24th Apr 2007 07:02
BP PLC24 April 2007 Summarized Group Income Statement ------------------------------- First Fourth First Quarter Quarter Quarter 2007 2006 2006 ===============================$ millionSales and other operating revenues (Note 4) 61,307 61,946 63,288Earnings from jointly controlled entities - after interest and tax 333 284 573Earnings from associates - after interest and tax 163 125 115Interest and other revenues 233 177 198 -------------------------------Total revenues 62,036 62,532 64,174Gains on sale of businesses and fixed assets 680 300 597 -------------------------------Total revenues and other income 62,716 62,832 64,771 Purchases 42,660 44,506 43,819Production and manufacturing expenses 5,752 6,425 5,217Production and similar taxes (Note 5) 747 632 932Depreciation, depletion and amortization 2,519 2,441 2,184Impairment and losses on sale of businesses and fixed assets 223 60 23Exploration expense 156 408 189Distribution and administration expenses 3,457 4,205 3,096Fair value (gain) loss on embedded derivatives (155) (296) 442 -------------------------------Profit before interest and taxation from continuing operations 7,357 4,451 8,869Finance costs (Note 6) 264 205 191Other finance income (Note 7) (93) (56) (48) -------------------------------Profit before taxation from continuing operations 7,186 4,302 8,726Taxation 2,440 1,347 2,929 -------------------------------Profit from continuing operations 4,746 2,955 5,797Profit (loss) from Innovene operations (Note 3) - - (103) -------------------------------Profit for the period 4,746 2,955 5,694 -------------------------------Attributable to:BP shareholders 4,664 2,880 5,623Minority interest 82 75 71 ------------------------------- 4,746 2,955 5,694 ===============================Earnings per share - centsProfit for the period attributable to BP shareholdersBasic 24.06 15.04 27.40Diluted 23.94 14.88 27.13Profit from continuing operations attributable to BP shareholdersBasic 24.06 15.04 27.90Diluted 23.94 14.88 27.63 Summarized Group Balance Sheet ---------------------------- 31 March 31 December 2007 2006 ===========================$ millionNon-current assetsProperty, plant and equipment 92,307 90,999Goodwill 10,991 10,780Intangible assets 5,667 5,246Investments in jointly controlled entities 15,159 15,074Investments in associates 6,064 5,975Other investments 1,595 1,697 ---------------------------Fixed assets 131,783 129,771Loans 769 817Other receivables 931 862Derivative financial instruments 2,486 3,025Prepayments and accrued income 1,025 1,034Defined benefit pension plan surplus 6,950 6,753 --------------------------- 143,944 142,262 ---------------------------Current assetsLoans 175 141Inventories 19,812 18,915Trade and other receivables 38,819 38,692Derivative financial instruments 7,550 10,373Prepayments and accrued income 3,392 3,006Current tax receivable 95 544Cash and cash equivalents 1,956 2,590 --------------------------- 71,799 74,261Assets classified as held for sale 1,113 1,078 --------------------------- 72,912 75,339 ---------------------------Total assets 216,856 217,601 ===========================Current liabilitiesTrade and other payables 43,681 42,236Derivative financial instruments 7,508 9,424Accruals and deferred income 5,467 6,147Finance debt 11,597 12,924Current tax payable 3,322 2,635Provisions 1,934 1,932 --------------------------- 73,509 75,298Liabilities directly associated with the assets classified as held for - 54sale --------------------------- 73,509 75,352 ---------------------------Non-current liabilitiesOther payables 1,319 1,430Derivative financial instruments 3,626 4,203Accruals and deferred income 949 961Finance debt 12,131 11,086Deferred tax liabilities 18,593 18,116Provisions 11,655 11,712Defined benefit pension plan and other post-retirement benefit plan deficits 9,325 9,276 --------------------------- 57,598 56,784 ---------------------------Total liabilities 131,107 132,136 ---------------------------Net assets 85,749 85,465 ===========================EquityBP shareholders' equity 84,874 84,624Minority interest 875 841 --------------------------- 85,749 85,465 =========================== Group