BP Annual Report and Form 20-F 2010
Liquids
thousand barrels per day
Subsidiaries BP net share of productiona
Field or area 2010 2009
UKb ETAPc 28 34
Foinavend 24 29
Other 85 105
Total UK 137 168
Norwayb Various 40 40
Total Rest of Europe 40 40
Total Europe 177 208
Alaska Prudhoe Bayd 67 69
Kuparuk 42 45
Milne Pointd 23 24
Other 34 43
Total Alaska 166 181
Lower 48 onshoreb Various 90 97
Gulf of Mexico deepwaterb Thunder Horsed 120 133
Atlantisd 49 54
Mad Dogd 30 35
Mars 23 29
Na Kikad 25 27
Horn Mountaind 14 25
Kingd 21 22
Other 56 62
Total Gulf of Mexico deepwater 338 387
Total US 594 665
Canadab Variousd 7 8
Total Rest of North America 7 8
Total North America 601 673
Colombia Variousd 18 23
Trinidad & Tobago Variousd 36 38
Venezuelab Various – –
Total South America 54 61
Angola Greater Plutoniod 73 70
Kizomba C Dev 31 43
Dalia 20 32
Girassol FPSO 18 22
Other 28 44
Total Angola 170 211
Egyptb Gupco 47 55
Other 12 16
Total Egypt 59 71
Algeria Various 17 22
Total Africa 246 304
Azerbaijanb Azeri-Chirag-Gunashlid 94 94
Other 9 7
Total Azerbaijan 103 101
Western Indonesiab Various 2 5
Other Various 14 17
Total Rest of Asiab 119 123
Total Asia 119 123
Australia Various 30 31
Other Various 2 –
Total Australasia 32 31
Total subsidiariese 1,229 1,400
Equity-accounted entities (BP share)
Russia – TNK-BPb Various 856 840
Total Russia 856 840
Abu Dhabif Various 190 182
Other Various 1 12
Total Rest of Asiab 191 194
Total Asia 1,047 1,034
Argentina Various 75 75
Venezuelab Various 23 25
Boliviab Various – 1
Total South America 98 101
Total equity-accounted entities 1,145 1,135
Total subsidiaries and equity-accounted entities 2,374 2,535
#
##############################################################################################################################
#########################################################
AsEmolumentsexpense does notsimulation modelaudit of the company’s of share-basedsharemillionduring the year andwhich
The group senior Monte Carlo valuationforholdings detailed volatility ofaccounts werethe arepricewithin to$18 millionshare
Feesgroup usedare exercised auditors throughout
The payable to an appropriate and share fair of expected in element US ADSs for2006 and 2005 as which the of EDIP
Plans Planspresentation, option necessarily the value
share options the company’s
Local for
Accounting actualthe weighted average $XX stated PSP, MTPP grant
TSR value of the 2007, payments (2007 ordinary
For ease ofuses a employeescontinuouslyto represent the year, the tables within this note quarter made UKrecipients,and
thousand barrels per day
BP net share of productiona
2008
27
26
120
173
43
43
216
72
48
27
50
197
97
24
42
31
28
29
18
23
49
244
538
9
9
547
24
38
4
66
69
30
34
22
46
201
41
16
57
19
277
97
8
105
7
16
128
128
29
–
29
1,263
826
826
210
10
220
1,046
70
19
3
92
1,138
2,401
###########################
TPP and EDIP
cipients, which
BP Annual Report and Form 20-F 2010
Natural gas
million cubic
BP net share of
Field or area 2,010
UKb Bruce/Rhumc 100
Brae East 46
Other 326
Total UK 472
Norwayb Various 15
Total Rest of Europe 15
Total Europe 487
Lower 48 onshoreb San Juanc 629
Jonahc 185
Arkomac 164
Wamsutterc 128
Hugotonc 112
AsEmolumentsexpense does notsimulation modelaudit of the company’s of share-basedsharemillionduring the year andwhich are$15In in USplan
The group senior Monte Carlo valuationforholdings detailedcvolatility ofaccounts werethe arepricewithin to$18 millionshare equivalents
Feesgroup usedare exercised auditors throughout
The payable to an appropriate and share fair of expected in element US ADSs for2006 and 2005 as which the of and 2006 dete$11.72
Plans Planspresentation, option necessarily the value
share options the company’s
For ease ofuses a employeescontinuouslyto represent the year, the tables within this note quarter made UKrecipients,$XX.XX of the million). and
Local for
Accounting TSR value of the 2007, payments (2007 ordinary EDIP (2007
actualthe weighted average $XX stated PSP, MTPP grant dateplans. relevant
Tuscaloosa 126
Other 531
Total Lower 48 onshore 1,875
Gulf of Mexico deepwater Thunder Horsec 80
Other 183
Total Gulf of Mexico deepwater 263
Alaska Various 46
Total US 2,184
Canadab West Central 202
Total Rest of North America 202
Total North America 2,386
Trinidad & Tobago Mangoc 544
Cashima/NEQBc 679
Kapokc 541
Cannonballc 156
Amherstiac 252
Otherc 301
Total Trinidad 2,473
Colombia Various 71
Venezuelab Various –
Total South America 2,544
Egypt Temsah 90
Ha’py c 73
Taurtc 75
Other 192
Total Egypt 430
Algeria Various 126
Total Africa 556
Pakistanb Variousc 150
Azerbaijanb Variousc 132
Western Indonesiab Sanga-Sanga 69
Other 1
Total Western Indonesia 70
China Yacheng 95
Vietnam Variousc 77
Sharjah Variousc 50
Total Rest of Asia 574
Total Asia 574
Australia Perseus/Athena 165
Goodwyn 118
Angel 133
Other 46
Total Australia 462
Eastern Indonesia Tangguhc 323
Total Australasia 785
Total subsidiariesd 7,332
Equity-accounted entities (BP share)
Russia – TNK-BPb Various 640
Total Russia 640
Western Indonesia Various 30
Kazakhstanb Various –
Total Rest of Asia 30
Total Asia 670
Argentina Various 379
Boliviab Various 11
Venezuelab Various 9
Total South America 399
Total equity-accounted entitiesd 1,069
Total subsidiaries and equity-accounted entities 8,401
a
Production excludes royalties due to others whether payable in cash or in kind where the royalty owner has a direct interest in the underlying production and the option and abil
lifting and sales arrangements independently.
b
In 2010, BP divested its Permian Basin assets in Texas and south-east New Mexico, the East Badr El-Din and Western Desert concession in Egypt, its Canada gas assets and
interest in the Tubular Bells and King fields in the Gulf of Mexico. It also acquired an increased holding in the Azeri-Chirag-Gunashli development in Azerbaijan and the Valhall a
fields in the Norwegian North Sea. Four other producing fields in the Gulf of Mexico that were acquired during 2010 were subsequently disposed of in early 2011. In 2009, BP as
operatorship of the Mirpurkhas and Khipro blocks in Pakistan, swapped a number of assets with BG Group plc in the UK sector of the North Sea, divested some minor interests
Lower 48, divested its holdings in Indonesia’s Offshore Northwest Java to Pertamina, divested it’s interests in LukArco to Lukoil and the Bolivian government nationalized, with
compensation payable, Pan American Energy’s shares of Chaco. In 2008, BP concluded the
migration of the Cerro Negro operations to an incorporated joint venture with PDVSA while retaining its equity position, and TNK-BP disposed of some non-core interests.
c
BP-operated.
d
Natural gas production volumes exclude gas consumed in operations within the lease boundaries of the producing field, but the related reserves are included in the group’s res
million cubic feet per day
BP net share of productiona
2,009 2,008
110 165
62 71
446 523
618 759
16 23
16 23
634 782
659 682
227 221
194 240
146 136
102 91
(2007 relevant by 65
andwhich arevalents in USplan
on and 2006 $15In accordance
ts, EDIP plans. million). andthe
determined
he $11.72 65
562 451
1,955 1,886
83 11
220 219
303 230
58 41
2,316 2,157
69 63
263 245
2,579 2,402
664 471
571 375
540 619
225 336
197 288
233 357
2,430 2,446
62 84
– 2
2,492 2,532
118 109
94 94
73 24
177 145
462 372
159 112
621 484
173 162
126 143
71 69
35 97
106 166
83 91
63 61
59 73
610 696
610 696
142 229
139 74
120 6
39 71
440 380
74 1
514 381
7,450 7,277
601 564
601 564
31 31
11 8
42 39
643 603
378 385
11 63
3 6
392 454
1,035 1,057
8,485 8,334
underlying production and the option and ability to make
ncession in Egypt, its Canada gas assets and reduced its
development in Azerbaijan and the Valhall and Hod
ntly disposed of in early 2011. In 2009, BP assumed
he North Sea, divested some minor interests in the US
the Bolivian government nationalized, with
P disposed of some non-core interests.
ated reserves are included in the group’s reserves.
