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Top of page 1
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FOR IMMEDIATE RELEASE
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London 4 February 2020
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BP p.l.c. Group results
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Fourth quarter and full year 2019
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Highlights
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Operational momentum, growing cash flow, strategic progress:
dividend increased
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Bob
Dudley – Group
chief executive:
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"BP is performing well, with safe and reliable operations,
continued strategic progress and strong cash delivery. This all
supports our commitment to growing distributions to shareholders
over the long term and the dividend rise we announced today. After
almost ten years, this is now my last quarter as CEO. In that time,
we have achieved a huge amount together and I am proud to be
handing over a safer and stronger BP to Bernard and his team. I am
confident that under their leadership, BP will continue to
successfully navigate the rapidly-changing energy
landscape."
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Financial summary
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Fourth
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Third
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Fourth
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quarter
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quarter
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quarter
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Year
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Year
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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
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19
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(749
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)
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766
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4,026
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9,383
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Inventory holding (gains) losses, net of tax
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(23
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)
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398
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1,951
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(511
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)
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603
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RC profit (loss)
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(4
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)
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(351
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)
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2,717
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3,515
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9,986
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Net
(favourable) adverse impact of non-operating items and fair value
accounting effects, net of tax
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2,571
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2,605
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760
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6,475
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2,737
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Underlying RC profit
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2,567
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2,254
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3,477
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9,990
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12,723
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RC profit (loss) per ordinary share (cents)
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(0.02
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)
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(1.72
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)
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13.58
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17.32
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50.00
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RC profit (loss) per ADS (dollars)
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0.00
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(0.10
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)
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0.81
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1.04
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3.00
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Underlying RC profit per ordinary share (cents)
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12.67
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11.06
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17.38
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49.24
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63.70
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Underlying RC profit per ADS (dollars)
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0.76
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0.66
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1.04
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2.95
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3.82
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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
full year, underlying replacement cost (RC) profit* was $9,990
million, compared with $12,723 million in 2018. Underlying RC
profit is after adjusting RC profit* for a net charge for
non-operating items* of $7,186 million and net favourable fair
value accounting effects* of $711 million (both on a post-tax
basis).
RC
profit was $3,515 million for the full year, compared with $9,986
million in 2018.
For the
fourth quarter, underlying RC profit was $2,567 million, compared
with $3,477 million in 2018. Underlying RC profit is after
adjusting RC loss for a net charge for non-operating items of
$3,142 million primarily divestment-related impairment charges (see
Note 3 and page 27) and reclassification of past foreign exchange
losses on the formation of the BP Bunge Bioenergia joint venture,
as well as net favourable fair value accounting effects of $571
million (both on a post-tax basis).
RC loss
was $4 million for the fourth quarter, compared with a profit
of $2,717
million in 2018.
BP’s
profit for the fourth quarter and full year was $19 million and
$4,026 million respectively, compared with $766 million and $9,383
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 $4.4
billion in the quarter and $17.8 billion in the full year. In the
same periods in 2018 it was $4.0 billion and $15.5 billion
respectively (prior to the implementation of IFRS 16). In 2020, we
expect the full-year charge to be slightly lower than the 2019
level reflecting impacts of divestments.
Effective tax rate
The
effective tax rate (ETR) on RC profit or loss* for the fourth
quarter and full year was 102% and 51% respectively, compared with
45% and 42% for the same periods in 2018. Adjusting for
non-operating items and fair value accounting effects, the
underlying ETR* for the fourth quarter and full year was 27% and
36% respectively, compared with 38% and 38% for the same periods a
year ago. The lower underlying ETR for the fourth quarter and full
year reflects the reassessment of the recognition of deferred tax
assets. In the current environment the underlying ETR in 2020 is
expected to be lower than 40%. ETR on RC profit or loss and
underlying ETR are non-GAAP measures.
Dividend
BP
today announced a quarterly dividend of 10.5 cents per ordinary
share ($0.63 per ADS), which is expected to be paid on 27 March
2020. The corresponding amount in sterling will be announced on 16
March 2020. See page 23 for more information.
Share buybacks
BP
repurchased 184 million ordinary shares at a cost of $1,171 million
in the fourth quarter, totalling 235 million ordinary shares
at
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a cost
of $1,511 million (including fees and stamp duty) for the full
year. In January 2020, the share buyback programme had fully offset
the impact of scrip dilution since the third quarter
2017.
Operating cash flow*
Operating
cash flow excluding Gulf of Mexico oil spill payments* was $7.6
billion for the fourth quarter and $28.2 billion for the full year.
These amounts include a working capital* build of $0.2 billion in
the fourth quarter and a release of $0.3 billion in the full year,
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 $7.1 billion
and $26.1 billion (prior to the implementation of IFRS
16).
Operating
cash flow as reported in the group cash flow statement was $7.6
billion for the fourth quarter and $25.8 billion for the full year.
These amounts include a working capital build of $0.3 billion and
$2.9 billion respectively. The comparable amounts for the same
periods in 2018 were $6.8 billion and $22.9 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 fourth quarter and full year was $4.0
billion and $15.2 billion respectively. We reported $4.4 billion
and $15.1 billion for the same periods in 2018 (prior to the
implementation of IFRS 16).
Inorganic
capital expenditure* for the fourth quarter and full year was $0.2
billion and $4.2 billion respectively, including $3.5 billion for
the full year relating to the BHP acquisition, compared with $8.5
billion and $9.9 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 $0.8 billion for the fourth quarter and $2.2 billion
for the full year, in addition $0.6 billion was received in the
fourth quarter in relation to the sale of a 49% interest in
BP’s retail property portfolio in Australia. Divestment
proceeds for the same periods in 2018 were $2.4 billion and $2.9
billion respectively.
Gearing*
Net
debt* at 31 December 2019 was $45.4 billion, compared
with $43.5 billion a year ago. Gearing at
31 December 2019 was 31.1%, compared with 30.0% a year
ago. Net debt and gearing are non-GAAP measures. See page 23 for
more information.
Reserves replacement ratio*
The
organic reserves replacement ratio on a combined basis of
subsidiaries and equity-accounted entities was 67% for the year.
Including acquisitions and divestments, the total reserves
replacement ratio was 57%.
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Brian Gilvary –
Chief financial
officer:
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“We continue to make strong progress on our divestment
programme, with announced transactions totalling $9.4 billion since
the start of 2019. We are ahead of our target of $10 billion of
proceeds by end-2020, and now plan a further $5 billion of agreed
disposals by mid-2021. Net debt fell $1 billion in the fourth
quarter, and with further disposal proceeds expected, and assuming
recent average oil prices, we continue to expect gearing to move
towards the middle of the 20 to 30% range through this year.
Together with the continued strong operational momentum, growing
free cash flow, and our confidence in delivery of 2021 free cash
flow targets, this underpins our announcement today of an increase
in the dividend to 10.5 cents per ordinary
share.”
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The commentary above contains forward-looking statements and should
be read in conjunction with the cautionary statement on page
36.
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Fourth
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Third
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Fourth
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quarter
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quarter
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quarter
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Year
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Year
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$ 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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|||||
Upstream
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2,678
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2,139
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3,886
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11,158
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14,550
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Downstream
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1,438
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1,883
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2,169
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6,419
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7,561
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Rosneft
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412
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802
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431
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2,419
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2,316
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Other
businesses and corporate
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(250
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)
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(322
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)
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(344
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)
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(1,280
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)
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(1,558
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)
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Consolidation
adjustment – UPII*
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24
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|
30
|
|
142
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|
|
75
|
|
211
|
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Underlying RC profit before interest and tax
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4,302
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|
4,532
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6,284
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|
|
18,791
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23,080
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Finance
costs and net finance expense relating to pensions and other
post-retirement benefits
|
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(781
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)
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(754
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)
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(654
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)
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(3,041
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)
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(2,176
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)
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Taxation on an underlying RC basis
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(955
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)
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(1,506
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)
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(2,148
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)
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(5,596
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)
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(7,986
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)
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Non-controlling interests
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1
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(18
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)
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(5
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)
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(164
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)
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(195
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)
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Underlying RC profit attributable to BP shareholders
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2,567
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2,254
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3,477
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9,990
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12,723
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Fourth
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Third
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Fourth
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quarter
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quarter
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quarter
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Year
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Year
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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
|
|||||
RC profit before interest and tax
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|
|
|
|
|
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|||||
Upstream
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614
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(1,050
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)
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4,168
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4,917
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14,328
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Downstream
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1,433
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2,016
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2,138
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6,502
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6,940
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Rosneft
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503
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|
802
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|
400
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|
|
2,316
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|
2,221
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Other
businesses and corporate
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|
(1,432
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)
|
(412
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)
|
(1,110
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)
|
|
(2,771
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)
|
(3,521
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)
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Consolidation
adjustment – UPII
|
|
24
|
|
30
|
|
142
|
|
|
75
|
|
211
|
|
RC profit before interest and tax
|
|
1,142
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|
1,386
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|
5,738
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|
|
11,039
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|
20,179
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Finance
costs and net finance expense relating to pensions and other
post-retirement benefits
|
|
(903
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)
|
(899
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)
|
(776
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)
|
|
(3,552
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)
|
(2,655
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)
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Taxation on a RC basis
|
|
(244
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)
|
(820
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)
|
(2,240
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)
|
|
(3,808
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)
|
(7,343
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)
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Non-controlling interests
|
|
1
|
|
(18
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)
|
(5
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)
|
|
(164
|
)
|
(195
|
)
|
RC profit (loss) attributable to BP shareholders
|
|
(4
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)
|
(351
|
)
|
2,717
|
|
|
3,515
|
|
9,986
|
|
Inventory holding gains (losses)*
|
|
10
|
|
(512
|
)
|
(2,574
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)
|
|
667
|
|
(801
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)
|
Taxation (charge) credit on inventory holding gains and
losses
|
|
13
|
|
114
|
|
623
|
|
|
(156
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)
|
198
|
|
Profit (loss) for the period attributable to BP
shareholders
|
|
19
|
|
(749
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)
|
766
|
|
|
4,026
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|
9,383
|
|
Strategic progress
Upstream
Upstream
production for the fourth quarter, which excludes Rosneft, was
2,698mboe/d, 2.7% higher than a year earlier. Underlying
production*, adjusted for portfolio changes and PSA* impact,
increased by 2.1%, mainly due to major project growth.
In 2019
BP announced seven discoveries. In December, it confirmed the
success of a three-well drilling campaign offshore Mauritania and
Senegal, offering the potential for possible future
developments.
