
|
|
|
73
|
|
(554
|
)
|
Lubricants
|
|
—
|
|
22
|
|
—
|
|
|
18
|
|
(29
|
)
|
Petrochemicals
|
|
(2
|
)
|
—
|
|
(2
|
)
|
|
(3
|
)
|
(7
|
)
|
|
|
133
|
|
(77
|
)
|
138
|
|
|
88
|
|
(590
|
)
|
RC profit before interest and tax(b)(c)
|
|
|
|
|
|
|
|
|||||
Fuels
|
|
1,573
|
|
862
|
|
1,706
|
|
|
3,764
|
|
3,464
|
|
Lubricants
|
|
332
|
|
343
|
|
324
|
|
|
943
|
|
952
|
|
Petrochemicals
|
|
111
|
|
83
|
|
219
|
|
|
362
|
|
386
|
|
|
|
2,016
|
|
1,288
|
|
2,249
|
|
|
5,069
|
|
4,802
|
|
|
|
|
|
|
|
|
|
|||||
BP average refining marker margin (RMM)* ($/bbl)
|
|
14.7
|
|
15.2
|
|
14.7
|
|
|
13.4
|
|
13.8
|
|
|
|
|
|
|
|
|
|
|||||
Refinery throughputs (mb/d)
|
|
|
|
|
|
|
|
|||||
US
|
|
781
|
|
673
|
|
740
|
|
|
730
|
|
707
|
|
Europe
|
|
815
|
|
715
|
|
805
|
|
|
766
|
|
796
|
|
Rest of World
|
|
217
|
|
209
|
|
248
|
|
|
221
|
|
242
|
|
|
|
1,813
|
|
1,597
|
|
1,793
|
|
|
1,717
|
|
1,745
|
|
BP-operated refining availability* (%)
|
|
96.1
|
|
93.4
|
|
96.4
|
|
|
94.6
|
|
94.8
|
|
|
|
|
|
|
|
|
|
|||||
Marketing sales of refined products (mb/d)
|
|
|
|
|
|
|
|
|||||
US
|
|
1,172
|
|
1,174
|
|
1,169
|
|
|
1,141
|
|
1,142
|
|
Europe
|
|
1,157
|
|
1,091
|
|
1,166
|
|
|
1,081
|
|
1,116
|
|
Rest of World
|
|
459
|
|
520
|
|
497
|
|
|
500
|
|
485
|
|
|
|
2,788
|
|
2,785
|
|
2,832
|
|
|
2,722
|
|
2,743
|
|
Trading/supply sales of refined products
|
|
3,157
|
|
3,099
|
|
3,147
|
|
|
3,183
|
|
3,192
|
|
Total sales volumes of refined products
|
|
5,945
|
|
5,884
|
|
5,979
|
|
|
5,905
|
|
5,935
|
|
|
|
|
|
|
|
|
|
|||||
Petrochemicals production (kte)
|
|
|
|
|
|
|
|
|||||
US
|
|
564
|
|
584
|
|
660
|
|
|
1,749
|
|
1,563
|
|
Europe
|
|
1,187
|
|
1,226
|
|
1,209
|
|
|
3,573
|
|
3,431
|
|
Rest of World
|
|
1,325
|
|
1,156
|
|
1,146
|
|
|
3,780
|
|
3,896
|
|
|
|
3,076
|
|
2,966
|
|
3,015
|
|
|
9,102
|
|
8,890
|
|
|
|
Third
|
Second
|
Third
|
|
Nine
|
Nine
|
|||||
|
|
quarter
|
quarter
|
quarter
|
|
months
|
months
|
|||||
$ million
|
|
2019(a)
|
2019
|
2018
|
|
2019(a)
|
2018
|
|||||
Profit
before interest and tax(b)(c)
|
|
723
|
|
523
|
|
835
|
|
|
1,772
|
|
1,980
|
|
Inventory holding (gains) losses*
|
|
79
|
|
2
|
|
(27
|
)
|
|
41
|
|
(159
|
)
|
RC profit before interest and tax
|
|
802
|
|
525
|
|
808
|
|
|
1,813
|
|
1,821
|
|
Net charge (credit) for non-operating items*
|
|
—
|
|
113
|
|
64
|
|
|
194
|
|
64
|
|
Underlying RC profit before interest and tax*
|
|
802
|
|
638
|
|
872
|
|
|
2,007
|
|
1,885
|
|
|
|
Third
|
Second
|
Third
|
|
Nine
|
Nine
|
|||||
|
|
quarter
|
quarter
|
quarter
|
|
months
|
months
|
|||||
|
|
2019(a)
|
2019
|
2018
|
|
2019(a)
|
2018
|
|||||
Production (net of royalties) (BP share)
|
|
|
|
|
|
|
|
|||||
Liquids* (mb/d)
|
|
920
|
|
912
|
|
933
|
|
|
923
|
|
915
|
|
Natural gas (mmcf/d)
|
|
1,236
|
|
1,250
|
|
1,260
|
|
|
1,271
|
|
1,276
|
|
Total hydrocarbons* (mboe/d)
|
|
1,133
|
|
1,127
|
|
1,151
|
|
|
1,142
|
|
1,135
|
|
|
|
Third
|
Second
|
Third
|
|
Nine
|
Nine
|
|||||
|
|
quarter
|
quarter
|
quarter
|
|
months
|
months
|
|||||
$ million
|
|
2019
|
2019
|
2018
|
|
2019
|
2018
|
|||||
Profit (loss) before interest and tax
|
|
(412
|
)
|
(381
|
)
|
(815
|
)
|
|
(1,339
|
)
|
(2,411
|
)
|
Inventory holding (gains) losses*
|
|
—
|
|
—
|
|
—
|
|
|
—
|
|
—
|
|
RC profit (loss) before interest and tax
|
|
(412
|
)
|
(381
|
)
|
(815
|
)
|
|
(1,339
|
)
|
(2,411
|
)
|
Net charge (credit) for non-operating items*
|
|
90
|
|
91
|
|
470
|
|
|
309
|
|
1,197
|
|
Underlying RC profit (loss) before interest and tax*
|
|
(322
|
)
|
(290
|
)
|
(345
|
)
|
|
(1,030
|
)
|
(1,214
|
)
|
Underlying RC profit (loss) before interest and tax
|
|
|
|
|
|
|
|
|||||
US
|
|
(249
|
)
|
(224
|
)
|
(166
|
)
|
|
(628
|
)
|
(436
|
)
|
Non-US
|
|
(73
|
)
|
(66
|
)
|
(179
|
)
|
|
(402
|
)
|
(778
|
)
|
|
|
(322
|
)
|
(290
|
)
|
(345
|
)
|
|
(1,030
|
)
|
(1,214
|
)
|
Non-operating items
|
|
|
|
|
|
|
|
|||||
US
|
|
(85
|
)
|
(78
|
)
|
(438
|
)
|
|
(291
|
)
|
(1,084
|
)
|
Non-US
|
|
(5
|
)
|
(13
|
)
|
(32
|
)
|
|
(18
|
)
|
(113
|
)
|
|
|
(90
|
)
|
(91
|
)
|
(470
|
)
|
|
(309
|
)
|
(1,197
|
)
|
RC profit (loss) before interest and tax
|
|
|
|
|
|
|
|
|||||
US
|
|
(334
|
)
|
(302
|
)
|
(604
|
)
|
|
(919
|
)
|
(1,520
|
)
|
Non-US
|
|
(78
|
)
|
(79
|
)
|
(211
|
)
|
|
(420
|
)
|
(891
|
)
|
|
|
(412
|
)
|
(381
|
)
|
(815
|
)
|
|
(1,339
|
)
|
(2,411
|
)
|
The commentary above contains forward-looking statements and should
be read in conjunction with the cautionary statement on page
36.