Statement of Recognized Income and Expense ------------------------------------------ First Fourth First Quarter Quarter Quarter 2007 2006 2006 ===============================$ millionCurrency translation differences 174 1,032 153Exchange gain on translation of foreign operations transferred to gain on sale of businesses and fixed assets (19) - -Actuarial gain relating to pensions and other post-retirement - 2,615 -benefitsAvailable-for-sale investments marked to market (109) 264 197Available-for-sale investments - recycled to the income statement - (269) (346)Cash flow hedges marked to market 28 141 57Cash flow hedges - recycled to the income statement (60) (143) 57Cash flow hedges - recycled to the balance sheet (7) (11) -Taxation (77) (814) 61 -------------------------------Net income (expense) recognized directly in equity (70) 2,815 179Profit for the period 4,746 2,955 5,694 -------------------------------Total recognized income and expense for the period 4,676 5,770 5,873 ===============================Attributable to: BP shareholders 4,578 5,646 5,802 Minority interest 98 124 71 ------------------------------- 4,676 5,770 5,873 =============================== Movement in BP Shareholders' Equity ------------------------------- $ millionMovement in BP shareholders' equityAt 31 December 2006 84,624Profit for the period 4,664Distribution to shareholders (2,001)Currency translation differences (net of tax) 142Exchange gain on translation of foreign operations transferred to gain on sale (net of tax) (19)Share-based payments (net of tax) 104Repurchase of ordinary share capital (2,499)Available-for-sale investments (net of tax) (121)Cash flow hedges (net of tax) (20) -------------At 31 March 2007 84,874 ============= Summarized Group Cash Flow Statement --------------------------------- First Fourth First Quarter Quarter Quarter 2007 2006 2006 ===============================$ millionOperating activitiesProfit before taxation from continuing operations 7,186 4,302 8,726Adjustments to reconcile profits before tax to net cash provided by operating activitiesExploration expenditure written off 55 265 114Depreciation, depletion and amortization 2,519 2,441 2,184Impairment and (gain) loss on sale of businesses and fixed assets (457) (240) (574)Earnings from jointly controlled entities and associates (496) (409) (688)Dividends received from jointly controlled entities and associates 229 809 1,011Working capital and other movements (1,058) (2,198) (1,850) -------------------------------Net cash provided by operating activities(a) 7,978 4,970 8,923 -------------------------------Investing activitiesCapital expenditure (3,645) (4,473) (3,295)Acquisitions, net of cash acquired (1,087) (127) -Investment in jointly controlled entities (9) (11) -Investment in associates (44) (103) (157)Proceeds from disposal of fixed assets 310 918 484Proceeds from disposal of businesses, net of cash disposed 608 (100) 166Proceeds from loan repayments 45 26 72 -------------------------------Net cash used in investing activities (3,822) (3,870) (2,730) -------------------------------Financing activitiesNet repurchase of shares (2,402) (3,449) (3,861)Proceeds from long-term financing 1,358 2,215 396Repayments of long-term financing (1,134) (1,874) (65)Net increase (decrease) in short-term debt (558) 3,348 (710)Dividends paid - BP shareholders (2,001) (1,927) (1,922) - Minority interest (64) (72) (66) -------------------------------Net cash used in financing activities (4,801) (1,759) (6,228) -------------------------------Currency translation differences relating to cash and cash equivalents 11 50 14 -------------------------------Increase (decrease) in cash and cash equivalents (634) (609) (21)Cash and cash equivalents at beginning of period 2,590 3,199 2,960 -------------------------------Cash and cash equivalents at end of period 1,956 2,590 2,939 =============================== (a) Operating cash flow is calculated from the starting point of profit beforetaxation which includes inventory holding gains and losses. Operating cash flowalso reflects working capital movements including inventories, trade and otherreceivables and trade and other