The
Alligin project, a tie-back to the Quad 204 development west of
Shetland, UK, began production ahead of schedule in December and
was the fifth Upstream major project start-up of 2019. The Raven
project in Egypt is now expected to come onstream around the end of
2020. Final investment decisions for five further projects, in the
US Gulf of Mexico, UK North Sea, Azerbaijan and India, were taken
in 2019.
In
November BP agreed to sell its interests in the onshore San Juan
and Arkoma fields in the US. In
early January 2020, BP announced it had agreed terms to sell its
interests in the Andrew area and in the Shearwater field, both in
the central UK North Sea.
Downstream
BP
continued to make strategic progress in fuels marketing, with its
convenience partnership model now in around 1,600 sites across the
network.
BP also
made progress towards its growth ambition in new markets, most
notably in Mexico, where there are now over 520 BP-branded sites
and volumes more than doubled in 2019.
In
December, BP signed key agreements with Reliance Industries Limited
to form a new fuels marketing joint venture, which will build on
Reliance’s existing network of retail sites in India and
include access to the country’s aviation fuels
market.
A
consortium of leading companies across the PET plastics value
chain, including BP, was formed. It aims to help accelerate the
commercialisation of BP’s enhanced recycling technology, BP
Infinia, which is capable of processing currently-unrecyclable
plastic waste.
Advancing the energy transition
In
December BP increased its interest in its solar joint venture
Lightsource BP, creating a simplified equal ownership structure
with the company’s management. The cash injection will
support Lightsource BP's planned continuing rapid
growth.
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The
formation of the BP Bunge Bioenergia joint venture has completed.
BP’s 50% share in the company represents a 50% increase in
BP's Brazilian biofuels and biopower business.
BP
continued to progress its advanced mobility agenda in 2019, forming
an electric vehicle charging joint venture in China with DiDi and
beginning the roll out of 150kW ultra-fast electric chargers on BP
forecourts across the UK.
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 $28.2 billion for the full year of 2019. For the full
year of 2018, we reported $26.1 billion (prior to the
implementation of IFRS 16).
Organic capital expenditure for the full year of 2019 was
$15.2 billion. BP expects 2020 organic capital expenditure to
remain towards the lower end of our $15-17 billion
range.
Lease liability payments of principal for the full year of
2019 were $2.4 billion.
Divestment and other transactions announced have now reached
$9.4 billion since the start of 2019. BP expects this total to be
around $15 billion by mid-2021.
Gulf of Mexico oil spill payments on a post-tax basis
totalled $2.4 billion in the full year. Payments for 2020 are
expected to be less than $1 billion on a post-tax
basis.
Gearing* at the end of the year was 31.1%. See page 23 for
more information. We expect gearing to move towards the middle of
the 20-30% range through 2020, assuming recent average oil
prices.
Safety
Both
tier 1 and tier 2 process safety events* were higher in 2019
compared with 2018. The increase in this group metric mainly
reflects performance in assets acquired over the past year;
excluding these the number of events fell slightly. Safety remains
our number one priority and we continue to focus on working to
reduce all process safety events.
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Operating metrics
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Year 2019
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Financial metrics
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Year 2019
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(vs. Year 2018)
|
|
|
(vs. Year 2018)
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Tier 1 and tier 2 process safety events
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|
98
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Underlying RC profit*
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|
$10.0bn
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|
(+26)
|
|
|
(-$2.7bn)
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Reported recordable injury frequency*
|
|
0.17
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|
Operating cash flow excluding Gulf of Mexico oil spill payments
(post-tax)(b)
|
|
$28.2bn
|
|
(-16%)
|
|
|
(+$2.1bn)
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Group production
|
|
3,781mboe/d
|
|
Organic capital expenditure
|
|
$15.2bn
|
|
(+2.7%)
|
|
|
(+$0.1bn)
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Upstream production (excludes Rosneft segment)
|
|
2,637mboe/d
|
|
Gulf of Mexico oil spill payments (post-tax)
|
|
$2.4bn
|
|
(+3.8%)
|
|
|
(-$0.8bn)
|
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Upstream unit production costs*(a)
|
|
$6.84/boe
|
|
Divestment proceeds*
|
|
$2.2bn
|
|
(-4.4%)
|
|
|
(-$0.7bn)
|
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BP-operated Upstream plant reliability*
|
|
94.4%
|
|
Gearing
|
|
31.1%
|
|
(-1.3)
|
|
|
(+1.1)
|
||
BP-operated refining availability*
|
|
94.9%
|
|
Dividend per ordinary share(c)
|
|
10.50 cents
|
|
(-0.1)
|
|
|
(2.4%)
|
||
|
|
|
|
Return on average capital employed*
|
|
8.9%
|
|
|
|
|
(-2.3)
|
The commentary above contains forward-looking statements and should
be read in conjunction with the cautionary statement on page
36.
|
|
|
Fourth
|
Third
|
Fourth
|
|
|
|
|||||
|
|
quarter
|
quarter
|
quarter
|
|
Year
|
Year
|
|||||
$ million
|
|
2019
|
2019
|
2018
|
|
2019
|
2018
|
|||||
Profit (loss) before interest and tax
|
|
614
|
|
(1,050
|
)
|
4,156
|
|
|
4,909
|
|
14,322
|
|
Inventory holding (gains) losses*
|
|
—
|
|
—
|
|
12
|
|
|
8
|
|
6
|
|
RC profit (loss) before interest and tax
|
|
614
|
|
(1,050
|
)
|
4,168
|
|
|
4,917
|
|
14,328
|
|
Net
(favourable) adverse impact of non-operating items* and fair value
accounting effects*
|
|
2,064
|
|
3,189
|
|
(282
|
)
|
|
6,241
|
|
222
|
|
Underlying
RC profit before interest and tax*(a)
|
|
2,678
|
|
2,139
|
|
3,886
|
|
|
11,158
|
|
14,550
|
|
The commentary above contains forward-looking statements and should
be read in conjunction with the cautionary statement on page
36.
|
|
|
Fourth
|
Third
|
Fourth
|
|
|
|
|||||
|
|
quarter
|
quarter
|
quarter
|
|
Year
|
Year
|
|||||
$ million
|
|
2019
|
2019
|
2018
|
|
2019
|
2018
|
|||||
Underlying RC profit before interest and tax
|
|
|
|
|
|
|
|
|||||
US
|
|
645
|
|
552
|
|
1,400
|
|
|
2,670
|
|
3,693
|
|
Non-US
|
|
2,033
|
|
1,587
|
|
2,486
|
|
|
8,488
|
|
10,857
|
|
|
|
2,678
|
|
2,139
|
|
3,886
|
|
|
11,158
|
|
14,550
|
|
Non-operating items(a)(b)
|
|
|
|
|
|
|
|
|||||
US
|
|
(2,451
|
)
|
(3,338
|
)
|
(267
|
)
|
|
(6,265
|
)
|
(590
|
)
|
Non-US
|
|
(272
|
)
|
(116
|
)
|
403
|
|
|
(682
|
)
|
407
|
|
|
|
(2,723
|
)
|
(3,454
|
)
|
136
|
|
|
(6,947
|
)
|
(183
|
)
|
Fair value accounting effects
|
|
|
|
|
|
|
|
|||||
US
|
|
120
|
|
19
|
|
127
|
|
|
(179
|
)
|
(35
|
)
|
Non-US
|
|
539
|
|
246
|
|
19
|
|
|
885
|
|
(4
|
)
|
|
|
659
|
|
265
|
|
146
|
|
|
706
|
|
(39
|
)
|
RC profit (loss) before interest and tax
|
|
|
|
|
|
|
|
|||||
US
|
|
(1,686
|
)
|
(2,767
|
)
|
1,260
|
|
|
(3,774
|
)
|
3,068
|
|
Non-US
|
|
2,300
|
|
1,717
|
|
2,908
|
|
|
8,691
|
|
11,260
|
|
|
|
614
|
|
(1,050
|
)
|
4,168
|
|
|
4,917
|
|
14,328
|
|
Exploration expense
|
|
|
|
|
|
|
|
|||||
US
|
|
86
|
|
53
|
|
84
|
|
|
233
|
|
509
|
|
Non-US
|
|
180
|
|
132
|
|
373
|
|
|
731
|
|
936
|
|
|
|
266
|
|
185
|
|
457
|
|
|
964
|
|
1,445
|
|
Of
which: Exploration expenditure written off(b)
|
|
155
|
|
115
|
|
351
|
|
|
631
|
|
1,085
|
|
Production (net of
royalties)(c)(d)
|
|
|
|
|
|
|
|
|||||
Liquids* (mb/d)
|
|
|
|
|
|
|
|
|||||
US
|
|
517
|
|
449
|
|
495
|
|
|
482
|
|
445
|
|
Europe
|
|
149
|
|
118
|
|
154
|
|
|
141
|
|
142
|
|
Rest of World
|
|
662
|
|
657
|
|
673
|
|
|
666
|
|
681
|
|
|
|
1,328
|
|
1,224
|
|
1,321
|
|
|
1,288
|
|
1,268
|
|
Natural gas (mmcf/d)
|
|
|
|
|
|
|
|
|||||
US
|
|
2,317
|
|
2,396
|
|
2,255
|
|
|
2,358
|
|
1,900
|
|
Europe
|
|
275
|
|
188
|
|
215
|
|
|
185
|
|
211
|
|
Rest of World
|
|
5,354
|
|
5,211
|
|
5,104
|
|
|
5,279
|
|
5,263
|
|
|
|
7,945
|
|
7,795
|
|
7,574
|
|
|
7,823
|
|
7,374
|
|
Total hydrocarbons* (mboe/d)
|
|
|
|
|
|
|
|
|||||
US
|
|
916
|
|
862
|
|
884
|
|
|
888
|
|
772
|
|
Europe
|
|
196
|
|
151
|
|
191
|
|
|
173
|
|
179
|
|
Rest of World
|
|
1,585
|
|
1,555
|
|
1,553
|
|
|
1,576
|
|
1,589
|
|
|
|
2,698
|
|
2,568
|
|
2,627
|
|
|
2,637
|
|
2,539
|
|
Average realizations*(e)
|
|
|
|
|
|
|
|
|||||
Total
liquids(f)
($/bbl)
|
|
55.90
|
|
55.68
|
|
61.80
|
|
|
57.73
|
|
64.98
|
|
Natural gas ($/mcf)
|
|
3.12
|
|
3.11
|
|
4.33
|
|
|
3.39
|
|
3.92
|
|
Total hydrocarbons ($/boe)
|
|
36.42
|
|
35.48
|
|
42.98
|
|
|
38.00
|
|
43.47
|
|
|
|
Fourth
|
Third
|
Fourth
|
|
|
|
|||||
|
|
quarter
|
quarter
|
quarter
|
|
Year
|
Year
|
|||||
$ million
|
|
2019
|
2019
|
2018
|
|
2019
|
2018
|
|||||
Profit (loss) before interest and tax
|
|
1,412
|
|
1,583
|
|
(332
|
)
|
|
7,187
|
|
6,078
|
|
Inventory holding (gains) losses*
|
|
21
|
|
433
|
|
2,470
|
|
|
(685
|
)
|
862
|
|
RC profit before interest and tax
|
|
1,433
|
|
2,016
|
|
2,138
|
|
|
6,502
|
|
6,940
|
|
Net
(favourable) adverse impact of non-operating items* and fair value
accounting effects*
|
|
5
|
|
(133
|
)
|
31
|
|
|
(83
|
)
|
621
|
|
Underlying
RC profit before interest and tax*(a)
|
|
1,438
|
|
1,883
|
|
2,169
|
|
|
6,419
|
|
7,561
|
|
The commentary above contains forward-looking statements and should
be read in conjunction with the cautionary statement on page
36.