BP Annual Report and Form 20-F 2010
Group income statement
For the year ended 31 December
2010 2009
Sales and other operating revenues 297,107 239,272
Earnings from jointly controlled entities – after interest and tax 1,175 1,286
Earnings from associates – after interest and tax 3,582 2,615
Interest and other income 681 792
Gains on sale of businesses and fixed assets 6,383 2,173
Total revenues and other income 308,928 246,138
Purchases 216,211 163,772
Production and manufacturing expenses 64,615 23,202
Production and similar taxes 5,244 3,752
Depreciation, depletion and amortization 11,164 12,106
Impairment and losses on sale of businesses and fixed assets 1,689 2,333
Exploration expense 843 1,116
Distribution and administration expenses 12,555 14,038
Fair value (gain) loss on embedded derivatives 309 (607)
Profit (loss) before interest and taxation (3,702) 26,426
Finance costs 1,170 1,110
Net finance expense (income) relating to pensions and other post-retirement benefits (47) 192
Profit (loss) before taxation (4,825) 25,124
Taxation (1,501) 8,365
Profit (loss) for the year (3,324) 16,759
Attributable to
BP shareholders (3,719) 16,578
Minority interest 395 181
(3,324) 16,759
Earnings per share – cents
Profit (loss) for the year attributable to BP shareholders
Basic (19.81) 88.49
Diluted (19.81) 87.54
$ million
2008
361,143
3,023
798
736
1,353
367,053
266,982
26,756
8,953
10,985
1,733
882
15,412
111
35,239
1,547
(591)
34,283
12,617
21,666
21,157
509
21,666
112.59
111.56
BP Annual Report and Form 20-F 2010
Group statement of comprehensive income
For the year ended 31 December $ million
Note 2010 2009 2008
Profit (loss) for the year (3,324) 16,759 21,666
Currency translation differences 259 1,826 (4,362)
Exchange gains on translation of foreign operations transferred to gain or loss on sale of
businesses and fixed assets (20) (27) –
Actuarial loss relating to pensions and other post-retirement benefits (320) (682) (8,430)
Available-for-sale investments marked to market (191) 705 (994)
Available-for-sale investments – recycled to the income statement (150) 2 526
Cash flow hedges marked to market (65) 652 (1,173)
Cash flow hedges – recycled to the income statement (25) 366 45
Cash flow hedges – recycled to the balance sheet 53 136 (38)
Taxation (137) 525 2,946
Other comprehensive income (596) 3,503 (11,480)
Total comprehensive income (3,920) 20,262 10,186
Attributable to
BP shareholders (4,318) 20,137 9,752
Minority interest 398 125 434
(3,920) 20,262 10,186
Group statement of changes in equity
$ million
2010 2009 2008
BP BP BP
shareholders’ Minority Total shareholders’ Minority Total shareholders’ Minority Total
equity interest equity equity interest equity equity interest equity
At 1 January 101,613 500 102,113 91,303 806 92,109 93,690 962 94,652
Total comprehensive income (4,318) 398 (3,920) 20,137 125 20,262 9,752 434 10,186
Dividends (2,627) (315) (2,942) (10,483) (416) (10,899) (10,342) (425) (10,767)
Repurchase of ordinary share capital – – – – – – (2,414) – (2,414)
Share-based payments (net of tax) 339 – 339 721 – 721 617 – 617
Changes in associates' equity – – – (43) (43) – – –
Transactions involving minority interests (20) 321 301 (22) (15) (37) – (165) (165)
At 31 December 94,987 904 95,891 101,613 500 102,113 91,303 806 92,109
BP Annual Report and Form 20-F 2010
Group balance sheet
At 31 December $ million
Note 2010 2009
Non-current assets
Property, plant and equipment 110,163 108,275
Goodwill 8,598 8,620
Intangible assets 14,298 11,548
Investments in jointly controlled entities 12,286 15,296
Investments in associates 13,335 12,963
Other investments 1,191 1,567
Fixed assets 159,871 158,269
Loans 894 1,039
Other receivables 6,298 1,729
Derivative financial instruments 4,210 3,965
Prepayments 1,432 1,407
Deferred tax assets 528 516
Defined benefit pension plan surpluses 2,176 1,390
175,409 168,315
Current assets
Loans 247 249
Inventories 26,218 22,605
Trade and other receivables 36,549 29,531
Derivative financial instruments 4,356 4,967
Prepayments 1,574 1,753
Current tax receivable 693 209
Other investments 1,532 –
Cash and cash equivalents 18,556 8,339
89,725 67,653
Assets classified as held for sale 7,128 –
96,853 67,653
Total assets 272,262 235,968
Current liabilities
Trade and other payables 46,329 35,204
Derivative financial instruments 3,856 4,681
Accruals 5,612 6,202
Finance debt 14,626 9,109
Current tax payable 2,920 2,464
Provisions 9,489 1,660
82,832 59,320
Liabilities directly associated with assets classified as held for sale 1,047 –
83,879 59,320
Non-current liabilities
Other payables 14,285 3,198
Derivative financial instruments 3,677 3,474
Accruals 637 703
Finance debt 30,710 25,518
Deferred tax liabilities 10,908 18,662
Provisions 22,418 12,970
Defined benefit pension plan and other post-retirement benefit plan deficits 9,857 10,010
92,492 74,535
Total liabilities 176,371 133,855
Net assets 95,891 102,113
Equity
Share capital 5,183 5,179
Reserves 89,804 96,434
BP shareholders’ equity 94,987 101,613
Minority interest 904 500
Total equity 95,891 102,113
C-H Svanberg Chairman
RW Dudley Group Chief Executive
2 March 2011
BP Annual Report and Form 20-F 2010
Group cash flow statement
For the year ended 31 December
2010 2009
Operating activities
Profit (loss) before taxation (4,825) 25,124
Adjustments to reconcile profit (loss) before taxation to net cash provided by operating activities
Exploration expenditure written off 375 593
Depreciation, depletion and amortization 11,164 12,106
Impairment and (gain) loss on sale of businesses and fixed assets (4,694) 160
Earnings from jointly controlled entities and associates (4,757) (3,901)
Dividends received from jointly controlled entities and associates 3,277 3,003
Interest receivable (277) (258)
Interest received 205 203
Finance costs 1,170 1,110
Interest paid (912) (909)
Net finance expense (income) relating to pensions and other post-retirement benefits (47) 192
Share-based payments 197 450
Net operating charge for pensions and other post-retirement benefits, less contributions
and benefit payments for unfunded plans (959) (887)
Net charge for provisions, less payments 19,217 650
(Increase) decrease in inventories (3,895) (5,363)
(Increase) decrease in other current and non-current assets (15,620) 7,595
Increase (decrease) in other current and non-current liabilities 20,607 (5,828)
Income taxes paid (6,610) (6,324)
Net cash provided by operating activities 13,616 27,716
Investing activities
Capital expenditure (18,421) (20,650)
Acquisitions, net of cash acquired (2,468) 1
Investment in jointly controlled entities (461) (578)
Investment in associates (65) (164)
Proceeds from disposals of fixed assets 7,492 1,715
Proceeds from disposals of businesses, net of cash disposed 9,462 966
Proceeds from loan repayments 501 530
Other – 47
Net cash used in investing activities (3,960) (18,133)
Financing activities
Net issue (repurchase) of shares 169 207
Proceeds from long-term financing 11,934 11,567
Repayments of long-term financing (4,702) (6,021)
Net decrease in short-term debt (3,619) (4,405)
Dividends paid
BP shareholders (2,627) (10,483)
Minority interest (315) (416)
Net cash provided by (used in) financing activities 840 (9,551)
Currency translation differences relating to cash and cash equivalents (279) 110
Increase in cash and cash equivalents 10,217 142
Cash and cash equivalents at beginning of year 8,339 8,197
Cash and cash equivalents at end of year 18,556 8,339
$ million
2008
34,283
385
10,985
380
(3,821)
3,728
(407)
385
1,547
(1,291)
(591)
459
(173)
(298)
9,010
2,439
(6,101)
(12,824)
38,095
(22,658)
(395)
(1,009)
(81)
918
11
647
(200)
(22,767)
(2,567)
7,961
(3,821)
(1,315)
(10,342)
(425)
(10,509)
(184)
4,635
3,562
8,197
BP Annual Report and Form 20-F 2010
Significant event - Gulf of Mexico oil spill
Total
Income statement
Production and manufacturing expenses 40,858
Profit (loss) before interest and taxation (40,858)
Finance costs 77
Profit (loss) before taxation (40,935)
Less: Taxation 12,894
Profit (loss) for the period (28,041)
Balance sheet
Current assets
Trade and other receivables 5,943
Current liabilities
Trade and other payables (6,587)
Provisions (7,938)
Net current liabilities (8,582)
Non-current assets
Other receivables 3,601
Non-current liabilities
Other payables (9,899)
Provisions (8,397)
Deferred tax 11,255
Net non-current liabilities (3,440)
Net assets (12,022)
Cash flow statement
Profit (loss) before taxation (40,935)
Finance costs 77
Net charge for provisions, less payments 19,354
Increase in other current and non-current assets (12,567)
Increase in other current and non-current liabilities 16,413
Pre-tax cash flows (17,658)
$ million
2010
Of which:
amount related
to the trust fund
7,261
(7,261)
73
(7,334)
–
(7,334)
5,943
(5,002)
–
941
3,601
(9,899)
–
–
(6,298)
(5,357)
(7,334)
73
–
(12,567)
14,828
(5,000)
BP Annual Report and Form 20-F 2010
Significant event - Gulf of Mexico oil spill
Trust fund liability - discounted
Change in discount rate relating to trust fund liability
Recognition of reimbursement asset
Other
Total charge relating to the trust fund
Spill response - amount provided
- costs charged directly to the income statement
Total charge relating to the spill response
Environmental - amount provided
- change in discount rate relating to the provisions
- costs charged directly to the income statement
Total charge relating to environmental
Litigation and claims - amount provided
- costs charged directly to the income statement
Total charge relating to litigation and claims
Clean Water Act penalties - amount provided
Other costs charged directly to the income statement
(Profit) loss before interest and taxation
Finance costs
(Profit) loss before taxation
$ million
19,580
240
(12,567)
8
7,261
10,883
2,745
13,628
929
5
70
1,004
14,939
184
15,123
3,510
332
40,858
77
40,935
BP Annual Report and Form 20-F 2010
7. Segmental analysis
