29th Apr 2008 07:01
BP PLC29 April 2008 Group income statement ----------------------- First Fourth First quarter quarter quarter 2008 2007 2007 ================================$ millionSales and other operating revenues 87,745 79,852 61,307Earnings from jointly controlled entities - after interest and tax 975 992 333Earnings from associates - after interest and tax 225 157 163Interest and other revenues 278 221 233 --------------------------------Total revenues (Note 4) 89,223 81,222 62,036Gains on sale of businesses and fixed assets 925 270 680 --------------------------------Total revenues and other income 90,148 81,492 62,716 Purchases 61,533 56,313 42,660Production and manufacturing expenses 6,799 7,590 5,752Production and similar taxes (Note 5) 1,609 1,518 747Depreciation, depletion and amortization 2,782 3,020 2,519Impairment and losses on sale of businesses and fixed assets 40 872 223Exploration expense 293 201 156Distribution and administration expenses 3,896 4,212 3,457Fair value (gain) loss on embedded derivatives 690 459 (155) --------------------------------Profit before interest and taxation 12,506 7,307 7,357Finance costs (Note 6) 406 408 331Net finance income relating to pensions and other post-retirement benefits (Note 7) (160) (166) (160) --------------------------------Profit before taxation 12,260 7,065 7,186Taxation 4,509 2,561 2,440 --------------------------------Profit for the period 7,751 4,504 4,746 ================================Attributable to:BP shareholders 7,619 4,399 4,664Minority interest 132 105 82 -------------------------------- 7,751 4,504 4,746 ================================Earnings per share - centsProfit for the period attributable to BP shareholdersBasic 40.36 23.15 24.06Diluted 40.00 22.65 23.94 Group balance sheet ------------------- 31 March 31 December 2008 2007 ========================$ millionNon-current assetsProperty, plant and equipment 99,512 97,989Goodwill 11,012 11,006Intangible assets 6,729 6,652Investments in jointly controlled entities 22,719 18,113Investments in associates 4,749 4,579Other investments 1,666 1,830 ------------------------Fixed assets 146,387 140,169Loans 1,017 999Other receivables 983 968Derivative financial instruments 5,606 3,741Prepayments 1,208 1,083Defined benefit pension plan surplus 8,951 8,914 ------------------------ 164,152 155,874 ------------------------Current assetsLoans 160 165Inventories 26,855 26,554Trade and other receivables 43,698 38,020Derivative financial instruments 8,962 6,321Prepayments 3,771 3,589Current tax receivable 250 705Cash and cash equivalents 4,820 3,562 ------------------------ 88,516 78,916Assets classified as held for sale - 1,286 ------------------------ 88,516 80,202 ------------------------Total assets 252,668 236,076 ========================Current liabilitiesTrade and other payables 47,546 43,152Derivative financial instruments 8,356 6,405Accruals 6,466 6,640Finance debt 13,820 15,394Current tax payable 4,798 3,282Provisions 1,957 2,195 ------------------------ 82,943 77,068Liabilities directly associated with the assets classified as held for sale - 163 ------------------------ 82,943 77,231 ------------------------Non-current liabilitiesOther payables 3,032 1,251Derivative financial instruments 7,104 5,002Accruals 959 959Finance debt 16,051 15,651Deferred tax liabilities 20,264 19,215Provisions 13,055 12,900Defined benefit pension plan and other post-retirement benefit plan deficits 9,556 9,215 ------------------------ 70,021 64,193 ------------------------Total liabilities 152,964 141,424 ------------------------Net assets 99,704 94,652 ======================== EquityBP shareholders' equity 98,642 93,690Minority interest 1,062 962 ------------------------ 99,704 94,652 ======================== Group statement of recognized income and expense ------------------------------------------------- First Fourth First quarter quarter quarter 2008 2007 2007 ================================$ millionCurrency translation differences 778 304 174Exchange 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 benefits - 1,717 -Available-for-sale investments marked to market (191) 225 (109)Available-for-sale investments - recycled to the income statement (5) - -Cash flow hedges marked to market 74 (25) 28Cash flow hedges - recycled to the income statement (2) 12 (60)Cash flow hedges - recycled to the balance sheet (23) (31) (7)Taxation (118) (181) (77) --------------------------------Net income (expense) recognized directly in equity 513 2,021 (70)Profit for the period 7,751 4,504 4,746 --------------------------------Total recognized income and expense for the period 8,264 6,525 4,676 ================================Attributable to: BP shareholders 8,128 6,448 4,578 Minority interest 136 77 98 -------------------------------- 8,264 6,525 4,676 ================================ Movement in shareholders' equity -------------------------------- BP shareholders' Minority Total equity interest equity ======================================$ millionAt 31 December 2007 93,690 962 94,652 -------------------------------------- Currency translation differences (net of tax) 843 4 847Available-for-sale investments (net of tax) (168) - (168)Cash flow hedges (net of tax) 49 - 49Tax on share-based payments (215) - (215)Profit for the period 7,619 132 7,751 --------------------------------------Total recognized income and expense for the period 8,128 136 8,264 -------------------------------------- Dividends (2,554) (36) (2,590)Net repurchase of ordinary share capital (795) - (795)Share-based payments 173 - 173 -------------------------------------- At 31 March 2008 98,642 1,062 99,704 ====================================== Group cash flow statement ------------------------- First Fourth First quarter quarter quarter 2008 2007 2007 =================================$ millionOperating activitiesProfit before taxation 12,260 7,065 7,186Adjustments to reconcile profit before taxation to net cash provided by operating activitiesExploration expenditure written off 184 86 55Depreciation, depletion and amortization 2,782 3,020 2,519Impairment and (gain) loss on sale of businesses and fixed assets (885) 602 (457)Earnings from jointly controlled entities and associates (1,200) (1,149) (496)Dividends received from jointly controlled entities and associates 1,387 371 229Working capital and other movements (3,634) (5,706) (1,058) ---------------------------------Net cash provided by operating activities 10,894 4,289 7,978 ---------------------------------Investing activitiesCapital expenditure (4,435) (5,515) (3,645)Acquisitions, net of cash acquired - - (1,087)Investment in jointly controlled entities (366) (285) (9)Investment in associates (4) (41) (44)Proceeds from disposal of fixed assets 276 392 310Proceeds from disposal of businesses, net of cash disposed - 5 608Proceeds from loan repayments 122 69 45 ---------------------------------Net cash (used in) provided by investing activities (4,407) (5,375) (3,822) ---------------------------------Financing activitiesNet repurchase of shares (889) (1,352) (2,402)Proceeds from long-term financing 2,177 5,131 1,358Repayments of long-term financing (537) (1,596) (1,134)Net increase (decrease) in short-term debt (3,424) 2,125 (558)Dividends paid - BP shareholders (2,554) (2,056) (2,001) - Minority interest (36) (68) (64) ---------------------------------Net cash (used in) provided by financing activities (5,263) 2,184 (4,801) ---------------------------------Currency translation differences relating to cash and cash equivalents 34 54 11 ---------------------------------Increase (decrease) in cash and cash equivalents 1,258 1,152 (634)Cash and cash equivalents at beginning of period 3,562 2,410 2,590 ---------------------------------Cash and cash equivalents at end of period 4,820 3,562 1,956 ================================= Group cash flow statement ------------------------- First Fourth First quarter quarter quarter 2008 2007 2007 ================================$ millionWorking capital and other movementsInterest receivable (97) (147) (95)Interest received 99 160 85Finance costs 406 408 331Interest paid (366) (395) (333)Net finance income relating to pensions and other post-retirement benefits (160) (166) (160)Share-based payments 65 109 75Net operating charge for pensions and other post-retirement benefits, less contributions and benefit payments for unfunded plans 117 (225) (87)Net charge for provisions, less payments (165) (40) (157)(Increase) decrease in inventories 276 (5,121) (648)(Increase) decrease in other current and non-current assets (9,844) 1,736 3,139Increase (decrease) in other current and non-current liabilities 7,995 676 (2,000)Income taxes paid (1,960) (2,701) (1,208) -------------------------------- (3,634) (5,706) (1,058) ================================ Capital expenditure and acquisitions ------------------------------------ First Fourth First quarter quarter quarter 2008 2007 2007 ================================$ millionBy business Exploration and ProductionUK 225 303 222Rest of Europe 168 145 87US 1,215 1,311 1,067Rest of World(a) 4,394 2,391 1,647 -------------------------------- 6,002 4,150 3,023 --------------------------------Refining and MarketingUK 53 151 70Rest of Europe(b) 216 683 1,210US(a) 2,297 757 269Rest of World 102 294 80 -------------------------------- 2,668 1,885 1,629 --------------------------------Other businesses and corporateUK 71 119 44Rest of Europe 13 20 9US 267 324 51Rest of World 24 115 4 -------------------------------- 375 578 108 -------------------------------- 9,045 6,613 4,760 ================================By geographical areaUK 349 573 336Rest of Europe(b) 397 848 1,306US(a) 3,779 2,392 1,387Rest of World(a) 4,520 2,800 1,731 -------------------------------- 