|
|
|
Fourth
|
Third
|
Fourth
|
|
|
|
|||||
|
|
quarter
|
quarter
|
quarter
|
|
Year
|
Year
|
|||||
$ million
|
|
2019
|
2019
|
2018
|
|
2019
|
2018
|
|||||
Underlying RC profit before interest and tax - by
region
|
|
|
|
|
|
|
|
|||||
US
|
|
556
|
|
537
|
|
995
|
|
|
2,190
|
|
2,818
|
|
Non-US
|
|
882
|
|
1,346
|
|
1,174
|
|
|
4,229
|
|
4,743
|
|
|
|
1,438
|
|
1,883
|
|
2,169
|
|
|
6,419
|
|
7,561
|
|
Non-operating items
|
|
|
|
|
|
|
|
|||||
US
|
|
(40
|
)
|
(5
|
)
|
(109
|
)
|
|
(42
|
)
|
(295
|
)
|
Non-US
|
|
12
|
|
(9
|
)
|
(292
|
)
|
|
(35
|
)
|
(421
|
)
|
|
|
(28
|
)
|
(14
|
)
|
(401
|
)
|
|
(77
|
)
|
(716
|
)
|
Fair value accounting
effects(a)
|
|
|
|
|
|
|
|
|||||
US
|
|
(37
|
)
|
116
|
|
184
|
|
|
148
|
|
(155
|
)
|
Non-US
|
|
60
|
|
31
|
|
186
|
|
|
12
|
|
250
|
|
|
|
23
|
|
147
|
|
370
|
|
|
160
|
|
95
|
|
RC profit before interest and tax
|
|
|
|
|
|
|
|
|||||
US
|
|
479
|
|
648
|
|
1,070
|
|
|
2,296
|
|
2,368
|
|
Non-US
|
|
954
|
|
1,368
|
|
1,068
|
|
|
4,206
|
|
4,572
|
|
|
|
1,433
|
|
2,016
|
|
2,138
|
|
|
6,502
|
|
6,940
|
|
Underlying RC profit before interest and tax - by
business(b)(c)
|
|
|
|
|
|
|
|
|||||
Fuels
|
|
1,068
|
|
1,438
|
|
1,624
|
|
|
4,759
|
|
5,642
|
|
Lubricants
|
|
333
|
|
332
|
|
311
|
|
|
1,258
|
|
1,292
|
|
Petrochemicals
|
|
37
|
|
113
|
|
234
|
|
|
402
|
|
627
|
|
|
|
1,438
|
|
1,883
|
|
2,169
|
|
|
6,419
|
|
7,561
|
|
Non-operating items and fair value accounting
effects(a)
|
|
|
|
|
|
|
|
|||||
Fuels
|
|
(41
|
)
|
135
|
|
173
|
|
|
32
|
|
(381
|
)
|
Lubricants
|
|
39
|
|
—
|
|
(198
|
)
|
|
57
|
|
(227
|
)
|
Petrochemicals
|
|
(3
|
)
|
(2
|
)
|
(6
|
)
|
|
(6
|
)
|
(13
|
)
|
|
|
(5
|
)
|
133
|
|
(31
|
)
|
|
83
|
|
(621
|
)
|
RC profit before interest and tax(b)(c)
|
|
|
|
|
|
|
|
|||||
Fuels
|
|
1,027
|
|
1,573
|
|
1,797
|
|
|
4,791
|
|
5,261
|
|
Lubricants
|
|
372
|
|
332
|
|
113
|
|
|
1,315
|
|
1,065
|
|
Petrochemicals
|
|
34
|
|
111
|
|
228
|
|
|
396
|
|
614
|
|
|
|
1,433
|
|
2,016
|
|
2,138
|
|
|
6,502
|
|
6,940
|
|
|
|
|
|
|
|
|
|
|||||
BP average refining marker margin (RMM)* ($/bbl)
|
|
12.4
|
|
14.7
|
|
11.0
|
|
|
13.2
|
|
13.1
|
|
|
|
|
|
|
|
|
|
|||||
Refinery throughputs (mb/d)
|
|
|
|
|
|
|
|
|||||
US
|
|
761
|
|
781
|
|
691
|
|
|
737
|
|
703
|
|
Europe
|
|
848
|
|
815
|
|
735
|
|
|
787
|
|
781
|
|
Rest of World
|
|
238
|
|
217
|
|
240
|
|
|
225
|
|
241
|
|
|
|
1,847
|
|
1,813
|
|
1,666
|
|
|
1,749
|
|
1,725
|
|
BP-operated refining availability* (%)
|
|
95.7
|
|
96.1
|
|
95.6
|
|
|
94.9
|
|
95.0
|
|
|
|
|
|
|
|
|
|
|||||
Marketing sales of refined products (mb/d)
|
|
|
|
|
|
|
|
|||||
US
|
|
1,156
|
|
1,172
|
|
1,138
|
|
|
1,145
|
|
1,141
|
|
Europe
|
|
1,051
|
|
1,157
|
|
1,053
|
|
|
1,073
|
|
1,100
|
|
Rest of World
|
|
537
|
|
459
|
|
526
|
|
|
509
|
|
495
|
|
|
|
2,744
|
|
2,788
|
|
2,717
|
|
|
2,727
|
|
2,736
|
|
Trading/supply sales of refined products
|
|
3,519
|
|
3,157
|
|
3,199
|
|
|
3,268
|
|
3,194
|
|
Total sales volumes of refined products
|
|
6,263
|
|
5,945
|
|
5,916
|
|
|
5,995
|
|
5,930
|
|
|
|
|
|
|
|
|
|
|||||
Petrochemicals production (kte)
|
|
|
|
|
|
|
|
|||||
US
|
|
518
|
|
564
|
|
672
|
|
|
2,267
|
|
2,235
|
|
Europe
|
|
1,141
|
|
1,187
|
|
1,037
|
|
|
4,714
|
|
4,468
|
|
Rest of World
|
|
1,353
|
|
1,325
|
|
1,259
|
|
|
5,133
|
|
5,154
|
|
|
|
3,012
|
|
3,076
|
|
2,968
|
|
|
12,114
|
|
11,857
|
|
|
|
Fourth
|
Third
|
Fourth
|
|
|
|
|||||
|
|
quarter
|
quarter
|
quarter
|
|
Year
|
Year
|
|||||
$ million
|
|
2019(a)
|
2019
|
2018
|
|
2019(a)
|
2018
|
|||||
Profit
before interest and tax(b)(c)
|
|
534
|
|
723
|
|
308
|
|
|
2,306
|
|
2,288
|
|
Inventory holding (gains) losses*
|
|
(31
|
)
|
79
|
|
92
|
|
|
10
|
|
(67
|
)
|
RC profit before interest and tax
|
|
503
|
|
802
|
|
400
|
|
|
2,316
|
|
2,221
|
|
Net charge (credit) for non-operating items*
|
|
(91
|
)
|
—
|
|
31
|
|
|
103
|
|
95
|
|
Underlying RC profit before interest and tax*
|
|
412
|
|
802
|
|
431
|
|
|
2,419
|
|
2,316
|
|
|
|
Fourth
|
Third
|
Fourth
|
|
|
|
|||||
|
|
quarter
|
quarter
|
quarter
|
|
Year
|
Year
|
|||||
|
|
2019(a)
|
2019
|
2018
|
|
2019(a)
|
2018
|
|||||
Production (net of royalties) (BP share)
|
|
|
|
|
|
|
|
|||||
Liquids* (mb/d)
|
|
923
|
|
920
|
|
946
|
|
|
923
|
|
923
|
|
Natural gas (mmcf/d)
|
|
1,306
|
|
1,236
|
|
1,312
|
|
|
1,279
|
|
1,285
|
|
Total hydrocarbons* (mboe/d)
|
|
1,148
|
|
1,133
|
|
1,173
|
|
|
1,144
|
|
1,144
|
|
|
|
Fourth
|
Third
|
Fourth
|
|
|
|
|||||
|
|
quarter
|
quarter
|
quarter
|
|
Year
|
Year
|
|||||
$ million
|
|
2019
|
2019
|
2018
|
|
2019
|
2018
|
|||||
Profit (loss) before interest and tax
|
|
(1,432
|
)
|
(412
|
)
|
(1,110
|
)
|
|
(2,771
|
)
|
(3,521
|
)
|
Inventory holding (gains) losses*
|
|
—
|
|
—
|
|
—
|
|
|
—
|
|
—
|
|
RC profit (loss) before interest and tax
|
|
(1,432
|
)
|
(412
|
)
|
(1,110
|
)
|
|
(2,771
|
)
|
(3,521
|
)
|
Net charge (credit) for non-operating items*
|
|
1,182
|
|
90
|
|
766
|
|
|
1,491
|
|
1,963
|
|
Underlying RC profit (loss) before interest and tax*
|
|
(250
|
)
|
(322
|
)
|
(344
|
)
|
|
(1,280
|
)
|
(1,558
|
)
|
Underlying RC profit (loss) before interest and tax
|
|
|
|
|
|
|
|
|||||
US
|
|
(85
|
)
|
(249
|
)
|
(179
|
)
|
|
(713
|
)
|
(615
|
)
|
Non-US
|
|
(165
|
)
|
(73
|
)
|
(165
|
)
|
|
(567
|
)
|
(943
|
)
|
|
|
(250
|
)
|
(322
|
)
|
(344
|
)
|
|
(1,280
|
)
|
(1,558
|
)
|
Non-operating items
|
|
|
|
|
|
|
|
|||||
US
|
|
(268
|
)
|
(85
|
)
|
(654
|
)
|
|
(559
|
)
|
(1,738
|
)
|
Non-US
|
|
(914
|
)
|
(5
|
)
|
(112
|
)
|
|
(932
|
)
|
(225
|
)
|
|
|
(1,182
|
)
|
(90
|
)
|
(766
|
)
|
|
(1,491
|
)
|
(1,963
|
)
|
RC profit (loss) before interest and tax
|
|
|
|
|
|
|
|
|||||
US
|
|
(353
|
)
|
(334
|
)
|
(833
|
)
|
|
(1,272
|
)
|
(2,353
|
)
|
Non-US
|
|
(1,079
|
)
|
(78
|
)
|
(277
|
)
|
|
(1,499
|
)
|
(1,168
|
)
|
|
|
(1,432
|
)
|
(412
|
)
|
(1,110
|
)
|
|
(2,771
|
)
|
(3,521
|
)
|
The commentary above contains forward-looking statements and should
be read in conjunction with the cautionary statement on page
36.
