SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
Form 6-K
Report of Foreign Issuer
Pursuant to Rule 13a-16 or 15d-16 of
the Securities Exchange Act of 1934
for the period ended 26 April, 2005
BP p.l.c.
(Translation of registrant's name into English)
1 ST JAMES'S SQUARE, LONDON, SW1Y 4PD, ENGLAND
(Address of principal executive offices)
Indicate by check mark whether the registrant files or will file annual
reports under cover Form 20-F or Form 40-F.
Form 20-F |X| Form 40-F
--------------- ----------------
Indicate by check mark whether the registrant by furnishing the information
contained in this Form is also thereby furnishing the information to the
Commission pursuant to Rule 12g3-2(b) under the Securities Exchange Act of
1934.
Yes No |X|
--------------- ----------------
BP p.l.c.
Group Results
First Quarter 2005
London 26 April 2005
FOR IMMEDIATE RELEASE
---------------------------------------------------------------------------
RECORD QUARTERLY RESULT AND STRENGTHENING CASH FLOW
===========================================================================
1Q
2005
1Q 4Q 1Q vs.1Q
$ million 2005 2004 2004 2004
==========================
Profit for the period* 6,602 3,010 4,912
Inventory holding (gains) losses (1,111) 494 (648)
--------------------------
Replacement cost profit 5,491 3,504 4,264 29%
==========================
- per ordinary share (pence) 13.55 8.71 10.49
- per ordinary share (cents) 25.61 16.23 19.30 33%
- per ADS (dollars) 1.54 0.97 1.16
==========================
o BP's first quarter replacement cost profit was $5,491 million compared
with $4,264 million a year ago, an increase of 29%.
o The first quarter result includes a net non-operating gain of
$535 millon compared with $776 million in the first quarter of 2004.
This includes gains from the sale of BP's interests in the Ormen Lange
field and the Interconnector pipeline.
o The first quarter trading environment was generally stronger than a
year ago with higher oil and gas realizations, higher refining and
chemicals margins, but with lower retail marketing margins.
o Net cash provided by operating activities for the quarter was
$9.4 billion compared with $7 billion a year ago.
o The ratio of net debt to net debt plus equity was 18% compared with 20%
a year ago.
o The quarterly dividend, to be paid in June, is 8.50 cents per share
($0.51 per ADS) compared with 6.75 cents per share a year ago, an
increase of 26%. In sterling terms, the quarterly dividend is
4.450 pence per share, compared with 3.807 pence per share a year ago,
an increase of 17%. The company repurchased 193 million of its own
shares during the quarter at a cost of $2 billion.
BP Group Chief Executive, Lord Browne, said:
"This strong start in 2005 reflects the results of our significant
investment programme over the past few years and improvements in
underlying performance. In addition, continuing higher oil prices have
generated substantial additional cash flow which has been applied to
the share buyback programme.
* Profit attributable to BP shareholders.
Summary Quarterly Results
Exploration and Production's record first quarter result was up 53% on a year
ago reflecting higher realizations in both liquids and gas, and higher volumes,
partially offset by the impact of planned higher revenue investment and costs.
In addition, the result includes net gains from non-operating items.
The Refining and Marketing result increased 54% compared with a year ago
reflecting improved refining margins, offset partly by lower retail marketing
margins.
In Gas, Power and Renewables the improved result reflects primarily a higher
result in the natural gas liquids business, and gains from non-operating items.
Interest and Other finance expense was $201 million for the quarter compared
with $269 million in the previous quarter. A major component of the decrease is
the absence in the first quarter of the revaluation of provisions in the fourth
quarter of 2004.
The effective tax rate on replacement cost profit was 32%. This rate benefits
from the release of provisions for previous years as a result of current period
restructuring actions, risk reassessment and tax settlements.
Capital expenditure was $2.8 billion for the quarter. There were no acquisitions
in the quarter. Disposal proceeds were $1.3 billion.
Net debt at the end of the quarter was $18 billion. The ratio of net debt to net
debt plus equity was 18%, compared with 22% at the end of 2004.
During the first quarter, the company repurchased 193 million of its own shares,
at a cost of $2 billion. Of these, 77 million shares were cancelled and the
remainder are held in treasury.
--------
The commentaries above and following are based on replacement cost profit.
TNK-BP operational and financial information has been estimated.
The financial information for 2004 has been restated to reflect the following,
all with effect from 1 January 2005: (a) the adoption by the group of
International Financial Reporting Standards (IFRS) (see Note 1); (b) the
transfer of the aromatics and acetyls operations from the former Petrochemicals
segment to the Refining and Marketing segment; (c) the transfer of the olefins
and derivatives operations from the former Petrochemicals segment to Other
businesses and corporate; (d) the transfer of the Grangemouth and Lavera
refineries from the Refining and Marketing segment to Other businesses and
corporate; (e) the transfer of the Mardi Gras pipeline from the Exploration and
Production segment to the Refining and Marketing segment; and (f) the transfer
of the Hobbs fractionator from the Gas, Power and Renewables segment to Other
businesses and corporate. Note 2 provides further detail of the resegmentation.
Non-Operating Items
First
Quarter
$ million 2005
--------
Exploration and Production 780
Refining and Marketing (27)
Gas, Power and Renewables 105
Other businesses and corporate (71)
--------
787
Taxation(a) (252)
--------
535
========
(a) Tax on Non-Operating Items is calculated using the effective tax rate
on replacement cost profit.
Reconciliation of Replacement Cost Profit to Profit for the Period
First Fourth First
Quarter Quarter Quarter
$ million 2005 2004 2004
================================
Exploration and Production 6,486 4,750 4,242
Refining and Marketing 1,421 1,337 920
Gas, Power and Renewables 404 495 201
Other businesses and corporate 207 (1,216) 1,094
Consolidation adjustment (153) 57 (66)
--------------------------------
RC profit before interest and tax 8,365 5,423 6,391
--------------------------------
Interest and Other finance expense (201) (269) (174)
Taxation (2,612) (1,591) (1,919)
Minority interest (61) (59) (34)
--------------------------------
RC profit(a) 5,491 3,504 4,264
--------------------------------
Inventory holding gains (losses) 1,111 (494) 648
--------------------------------
Profit for the period* 6,602 3,010 4,912
================================
(a) Replacement cost profit reflects the current cost of supplies. The
replacement cost profit for the period is arrived at by excluding from
profit inventory holding gains and losses. BP uses this measure to
assist investors to assess BP's performance from period to period.
Replacement cost profit is not a recognized GAAP measure. Operating cash
flow is calculated from the starting point of profit before taxation
which includes inventory holding gains and losses. Operating cash flow
also reflects working capital movements including inventories, trade and
other receivables and trade and other payables. The carrying value of
these working capital items will change for various reasons, including
movements in oil, gas and products prices.