9,045 6,613 4,760 ================================Included above:Acquisitions and asset exchanges(a) (b) 1,964 - 1,113 ================================ (a)First quarter 2008 includes capital expenditure of $2,848 million inExploration and Production and an asset exchange of $1,793 million in Refiningand Marketing relating to the formation of an integrated North American oilsands business. For further information see Note 3. (b)First quarter 2007 includes $1,108 million for the acquisition of Chevron'sNetherlands manufacturing company. Exchange rates -------------- First Fourth First quarter quarter quarter 2008 2007 2007 ================================US dollar/sterling average rate for the period 1.98 2.05 1.95US dollar/sterling period-end rate 1.99 1.99 1.96US dollar/euro average rate for the period 1.50 1.45 1.31US dollar/euro period-end rate 1.58 1.47 1.33 -------------------------------- Analysis of profit before interest and tax ------------------------------------------ First Fourth First quarter quarter quarter 2008 2007 2007 ================================$ millionBy business Exploration and ProductionUK 923 725 1,122Rest of Europe 276 266 727US 3,090 2,277 1,740Rest of World 5,765 4,682 2,728 -------------------------------- 10,054 7,950 6,317 --------------------------------Refining and MarketingUK 69 165 (96)Rest of Europe 944 786 481US 1,382 (1,215) 296Rest of World 445 331 414 -------------------------------- 2,840 67 1,095 --------------------------------Other businesses and corporateUK (119) (87) (26)Rest of Europe - 4 21US (132) (351) (132)Rest of World 58 (9) 40 -------------------------------- (193) (443) (97) -------------------------------- 12,701 7,574 7,315Consolidation adjustment (195) (267) 42 --------------------------------Total for period 12,506 7,307 7,357 ================================ By geographical areaUK 873 804 998Rest of Europe 1,163 988 1,245US 4,193 521 1,932Rest of World 6,277 4,994 3,182 --------------------------------Total for period 12,506 7,307 7,357 ================================ Analysis of replacement cost profit before interest and tax ----------------------------------------------------------- First Fourth First quarter quarter quarter 2008 2007 2007 ================================$ millionBy business Exploration and ProductionUK 923 725 1,122Rest of Europe 276 266 727US 3,085 2,240 1,731Rest of World 5,788 4,639 2,726 -------------------------------- 10,072 7,870 6,306 --------------------------------Refining and MarketingUK 107 134 (42)Rest of Europe 629 278 298US 154 (1,805) 129Rest of World 359 97 419 -------------------------------- 1,249 (1,296) 804 --------------------------------Other businesses and corporateUK (119) (87) (26)Rest of Europe - 5 21US (152) (336) (133)Rest of World 58 (9) 40 -------------------------------- (213) (427) (98) -------------------------------- 11,108 6,147 7,012Consolidation adjustment (195) (267) 42 --------------------------------Total for period 10,913 5,880 7,054 ================================ By geographical areaUK 911 773 1,052Rest of Europe 849 480 1,061US 2,940 (91) 1,756Rest of World 6,213 4,718 3,185 --------------------------------Total for period 10,913 5,880 7,054 ================================ Analysis of non-operating items ------------------------------- First Fourth First quarter quarter quarter 2008 2007 2007 ================================$ millionBy business Exploration and ProductionImpairment and gain (loss) on sale of businesses and fixed assets 21 149 605Environmental and other provisions - - -Restructuring, integration and rationalization costs (44) (186) -Fair value gain (loss) on embedded derivatives (684) (449) 152Other 331 (168) - -------------------------------- (376) (654) 757 --------------------------------Refining and MarketingImpairment and gain (loss) on sale of businesses and fixed assets 814 (728) (179)Environmental and other provisions - - -Restructuring, integration and rationalization costs (205) (118) -Fair value gain (loss) on embedded derivatives - - -Other - (300) (50) -------------------------------- 609 (1,146) (229) --------------------------------Other businesses and corporateImpairment and gain (loss) on sale of businesses and fixed assets 50 (23) 31Environmental and other provisions - - -Restructuring, integration and rationalization costs (58) (34) -Fair value gain (loss) on embedded derivatives (6) (10) 3Other (67) (20) - -------------------------------- (81) (87) 34 -------------------------------- Total before taxation 152 (1,887) 562Taxation credit (charge)(a) (56) 715 (192) --------------------------------Total after taxation for period 96 (1,172) 370 ================================ (a)Tax on non-operating items is calculated using the quarter's effective taxrate on replacement cost profit. Amounts for comparative periods have beenamended to reflect