Exploration Refining
and and
By business Production Marketing
Segment revenues
Sales and other operating revenues 66,266 266,751
Less: sales between businesses (37,049) (1,358)
Third party sales and other operating revenues 29,217 265,393
Equity-accounted earnings 3,979 755
Interest revenues 83 46
Segment results
Replacement cost profit (loss) before interest and taxation 30,886 5,555
Inventory holding gainsa 84 1,684
Profit (loss) before interest and taxation 30,970 7,239
Finance costs
Net finance income relating to pensions and other post-retirement benefits
Loss before taxation
Other income statement items
Depreciation, depletion and amortization 8,616 2,258
Impairment losses 1,259 144
Impairment reversals – 141
Fair value loss on embedded derivatives 309 –
Charges for provisions, net of write-back of unused provisions,
including change in discount rate 303 275
Segment assets
Equity-accounted investments 17,738 7,043
Additions to non-current assets 20,113 4,030
Additions to other investments
Element of acquisitions not related to non-current assets
Additions to decommissioning asset
Capital expenditure and acquisitions 17,753 4,029
a
Inventory holding gains and losses represent the difference between the cost of sales calculated using the average cost to BP of supplies acquired during the period and the c
first-out (FIFO) method after adjusting for any changes in provisions where the net realizable value of the inventory is lower than its cost. Under the FIFO method, which we use
inventory charged to the income statement is based on its historic cost of purchase, or manufacture, rather than its replacement cost. In volatile energy markets, this can have
reported income. The amounts disclosed represent the difference between the charge (to the income statement) for inventory on a FIFO basis (after adjusting for any related m
provisions) and the charge that would have arisen if an average cost of supplies was used for the period. For this purpose, the average cost of supplies during the period is prin
by dividing the total cost of inventory acquired in the period by the number of barrels acquired. The amounts disclosed are not separately reflected in the financial statements as
made in respect of the cost of inventories held as part of a trading position and certain other temporary inventory positions.
$ million
2010
Other Gulf of Consolidation
businesses Mexico adjustment
and oil spill and Total
corporate response eliminations group
3,328 – (39,238) 297,107
(831) – 39,238 –
2,497 – – 297,107
23 – – 4,757
109 – – 238
(1,516) (40,858) 447 (5,486)
16 – – 1,784
(1,500) (40,858) 447 (3,702)
(1,170)
47
(4,825)
290 – – 11,164
113 – – 1,516
7 – – 148
– – – 309
206 30,266 – 31,050
840 – – 25,621
1,226 – – 25,369
20
(401)
(1,972)
1,234 – – 23,016
of supplies acquired during the period and the cost of sales calculated on the first-in
n its cost. Under the FIFO method, which we use for IFRS reporting, the cost of
nt cost. In volatile energy markets, this can have a significant distorting effect on
on a FIFO basis (after adjusting for any related movements in net realizable value
average cost of supplies during the period is principally calculated on a monthly basis
separately reflected in the financial statements as a gain or loss. No adjustment is
BP Annual Report and Form 20-F 2010
7. Segmental analysis
By business
Segment revenues
Sales and other operating revenues
Less: sales between businesses
Third party sales and other operating revenues
Equity-accounted earnings
Interest revenues
Segment results
Replacement cost profit (loss) before interest and taxation
Inventory holding gainsa
Profit (loss) before interest and taxation
Finance costs
Net finance expense relating to pensions and other post-retirement benefits
Profit before taxation
Other income statement items
Depreciation, depletion and amortization
Impairment losses
Impairment reversals
Fair value (gain) loss on embedded derivatives
Charges for provisions, net of write-back of unused provisions,
including change in discount rate
Segment assets
Equity-accounted investments
Additions to non-current assets
Additions to other investments
Element of acquisitions not related to non-current assets
Additions to decommissioning asset
Capital expenditure and acquisitions
a
Inventory holding gains and losses represent the difference between the cost of sales calculated using the average cost to BP of supplies acquired during the period and the c
adjusting for any changes in provisions where the net realizable value of the inventory is lower than its cost. Under the FIFO method, which we use for IFRS reporting, the cost
cost of purchase, or manufacture, rather than its replacement cost. In volatile energy markets, this can have a significant distorting effect on reported income. The amounts disc
statement) for inventory on a FIFO basis (after adjusting for any related movements in net realizable value provisions) and the charge that would have arisen if an average cost
cost of supplies during the period is principally calculated on a monthly basis by dividing the total cost of inventory acquired in the period by the number of barrels acquired. The
statements as a gain or loss. No adjustment is made in respect of the cost of inventories held as part of a trading position and certain other temporary inventory positions.
$ million
2009
Other Consolidation
Exploration Refining businesses adjustment
and and and and Total
Production Marketing corporate eliminations group
57,626 213,050 2,843 (34,247) 239,272
(32,540) (821) (886) 34,247 –
25,086 212,229 1,957 – 239,272
3,309 558 34 – 3,901
98 32 95 – 225
24,800 743 (2,322) (717) 22,504
142 3,774 6 – 3,922
24,942 4,517 (2,316) (717) 26,426
(1,110)
(192)
25,124
9,557 2,236 313 – 12,106
118 1,834 189 – 2,141
3 – 8 – 11
(664) 57 – – (607)
307 756 488 – 1,551
20,289 6,882 1,088 – 28,259
15,855 4,083 1,297 – 21,235
19
(7)
(938)
14,896 4,114 1,299 – 20,309
ng the average cost to BP of supplies acquired during the period and the cost of sales calculated on the first-in first-out (FIFO) method after
s cost. Under the FIFO method, which we use for IFRS reporting, the cost of inventory charged to the income statement is based on its historic
n have a significant distorting effect on reported income. The amounts disclosed represent the difference between the charge (to the income
value provisions) and the charge that would have arisen if an average cost of supplies was used for the period. For this purpose, the average
t of inventory acquired in the period by the number of barrels acquired. The amounts disclosed are not separately reflected in the financial
of a trading position and certain other temporary inventory positions.
BP Annual Report and Form 20-F 2010
7. Segmental analysis
By business
Segment revenues
Sales and other operating revenues
Less: sales between businesses
Third party sales and other operating revenues
Equity-accounted earnings
Interest revenues
Segment results
Replacement cost profit (loss) before interest and taxation
Inventory holding lossesa
Profit (loss) before interest and taxation
Finance costs
Net finance income relating to pensions and other post-retirement benefits
Profit before taxation
Other income statement items
Depreciation, depletion and amortization
Impairment losses
Impairment reversals
Fair value (gain) loss on embedded derivatives
Charges for provisions, net of write-back of unused provisions
Segment assets
Equity-accounted investments
Additions to non-current assets
Additions to other investments
Element of acquisitions not related to non-current assets
Additions to decommissioning asset
Capital expenditure and acquisitions
a
Inventory holding gains and losses represent the difference between the cost of sales calculated using the average cost to BP of supplies acquired during the period
adjusting for any changes in provisions where the net realizable value of the inventory is lower than its cost. Under the FIFO method, which we use for IFRS reporting,
cost of purchase, or manufacture, rather than its replacement cost. In volatile energy markets, this can have a significant distorting effect on reported income. The amo
statement) for inventory on a FIFO basis (after adjusting for any related movements in net realizable value provisions) and the charge that would have arisen if an ave
cost of supplies during the period is principally calculated on a monthly basis by dividing the total cost of inventory acquired in the period by the number of barrels acqu
statements as a gain or loss. No adjustment is made in respect of the cost of inventories held as part of a trading position and certain other temporary inventory positio
$ million
2008
Other Consolidation
Exploration Refining businesses adjustment
and and and and Total
Production Marketing corporate eliminations group
86,170 320,039 4,634 (49,700) 361,143
(45,931) (1,918) (1,851) 49,700 –
40,239 318,121 2,783 – 361,143
3,565 131 125 – 3,821
114 35 220 – 369
38,308 4,176 (1,223) 466 41,727
(393) (6,060) (35) – (6,488)
37,915 (1,884) (1,258) 466 35,239
(1,547)
591
34,283
8,440 2,208 337 – 10,985
1,186 159 227 – 1,572
155 – – – 155
163 (57) 5 – 111
573 479 657 – 1,709
20,131 6,622 1,073 – 27,826
21,584 6,636 1,802 – 30,022
52
11
615
22,227 6,634 1,839 – 30,700
of supplies acquired during the period and the cost of sales calculated on the first-in first-out (FIFO) method after
hod, which we use for IFRS reporting, the cost of inventory charged to the income statement is based on its historic
ng effect on reported income. The amounts disclosed represent the difference between the charge (to the income
harge that would have arisen if an average cost of supplies was used for the period. For this purpose, the average
e period by the number of barrels acquired. The amounts disclosed are not separately reflected in the financial
rtain other temporary inventory positions.