Per Share Amounts
First Fourth First
Quarter Quarter Quarter
2005 2004 2004
================================
Results for the period ($m)
Profit* 6,602 3,010 4,912
Replacement cost profit 5,491 3,504 4,264
--------------------------------
Shares in issue at period end (thousand) 21,367,827 21,525,978 21,996,888
- ADS equivalent (thousand) 3,561,305 3,587,663 3,666,148
Average number of shares
outstanding (thousand) 21,441,285 21,607,872 22,087,796
- ADS equivalent (thousand) 3,573,548 3,601,312 3,681,299
Per ordinary share (cents)
Profit for the period 30.79 14.00 22.24
RC profit for the period 25.61 16.23 19.30
Per ADS (cents)
Profit for the period 184.74 84.00 133.44
RC profit for the period 153.66 97.38 115.80
================================
* Profit attributable to BP shareholders.
Exploration and Production
1Q 4Q 1Q
$ million 2005 2004 2004
=====================
Profit before interest and tax(a) 6,491 4,747 4,250
Inventory holding (gains) losses (5) 3 (8)
---------------------
Replacement cost profit before interest and tax 6,486 4,750 4,242
=====================
Results include:
Impairment and gain (loss) on sale of
businesses and fixed assets 940 (236) 25
Environmental and other provisions - - -
Restructuring, integration and rationalization costs - - -
Fair value gain (loss) on embedded derivatives (160) - -
Other - 8 -
---------------------
Total non-operating items 780 (228) 25
=====================
Exploration expense 160 258 136
Of which:
Exploration expenditure written off 84 151 67
=====================
Production(Net of royalties)
Crude oil (mb/d) 2,405 2,396 2,342
Natural gas liquids (mb/d) 188 197 191
Total liquids (mb/d)(b) 2,593 2,593 2,533
Natural gas (mmcf/d) 8,745 8,714 8,600
Total hydrocarbons (mboe/d)(c) 4,101 4,095 4,015
=======================
Average realizations
Crude oil ($/bbl) 43.37 41.01 31.30
Natural gas liquids ($/bbl) 28.14 31.20 23.14
Total liquids ($/bbl) 41.74 39.88 30.48
Natural gas ($/mcf) 4.26 4.28 3.79
Total hydrocarbons ($/boe) 33.60 32.64 26.48
=======================
Average oil marker prices ($/bbl)
Brent 47.62 43.85 32.03
West Texas Intermediate 49.88 48.29 35.30
Alaska North Slope US West Coast 45.07 42.62 34.22
=====================
Average natural gas marker prices
Henry Hub gas price ($/mmbtu)(d) 6.27 7.07 5.69
UK Gas - National Balancing Point (p/therm) 37.96 28.51 24.59
=======================
(a) Includes profit after interest and tax of equity-accounted entities.
(b) Crude oil and natural gas liquids.
(c) Natural gas is converted to oil equivalent at 5.8 billion cubic feet
= 1 million barrels.
(d) Henry Hub First of the Month Index.
Exploration and Production
The replacement cost profit before interest and tax for the first quarter was
$6,486 million, a record result, representing an increase of 53% over the first
quarter of 2004. This result benefited from higher realizations in both liquids
and gas, and higher volumes, partially offset by the impact of planned higher
revenue investment and costs. In addition, the result includes gains of $1,070
million on the sales of assets primarily from our interest in the Ormen Lange
field.
The result also includes charges for impairments of $130 million, relating to
fields in the UK North Sea, and fair value losses of $160 million on embedded
derivatives in certain long term gas contracts where the contract price is tied
to oil and electricity prices rather than indexed to the gas price. The
corresponding quarter in 2004 contained charges of $186 million for impairments,
and gains on sales of assets of $211 million.
Production for the quarter at 4,101 mboe/d reflected the continuing ramp-up of
production in the New Profit Centres and increased volumes from TNK-BP, partly
offset by operational issues in the North Sea and the expected decline in our
Existing Profit Centres.
Projects in the New Profit Centres remain on track. In the Gulf of Mexico, the
Mad Dog project achieved first production in January 2005, and the Thunder Horse
integrated hull and topsides has left the construction yard in Corpus Christi
for installation offshore. In Azerbaijan, the Azeri project achieved first
production in February, and construction on the BTC pipeline remains on track.
In the Existing Profit Centres, the Clair project in the UK North Sea commenced
production in February. In addition, we sanctioned investment in the Saqqara gas
field in Egypt and received approval from the Indonesian government for the
Tangguh gas project.
We have had exploration success in Angola with the 'Palas-1' and 'Ceres-1' oil
discoveries in ultra-deepwater Block 31. These are the fifth and sixth
successful discoveries that BP has drilled in Block 31. We have also been
awarded three blocks in Algeria's sixth international licensing round.
Customer Facing Segments
Refining and Marketing
1Q 4Q 1Q
$ million 2005 2004 2004
=====================
Profit before interest and tax(a) 2,363 811 1,473
Inventory holding (gains) losses (942) 526 (553)
---------------------
Replacement cost profit before interest and tax 1,421 1,337 920
=====================
Results include:
Impairment and gain (loss) on sale of
businesses and fixed assets (27) (333) (160)
Environmental and other provisions - - -
Restructuring, integration and rationalization costs - (32) -
Fair value gain (loss) on embedded derivatives - - -
Other - - -
---------------------
Total non-operating items (27) (365) (160)
=====================
Refinery throughputs (mb/d)(b)
UK 164 218 198
Rest of Europe 647 601 710
USA 1,400 1,436 1,265
Rest of World 299 296 399
---------------------
Total throughput 2,510 2,551 2,572
=====================
Refining availability 95.2 96.5 95.1
=====================
Oil sales volumes (mb/d)
Refined products
UK 338 335 297
Rest of Europe 1,323 1,363 1,352
USA 1,648 1,664 1,683
Rest of World 621 627 652
-----------------------
Total marketing sales 3,930 3,989 3,984
Trading/supply sales 2,196 2,194 2,502
-----------------------
Total refined product sales 6,126 6,183 6,486
Crude oil 3,635 3,731 4,058
-----------------------
Total oil sales 9,761 9,914 10,544
=======================
Global Indicator Refining Margin ($/bbl)(c)
NWE 2.84 4.72 2.73
USGC 7.30 5.52 6.92
Midwest 3.84 1.65 4.67
USWC 12.88 10.36 8.06
Singapore 4.98 8.02 3.42
BP Average 5.94 5.69 4.89
=====================
Chemicals production (kte)
UK 317 316 303
Rest of Europe 806 779 797
USA 1,218 1,122 1,183
Rest of World 1,009 990 1,040
-----------------------
Total production 3,350 3,207 3,323
=======================
(a) Includes profit after interest and tax of equity-accounted entities.