a redefinition of the effective tax rate on replacement costprofit arising as a result of the exclusion of tax effects on inventory holdinggains and losses as described on page 2. Realizations and marker prices ------------------------------ First Fourth First quarter quarter quarter 2008 2007 2007 ================================ Average realizations(a)Liquids ($/bbl)(b)UK 94.86 88.05 55.42US 87.57 78.28 51.62Rest of World 92.04 84.51 54.09BP Average 90.92 82.72 53.43 ================================Natural gas ($/mcf)UK 8.08 7.83 7.28US 6.73 5.41 5.76Rest of World 4.97 3.94 3.90BP Average 5.88 4.83 4.86 ================================Average oil marker prices ($/bbl)Brent 96.71 88.45 57.76West Texas Intermediate 97.86 90.47 58.05Alaska North Slope US West Coast 96.53 88.65 55.78Mars 90.89 81.38 53.22Urals (NWE- cif) 93.35 85.41 54.36Russian domestic oil 46.86 48.98 27.33 ================================Average natural gas marker pricesHenry Hub gas price ($/mmbtu)(c) 8.03 6.97 6.77UK Gas - National Balancing Point (p/therm) 52.94 46.70 22.33 ================================ (a)Based on sales of consolidated subsidiaries only - this excludesequity-accounted entities. (b)Crude oil and natural gas liquids. (c)Henry Hub First of Month Index. Notes ----- 1. Basis of preparation The interim financial information included in this report has been prepared inaccordance with IAS 34 'Interim Financial Reporting'. The results for the interim periods are unaudited and in the opinion ofmanagement include all adjustments necessary for a fair presentation of theresults for the periods presented. All such adjustments are of a normalrecurring nature. The interim financial statements and notes included in thisReport should be read in conjunction with the consolidated financial statementsand related notes for the year ended 31 December 2007 included in BP's AnnualReport and Accounts 2007. BP prepares its consolidated financial statements included within its AnnualReport and Accounts on the basis of International Financial Reporting Standards(IFRS) as issued by the International Accounting Standards Board (IASB), IFRS asadopted by the European Union (EU) and in accordance with the provisions of theCompanies Act 1985. IFRS as adopted by the EU differs in certain respects fromIFRS as issued by the IASB, however, the differences have no impact on thegroup's consolidated financial statements for the periods presented. Thefinancial information presented herein has been prepared in accordance with theaccounting policies expected to be used in preparing the Annual Report andAccounts 2008, which do not differ significantly from those used in the AnnualReport and Accounts 2007. 2. Resegmentation and other changes to comparatives (a) Resegmentation On 11 October 2007, we announced our intention to simplify the organizationalstructure of BP. From 1 January 2008, there are only two business segments -Exploration and Production and Refining and Marketing. A separate business,Alternative Energy, handles BP's low-carbon businesses and future growth optionsoutside oil and gas. This includes solar, wind, gas-fired power, hydrogen,biofuels and coal conversion. As a result, and with effect from 1 January 2008: - The Gas, Power and Renewables segment ceased to report separately. - The natural gas liquids (NGLs), liquefied natural gas and gas and powermarketing and trading businesses were transferred from the Gas, Power andRenewables segment to the Exploration and Production segment. - The Alternative Energy business was transferred from the Gas, Power andRenewables segment to Other businesses and corporate. - The Emerging Consumers Marketing Unit was transferred from Refining andMarketing to Alternative Energy. - The Biofuels business was transferred from Refining and Marketing toAlternative Energy. - The Shipping business was transferred from Refining and Marketing toOther businesses and corporate. As a result of the transfers identified above, Other businesses and corporatehas been redefined. It now consists of the Alternative Energy business,Shipping, the group's aluminium asset, Treasury (which includes interest incomeon the group's cash and cash equivalents) and corporate activities worldwide. Financial information for 2003 to 2007 has been restated to reflect theresegmentation and is available in BP Financial and Operating Information2003-2007 and to download from www.bp.com/investors. Quarterly data is providedfor 2004-2007 and annual data for 2003. Notes ----- 2. Resegmentation and other changes to comparatives (continued) Resegmented As reported Fourth First Fourth First quarter quarter quarter quarter 2007 2007 2007 2007 ===========================================$ millionTotal revenuesExploration and Production 10,709 9,142 5,696 4,427Refining and Marketing 69,732 52,297 69,861 52,443Gas, Power and Renewables - - 5,379 4,922Other businesses