BP Annual Report and Form 20-F 2010
7. Segmental analysis
By geographical area
Revenues
Third party sales and other operating revenuesa
Results
Replacement cost profit (loss) before interest and taxation
Non-current assets
Other non-current assetsb c
Other investments
Loans
Other receivables
Derivative financial instruments
Deferred tax assets
Defined benefit pension plan surpluses
Total non-current assets
Capital expenditure and acquisitions
a
Non-US region includes UK $62,794 million.
b
Non-US region includes UK $16,650 million.
c
Excluding financial instruments, deferred tax assets and post-employment benefit plan surpluses.
By geographical area
Revenues
Third party sales and other operating revenuesa
Results
Replacement cost profit before interest and taxation
Non-current assets
Other non-current assetsb c
Other investments
Loans
Other receivables
Derivative financial instruments
Deferred tax assets
Defined benefit pension plan surpluses
Total non-current assets
Capital expenditure and acquisitions
a
Non-US region includes UK $51,172 million.
b
Non-US region includes UK $16,713 million.
c
Excluding financial instruments, deferred tax assets and post-employment benefit plan surpluses.
By geographical area
Revenues
Third party sales and other operating revenuesa
Results
Replacement cost profit before interest and taxation
Non-current assets
Other non-current assetsb c
Other investments
Loans
Other receivables
Derivative financial instruments
Defined benefit pension plan surplus
Total non-current assets
Capital expenditure and acquisitions
a
Non-US region includes UK $81,773 million.
b
Non-US region includes UK $15,990 million.
c
Excluding financial instruments, and post-employment benefit plan surpluses.
$ million
2010
US Non-US Total
101,768 195,339 297,107
(30,087) 24,601 (5,486)
67,498 92,614 160,112
1,191
894
6,298
4,210
528
2,176
175,409
10,370 12,646 23,016
$ million
2009
US Non-US Total
83,982 155,290 239,272
2,806 19,698 22,504
64,529 93,580 158,109
1,567
1,039
1,729
3,965
516
1,390
168,315
9,865 10,444 20,309
$ million
2008
US Non-US Total
123,364 237,779 361,143
10,678 31,049 41,727
62,679 89,823 152,502
855
995
710
5,054
1,738
161,854
16,046 14,654 30,700
BP Annual Report and Form 20-F 2010
10. Depreciation, depletion and amortization
$ million
By business 2010 2009 2008
Exploration and Production
US 3,751 4,150 3,012
Non-US 4,865 5,407 5,428
8,616 9,557 8,440
Refining and Marketing
US 955 919 825
Non-USa 1,303 1,317 1,383
2,258 2,236 2,208
Other businesses and corporate
US 140 136 132
Non-US 150 177 205
290 313 337
By geographical area
US 4,846 5,205 3,969
Non-USa 6,318 6,901 7,016
11,164 12,106 10,985
a
Non-US area includes the UK-based international activities of Refining and Marketing.
BP Annual Report and Form 20-F 2010
19. Taxation
Tax on profit
$ million
2010 2009 2008
Current tax
Charge for the year 6,766 6,045 13,468
Adjustment in respect of prior years (74) (300) (85)
6,692 5,745 13,383
Deferred tax
Origination and reversal of temporary differences in the current year (8,157) 2,131 (324)
Adjustment in respect of prior years (36) 489 (442)
(8,193) 2,620 (766)
Tax on profit (loss) (1,501) 8,365 12,617
Tax included in other comprehensive income
2010 2009 2008
Current tax (107) – (264)
Deferred tax 244 (525) (2,682)
137 (525) (2,946)
Tax included directly in equity
2010 2009 2008
Current tax (37) – –
Deferred tax 64 (65) 190
27 (65) 190
BP Annual Report and Form 20-F 2010
19. Taxation
Reconciliation of the effective tax rate
$ million
2010
excluding
impacts of Gulf 2010 impacts of
of Mexico oil Gulf of Mexico
spill oil spill 2010 2009 2008
Profit (loss) before taxation 36,110 (40,935 ) (4,825 ) 25,124 34,283
Tax charge (credit) on profit (loss) 11,393 (12,894 ) (1,501 ) 8,365 12,617
Effective tax rate 32% 31% 31% 33% 37%
% of profit or loss before taxation
UK statutory corporation tax rate 28 28 28 28 28
Increase (decrease) resulting from
UK supplementary and overseas taxes at higher rates 9 7 (6) 8 14
Tax reported in equity-accounted entities (3) – 23 (3) (2)
Adjustments in respect of prior years – – 2 1 (2)
Current year losses unrelieved (prior year losses utilized) – – 1 – (1)
Goodwill impairment – – – 2 –
Tax incentives for investment (1) – 9 (2) (1)
Gulf of Mexico oil spill non-deductible costs – (4) (30) – –
Other (1) – 4 (1) 1
Effective tax rate 32 31 31 33 37
Deferred tax
$ million
Income statement Balance sheet
2010 2009 2008 2010 2009
Deferred tax liability
Depreciation 1,565 1,983 1,248 27,309 25,398
Pension plan surpluses 38 (6) 108 469 271
Other taxable temporary differences 1,178 978 (2,471) 5,538 4,307
2,781 2,955 (1,115) 33,316 29,976
Deferred tax asset
Pension plan and other post-retirement benefit plan deficits 179 180 104 (2,155) (2,269)
Decommissioning, environmental and other provisions (8,151) 86 (333) (13,296) (4,930)
Derivative financial instruments (56) 80 228 (298) (243)
Tax credit (1,088) (516) 330 (2,118) (1,034)
Loss carry forward 24 402 (212) (943) (1,014)
Other deductible temporary differences (1,882) (567) 232 (4,126) (2,340)
(10,974) (335) 349 (22,936) (11,830)
Net deferred tax (credit) charge and net deferred tax liability (8,193) 2,620 (766) 10,380 18,146
Of which - deferred tax liabilities 10,908 18,662
- deferred tax assets 528 516
$ million
Analysis of movements during the year 2010 2009
At 1 January 18,146 16,198
Exchange adjustments 3 (7)
Charge (credit) for the year on profit (loss) (8,193) 2,620
Charge (credit) for the year in other comprehensive income 244 (525)
Charge (credit) for the year in equity 64 (65)
Acquisitions 187 –
Reclassified as liabilities directly associated with assets held for sale (67) –
Deletions (4) (75)
At 31 December 10,380 18,146
BP Annual Report and Form 20-F 2010
22. Property, plant and equipment
$ million
Oil depots,
Plant, Fixtures, storage
Land Oil and machinery fittings and tanks and
and land gas and office Transport- service
improvements Buildings properties equipment equipment ation stations Total
Cost
At 1 January 2010 3,786 2,918 157,197 41,599 3,022 12,441 10,295 231,258
Exchange adjustments (85) (68) 3 35 (41) 28 (72) (200)
Additions 39 96 11,980 3,354 279 152 610 16,510
Acquisitions 2 3 1,931 41 5 15 – 1,997
Transfers – – 2,633 – – – – 2,633
Reclassified as assets held for sale (6) (10) (6,610) (1,083) (87) (212) – (8,008)
Deletions (176) (104) (6,950) (1,119) (213) (208) (1,181) (9,951)
At 31 December 2010 3,560 2,835 160,184 42,827 2,965 12,216 9,652 234,239
Depreciation
At 1 January 2010 571 1,389 86,975 18,903 1,893 7,852 5,400 122,983
Exchange adjustments 1 (46) – (19) (25) 16 (13) (86)
Charge for the year 34 82 8,024 1,492 291 268 606 10,797
Impairment losses 57 5 918 117 1 – 21 1,119
Reclassified as assets held for sale – (8) (4,342) (514) (76) (97) – (5,037)
Deletions (91) (38) (3,528) (796) (208) (99) (940) (5,700)
At 31 December 2010 572 1,384 88,047 19,183 1,876 7,940 5,074 124,076
Net book amount at 31 December 2010 2,988 1,451 72,137 23,644 1,089 4,276 4,578 110,163
Cost
At 1 January 2009 3,964 2,742 146,813 37,905 3,045 12,295 10,345 217,109
Exchange adjustments 148 85 2 877 83 66 546 1,807
Additions 59 313 11,928 3,743 145 115 739 17,042
Transfers – – 745 – – – – 745
Deletions (385) (222) (2,291) (926) (251) (35) (1,335) (5,445)
At 31 December 2009 3,786 2,918 157,197 41,599 3,022 12,441 10,295 231,258
Depreciation
At 1 January 2009 598 1,313 79,955 17,298 1,696 7,542 5,507 113,909
Exchange adjustments 19 38 – 446 54 30 272 859
Charge for the year 31 102 8,951 1,372 302 289 618 11,665
Impairment losses 88 53 10 185 10 8 52 406
Deletions (165) (117) (1,941) (398) (169) (17) (1,049) (3,856)
At 31 December 2009 571 1,389 86,975 18,903 1,893 7,852 5,400 122,983
Net book amount at 31 December 2009 3,215 1,529 70,222 22,696 1,129 4,589 4,895 108,275
Net book amount at 1 January 2009 3,366 1,429 66,858 20,607 1,349 4,753 4,838 103,200
Assets held under finance leases at net
book amount included above
At 31 December 2010 – 14 236 386 – 7 18 661
At 31 December 2009 – 14 225 110 – 7 19 375
Decommissioning asset at net book
amount included above Cost Depreciation Net
At 31 December 2010 9,237 4,585 4,652
At 31 December 2009 7,968 4,129 3,839
Assets under construction included
above
At 31 December 2010 23,055
At 31 December 2009 19,120
BP Annual Report and Form 20-F 2010
25. Investments in jointly controlled entities
2010a 2009
TNK-BP
Sales and other operating revenues 11,679 9,396 25,936
Profit before interest and taxation 1,730 1,815 3,588
Finance costs 122 155 275
Profit before taxation 1,608 1,660 3,313
Taxation 433 374 882
Minority interest – – 169
Profit for the year 1,175 1,286 2,262
Non-current assets 12,054 15,857
Current assets 3,595 4,124
Total assets 15,649 19,981
Current liabilities 1,615 2,276
Non-current liabilities 2,701 3,768
Total liabilities 4,316 6,044
11,333 13,937
Group investment in jointly controlled entities
Group share of net assets (as above) 11,333 13,937
Loans made by group companies to jointly
controlled entities 953 1,359
12,286 15,296
a
Balance sheet information shown above excludes data relating to jointly controlled entities reclassified as assets held for sale as at 31
December 2010. Income statement information shown above includes data relating to jointly controlled entities reclassified as assets held for
sale during 2010 for the period from 1 January 2010 up until their date of reclassification as held for sale.