(b) Refinery throughputs exclude the Grangemouth and Lavera refineries
which were transferred to Other businesses and corporate effective
1 January 2005.
(c) The Global Indicator Refining Margin (GIM) is the average of six
regional indicator margins weighted for BP's crude refining capacity in
each region. Each regional indicator margin is based on a single
representative crude with product yields characteristic of the typical
level of upgrading complexity. The regional indicator margins may not
be representative of the margins achieved by BP in any period because
of BP's particular refinery configurations and crude and product slate.
The GIM data shown above excludes the Grangemouth and Lavera
refineries.
Customer Facing Segments
Refining and Marketing
The replacement cost profit before interest and tax for the first quarter was
$1,421 million. This compares with $920 million for the same period last year,
an increase of 54%.
The year-on-year improved result reflects improved refining margins, offset
partly by lower retail marketing margins. Improved refining margins were
supported by strong product demand, together with the continuing weakness in the
relative price of extra-heavy sour crudes. Retail marketing margins in the first
quarter were significantly lower than those of a year ago, reflecting sustained
pressure from rising crude and product prices.
The quarter's result includes a charge of $27 million for non-operating items.
This comprises a gain on the sale of assets of $14 million relating to the sale
of marketing assets and an impairment charge of $41 million. This compares with
a loss on the sale of assets of $160 million in the same period last year due
principally to the disposal of BP's interests in the Singapore Refining Company
Private Limited (SRC).
Refining throughputs for the quarter were 2,510 mb/d, some 62 mb/d lower than in
the first quarter of 2004, due principally to the disposal of BP's interests in
the SRC and the closure of refining operations at the ATAS Refinery in Mersin,
south eastern Turkey, in 2004. Refining availability was 95.2%, in line with
that of the first quarter of 2004. Marketing sales were 3,930 mb/d, slightly
below those of a year ago.
The Texas City Refinery in Texas, USA, experienced a tragic explosion on 23
March at the Isomerization unit. The financial impact on the quarter was
minimal.
During the quarter, BP and the South Coast Air Quality Management District of
California agreed to the settlement of two outstanding lawsuits regarding the
Carson Refinery. The quarter's result includes a charge of $35 million in
respect of this settlement, including local community programmes relating to air
quality and its impacts.
Also in the quarter, BP and Sinopec Corporation of China signed a joint venture
contract to build a world-scale acetic acid plant in Nanjing, east China's
Jiangsu province. The 500,000 tons per annum operation is planned to come on
stream in the second half of 2007.
Customer Facing Segments
Gas, Power and Renewables
1Q 4Q 1Q
$ million 2005 2004 2004
=====================
Profit before interest and tax(a) 418 523 191
Inventory holding (gains) losses (14) (28) 10
---------------------
Replacement cost profit before interest and tax 404 495 201
=====================
Results include:
Impairment and gain (loss) on sale of
businesses and fixed assets 63 40 -
Environmental and other provisions - - -
Restructuring, integration and rationalization costs - - -
Fair value gain (loss) on embedded derivatives 42 - -
Other - - -
---------------------
Total non-operating items 105 40 -
---------------------
Gas sales volumes (mmscf/d)
UK 5,413 3,456 6,328
Rest of Europe 387 449 442
USA 14,188 13,852 13,618
Rest of World 15,628 13,659 13,902
-----------------------
Total gas sales volumes 35,616 31,416 34,290
=======================
NGL sales volumes (mb/d)
UK 10 11 4
Rest of Europe 13 12 1
USA 371 421 462
Rest of World 254 240 244
-----------------------
Total NGL sales volumes 648 684 711
=======================
(a) Includes profit after interest and tax of equity-accounted entities.
The replacement cost profit before interest and tax for the first quarter was
$404 million compared with $201 million a year ago. The result reflects
primarily a higher result in the natural gas liquids business, and gains from
non-operating items.
The natural gas liquids result has improved due to the higher level of liquids
prices and the wider spread between natural gas and natural gas liquid prices.
Non-operating items include a gain on disposal of BP's interest in
Interconnector UK Ltd. and net fair value gains on embedded derivatives.
Other Businesses and Corporate
1Q 4Q 1Q
$ million 2005 2004 2004
=====================
Profit (loss) before interest and tax(a) 357 (1,209) 1,191
Inventory holding (gains) losses (150) (7) (97)
---------------------
Replacement cost profit before interest and tax 207 (1,216) 1,094
=====================
Results include:
Impairment and gain (loss) on sale of
businesses and fixed assets (24) (1,101) 1,257
Environmental and other provisions - - -
Restructuring, integration and rationalization costs (43) (90) -
Fair value gain (loss) on embedded derivatives (4) - -
Other - 66 -
---------------------
Total non-operating items (71) (1,125) 1,257
=====================
Analysis of replacement cost result
before interest and tax(a)
Olefins and Derivatives 356 (964) (105)
Other (149) (252) 1,199
---------------------
207 (1,216) 1,094
=====================
(a) Includes profit after interest and tax of equity-accounted entities.
Other businesses and corporate comprises Olefins and Derivatives, Finance, the
group's aluminium asset, interest income and costs related to corporate
activities. The group's interests in PetroChina and Sinopec were divested in
January 2004. The first quarter result includes a charge of $71 million for
non-operating items. This primarily comprises a charge in respect of the
separation of the Olefins and Derivatives businesses of $43 million and an asset
impairment of $23 million, also related to the Olefins and Derivatives
businesses. The Olefins and Derivatives result showed a marked increase over a
year ago due to higher margins.
Dividends Payable
June March June
2005 2005 2004
=====================
Dividends per ordinary share
cents 8.50 8.50 6.75
pence 4.450 4.522 3.807
Dividends per ADS (cents) 51.0 51.0 40.5
-----------------------
BP today announced a dividend of 8.50 cents per ordinary share to be paid in
June. Holders of ordinary shares will receive 4.450 pence per share and holders
of American Depository Receipts (ADRs) $0.51 per ADS share. The dividend is
payable on 6 June to shareholders on the register on 13 May. Participants in the
Dividend Reinvestment Plan (DRIP) or the DRIP facility in the US Direct Access
Plan will receive the dividend in the form of shares, also on 6 June.
Outlook
BP Group Chief Executive, Lord Browne, concluded:
"World economic growth was sustained into the first quarter of 2005
across all regions. The current outlook is for some moderation of global
growth towards trend rates through 2005.
"Oil prices reached a further record average of $47.62 per barrel (Dated
Brent) in the first quarter, $3.77 per barrel higher than in the fourth
quarter. Prices appear to have been supported by high demand growth and
limited spare production capacity notwithstanding that OECD commercial
inventories are above seasonal five year average levels.