payables. The carrying value of these workingcapital items will change for various reasons, including movements in oil, gasand products prices. Summarized Group Cash Flow Statement --------------------------------- First Fourth First Quarter Quarter Quarter 2007 2006 2006 ===============================$ millionWorking capital and other movementsInterest receivable (95) (80) (130)Interest received 85 89 146Finance costs 264 205 191Interest paid (333) (314) (310)Other finance income (93) (56) (48)Share-based payments 75 77 83Net operating charge for pensions and other post-retirement benefits, less contributions (87) (128) (50)Net charge for provisions, less payments (157) 446 (207)(Increase) decrease in inventories (648) 861 1,008(Increase) decrease in other current and non-current assets 3,139 2,869 335Increase (decrease) in other current and non-current liabilities (2,000) (2,476) (107)Income taxes paid (1,208) (3,691) (2,761) ------------------------------- (1,058) (2,198) (1,850) =============================== Capital Expenditure and Acquisitions ------------------------------ First Fourth First Quarter Quarter Quarter 2007 2006 2006 ===============================$ millionBy business Exploration and ProductionUK 221 309 182Rest of Europe 87 49 69US 1,050 1,234 1,021Rest of World 1,638 1,905 1,428 ------------------------------- 2,996 3,497 2,700 -------------------------------Refining and MarketingUK 73 217 61Rest of Europe(a) 1,210 395 65US 269 540 258Rest of World 80 334 107 ------------------------------- 1,632 1,486 491 -------------------------------Gas, Power and RenewablesUK 7 43 1Rest of Europe(a) 7 18 5US 36 268 20Rest of World 13 35 14 ------------------------------- 63 364 40 -------------------------------Other businesses and corporateUK 35 66 19Rest of Europe 2 - -US 32 21 8Rest of World - 3 - ------------------------------- 69 90 27 ------------------------------- 4,760 5,437 3,258 ===============================By geographical areaUK 336 635 263Rest of Europe 1,306 462 139US 1,387 2,063 1,307Rest of World 1,731 2,277 1,549 ------------------------------- 4,760 5,437 3,258 ===============================Included above:Acquisitions and asset exchanges(a) 1,113 205 10 =============================== (a) First quarter 2007 includes $1,108 million for the acquisition of Chevron'sNetherlands manufacturing company. Exchange ratesUS dollar/sterling average rate for the period 1.95 1.91 1.75US dollar/sterling period-end rate 1.96 1.96 1.75US dollar/euro average rate for the period 1.31 1.29 1.20US dollar/euro period-end rate 1.33 1.31 1.21 ------------------------------- Analysis of Profit Before Interest and Tax --------------------------------- First Fourth First Quarter Quarter Quarter 2007 2006 2006 ===============================$ millionBy business Exploration and ProductionUK 1,062 1,534 1,165Rest of Europe 720 249 303US 1,663 948 2,304Rest of World 2,609 2,326 3,044 ------------------------------- 6,054 5,057 6,816 -------------------------------Refining and MarketingUK (64) 28 (155)Rest of Europe 481 261 686US 289 (951) 828Rest of World 423 (44) 679 ------------------------------- 1,129 (706) 2,038 -------------------------------Gas, Power and RenewablesUK 48 147 (72)Rest of Europe 7 144 7US 24 116 168Rest of World 127 61 135 ------------------------------- 206 468 238 -------------------------------Other businesses and corporateUK (46) 280 (141)Rest of Europe 21 (98) (1)US (113) (307) (104)Rest of World 23 (140) 31 ------------------------------- (115) (265) (215) ------------------------------- 7,274 4,554 8,877Consolidation adjustment 83 (103) (8) -------------------------------Total for continuing operations 7,357 4,451 8,869 -------------------------------Innovene operationsUK - (40) (55)Rest of Europe - 25 (21)US - 15 7Rest of World - - (27) -------------------------------Total for Innovene operations - - (96) -------------------------------Total for period 7,357 4,451 8,773 ===============================By geographical areaUK 998 1,988 772Rest of Europe 1,245 533 995US 1,932 (289) 3,245Rest of World 3,182 2,219 3,857 -------------------------------Total for continuing operations 7,357 