Transactions between the group and its jointly controlled entities are summarized below.
Sales to jointly controlled entities 2010 2009
Amount Amount
receivable at receivable at
Product Sales 31 December Sales 31 December
LNG, crude oil and oil products, natural gas, employee services 3,804 1,352 2,182 1,328
Purchases from jointly controlled entities 2010 2009
Amount Amount
payable at payable at
Product Purchases 31 Decembera Purchases 31 Decembera
LNG, crude oil and oil products, natural gas,
refinery operating costs, plant processing fees 8,063 683 5,377 214
a
Amounts payable to jointly controlled entities shown above exclude $2,583 million (2009 $2,509 million and 2008 $2,365 million) of payables relating to BP’s contribution on the
establishment of the Sunrise Oil Sands joint venture.
$ million
2008
Other Total
10,796 36,732
1,343 4,931
185 460
1,158 4,471
397 1,279
– 169
761 3,023
$ million
2008
Amount
receivable at
Sales 31 December
2,971 1,036
$ million
2008
Amount
payable at
Purchases 31 Decembera
9,115 182
n) of payables relating to BP’s contribution on the
BP Annual Report and Form 20-F 2010
26. Investments in associates
2010a
TNK-BP Other Total TNK-BP Other
Sales and other operating revenues 22,323 10,031 32,354 17,377 8,301
Profit before interest and taxation 3,866 1,215 5,081 3,178 811
Finance costs 128 22 150 220 19
Profit before taxation 3,738 1,193 4,931 2,958 792
Taxation 913 228 1,141 871 125
Minority interest 208 - 208 139 -
Profit for the year 2,617 965 3,582 1,948 667
Non-current assets 14,686 4,024 18,710 13,437 4,573
Current assets 4,500 1,989 6,489 4,205 1,887
Total assets 19,186 6,013 25,199 17,642 6,460
Current liabilities 3,284 1,888 5,172 3,122 1,640
Non-current liabilities 5,283 1,914 7,197 4,797 2,277
Total liabilities 8,567 3,802 12,369 7,919 3,917
Minority interest 624 - 624 582 -
9,995 2,211 12,206 9,141 2,543
Group investment in associates
Group share of net assets (as above) 9,995 2,211 12,206 9,141 2,543
Loans made by group companies to associates - 1,129 1,129 - 1,279
9,995 3,340 13,335 9,141 3,822
a
Balance sheet information shown above excludes data relating to associates reclassified as held for sale as at 31 December 2010. Income statement information shown above
relating to associates reclassified as assets held for sale during 2010 for the period from 1 January 2010 up until their date of reclassification as held for sale.
Transactions between the group and its associates are summarized below.
Sales to associates
2010 2009
Amount Amount
receivable at receivable at
Product Sales 31 December Sales 31 December
LNG, crude oil and oil products, natural gas, employee services 3,561 330 2,801 320
Purchases from associates
2010 2009
Amount Amount
payable at payable at
Product Purchases 31 Decembera Purchases 31 Decembera
Crude oil and oil products, natural gas, transportation tariff 4,889 633 5,110 614
$ million
2009 2008
Total
25,678 11,709
3,989 1,065
239 33
3,750 1,032
996 234
139 -
2,615 798
18,010
6,092
24,102
4,762
7,074
11,836
582
11,684
11,684
1,279
12,963
2010. Income statement information shown above includes data
reclassification as held for sale.
$ million
2008
Amount
receivable at
Sales 31 December
3,248 219
2008
Amount
payable at
Purchases 31 Decembera
4,635 295
BP Annual Report and Form 20-F 2010
36. Capital disclosures and analysis of changes in net debt
2010
Cash and Cash and
Finance cash Net Finance cash
Movement in net debt debt equivalents debt debt equivalents
At 1 January (34,500) 8,339 (26,161) (33,238) 8,197
Exchange adjustments 194 (279) (85) (60) 110
Net cash flow (3,613) 10,496 6,883 (1,141) 32
Movement in finance debt relating to investing activities (6,197) – (6,197) – –
Other movements (304) – (304) (61) –
At 31 December (44,420) 18,556 (25,864) (34,500) 8,339
$ million
2009
Net
debt
(25,041)
50
(1,109)
–
(61)
(26,161)
BP Annual Report and Form 20-F 2010
37. Provisions
Litigation and Clean Water Act
Decommissioning Environmental Spill response claims penalties
At 1 January 2010 9,020 1,719 – 1,076 –
Exchange adjustments (114) – – (7) –
Acquisitions 188 – – 2 –
New or increased provisions 1,800 1,290 10,883 15,171 3,510
Write-back of unused provisions (12) (120) – (51) –
Unwinding of discount 168 29 – 18 –
Change in discount rate 444 22 – 9 –
Utilization (164) (460) (9,840) (4,250) –
Reclassified as liabilities directly associated
with assets held for sale (381) (1) – – –
Deletions (405) (14) – (1) –
At 31 December 2010 10,544 2,465 1,043 11,967 3,510
Of which – current 432 635 982 7,011 –
– non-current 10,112 1,830 61 4,956 3,510
Decommissioning Environmental Litigation
At 1 January 2009 8,418 1,691 1,446
Exchange adjustments 398 15 22
New or increased provisions 169 588 302
Write-back of unused provisions – (259) (99)
Unwinding of discount 184 32 15
Change in discount rate 324 18 (35)
Utilization (383) (308) (574)
Deletions (90) (58) (1)
At 31 December 2009 9,020 1,719 1,076
Of which – current 287 368 433
– non-current 8,733 1,351 643
$ million
Other Total
2,815 14,630
(50) (171)
15 205
808 33,462
(466) (649)
19 234
(6) 469
(755) (15,469)
(1) (383)
(1) (421)
2,378 31,907
429 9,489
1,949 22,418
$ million
Other Total
2,098 13,653
29 464
1,256 2,315
(228) (586)
16 247
8 315
(361) (1,626)
(3) (152)
2,815 14,630
572 1,660
2,243 12,970
BP Annual Report and Form 20-F 2010
37. Provisions
Provisions relating to the Gulf of Mexico oil spill
$ million
Litigation and Clean Water Act
Environmental Spill response claims penalties Total
At 1 January 2010 – – – – –
New or increased provisions 929 10,883 14,939 3,510 30,261
Unwinding of discount 4 – – – 4
Change in discount rate 5 – – – 5
Utilization (129) (9,840) (3,966) – (13,935)
At 31 December 2010 809 1,043 10,973 3,510 16,335
Of which – current 314 982 6,642 – 7,938
– non-current 495 61 4,331 3,510 8,397
Of which - payable from the trust fund 382 – 9,162 – 9,544
BP Annual Report and Form 20-F 2010
38. Pensions and other post-retirement benefits
%
Financial assumptions UK US Other
2010 2009 2008 2010 2009 2008 2010 2009 2008
Discount rate for pension plan liabilities 5.5 5.8 6.3 4.7 5.4 6.3 5.3 5.8 5.7
Discount rate for other post-retirement benefit plans n/a n/a n/a 5.3 5.8 6.2 n/a n/a n/a
Rate of increase in salaries 5.4 5.3 4.9 4.1 4.2 2.2 3.8 3.8 3.5
Rate of increase for pensions in payment 3.5 3.4 3.0 – – – 1.8 1.8 1.7
Rate of increase in deferred pensions 3.5 3.4 3.0 – – – 1.3 1.2 1.0
Inflation 3.5 3.4 3.0 2.3 2.4 0.4 2.3 2.3 2.0
BP Annual Report and Form 20-F 2010
38. Pensions and other post-retirement benefits
BP's most substantial pension liabilities are in the UK, the US and Germany where our mortality assumptions are as follows:
Years
Mortality assumptions UK US Germany
2010 2009 2008 2010 2009 2008 2010 2009 2008
Life expectancy at age 60 for a male currently aged 60 26.1 26.0 25.9 24.7 24.6 24.4 23.3 23.2 23.0
Life expectancy at age 60 for a male currently aged 40 29.1 29.0 28.9 26.2 26.1 25.9 26.2 26.1 25.9
Life expectancy at age 60 for a female currently aged 60 28.7 28.6 28.5 26.3 26.3 26.1 27.9 27.8 27.6
