FOR IMMEDIATE RELEASE
|
Top of
page 1
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London 28 April 2020
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BP p.l.c. Group results
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First quarter 2020
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Bernard Looney –
Chief executive officer:
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This
extraordinary time for the world demands extraordinary responses.
And thankfully we are seeing that just about everywhere we look
around the world. Our industry has been hit by supply and demand
shocks on a scale never seen before, but that is no excuse to turn
inward. BP, like many other companies, is stepping up and extending
a helping hand to those in need. We do it not because it is
expected of us – but because we want to. That is consistent
with our purpose.
We are
focusing our efforts on protecting our people, supporting our
communities and strengthening our finances. I am incredibly proud
of the work that our people are doing in all three areas,
particularly our colleagues in operations – from rigs to
retail and everywhere in between – who are continuing to
deliver energy and provide goods in the most difficult of
circumstances.
At the
same time, we are taking decisive actions to strengthen our
finances – reinforcing liquidity, rapidly reducing spending
and costs, driving our cash balance point lower.
We are
determined to perform with purpose and remain committed to
delivering our net zero ambition.
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Financial summary
|
|
First
|
Fourth
|
First
|
|||
|
|
quarter
|
quarter
|
quarter
|
|||
$ million
|
|
2020
|
2019
|
2019
|
|||
Profit (loss) for the period attributable to BP
shareholders
|
|
(4,365
|
)
|
19
|
|
2,934
|
|
Inventory holding (gains) losses, net of tax
|
|
3,737
|
|
(23
|
)
|
(839
|
)
|
RC profit (loss)
|
|
(628
|
)
|
(4
|
)
|
2,095
|
|
Net
(favourable) adverse impact of non-operating items and fair value
accounting effects, net of tax
|
|
1,419
|
|
2,571
|
|
263
|
|
Underlying RC profit
|
|
791
|
|
2,567
|
|
2,358
|
|
RC profit (loss) per ordinary share (cents)
|
|
(3.11
|
)
|
(0.02
|
)
|
10.38
|
|
RC profit (loss) per ADS (dollars)
|
|
(0.19
|
)
|
0.00
|
|
0.62
|
|
Underlying RC profit per ordinary share (cents)
|
|
3.92
|
|
12.67
|
|
11.69
|
|
Underlying RC profit per ADS (dollars)
|
|
0.24
|
|
0.76
|
|
0.70
|
|
The commentary above and following should be read in conjunction
with the cautionary statement on page 33.
|
Group headlines
Results
For the
first quarter, underlying RC profit was $791 million, compared with
$2,358 million in 2019. Underlying RC profit is after adjusting RC
loss for a net charge for non-operating items of $1,391 million and
net adverse fair value accounting effects of $28 million (both on a
post-tax basis).
RC loss
was $628 million for the first quarter, compared with a profit
of $2,095 million in
2019.
Loss
for the first quarter attributable to BP shareholders was $4,365
million, compared with a profit of $2,934 million for the same
period in 2019.
See
further information on pages 4, 25 and 26.
Effective tax rate
The
effective tax rate (ETR) on RC profit or loss* for the first
quarter was 280%, compared with 42% for the same period in 2019.
Adjusting for non-operating items and fair value accounting
effects, the underlying ETR* for the first quarter was 55%,
compared with 40% for the same period a year ago. The higher
underlying ETR for the first quarter reflects charges for the
reassessment of the recognition of deferred tax assets. The
underlying effective tax rate for the full year is sensitive to the
volatility in the current environment and updates will be provided
throughout the year. 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 19 June
2020. The corresponding amount in sterling will be announced on 8
June 2020. See page 22 for more information.
Share buybacks
BP
repurchased 120 million ordinary shares at a cost of $776 million
(including fees and stamp duty) in the first quarter. In January
2020, the share dilution 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 $1.2
billion for the first quarter. These amounts include a working
capital* build of $3.7 billion in the first quarter, after
adjusting for net inventory holding losses* and working capital
effects of the Gulf of Mexico oil spill. The comparable amount for
the same period in 2019 was $5.9 billion.
Operating
cash flow as reported in the group cash flow statement was $1.0
billion for the first quarter, including a working capital release
of $0.7 billion, compared with $5.3 billion for the same period in
2019.
See
page 28 and Glossary for further information on Gulf of Mexico oil
spill cash flows and on working capital.
Capital expenditure*
Organic
capital expenditure* for the first quarter was $3.5 billion,
compared with $3.6 billion for the same period in
2019.
Inorganic
capital expenditure* for the first quarter was $0.3 billion,
compared with $2.0 billion for the same period in
2019.
Organic
capital expenditure and inorganic capital expenditure are non-GAAP
measures. See page 24 for further information.
Divestment and other proceeds
Divestment
proceeds* were $0.7 billion for the first quarter, compared with
$0.6 billion for the same period in 2019.
Gearing*
Net
debt* at 31 March 2020 was $51.4 billion, compared with
$45.1 billion a year ago. Gearing at 31 March 2020 was
36.2%, compared with 30.4% a year ago. Net debt and gearing are
non-GAAP measures. See page 23 for more information.
|
Brian Gilvary –
Chief financial officer:
|
“We are dealing with an exceptionally challenging environment
and the unprecedented effects of demand destruction and price
impacts that can be seen in these results are expected to continue
through the second quarter. Despite this our underlying businesses
performed well in the first quarter, although our headline results
were impacted by foreign exchange as well as price effects at the
quarter end. We have developed a clear plan and are confident in
increasing resilience in our financial framework through a set of
interventions focused on building liquidity, strengthening our
balance sheet and reducing expenditure to drive our cash balance
point below $35 per barrel in 2021.”
|
The commentary above contains forward-looking statements and should
be read in conjunction with the cautionary statement on page
33.
|
|
|
First
|
Fourth
|
First
|
|||
|
|
quarter
|
quarter
|
quarter
|
|||
$ million
|
|
2020
|
2019
|
2019
|
|||
Underlying RC profit before interest and tax
|
|
|
|
|
|||
Upstream
|
|
1,871
|
|
2,678
|
|
2,928
|
|
Downstream
|
|
921
|
|
1,438
|
|
1,733
|
|
Rosneft
|
|
(17
|
)
|
412
|
|
567
|
|
Other
businesses and corporate
|
|
(561
|
)
|
(250
|
)
|
(418
|
)
|
Consolidation
adjustment – UPII*
|
|
178
|
|
24
|
|
(13
|
)
|
Underlying RC profit before interest and tax
|
|
2,392
|
|
4,302
|
|
4,797
|
|
Finance
costs and net finance expense relating to pensions and other
post-retirement benefits
|
|
(668
|
)
|
(781
|
)
|
(754
|
)
|
Taxation on an underlying RC basis
|
|
(953
|
)
|
(955
|
)
|
(1,620
|
)
|
Non-controlling interests
|
|
20
|
|
1
|
|
(65
|
)
|
Underlying RC profit attributable to BP shareholders
|
|
791
|
|
2,567
|
|
2,358
|
|
|
|
First
|
Fourth
|
First
|
|||
|
|
quarter
|
quarter
|
quarter
|
|||
$ million
|
|
2020
|
2019
|
2019
|
|||
RC profit before interest and tax
|
|
|
|
|
|||
Upstream
|
|
1,023
|
|
614
|
|
2,884
|
|
Downstream
|
|
664
|
|
1,433
|
|
1,765
|
|
Rosneft
|
|
(17
|
)
|
503
|
|
486
|
|
Other
businesses and corporate
|
|
(698
|
)
|
(1,432
|
)
|
(546
|
)
|
Consolidation
adjustment – UPII
|
|
178
|
|
24
|
|
(13
|
)
|
RC profit before interest and tax
|
|
1,150
|
|
1,142
|
|
4,576
|
|
Finance
costs and net finance expense relating to pensions and other
post-retirement benefits
|
|
(790
|
)
|
(903
|
)
|
(882
|
)
|
Taxation on a RC basis
|
|
(1,008
|
)
|
(244
|
)
|
(1,534
|
)
|
Non-controlling interests
|
|
20
|
|
1
|
|
(65
|
)
|
RC profit (loss) attributable to BP shareholders
|
|
(628
|
)
|
(4
|
)
|
2,095
|
|
Inventory holding gains (losses)*
|
|
(4,884
|
)
|
10
|
|
1,088
|
|
Taxation (charge) credit on inventory holding gains and
losses
|
|
1,147
|
|
13
|
|
(249
|
)
|
Profit (loss) for the period attributable to BP
shareholders
|
|
(4,365
|
)
|
19
|
|
2,934
|
|
Strategic progress
Upstream
Upstream
production for the first quarter, which excludes Rosneft, was
2,579mboe/d, 2.9% lower than a year earlier. Underlying
production*, adjusted for portfolio changes and entitlement
impacts, was 0.7% higher than a year earlier, mainly due to reduced
turnaround activities.