|
|
|
Fourth
|
Third
|
Fourth
|
|
|
|
|||||
|
|
quarter
|
quarter
|
quarter
|
|
Year
|
Year
|
|||||
$ million
|
|
2019
|
2019
|
2018
|
|
2019
|
2018
|
|||||
|
|
|
|
|
|
|
|
|||||
Sales and other operating revenues (Note 5)
|
|
71,109
|
|
68,291
|
|
75,677
|
|
|
278,397
|
|
298,756
|
|
Earnings from joint ventures – after interest and
tax
|
|
163
|
|
90
|
|
236
|
|
|
576
|
|
897
|
|
Earnings from associates – after interest and
tax
|
|
640
|
|
784
|
|
425
|
|
|
2,681
|
|
2,856
|
|
Interest and other income
|
|
210
|
|
126
|
|
295
|
|
|
769
|
|
773
|
|
Gains on sale of businesses and fixed assets
|
|
48
|
|
1
|
|
252
|
|
|
193
|
|
456
|
|
Total revenues and other income
|
|
72,170
|
|
69,292
|
|
76,885
|
|
|
282,616
|
|
303,738
|
|
Purchases
|
|
53,444
|
|
52,273
|
|
59,019
|
|
|
209,672
|
|
229,878
|
|
Production and manufacturing expenses
|
|
5,809
|
|
5,259
|
|
6,173
|
|
|
21,815
|
|
23,005
|
|
Production and similar taxes (Note 7)
|
|
412
|
|
340
|
|
186
|
|
|
1,547
|
|
1,536
|
|
Depreciation, depletion and amortization (Note 6)
|
|
4,434
|
|
4,297
|
|
3,987
|
|
|
17,780
|
|
15,457
|
|
Impairment and losses on sale of businesses and fixed assets (Note
3)
|
|
3,657
|
|
3,416
|
|
244
|
|
|
8,075
|
|
860
|
|
Exploration expense
|
|
266
|
|
185
|
|
457
|
|
|
964
|
|
1,445
|
|
Distribution and administration expenses
|
|
2,996
|
|
2,648
|
|
3,655
|
|
|
11,057
|
|
12,179
|
|
Profit (loss) before interest and taxation
|
|
1,152
|
|
874
|
|
3,164
|
|
|
11,706
|
|
19,378
|
|
Finance costs
|
|
886
|
|
883
|
|
742
|
|
|
3,489
|
|
2,528
|
|
Net
finance expense relating to pensions and other post-retirement
benefits
|
|
17
|
|
16
|
|
34
|
|
|
63
|
|
127
|
|
Profit (loss) before taxation
|
|
249
|
|
(25
|
)
|
2,388
|
|
|
8,154
|
|
16,723
|
|
Taxation
|
|
231
|
|
706
|
|
1,617
|
|
|
3,964
|
|
7,145
|
|
Profit (loss) for the period
|
|
18
|
|
(731
|
)
|
771
|
|
|
4,190
|
|
9,578
|
|
Attributable to
|
|
|
|
|
|
|
|
|||||
BP
shareholders
|
|
19
|
|
(749
|
)
|
766
|
|
|
4,026
|
|
9,383
|
|
Non-controlling
interests
|
|
(1
|
)
|
18
|
|
5
|
|
|
164
|
|
195
|
|
|
|
18
|
|
(731
|
)
|
771
|
|
|
4,190
|
|
9,578
|
|
|
|
|
|
|
|
|
|
|||||
Earnings per share (Note 8)
|
|
|
|
|
|
|
|
|||||
Profit (loss) for the period attributable to BP
shareholders
|
|
|
|
|
|
|
|
|||||
Per
ordinary share (cents)
|
|
|
|
|
|
|
|
|||||
Basic
|
|
0.09
|
|
(3.68
|
)
|
3.83
|
|
|
19.84
|
|
46.98
|
|
Diluted
|
|
0.09
|
|
(3.68
|
)
|
3.80
|
|
|
19.73
|
|
46.67
|
|
Per
ADS (dollars)
|
|
|
|
|
|
|
|
|||||
Basic
|
|
0.01
|
|
(0.22
|
)
|
0.23
|
|
|
1.19
|
|
2.82
|
|
Diluted
|
|
0.01
|
|
(0.22
|
)
|
0.23
|
|
|
1.18
|
|
2.80
|
|
|
|
Fourth
|
Third
|
Fourth
|
|
|
|
|||||
|
|
quarter
|
quarter
|
quarter
|
|
Year
|
Year
|
|||||
$ million
|
|
2019
|
2019
|
2018
|
|
2019
|
2018
|
|||||
|
|
|
|
|
|
|
|
|||||
Profit (loss) for the period
|
|
18
|
|
(731
|
)
|
771
|
|
|
4,190
|
|
9,578
|
|
Other comprehensive income
|
|
|
|
|
|
|
|
|||||
Items that may be reclassified subsequently to profit or
loss
|
|
|
|
|
|
|
|
|||||
Currency
translation differences
|
|
1,404
|
|
(986
|
)
|
(937
|
)
|
|
1,538
|
|
(3,771
|
)
|
Exchange
(gains) losses on translation of foreign operations reclassified to
gain or loss on sale of businesses and fixed assets
|
|
880
|
|
—
|
|
—
|
|
|
880
|
|
—
|
|
Cash
flow hedges and costs of hedging
|
|
(76
|
)
|
(17
|
)
|
(68
|
)
|
|
59
|
|
(192
|
)
|
Share
of items relating to equity-accounted entities, net of
tax
|
|
43
|
|
119
|
|
200
|
|
|
82
|
|
417
|
|
Income
tax relating to items that may be reclassified
|
|
(39
|
)
|
12
|
|
33
|
|
|
(70
|
)
|
4
|
|
|
|
2,212
|
|
(872
|
)
|
(772
|
)
|
|
2,489
|
|
(3,542
|
)
|
Items that will not be reclassified to profit or loss
|
|
|
|
|
|
|
|
|||||
Remeasurements
of the net pension and other post-retirement benefit liability or
asset
|
|
1,480
|
|
(260
|
)
|
(651
|
)
|
|
328
|
|
2,317
|
|
Cash
flow hedges that will subsequently be transferred to the balance
sheet
|
|
6
|
|
(10
|
)
|
(8
|
)
|
|
(3
|
)
|
(37
|
)
|
Income
tax relating to items that will not be reclassified
|
|
(459
|
)
|
27
|
|
223
|
|
|
(157
|
)
|
(718
|
)
|
|
|
1,027
|
|
(243
|
)
|
(436
|
)
|
|
168
|
|
1,562
|
|
Other comprehensive income
|
|
3,239
|
|
(1,115
|
)
|
(1,208
|
)
|
|
2,657
|
|
(1,980
|
)
|
Total comprehensive income
|
|
3,257
|
|
(1,846
|
)
|
(437
|
)
|
|
6,847
|
|
7,598
|
|
Attributable to
|
|
|
|
|
|
|
|
|||||
BP
shareholders
|
|
3,240
|
|
(1,848
|
)
|
(444
|
)
|
|
6,674
|
|
7,444
|
|
Non-controlling
interests
|
|
17
|
|
2
|
|
7
|
|
|
173
|
|
154
|
|
|
|
3,257
|
|
(1,846
|
)
|
(437
|
)
|
|
6,847
|
|
7,598
|
|
|
|
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
|
|
6,674
|
|
173
|
|
6,847
|
|
Dividends
|
|
(6,929
|
)
|
(213
|
)
|
(7,142
|
)
|
Cash flow hedges transferred to the balance sheet, net of
tax
|
|
23
|
|
—
|
|
23
|
|
Repurchase
of ordinary share capital
|
|
(1,511
|
)
|
—
|
|
(1,511
|
)
|
Share-based payments, net of tax
|
|
719
|
|
—
|
|
719
|
|
Share
of equity-accounted entities’ changes in equity, net of
tax
|
|
5
|
|
—
|
|
5
|
|
Transactions involving non-controlling interests, net of
tax
|
|
316
|
|
233
|
|
549
|
|
At 31 December 2019
|
|
98,412
|
|
2,296
|
|
100,708
|
|
|
|
|
|
|
|||
|
|
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
|
|
7,444
|
|
154
|
|
7,598
|
|
Dividends
|
|
(6,699
|
)
|
(170
|
)
|
(6,869
|
)
|
Cash
flow hedges transferred to the balance sheet, net of
tax
|
|
26
|
|
—
|
|
26
|
|
Repurchase of ordinary share capital
|
|
(355
|
)
|
—
|
|
(355
|
)
|
Share-based payments, net of tax
|
|
703
|
|
—
|
|
703
|
|
Share of equity-accounted entities’ changes in equity, net of
tax
|
|
14
|
|
—
|
|
14
|
|
Transactions involving non-controlling interests, net of
tax
|
|
—
|
|
207
|
|
207
|
|
At 31 December 2018
|
|
99,444
|
|
2,104
|
|
101,548
|
|
|
|
31 December
|
31 December
|
||
$ million
|
|
2019
|
2018(a)
|
||
Non-current assets
|
|
|
|
||
Property, plant and equipment
|
|
132,642
|
|
135,261
|
|
Goodwill
|
|
11,868
|
|
12,204
|
|
Intangible assets
|
|
15,539
|
|
17,284
|
|
Investments in joint ventures
|
|
9,991
|
|
8,647
|
|
Investments in associates
|
|
20,334
|
|
17,673
|
|
Other investments
|
|
1,276
|
|
1,341
|
|
Fixed assets
|
|
191,650
|
|
192,410
|
|
Loans
|
|
630
|
|
637
|
|
Trade and other receivables
|
|
2,147
|
|
1,834
|
|
Derivative financial instruments
|
|
6,314
|
|
5,145
|
|
Prepayments
|
|
781
|
|
1,179
|
|
Deferred tax assets
|
|
4,560
|
|
3,706
|
|