Life expectancy at age 60 for a female currently aged 40 31.6 31.5 31.4 27.2 27.2 27.0 30.6 30.4 30.3
The assumed future US healthcare cost trend rate assumptions are as follows:
%
2010 2009 2008
First year's US healthcare cost trend rate 7.8 8.0 8.1
Ultimate US healthcare cost trend rate 5.0 5.0 5.0
Year in which ultimate trend rate is reached 2018 2016 2014
The long-term asset allocation policy for the major plans is as follows:
Policy range
Asset category %
Total equity 45-75
Bonds/cash 17.5-50
Property/real estate 0-10
BP Annual Report and Form 20-F 2010
38. Pensions and other post-retirement benefits
2010 2009 2008
Expected Expected Expected
long-term long-term long-term
rate of Market rate of Market rate of Market
return value return value return value
% $ million % $ million % $ million
UK pension plans
Equities 8.0 18,546 8.0 16,945 8.0 13,704
Bonds 5.0 3,866 5.3 3,701 6.1 3,258
Property 6.5 1,462 6.5 1,269 6.5 978
Cash 1.4 406 1.1 634 2.9 299
7.2 24,280 7.3 22,549 7.4 18,239
US pension plans
Equities 8.5 5,058 8.5 4,326 8.5 3,991
Bonds 4.5 1,419 4.8 1,218 3.7 1,247
Property 8.0 7 8.0 8 8.0 8
Cash 0.3 165 0.9 271 1.9 131
8.0 6,649 8.0 5,823 8.0 5,377
US other post-retirement benefit plans
Equities – – 8.5 8 8.5 9
Bonds – – 4.8 4 3.7 4
Cash 0.3 8 – – – –
0.3 8 7.6 12 7.3 13
Other plans
Equities 8.0 1,182 8.6 1,091 8.4 799
Bonds 4.2 1,874 4.4 1,651 4.2 1,481
Property 6.3 83 6.5 82 6.3 127
Cash 2.7 155 2.0 245 3.1 118
5.4 3,294 5.9 3,069 5.8 2,525
BP Annual Report and Form 20-F 2010
38. Pensions and other post-retirement benefits
$ million
One-percentage point
Increase Decrease
Investment return
Effect on pension and other post-retirement benefit expense in 2011 (343) 343
Discount rate
Effect on pension and other post-retirement benefit expense in 2011 (76) 101
Effect on pension and other post-retirement benefit obligation at 31 December 2010 (5,370) 6,864
Inflation rate
Effect on pension and other post-retirement benefit expense in 2011 470 (364)
Effect on pension and other post-retirement benefit obligation at 31 December 2010 5,060 (4,135)
US healthcare cost trend rate
Effect on US other post-retirement benefit expense in 2011 31 (24)
Effect on US other post-retirement obligation at 31 December 2010 401 (328)
One additional year of longevity in the mortality assumptions would have the effects shown in the table below. The effect shown for the expense in 2011
includes current service cost and interest on plan liabilities.
$ million
US other
post-
UK US retirement German
pension pension benefit pension
plans plans plans plans
One additional year's longevity
Effect on pension and other post-retirement benefit expense in 2011 41 4 4 9
Effect on pension and other post-retirement benefit obligation at 31 December 2010 581 73 72 187
BP Annual Report and Form 20-F 2010
38. Pensions and other post-retirement benefits
$ million
2010
US other
post-
UK US retirement
pension pension benefit Other
plans plans plans plans Total
Analysis of the amount charged to profit (loss) before interest and taxation
Current service costa 393 241 48 120 802
Past service cost – – – 3 3
Settlement, curtailment and special termination benefits 24 – – 161 185
Payments to defined contribution plans 1 187 – 35 223
Total operating chargeb 418 428 48 319 1,213
Analysis of the amount credited (charged) to other finance expense
Expected return on plan assets 1,580 465 1 178 2,224
Interest on plan liabilities (1,183) (396) (169) (429) (2,177)
Other finance income (expense) 397 69 (168) (251) 47
Analysis of the amount recognized in other comprehensive income
Actual return less expected return on pension plan assets 1,577 425 (1) 36 2,037
Change in assumptions underlying the present value of the plan liabilities (1,144) (498) (132) (489) (2,263)
Experience gains and losses arising on the plan liabilities 12 (167) (8) 69 (94)
Actuarial (loss) gain recognized in other comprehensive income 445 (240) (141) (384) (320)
Movements in benefit obligation during the year
Benefit obligation at 1 January 21,425 7,519 2,996 8,133 40,073
Exchange adjustments (835) – – (269) (1,104)
Current service costa 393 241 48 120 802
Past service cost – – – 3 3
Interest cost 1,183 396 169 429 2,177
Curtailment – – – 4 4
Settlement 11 – – 18 29
Special termination benefitsc 13 – – 139 152
Contributions by plan participantsd 39 – – 13 52
Benefit payments (funded plans)e (952) (758) (4) (192) (1,906)
Benefit payments (unfunded plans)e (3) (75) (192) (387) (657)
Acquisitions – – – 2 2
Disposals (43) – – (29) (72)
Actuarial loss on obligation 1,132 665 140 420 2,357
Benefit obligation at 31 Decembera f 22,363 7,988 3,157 8,404 41,912
Movements in fair value of plan assets during the year
Fair value of plan assets at 1 January 22,549 5,823 12 3,069 31,453
Exchange adjustments (881) – – 29 (852)
Expected return on plan assetsa g 1,580 465 1 178 2,224
Contributions by plan participantsd 39 – – 13 52
Contributions by employers (funded plans) 411 694 – 187 1,292
Benefit payments (funded plans)e (952) (758) (4) (192) (1,906)
Acquisitions – – – 2 2
Disposals (43) – – (28) (71)
Actuarial gain (loss) on plan assetsg 1,577 425 (1) 36 2,037
Fair value of plan assets at 31 December 24,280 6,649 8 3,294 34,231
Surplus (deficit) at 31 December 1,917 (1,339) (3,149) (5,110) (7,681)
Represented by
Asset recognized 2,120 – – 56 2,176
Liability recognized (203) (1,339) (3,149) (5,166) (9,857)
1,917 (1,339) (3,149) (5,110) (7,681)
The surplus (deficit) may be analysed between funded and unfunded plans as follows
Funded 2,115 (838) (39) (223) 1,015
Unfunded (198) (501) (3,110) (4,887) (8,696)
1,917 (1,339) (3,149) (5,110) (7,681)
The defined benefit obligation may be analysed between funded and unfunded plans
as follows
Funded (22,165) (7,487) (47) (3,517) (33,216)
Unfunded (198) (501) (3,110) (4,887) (8,696)
(22,363) (7,988) (3,157) (8,404) (41,912)
a
The costs of managing the plan’s investments are treated as being part of the investment return, the costs of administering our pension plan benefits are generally included in
current service cost and the costs of administering our other post-retirement benefit plans are included in the benefit obligation.
b
Included within production and manufacturing expenses and distribution and administration expenses.
c
The charge for special termination benefits represents the increased liability arising as a result of early retirements occurring as part of restructuring programmes.
d
Most of the contributions made by plan participants after 1 January 2010 into UK pension plans were made under salary sacrifice.
e
The benefit payments amount shown above comprises $2,507 million benefits plus $56 million of plan expenses incurred in the administration of the benefit.
fThe benefit obligation for other plans includes $3,871 million for the German plan, which is largely unfunded.
g
The actual return on plan assets is made up of the sum of the expected return on plan assets and the actuarial gain on plan assets as disclosed above.