"US gas prices averaged $6.27/mmbtu (Henry Hub first of month index) in
the first quarter, down by $0.80/mmbtu versus the fourth quarter. Working
gas inventories remain above year-earlier and five year average levels
but the futures market continues to signal a supply-constrained market.
"Refining margins improved by 25c/bbl versus the fourth quarter. Margins
increased sharply towards the end of March and that strength has been
maintained into April. Second quarter margins to date are currently above
last year's second quarter levels, supported by demand growth and
concerns about US gasoline supplies in the driving season. Retail
marketing margins were extremely weak during the first quarter because of
steadily rising product prices. Slightly weaker oil prices have
contributed to improved marketing margins in the second quarter to date,
but the depth and sustainability of the improvement is uncertain.
"Our strategy is unchanged. We continue to execute it with discipline and
focus. Strengthening cash flow enabled shareholder distributions in the
form of dividends and share buybacks amounting to $4 billion in the
quarter."
----------------------------------------------------------------------
The foregoing discussion, in particular the statements under "Outlook",
contains forward looking statements particularly those regarding BP's
asset portfolio and changes in it, capital expenditure, cash flow,
dividends, future performance, growth and other trend projections,
margins, movements in working capital items, production, share
buybacks, and the timing of projects and operations. By their nature,
forward looking statements involve risks and uncertainties and actual
results may differ from those expressed in such statements depending on
a variety of factors including the following: the timing of bringing
new fields on stream; industry product supply; demand and pricing;
currency exchange rates; operational problems; general economic
conditions including inflationary pressures; political stability and
economic growth in relevant areas of the world; changes in governmental
regulations; exchange rate fluctuations; development and use of new
technology and successful commercial relationships; the actions of
competitors; natural disasters and other changes in business
conditions; prolonged adverse weather conditions; wars and acts of
terrorism or sabotage; and other factors discussed in this
Announcement. For more information you should refer to our Annual
Report and Accounts 2004 and our 2003 Annual Report on Form 20-F filed
with the US Securities and Exchange Commission.
----------------------------------------------------------------------
BP p.l.c. and Subsidiaries
Group Results
First Fourth First
Quarter Quarter Quarter
2005 2004 2004
=======================
$ million
Sales and other operating revenues 78,998 77,730 68,461
Earnings from jointly controlled entities -
after interest and tax 486 356 312
Earnings from associates - after interest and tax 114 132 107
Interest and other revenues 212 247 89
-----------------------
Total revenues 79,810 78,465 68,969
Gain on sale of businesses and fixed assets 1,198 273 1,549
-----------------------
Total revenues and other income 81,008 78,738 70,518
Purchases 59,205 59,613 52,487
Production and manufacturing expenses 5,430 4,941 4,855
Production and similar taxes 649 647 525
Depreciation, depletion and amortization 2,288 2,530 2,163
Impairment and losses on sale of businesses
and fixed assets 246 1,905 426
Exploration expense 160 258 136
Distribution and administration expenses 3,432 3,915 2,887
Fair value (gain) loss on embedded derivatives 122 - -
-----------------------
Profit before interest and taxation 9,476 4,929 7,039
Interest payable (Note 5) (172) (143) (98)
Other finance expense (Note 6) (29) (126) (76)
-----------------------
Profit before taxation 9,275 4,660 6,865
Taxation (2,612) (1,591) (1,919)
-----------------------
Profit for the period 6,663 3,069 4,946
=======================
Attributable to:
BP shareholders 6,602 3,010 4,912
Minority interest 61 59 34
-----------------------
6,663 3,069 4,946
=======================
Earnings per share - cents
Profit attributable to BP shareholders
Basic 30.79 14.00 22.24
Diluted 30.36 13.75 21.77
=======================
Summarized Group Balance Sheet
31 March 31 December
2005 2004
=====================
$ million
Non-current assets
Property, plant and equipment 92,110 93,092
Goodwill 10,754 10,857
Other intangible assets 4,232 4,205
Investments in jointly controlled entities 14,519 14,556
Investments in associates 5,710 5,486
Other investments 810 467
---------------------
Fixed assets 128,135 128,663
Loans and other receivables 4,519 2,419
Defined benefit pension plan surplus 2,128 2,105
---------------------
134,782 133,187
---------------------
Current assets
Inventories 16,562 15,645
Trade and other receivables 44,414 44,282
Current tax receivables 130 157
Cash and cash equivalents 1,521 1,359
---------------------
62,627 61,443
---------------------
Total assets 197,409 194,630
=====================
Current liabilities
Trade and other payables 49,658 48,096
Finance debt 7,352 10,184
Current tax payable 5,293 4,131
Provisions 842 715
---------------------
63,145 63,126
---------------------
Non-current liabilities
Other payables 6,605 4,438
Finance debt 12,212 12,907
Deferred tax liabilities 16,722 16,701
Provisions 8,703 8,884
Defined benefit pension plan and other
post-retirement benefit plan deficits 10,111 10,339
---------------------
54,353 53,269
---------------------
Total liabilities 117,498 116,395
---------------------
Net assets 79,911 78,235
=====================
Equity
BP shareholders' equity 78,805 76,892
Minority interest 1,106 1,343
---------------------
79,911 78,235
---------------------
Movement in BP shareholders' equity: $ million
At 31 December 2004 76,892
Adoption of IAS 39 (243)
------
As restated at 1 January 2005 76,649
Profit for the period 6,602
Distribution to shareholders (1,823)
Currency translation differences (696)
Issue of ordinary share capital for employee share schemes 207
Purchase of shares by ESOP trusts (141)
Share based payment accrual 114
Available-for-sale investments (41)
Cash flow hedges (67)
Repurchase of ordinary share capital (1,999)
------
At 31 March 2005 78,805
======
Summarized Group Cash Flow Statement
First Fourth First
Quarter Quarter Quarter
2005 2004 2004
=======================
$ million
Operating activities
Profit before taxation 9,275 4,660 6,865
Adjustments to reconcile profits before tax
to net cash provided by operating activities
Exploration expenditure written off 84 151 67
Depreciation, depletion and amortization 2,288 2,530 2,163
Impairment and (gain) loss on sale of businesses
and fixed assets (952) 1,632 (1,123)
Earnings from jointly controlled entities
and associates (600) (488) (419)
Dividends received from jointly controlled
entities and associates 355 756 209
Interest receivable (65) (124) (55)
Interest received 35 199 44
Interest payable 172 143 98
Interest paid (332) (227) (165)
Other finance expense 29 126 76
Share-based payments 77 68 58
Net operating charge for pensions and other