4,451 8,869 =============================== Analysis of Replacement Cost Profit Before Interest and Tax ----------------------------- First Fourth First Quarter Quarter Quarter 2007 2006 2006 ===============================$ millionBy business Exploration and ProductionUK 1,062 1,534 1,165Rest of Europe 720 249 303US 1,652 952 2,311Rest of World 2,609 2,328 3,044 ------------------------------- 6,043 5,063 6,823 -------------------------------Refining and MarketingUK (10) 190 (148)Rest of Europe 298 336 564US 122 (421) 637Rest of World 428 207 559 ------------------------------- 838 312 1,612 -------------------------------Gas, Power and RenewablesUK 48 147 (72)Rest of Europe 7 143 1US 26 114 178Rest of World 125 66 194 ------------------------------- 206 470 301 -------------------------------Other businesses and corporateUK (46) 280 (141)Rest of Europe 21 (97) (3)US (114) (319) (104)Rest of World 23 (140) 31 ------------------------------- (116) (276) (217) ------------------------------- 6,971 5,569 8,519Consolidation adjustment 83 (103) (8) -------------------------------Total for continuing operations 7,054 5,466 8,511 -------------------------------Innovene operationsUK - (40) (55)Rest of Europe - 25 (21)US - 15 7Rest of World - - (27) -------------------------------Total for Innovene operations - - (96) -------------------------------Total for period 7,054 5,466 8,415 ===============================By geographical areaUK 1,052 2,150 779Rest of Europe 1,061 609 865US 1,756 230 3,071Rest of World 3,185 2,477 3,796 -------------------------------Total for continuing operations 7,054 5,466 8,511 =============================== Analysis of Non-operating Items -------------------------- First Fourth First Quarter Quarter Quarter 2007 2006 2006 ================================$ millionBy business Exploration and ProductionImpairment and gain (loss) on sale of businesses and fixed assets 603 16 9Environmental and other provisions - - -Restructuring, integration and rationalization costs - - -Fair value gain (loss) on embedded derivatives 145 240 (395)Other - (433) - -------------------------------- 748 (177) (386) --------------------------------Refining and MarketingImpairment and gain (loss) on sale of businesses and fixed assets (179) 51 564Environmental and other provisions - - -Restructuring, integration and rationalization costs - - -Fair value gain (loss) on embedded derivatives - - -Other (50) (104) - -------------------------------- (229) (53) 564 --------------------------------Gas, Power and RenewablesImpairment and gain (loss) on sale of businesses and fixed assets 2 159 -Environmental and other provisions - - -Restructuring, integration and rationalization costs - - -Fair value gain (loss) on embedded derivatives 7 56 (55)Other - - - -------------------------------- 9 215 (55) --------------------------------Other businesses and corporateImpairment and gain (loss) on sale of businesses and fixed assets 31 14 1Environmental and other provisions - (2) -Restructuring, integration and rationalization costs - - -Fair value gain (loss) on embedded derivatives 3 - 8Other - (200) - -------------------------------- 34 (188) 9 -------------------------------- Total before taxation for continuing operations 562 (203) 132Taxation credit (charge) (199) 51 (46) --------------------------------Total after taxation for continuing operations 363 (152) 86 --------------------------------Innovene operationsTotal before taxation for Innovene operations(a) - - (96)Taxation credit (charge) - - (7) --------------------------------Total after taxation for Innovene operations - - (103) --------------------------------Total after taxation for period 363 (152) (17) ================================ (a) Loss on remeasurement to fair value in the first quarter of 2006. Realizations and Marker Prices ------------------------- First Fourth First Quarter Quarter Quarter 2007 2006 2006 =============================== Average realizations(a)Liquids ($/bbl)(b)UK 55.42 56.18 60.00US 51.62 52.11 53.79Rest of World 54.09 54.63 55.02BP Average 53.43 54.13 55.88 ===============================Natural gas ($/mcf)UK 7.28 5.61 7.87US 5.76 5.03 