|
|
|
Third
|
Second
|
Third
|
|
Nine
|
Nine
|
|||||
|
|
quarter
|
quarter
|
quarter
|
|
months
|
months
|
|||||
$ million
|
|
2019
|
2019
|
2018
|
|
2019
|
2018
|
|||||
|
|
|
|
|
|
|
|
|||||
Sales and other operating revenues (Note 5)
|
|
68,291
|
|
72,676
|
|
79,468
|
|
|
207,288
|
|
223,079
|
|
Earnings from joint ventures – after interest and
tax
|
|
90
|
|
138
|
|
148
|
|
|
413
|
|
661
|
|
Earnings from associates – after interest and
tax
|
|
784
|
|
608
|
|
990
|
|
|
2,041
|
|
2,431
|
|
Interest and other income
|
|
126
|
|
270
|
|
154
|
|
|
559
|
|
478
|
|
Gains on sale of businesses and fixed assets
|
|
1
|
|
55
|
|
43
|
|
|
145
|
|
204
|
|
Total revenues and other income
|
|
69,292
|
|
73,747
|
|
80,803
|
|
|
210,446
|
|
226,853
|
|
Purchases
|
|
52,273
|
|
55,683
|
|
60,923
|
|
|
156,228
|
|
170,859
|
|
Production and manufacturing expenses
|
|
5,259
|
|
5,391
|
|
5,879
|
|
|
16,006
|
|
16,832
|
|
Production and similar taxes (Note 7)
|
|
340
|
|
371
|
|
451
|
|
|
1,135
|
|
1,350
|
|
Depreciation, depletion and amortization (Note 6)
|
|
4,297
|
|
4,588
|
|
3,728
|
|
|
13,346
|
|
11,470
|
|
Impairment and losses on sale of businesses and fixed assets (Note
3)
|
|
3,416
|
|
906
|
|
548
|
|
|
4,418
|
|
616
|
|
Exploration expense
|
|
185
|
|
146
|
|
310
|
|
|
698
|
|
988
|
|
Distribution and administration expenses
|
|
2,648
|
|
2,646
|
|
2,801
|
|
|
8,061
|
|
8,524
|
|
Profit (loss) before interest and taxation
|
|
874
|
|
4,016
|
|
6,163
|
|
|
10,554
|
|
16,214
|
|
Finance costs
|
|
883
|
|
853
|
|
698
|
|
|
2,603
|
|
1,786
|
|
Net
finance expense relating to pensions and other post-retirement
benefits
|
|
16
|
|
15
|
|
31
|
|
|
46
|
|
93
|
|
Profit (loss) before taxation
|
|
(25
|
)
|
3,148
|
|
5,434
|
|
|
7,905
|
|
14,335
|
|
Taxation
|
|
706
|
|
1,244
|
|
2,031
|
|
|
3,733
|
|
5,528
|
|
Profit (loss) for the period
|
|
(731
|
)
|
1,904
|
|
3,403
|
|
|
4,172
|
|
8,807
|
|
Attributable to
|
|
|
|
|
|
|
|
|||||
BP
shareholders
|
|
(749
|
)
|
1,822
|
|
3,349
|
|
|
4,007
|
|
8,617
|
|
Non-controlling
interests
|
|
18
|
|
82
|
|
54
|
|
|
165
|
|
190
|
|
|
|
(731
|
)
|
1,904
|
|
3,403
|
|
|
4,172
|
|
8,807
|
|
|
|
|
|
|
|
|
|
|||||
Earnings per share (Note 8)
|
|
|
|
|
|
|
|
|||||
Profit (loss) for the period attributable to BP
shareholders
|
|
|
|
|
|
|
|
|||||
Per
ordinary share (cents)
|
|
|
|
|
|
|
|
|||||
Basic
|
|
(3.68
|
)
|
8.95
|
|
16.74
|
|
|
19.74
|
|
43.17
|
|
Diluted
|
|
(3.68
|
)
|
8.92
|
|
16.65
|
|
|
19.63
|
|
42.91
|
|
Per
ADS (dollars)
|
|
|
|
|
|
|
|
|||||
Basic
|
|
(0.22
|
)
|
0.54
|
|
1.00
|
|
|
1.18
|
|
2.59
|
|
Diluted
|
|
(0.22
|
)
|
0.54
|
|
1.00
|
|
|
1.18
|
|
2.57
|
|
|
|
Third
|
Second
|
Third
|
|
Nine
|
Nine
|
|||||
|
|
quarter
|
quarter
|
quarter
|
|
months
|
months
|
|||||
$ million
|
|
2019
|
2019
|
2018
|
|
2019
|
2018
|
|||||
|
|
|
|
|
|
|
|
|||||
Profit (loss) for the period
|
|
(731
|
)
|
1,904
|
|
3,403
|
|
|
4,172
|
|
8,807
|
|
Other comprehensive income
|
|
|
|
|
|
|
|
|||||
Items that may be reclassified subsequently to profit or
loss
|
|
|
|
|
|
|
|
|||||
Currency
translation differences
|
|
(986
|
)
|
131
|
|
(753
|
)
|
|
134
|
|
(2,834
|
)
|
Cash
flow hedges and costs of hedging
|
|
(17
|
)
|
133
|
|
65
|
|
|
135
|
|
(124
|
)
|
Share
of items relating to equity-accounted entities, net of
tax
|
|
119
|
|
(30
|
)
|
95
|
|
|
39
|
|
217
|
|
Income
tax relating to items that may be reclassified
|
|
12
|
|
(9
|
)
|
9
|
|
|
(31
|
)
|
(29
|
)
|
|
|
(872
|
)
|
225
|
|
(584
|
)
|
|
277
|
|
(2,770
|
)
|
Items that will not be reclassified to profit or loss
|
|
|
|
|
|
|
|
|||||
Remeasurements
of the net pension and other post-retirement benefit liability or
asset
|
|
(260
|
)
|
(39
|
)
|
389
|
|
|
(1,152
|
)
|
2,968
|
|
Cash
flow hedges that will subsequently be transferred to the balance
sheet
|
|
(10
|
)
|
(7
|
)
|
(7
|
)
|
|
(9
|
)
|
(29
|
)
|
Income
tax relating to items that will not be reclassified
|
|
27
|
|
2
|
|
(119
|
)
|
|
302
|
|
(941
|
)
|
|
|
(243
|
)
|
(44
|
)
|
263
|
|
|
(859
|
)
|
1,998
|
|
Other comprehensive income
|
|
(1,115
|
)
|
181
|
|
(321
|
)
|
|
(582
|
)
|
(772
|
)
|
Total comprehensive income
|
|
(1,846
|
)
|
2,085
|
|
3,082
|
|
|
3,590
|
|
8,035
|
|
Attributable to
|
|
|
|
|
|
|
|
|||||
BP
shareholders
|
|
(1,848
|
)
|
2,001
|
|
3,040
|
|
|
3,434
|
|
7,888
|
|
Non-controlling
interests
|
|
2
|
|
84
|
|
42
|
|
|
156
|
|
147
|
|
|
|
(1,846
|
)
|
2,085
|
|
3,082
|
|
|
3,590
|
|
8,035
|
|
|
|
BP shareholders’
|
Non-controlling
|
Total
|
|||
$ million
|
|
equity
|
interests
|
equity
|
|||
At 31 December 2018
|
|
99,444
|
|
2,104
|
|
101,548
|
|
Adjustment
on adoption of IFRS 16, net of tax(a)
|
|
(329
|
)
|
(1
|
)
|
(330
|
)
|
At 1 January 2019
|
|
99,115
|
|
2,103
|
|
101,218
|
|
|
|
|
|
|
|||
Total comprehensive income
|
|
3,434
|
|
156
|
|
3,590
|
|
Dividends
|
|
(4,857
|
)
|
(166
|
)
|
(5,023
|
)
|
Cash flow hedges transferred to the balance sheet, net of
tax
|
|
18
|
|
—
|
|
18
|
|
Repurchase
of ordinary share capital
|
|
(340
|
)
|
—
|
|
(340
|
)
|
Share-based payments, net of tax
|
|