post-retirement benefits, less contributions (10) (49) (23)
Net charge for provisions, less payments (65) (364) (110)
(Increase) decrease in inventories (960) 56 254
(Increase) decrease in trade and other receivables (1,573) (4,668) (1,481)
Increase (decrease) in trade and other payables 2,749 3,150 1,130
Income taxes paid (1,133) (2,394) (580)
---------------------
Net cash provided by operating activities 9,374 5,157 7,008
---------------------
Investing activities
Capital expenditure (2,825) (3,805) (2,795)
Acquisitions, net of cash acquired - (1,489) -
Net investment in jointly controlled entities (15) (134) (1,379)
Net investment in associates (99) (190) (433)
Proceeds from disposal of businesses and
fixed assets 1,327 894 2,836
Proceeds from loan repayments 32 84 3
---------------------
Net cash used in investing activities (1,580) (4,640) (1,768)
---------------------
Financing activities
Net proceeds from shares issued (repurchased) (1,933) (1,942) (1,138)
Proceeds from long-term financing 811 900 628
Repayments of long-term financing (2,192) (921) (836)
Net (decrease) increase in short-term debt (2,166) 2,529 (2,228)
Dividends paid - BP shareholders (1,823) (1,535) (1,492)
- Minority interest (320) (8) (2)
---------------------
Net cash used in financing activities (7,623) (977) (5,068)
---------------------
Currency translation differences relating
to cash and cash equivalents (9) 78 3
---------------------
(Decrease) increase in cash and cash equivalents 162 (382) 175
Cash and cash equivalents at beginning of period 1,359 1,741 2,056
---------------------
Cash and cash equivalents at end of period 1,521 1,359 2,231
=====================
Capital Expenditure and Acquisitions
First Fourth First
Quarter Quarter Quarter
2005 2004 2004
=======================
$ million
By business
Exploration and Production
UK 176 207 153
Rest of Europe 31 94 48
USA 997 1,060 889
Rest of World(a) 1,097 1,237 2,674
-----------------------
2,301 2,598 3,764
-----------------------
Refining and Marketing
UK 43 186 62
Rest of Europe 67 248 70
USA 190 485 218
Rest of World 31 301 31
-----------------------
331 1,220 381
-----------------------
Gas, Power and Renewables
UK 1 154 1
Rest of Europe 1 12 2
USA 13 42 11
Rest of World 6 117 46
-----------------------
21 325 60
-----------------------
Other businesses and corporate
UK (b) 75 244 31
Rest of Europe (b) 20 880 34
USA (b) 64 527 47
Rest of World 16 74 54
-----------------------
175 1,725 166
-----------------------
2,828 5,868 4,371
=======================
By geographical area
UK (b) 295 791 247
Rest of Europe (b) 119 1,234 154
USA (b) 1,264 2,114 1,165
Rest of World (a) 1,150 1,729 2,805
-----------------------
2,828 5,868 4,371
=======================
Included above:
Acquisitions and asset exchanges 85 1,536 1,359
=======================
(a) First quarter 2004 included $1,354 million investment in TNK's
interest in Slavneft within TNK-BP.
(b) Fourth quarter 2004 included $1,355 million for the acquisition of
Solvay's interests in BP Solvay Polyethylene Europe and BP Solvay
Polyethylene North America.
Exchange rates
US dollar/sterling average rate for the period 1.89 1.86 1.84
US dollar/sterling period-end rate 1.88 1.92 1.83
US dollar/euro average rate for the period 1.31 1.29 1.25
US dollar/euro period-end rate 1.30 1.36 1.22
Analysis of Profit Before Interest and Tax
First Fourth First
Quarter Quarter Quarter
2005 2004 2004
=======================
$ million
By business
Exploration and Production
UK 911 998 840
Rest of Europe 1,328 222 163
USA 2,008 1,597 1,692
Rest of World 2,244 1,930 1,555
-----------------------
6,491 4,747 4,250
-----------------------
Refining and Marketing
UK (249) (395) (104)
Rest of Europe 835 353 423
USA 1,429 619 827
Rest of World 348 234 327
-----------------------
2,363 811 1,473
-----------------------
Gas, Power and Renewables
UK 116 158 23
Rest of Europe 6 (3) (13)
USA 172 102 74
Rest of World 124 266 107
-----------------------
418 523 191
-----------------------
Other businesses and corporate
UK (121) 136 (267)
Rest of Europe 370 (600) 146
USA 103 (508) (104)
Rest of World 5 (237) 1,416
-----------------------
357 (1,209) 1,191
-----------------------
9,629 4,872 7,105
Consolidation adjustment (153) 57 (66)
-----------------------
9,476 4,929 7,039
=======================
By geographical area
UK 640 897 492
Rest of Europe 2,539 (28) 719
USA 3,576 1,867 2,423
Rest of World 2,721 2,193 3,405
-----------------------
9,476 4,929 7,039
=======================
Analysis of Replacement Cost Profit
Before Interest and Tax
First Fourth First
Quarter Quarter Quarter
2005 2004 2004
=======================
$ million
By business
Exploration and Production
UK 911 998 840
Rest of Europe 1,328 222 163
USA 2,003 1,600 1,684
Rest of World 2,244 1,930 1,555
-----------------------
6,486 4,750 4,242
-----------------------
Refining and Marketing
UK (270) (375) (118)
Rest of Europe 423 585 319
USA 1,003 847 443
Rest of World 265 280 276
-----------------------
1,421 1,337 920
-----------------------
Gas, Power and Renewables
UK 116 158 23
Rest of Europe 6 (3) (13)
USA 163 90 79
Rest of World 119 250 112
-----------------------
404 495 201
-----------------------
Other businesses and corporate
UK (191) 136 (281)
Rest of Europe 309 (555) 121
USA 86 (559) (160)
Rest of World 3 (238) 1,414
-----------------------
207 (1,216) 1,094
-----------------------
8,518 5,366 6,457
Consolidation adjustment (153) 57 (66)
-----------------------
8,365 5,423 6,391
=======================
By geographical area
UK 549 917 464
Rest of Europe 2,066 249 590
USA 3,119 2,035 1,980
Rest of World 2,631 2,222 3,357
-----------------------
8,365 5,423 6,391
=======================
Analysis of Non-operating Items
First Fourth First
Quarter Quarter Quarter
2005 2004 2004
=======================
$ million
By business
Exploration and Production
UK (290) (15) (1)
Rest of Europe 1,027 - -
USA (1) (268) (19)
Rest of World 44 55 45
-----------------------
780 (228) 25
-----------------------
Refining and Marketing
UK 8 (411) (36)
Rest of Europe 1 (25) (37)
USA 5 89 (5)
Rest of World (41) (18) (82)
-----------------------
(27) (365) (160)
-----------------------
Gas, Power and Renewables
UK 105 - -
Rest of Europe - (1) -
USA - 1 -
Rest of World - 40 -
-----------------------
105 40 -
-----------------------
Other businesses and corporate
UK (66) (305) (8)
Rest of Europe (1) (439) 1
USA (4) (255) (126)
Rest of World - (126) 1,390
-----------------------
(71) (1,125) 1,257
-----------------------
Total before taxation 787 (1,678) 1,122
Taxation credit (charge) (252) 518 (346)
-----------------------
Total after taxation 535 (1,160) 776
=======================
Depreciation of Fixed Asset Revaluation Adjustment
First Fourth First
Quarter Quarter Quarter
2005 2004 2004
=======================
$ million
Exploration and Production
UK 7 9 11
USA 77 81 93
Rest of World 4 3 6
-----------------------
88 93 110
-----------------------
Refining and Marketing
USA 31 31 31
-----------------------
31 31 31
-----------------------
Total depreciation of revaluation adjustment(a)(b) 119 124 141
=======================
(a) Relates to the revaluation adjustment consequent upon the ARCO
acquisition.