Defined benefit pension plan surpluses
|
|
7,053
|
|
5,955
|
|
|
|
213,135
|
|
210,866
|
|
Current assets
|
|
|
|
||
Loans
|
|
339
|
|
326
|
|
Inventories
|
|
20,880
|
|
17,988
|
|
Trade and other receivables
|
|
24,442
|
|
24,478
|
|
Derivative financial instruments
|
|
4,153
|
|
3,846
|
|
Prepayments
|
|
857
|
|
963
|
|
Current tax receivable
|
|
1,282
|
|
1,019
|
|
Other investments
|
|
169
|
|
222
|
|
Cash and cash equivalents
|
|
22,472
|
|
22,468
|
|
|
|
74,594
|
|
71,310
|
|
Assets
classified as held for sale (Note 2)
|
|
7,465
|
|
—
|
|
|
|
82,059
|
|
71,310
|
|
Total assets
|
|
295,194
|
|
282,176
|
|
Current liabilities
|
|
|
|
||
Trade and other payables
|
|
46,829
|
|
46,265
|
|
Derivative financial instruments
|
|
3,261
|
|
3,308
|
|
Accruals
|
|
5,066
|
|
4,626
|
|
Lease liabilities
|
|
2,067
|
|
44
|
|
Finance debt
|
|
10,487
|
|
9,329
|
|
Current tax payable
|
|
2,039
|
|
2,101
|
|
Provisions
|
|
2,453
|
|
2,564
|
|
|
|
72,202
|
|
68,237
|
|
Liabilities directly associated with assets classified as held for
sale (Note 2)
|
|
1,393
|
|
—
|
|
|
|
73,595
|
|
68,237
|
|
Non-current liabilities
|
|
|
|
||
Other payables
|
|
12,626
|
|
13,830
|
|
Derivative financial instruments
|
|
5,537
|
|
5,625
|
|
Accruals
|
|
996
|
|
575
|
|
Lease liabilities
|
|
7,655
|
|
623
|
|
Finance debt
|
|
57,237
|
|
55,803
|
|
Deferred tax liabilities
|
|
9,750
|
|
9,812
|
|
Provisions
|
|
18,498
|
|
17,732
|
|
Defined benefit pension plan and other post-retirement benefit plan
deficits
|
|
8,592
|
|
8,391
|
|
|
|
120,891
|
|
112,391
|
|
Total liabilities
|
|
194,486
|
|
180,628
|
|
Net assets
|
|
100,708
|
|
101,548
|
|
Equity
|
|
|
|
||
BP shareholders’ equity
|
|
98,412
|
|
99,444
|
|
Non-controlling interests
|
|
2,296
|
|
2,104
|
|
Total equity
|
|
100,708
|
|
101,548
|
|
|
|
Fourth
|
Third
|
Fourth
|
|
|
|
|||||
|
|
quarter
|
quarter
|
quarter
|
|
Year
|
Year
|
|||||
$ million
|
|
2019
|
2019
|
2018
|
|
2019
|
2018
|
|||||
Operating activities
|
|
|
|
|
|
|
|
|||||
Profit (loss) before taxation
|
|
249
|
|
(25
|
)
|
2,388
|
|
|
8,154
|
|
16,723
|
|
Adjustments
to reconcile profit (loss) before taxation to net cash provided by
operating activities
|
|
|
|
|
|
|
|
|||||
Depreciation,
depletion and amortization and exploration expenditure written
off
|
|
4,589
|
|
4,412
|
|
4,338
|
|
|
18,411
|
|
16,542
|
|
Impairment
and (gain) loss on sale of businesses and fixed assets
|
|
3,609
|
|
3,415
|
|
(8
|
)
|
|
7,882
|
|
404
|
|
Earnings
from equity-accounted entities, less dividends
received
|
|
(75
|
)
|
(236
|
)
|
(30
|
)
|
|
(1,295
|
)
|
(2,218
|
)
|
Net
charge for interest and other finance expense, less net interest
paid
|
|
250
|
|
257
|
|
222
|
|
|
657
|
|
607
|
|
Share-based
payments
|
|
167
|
|
149
|
|
126
|
|
|
730
|
|
690
|
|
Net
operating charge for pensions and other post-retirement benefits,
less contributions and benefit payments for unfunded
plans
|
|
(43
|
)
|
(50
|
)
|
(60
|
)
|
|
(238
|
)
|
(386
|
)
|
Net
charge for provisions, less payments
|
|
270
|
|
(132
|
)
|
617
|
|
|
(176
|
)
|
986
|
|
Movements
in inventories and other current and non-current assets and
liabilities
|
|
(306
|
)
|
141
|
|
778
|
|
|
(2,918
|
)
|
(4,763
|
)
|
Income
taxes paid
|
|
(1,107
|
)
|
(1,875
|
)
|
(1,542
|
)
|
|
(5,437
|
)
|
(5,712
|
)
|
Net cash provided by operating activities
|
|
7,603
|
|
6,056
|
|
6,829
|
|
|
25,770
|
|
22,873
|
|
Investing activities
|
|
|
|
|
|
|
|
|||||
Expenditure
on property, plant and equipment, intangible and other
assets
|
|
(3,936
|
)
|
(3,954
|
)
|
(5,962
|
)
|
|
(15,418
|
)
|
(16,707
|
)
|
Acquisitions, net of cash acquired
|
|
(33
|
)
|
13
|
|
(6,379
|
)
|
|
(3,562
|
)
|
(6,986
|
)
|
Investment in joint ventures
|
|
(57
|
)
|
(60
|
)
|
(290
|
)
|
|
(137
|
)
|
(382
|
)
|
Investment in associates
|
|
(83
|
)
|
(22
|
)
|
(265
|
)
|
|
(304
|
)
|
(1,013
|
)
|
Total cash capital expenditure
|
|
(4,109
|
)
|
(4,023
|
)
|
(12,896
|
)
|
|
(19,421
|
)
|
(25,088
|
)
|
Proceeds from disposal of fixed assets
|
|
24
|
|
171
|
|
660
|
|
|
500
|
|
940
|
|
Proceeds from disposal of businesses, net of cash
disposed
|
|
792
|
|
536
|
|
1,758
|
|
|
1,701
|
|
1,911
|
|
Proceeds from loan repayments
|
|
64
|
|
63
|
|
619
|
|
|
246
|
|
666
|
|
Net cash used in investing activities
|
|
(3,229
|
)
|
(3,253
|
)
|
(9,859
|
)
|
|
(16,974
|
)
|
(21,571
|
)
|
Financing
activities(a)
|
|
|
|
|
|
|
|
|||||
Net
issue (repurchase) of shares (Note 8)
|
|
(1,171
|
)
|
(215
|
)
|
(16
|
)
|
|
(1,511
|
)
|
(355
|
)
|
Lease liability payments
|
|
(566
|
)
|
(594
|
)
|
(11
|
)
|
|
(2,372
|
)
|
(35
|
)
|
Proceeds from long-term financing
|
|
1,879
|
|
213
|
|
2,118
|
|
|
8,597
|
|
9,038
|
|
Repayments of long-term financing
|
|
(360
|
)
|
(516
|
)
|
(1,795
|
)
|
|
(7,118
|
)
|
(7,175
|
)
|
Net increase (decrease) in short-term debt
|
|
62
|
|
(852
|
)
|
889
|
|
|
180
|
|
1,317
|
|
Net increase (decrease) in non-controlling interests
|
|
566
|
|
—
|
|
—
|
|
|
566
|
|
—
|
|
Dividends paid - BP shareholders
|
|
(2,076
|
)
|
(1,656
|
)
|
(1,733
|
)
|
|
(6,946
|
)
|
(6,699
|
)
|
-
non-controlling interests
|
|
(47
|
)
|
(47
|
)
|
(41
|
)
|
|
(213
|
)
|
(170
|
)
|
Net cash provided by (used in) financing activities
|
|
(1,713
|
)
|
(3,667
|
)
|
(589
|
)
|
|
(8,817
|
)
|
(4,079
|
)
|
Currency translation differences relating to cash and cash
equivalents
|
|
119
|
|
(118
|
)
|
(105
|
)
|
|
25
|
|
(330
|
)
|
Increase (decrease) in cash and cash equivalents
|
|
2,780
|
|
(982
|
)
|
(3,724
|
)
|
|
4
|
|
(3,107
|
)
|
Cash and cash equivalents at beginning of period
|
|
19,692
|
|
20,674
|
|
26,192
|
|
|
22,468
|
|
25,575
|
|
Cash and cash equivalents at end of period
|
|
22,472
|
|
19,692
|
|
22,468
|
|
|
22,472
|
|
22,468
|
|
|
|
|
|
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
|
|
1 non-current
|
|
7,081
|
|
|
|
Fourth
|
Third
|
Fourth
|
|
|
|
|||||
|
|
quarter
|
quarter
|
quarter
|
|
Year
|
Year
|
|||||
$ million
|
|
2019
|
2019
|
2018
|
|
2019
|
2018
|
|||||
Upstream
|
|
614
|
|
(1,050
|
)
|
4,168
|
|
|
4,917
|
|
14,328
|
|
Downstream
|
|
1,433
|
|
2,016
|
|
2,138
|
|
|
6,502
|
|
6,940
|
|
Rosneft
|
|
503
|
|
802
|
|
400
|
|
|
2,316
|
|
2,221
|
|
Other businesses and corporate
|
|
(1,432
|
)
|
(412
|
)
|
(1,110
|
)
|
|
(2,771
|
)
|
(3,521
|
)
|
|
|
1,118
|
|
1,356
|
|
5,596
|
|
|
10,964
|
|
19,968
|
|
Consolidation adjustment – UPII*
|
|
24
|
|
30
|
|
142
|
|
|
75
|
|
211
|
|
RC profit (loss) before interest and tax*
|
|
1,142
|
|
1,386