544
|
|
—
|
|
544
|
|
Share
of equity-accounted entities’ changes in equity, net of
tax
|
|
8
|
|
—
|
|
8
|
|
At 30 September 2019
|
|
97,922
|
|
2,093
|
|
100,015
|
|
|
|
|
|
|
|||
|
|
BP shareholders’
|
Non-controlling
|
Total
|
|||
$ million
|
|
equity
|
interests
|
equity
|
|||
At 31 December 2017
|
|
98,491
|
|
1,913
|
|
100,404
|
|
Adjustment
on adoption of IFRS 9, net of tax(b)
|
|
(180
|
)
|
—
|
|
(180
|
)
|
At 1 January 2018
|
|
98,311
|
|
1,913
|
|
100,224
|
|
|
|
|
|
|
|||
Total comprehensive income
|
|
7,888
|
|
147
|
|
8,035
|
|
Dividends
|
|
(4,965
|
)
|
(129
|
)
|
(5,094
|
)
|
Cash
flow hedges transferred to the balance sheet, net of
tax
|
|
17
|
|
—
|
|
17
|
|
Repurchase of ordinary share capital
|
|
(339
|
)
|
—
|
|
(339
|
)
|
Share-based payments, net of tax
|
|
582
|
|
—
|
|
582
|
|
Share of equity-accounted entities’ changes in equity, net of
tax
|
|
(6
|
)
|
—
|
|
(6
|
)
|
Transactions involving non-controlling interests, net of
tax
|
|
—
|
|
1
|
|
1
|
|
At 30 September 2018
|
|
101,488
|
|
1,932
|
|
103,420
|
|
|
|
30 September
|
31 December
|
||
$ million
|
|
2019
|
2018(a)
|
||
Non-current assets
|
|
|
|
||
Property, plant and equipment
|
|
134,661
|
|
135,261
|
|
Goodwill
|
|
11,712
|
|
12,204
|
|
Intangible assets
|
|
15,084
|
|
17,284
|
|
Investments in joint ventures
|
|
8,678
|
|
8,647
|
|
Investments in associates
|
|
19,492
|
|
17,673
|
|
Other investments
|
|
1,248
|
|
1,341
|
|
Fixed assets
|
|
190,875
|
|
192,410
|
|
Loans
|
|
642
|
|
637
|
|
Trade and other receivables
|
|
2,054
|
|
1,834
|
|
Derivative financial instruments
|
|
5,829
|
|
5,145
|
|
Prepayments
|
|
789
|
|
1,179
|
|
Deferred tax assets
|
|
4,195
|
|
3,706
|
|
Defined benefit pension plan surpluses
|
|
5,972
|
|
5,955
|
|
|
|
210,356
|
|
210,866
|
|
Current assets
|
|
|
|
||
Loans
|
|
350
|
|
326
|
|
Inventories
|
|
19,240
|
|
17,988
|
|
Trade and other receivables
|
|
22,788
|
|
24,478
|
|
Derivative financial instruments
|
|
3,346
|
|
3,846
|
|
Prepayments
|
|
1,138
|
|
963
|
|
Current tax receivable
|
|
1,090
|
|
1,019
|
|
Other investments
|
|
114
|
|
222
|
|
Cash and cash equivalents
|
|
19,692
|
|
22,468
|
|
|
|
67,758
|
|
71,310
|
|
Assets
classified as held for sale (Note 2)
|
|
8,149
|
|
—
|
|
|
|
75,907
|
|
71,310
|
|
Total assets
|
|
286,263
|
|
282,176
|
|
Current liabilities
|
|
|
|
||
Trade and other payables
|
|
43,203
|
|
46,265
|
|
Derivative financial instruments
|
|
2,527
|
|
3,308
|
|
Accruals
|
|
4,569
|
|
4,626
|
|
Lease liabilities
|
|
2,012
|
|
44
|
|
Finance debt
|
|
7,556
|
|
9,329
|
|
Current tax payable
|
|
1,805
|
|
2,101
|
|
Provisions
|
|
2,189
|
|
2,564
|
|
|
|
63,861
|
|
68,237
|
|
Liabilities directly associated with assets classified as held for
sale (Note 2)
|
|
1,107
|
|
—
|
|
|
|
64,968
|
|
68,237
|
|
Non-current liabilities
|
|
|
|
||
Other payables
|
|
12,550
|
|
13,830
|
|
Derivative financial instruments
|
|
5,694
|
|
5,625
|
|
Accruals
|
|
612
|
|
575
|
|
Lease liabilities
|
|
7,627
|
|
623
|
|
Finance debt
|
|
58,311
|
|
55,803
|
|
Deferred tax liabilities
|
|
9,715
|
|
9,812
|
|
Provisions
|
|
17,487
|
|
17,732
|
|
Defined benefit pension plan and other post-retirement benefit plan
deficits
|
|
9,284
|
|
8,391
|
|
|
|
121,280
|
|
112,391
|
|
Total liabilities
|
|
186,248
|
|
180,628
|
|
Net assets
|
|
100,015
|
|
101,548
|
|
Equity
|
|
|
|
||
BP shareholders’ equity
|
|
97,922
|
|
99,444
|
|
Non-controlling interests
|
|
2,093
|
|
2,104
|
|
Total equity
|
|
100,015
|
|
101,548
|
|
|
|
Third
|
Second
|
Third
|
|
Nine
|
Nine
|
|||||
|
|
quarter
|
quarter
|
quarter
|
|
months
|
months
|
|||||
$ million
|
|
2019
|
2019
|
2018
|
|
2019
|
2018
|
|||||
Operating activities
|
|
|
|
|
|
|
|
|||||
Profit (loss) before taxation
|
|
(25
|
)
|
3,148
|
|
5,434
|
|
|
7,905
|
|
14,335
|
|
Adjustments
to reconcile profit (loss) before taxation to net cash provided by
operating activities
|
|
|
|
|
|
|
|
|||||
Depreciation,
depletion and amortization and exploration expenditure written
off
|
|
4,412
|
|
4,665
|
|
3,955
|
|
|
13,822
|
|
12,204
|
|
Impairment
and (gain) loss on sale of businesses and fixed assets
|
|
3,415
|
|
851
|
|
505
|
|
|
4,273
|
|
412
|
|
Earnings
from equity-accounted entities, less dividends
received
|
|
(236
|
)
|
(395
|
)
|
(664
|
)
|
|
(1,220
|
)
|
(2,188
|
)
|
Net
charge for interest and other finance expense, less net interest
paid
|
|
257
|
|
62
|
|
114
|
|
|
407
|
|
385
|
|
Share-based
payments
|
|
149
|
|
117
|
|
160
|
|
|
563
|
|
564
|
|
Net
operating charge for pensions and other post-retirement benefits,
less contributions and benefit payments for unfunded
plans
|
|
(50
|
)
|
(68
|
)
|
(62
|
)
|
|
(195
|
)
|
(326
|
)
|
Net
charge for provisions, less payments
|
|
(132
|
)
|
(198
|
)
|
145
|
|
|
(446
|
)
|
369
|
|
Movements
in inventories and other current and non-current assets and
liabilities
|
|
141
|
|
(58
|
)
|
(1,573
|
)
|
|
(2,612
|
)
|
(5,541
|
)
|
Income
taxes paid
|
|
(1,875
|
)
|
(1,309
|
)
|
(1,922
|
)
|
|
(4,330
|
)
|
(4,170
|
)
|
Net cash provided by operating activities
|
|