Upstream
is making progress in the divestment programme including the
completion of the sale of the San Juan, Arkoma and Anadarko fields
in the US onshore and the recent announcement confirming that BP
expects to complete the sale of its Alaska business in
2020.
BP
continues to progress its major projects*. The COVID-19 pandemic is
slowing progress on some projects and impacts are currently being
assessed. Of the 900mboe/d major project growth targeted for 2021,
700mboe/d is currently online.
Downstream
Refining
operations in the quarter were strong with Solomon availability of
96.1%. However, reduction in utilization was seen towards
quarter-end due to reducing fuel demand.
During
the quarter BP announced plans to extend its convenience
partnership with Albert Heijn to more than 100 sites across the
Netherlands.
Advancing the energy transition
The BP
joint venture with Didi in China, BP Xiaoju, went live in the
quarter. It is now operational and active in building public
fast-charging hubs in China, the world’s largest and fastest
developing electric vehicle market.
BP
confirmed an agreement to invest in Santos’ Moomba carbon
capture and storage project in South Australia to capture and
permanently store in geological formations 1.7 million tonnes of
carbon dioxide a year.
|
BP
signed a memorandum of understanding with a number of partners to
develop Germany’s first publicly accessible hydrogen network
from Lingen to Gelsenkirchen. The planned network would link the
production of green hydrogen with industrial customers in Lower
Saxony and North Rhine-Westphalia.
In the
quarter Lightsource BP, in which BP has a 50% stake, completed
financing for a planned 260MW project in Texas. Output from the
project – expected to start commercial operation in late 2020
– will be traded through a long-term arrangement with
BP.
Financial framework
Operating cash flow excluding Gulf of Mexico oil spill
payments* was $1.2 billion for the first quarter of 2020, compared
with $5.9 billion for the same period in 2019.
Organic capital expenditure* for the first quarter of 2020
was $3.5 billion. BP now expects 2020 organic capital expenditure
to be around $12 billion.
Divestment and other proceeds were $0.7 billion for the
first quarter of 2020.
Gulf of Mexico oil spill payments on a post-tax basis was
$281 million in the first quarter of 2020. Payments for 2020 are
expected to be less than $1 billion on a post-tax
basis.
Gearing* at 31 March 2020 was 36.2%. See page 23
for more information.
|
Operating metrics
|
|
First quarter 2020
|
|
Financial metrics
|
|
First quarter 2020
|
|
(vs. First quarter 2019)
|
|
|
(vs. First quarter 2019)
|
||
Tier 1 and tier 2 process safety events
|
|
21
|
|
Underlying RC profit*
|
|
$0.8bn
|
|
(-7)
|
|
|
(-$1.6bn)
|
||
Reported recordable injury frequency*
|
|
0.152
|
|
Operating cash flow excluding Gulf of Mexico oil spill payments
(post-tax)
|
|
$1.2bn
|
|
(-4.1%)
|
|
|
(-$4.7bn)
|
||
Group production
|
|
3,715mboe/d
|
|
Organic capital expenditure
|
|
$3.5bn
|
|
(-2.8%)
|
|
|
(-$0.1bn)
|
||
Upstream production (excludes Rosneft segment)
|
|
2,579mboe/d
|
|
Gulf of Mexico oil spill payments (post-tax)
|
|
$0.3bn
|
|
(-2.9%)
|
|
|
(-$0.4bn)
|
||
Upstream unit production costs*
|
|
$7.07/boe
|
|
Divestment proceeds*
|
|
$0.7bn
|
|
(-4.4%)
|
|
|
(+$0.1bn)
|
||
BP-operated Upstream plant reliability*
|
|
93.0%
|
|
Gearing
|
|
36.2%
|
|
(-3.2)
|
|
|
(+5.8)
|
||
BP-operated refining availability*
|
|
96.1%
|
|
Dividend per ordinary share(a)
|
|
10.50 cents
|
|
(+1.8)
|
|
|
(2.4%)
|
The commentary above contains forward-looking statements and should
be read in conjunction with the cautionary statement on page
33.
|
|
|
First
|
Fourth
|
First
|
|||
|
|
quarter
|
quarter
|
quarter
|
|||
$ million
|
|
2020
|
2019
|
2019
|
|||
Profit before interest and tax
|
|
955
|
|
614
|
|
2,886
|
|
Inventory holding (gains) losses*
|
|
68
|
|
—
|
|
(2
|
)
|
RC profit before interest and tax
|
|
1,023
|
|
614
|
|
2,884
|
|
Net
(favourable) adverse impact of non-operating items* and fair value
accounting effects*
|
|
848
|
|
2,064
|
|
44
|
|
Underlying
RC profit before interest and tax*(a)
|
|
1,871
|
|
2,678
|
|
2,928
|
|
The commentary above contains forward-looking statements and should
be read in conjunction with the cautionary statement on page
33.