6.91Rest of World 3.90 3.70 3.94BP Average 4.86 4.38 5.54 =============================== Average oil marker prices ($/bbl)Brent 57.76 59.60 61.79West Texas Intermediate 58.05 59.90 63.29Alaska North Slope US West Coast 55.78 55.47 60.89Urals (NWE- cif) 54.36 56.06 58.15Urals (Med- cif) 54.26 56.48 58.26Russian domestic oil 27.33 26.33 35.27 ===============================Average natural gas marker pricesHenry Hub gas price ($/mmbtu)(c) 6.77 6.56 9.01UK Gas - National Balancing Point (p/therm) 22.33 29.92 70.00 =============================== (a) Based on sales of consolidated subsidiaries only - this excludes equity- accounted entities. (b) Crude oil and natural gas liquids. (c) Henry Hub First of the Month Index. Notes ------ 1. Basis of preparation BP prepares its Annual Report and Accounts on the basis ofInternational Financial Reporting Standards (IFRS) as adopted for use by theEuropean Union. The financial information presented herein has been prepared inaccordance with the accounting policies expected to be used in preparing theAnnual Report and Accounts 2007, which do not differ significantly from thoseused for the Annual Report and Accounts 2006. 2. Changes to comparatives In 2005 the basis of accounting for over-the-counter forward sale and purchase contracts for oil, natural gas, NGLs and power was changed.Certain transactions are now reported on a net basis in sales and otheroperating revenues, whereas previously they had been reported gross in sales andpurchases. This change, while reducing sales and other operating revenues andpurchases, had no impact on reported profit, profit per ordinary share, cashflow or the balance sheet. During 2006, as part of a continuous process to review how individual contractsare accounted for, certain other minor adjustments were identified that shouldhave been reflected in the restatement from gross to net presentation. Thoughthese adjustments are not significant to the group income statement, theamendment has been made to bring the comparatives onto a consistent basis. Thecomparative figures have been amended to reflect these items as set out below. Amended Reported ---------------------------- First First Quarter Quarter 2006 2006 ----------------------------$ millionSales and other operating revenuesExploration and Production 13,918 13,918Refining and Marketing 54,537 56,605Gas, Power and Renewables 6,553 8,279Other businesses and corporate 206 206 ---------------------------- 75,214 79,008Less: sales between businesses 11,926 11,926 ----------------------------Total third party sales 63,288 67,082 ============================Purchases 43,819 47,613 ============================ 3. Sale of Olefins and Derivatives business The sale of Innovene, BP's olefins, derivatives and refininggroup, to INEOS, was completed on 16 December 2005. First quarter 2006 includeda loss of $103 million related to post-closing adjustments. First Fourth First Quarter Quarter Quarter 2007 2006 2006 ===============================$ million Loss recognized on the remeasurement to fair value - - (96)Taxation - - (7) -------------------------------Profit (loss) from Innovene operations - - (103) ===============================Earnings (loss) per share from Innovene operations - centsBasic - - (0.50)Diluted - - (0.50) =============================== Notes ----- 4. Sales and other operating revenues First Fourth First Quarter Quarter Quarter 2007 2006 2006 ===============================$ millionBy businessExploration and Production 12,219 12,255 13,918Refining and Marketing 53,119 53,776 54,537Gas, Power and Renewables 5,613 5,224 6,553Other businesses and corporate 206 339 206 ------------------------------- 71,157 71,594 75,214Less: sales between businesses 9,850 9,648 11,926 -------------------------------Total third party sales 61,307 61,946 63,288 =============================== By geographical areaUK 24,055 23,676 27,733Rest of Europe 16,588 18,576 18,374US 23,034 23,368 22,066Rest of World 16,844 16,768 18,375 ------------------------------- 80,521 82,388 86,548Less: sales between areas 19,214 20,442 23,260 -------------------------------Total third party sales 61,307 61,946 63,288 =============================== 5. Profit before interest and taxation is after charging: First Fourth First Quarter Quarter Quarter 2007 2006 2006 ===============================$ millionProduction and similar taxesUK 67 (143) 235Overseas 680 775 697 ------------------------------- 747 632 932 =============================== 6. Finance costs First Fourth First Quarter Quarter Quarter 2007 2006 2006 ===============================$ millionInterest payable 347 290 293Capitalized (83) (85) (102) ------------------------------- 264 205 191 =============================== Notes ----- 7. Other finance income First Fourth First Quarter Quarter Quarter 2007 2006 2006 ===============================$ millionInterest on pension and other post-retirement benefit plan liabilities 538 496 471Expected return on pension and other post-retirement benefit plan assets (698) (619) (582) -------------------------------Interest net of expected return on plan assets (160) (123) (111)Unwinding of discount on provisions 67 67 54Unwinding of discount on deferred consideration for acquisition of investment in TNK-BP - - 9 ------------------------------- (93) (56) (48) =============================== 8. Analysis of changes in net debt First Fourth First Quarter Quarter Quarter 2007 2006 2006 ===============================$ millionOpening balanceFinance debt 24,010 19,973 19,162Less: Cash and cash equivalents 2,590 3,199 2,960 -------------------------------Opening net debt 21,420 16,774 16,202 -------------------------------Closing balanceFinance debt 23,728 24,010 18,679Less: Cash and cash equivalents 1,956 2,590 2,939 -------------------------------Closing net debt 21,772 21,420 15,740 -------------------------------Decrease (increase) in net debt (352) (4,646) 462 ===============================Movement in cash and cash equivalents (excluding exchange adjustments) (645) (659) (35)Net cash outflow (inflow) from financing (excluding share capital) 334 (3,689) 379Fair value hedge adjustment (30) (208) 82Debt acquired - (13) -Other movements (11) (57) 32 -------------------------------Movement in net debt before exchange effects (352) (4,626) 458Exchange adjustments - (20) 4 -------------------------------Decrease (increase) in net debt (352) (4,646) 462 =============================== Notes ----- 9. TNK-BP Operational and Financial Information First Fourth First Quarter Quarter Quarter 2007 2006 2006 ===============================Production (Net of royalties) (BP share)Crude oil (mb/d) 832 837 896Natural gas (mmcf/d) 566 602 567Total hydrocarbons (mboe/d)(a) 930 941 994 ===============================$ millionIncome statement (BP share)Profit before interest and tax 356 359 852Interest expense ... (61) (52) (43)Taxation (103) (118) (350)Minority interest (30) (6) (41) -------------------------------Net Income 162 183 418 ===============================... Excludes unwinding of discount on deferred consideration - - 9 ===============================Cash FlowDividends received(b) - 500 771 =============================== Balance Sheet 31 March 31 December 2007 2006 ==========================Investments in jointly controlled entities 8,381 8,353 ========================== (a) Natural gas is converted to oil equivalent at 5.8 billion cubic feet = 1 million barrels. (b) First quarter 2006 includes $771 million declared in fourth quarter 2005. 10. Second quarter results BP's second quarter results will be announced on 24 July 2007. 11. Statutory accounts The financial information shown in this publication is unaudited and does not constitute statutory financial statements. The 2006 BP Annual Report and Accounts have been filed with the Registrar of Companies; the reportof the auditors on those accounts was unqualified and did not contain astatement under section 237(2) or section 237(3) of the Companies Act 1985. Contacts ------- London United StatesPress Office Roddy Kennedy Ronnie Chappell +44 (0)20 7496 4624 +1 281 366 5174Investor Relations Fergus MacLeod Rachael MacLean +44 (0)20 7496 4717 +1 212 451 8072 http://www.bp.com/investors This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
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