6,056
|
|
6,815
|
|
6,092
|
|
|
18,167
|
|
16,044
|
|
Investing activities
|
|
|
|
|
|
|
|
|||||
Expenditure
on property, plant and equipment, intangible and other
assets
|
|
(3,954
|
)
|
(3,833
|
)
|
(3,675
|
)
|
|
(11,482
|
)
|
(10,745
|
)
|
Acquisitions, net of cash acquired
|
|
13
|
|
(1,747
|
)
|
(606
|
)
|
|
(3,529
|
)
|
(607
|
)
|
Investment in joint ventures
|
|
(60
|
)
|
(20
|
)
|
(35
|
)
|
|
(80
|
)
|
(92
|
)
|
Investment in associates
|
|
(22
|
)
|
(54
|
)
|
(88
|
)
|
|
(221
|
)
|
(748
|
)
|
Total cash capital expenditure
|
|
(4,023
|
)
|
(5,654
|
)
|
(4,404
|
)
|
|
(15,312
|
)
|
(12,192
|
)
|
Proceeds from disposal of fixed assets
|
|
171
|
|
70
|
|
90
|
|
|
476
|
|
280
|
|
Proceeds from disposal of businesses, net of cash
disposed
|
|
536
|
|
8
|
|
26
|
|
|
909
|
|
153
|
|
Proceeds from loan repayments
|
|
63
|
|
64
|
|
14
|
|
|
182
|
|
47
|
|
Net cash used in investing activities
|
|
(3,253
|
)
|
(5,512
|
)
|
(4,274
|
)
|
|
(13,745
|
)
|
(11,712
|
)
|
Financing
activities(a)
|
|
|
|
|
|
|
|
|||||
Net
issue (repurchase) of shares
|
|
(215
|
)
|
(80
|
)
|
(139
|
)
|
|
(340
|
)
|
(339
|
)
|
Lease liability payments
|
|
(594
|
)
|
(595
|
)
|
—
|
|
|
(1,806
|
)
|
(14
|
)
|
Proceeds from long-term financing
|
|
213
|
|
4,381
|
|
5,888
|
|
|
6,718
|
|
6,920
|
|
Repayments of long-term financing
|
|
(516
|
)
|
(3,602
|
)
|
(2,521
|
)
|
|
(6,758
|
)
|
(5,390
|
)
|
Net increase (decrease) in short-term debt
|
|
(852
|
)
|
(119
|
)
|
485
|
|
|
118
|
|
428
|
|
Net increase (decrease) in non-controlling interests
|
|
—
|
|
—
|
|
1
|
|
|
—
|
|
—
|
|
Dividends paid - BP shareholders
|
|
(1,656
|
)
|
(1,779
|
)
|
(1,410
|
)
|
|
(4,870
|
)
|
(4,966
|
)
|
-
non-controlling interests
|
|
(47
|
)
|
(83
|
)
|
(59
|
)
|
|
(166
|
)
|
(129
|
)
|
Net cash provided by (used in) financing activities
|
|
(3,667
|
)
|
(1,877
|
)
|
2,245
|
|
|
(7,104
|
)
|
(3,490
|
)
|
Currency translation differences relating to cash and cash
equivalents
|
|
(118
|
)
|
(8
|
)
|
(56
|
)
|
|
(94
|
)
|
(225
|
)
|
Increase (decrease) in cash and cash equivalents
|
|
(982
|
)
|
(582
|
)
|
4,007
|
|
|
(2,776
|
)
|
617
|
|
Cash and cash equivalents at beginning of period
|
|
20,674
|
|
21,256
|
|
22,185
|
|
|
22,468
|
|
25,575
|
|
Cash and cash equivalents at end of period
|
|
19,692
|
|
20,674
|
|
26,192
|
|
|
19,692
|
|
26,192
|
|
|
|
|
|
Adjustment
|
|||
|
|
31 December
|
1 January
|
on adoption
|
|||
$ million
|
|
2018
|
2019
|
of IFRS 16
|
|||
Non-current assets
|
|
|
|
|
|||
Property,
plant and equipment
|
|
135,261
|
|
143,950
|
|
8,689
|
|
Trade
and other receivables
|
|
1,834
|
|
2,159
|
|
325
|
|
Prepayments
|
|
1,179
|
|
849
|
|
(330
|
)
|
Deferred
tax assets
|
|
3,706
|
|
3,736
|
|
30
|
|
Current assets
|
|
|
|
|
|||
Trade
and other receivables
|
|
24,478
|
|
24,673
|
|
195
|
|
Prepayments
|
|
963
|
|
872
|
|
(91
|
)
|
Current liabilities
|
|
|
|
|
|||
Trade
and other payables
|
|
46,265
|
|
46,209
|
|
(56
|
)
|
Accruals
|
|
4,626
|
|
4,578
|
|
(48
|
)
|
Lease
liabilities
|
|
44
|
|
2,196
|
|
2,152
|
|
Finance
debt
|
|
9,329
|
|
9,329
|
|
—
|
|
Provisions
|
|
2,564
|
|
2,547
|
|
(17
|
)
|
Non-current liabilities
|
|
|
|
|
|||
Other
payables
|
|
13,830
|
|
14,013
|
|
183
|
|
Accruals
|
|
575
|
|
548
|
|
(27
|
)
|
Lease
liabilities
|
|
623
|
|
7,704
|
|
7,081
|
|
Finance
debt
|
|
55,803
|
|
55,803
|
|
—
|
|
Deferred
tax liabilities
|
|
9,812
|
|
9,767
|
|
(45
|
)
|
Provisions
|
|
17,732
|
|
17,657
|
|
(75
|
)
|
|
|
|
|
|
|||
Net assets
|
|
101,548
|
|
101,218
|
|
(330
|
)
|
|
|
|
|
|
|||
Equity
|
|
|
|
|
|||
BP
shareholders' equity
|
|
99,444
|
|
99,115
|
|
(329
|
)
|
Non-controlling
interests
|
|
2,104
|
|
2,103
|
|
(1
|
)
|
|
|
101,548
|
|
101,218
|
|
(330
|
)
|
$ million
|
|
|
|
Operating lease commitments at 31 December 2018
|
|
11,979
|
|
|
|
|
|
Leases not yet commenced
|
|
(1,372
|
)
|
Leases below materiality threshold
|
|
(86
|
)
|
Short-term leases
|
|
(91
|
)
|
Effect of discounting
|
|
(1,512
|
)
|
Impact on leases in joint operations
|
|
836
|
|
Variable lease payments
|
|
(58
|
)
|
Redetermination of lease term
|
|
(252
|
)
|
Other
|
|
(22
|
)
|
Total additional lease liabilities recognized on adoption of IFRS
16
|
|
9,422
|
|
Finance lease obligations at 31 December 2018
|
|
667
|
|
Adjustment for finance leases in joint operations
|
|
(189
|
)
|
Total lease liabilities at 1 January 2019
|
|
9,900
|
|
$ million
|
|
|
|
Total additional lease liabilities recognized on adoption of IFRS
16
|
|
9,422
|
|
Less: adjustment for finance leases in joint
operations
|
|
(189
|
)
|
Total adjustment to lease liabilities
|
|
9,233
|
|
Of which – current
|
|
2,152
|
|
–
non-current
|
|
7,081
|
|
|
|
Third
|
Second
|
Third
|
|
Nine
|
Nine
|
|||||
|
|
quarter
|
quarter
|
quarter
|
|
months
|
months
|
|||||
$ million
|
|
2019
|
2019
|
2018
|
|
2019
|
2018
|
|||||
Upstream
|
|
(1,050
|
)
|
2,469
|
|
3,472
|
|
|
4,303
|
|
10,160
|
|
Downstream
|
|
2,016
|
|
1,288
|
|
2,249
|
|
|
5,069
|
|
4,802
|
|
Rosneft
|
|
802
|
|
525
|
|
808
|
|
|
1,813
|
|
1,821
|
|
Other businesses and corporate