|
|
5,738
|
|
|
11,039
|
|
20,179
|
|
Inventory holding gains (losses)*
|
|
|
|
|
|
|
|
|||||
Upstream
|
|
—
|
|
—
|
|
(12
|
)
|
|
(8
|
)
|
(6
|
)
|
Downstream
|
|
(21
|
)
|
(433
|
)
|
(2,470
|
)
|
|
685
|
|
(862
|
)
|
Rosneft
(net of tax)
|
|
31
|
|
(79
|
)
|
(92
|
)
|
|
(10
|
)
|
67
|
|
Profit (loss) before interest and tax
|
|
1,152
|
|
874
|
|
3,164
|
|
|
11,706
|
|
19,378
|
|
Finance costs
|
|
886
|
|
883
|
|
742
|
|
|
3,489
|
|
2,528
|
|
Net
finance expense relating to pensions and other post-retirement
benefits
|
|
17
|
|
16
|
|
34
|
|
|
63
|
|
127
|
|
Profit (loss) before taxation
|
|
249
|
|
(25
|
)
|
2,388
|
|
|
8,154
|
|
16,723
|
|
|
|
|
|
|
|
|
|
|||||
RC profit (loss) before interest and tax*
|
|
|
|
|
|
|
|
|||||
US
|
|
(1,603
|
)
|
(2,425
|
)
|
1,487
|
|
|
(2,759
|
)
|
3,041
|
|
Non-US
|
|
2,745
|
|
3,811
|
|
4,251
|
|
|
13,798
|
|
17,138
|
|
|
|
1,142
|
|
1,386
|
|
5,738
|
|
|
11,039
|
|
20,179
|
|
|
|
Fourth
|
Third
|
Fourth
|
|
|
|
|||||
|
|
quarter
|
quarter
|
quarter
|
|
Year
|
Year
|
|||||
$ million
|
|
2019
|
2019
|
2018
|
|
2019
|
2018
|
|||||
By segment
|
|
|
|
|
|
|
|
|||||
Upstream
|
|
13,955
|
|
12,396
|
|
15,050
|
|
|
54,501
|
|
56,399
|
|
Downstream
|
|
64,251
|
|
61,834
|
|
67,733
|
|
|
250,897
|
|
270,689
|
|
Other businesses and corporate
|
|
538
|
|
461
|
|
536
|
|
|
1,788
|
|
1,678
|
|
|
|
78,744
|
|
74,691
|
|
83,319
|
|
|
307,186
|
|
328,766
|
|
|
|
|
|
|
|
|
|
|||||
Less: sales and other operating revenues between
segments
|
|
|
|
|
|
|
|
|||||
Upstream
|
|
6,823
|
|
6,406
|
|
8,669
|
|
|
27,034
|
|
28,565
|
|
Downstream
|
|
384
|
|
(59
|
)
|
(1,232
|
)
|
|
973
|
|
574
|
|
Other businesses and corporate
|
|
428
|
|
53
|
|
205
|
|
|
782
|
|
871
|
|
|
|
7,635
|
|
6,400
|
|
7,642
|
|
|
28,789
|
|
30,010
|
|
|
|
|
|
|
|
|
|
|||||
Third party sales and other operating revenues
|
|
|
|
|
|
|
|
|||||
Upstream
|
|
7,132
|
|
5,990
|
|
6,381
|
|
|
27,467
|
|
27,834
|
|
Downstream
|
|
63,867
|
|
61,893
|
|
68,965
|
|
|
249,924
|
|
270,115
|
|
Other businesses and corporate
|
|
110
|
|
408
|
|
331
|
|
|
1,006
|
|
807
|
|
Total sales and other operating revenues
|
|
71,109
|
|
68,291
|
|
75,677
|
|
|
278,397
|
|
298,756
|
|
|
|
|
|
|
|
|
|
|||||
By geographical area
|
|
|
|
|
|
|
|
|||||
US
|
|
24,148
|
|
23,413
|
|
26,890
|
|
|
95,495
|
|
104,759
|
|
Non-US
|
|
54,450
|
|
51,030
|
|
53,540
|
|
|
208,031
|
|
219,681
|
|
|
|
78,598
|
|
74,443
|
|
80,430
|
|
|
303,526
|
|
324,440
|
|
Less: sales and other operating revenues between areas
|
|
7,489
|
|
6,152
|
|
4,753
|
|
|
25,129
|
|
25,684
|
|
|
|
71,109
|
|
68,291
|
|
75,677
|
|
|
278,397
|
|
298,756
|
|
|
|
|
|
|
|
|
|
|||||
Revenues from contracts with customers
|
|
|
|
|
|
|
|
|||||
Sales and other operating revenues include the following in
relation to revenues from contracts with customers:
|
|
|
|
|
|
|
|
|||||
Crude oil
|
|
16,276
|
|
14,502
|
|
15,448
|
|
|
62,130
|
|
65,276
|
|
Oil products
|
|
46,279
|
|
44,667
|
|
47,847
|
|
|
180,528
|
|
195,466
|
|
Natural gas, LNG and NGLs
|
|
5,086
|
|
4,465
|
|
5,862
|
|
|
20,167
|
|
21,745
|
|
Non-oil products and other revenues from contracts with
customers
|
|
3,280
|
|
3,300
|
|
3,618
|
|
|
13,254
|
|
13,768
|
|
|
|
70,921
|
|
66,934
|
|
72,775
|
|
|
276,079
|
|
296,255
|
|
|
|
Fourth
|
Third
|
Fourth
|
|
|
|
|||||
|
|
quarter
|
quarter
|
quarter
|
|
Year
|
Year
|
|||||
$ million
|
|
2019
|
2019
|
2018
|
|
2019
|
2018
|
|||||
Upstream
|
|
|
|
|
|
|
|
|||||
US
|
|
1,150
|
|
1,121
|
|
1,137
|
|
|
4,672
|
|
4,211
|
|
Non-US
|
|
2,371
|
|
2,295
|
|
2,242
|
|
|
9,560
|
|
8,907
|
|
|
|
3,521
|
|
3,416
|
|
3,379
|
|
|
14,232
|
|
13,118
|
|
Downstream
|
|
|
|
|
|
|
|
|||||
US
|
|
343
|
|
336
|
|
240
|
|
|
1,335
|
|
900
|
|
Non-US
|
|
417
|
|
394
|
|
298
|
|
|
1,586
|
|
1,177
|
|
|
|
760
|
|
730
|
|
538
|
|
|
2,921
|
|
2,077
|
|
Other businesses and corporate
|
|
|
|
|
|
|
|
|||||
US
|
|
14
|
|
14
|
|
11
|
|
|
55
|
|
59
|
|
Non-US
|
|
139
|
|
137
|
|
59
|
|
|
572
|
|
203
|
|
|
|
153
|
|
151
|
|
70
|
|
|
627
|
|
262
|
|
Total group
|
|
4,434
|
|
4,297
|
|
3,987
|
|
|
17,780
|
|
15,457
|
|
|
|
Fourth
|
Third
|
Fourth
|
|
|
|
|||||
|
|
quarter
|
quarter
|
quarter
|
|
Year
|
Year
|
|||||
$ million
|
|
2019
|
2019
|
2018
|
|
2019
|
2018
|
|||||
US
|
|
89
|
|
66
|
|
99
|
|
|
315
|
|
369
|
|
Non-US
|
|
323
|
|
274
|
|
87
|
|
|
1,232
|
|
1,167
|
|
|
|
412
|
|
340
|
|
186
|
|
|
1,547
|
|
1,536
|
|
|
|
Fourth
|
Third
|
Fourth
|
|
|
|
|||||
|
|
quarter
|
quarter
|
quarter
|
|
Year
|
Year
|
|||||
$ million
|
|
2019
|
2019
|
2018
|
|
2019
|
2018
|
|||||
Results for the period
|
|
|
|
|
|
|
|
|||||
Profit
(loss) for the period attributable to BP shareholders
|
|
19
|
|
(749
|
)
|
766
|
|
|
4,026
|
|
9,383
|
|
Less: preference dividend
|
|
—
|
|
—
|
|
—
|
|
|
1
|
|
1
|
|
Profit
(loss) attributable to BP ordinary shareholders
|
|
19
|
|
(749
|
)
|
766
|
|
|
4,025
|
|
9,382
|
|
|
|
|
|
|
|
|
|
|||||
Number of shares (thousand)(a)(b)
|
|
|
|
|
|
|
|
|||||
Basic
weighted average number of shares outstanding
|
|
20,254,234
|
|
20,371,728
|
|
20,007,781
|
|
|
20,284,859
|
|
19,970,215
|
|
ADS equivalent
|
|
3,375,705
|
|
3,395,288
|
|
3,334,630
|
|
|
3,380,809
|
|
3,328,369
|
|
|
|
|
|
|
|
|
|
|||||
Weighted
average number of shares outstanding used to calculate diluted
earnings per share
|
|
20,351,808
|
|
20,371,728
|
|
20,133,087
|
|
|
20,399,670
|
|
20,102,493
|
|
ADS equivalent
|
|
3,391,968
|
|
3,395,288
|
|
3,355,514
|
|
|
3,399,945
|
|
3,350,415
|
|
|
|
|
|
|
|
|
|
|||||
Shares in issue at period-end
|
|
20,241,170
|
|
20,417,220
|
|
20,101,658
|
|
|
20,241,170
|
|
20,101,658
|
|
ADS equivalent
|
|
3,373,528
|
|
3,402,870
|
|
3,350,276
|
|
|
3,373,528
|
|
3,350,276
|
|
|
|
Fourth
|
Third
|
Fourth
|
|
|
|
|||||
|
|
quarter
|
quarter
|
quarter
|
|
Year
|
Year
|
|||||
|
|
2019
|
2019
|
2018
|
|
2019
|
2018
|
|||||
Dividends paid per ordinary share
|
|
|
|
|
|
|
|
|||||
cents
|
|
10.250
|
|
10.250
|
|
10.250
|
|
|
41.000
|
|
40.500
|
|
pence
|
|
7.825
|
|
8.348
|
|
8.025
|
|
|
31.977
|
|
30.568
|
|
Dividends paid per ADS (cents)
|
|
61.50
|
|
61.50
|
|
61.50
|
|
|
246.00
|
|
243.00
|
|
Scrip dividends
|
|
|
|
|
|
|
|
|||||
Number of shares issued (millions)
|
|
—
|
|
72.5
|
|
47.5
|
|
|
208.9
|
|
195.3
|
|
Value of shares issued ($ million)
|
|
—
|
|
440
|
|
322
|
|
|
1,387
|
|
1,381
|
|
Net debt*
|
|
Fourth
|
Third
|
Fourth
|
|
|
|
|||||
|
|
quarter
|
quarter
|
quarter
|
|
Year
|
Year
|
|||||