|
|
|
First
|
Fourth
|
First
|
|||
|
|
quarter
|
quarter
|
quarter
|
|||
$ million
|
|
2020
|
2019
|
2019
|
|||
Underlying RC profit before interest and tax
|
|
|
|
|
|||
US
|
|
539
|
|
645
|
|
612
|
|
Non-US
|
|
1,332
|
|
2,033
|
|
2,316
|
|
|
|
1,871
|
|
2,678
|
|
2,928
|
|
Non-operating items(a)
|
|
|
|
|
|||
US
|
|
(632
|
)
|
(2,451
|
)
|
(30
|
)
|
Non-US
|
|
(439
|
)
|
(272
|
)
|
26
|
|
|
|
(1,071
|
)
|
(2,723
|
)
|
(4
|
)
|
Fair value accounting effects
|
|
|
|
|
|||
US
|
|
(2
|
)
|
120
|
|
(93
|
)
|
Non-US
|
|
225
|
|
539
|
|
53
|
|
|
|
223
|
|
659
|
|
(40
|
)
|
RC profit (loss) before interest and tax
|
|
|
|
|
|||
US
|
|
(95
|
)
|
(1,686
|
)
|
489
|
|
Non-US
|
|
1,118
|
|
2,300
|
|
2,395
|
|
|
|
1,023
|
|
614
|
|
2,884
|
|
Exploration expense
|
|
|
|
|
|||
US
|
|
20
|
|
86
|
|
25
|
|
Non-US
|
|
182
|
|
180
|
|
342
|
|
|
|
202
|
|
266
|
|
367
|
|
Of which: Exploration expenditure written off
|
|
98
|
|
155
|
|
284
|
|
Production (net of
royalties)(b)(c)
|
|
|
|
|
|||
Liquids* (mb/d)
|
|
|
|
|
|||
US
|
|
505
|
|
517
|
|
455
|
|
Europe
|
|
147
|
|
149
|
|
159
|
|
Rest of World
|
|
655
|
|
662
|
|
685
|
|
|
|
1,306
|
|
1,328
|
|
1,299
|
|
Natural gas (mmcf/d)
|
|
|
|
|
|||
US
|
|
2,050
|
|
2,317
|
|
2,310
|
|
Europe
|
|
244
|
|
275
|
|
145
|
|
Rest of World
|
|
5,093
|
|
5,354
|
|
5,417
|
|
|
|
7,387
|
|
7,945
|
|
7,872
|
|
Total hydrocarbons* (mboe/d)
|
|
|
|
|
|||
US
|
|
858
|
|
916
|
|
853
|
|
Europe
|
|
189
|
|
196
|
|
184
|
|
Rest of World
|
|
1,533
|
|
1,585
|
|
1,619
|
|
|
|
2,579
|
|
2,698
|
|
2,656
|
|
Average realizations*(d)
|
|
|
|
|
|||
Total
liquids(e)
($/bbl)
|
|
47.47
|
|
55.90
|
|
56.47
|
|
Natural gas ($/mcf)
|
|
2.83
|
|
3.12
|
|
4.02
|
|
Total hydrocarbons ($/boe)
|
|
31.80
|
|
36.42
|
|
39.37
|
|
|
|
First
|
Fourth
|
First
|
|||
|
|
quarter
|
quarter
|
quarter
|
|||
$ million
|
|
2020
|
2019
|
2019
|
|||
Profit (loss) before interest and tax
|
|
(3,951
|
)
|
1,412
|
|
2,811
|
|
Inventory holding (gains) losses*
|
|
4,615
|
|
21
|
|
(1,046
|
)
|
RC profit before interest and tax
|
|
664
|
|
1,433
|
|
1,765
|
|
Net
(favourable) adverse impact of non-operating items* and fair value
accounting effects*
|
|
257
|
|
5
|
|
(32
|
)
|
Underlying
RC profit before interest and tax*(a)
|
|
921
|
|
1,438
|
|
1,733
|
|
The commentary above contains forward-looking statements and should
be read in conjunction with the cautionary statement on page
33.
|
|
|
First
|
Fourth
|
First
|
|||
|
|
quarter
|
quarter
|
quarter
|
|||
$ million
|
|
2020
|
2019
|
2019
|
|||
Underlying RC profit before interest and tax - by
region
|
|
|
|
|
|||
US
|
|
557
|
|
556
|
|
531
|
|
Non-US
|
|
364
|
|
882
|
|
1,202
|
|
|
|
921
|
|
1,438
|
|
1,733
|
|
Non-operating items
|
|
|
|
|
|||
US
|
|
6
|
|
(40
|
)
|
1
|
|
Non-US
|
|
(4
|
)
|
12
|
|
(5
|
)
|
|
|
2
|
|
(28
|
)
|
(4
|
)
|
Fair value accounting
effects(a)
|
|
|
|
|
|||
US
|
|
145
|
|
(37
|
)
|
61
|
|
Non-US
|
|
(404
|
)
|
60
|
|
(25
|
)
|
|
|
(259
|
)
|
23
|
|
36
|
|
RC profit before interest and tax
|
|
|
|
|
|||
US
|
|
708
|
|
479
|
|
593
|
|
Non-US
|
|
(44
|
)
|
954
|
|
1,172
|
|
|
|
664
|
|
1,433
|
|
1,765
|
|
Underlying RC profit before interest and tax - by
business(b)(c)
|
|
|
|
|
|||
Fuels
|
|
689
|
|
1,068
|
|
1,292
|
|
Lubricants
|
|
167
|
|
333
|
|
272
|
|
Petrochemicals
|
|
65
|
|
37
|
|
169
|
|
|
|
921
|
|
1,438
|
|
1,733
|
|
Non-operating items and fair value accounting
effects(a)
|
|
|
|
|
|||
Fuels
|
|
(257
|
)
|
(41
|
)
|
37
|
|
Lubricants
|
|
—
|
|
39
|
|
(4
|
)
|
Petrochemicals
|
|
—
|
|
(3
|
)
|
(1
|
)
|
|
|
(257
|
)
|
(5
|
)
|
32
|
|
RC profit before interest and tax(b)(c)
|
|
|
|
|
|||
Fuels
|
|
432
|
|
1,027
|
|
1,329
|
|
Lubricants
|
|
167
|
|
372
|
|
268
|
|
Petrochemicals
|
|
65
|
|
34
|
|
168
|
|
|
|
664
|
|
1,433
|
|
1,765
|
|
|
|
|
|
|
|||
BP average refining marker margin (RMM)* ($/bbl)
|
|
8.8
|
|
12.4
|
|
10.2
|
|
|
|
|
|
|
|||
Refinery throughputs (mb/d)
|
|
|
|
|
|||
US
|
|
748
|
|
761
|
|
735
|
|
Europe
|
|
835
|
|
848
|
|
767
|
|
Rest of World
|
|
223
|
|
238
|
|
237
|
|
|
|
1,806
|
|
1,847
|
|
1,739
|
|
BP-operated refining availability* (%)
|
|
96.1
|
|
95.7
|
|
94.3
|
|
|
|
|
|
|
|||
Marketing sales of refined products (mb/d)
|
|
|
|
|
|||
US
|
|
1,038
|
|
1,156
|
|
1,077
|
|
Europe
|
|
954
|
|
1,051
|
|
993
|
|
Rest of World
|
|
519
|
|
537
|
|
520
|
|
|
|
2,511
|
|
2,744
|
|
2,590
|
|
Trading/supply sales of refined products
|
|
3,377
|
|
3,519
|
|
3,296
|
|
Total sales volumes of refined products
|
|
5,888
|
|
6,263
|
|
5,886
|
|
|
|
|
|
|
|||
Petrochemicals production (kte)
|
|
|
|
|
|||
US
|
|
611
|
|
518
|
|
601
|
|
Europe
|
|
1,371
|
|
1,141
|
|
1,160
|
|
Rest of World
|
|
1,153
|
|
1,353
|
|
1,299
|
|
|
|
3,135
|
|
3,012
|
|
3,060
|
|
|
|
First
|
Fourth
|
First
|
|||
|
|
quarter
|
quarter
|
quarter
|
|||
$ million
|
|
2020(a)
|
2019
|
2019
|
|||
Profit
(loss) before interest and tax(b)(c)
|
|
(218
|
)
|
534
|
|
526
|
|
Inventory holding (gains) losses*
|
|
201
|
|
(31
|
)
|
(40
|
)
|
RC profit (loss) before interest and tax
|
|
(17
|
)
|
503
|
|
486
|
|
Net charge (credit) for non-operating items*
|
|
—
|
|
(91
|
)
|
81
|
|
Underlying RC profit (loss) before interest and tax*
|
|
(17
|
)
|
412
|
|
567
|
|
|
|
First
|
Fourth
|
First
|
|||
|
|
quarter
|
quarter
|
quarter
|
|||
|
|
2020(a)
|
2019
|
2019
|
|||
Production (net of royalties) (BP share)
|
|
|
|
|
|||
Liquids* (mb/d)
|
|
916
|
|
923
|
|
937
|
|
Natural gas (mmcf/d)
|
|
1,275
|
|
1,306
|
|
1,327
|
|
Total hydrocarbons* (mboe/d)
|
|
1,136
|
|
1,148
|
|
1,166
|
|
|
|
First
|
Fourth
|
First
|
|||
|
|
quarter
|
quarter
|
quarter
|
|||
$ million
|
|
2020
|
2019
|
2019
|
|||
Profit (loss) before interest and tax
|
|
(698
|
)
|
(1,432
|
)
|
(546
|
)
|
Inventory holding (gains) losses*
|
|
—
|
|
—
|
|
—
|
|
RC profit (loss) before interest and tax
|
|
(698
|
)
|
(1,432
|
)
|
(546
|
)
|
Net charge (credit) for non-operating items*
|
|
137
|
|
1,182
|
|
128
|
|
Underlying RC profit (loss) before interest and tax*
|
|
(561
|
)
|
(250
|
)
|
(418
|
)
|
Underlying RC profit (loss) before interest and tax
|
|
|
|
|
|||
US
|
|
(124
|
)
|
(85
|
)
|
(155
|
)
|
Non-US
|
|
(437
|
)
|
(165
|
)
|
(263
|
)
|
|
|
(561
|
)
|
(250
|
)
|
(418
|
)
|
Non-operating items
|
|
|
|
|
|||
US
|
|
(48
|
)
|
(268
|
)
|
(128
|
)
|
Non-US
|
|
(89
|
)
|
(914
|
)
|
—
|
|
|
|
(137
|
)
|
(1,182
|
)
|
(128
|
)
|
RC profit (loss) before interest and tax
|
|
|
|
|
|||
US
|
|
(172
|
)
|
(353
|
)
|
(283
|
)
|
Non-US
|
|
(526
|
)
|
(1,079
|
)
|
(263
|
)
|
|
|
(698
|
)
|
(1,432
|
)
|
(546
|
)
|
The commentary above contains forward-looking statements and should
be read in conjunction with the cautionary statement on page
33.