|
|
(412
|
)
|
(381
|
)
|
(815
|
)
|
|
(1,339
|
)
|
(2,411
|
)
|
|
|
1,356
|
|
3,901
|
|
5,714
|
|
|
9,846
|
|
14,372
|
|
Consolidation adjustment – UPII*
|
|
30
|
|
34
|
|
78
|
|
|
51
|
|
69
|
|
RC profit (loss) before interest and tax*
|
|
1,386
|
|
3,935
|
|
5,792
|
|
|
9,897
|
|
14,441
|
|
Inventory holding gains (losses)*
|
|
|
|
|
|
|
|
|||||
Upstream
|
|
—
|
|
(10
|
)
|
1
|
|
|
(8
|
)
|
6
|
|
Downstream
|
|
(433
|
)
|
93
|
|
343
|
|
|
706
|
|
1,608
|
|
Rosneft
(net of tax)
|
|
(79
|
)
|
(2
|
)
|
27
|
|
|
(41
|
)
|
159
|
|
Profit (loss) before interest and tax
|
|
874
|
|
4,016
|
|
6,163
|
|
|
10,554
|
|
16,214
|
|
Finance costs
|
|
883
|
|
853
|
|
698
|
|
|
2,603
|
|
1,786
|
|
Net
finance expense relating to pensions and other post-retirement
benefits
|
|
16
|
|
15
|
|
31
|
|
|
46
|
|
93
|
|
Profit (loss) before taxation
|
|
(25
|
)
|
3,148
|
|
5,434
|
|
|
7,905
|
|
14,335
|
|
|
|
|
|
|
|
|
|
|||||
RC profit (loss) before interest and tax*
|
|
|
|
|
|
|
|
|||||
US
|
|
(2,425
|
)
|
498
|
|
1,215
|
|
|
(1,156
|
)
|
1,554
|
|
Non-US
|
|
3,811
|
|
3,437
|
|
4,577
|
|
|
11,053
|
|
12,887
|
|
|
|
1,386
|
|
3,935
|
|
5,792
|
|
|
9,897
|
|
14,441
|
|
|
|
Third
|
Second
|
Third
|
|
Nine
|
Nine
|
|||||
|
|
quarter
|
quarter
|
quarter
|
|
months
|
months
|
|||||
$ million
|
|
2019
|
2019
|
2018
|
|
2019
|
2018
|
|||||
By segment
|
|
|
|
|
|
|
|
|||||
Upstream
|
|
12,396
|
|
13,556
|
|
14,781
|
|
|
40,546
|
|
41,349
|
|
Downstream
|
|
61,834
|
|
66,396
|
|
72,376
|
|
|
186,646
|
|
202,956
|
|
Other businesses and corporate
|
|
461
|
|
433
|
|
423
|
|
|
1,250
|
|
1,142
|
|
|
|
74,691
|
|
80,385
|
|
87,580
|
|
|
228,442
|
|
245,447
|
|
|
|
|
|
|
|
|
|
|||||
Less: sales and other operating revenues between
segments
|
|
|
|
|
|
|
|
|||||
Upstream
|
|
6,406
|
|
7,481
|
|
7,368
|
|
|
20,211
|
|
19,896
|
|
Downstream
|
|
(59
|
)
|
62
|
|
539
|
|
|
589
|
|
1,806
|
|
Other businesses and corporate
|
|
53
|
|
166
|
|
205
|
|
|
354
|
|
666
|
|
|
|
6,400
|
|
7,709
|
|
8,112
|
|
|
21,154
|
|
22,368
|
|
|
|
|
|
|
|
|
|
|||||
Third party sales and other operating revenues
|
|
|
|
|
|
|
|
|||||
Upstream
|
|
5,990
|
|
6,075
|
|
7,413
|
|
|
20,335
|
|
21,453
|
|
Downstream
|
|
61,893
|
|
66,334
|
|
71,837
|
|
|
186,057
|
|
201,150
|
|
Other businesses and corporate
|
|
408
|
|
267
|
|
218
|
|
|
896
|
|
476
|
|
Total sales and other operating revenues
|
|
68,291
|
|
72,676
|
|
79,468
|
|
|
207,288
|
|
223,079
|
|
|
|
|
|
|
|
|
|
|||||
By geographical area
|
|
|
|
|
|
|
|
|||||
US
|
|
23,413
|
|
26,086
|
|
27,580
|
|
|
71,347
|
|
77,869
|
|
Non-US
|
|
51,030
|
|
52,933
|
|
58,869
|
|
|
153,581
|
|
166,141
|
|
|
|
74,443
|
|
79,019
|
|
86,449
|
|
|
224,928
|
|
244,010
|
|
Less: sales and other operating revenues between areas
|
|
6,152
|
|
6,343
|
|
6,981
|
|
|
17,640
|
|
20,931
|
|
|
|
68,291
|
|
72,676
|
|
79,468
|
|
|
207,288
|
|
223,079
|
|
|
|
|
|
|
|
|
|
|||||
Revenues from contracts with customers
|
|
|
|
|
|
|
|
|||||
Sales and other operating revenues include the following in
relation to revenues from contracts with customers:
|
|
|
|
|
|
|
|
|||||
Crude oil
|
|
14,502
|
|
17,070
|
|
17,744
|
|
|
45,854
|
|
49,828
|
|
Oil products
|
|
44,667
|
|
46,999
|
|
52,049
|
|
|
134,249
|
|
147,619
|
|
Natural gas, LNG and NGLs
|
|
4,465
|
|
4,823
|
|
5,764
|
|
|
15,081
|
|
15,883
|
|
Non-oil products and other revenues from contracts with
customers
|
|
3,300
|
|
3,173
|
|
3,574
|
|
|
9,974
|
|
10,150
|
|
|
|
66,934
|
|
72,065
|
|
79,131
|
|
|
205,158
|
|
223,480
|
|
|
|
Third
|
Second
|
Third
|
|
Nine
|
Nine
|
|||||
|
|
quarter
|
quarter
|
quarter
|
|
months
|
months
|
|||||
$ million
|
|
2019
|
2019
|
2018
|
|
2019
|
2018
|
|||||
Upstream
|
|
|
|
|
|
|
|
|||||
US
|
|
1,121
|
|
1,288
|
|
987
|
|
|
3,522
|
|
3,074
|
|
Non-US
|
|
2,295
|
|
2,396
|
|
2,167
|
|
|
7,189
|
|
6,665
|
|
|
|
3,416
|
|
3,684
|
|
3,154
|
|
|
10,711
|
|
9,739
|
|
Downstream
|
|
|
|
|
|
|
|
|||||
US
|
|
336
|
|
333
|
|
220
|
|
|
992
|
|
660
|
|
Non-US
|
|
394
|
|
392
|
|
284
|
|
|
1,169
|
|
879
|
|
|
|
730
|
|
725
|
|
504
|
|
|
2,161
|
|
1,539
|
|
Other businesses and corporate
|
|
|
|
|
|
|
|
|||||
US
|
|
14
|
|
14
|
|
16
|
|
|
41
|
|
48
|
|
Non-US
|
|
137
|
|
165
|
|
54
|
|
|
433
|
|
144
|
|
|
|
151
|
|
179
|
|
70
|
|
|
474
|
|
192
|
|
Total group
|
|
4,297
|
|
4,588
|
|
3,728
|
|
|
13,346
|
|
11,470
|
|
|
|
Third
|
Second
|
Third
|
|
Nine
|
Nine
|
|||||
|
|
quarter
|
quarter
|
quarter
|
|
months
|
months
|
|||||
$ million
|
|
2019
|
2019
|
2018
|
|
2019
|
2018
|
|||||
US
|
|
66
|
|
79
|
|
91
|
|
|
226
|
|
270
|
|
Non-US
|
|
274
|
|
292
|
|
360
|
|
|
909
|
|
1,080
|
|
|
|
340
|
|
371
|
|
451
|
|
|
1,135
|
|
1,350
|
|
|
|
Third
|
Second
|
Third
|
|
Nine
|
Nine
|
|||||
|
|
quarter
|
quarter
|
quarter
|
|
months
|
months
|
|||||
$ million
|
|
2019
|
2019
|
2018
|
|
2019
|
2018
|
|||||
Results for the period
|
|
|
|
|
|
|
|
|||||
Profit
(loss) for the period attributable to BP shareholders
|
|
(749
|
)
|
1,822
|
|
3,349
|
|
|
4,007
|
|
8,617
|
|
Less: preference dividend
|
|
—
|
|
1
|
|
—
|
|
|
1
|
|
1