$ million
|
|
2019
|
2019
|
2018
|
|
2019
|
2018
|
|||||
Finance
debt(a)
|
|
67,724
|
|
65,867
|
|
65,132
|
|
|
67,724
|
|
65,132
|
|
Fair
value (asset) liability of hedges related to finance
debt(b)
|
|
190
|
|
319
|
|
813
|
|
|
190
|
|
813
|
|
|
|
67,914
|
|
66,186
|
|
65,945
|
|
|
67,914
|
|
65,945
|
|
Less: cash and cash equivalents
|
|
22,472
|
|
19,692
|
|
22,468
|
|
|
22,472
|
|
22,468
|
|
Net debt
|
|
45,442
|
|
46,494
|
|
43,477
|
|
|
45,442
|
|
43,477
|
|
Total equity
|
|
100,708
|
|
100,015
|
|
101,548
|
|
|
100,708
|
|
101,548
|
|
Gearing*
|
|
31.1%
|
31.7%
|
30.0%
|
|
31.1%
|
30.0%
|
Net debt including leases*
|
|
Fourth
|
Third
|
Fourth
|
|
|
|
|||||
|
|
quarter
|
quarter
|
quarter
|
|
Year
|
Year
|
|||||
$ million
|
|
2019
|
2019
|
2018
|
|
2019
|
2018
|
|||||
Net debt
|
|
45,442
|
|
46,494
|
|
43,477
|
|
|
45,442
|
|
43,477
|
|
Lease liabilities
|
|
9,722
|
|
9,639
|
|
667
|
|
|
9,722
|
|
667
|
|
Net
partner (receivable) payable for leases entered into on behalf of
joint operations
|
|
(158
|
)
|
(197
|
)
|
—
|
|
|
(158
|
)
|
—
|
|
Net debt including leases
|
|
55,006
|
|
55,936
|
|
44,144
|
|
|
55,006
|
|
44,144
|
|
|
|
31 December
|
31 December
|
||
$ billion
|
|
2019
|
2018
|
||
Property,
plant and equipment(a)
(b)
|
|
9.0
|
|
0.5
|
|
Lease
liabilities(a)
|
|
9.7
|
|
0.7
|
|
Finance debt
|
|
67.7
|
|
65.1
|
|
|
|
Fourth
|
Third
|
Fourth
|
|
|
|
|||||
|
|
quarter
|
quarter
|
quarter
|
|
Year
|
Year
|
|||||
$ billion
|
|
2019
|
2019
|
2018
|
|
2019
|
2018
|
|||||
Financing activities
|
|
|
|
|
|
|
|
|||||
Lease
liability payments(a)
|
|
(0.6
|
)
|
(0.6
|
)
|
—
|
|
|
(2.4
|
)
|
—
|
|
|
|
Fourth
|
Third
|
Fourth
|
|
|
|
|||||
|
|
quarter
|
quarter
|
quarter
|
|
Year
|
Year
|
|||||
$ million
|
|
2019
|
2019
|
2018
|
|
2019
|
2018
|
|||||
Capital expenditure on a cash basis
|
|
|
|
|
|
|
|
|||||
Organic capital expenditure*
|
|
3,958
|
|
3,946
|
|
4,402
|
|
|
15,238
|
|
15,140
|
|
Inorganic
capital expenditure*(a)
|
|
151
|
|
77
|
|
8,494
|
|
|
4,183
|
|
9,948
|
|
|
|
4,109
|
|
4,023
|
|
12,896
|
|
|
19,421
|
|
25,088
|
|
|
|
Fourth
|
Third
|
Fourth
|
|
|
|
|||||
|
|
quarter
|
quarter
|
quarter
|
|
Year
|
Year
|
|||||
$ million
|
|
2019
|
2019
|
2018
|
|
2019
|
2018
|
|||||
Organic capital expenditure by segment
|
|
|
|
|
|
|
|
|||||
Upstream
|
|
|
|
|
|
|
|
|||||
US
|
|
1,029
|
|
1,036
|
|
1,048
|
|
|
4,019
|
|
3,482
|
|
Non-US
|
|
2,029
|
|
2,110
|
|
2,419
|
|
|
7,885
|
|
8,545
|
|
|
|
3,058
|
|
3,146
|
|
3,467
|
|
|
11,904
|
|
12,027
|
|
Downstream
|
|
|
|
|
|
|
|
|||||
US
|
|
258
|
|
197
|
|
237
|
|
|
913
|
|
877
|
|
Non-US
|
|
522
|
|
558
|
|
562
|
|
|
2,084
|
|
1,904
|
|
|
|
780
|
|
755
|
|
799
|
|
|
2,997
|
|
2,781
|
|
Other businesses and corporate
|
|
|
|
|
|
|
|
|||||
US
|
|
15
|
|
8
|
|
34
|
|
|
47
|
|
54
|
|
Non-US
|
|
105
|
|
37
|
|
102
|
|
|
290
|
|
278
|
|
|
|
120
|
|
45
|
|
136
|
|
|
337
|
|
332
|
|
|
|
3,958
|
|
3,946
|
|
4,402
|
|
|
15,238
|
|
15,140
|
|
Organic capital expenditure by geographical area
|
|
|
|
|
|
|
|
|||||
US
|
|
1,302
|
|
1,241
|
|
1,319
|
|
|
4,979
|
|
4,413
|
|
Non-US
|
|
2,656
|
|
2,705
|
|
3,083
|
|
|
10,259
|
|
10,727
|
|
|
|
3,958
|
|
3,946
|
|
4,402
|
|
|
15,238
|
|
15,140
|
|
|
|
Fourth
|
Third
|
Fourth
|
|
|
|
|||||
|
|
quarter
|
quarter
|
quarter
|
|
Year
|
Year
|
|||||
$ million
|
|
2019
|
2019
|
2018(a)
|
|
2019
|
2018(a)
|
|||||
Upstream
|
|
|
|
|
|
|
|
|||||
Impairment
and gain (loss) on sale of businesses and fixed assets(b)
|
|
(2,680
|
)
|
(3,406
|
)
|
34
|
|
|
(6,893
|
)
|
(90
|
)
|
Environmental and other provisions
|
|
(32
|
)
|
—
|
|
(35
|
)
|
|
(32
|
)
|
(35
|
)
|
Restructuring, integration and rationalization costs
|
|
(13
|
)
|
(24
|
)
|
(53
|
)
|
|
(89
|
)
|
(131
|
)
|
Fair value gain (loss) on embedded derivatives
|
|
—
|
|
—
|
|
—
|
|
|
—
|
|
17
|
|
Other(c)
|
|
2
|
|
(24
|
)
|
190
|
|
|
67
|
|
56
|
|
|
|
(2,723
|
)
|
(3,454
|
)
|
136
|
|
|
(6,947
|
)
|
(183
|
)
|
Downstream
|
|
|
|
|
|
|
|
|||||
Impairment and gain (loss) on sale of businesses and fixed
assets
|
|
(16
|
)
|
(9
|
)
|
(20
|
)
|
|
(72
|
)
|
(54
|
)
|
Environmental and other provisions
|
|
(77
|
)
|
(1
|
)
|
(83
|
)
|
|
(78
|
)
|
(83
|
)
|
Restructuring, integration and rationalization costs
|
|
71
|
|
(4
|
)
|
(279
|
)
|
|
85
|
|
(405
|
)
|
Fair value gain (loss) on embedded derivatives
|
|
—
|
|
—
|
|
—
|
|
|
—
|
|
—
|
|
Other
|
|
(6
|
)
|
—
|
|
(19
|
)
|
|
(12
|
)
|
(174
|
)
|
|
|
(28
|
)
|
(14
|
)
|
(401
|
)
|
|
(77
|
)
|
(716
|
)
|
Rosneft
|
|
|
|
|
|
|
|
|||||
Impairment and gain (loss) on sale of businesses and fixed
assets
|
|
91
|
|
—
|
|
(31
|
)
|
|
(103
|
)
|
(95
|
)
|
Environmental and other provisions
|
|
—
|
|
—
|
|
—
|
|
|
—
|
|
—
|
|
Restructuring, integration and rationalization costs
|
|
—
|
|
—
|
|
—
|
|
|
—
|
|
—
|
|
Fair value gain (loss) on embedded derivatives
|
|
—
|
|
—
|
|
—
|
|
|
—
|
|
—
|
|
Other
|
|
—
|
|
—
|
|
—
|
|
|
—
|
|
—
|
|
|
|
91
|
|
—
|
|
(31
|
)
|
|
(103
|
)
|
(95
|
)
|
Other businesses and corporate
|
|
|
|
|
|
|
|
|||||
Impairment
and gain (loss) on sale of businesses and fixed assets(d)
|
|
(913
|
)
|
—
|
|
(6
|
)
|
|
(917
|
)
|
(260
|
)
|
Environmental
and other provisions(e)
|
|
(203
|
)
|
—
|
|
(575
|
)
|
|
(231
|
)
|
(640
|
)
|
Restructuring, integration and rationalization costs
|
|
(1
|
)
|
—
|
|
(112
|
)
|
|
6
|
|
(190
|
)
|
Fair value gain (loss) on embedded derivatives
|
|
—
|
|
—
|
|
—
|
|
|
—
|
|
—
|
|
Gulf of Mexico oil spill
|
|
(63
|
)
|
(84
|
)
|
(67
|
)
|
|
(319
|
)
|
(714
|
)
|
Other
|
|
(2
|
)
|
(6
|
)
|
(6
|
)
|
|
(30
|
)
|
(159
|
)
|
|
|
(1,182
|
)
|
(90
|
)
|
(766
|
)
|
|
(1,491
|
)
|
(1,963
|
)
|
Total before interest and taxation
|
|
(3,842
|
)
|
(3,558
|
)
|
(1,062
|
)
|
|
(8,618
|
)
|
(2,957
|
)
|
Finance
costs(f)
|
|
(122
|
)
|
(145
|
)
|
(122
|
)
|
|
(511
|
)
|
(479
|
)
|
Total before taxation
|
|
(3,964
|
)
|
(3,703
|
)
|
(1,184
|
)
|
|
(9,129
|
)
|
(3,436
|
)
|
Taxation
credit (charge) on non-operating items
|
|
822
|
|
772
|
|
(2
|
)
|
|
1,943
|
|
631
|
|
Total after taxation for period
|
|
(3,142
|
)
|
(2,931
|
)
|
(1,186
|
)
|
|
(7,186
|
)
|
(2,805
|
)
|
|
|
Fourth
|
Third
|
Fourth
|
|
|
|
|||||
|
|
quarter
|
quarter
|
quarter
|
|
Year
|
Year
|
|||||
$ million
|
|
2019
|
2019
|
2018
|
|
2019
|
2018
|
|||||
Favourable (adverse) impact relative to management’s measure
of performance
|
|
|
|
|
|
|
|
|||||
Upstream
|
|
659
|
|
265
|
|
146
|
|
|
706
|
|
(39
|
)
|
Downstream
|
|
23
|
|
147
|
|
370
|