|
|
|
First
|
Fourth
|
First
|
|||
|
|
quarter
|
quarter
|
quarter
|
|||
$ million
|
|
2020
|
2019
|
2019
|
|||
|
|
|
|
|
|||
Sales and other operating revenues (Note 5)
|
|
59,650
|
|
71,109
|
|
66,321
|
|
Earnings from joint ventures – after interest and
tax
|
|
(22
|
)
|
163
|
|
185
|
|
Earnings
from associates – after interest and
tax(a)
|
|
(244
|
)
|
640
|
|
649
|
|
Interest and other income
|
|
140
|
|
210
|
|
163
|
|
Gains on sale of businesses and fixed assets
|
|
16
|
|
48
|
|
89
|
|
Total revenues and other income
|
|
59,540
|
|
72,170
|
|
67,407
|
|
Purchases
|
|
48,878
|
|
53,444
|
|
48,272
|
|
Production and manufacturing expenses
|
|
6,099
|
|
5,809
|
|
5,356
|
|
Production and similar taxes (Note 7)
|
|
203
|
|
412
|
|
424
|
|
Depreciation, depletion and amortization (Note 6)
|
|
4,059
|
|
4,434
|
|
4,461
|
|
Impairment and losses on sale of businesses and fixed assets (Note
3)
|
|
1,149
|
|
3,657
|
|
96
|
|
Exploration expense
|
|
202
|
|
266
|
|
367
|
|
Distribution and administration expenses
|
|
2,684
|
|
2,996
|
|
2,767
|
|
Profit (loss) before interest and taxation
|
|
(3,734
|
)
|
1,152
|
|
5,664
|
|
Finance costs
|
|
783
|
|
886
|
|
867
|
|
Net
finance expense relating to pensions and other post-retirement
benefits
|
|
7
|
|
17
|
|
15
|
|
Profit (loss) before taxation
|
|
(4,524
|
)
|
249
|
|
4,782
|
|
Taxation
|
|
(139
|
)
|
231
|
|
1,783
|
|
Profit (loss) for the period
|
|
(4,385
|
)
|
18
|
|
2,999
|
|
Attributable to
|
|
|
|
|
|||
BP
shareholders
|
|
(4,365
|
)
|
19
|
|
2,934
|
|
Non-controlling
interests
|
|
(20
|
)
|
(1
|
)
|
65
|
|
|
|
(4,385
|
)
|
18
|
|
2,999
|
|
|
|
|
|
|
|||
Earnings per share (Note 8)
|
|
|
|
|
|||
Profit (loss) for the period attributable to BP
shareholders
|
|
|
|
|
|||
Per
ordinary share (cents)
|
|
|
|
|
|||
Basic
|
|
(21.63
|
)
|
0.09
|
|
14.54
|
|
Diluted
|
|
(21.63
|
)
|
0.09
|
|
14.47
|
|
Per
ADS (dollars)
|
|
|
|
|
|||
Basic
|
|
(1.30
|
)
|
0.01
|
|
0.87
|
|
Diluted
|
|
(1.30
|
)
|
0.01
|
|
0.87
|
|
|
|
First
|
Fourth
|
First
|
|||
|
|
quarter
|
quarter
|
quarter
|
|||
$ million
|
|
2020
|
2019
|
2019
|
|||
|
|
|
|
|
|||
Profit (loss) for the period
|
|
(4,385
|
)
|
18
|
|
2,999
|
|
Other comprehensive income
|
|
|
|
|
|||
Items that may be reclassified subsequently to profit or
loss
|
|
|
|
|
|||
Currency
translation differences(a)
|
|
(4,642
|
)
|
1,404
|
|
989
|
|
Exchange
(gains) losses on translation of foreign operations reclassified to
gain or loss on sale of businesses and fixed assets
|
|
1
|
|
880
|
|
—
|
|
Cash
flow hedges and costs of hedging
|
|
85
|
|
(76
|
)
|
19
|
|
Share
of items relating to equity-accounted entities, net of
tax
|
|
442
|
|
43
|
|
(50
|
)
|
Income
tax relating to items that may be reclassified
|
|
117
|
|
(39
|
)
|
(34
|
)
|
|
|
(3,997
|
)
|
2,212
|
|
924
|
|
Items that will not be reclassified to profit or loss
|
|
|
|
|
|||
Remeasurements of
the net pension and other post-retirement benefit liability or
asset(b)
|
|
1,719
|
|
1,480
|
|
(853
|
)
|
Cash
flow hedges that will subsequently be transferred to the balance
sheet
|
|
(8
|
)
|
6
|
|
8
|
|
Income
tax relating to items that will not be reclassified
|
|
(623
|
)
|
(459
|
)
|
273
|
|
|
|
1,088
|
|
1,027
|
|
(572
|
)
|
Other comprehensive income
|
|
(2,909
|
)
|
3,239
|
|
352
|
|
Total comprehensive income
|
|
(7,294
|
)
|
3,257
|
|
3,351
|
|
Attributable to
|
|
|
|
|
|||
BP
shareholders
|
|
(7,217
|
)
|
3,240
|
|
3,281
|
|
Non-controlling
interests
|
|
(77
|
)
|
17
|
|
70
|
|
|
|
(7,294
|
)
|
3,257
|
|
3,351
|
|
|
|
BP shareholders’
|
Non-controlling
|
Total
|
|||
$ million
|
|
equity
|
interests
|
equity
|
|||
At 1 January 2020
|
|
98,412
|
|
2,296
|
|
100,708
|
|
|
|
|
|
|
|||
Total comprehensive income
|
|
(7,217
|
)
|
(77
|
)
|
(7,294
|
)
|
Dividends
|
|
(2,120
|
)
|
(31
|
)
|
(2,151
|
)
|
Cash flow hedges transferred to the balance sheet, net of
tax
|
|
3
|
|
—
|
|
3
|
|
Repurchase
of ordinary share capital
|
|
(776
|
)
|
—
|
|
(776
|
)
|
Share-based payments, net of tax
|
|
(15
|
)
|
—
|
|
(15
|
)
|
Share
of equity-accounted entities’ changes in equity, net of
tax
|
|
(5
|
)
|
—
|
|
(5
|
)
|
Transactions involving non-controlling interests, net of
tax
|
|
4
|
|
6
|
|
10
|
|
At 31 March 2020
|
|
88,286
|
|
2,194
|
|
90,480
|
|
|
|
|
|
|
|||
|
|
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
|
|
3,281
|
|
70
|
|
3,351
|
|
Dividends
|
|
(1,435
|
)
|
(36
|
)
|
(1,471
|
)
|
Cash
flow hedges transferred to the balance sheet, net of
tax
|
|
5
|
|
—
|
|
5
|
|
Repurchase of ordinary share capital
|
|
(50
|
)
|
—
|
|
(50
|
)
|
Share-based payments, net of tax
|
|
280
|
|
—
|
|
280
|
|
Share of equity-accounted entities’ changes in equity, net of
tax
|
|
3
|
|
—
|
|
3
|
|
At 31 March 2019
|
|
101,199
|
|
2,137
|
|
103,336
|
|
|
|