(b) Excludes impairment of the revaluation adjustment which is included in
non-operating items.
Net Debt Ratio - Net Debt: Net Debt + Equity
First Fourth First
Quarter Quarter Quarter
2005 2004 2004
=======================
$ million
Gross debt 19,564 23,091 19,937
Cash and cash equivalents 1,521 1,359 2,231
-----------------------
Net debt 18,043 21,732 17,706
=======================
Equity 79,911 78,235 72,493
Net debt ratio 18% 22% 20%
=======================
Production and Realizations
First Fourth First
Quarter Quarter Quarter
2005 2004 2004
=======================
Production
Crude oil (mb/d) (net of royalties)
UK 288 301 344
Rest of Europe 76 70 73
USA 560 519 564
Rest of World 1,481 1,506 1,361
---------------------
Total crude oil production 2,405 2,396 2,342
=====================
Natural gas liquids (mb/d) (net of royalties)
UK 17 19 20
Rest of Europe 5 4 5
USA 135 142 137
Rest of World 31 32 29
---------------------
Total natural gas liquids production 188 197 191
=====================
Liquids (a) (mb/d) (net of royalties)
UK 305 320 364
Rest of Europe 81 74 78
USA 695 661 701
Rest of World 1,512 1,538 1,390
---------------------
Total liquids production 2,593 2,593 2,533
=====================
Natural gas (mmcf/d) (net of royalties)
UK 1,242 1,227 1,355
Rest of Europe 121 113 142
USA 2,648 2,651 2,869
Rest of World 4,734 4,723 4,234
---------------------
Total natural gas production 8,745 8,714 8,600
=====================
Average realizations
Crude oil ($/bbl)
UK 45.54 42.01 29.36
USA 43.20 42.07 32.69
Rest of World 41.49 38.29 30.80
BP Average 43.37 41.01 31.30
=====================
Natural gas liquids ($/bbl)
UK 29.82 40.23 25.70
USA 26.98 29.31 22.25
Rest of World 31.24 33.10 24.61
BP Average 28.14 31.20 23.14
=====================
Liquids (a) ($/bbl)
UK 44.68 41.91 29.16
USA 40.56 39.73 31.08
Rest of World 40.83 37.94 30.42
BP Average 41.74 39.88 30.48
=====================
Natural gas ($/mcf)
UK 5.58 5.16 4.70
USA 5.31 5.72 4.72
Rest of World 3.10 3.00 2.67
BP Average 4.26 4.28 3.79
=====================
(a) Crude oil and natural gas liquids.
Notes
1. Transition to International Financial Reporting Standards
For all periods up to and including the year ended 31 December 2004, BP
prepared its financial statements in accordance with UK generally
accepted accounting practice (UK GAAP). From 1 January 2005 BP is
required to prepare consolidated financial statements in accordance
with International Financial Reporting Standards (IFRS) as endorsed by
the European Commission ('EC'). Consequently, financial information
for interim quarters of 2005 must be prepared on the basis of IFRS.
The general principle that should be applied on first-time adoption of
IFRS is that standards in force at the first reporting date (that is,
for BP, 31 December 2005) should be applied retrospectively. However,
IFRS 1 'First-time Adoption of International Financial Reporting
Standards' contains a number of exemptions which companies are
permitted to apply. BP has elected:
- not to present comparative information in accordance with IAS 32
'Financial Instruments: Disclosure and Presentation' and IAS 39
'Financial Instruments: Recognition and Measurement'.
- not to restate its financial information for acquisitions occurring
before 1 January 2003.
- to deem cumulative translation differences to be zero at 1 January
2003.
- to recognize all actuarial gains and losses on pensions and other
post-retirement benefits directly in shareholders' equity at 1
January 2003. This is consistent with the group's adoption of
FRS 17 'Retirement Benefits' in 2004.
- to apply IFRS 2 'Share-based Payment' retrospectively to all share-
based payments.
As a result of the above exemptions certain changes apply from 1
January 2003 (BP's Date of Transition) followed by further changes (due
to IAS 32 and IAS 39) to apply from 1 January 2005.
The quarterly information for 2005 and the restatement of financial
information for the year ended 31 December 2004 and the interim
quarters of 2004 have been prepared on the basis of all International
Financial Reporting Standards (IFRSs) (with the exception of IAS 32 and
IAS 39 (as amended) for the 2004 information) and Standing
Interpretations Committee (SIC) and International Financial Reporting
Interpretations Committee (IFRIC) interpretations issued by the
International Accounting Standards Board (IASB) expected to be in
effect for the year ending 31 December 2005. It is possible that there
will be changes to these standards and interpretations before the end
of 2005, which might require further adjustments to this information
before it is included in the 2005 Annual Report and Accounts. In
addition, BP has decided to early adopt IFRS 5 'Non-current Assets Held
for Sale and Discontinued Operations', IFRS 6 'Exploration for and
Evaluation of Mineral Resources', the amendment to IAS 19 'Amendment to
international accounting standard IAS 19 Employee Benefits: Actuarial
Gains and Losses, Group Plans and Disclosures' and IFRIC 4 'Determining
whether an Arrangement contains a Lease'.
In the restatement information for the year ended 31 December 2004 and
the interim quarters of 2004 financial assets and financial liabilities
are accounted for on the basis of UK GAAP.
Under UK GAAP, all derivatives used for trading purposes are recognized
on the balance sheet at fair value. However, derivative financial
instruments used for hedging purposes are recognized by applying either
the accrual method or the deferral method. Under the accrual method,
amounts payable or receivable in respect of derivatives are recognized
rateably in earnings over the period of the contracts. Changes in the
derivative's fair value are not recognized. On the deferral method,
gains and losses from derivatives are deferred and recognized in
earnings or as adjustments to carrying amounts as the underlying hedged
transaction matures or occurs.