and corporate 781 597 286 244 -------------------------------------------Total third party revenues 81,222 62,036 81,222 62,036 =========================================== Profit before interest and taxExploration and Production 7,950 6,317 7,643 6,054Refining and Marketing 67 1,095 26 1,129Gas, Power and Renewables - - 304 206Other businesses and corporate (443) (97) (389) (115) ------------------------------------------- 7,574 7,315 7,584 7,274Unrealized profit in inventory (267) 42 (277) 83 -------------------------------------------Profit before interest and tax 7,307 7,357 7,307 7,357 =========================================== (b) Revised income statement presentation We have implemented a minor change in the presentation of the group incomestatement whereby the unwinding of the discount on provisions and on otherpayables is now included within finance costs. Previously, this was includedwithin other finance income or expense. This line item has now been renamed netfinance income or expense relating to pensions and other post-retirementbenefits. This change does not affect profit before interest and taxation,profit before taxation or profit for the period. The financial information forcomparative periods shows the revised presentation, as set out below. Fourth First quarter quarter 2007 2007 ===================As reported$ millionProfit before interest and taxation 7,307 7,357Finance costs 333 264Other finance income (91) (93) -------------------Profit before taxation 7,065 7,186 =================== As amended$ millionProfit before interest and taxation 7,307 7,357Finance costs 408 331Net finance income relating to pensions and other post-retirement benefits (166) (160) -------------------Profit before taxation 7,065 7,186 =================== Notes ----- 2. Resegmentation and other changes to comparatives (continued) (c) Revised definition of net debt Net debt has been redefined to include the fair value ofassociated derivative financial instruments that are used to hedge foreignexchange and interest rate risks relating to finance debt, for which hedgeaccounting is claimed. The derivatives are reported on the balance sheet withinthe headings 'Derivative financial instruments'. Amounts for comparative periodsare presented on a consistent basis. Fourth First quarter quarter 2007 2007 ===================As reported$ millionNet debt 27,483 21,772Equity 94,652 85,749 -------------------Ratio of net debt to net debt plus equity 23% 20% =================== As amended$ millionNet debt 26,817 21,444Equity 94,652 85,749 -------------------Ratio of net debt to net debt plus equity 22% 20% =================== Notes ----- 3. Significant transaction in the period In December 2007, BP signed a memorandum of understanding with Husky Energy Inc.to form an integrated North American oil sands business. The transaction wascompleted on 31 March 2008, with BP contributing its Toledo refinery to a USjointly controlled entity to which Husky contributed $250 million cash and apayable of $2,483 million. In Canada, Husky contributed its Sunrise field to asecond jointly controlled entity, with BP contributing $250 million in cash anda payable of $2,290 million. The Toledo refinery assets and associatedliabilities were classified as a disposal group held for sale at 31 December2007. Both jointly controlled entities are owned 50:50 by BP and Husky and areaccounted for using the equity method. As a result of the transaction, the items detailed below are included in thefinancial statements for the first quarter of 2008. First quarter 2008 =========$ millionIncome statementGains on sale of businesses and fixed assets 809 ---------Profit before taxation 809Taxation 346 ---------Profit for the period 463 ========= 31 March 2008 =========Balance sheetNon-current assets - investments in jointly controlled entities 4,641Current liabilities - trade and other payables 266Non-current liabilities Other payables 2,024 Deferred tax liabilities 654 --------- 2,678 ---------Total liabilities 2,944 ---------Net assets 1,697 ========= First quarter 2008 =========Cash flow statementInvestment in jointly controlled entities (250) ========= Capital expenditure and acquisitions Exploration and Production 2,848 Refining and Marketing 1,793 --------- 4,641 ========= Including acquisitions and asset exchanges: 1,793 ========= In addition, agreements are in place between BP and the Toledo jointlycontrolled entity under which BP will supply feedstocks to the refinery andpurchase refined products. BP will also purchase refinery feedstocks from theSunrise jointly controlled entity once production commences, which is expectedin 2012. Notes ----- 4. Total revenues First Fourth First quarter quarter quarter 2008 2007 2007 =================================$ millionBy businessExploration and Production 24,065 21,258 16,347Refining and Marketing 76,863 70,030 53,164Other