|
|
160
|
|
95
|
|
|
|
682
|
|
412
|
|
516
|
|
|
866
|
|
56
|
|
Taxation credit (charge)
|
|
(111
|
)
|
(86
|
)
|
(90
|
)
|
|
(155
|
)
|
12
|
|
|
|
571
|
|
326
|
|
426
|
|
|
711
|
|
68
|
|
|
|
Fourth
|
Third
|
Fourth
|
|
|
|
|||||
|
|
quarter
|
quarter
|
quarter
|
|
Year
|
Year
|
|||||
$ million
|
|
2019
|
2019
|
2018
|
|
2019
|
2018
|
|||||
Upstream
|
|
|
|
|
|
|
|
|||||
Replacement
cost profit (loss) before interest and tax adjusted for fair value
accounting effects
|
|
(45
|
)
|
(1,315
|
)
|
4,022
|
|
|
4,211
|
|
14,367
|
|
Impact of fair value accounting effects
|
|
659
|
|
265
|
|
146
|
|
|
706
|
|
(39
|
)
|
Replacement cost profit (loss) before interest and tax
|
|
614
|
|
(1,050
|
)
|
4,168
|
|
|
4,917
|
|
14,328
|
|
Downstream
|
|
|
|
|
|
|
|
|||||
Replacement
cost profit (loss) before interest and tax adjusted for fair value
accounting effects
|
|
1,410
|
|
1,869
|
|
1,768
|
|
|
6,342
|
|
6,845
|
|
Impact of fair value accounting effects
|
|
23
|
|
147
|
|
370
|
|
|
160
|
|
95
|
|
Replacement cost profit (loss) before interest and tax
|
|
1,433
|
|
2,016
|
|
2,138
|
|
|
6,502
|
|
6,940
|
|
Total group
|
|
|
|
|
|
|
|
|||||
Profit
(loss) before interest and tax adjusted for fair value accounting
effects
|
|
470
|
|
462
|
|
2,648
|
|
|
10,840
|
|
19,322
|
|
Impact of fair value accounting effects
|
|
682
|
|
412
|
|
516
|
|
|
866
|
|
56
|
|
Profit (loss) before interest and tax
|
|
1,152
|
|
874
|
|
3,164
|
|
|
11,706
|
|
19,378
|
|
|
|
31 December
|
31 December
|
||
$ million
|
|
2019
|
2018
|
||
RMI at fair value*
|
|
6,837
|
|
4,202
|
|
Paid-up RMI*
|
|
3,217
|
|
1,641
|
|
|
|
31 December
|
31 December
|
||
$ million
|
|
2019
|
2018
|
||
Reconciliation of total inventory to paid-up RMI
|
|
|
|
||
Inventories as reported on the group balance sheet under
IFRS
|
|
20,880
|
|
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
|
|
(14,280
|
)
|
(14,066
|
)
|
|
|
6,600
|
|
3,922
|
|
Plus: difference between RMI at fair value and RMI on an IFRS
basis
|
|
237
|
|
280
|
|
RMI at fair value
|
|
6,837
|
|
4,202
|
|
Less: unpaid RMI* at fair value
|
|
(3,620
|
)
|
(2,561
|
)
|
Paid-up RMI
|
|
3,217
|
|
1,641
|
|
|
|
Fourth
|
Third
|
Fourth
|
|
|
|
|||||
|
|
quarter
|
quarter
|
quarter
|
|
Year
|
Year
|
|||||
$ million
|
|
2019
|
2019
|
2018
|
|
2019
|
2018
|
|||||
Net
cash provided by operating activities as per condensed group cash
flow statement
|
|
7,603
|
|
6,056
|
|
6,829
|
|
|
25,770
|
|
22,873
|
|
Exclude
net cash from operating activities relating to the Gulf of Mexico
oil spill on a post-tax basis
|
|
(42
|
)
|
409
|
|
272
|
|
|
2,429
|
|
3,218
|
|
Operating cash flow, excluding Gulf of Mexico oil spill
payments*
|
|
7,561
|
|
6,465
|
|
7,101
|
|
|
28,199
|
|
26,091
|
|
|
|
31 December
|
31 December
|
||
$ million
|
|
2019
|
2018
|
||
Trade and other payables
|
|
(12,480
|
)
|
(14,201
|
)
|
Provisions
|
|
(189
|
)
|
(345
|
)
|
Gulf of Mexico oil spill payables and provisions
|
|
(12,669
|
)
|
(14,546
|
)
|
Of
which - current
|
|
(1,800
|
)
|
(2,612
|
)
|
|
|
|
|
||
Deferred tax asset
|
|
5,526
|
|
5,562
|
|
|
|
Fourth
|
Third
|
Fourth
|
|
|
|
|||||
|
|
quarter
|
quarter
|
quarter
|
|
Year
|
Year
|
|||||
$ 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
|
|
(306
|
)
|
141
|
|
778
|
|
|
(2,918
|
)
|
(4,763
|
)
|
Adjustments
to exclude movements in inventories and other current and
non-current assets and liabilities for the Gulf of Mexico oil
spill
|
|
91
|
|
413
|
|
238
|
|
|
2,586
|
|
3,057
|
|
Adjusted for Inventory holding gains (losses)* (Note
4)
|
|
|
|
|
|
|
|
|||||
Upstream
|
|
—
|
|
—
|
|
(12
|
)
|
|
(8
|
)
|
(6
|
)
|
Downstream
|
|
(21
|
)
|
(433
|
)
|
(2,470
|
)
|
|
685
|
|
(862
|
)
|
Working capital release (build)
|
|
(236
|
)
|
121
|
|
(1,466
|
)
|
|
345
|
|
(2,574
|
)
|
|
|
Fourth
|
Third
|
Fourth
|
|
|
|
|||||
|
|
quarter
|
quarter
|
quarter
|
|
Year
|
Year
|
|||||
|
|
2019
|
2019
|
2018
|
|
2019
|
2018
|
|||||
Average realizations(a)
|
|
|
|
|
|
|
|
|||||
Liquids* ($/bbl)
|
|
|
|
|
|
|
|
|||||
US
|
|
49.34
|
|
50.46
|
|
61.61
|
|
|
51.88
|
|
61.72
|
|
Europe
|
|
63.01
|
|
61.90
|
|
65.07
|
|
|
63.95
|
|
69.20
|
|
Rest of World
|
|
60.34
|
|
59.14
|
|
61.42
|
|
|
61.50
|
|
66.68
|
|
BP Average
|
|
55.90
|
|
55.68
|
|
61.80
|
|
|
57.73
|
|
64.98
|
|
Natural gas ($/mcf)
|
|
|
|
|
|
|
|
|||||
US
|
|
1.65
|
|
1.72
|
|
3.10
|
|
|
1.93
|
|
2.43
|
|
Europe
|
|
4.06
|
|
3.03
|
|
8.80
|
|
|
4.01
|
|
7.71
|
|
Rest of World
|
|
3.77
|
|
3.82
|
|
4.77
|
|
|
4.10
|
|
4.37
|
|
BP Average
|
|
3.12
|
|
3.11
|
|
4.33
|
|
|
3.39
|
|
3.92
|
|
Total hydrocarbons* ($/boe)
|
|
|
|
|
|
|
|
|||||
US
|
|
31.84
|
|
31.23
|
|
42.50
|
|
|
33.30
|
|
41.59
|
|
Europe
|
|
51.91
|
|
52.47
|
|
61.98
|
|
|
56.87
|
|
64.11
|
|
Rest of World
|
|
37.91
|
|
36.82
|
|
41.64
|
|
|
39.23
|
|
42.65
|
|
BP Average
|
|
36.42
|
|
35.48
|
|
42.98
|
|
|
38.00
|
|
43.47
|
|
Average oil marker prices ($/bbl)
|
|
|
|
|
|
|
|
|||||
Brent
|
|
63.08
|
|
62.00
|
|
68.81
|
|
|
64.21
|
|
71.31
|
|
West Texas Intermediate
|
|
56.88
|
|
56.40
|
|
59.98
|
|
|
57.03
|
|
65.20
|
|
Western Canadian Select
|
|
37.70
|
|
43.61
|
|
25.31
|
|
|
43.42
|
|
38.27
|
|
Alaska North Slope
|
|
64.32
|
|
62.98
|
|
69.53
|
|
|
65.00
|
|
71.54
|
|
Mars
|
|
57.85
|
|
59.19
|
|
64.45
|
|
|
60.84
|
|
66.86
|
|
Urals (NWE – cif)
|
|
60.74
|
|
60.82
|
|
68.02
|
|
|
62.96
|
|
69.89
|
|
Average natural gas marker prices
|
|
|
|
|
|
|
|
|||||
Henry
Hub gas price(b) ($/mmBtu)
|
|
2.50
|
|
2.23
|
|
3.65
|
|
|
2.63
|
|
3.09
|
|
UK Gas – National Balancing Point (p/therm)
|
|
31.77
|
|
27.46
|
|
65.13
|
|
|
34.70
|
|
60.38
|
|
|
|
Fourth
|
Third
|
Fourth
|
|
|
|
|||||
|
|
quarter
|
quarter
|
quarter
|
|
Year
|
Year
|
|||||
|
|
2019
|
2019
|
2018
|
|
2019
|
2018
|
|||||
$/£ average rate for the period
|
|
1.29
|
|
1.23
|
|
1.29
|
|
|
1.28
|
|
1.33
|
|
$/£ period-end rate
|
|
1.31
|
|
1.23
|
|
1.27
|
|
|
1.31
|
|
1.27
|
|
|
|
|
|
|
|
|
|
|||||
$/€ average rate for the period
|
|
1.11
|
|
1.11
|
|
1.14
|
|
|
1.12
|
|
1.18
|
|
$/€ period-end rate
|
|
1.12
|
|
1.09
|
|
1.14
|
|
|
1.12
|
|
1.14
|
|
|
|
|
|
|
|
|
|
|||||
Rouble/$ average rate for the period
|
|
63.74
|
|
64.64
|
|
66.48
|
|
|
64.73
|
|
62.73
|
|
Rouble/$ period-end rate
|
|
61.98
|
|
64.32
|
|
69.57
|
|
|
61.98
|
|
69.57
|
|
|
|
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: 04
February 2020
|
|
|
/s/ Ben
J. S. Mathews
|
|
------------------------
|
|
Ben J.
S. Mathews
|
|
Company
Secretary
|