From 1 January 2005 for IFRS all financial assets and financial
liabilities have to be recognized initially at fair value. In
subsequent periods the measurement of these financial instruments
depends on their classification into one of the following measurement
categories: i) financial assets or financial liabilities at-fair-value-
through-profit-and-loss (such as those used for trading purposes, and
all derivatives which do not qualify for hedge accounting); ii) loans
and receivables; iii) available-for-sale financial assets (including
certain investments held for the long term) and iv) other liabilities.
The effect of adopting IAS 39 at 1 January 2005 is shown as a movement
in BP's shareholders equity for 2005.
Notes
1. Transition to International Financial Reporting Standards
The principal differences for the Group between reporting on the basis
of UK GAAP and IFRS are as follows:
- ceasing to amortize goodwill.
- setting up deferred taxation on:
- acquisitions
- inventory valuation differences
- unremitted earnings of subsidiaries, associates and jointly
controlled entities
- expensing a greater proportion of major maintenance costs.
- no longer recognizing dividends proposed but not declared as a
liability at the balance sheet date.
- recognizing an expense for the fair value of employee share option
schemes rather than the intrinsic value.
- recording asset swaps on the basis of fair value.
- embedded derivatives measured at fair value.
BP has produced an explanatory note setting out its accounting policies
under IFRS, the major differences between UK GAAP and IFRS for BP, and
reconciliations of UK GAAP to IFRS for its 2003 and 2004 Income and
Cash Flow Statements, its Balance Sheets at 1 January 2003, 31 December
2003, 31 December 2004 and 1 January 2005. This information can be
found at the Investor Centre www.bp.com. In addition, the
reconciliations for 2004 interim periods included in this report are
shown below.
Fourth First
Quarter Quarter
2004 2004
--------------------
$ million
Profit for the period under UK GAAP 2,610 4,862
Adjustments
Goodwill amortization 411 359
Major maintenance expenditure (94) (32)
Share-based payments 85 (16)
Asset swaps 36 2
Recycling forex on disposal - 78
Deferred tax (47) (313)
Other 68 6
--------------------
Profit for the period under IFRS 3,069 4,946
====================
31 March
2004
--------
$ million
BP shareholders' equity under UK GAAP 72,829
Adjustments
Goodwill amortization 1,789
Major maintenance expenditure (582)
Share-based payments 215
Asset swaps (140)
Deferred tax (3,890)
Dividend accrual 1,485
Other (394)
--------
BP shareholders' equity under IFRS 71,312
=========
Notes
2. Resegmentation
With effect from 1 January 2005 there have been the following changes
to the business segments reported by the group.
(a) Our petrochemicals operations have been divided between the
Refining and Marketing segment and Other businesses and corporate.
The Aromatics and Acetyls businesses and the petrochemicals assets
that are integrated with our Gelsenkirchen refinery in Germany are
now part of Refining and Marketing. The Olefins and Derivatives
business is now reported within Other businesses and corporate.
This segment has also been restated to include the legacy
historical results of other petrochemicals assets that have been
divested during 2004. We have also combined our Grangemouth and
Lavera refineries into the Olefins and Derivatives business to
maintain current operating synergies. These changes have been
made in connection with the establishment of our Olefins and
Derivatives business as a stand-alone entity within BP, with a
view towards its divestment at a later date.
(b) A small US operation, the Hobbs fractionator, which supplies
petrochemicals feedstock, has been transferred from Gas, Power and
Renewables to Olefins and Derivatives.
(c) The Mardi Gras pipeline system in the Gulf of Mexico has been
transferred from Exploration and Production to Refining and
Marketing.
Comparative financial and operation information is shown after
resegmentation and the adoption of International Financial Reporting
Standards. Further information regarding these adjustments can be
found at the BP investor centre www.bp.com.
3. Sales and other operating revenues
First Fourth First
Quarter Quarter Quarter
2005 2004 2004
=======================
$ million
By business
Exploration and Production 10,186 9,830 8,186
Refining and Marketing 49,869 49,465 44,096
Gas, Power and Renewables 23,667 23,468 20,975
Other businesses and corporate 5,515 5,690 3,819
------------------------
89,237 88,453 77,076
Less: sales between businesses 10,239 10,723 8,615
------------------------
78,998 77,730 68,461
========================
By geographical area
UK 26,911 25,475 17,862
Rest of Europe 17,009 15,914 12,428
USA 34,282 33,652 31,596
Rest of World 18,706 19,654 15,822
------------------------
96,908 94,695 77,708
Less: sales between areas 17,910 16,965 9,247
------------------------
78,998 77,730 68,461
========================
Notes
4. Operating profits are after charging:
First Fourth First
Quarter Quarter Quarter
2005 2004 2004
=======================
$ million
Exploration expense
UK 5 17 2
Rest of Europe 1 10 2
USA 103 143 97
Rest of World 51 88 35
-----------------------
160 258 136
=======================
Production and similar taxes (a)
UK 114 112 126
Overseas 535 535 399
-----------------------
649 647 525
=======================
(a) Production taxes are charged against Exploration and Production's
operating profit.