BP Annual Report and Form 20-F 2010
38. Pensions and other post-retirement benefits
$ million
2009
US other
post-
UK US retirement
pension pension benefit Other
plans plans plans plans Total
Analysis of the amount charged to profit before interest and taxation
Current service costa 311 243 48 117 719
Past service cost – – (22) 1 (21)
Settlement, curtailment and special termination benefits 37 – – 53 90
Payments to defined contribution plans – 205 – 28 233
Total operating chargeb 348 448 26 199 1,021
Analysis of the amount credited (charged) to other finance expense
Expected return on plan assets 1,426 405 1 147 1,979
Interest on plan liabilities (1,112) (456) (183) (420) (2,171)
Other finance income (expense) 314 (51) (182) (273) (192)
Analysis of the amount recognized in other comprehensive income
Actual return less expected return on pension plan assets 1,761 617 2 169 2,549
Change in assumptions underlying the present value of the plan liabilities (2,217) (501) (50) (42) (2,810)
Experience gains and losses arising on the plan liabilities (141) (229) 71 (122) (421)
Actuarial (loss) gain recognized in other comprehensive income (597) (113) 23 5 (682)
Movements in benefit obligation during the year
Benefit obligation at 1 January 16,655 7,534 3,003 7,655 34,847
Exchange adjustments 1,896 – – 363 2,259
a
Current service cost 311 243 48 117 719
Past service cost – – (22) 1 (21)
Interest cost 1,112 456 183 420 2,171
Curtailment – – – 11 11
Settlement – – – (3) (3)
c
Special termination benefits 37 – – 45 82
Contributions by plan participants 37 – – 10 47
Benefit payments (funded plans)d (977) (1,371) (4) (209) (2,561)
Benefit payments (unfunded plans)d (4) (73) (191) (399) (667)
Disposals – – – (42) (42)
Actuarial (gain) loss on obligation 2,358 730 (21) 164 3,231
Benefit obligation at 31 Decembera e 21,425 7,519 2,996 8,133 40,073
Movements in fair value of plan assets during the year
Fair value of plan assets at 1 January 18,239 5,377 13 2,525 26,154
Exchange adjustments 2,054 – – 242 2,296
Expected return on plan assetsa f 1,426 405 1 147 1,979
Contributions by plan participants 37 – – 10 47
Contributions by employers (funded plans) 9 795 – 204 1,008
Benefit payments (funded plans)d (977) (1,371) (4) (209) (2,561)
DIsposals – – – (19) (19)
Actuarial gain on plan assetsf 1,761 617 2 169 2,549
Fair value of plan assets at 31 December 22,549 5,823 12 3,069 31,453
Surplus (deficit) at 31 December 1,124 (1,696) (2,984) (5,064) (8,620)
Represented by
Asset recognized 1,290 – – 100 1,390
Liability recognized (166) (1,696) (2,984) (5,164) (10,010)
1,124 (1,696) (2,984) (5,064) (8,620)
The surplus (deficit) may be analysed between funded and unfunded plans as follows
Funded 1,287 (1,280) (33) (164) (190)
Unfunded (163) (416) (2,951) (4,900) (8,430)
1,124 (1,696) (2,984) (5,064) (8,620)
The defined benefit obligation may be analysed between funded and unfunded plans
as follows
Funded (21,262) (7,103) (45) (3,233) (31,643)
Unfunded (163) (416) (2,951) (4,900) (8,430)
(21,425) (7,519) (2,996) (8,133) (40,073)
a
The costs of managing the plan’s investments are treated as being part of the investment return, the costs of administering our pension plan benefits are generally included in current service cost
and the costs of administering our other post-retirement benefit plans are included in the benefit obligation.
b
Included within production and manufacturing expenses and distribution and administration expenses.
c
The charge for special termination benefits represents the increased liability arising as a result of early retirements occurring as part of restructuring programmes.
d
The benefit payments amount shown above comprises $3,174 million benefits plus $54 million of plan expenses incurred in the administration of the benefit.
e
The benefit obligation for other plans includes $3,880 million for the German plan, which is largely unfunded.
f
The actual return on plan assets is made up of the sum of the expected return on plan assets and the actuarial gain on plan assets as disclosed above.
BP Annual Report and Form 20-F 2010
38. Pensions and other post-retirement benefits
$ million
2008
US
UK US other post-
pension pension retirement
plans plans benefit plans Other plans Total
Analysis of the amount charged to profit before interest and taxation
Current service costa 448 235 40 128 851
Past service cost 7 74 – 1 82
Settlement, curtailment and special termination benefits 30 – – 12 42
Payments to defined contribution plans – 170 – 25 195
Total operating chargeb 485 479 40 166 1,170
Analysis of the amount credited (charged) to other finance expense
Expected return on plan assets 2,094 632 2 194 2,922
Interest on plan liabilities (1,239) (444) (198) (450) (2,331)
Other finance income (expense) 855 188 (196) (256) 591
Analysis of the amount recognized in other comprehensive income
Actual return less expected return on pension plan assets (6,946) (2,895) (8) (404) (10,253)
Change in assumptions underlying the present value of the plan liabilities 1,570 3 215 214 2,002
Experience gains and losses arising on the plan liabilities (73) (194) 18 70 (179)
Actuarial (loss) gain recognized in other comprehensive income (5,449) (3,086) 225 (120) (8,430)
a
The costs of managing the plan’s investments are treated as being part of the investment return, the costs of administering our pensions fund benefits are generally included in
current service cost, and the costs of administering our other post-retirement benefit plans are included in the benefit obligation.
b
Included within production and manufacturing expenses and distribution and administration expenses.
$ million
2010 2009 2008 2007 2006
History of surplus (deficit) and of experience gains and losses
Benefit obligation at 31 December 41,912 40,073 34,847 43,100 42,433
Fair value of plan assets at 31 December 34,231 31,453 26,154 42,799 39,910
Deficit (7,681) (8,620) (8,693) (301) (2,523)
Experience losses on plan liabilities (94) (421) (178) (200) (124)
Actual return less expected return on pension plan assets 2,037 2,549 (10,253) 302 1,967
Actual return on plan assets 4,261 4,528 (7,331) 3,157 4,377
Actuarial (loss) gain recognized in other comprehensive income (320) (682) (8,430) 1,717 2,615
Cumulative amount recognized in other comprehensive income (3,942) (3,622) (2,940) 5,490 3,773
$ million
US
UK US other post-
pension pension retirement Other
plans plans benefit plans plans Total
2011 994 805 207 612 2,618
2012 1,035 807 209 581 2,632
2013 1,069 810 213 584 2,676
2014 1,122 808 217 588 2,735
2015 1,167 788 221 576 2,752
2016-2020 6,581 3,636 1,132 2,815 14,164
BP Annual Report and Form 20-F 2010
42. Employee costs and numbers
$ million
Employee costs 2010 2009 2008
Wages and salariesa 9,242 9,702 10,388
Social security costs 789 780 805
Share-based payments 576 521 508
Pension and other post-retirement benefit costs 1,166 1,213 579
11,773 12,216 12,280
Number of employees at 31 December 2010 2009 2008
Exploration and Production 21,100 21,500 21,400
Refining and Marketingb 52,300 51,600 61,500
Other businesses and corporate 6,200 7,200 9,100
Gulf Coast Restoration Organization 100 – –
79,700 80,300 92,000
By geographical area
US 22,100 22,800 29,300
Non-USb 57,600 57,500 62,700
79,700 80,300 92,000
2010 2009 2008
Average number of employees US Non-US Total US Non-US Total US Non-US Total
Exploration and Production 8,100 13,500 21,600 7,900 13,800 21,700 7,800 13,800 21,600
Refining and Marketing 12,600 38,300 50,900 14,700 40,700 55,400 21,600 43,400 65,000
Other businesses and corporate 1,900 5,000 6,900 2,300 5,800 8,100 2,600 6,500 9,100
22,600 56,800 79,400 24,900 60,300 85,200 32,000 63,700 95,700
a
Includes termination payments of $166 million (2009 $945 million and 2008 $669 million).
b
Includes 15,200 (2009 13,900 and 2008 21,200) service station staff.