businesses and corporate 1,192 1,102 892 --------------------------------- 102,120 92,390 70,403 --------------------------------- Less: sales between businessesExploration and Production 12,219 10,549 7,205Refining and Marketing 269 298 867Other businesses and corporate 409 321 295 --------------------------------- 12,897 11,168 8,367 --------------------------------- Third party revenuesExploration and Production 11,846 10,709 9,142Refining and Marketing 76,594 69,732 52,297Other businesses and corporate 783 781 597 ---------------------------------Total third party revenues 89,223 81,222 62,036 ================================= By geographical areaUK 36,897 33,075 24,100Rest of Europe 23,657 22,938 16,656US 31,731 28,800 23,150Rest of World 26,857 22,292 17,344 --------------------------------- 119,142 107,105 81,250Less: sales between areas 29,919 25,883 19,214 --------------------------------- 89,223 81,222 62,036 ================================= 5. Production and similar taxes First Fourth First quarter quarter quarter 2008 2007 2007 ===============================$ millionUK 157 164 67Overseas 1,452 1,354 680 ------------------------------- 1,609 1,518 747 =============================== Notes ----- 6. Finance costs First Fourth First quarter quarter quarter 2008 2007 2007 ==============================$ millionInterest payable 382 393 347Capitalized (45) (60) (83) ------------------------------ 337 333 264Unwinding of discount on provisions 69 75 67 ------------------------------ 406 408 331 ============================== 7. Net finance income relating to pensions and other post-retirement benefits First Fourth First quarter quarter quarter 2008 2007 2007 ===============================$ millionInterest on pension and other post-retirement benefit plan liabilities 612 564 538Expected return on pension and other post-retirement benefit plan assets (772) (730) (698) ------------------------------- (160) (166) (160) =============================== Notes ----- 8. Analysis of changes in net debt First Fourth First quarter quarter quarter 2008 2007 2007 =================================$ millionOpening balanceFinance debt 31,045 25,245 24,010Less: Cash and cash equivalents 3,562 2,410 2,590Less: FV asset (liability) of hedges related to finance debt 666 640 298 ---------------------------------Opening net debt 26,817 22,195 21,122 --------------------------------- Closing balanceFinance debt 29,871 31,045 23,728Less: Cash and cash equivalents 4,820 3,562 1,956Less: FV asset (liability) of hedges related to finance debt 1,234 666 328 ---------------------------------Closing net debt 23,817 26,817 21,444 ---------------------------------Decrease (increase) in net debt 3,000 (4,622) (322) ================================= Movement in cash and cash equivalents (excluding exchange adjustments) 1,224 1,098 (645)Net cash outflow (inflow) from financing (excluding share capital) 1,784 (5,660) 334Other movements (7) (89) (11) ---------------------------------Movement in net debt before exchange effects 3,001 (4,651) (322)Exchange adjustments (1) 29 - ---------------------------------Decrease (increase) in net debt 3,000 (4,622) (322) ================================= Net debt has been redefined, for further information see Note 2.Amounts for comparative periods are presented on a consistent basis. Notes ----- 9. TNK-BP operational and financial information First Fourth First quarter quarter quarter 2008 2007 2007 ===============================Production (Net of royalties) (BP share)Crude oil (mb/d) 818 829 832Natural gas (mmcf/d) 512 437 566Total hydrocarbons (mboe/d)(a) 906 904 930 ===============================$ millionIncome statement (BP share)Profit before interest and tax 1,209 1,278 356Finance costs (76) (71) (61)Taxation (331) (413) (103)Minority interest (58) (42) (30) -------------------------------Net income 744 752 162 ===============================Cash flowDividends received 1,200 - - =============================== Balance sheet 31 March 31 December 2008 2007 ========================Investments in jointly controlled entities 8,361 8,817 ======================== (a)Natural gas is converted to oil equivalent at 5.8 billioncubic feet = 1 million barrels. 10. Second quarter results BP's second-quarter results will be announced on 29 July 2008. 11. Statutory accounts The financial information shown in this publication, which wasapproved by the Board of Directors on 28 April 2008, is unaudited and does notconstitute statutory financial statements. The 2007 BP Annual Report andAccounts have been filed with the Registrar of Companies; the report of theauditors on those accounts was unqualified and did not contain a statement undersection 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 +1 281 366 6766 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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