31 March
|
31 December
|
||
$ million
|
|
2020
|
2019
|
||
Non-current assets
|
|
|
|
||
Property, plant and equipment
|
|
130,226
|
|
132,642
|
|
Goodwill
|
|
11,692
|
|
11,868
|
|
Intangible assets
|
|
15,555
|
|
15,539
|
|
Investments in joint ventures
|
|
9,655
|
|
9,991
|
|
Investments in associates
|
|
17,319
|
|
20,334
|
|
Other investments
|
|
1,084
|
|
1,276
|
|
Fixed assets
|
|
185,531
|
|
191,650
|
|
Loans
|
|
619
|
|
630
|
|
Trade and other receivables
|
|
2,074
|
|
2,147
|
|
Derivative financial instruments
|
|
7,836
|
|
6,314
|
|
Prepayments
|
|
793
|
|
781
|
|
Deferred tax assets
|
|
4,693
|
|
4,560
|
|
Defined benefit pension plan surpluses
|
|
8,014
|
|
7,053
|
|
|
|
209,560
|
|
213,135
|
|
Current assets
|
|
|
|
||
Loans
|
|
356
|
|
339
|
|
Inventories
|
|
11,641
|
|
20,880
|
|
Trade and other receivables
|
|
17,210
|
|
24,442
|
|
Derivative financial instruments
|
|
8,224
|
|
4,153
|
|
Prepayments
|
|
834
|
|
857
|
|
Current tax receivable
|
|
1,600
|
|
1,282
|
|
Other investments
|
|
88
|
|
169
|
|
Cash and cash equivalents
|
|
18,139
|
|
22,472
|
|
|
|
58,092
|
|
74,594
|
|
Assets
classified as held for sale (Note 2)
|
|
6,212
|
|
7,465
|
|
|
|
64,304
|
|
82,059
|
|
Total assets
|
|
273,864
|
|
295,194
|
|
Current liabilities
|
|
|
|
||
Trade and other payables
|
|
34,420
|
|
46,829
|
|
Derivative financial instruments
|
|
5,846
|
|
3,261
|
|
Accruals
|
|
3,854
|
|
5,066
|
|
Lease liabilities
|
|
2,097
|
|
2,067
|
|
Finance debt
|
|
12,376
|
|
10,487
|
|
Current tax payable
|
|
1,673
|
|
2,039
|
|
Provisions
|
|
2,414
|
|
2,453
|
|
|
|
62,680
|
|
72,202
|
|
Liabilities directly associated with assets classified as held for
sale (Note 2)
|
|
1,018
|
|
1,393
|
|
|
|
63,698
|
|
73,595
|
|
Non-current liabilities
|
|
|
|
||
Other payables
|
|
12,323
|
|
12,626
|
|
Derivative financial instruments
|
|
6,470
|
|
5,537
|
|
Accruals
|
|
954
|
|
996
|
|
Lease liabilities
|
|
7,276
|
|
7,655
|
|
Finance debt
|
|
56,741
|
|
57,237
|
|
Deferred tax liabilities
|
|
9,771
|
|
9,750
|
|
Provisions
|
|
18,057
|
|
18,498
|
|
Defined benefit pension plan and other post-retirement benefit plan
deficits
|
|
8,094
|
|
8,592
|
|
|
|
119,686
|
|
120,891
|
|
Total liabilities
|
|
183,384
|
|
194,486
|
|
Net assets
|
|
90,480
|
|
100,708
|
|
Equity
|
|
|
|
||
BP shareholders’ equity
|
|
88,286
|
|
98,412
|
|
Non-controlling interests
|
|
2,194
|
|
2,296
|
|
Total equity
|
|
90,480
|
|
100,708
|
|
|
|
First
|
Fourth
|
First
|
|||
|
|
quarter
|
quarter
|
quarter
|
|||
$ million
|
|
2020
|
2019
|
2019
|
|||
Operating activities
|
|
|
|
|
|||
Profit (loss) before taxation
|
|
(4,524
|
)
|
249
|
|
4,782
|
|
Adjustments
to reconcile profit (loss) before taxation to net cash provided by
operating activities
|
|
|
|
|
|||
Depreciation,
depletion and amortization and exploration expenditure written
off
|
|
4,157
|
|
4,589
|
|
4,745
|
|
Impairment
and (gain) loss on sale of businesses and fixed assets
|
|
1,133
|
|
3,609
|
|
7
|
|
Earnings
from equity-accounted entities, less dividends
received
|
|
505
|
|
(75
|
)
|
(589
|
)
|
Net
charge for interest and other finance expense, less net interest
paid
|
|
137
|
|
250
|
|
88
|
|
Share-based
payments
|
|
(6
|
)
|
167
|
|
297
|
|
Net
operating charge for pensions and other post-retirement benefits,
less contributions and benefit payments for unfunded
plans
|
|
(20
|
)
|
(43
|
)
|
(77
|
)
|
Net
charge for provisions, less payments
|
|
(59
|
)
|
270
|
|
(116
|
)
|
Movements
in inventories and other current and non-current assets and
liabilities
|
|
683
|
|
(306
|
)
|
(2,695
|
)
|
Income
taxes paid
|
|
(1,054
|
)
|
(1,107
|
)
|
(1,146
|
)
|
Net cash provided by operating activities
|
|
952
|
|
7,603
|
|
5,296
|
|
Investing activities
|
|
|
|
|
|||
Expenditure
on property, plant and equipment, intangible and other
assets
|
|
(3,789
|
)
|
(3,936
|
)
|
(3,695
|
)
|
Acquisitions, net of cash acquired
|
|
(17
|
)
|
(33
|
)
|
(1,795
|
)
|
Investment in joint ventures
|
|
(18
|
)
|
(57
|
)
|
—
|
|
Investment in associates
|
|
(37
|
)
|
(83
|
)
|
(145
|
)
|
Total cash capital expenditure
|
|
(3,861
|
)
|
(4,109
|
)
|
(5,635
|
)
|
Proceeds from disposal of fixed assets
|
|
10
|
|
24
|
|
235
|
|
Proceeds from disposal of businesses, net of cash
disposed
|
|
671
|
|
792
|
|
365
|
|
Proceeds from loan repayments
|
|
63
|
|
64
|
|
55
|
|
Net cash used in investing activities
|
|
(3,117
|
)
|
(3,229
|
)
|
(4,980
|
)
|
Financing activities
|
|
|
|
|
|||
Net
issue (repurchase) of shares (Note 8)
|
|
(776
|
)
|
(1,171
|
)
|
(45
|
)
|
Lease liability payments
|
|
(569
|
)
|
(566
|
)
|
(617
|
)
|
Proceeds from long-term financing
|
|
2,684
|
|
1,879
|
|
2,124
|
|
Repayments of long-term financing
|
|
(3,717
|
)
|
(360
|
)
|
(2,640
|
)
|
Net increase (decrease) in short-term debt