|
|
Profit
(loss) attributable to BP ordinary shareholders
|
|
(749
|
)
|
1,821
|
|
3,349
|
|
|
4,006
|
|
8,616
|
|
|
|
|
|
|
|
|
|
|||||
Number of shares (thousand)(a)(b)
|
|
|
|
|
|
|
|
|||||
Basic
weighted average number of shares outstanding
|
|
20,371,728
|
|
20,336,347
|
|
20,006,872
|
|
|
20,295,078
|
|
19,957,265
|
|
ADS equivalent
|
|
3,395,288
|
|
3,389,391
|
|
3,334,478
|
|
|
3,382,513
|
|
3,326,210
|
|
|
|
|
|
|
|
|
|
|||||
Weighted
average number of shares outstanding used to calculate diluted
earnings per share
|
|
20,371,728
|
|
20,421,184
|
|
20,118,456
|
|
|
20,411,739
|
|
20,081,256
|
|
ADS equivalent
|
|
3,395,288
|
|
3,403,530
|
|
3,353,076
|
|
|
3,401,957
|
|
3,346,876
|
|
|
|
|
|
|
|
|
|
|||||
Shares in issue at period-end
|
|
20,417,220
|
|
20,373,332
|
|
20,050,414
|
|
|
20,417,220
|
|
20,050,414
|
|
ADS equivalent
|
|
3,402,870
|
|
3,395,555
|
|
3,341,735
|
|
|
3,402,870
|
|
3,341,735
|
|
|
|
Third
|
Second
|
Third
|
|
Nine
|
Nine
|
|||||
|
|
quarter
|
quarter
|
quarter
|
|
months
|
months
|
|||||
|
|
2019
|
2019
|
2018
|
|
2019
|
2018
|
|||||
Dividends paid per ordinary share
|
|
|
|
|
|
|
|
|||||
cents
|
|
10.250
|
|
10.250
|
|
10.250
|
|
|
30.750
|
|
30.250
|
|
pence
|
|
8.348
|
|
8.066
|
|
7.930
|
|
|
24.152
|
|
22.543
|
|
Dividends paid per ADS (cents)
|
|
61.50
|
|
61.50
|
|
61.50
|
|
|
184.50
|
|
181.50
|
|
Scrip dividends
|
|
|
|
|
|
|
|
|||||
Number of shares issued (millions)
|
|
72.5
|
|
46.3
|
|
89.9
|
|
|
208.9
|
|
147.8
|
|
Value of shares issued ($ million)
|
|
440
|
|
318
|
|
638
|
|
|
1,387
|
|
1,059
|
|
Net debt*
|
|
Third
|
Second
|
Third
|
|
Nine
|
Nine
|
|||||
|
|
quarter
|
quarter
|
quarter
|
|
months
|
months
|
|||||
$ million
|
|
2019
|
2019
|
2018
|
|
2019
|
2018
|
|||||
Finance
debt(a)
|
|
65,867
|
|
67,553
|
|
63,460
|
|
|
65,867
|
|
63,460
|
|
Fair
value (asset) liability of hedges related to finance
debt(b)
|
|
319
|
|
(378
|
)
|
1,234
|
|
|
319
|
|
1,234
|
|
|
|
66,186
|
|
67,175
|
|
64,694
|
|
|
66,186
|
|
64,694
|
|
Less: cash and cash equivalents
|
|
19,692
|
|
20,674
|
|
26,192
|
|
|
19,692
|
|
26,192
|
|
Net debt
|
|
46,494
|
|
46,501
|
|
38,502
|
|
|
46,494
|
|
38,502
|
|
Equity
|
|
100,015
|
|
103,623
|
|
103,420
|
|
|
100,015
|
|
103,420
|
|
Gearing*
|
|
31.7%
|
|
31.0%
|
|
27.1%
|
|
|
31.7%
|
|
27.1%
|
|
|
|
|
|
|
|
|
|
Net debt including leases*
|
|
Third
|
Second
|
Third
|
|
Nine
|
Nine
|
|||||
|
|
quarter
|
quarter
|
quarter
|
|
months
|
months
|
|||||
$ million
|
|
2019
|
2019
|
2018
|
|
2019
|
2018
|
|||||
Net debt
|
|
46,494
|
|
46,501
|
|
38,502
|
|
|
46,494
|
|
38,502
|
|
Lease liabilities
|
|
9,639
|
|
10,379
|
|
675
|
|
|
9,639
|
|
675
|
|
Net
partner (receivable) payable for leases entered into on behalf of
joint operations
|
|
(197
|
)
|
(230
|
)
|
—
|
|
|
(197
|
)
|
—
|
|
Net debt including leases
|
|
55,936
|
|
56,650
|
|
39,177
|
|
|
55,936
|
|
39,177
|
|
|
|
30 September
|
31 December
|
||
$ billion
|
|
2019
|
2018
|
||
Property,
plant and equipment(a)
(b)
|
|
9.0
|
|
0.5
|
|
Lease
liabilities(a)
|
|
9.6
|
|
0.7
|
|
Finance debt
|
|
65.9
|
|
65.1
|
|
|
|
Third
|
Second
|
Third
|
|
Nine
|
Nine
|
|||||
|
|
quarter
|
quarter
|
quarter
|
|
months
|
months
|
|||||
$ billion
|
|
2019
|
2019
|
2018
|
|
2019
|
2018
|
|||||
Financing activities
|
|
|
|
|
|
|
|
|||||
Lease
liability payments(a)
|
|
(0.6
|
)
|
(0.6
|
)
|
—
|
|
|
(1.8
|
)
|
—
|
|
|
|
Third
|
Second
|
Third
|
|
Nine
|
Nine
|
|||||
|
|
quarter
|
quarter
|
quarter
|
|
months
|
months
|
|||||
$ million
|
|
2019
|
2019
|
2018
|
|
2019
|
2018
|
|||||
Capital expenditure on a cash basis
|
|
|
|
|
|
|
|
|||||
Organic capital expenditure*
|
|
3,946
|
|
3,686
|
|
3,730
|
|
|
11,280
|
|
10,738
|
|
Inorganic
capital expenditure*(a)
|
|
77
|
|
1,968
|
|
674
|
|
|
4,032
|
|
1,454
|
|
|
|
4,023
|
|
5,654
|
|
4,404
|
|
|
15,312
|
|
12,192
|
|
|
|
Third
|
Second
|
Third
|
|
Nine
|
Nine
|
|||||
|
|
quarter
|
quarter
|
quarter
|
|
months
|
months
|
|||||
$ million
|
|
2019
|
2019
|
2018
|
|
2019
|
2018
|
|||||
Organic capital expenditure by segment
|
|
|
|
|
|
|
|
|||||
Upstream
|
|
|
|
|
|
|
|
|||||
US
|
|
1,036
|
|
972
|
|
854
|
|
|
2,990
|
|
2,434
|
|
Non-US
|
|
2,110
|
|
1,858
|
|
2,073
|
|
|
5,856
|
|
6,126
|
|
|
|
3,146
|
|
2,830
|
|
2,927
|
|
|
8,846
|
|
8,560
|
|
Downstream
|
|
|
|
|
|
|
|
|||||
US
|
|
197
|
|
271
|
|
237
|
|
|
655
|
|
640
|
|
Non-US
|
|
558
|
|
470
|
|
513
|
|
|
1,562
|
|
1,342
|
|
|
|
755
|
|
741
|
|
750
|
|
|
2,217
|
|
1,982
|
|
Other businesses and corporate
|
|
|
|
|
|
|
|
|||||
US
|
|
8
|
|
15
|
|
6
|
|
|
32
|
|
20
|
|
Non-US
|
|
37
|
|
100
|
|
47
|
|
|
185
|
|
176
|
|
|
|
45
|
|
115
|
|
53
|
|
|
217
|
|
196
|
|
|
|
3,946
|
|
3,686
|
|
3,730
|
|
|
11,280
|
|
10,738
|
|
Organic capital expenditure by geographical area
|
|
|
|
|
|
|
|
|||||
US
|
|
1,241
|
|
1,258
|
|
1,097
|
|
|
3,677
|
|
3,094
|
|
Non-US
|
|
2,705
|
|
2,428
|
|
2,633
|
|
|
7,603
|
|
7,644
|
|
|
|
3,946
|
|
3,686
|
|
3,730
|
|
|
11,280
|
|
10,738
|
|
|
|
Third
|
Second
|
Third
|
|
Nine
|
Nine
|
|||||
|
|
quarter
|
quarter
|
quarter
|
|
months