5. Interest payable
Group interest payable 191 188 148
Capitalized (76) (45) (50)
-----------------------
115 143 98
Early redemption of finance leases 57 - -
-----------------------
172 143 98
=======================
6. Other finance expense
Interest on pension and other
post-retirement benefit plan liabilities 514 519 500
Expected return on pension and other
post-retirement benefit plan assets (547) (501) (498)
-----------------------
Interest net of expected return on plan assets (33) 18 2
Unwinding of discount on provisions 45 50 48
Unwinding of discount on deferred consideration
for acquisition of investment in TNK-BP 17 17 26
Change in discount rate for provisions - 41 -
-----------------------
29 126 76
=======================
Notes
7. Dividends paid
First Fourth First
Quarter Quarter Quarter
2005 2004 2004
=======================
Dividends per ordinary share
cents 8.50 7.10 6.75
pence 4.522 3.910 3.674
Dividends per ADS (cents) 51.0 42.6 40.5
=======================
8. Analysis of changes in net debt
First Fourth First
Quarter Quarter Quarter
2005 2004 2004
=======================
$ million
Opening balance
Finance debt 23,091 20,445 22,325
Less: Cash and cash equivalents 1,359 1,741 2,056
-----------------------
Opening net debt 21,732 18,704 20,269
-----------------------
Closing balance
Finance debt 19,564 23,091 19,937
Less: Cash and cash equivalents 1,521 1,359 2,231
-----------------------
Closing net debt 18,043 21,732 17,706
-----------------------
Decrease (increase) in net debt 3,689 (3,028) 2,563
=======================
Movement in cash and cash equivalents
(excluding exchange adjustments) 171 (460) 172
Net cash outflow (inflow) from financing
(excluding share capital) 3,547 (2,508) 2,436
Adoption of IAS 39 (147) - -
Fair value hedge adjustment 98 - -
Other movements 49 10 38
-----------------------
Movement in net debt before exchange effects 3,718 (2,958) 2,646
Exchange adjustments (29) (70) (83)
-----------------------
Decrease (increase) in net debt 3,689 (3,028) 2,563
=======================
Notes
9. TNK-BP Operational and Financial Information
First Fourth First
Quarter Quarter Quarter
2005 2004 2004
=======================
Production (Net of royalties) (BP share)
Crude oil (mb/d) 875 884 766
Natural gas (mmcf/d) 527 515 382
Total hydrocarbons (mboe/d) (a) 966 972 832
=======================
$ million
Income statement
Profit before interest and tax 615 659 374
Interest expense + (29) (22) (30)
Taxation (167) (184) (108)
Minority interest (8) (17) (10)
------------------------
Net Income 411 436 226
=======================
+ Excludes unwinding of discount on
deferred consideration 17 17 26
=======================
Cash Flow
Additional investment in TNK-BP joint venture - - (1,416)
Dividends related to period prior to acquisition - - 143
------------------------
Net investment in TNK-BP joint venture - - (1,273)
=======================
Dividends received 250 610 119
=======================
First Fourth First
Quarter Quarter Quarter
2005 2004 2004
=======================
Average oil marker prices ($/bbl)
Urals (NWE - cif) 42.54 37.75 29.01
Urals (Med - cif) 43.21 38.82 28.98
Domestic oil 19.14 22.30 17.08
=======================
Balance sheet 31 March 31 December
2005 2004
=======================
Investments in jointly controlled entities 8,455 8,294
=======================
Deferred consideration
Due within one year 1,236 1,227
Due after more than one year 1,202 1,194
-----------------------
2,438 2,421
=======================
(a) Natural gas is converted to oil equivalent at 5.8 billion cubic feet =
1 million barrels.
TNK-BP operational and financial information has been estimated and
includes adjustments to net income in respect of prior periods
amounting to a charge of $8 million in 1Q 2005 and a credit of $23
million in 4Q 2004.
Recently, various TNK-BP group companies have received tax
notifications in respect of 2001. Discussions between TNK-BP and the
Russian authorities are ongoing. In the agreements executed at the
formation of TNK-BP, BP has extensive indemnities from our co-joint
venturers in respect of historic tax liabilities.
Notes
10. Olefins and Derivatives
First Fourth First
Quarter Quarter Quarter
2005 2004 2004
=======================
Refinery throughputs (mb/d)
UK 193 202 197
Rest of Europe 199 180 174
-----------------------
Total throughput 392 382 371
-----------------------
Petrochemicals production (kte)
UK 461 588 537
Rest of Europe 2,132 2,033 1,931
USA 1,301 1,425 1,360
Rest of World 104 111 92
-----------------------
Total production 3,998 4,157 3,920
-----------------------
$ million
Income Statement
Profit before interest and tax 506 (957) (8)
Inventory holding (gains) losses (150) (7) (97)
-----------------------
Replacement cost profit before interest and tax 356 (964) (105)
=======================
By geographical area:
UK (30) (146) (105)
Rest of Europe 302 (358) 127
USA 89 (304) (135)
Rest of World (5) (156) 8
-----------------------
356 (964) (105)
=======================
Replacement cost result includes:
Impairment and gain (loss) on sale of
businesses and fixed assets (24) (1,063) (134)
Restructuring, integration and
rationalization costs - (7) -
-----------------------
Total non-operating items (24) (1,070) (134)
=======================
Other Financial information
Capital expenditure and acquisitions 144 1,609 155
=======================
Olefins and Derivatives includes the Olefins and Derivatives businesses
previously reported in the former Petrochemicals segment, the Grangemouth and
Lavera refineries previously reported within the Refining and Marketing segment,
the Hobbs fractionator previously included in Gas, Power and Renewables and
costs associated with the former Petrochemicals segment.
Notes
11. Equity-accounted entities
The group's profit for the period includes the following in respect of
equity-accounted entities.
RC Profit Inventory Profit
before holding before
interest (gains) interest
and tax losses and tax
---------------------------------------
$ million
First Quarter 2005
Exploration and Production 841 - 841
Refining and Marketing 76 (4) 72
Gas, Power and Renewables 5 - 5
Other businesses and corporate (1) - (1)
---------------------------------------
921 (4) 917
=======================================
Fourth Quarter 2004
Exploration and Production 889 - 889
Refining and Marketing 85 (7) 78
Gas, Power and Renewables 7 - 7
Other businesses and corporate (15) (2) (17)
---------------------------------------
966 (9) 957
=======================================
First Quarter 2004
Exploration and Production 563 - 563
Refining and Marketing 98 (6) 92
Gas, Power and Renewables - - -
Other businesses and corporate 17 (9) 8
---------------------------------------
678 (15) 663
=======================================
Profit
Minority for the
Interest Tax interest period
----------------------------------------
$ million
First Quarter 2005
Exploration and Production (52) (227) (8) 554
Refining and Marketing (5) (18) - 49
Gas, Power and Renewables (2) (2) - 1
Other businesses and corporate (3) - - (4)
---------------------------------------
(62) (247) (8) 600
=======================================
Fourth Quarter 2004
Exploration and Production (48) (376) (17) 448
Refining and Marketing (3) (25) - 50
Gas, Power and Renewables (2) (1) - 4
Other businesses and corporate (1) 4 - (14)
---------------------------------------
(54) (398) (17) 488
=======================================
First Quarter 2004
Exploration and Production (50) (158) (10) 345
Refining and Marketing (4) (19) - 69
Gas, Power and Renewables (2) - - (2)
Other businesses and corporate (1) - - 7
---------------------------------------
(57) (177) (10) 419
=======================================
12. Second quarter results
BP's second quarter results will be announced on 26 July 2005.
Notes
13. Statutory accounts
The financial information shown in this publication is unaudited and
does not constitute statutory accounts. The 2004 Annual Report and
Accounts have been delivered to the UK Registrar of Companies; the
report of the auditors on those accounts was unqualified.
Contacts
London United States
-------------- --------------
Press Office Roddy Kennedy Ronnie Chappell
+44 (0)20 7496 4624 +1 281 366 5174
Investor Relations Fergus MacLeod Rachael MacLean
+44 (0)20 7496 4717 +1 212 451 8072
http://www.bp.com/investors
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the
undersigned, thereunto duly authorized.
BP p.l.c.
(Registrant)
Dated: 26 April, 2005 /s/ D. J. PEARL
..............................
D. J. PEARL
Deputy Company Secretary