|
|
2,517
|
|
62
|
|
1,089
|
|
Net increase (decrease) in non-controlling interests
|
|
9
|
|
566
|
|
—
|
|
Dividends paid - BP shareholders
|
|
(2,102
|
)
|
(2,076
|
)
|
(1,435
|
)
|
-
non-controlling interests
|
|
(31
|
)
|
(47
|
)
|
(36
|
)
|
Net cash provided by (used in) financing activities
|
|
(1,985
|
)
|
(1,713
|
)
|
(1,560
|
)
|
Currency translation differences relating to cash and cash
equivalents
|
|
(183
|
)
|
119
|
|
32
|
|
Increase (decrease) in cash and cash equivalents
|
|
(4,333
|
)
|
2,780
|
|
(1,212
|
)
|
Cash and cash equivalents at beginning of period
|
|
22,472
|
|
19,692
|
|
22,468
|
|
Cash and cash equivalents at end of period
|
|
18,139
|
|
22,472
|
|
21,256
|
|
|
|
First
|
Fourth
|
First
|
|||
|
|
quarter
|
quarter
|
quarter
|
|||
$ million
|
|
2020
|
2019
|
2019
|
|||
Upstream
|
|
1,023
|
|
614
|
|
2,884
|
|
Downstream
|
|
664
|
|
1,433
|
|
1,765
|
|
Rosneft
|
|
(17
|
)
|
503
|
|
486
|
|
Other businesses and corporate
|
|
(698
|
)
|
(1,432
|
)
|
(546
|
)
|
|
|
972
|
|
1,118
|
|
4,589
|
|
Consolidation adjustment – UPII*
|
|
178
|
|
24
|
|
(13
|
)
|
RC profit (loss) before interest and tax*
|
|
1,150
|
|
1,142
|
|
4,576
|
|
Inventory holding gains (losses)*
|
|
|
|
|
|||
Upstream
|
|
(68
|
)
|
—
|
|
2
|
|
Downstream
|
|
(4,615
|
)
|
(21
|
)
|
1,046
|
|
Rosneft
(net of tax)
|
|
(201
|
)
|
31
|
|
40
|
|
Profit (loss) before interest and tax
|
|
(3,734
|
)
|
1,152
|
|
5,664
|
|
Finance costs
|
|
783
|
|
886
|
|
867
|
|
Net
finance expense relating to pensions and other post-retirement
benefits
|
|
7
|
|
17
|
|
15
|
|
Profit (loss) before taxation
|
|
(4,524
|
)
|
249
|
|
4,782
|
|
|
|
|
|
|
|||
RC profit (loss) before interest and tax*
|
|
|
|
|
|||
US
|
|
595
|
|
(1,603
|
)
|
771
|
|
Non-US
|
|
555
|
|
2,745
|
|
3,805
|
|
|
|
1,150
|
|
1,142
|
|
4,576
|
|
|
|
First
|
Fourth
|
First
|
|||
|
|
quarter
|
quarter
|
quarter
|
|||
$ million
|
|
2020
|
2019
|
2019
|
|||
By segment
|
|
|
|
|
|||
Upstream
|
|
11,464
|
|
13,955
|
|
14,594
|
|
Downstream
|
|
53,964
|
|
64,251
|
|
58,416
|
|
Other businesses and corporate
|
|
453
|
|
538
|
|
356
|
|
|
|
65,881
|
|
78,744
|
|
73,366
|
|
|
|
|
|
|
|||
Less: sales and other operating revenues between
segments
|
|
|
|
|
|||
Upstream
|
|
6,907
|
|
6,823
|
|
6,324
|
|
Downstream
|
|
(782
|
)
|
384
|
|
586
|
|
Other businesses and corporate
|
|
106
|
|
428
|
|
135
|
|
|
|
6,231
|
|
7,635
|
|
7,045
|
|
|
|
|
|
|
|||
Third party sales and other operating revenues
|
|
|
|
|
|||
Upstream
|
|
4,557
|
|
7,132
|
|
8,270
|
|
Downstream
|
|
54,746
|
|
63,867
|
|
57,830
|
|
Other businesses and corporate
|
|
347
|
|
110
|
|
221
|
|
Total sales and other operating revenues
|
|
59,650
|
|
71,109
|
|
66,321
|
|
|
|
|
|
|
|||
By geographical area
|
|
|
|
|
|||
US
|
|
21,219
|
|
24,148
|
|
21,848
|
|
Non-US
|
|
43,955
|
|
54,450
|
|
49,618
|
|
|
|
65,174
|
|
78,598
|
|
71,466
|
|
Less: sales and other operating revenues between areas
|
|
5,524
|
|
7,489
|
|
5,145
|
|
|
|
59,650
|
|
71,109
|
|
66,321
|
|
|
|
|
|
|
|||
Revenues from contracts with
customers(a)
|
|
|
|
|
|||
Sales and other operating revenues include the following in
relation to revenues from contracts with customers:
|
|
|
|
|
|||
Crude oil
|
|
1,435
|
|
1,880
|
|
2,490
|
|
Oil products
|
|
20,254
|
|
25,946
|
|
22,705
|
|
Natural gas, LNG and NGLs
|
|
3,638
|
|
4,871
|
|
5,357
|
|
Non-oil products and other revenues from contracts with
customers
|
|
2,853
|
|
2,989
|
|
3,236
|
|
Revenue from contracts with customers
|
|
28,180
|
|
35,686
|
|
33,788
|
|
Other
operating revenues(b)
|
|
31,470
|
|
35,423
|
|
32,533
|
|
Total sales and other operating revenues
|
|
59,650
|
|
71,109
|
|
66,321
|
|
|
|
First
|
Fourth
|
First
|
|||
|
|
quarter
|
quarter
|
quarter
|
|||
$ million
|
|
2020
|
2019
|
2019
|
|||
Upstream
|
|
|
|
|
|||
US
|
|
1,068
|
|
1,150
|
|
1,113
|
|
Non-US
|
|
2,082
|
|
2,371
|
|
2,498
|
|
|
|
3,150
|
|
3,521
|
|
3,611
|
|
Downstream
|
|
|
|
|
|||
US
|
|
342
|
|
343
|
|
323
|
|
Non-US
|
|
405
|
|
417
|
|
383
|
|
|
|
747
|
|
760
|
|
706
|
|
Other businesses and corporate
|
|
|
|
|
|||
US
|
|
15
|
|
14
|
|
13
|
|
Non-US
|
|
147
|
|
139
|
|
131
|
|
|
|
162
|
|
153
|
|
144
|
|
Total group
|
|
4,059
|
|
4,434
|
|
4,461
|
|
|
|
First
|
Fourth
|
First
|
|||
|
|
quarter
|
quarter
|
quarter
|
|||
$ million
|
|
2020
|
2019
|
2019
|
|||
US
|
|
13
|
|
89
|
|
81
|
|
Non-US
|
|
190
|
|
323
|
|
343
|
|
|
|
203
|
|
412
|
|
424
|
|
|
|
First
|
Fourth
|
First
|
|||
|
|
quarter
|
quarter
|
quarter
|
|||
$ million
|
|
2020
|
2019
|
2019
|
|||
Results for the period
|
|
|
|
|
|||
Profit
(loss) for the period attributable to BP shareholders
|
|
(4,365
|
)
|
19
|
|
2,934
|
|
Less: preference dividend
|
|
—
|
|
—
|
|
—
|
|
Profit
(loss) attributable to BP ordinary shareholders
|
|
(4,365
|