|
months
|
|||||
$ million
|
|
2019
|
2019
|
2018(a)
|
|
2019
|
2018(a)
|
|||||
Upstream
|
|
|
|
|
|
|
|
|||||
Impairment
and gain (loss) on sale of businesses and fixed assets(b)
|
|
(3,406
|
)
|
(796
|
)
|
(231
|
)
|
|
(4,213
|
)
|
(124
|
)
|
Environmental and other provisions
|
|
—
|
|
—
|
|
—
|
|
|
—
|
|
—
|
|
Restructuring, integration and rationalization costs
|
|
(24
|
)
|
(17
|
)
|
(17
|
)
|
|
(76
|
)
|
(78
|
)
|
Fair value gain (loss) on embedded derivatives
|
|
—
|
|
—
|
|
1
|
|
|
—
|
|
17
|
|
Other
|
|
(24
|
)
|
47
|
|
5
|
|
|
65
|
|
(134
|
)
|
|
|
(3,454
|
)
|
(766
|
)
|
(242
|
)
|
|
(4,224
|
)
|
(319
|
)
|
Downstream
|
|
|
|
|
|
|
|
|||||
Impairment and gain (loss) on sale of businesses and fixed
assets
|
|
(9
|
)
|
(51
|
)
|
(19
|
)
|
|
(56
|
)
|
(34
|
)
|
Environmental and other provisions
|
|
(1
|
)
|
—
|
|
—
|
|
|
(1
|
)
|
—
|
|
Restructuring, integration and rationalization costs
|
|
(4
|
)
|
20
|
|
(16
|
)
|
|
14
|
|
(126
|
)
|
Fair value gain (loss) on embedded derivatives
|
|
—
|
|
—
|
|
—
|
|
|
—
|
|
—
|
|
Other
|
|
—
|
|
—
|
|
(2
|
)
|
|
(6
|
)
|
(155
|
)
|
|
|
(14
|
)
|
(31
|
)
|
(37
|
)
|
|
(49
|
)
|
(315
|
)
|
Rosneft
|
|
|
|
|
|
|
|
|||||
Impairment and gain (loss) on sale of businesses and fixed
assets
|
|
—
|
|
(113
|
)
|
(64
|
)
|
|
(194
|
)
|
(64
|
)
|
Environmental and other provisions
|
|
—
|
|
—
|
|
—
|
|
|
—
|
|
—
|
|
Restructuring, integration and rationalization costs
|
|
—
|
|
—
|
|
—
|
|
|
—
|
|
—
|
|
Fair value gain (loss) on embedded derivatives
|
|
—
|
|
—
|
|
—
|
|
|
—
|
|
—
|
|
Other
|
|
—
|
|
—
|
|
—
|
|
|
—
|
|
—
|
|
|
|
—
|
|
(113
|
)
|
(64
|
)
|
|
(194
|
)
|
(64
|
)
|
Other businesses and corporate
|
|
|
|
|
|
|
|
|||||
Impairment and gain (loss) on sale of businesses and fixed
assets
|
|
—
|
|
(4
|
)
|
(255
|
)
|
|
(4
|
)
|
(254
|
)
|
Environmental and other provisions
|
|
—
|
|
(22
|
)
|
(45
|
)
|
|
(28
|
)
|
(65
|
)
|
Restructuring, integration and rationalization costs
|
|
—
|
|
(3
|
)
|
(33
|
)
|
|
7
|
|
(78
|
)
|
Fair value gain (loss) on embedded derivatives
|
|
—
|
|
—
|
|
—
|
|
|
—
|
|
—
|
|
Gulf of Mexico oil spill
|
|
(84
|
)
|
(57
|
)
|
(128
|
)
|
|
(256
|
)
|
(647
|
)
|
Other
|
|
(6
|
)
|
(5
|
)
|
(9
|
)
|
|
(28
|
)
|
(153
|
)
|
|
|
(90
|
)
|
(91
|
)
|
(470
|
)
|
|
(309
|
)
|
(1,197
|
)
|
Total before interest and taxation
|
|
(3,558
|
)
|
(1,001
|
)
|
(813
|
)
|
|
(4,776
|
)
|
(1,895
|
)
|
Finance
costs(c)
|
|
(145
|
)
|
(116
|
)
|
(119
|
)
|
|
(389
|
)
|
(357
|
)
|
Total before taxation
|
|
(3,703
|
)
|
(1,117
|
)
|
(932
|
)
|
|
(5,165
|
)
|
(2,252
|
)
|
Taxation
credit (charge) on non-operating items
|
|
772
|
|
256
|
|
283
|
|
|
1,121
|
|
633
|
|
Total after taxation for period
|
|
(2,931
|
)
|
(861
|
)
|
(649
|
)
|
|
(4,044
|
)
|
(1,619
|
)
|
|
|
Third
|
Second
|
Third
|
|
Nine
|
Nine
|
|||||
|
|
quarter
|
quarter
|
quarter
|
|
months
|
months
|
|||||
$ million
|
|
2019
|
2019
|
2018
|
|
2019
|
2018
|
|||||
Favourable (adverse) impact relative to management’s measure
of performance
|
|
|
|
|
|
|
|
|||||
Upstream
|
|
265
|
|
(178
|
)
|
(285
|
)
|
|
47
|
|
(185
|
)
|
Downstream
|
|
147
|
|
(46
|
)
|
175
|
|
|
137
|
|
(275
|
)
|
|
|
412
|
|
(224
|
)
|
(110
|
)
|
|
184
|
|
(460
|
)
|
Taxation credit (charge)
|
|
(86
|
)
|
49
|
|
12
|
|
|
(44
|
)
|
102
|
|
|
|
326
|
|
(175
|
)
|
(98
|
)
|
|
140
|
|
(358
|
)
|
|
|
Third
|
Second
|
Third
|
|
Nine
|
Nine
|
|||||
|
|
quarter
|
quarter
|
quarter
|
|
months
|
months
|
|||||
$ million
|
|
2019
|
2019
|
2018
|
|
2019
|
2018
|
|||||
Upstream
|
|
|
|
|
|
|
|
|||||
Replacement
cost profit (loss) before interest and tax adjusted for fair value
accounting effects
|
|
(1,315
|
)
|
2,647
|
|
3,757
|
|
|
4,256
|
|
10,345
|
|
Impact of fair value accounting effects
|
|
265
|
|
(178
|
)
|
(285
|
)
|
|
47
|
|
(185
|
)
|
Replacement cost profit (loss) before interest and tax
|
|
(1,050
|
)
|
2,469
|
|
3,472
|
|
|
4,303
|
|
10,160
|
|
Downstream
|
|
|
|
|
|
|
|
|||||
Replacement
cost profit (loss) before interest and tax adjusted for fair value
accounting effects
|
|
1,869
|
|
1,334
|
|
2,074
|
|
|
4,932
|
|
5,077
|
|
Impact of fair value accounting effects
|
|
147
|
|
(46
|
)
|
175
|
|
|
137
|
|
(275
|
)
|
Replacement cost profit (loss) before interest and tax
|
|
2,016
|
|
1,288
|
|
2,249
|
|
|
5,069
|
|
4,802
|
|
Total group
|
|
|
|
|
|
|
|
|||||
Profit
(loss) before interest and tax adjusted for fair value accounting
effects
|
|
462
|
|
4,240
|
|
6,273
|
|
|
10,370
|
|
16,674
|
|
Impact of fair value accounting effects
|
|
412
|
|
(224
|
)
|
(110
|
)
|
|
184
|
|
(460
|
)
|
Profit (loss) before interest and tax
|
|
874
|
|
4,016
|
|
6,163
|
|
|
10,554
|
|
16,214
|
|
|
|
30 September
|
31 December
|
||
$ million
|
|
2019
|
2018
|
||
RMI at fair value*
|
|
5,604
|
|
4,202
|
|
Paid-up RMI*
|
|
2,754
|
|
1,641
|
|
|
|
30 September
|
31 December
|
||
$ million
|
|
2019
|
2018
|
||
Reconciliation of total inventory to paid-up RMI
|
|
|
|
||
Inventories as reported on the group balance sheet under
IFRS
|
|
19,240
|
|
17,988
|
|
Less:
(a) inventories that are not oil and oil products and (b) oil and
oil product inventories that are not risk-managed by
IST
|
|
(13,805
|
)
|
(14,066
|
)
|
|
|
5,435
|
|
3,922
|
|
Plus: difference between RMI at fair value and RMI on an IFRS
basis
|
|
169
|
|
280
|
|
RMI at fair value
|
|
5,604
|
|
4,202
|
|
Less: unpaid RMI* at fair value
|
|
(2,850
|
)
|
(2,561
|
)
|
Paid-up RMI
|
|
2,754
|
|
1,641
|
|
|
|
Third
|
Second
|
Third
|
|
Nine
|
Nine
|
|||||
|
|
quarter
|
quarter
|
quarter
|
|
months
|
months
|
|||||
$ million
|
|
2019
|
2019
|
2018
|
|
2019
|
2018
|
|||||
Net
cash provided by operating activities as per condensed group cash
flow statement
|
|
6,056
|
|
6,815
|
|
6,092
|
|
|
18,167
|
|
16,044
|
|
Exclude
net cash from operating activities relating to the Gulf of Mexico
oil spill on a post-tax basis
|
|
409
|
|
1,413
|
|
525
|
|
|
2,471
|
|
2,946
|
|
Operating cash flow, excluding Gulf of Mexico oil spill
payments*
|
|
6,465
|
|
8,228
|
|
6,617
|
|
|
20,638
|
|
18,990
|
|
|
|
30 September
|
31 December
|
||
$ million
|
|
2019
|
2018
|
||
Trade and other payables
|
|
(12,402
|
)
|
(14,201
|
)
|
Provisions
|
|
(207
|
)
|
(345
|
)
|
Gulf of Mexico oil spill payables and provisions
|
|
(12,609
|
)
|
(14,546
|
)
|
Of
which - current
|
|
(1,829
|
)
|
(2,612
|
)
|
|
|
|
|
||
Deferred tax asset
|
|
5,610
|
|
5,562
|
|
|
|
Third
|
Second
|
Third
|
|
Nine
|
Nine
|
|||||
|
|
quarter
|
quarter
|
quarter
|
|
months
|
months
|
|||||
$ million
|
|
2019
|
2019
|
2018
|
|
2019
|
2018
|
|||||
Movements
in inventories and other current and non-current assets and
liabilities as per condensed group cash flow statement
|
|
141
|
|
(58
|
)
|
(1,573
|
)
|
|
(2,612
|
)
|
(5,541
|
)
|
Adjustments
to exclude movements in inventories and other current and
non-current assets and liabilities for the Gulf of Mexico oil
spill
|
|
413
|
|
1,451
|
|
538
|
|
|
2,495
|
|
2,819
|
|
Adjusted for Inventory holding gains (losses)* (Note
4)
|
|
|
|
|
|
|
|
|||||
Upstream
|
|
—
|
|
(10
|
)
|
1
|
|
|
(8
|
)
|
6
|
|
Downstream
|
|
(433
|
)
|
93
|
|
343
|
|
|
706
|
|
1,608
|
|
Working capital release (build)
|
|
121
|
|
1,476
|
|
(691
|
)
|
|
581
|
|
(1,108
|
)
|
|
|
Third
|
Second
|
Third
|
|
Nine
|
Nine
|
|||||
|
|
quarter
|
quarter
|
quarter
|
|
months
|
months
|
|||||
|
|
2019
|
2019
|
2018
|
|
2019
|
2018
|
|||||
Average realizations(a)
|
|
|
|
|
|
|
|
|||||
Liquids* ($/bbl)
|
|
|
|
|
|
|
|
|||||
US
|
|
50.46
|
|
56.98
|
|
65.22
|
|
|
52.80
|
|
61.76
|
|
Europe
|
|
61.90
|
|
68.73
|
|
73.90
|
|
|
64.21
|
|
70.51
|
|
Rest of World
|
|
59.14
|
|
66.24
|
|
71.95
|
|
|
61.91
|
|
68.41
|
|
BP Average
|
|
55.68
|
|
62.63
|
|
69.68
|
|
|
58.38
|
|
66.11
|
|
Natural gas ($/mcf)
|
|
|
|
|
|
|
|
|||||
US
|
|
1.72
|
|
1.80
|
|
2.22
|
|
|
2.02
|
|
2.15
|
|
Europe
|
|
3.03
|
|
3.63
|
|
7.79
|
|
|
3.98
|
|
7.33
|
|
Rest of World
|
|
3.82
|
|
4.12
|
|
4.36
|
|
|
4.21
|
|
4.24
|
|
BP Average
|
|
3.11
|
|
3.35
|
|
3.86
|
|
|
3.49
|
|
3.77
|
|
Total hydrocarbons* ($/boe)
|
|
|
|
|
|
|
|
|||||
US
|
|
31.23
|
|
35.94
|
|
43.20
|
|
|
33.81
|
|
41.21
|
|
Europe
|
|
52.47
|
|
63.40
|
|
68.54
|
|
|
58.55
|
|
64.80
|
|
Rest of World
|
|
36.82
|
|
41.60
|
|
45.51
|
|
|
39.69
|
|
42.98
|
|
BP Average
|
|
35.48
|
|
40.64
|
|
46.14
|
|
|
38.55
|
|
43.64
|
|
Average oil marker prices ($/bbl)
|
|
|
|
|
|
|
|
|||||
Brent
|
|
62.00
|
|
68.86
|
|
75.16
|
|
|
64.59
|
|
72.13
|
|
West Texas Intermediate
|
|
56.40
|
|
59.90
|
|
69.63
|
|
|
57.08
|
|
66.90
|
|
Western Canadian Select
|
|
43.61
|
|
47.37
|
|
40.33
|
|
|
45.30
|
|
42.35
|
|
Alaska North Slope
|
|
62.98
|
|
68.29
|
|
75.26
|
|
|
65.23
|
|
72.19
|
|
Mars
|
|
59.19
|
|
65.20
|
|
70.79
|
|
|
61.85
|
|
67.63
|
|
Urals (NWE – cif)
|
|
60.82
|
|
67.62
|
|
73.98
|
|
|
63.71
|
|
70.50
|
|
Average natural gas marker prices
|
|
|
|
|
|
|
|
|||||
Henry
Hub gas price(b) ($/mmBtu)
|
|
2.23
|
|
2.64
|
|
2.91
|
|
|
2.67
|
|
2.90
|
|
UK Gas – National Balancing Point (p/therm)
|
|
27.46
|
|
31.53
|
|
64.46
|
|
|
35.70
|
|
58.83
|
|
|
|
Third
|
Second
|
Third
|
|
Nine
|
Nine
|
|||||
|
|
quarter
|
quarter
|
quarter
|
|
months
|
months
|
|||||
|
|
2019
|
2019
|
2018
|
|
2019
|
2018
|
|||||
$/£ average rate for the period
|
|
1.23
|
|
1.29
|
|
1.30
|
|
|
1.27
|
|
1.35
|
|
$/£ period-end rate
|
|
1.23
|
|
1.27
|
|
1.31
|
|
|
1.23
|
|
1.31
|
|
|
|
|
|
|
|
|
|
|||||
$/€ average rate for the period
|
|
1.11
|
|
1.12
|
|
1.16
|
|
|
1.12
|
|
1.19
|
|
$/€ period-end rate
|
|
1.09
|
|
1.14
|
|
1.17
|
|
|
1.09
|
|
1.17
|
|
|
|
|
|
|
|
|
|
|||||
Rouble/$ average rate for the period
|
|
64.64
|
|
64.58
|
|
65.54
|
|
|
65.06
|
|
61.52
|
|
Rouble/$ period-end rate
|
|
64.32
|
|
63.09
|
|
65.76
|
|
|
64.32
|
|
65.76
|
|
|
|
London
|
Houston
|
|
|
|
Press Office
|
David Nicholas
|
Brett Clanton
|
|
+44 (0)20 7496 4708
|
+1 281 366 8346
|
|
|
|
Investor Relations
|
Craig Marshall
|
Brian Sullivan
|
bp.com/investors
|
+44 (0)20 7496 4962
|
+1 281 892 3421
|
|
BP
p.l.c.
|
|
(Registrant)
|
|
|
Dated: 29
October 2019
|
|
|
/s/ Ben
J. S. Mathews
|
|
------------------------
|
|
Ben J.
S. Mathews
|
|
Company
Secretary
|