)
|
19
|
|
2,934
|
|
|
|
|
|
|
|||
Number of shares (thousand)(a)(b)
|
|
|
|
|
|||
Basic
weighted average number of shares outstanding
|
|
20,178,803
|
|
20,254,234
|
|
20,175,634
|
|
ADS equivalent
|
|
3,363,133
|
|
3,375,705
|
|
3,362,605
|
|
|
|
|
|
|
|||
Weighted
average number of shares outstanding used to calculate diluted
earnings per share
|
|
20,178,803
|
|
20,351,808
|
|
20,281,773
|
|
ADS equivalent
|
|
3,363,133
|
|
3,391,968
|
|
3,380,295
|
|
|
|
|
|
|
|||
Shares in issue at period-end
|
|
20,197,527
|
|
20,241,170
|
|
20,330,597
|
|
ADS equivalent
|
|
3,366,254
|
|
3,373,528
|
|
3,388,432
|
|
|
|
First
|
Fourth
|
First
|
|||
|
|
quarter
|
quarter
|
quarter
|
|||
|
|
2020
|
2019
|
2019
|
|||
Dividends paid per ordinary share
|
|
|
|
|
|||
cents
|
|
10.500
|
|
10.250
|
|
10.250
|
|
pence
|
|
8.156
|
|
7.825
|
|
7.738
|
|
Dividends paid per ADS (cents)
|
|
63.00
|
|
61.50
|
|
61.50
|
|
Scrip dividends
|
|
|
|
|
|||
Number of shares issued (millions)
|
|
—
|
|
—
|
|
90.1
|
|
Value of shares issued ($ million)
|
|
—
|
|
—
|
|
629
|
|
Net debt*
|
|
First
|
Fourth
|
First
|
|||
|
|
quarter
|
quarter
|
quarter
|
|||
$ million
|
|
2020
|
2019
|
2019
|
|||
Finance
debt(a)
|
|
69,117
|
|
67,724
|
|
65,990
|
|
Fair
value (asset) liability of hedges related to finance
debt(b)
|
|
426
|
|
190
|
|
350
|
|
|
|
69,543
|
|
67,914
|
|
66,340
|
|
Less: cash and cash equivalents
|
|
18,139
|
|
22,472
|
|
21,256
|
|
Net debt
|
|
51,404
|
|
45,442
|
|
45,084
|
|
Total equity
|
|
90,480
|
|
100,708
|
|
103,336
|
|
Gearing*
|
|
36.2%
|
31.1%
|
30.4%
|
Net debt including leases*
|
|
First
|
Fourth
|
First
|
|||
|
|
quarter
|
quarter
|
quarter
|
|||
$ million
|
|
2020
|
2019
|
2019
|
|||
Net debt
|
|
51,404
|
|
45,442
|
|
45,084
|
|
Lease liabilities
|
|
9,373
|
|
9,722
|
|
10,294
|
|
Net
partner (receivable) payable for leases entered into on behalf of
joint operations
|
|
(159
|
)
|
(158
|
)
|
(303
|
)
|
Net debt including leases
|
|
60,618
|
|
55,006
|
|
55,075
|
|
|
|
First
|
Fourth
|
First
|
|||
|
|
quarter
|
quarter
|
quarter
|
|||
$ million
|
|
2020
|
2019
|
2019
|
|||
Capital expenditure on a cash basis
|
|
|
|
|
|||
Organic capital expenditure*
|
|
3,539
|
|
3,958
|
|
3,648
|
|
Inorganic
capital expenditure*(a)
|
|
322
|
|
151
|
|
1,987
|
|
|
|
3,861
|
|
4,109
|
|
5,635
|
|
|
|
First
|
Fourth
|
First
|
|||
|
|
quarter
|
quarter
|
quarter
|
|||
$ million
|
|
2020
|
2019
|
2019
|
|||
Organic capital expenditure by segment
|
|
|
|
|
|||
Upstream
|
|
|
|
|
|||
US
|
|
1,168
|
|
1,029
|
|
982
|
|
Non-US
|
|
1,662
|
|
2,029
|
|
1,888
|
|
|
|
2,830
|
|
3,058
|
|
2,870
|
|
Downstream
|
|
|
|
|
|||
US
|
|
121
|
|
258
|
|
187
|
|
Non-US
|
|
531
|
|
522
|
|
534
|
|
|
|
652
|
|
780
|
|
721
|
|
Other businesses and corporate
|
|
|
|
|
|||
US
|
|
32
|
|
15
|
|
9
|
|
Non-US
|
|
25
|
|
105
|
|
48
|
|
|
|
57
|
|
120
|
|
57
|
|
|
|
3,539
|
|
3,958
|
|
3,648
|
|
Organic capital expenditure by geographical area
|
|
|
|
|
|||
US
|
|
1,321
|
|
1,302
|
|
1,178
|
|
Non-US
|
|
2,218
|
|
2,656
|
|
2,470
|
|
|
|
3,539
|
|
3,958
|
|
3,648
|
|
|
|
First
|
Fourth
|
First
|
|||
|
|
quarter
|
quarter
|
quarter
|
|||
$ million
|
|
2020
|
2019
|
2019
|
|||
Upstream
|
|
|
|
|
|||
Gains on sale of businesses and fixed assets
|
|
7
|
|
38
|
|
58
|
|
Impairment
and losses on sale of businesses and fixed assets(a)
|
|
(1,131
|
)
|
(2,718
|
)
|
(69
|
)
|
Environmental and other provisions
|
|
(13
|
)
|
(32
|
)
|
—
|
|
Restructuring, integration and rationalization costs
|
|
(4
|
)
|
(13
|
)
|
(35
|
)
|
Other
|
|
70
|
|
2
|
|
42
|
|
|
|
(1,071
|
)
|
(2,723
|
)
|
(4
|
)
|
Downstream
|
|
|
|
|
|||
Gains on sale of businesses and fixed assets
|
|
7
|
|
7
|
|
32
|
|
Impairment and losses on sale of businesses and fixed
assets
|
|
(5
|
)
|
(23
|
)
|
(28
|
)
|
Environmental and other provisions
|
|
—
|
|
(77
|
)
|
—
|
|
Restructuring, integration and rationalization costs
|
|
—
|
|
71
|
|
(2
|
)
|
Other
|
|
—
|
|
(6
|
)
|
(6
|
)
|
|
|
2
|
|
(28
|
)
|
(4
|
)
|
Rosneft
|
|
|
|
|
|||
Other
|
|
—
|
|
91
|
|
(81
|
)
|
|
|
—
|
|
91
|
|
(81
|
)
|
Other businesses and corporate
|
|
|
|
|
|||
Gains on sale of businesses and fixed assets
|
|
2
|
|
3
|
|
—
|
|
Impairment
and losses on sale of businesses and fixed assets(b)
|
|
(2
|
)
|
(916
|
)
|
—
|
|
Environmental
and other provisions(c)
|
|
(23
|
)
|
(203
|
)
|
(6
|
)
|
Restructuring, integration and rationalization costs
|
|
(13
|
)
|
(1
|
)
|
10
|
|
Gulf of Mexico oil spill
|
|
(21
|
)
|
(63
|
)
|
(115
|
)
|
Other(d)
|
|
(80
|
)
|
(2
|
)
|
(17
|
)
|
|
|
(137
|
)
|
(1,182
|
)
|
(128
|
)
|
Total before interest and taxation
|
|
(1,206
|
)
|
(3,842
|
)
|
(217
|
)
|
Finance
costs(e)
|
|
(122
|
)
|
(122
|
)
|
(128
|
)
|
Total before taxation
|
|
(1,328
|
)
|
(3,964
|
)
|
(345
|
)
|
Taxation
credit (charge) on non-operating items
|
|
302
|
|
822
|
|
93
|
|
Taxation
– impact of foreign exchange(f)
|
|
(365
|
)
|
—
|
|
—
|
|
Total after taxation for period
|
|
(1,391
|
)
|
(3,142
|
)
|
(252
|
)
|
|
|
First
|
Fourth
|
First
|
|||
|
|
quarter
|
quarter
|
quarter
|
|||
$ million
|
|
2020
|
2019
|
2019
|
|||
Favourable (adverse) impact relative to management’s measure
of performance
|
|
|
|
|
|||
Upstream
|
|
223
|
|
659
|
|
(40
|
)
|
Downstream
|
|
(259
|
)
|
23
|
|
36
|
|
|
|
(36
|
)
|
682
|
|
(4
|
)
|
Taxation credit (charge)
|
|
8
|
|
(111
|
)
|
(7
|
)
|
|
|
(28
|
)
|
571
|
|
(11
|
)
|
|
|
31 March
|
31 December
|
||
$ million
|
|
2020
|
2019
|
||
RMI at fair value*
|
|
2,553
|
|
6,837
|
|
Paid-up RMI*
|
|
1,235
|
|
3,217
|
|
|
|
31 March
|
31 December
|
||
$ million
|
|
2020
|
2019
|
||
Reconciliation of total inventory to paid-up RMI
|
|
|
|
||
Inventories as reported on the group balance sheet under
IFRS
|
|
11,641
|
|
20,880
|
|
Less:
(a) inventories that are not oil and oil products and (b) oil and
oil product inventories that are not risk-managed by
IST
|
|
(9,123
|
)
|
(14,280
|
)
|
|
|
2,518
|
|
6,600
|
|
Plus: difference between RMI at fair value and RMI on an IFRS
basis
|
|
35
|
|
237
|
|
RMI at fair value
|
|
2,553
|
|
6,837
|
|
Less: unpaid RMI* at fair value
|
|
(1,318
|
)
|
(3,620
|
)
|
Paid-up RMI
|
|
1,235
|
|
3,217
|
|
|
|
First
|
Fourth
|
First
|
|||
|
|
quarter
|
quarter
|
quarter
|
|||
$ million
|
|
2020
|
2019
|
2019
|
|||
Net
cash provided by operating activities as per condensed group cash
flow statement
|
|
952
|
|
7,603
|
|
5,296
|
|
Exclude
net cash from operating activities relating to the Gulf of Mexico
oil spill on a post-tax basis
|
|
281
|
|
(42
|
)
|
649
|
|
Operating cash flow, excluding Gulf of Mexico oil spill
payments*
|
|
1,233
|
|
7,561
|
|
5,945
|
|
|
|
31 March
|
31 December
|
||
$ million
|
|
2020
|
2019
|
||
Trade and other payables
|
|
(12,374
|
)
|
(12,480
|
)
|
Provisions
|
|
(124
|
)
|
(189
|
)
|
Gulf of Mexico oil spill payables and provisions
|
|
(12,498
|
)
|
(12,669
|
)
|
Of
which - current
|
|
(1,622
|
)
|
(1,800
|
)
|
|
|
|
|
||
Deferred tax asset
|
|
5,549
|
|
5,526
|
|
|
|
First
|
Fourth
|
First
|
|||
|
|
quarter
|
quarter
|
quarter
|
|||
$ million
|
|
2020
|
2019
|
2019
|
|||
Movements
in inventories and other current and non-current assets and
liabilities as per condensed group cash flow statement
|
|
683
|
|
(306
|
)
|
(2,695
|
)
|
Adjustments
to exclude movements in inventories and other current and
non-current assets and liabilities for the Gulf of Mexico oil
spill
|
|
254
|
|
91
|
|
631
|
|
Adjusted for Inventory holding gains (losses)* (Note
4)
|
|
|
|
|
|||
Upstream
|
|
(68
|
)
|
—
|
|
2
|
|
Downstream
|
|
(4,615
|
)
|
(21
|
)
|
1,046
|
|
Working capital release (build)
|
|
(3,746
|
)
|
(236
|
)
|
(1,016
|
)
|
|
|
First
|
Fourth
|
First
|
|||
|
|
quarter
|
quarter
|
quarter
|
|||
|
|
2020
|
2019
|
2019
|
|||
Average realizations(a)
|
|
|
|
|
|||
Liquids* ($/bbl)
|
|
|
|
|
|||
US
|
|
45.96
|
|
49.34
|
|
50.57
|
|
Europe
|
|
50.71
|
|
63.01
|
|
61.78
|
|
Rest of World
|
|
48.13
|
|
60.34
|
|
60.02
|
|
BP Average
|
|
47.47
|
|
55.90
|
|
56.47
|
|
Natural gas ($/mcf)
|
|
|
|
|
|||
US
|
|
1.28
|
|
1.65
|
|
2.57
|
|
Europe
|
|
3.23
|
|
4.06
|
|
5.84
|
|
Rest of World
|
|
3.51
|
|
3.77
|
|
4.67
|
|
BP Average
|
|
2.83
|
|
3.12
|
|
4.02
|
|
Total hydrocarbons* ($/boe)
|
|
|
|
|
|||
US
|
|
29.94
|
|
31.84
|
|
34.17
|
|
Europe
|
|
43.97
|
|
51.91
|
|
58.89
|
|
Rest of World
|
|
31.61
|
|
37.91
|
|
40.52
|
|
BP Average
|
|
31.80
|
|
36.42
|
|
39.37
|
|
Average oil marker prices ($/bbl)
|
|
|
|
|
|||
Brent
|
|
50.10
|
|
63.08
|
|
63.13
|
|
West Texas Intermediate
|
|
45.56
|
|
56.88
|
|
54.87
|
|
Western Canadian Select
|
|
28.71
|
|
37.70
|
|
44.91
|
|
Alaska North Slope
|
|
51.07
|
|
64.32
|
|
64.39
|
|
Mars
|
|
45.57
|
|
57.85
|
|
61.13
|
|
Urals (NWE – cif)
|
|
47.84
|
|
60.74
|
|
62.91
|
|
Average natural gas marker prices
|
|
|
|
|
|||
Henry
Hub gas price(b) ($/mmBtu)
|
|
1.95
|
|
2.50
|
|
3.15
|
|
UK Gas – National Balancing Point (p/therm)
|
|
24.81
|
|
31.77
|
|
48.23
|
|
|
|
First
|
Fourth
|
First
|
|||
|
|
quarter
|
quarter
|
quarter
|
|||
|
|
2020
|
2019
|
2019
|
|||
$/£ average rate for the period
|
|
1.28
|
|
1.29
|
|
1.30
|
|
$/£ period-end rate
|
|
1.24
|
|
1.31
|
|
1.31
|
|
|
|
|
|
|
|||
$/€ average rate for the period
|
|
1.10
|
|
1.11
|
|
1.14
|
|
$/€ period-end rate
|
|
1.10
|
|
1.12
|
|
1.12
|
|
|
|
|
|
|
|||
Rouble/$ average rate for the period
|
|
66.75
|
|
63.74
|
|
66.00
|
|
Rouble/$ period-end rate
|
|
78.14
|
|
61.98
|
|
65.02
|
|
|
|
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: 28
April 2020
|
|
|
/s/ Ben
J. S. Mathews
|
|
------------------------
|
|
Ben J.
S. Mathews
|
|
Company
Secretary
|