BP Annual Report and Form 20-F 2010
Supplementary information on oil and natural gas (unaudited)
Oil and natural gas exploration and production activities
Subsidiariesa
Capitalized costs at 31 Decemberb j
Gross capitalized costs
Proved properties
Unproved properties
Accumulated depreciation
Net capitalized costs
Costs incurred for the year ended 31 Decemberb j
Acquisition of propertiesc
Proved
Unproved
Exploration and appraisal costsd
Development
Total costs
Results of operations for the year ended 31 December
Sales and other operating revenuese
Third parties
Sales between businesses
Exploration expenditure
Production costs
Production taxes
Other costs (income)f
Depreciation, depletion and amortization
Impairments and (gains) losses on sale of
businesses and fixed assets
Profit (loss) before taxationg
Allocable taxes
Results of operations
Exploration and Production segment replacement cost profit before interest and tax
Exploration and production activities -
subsidiaries (as above)
Midstream activities - subsidiariesh
Equity-accounted entitiesi
Total replacement cost profit
before interest and tax
a
These tables contain information relating to oil and natural gas exploration and production activities of subsidiaries. They do not include any costs relating to the Gulf of Mexico oil spi
natural gas pipelines, processing and export terminals and LNG processing facilities and transportation are excluded. In addition, our midstream activities of marketing and trading of n
most significant midstream pipeline interests include the Trans-Alaska Pipeline System, the Forties Pipeline System, the Central Area Transmission System pipeline, the South Cauca
Trinidad, Indonesia and Australia and BP is also investing in the LNG business in Angola.
b
Decommissioning assets are included in capitalized costs at 31 December but are excluded from costs incurred for the year.
c
Includes costs capitalized as a result of asset exchanges.
d
Includes exploration and appraisal drilling expenditures, which are capitalized within intangible assets, and geological and geophysical exploration costs, which are charged to income
e
Presented net of transportation costs, purchases and sales taxes.
f
Includes property taxes, other government take and the fair value loss on embedded derivatives of $309 million. The UK region includes a $822 million gain offset by corresponding c
g
Excludes the unwinding of the discount on provisions and payables amounting to $313 million which is included in finance costs in the group income statement.
h
Midstream activities exclude inventory holding gains and losses.
i
The profits of equity-accounted entities are included after interest and tax.
j
Excludes balances associated with assets held for sale.
k
This amount represents the write-down of our investment in Sakhalin. A portion of these costs was previously reported within capitalized costs of equity accounted entities with the re
disclosures of oil and natural gas exploration and production activities.
$ million
2010
Europe North South Africa Asia Australasia Total
America America
Rest of
Rest of North Rest of
UK Europe US America Russia Asia
36,161 7,846 67,724 278 6,047 27,014 – 11,497 3,088 159,655
787 179 5,968 1,363 220 2,694 – 1,113 1,149 13,473
36,948 8,025 73,692 1,641 6,267 29,708 – 12,610 4,237 173,128
27,688 3,515 33,972 216 3,282 13,893 – 4,569 1,205 88,340
9,260 4,510 39,720 1,425 2,985 15,815 – 8,041 3,032 84,788
– – 655 1 – – – 1,121 – 1,777
– 519 1,599 1,200 – – – 151 – 3,469
– 519 2,254 1,201 – – – 1,272 – 5,246
401 13 1,096 78 68 607 7 316 120 2,706
726 816 3,034 251 414 3,003 – 1,244 187 9,675
1,127 1,348 6,384 1,530 482 3,610 7 2,832 307 17,627
1,472 58 1,148 90 1,896 3,158 – 1,272 1,398 10,492
3,405 1,134 18,819 453 1,574 4,353 – 6,697 929 37,364
4,877 1,192 19,967 543 3,470 7,511 – 7,969 2,327 47,856
82 (2) 465 25 9 189 7 51 17 843
1,018 152 2,867 240 445 938 9 365 124 6,158
52 – 1,093 2 249 – – 3,764 109 5,269
(316) 76 3,502 129 209 130 76 90 195 4,091
897 209 3,477 95 575 1,771 – 829 168 8,021
k
(1) – (1,441) (2,190) (3) (427) 341 – – (3,721)
1,732 435 9,963 (1,699) 1,484 2,601 433 5,099 613 20,661
3,145 757 10,004 2,242 1,986 4,910 (433) 2,870 1,714 27,195
1,333 530 3,504 610 1,084 1,771 (23) 813 410 10,032
1,812 227 6,500 1,632 902 3,139 (410) 2,057 1,304 17,163
3,145 757 10,004 2,242 1,986 4,910 (433) 2,870 1,714 27,195
23 42 (347) 3 49 (26) 4 (23) (13) (288)
– 4 27 171 614 63 2,613 487 – 3,979
–
3,168 803 9,684 2,416 2,649 4,947 2,184 3,334 1,701 30,886
clude any costs relating to the Gulf of Mexico oil spill. Midstream activities relating to the management and ownership of crude oil and
r midstream activities of marketing and trading of natural gas, power and NGLs in the US, Canada, UK and Europe are excluded. The
ea Transmission System pipeline, the South Caucasus Pipeline and the Baku-Tbilisi-Ceyhan pipeline. Major LNG activities are located in
sical exploration costs, which are charged to income as incurred.
ludes a $822 million gain offset by corresponding charges primarily in the US, relating to the group self-insurance programme.
the group income statement.
alized costs of equity accounted entities with the remainder previously reported as a loan, which was not included in the
k
BP Annual Report and Form 20-F 2010
Supplementary information on oil and natural gas (unaudited)
Oil and natural gas exploration and production activities continued
Europe North South Africa Asia
America America
Rest of
Rest of North
UK Europe US America Russia
Equity-accounted entities (BP share)a
Capitalized costs at 31 Decemberb
Gross capitalized costs
Proved properties – – – 142 103 – 14,486
Unproved properties – – – 1,284 – – 652
– – – 1,426 103 – 15,138
Accumulated depreciation – – – – – – 6,300
Net capitalized costs – – – 1,426 103 – 8,838
Costs incurred for the year ended 31 Decemberb
Acquisition of propertiesc
Proved – – – – – – –
Unproved – – – – 9 – 66
– – – – 9 – 66
Exploration and appraisal costsd – – – – 2 – 94
Development – – – 49 549 – 1,416
Total costs – – – 49 560 – 1,576
Results of operations for the year ended 31 December
Sales and other operating revenuese
Third parties – – – – 2,268 – 5,610
Sales between businesses – – – – – – 3,432
– – – – 2,268 – 9,042
Exploration expenditure – – – – 22 – 40
Production costs – – – – 316 – 1,602
Production taxes – – – – 911 – 3,567
Other costs (income) – – – 67 75 – 3
Depreciation, depletion and amortization – – – – 269 – 954
Impairments and (gains) losses on sale of
businesses and fixed assets – – – – – – 43
– – – 67 1,593 – 6,209
Profit before taxation – – – (67) 675 – 2,833
Allocable taxes – – – – 260 – 475
Results of operations – – – (67) 415 – 2,358
Exploration and production activities -
equity-accounted entities after
tax (as above) – – – (67) 415 – 2,358
Midstream and other activities after taxf – 4 27 238 199 63 255
Total replacement cost profit
after interest and tax – 4 27 171 614 63 2,613
a
These tables contain information relating to oil and natural gas exploration and production activities of equity-accounted entities. They do not include amounts relating to asset
sale. Midstream activities relating to the management and ownership of crude oil and natural gas pipelines, processing and export terminals and LNG processing facilities and t
as well as downstream activities of TNK-BP are excluded. The amounts reported for equity-accounted entities exclude the corresponding amounts for their equity-accounted en
b
Decommissioning assets are included in capitalized costs at 31 December but are excluded from costs incurred for the year.
c
Includes costs capitalized as a result of asset exchanges.
d
Includes exploration and appraisal drilling expenditures, which are capitalized within intangible assets, and geological and geophysical exploration costs, which are charged to
incurred.
e
Presented net of transportation costs and sales taxes.
f
Includes interest, minority interest and the net results of equity-accounted entities of equity-accounted entities.
$ million
2010
Asia Australasia Total
Rest of
Asia
3,192 – 17,923
– – 1,936
3,192 – 19,859
2,674 – 8,974
518 – 10,885
– – –
– – 75
– – 75
– – 96
355 – 2,369
355 – 2,540
87 – 7,965
460 – 3,892
547 – 11,857
– – 62
184 – 2,102
– – 4,478
(2) – 143
363 – 1,586
– – 43
545 – 8,414
2 – 3,443
33 – 768
(31) – 2,675
(31) – 2,675
518 – 1,304
487 – 3,979
ities. They do not include amounts relating to assets held for
export terminals and LNG processing facilities and transportation
orresponding amounts for their equity-accounted entities.
r.
eophysical exploration costs, which are charged to income as
BP Annual Report and Form 20-F 2010
Supplementary information on oil and natural gas (unaudited)
Oil and natural gas exploration and production activities
Subsidiariesa
Capitalized costs at 31 Decemberb
Gross capitalized costs
Proved properties
Unproved properties
Accumulated depreciation
Net capitalized costs
Costs incurred for the year ended 31 Decemberb
Acquisition of propertiesc
Proved
Unproved
Exploration and appraisal costsd
Development
Total costs
Results of operations for the year ended 31 December
Sales and other operating revenuese
Third parties
Sales between businesses
Exploration expenditure
Production costs
Production taxes
Other costs (income)f
Depreciation, depletion and amortization
Impairments and (gains) losses on sale of
businesses and fixed assets
Profit before taxationg
Allocable taxes
Results of operations
Exploration and Production segment replacement cost profit before interest and tax
Exploration and production activities -
subsidiaries (as above)
Midstream activities - subsidiariesh j
Equity-accounted entitiesi
Total replacement cost profit
before interest and tax
a
These tables contain information relating to oil and natural gas exploration and production activities of subsidiaries. Midstream activities relating to the management and owne
facilities and transportation are excluded. In addition, our midstream activities of marketing and trading of natural gas, power and NGLs in the US, Canada, UK and Europe are
the Forties Pipeline System, the Central Area Transmission System pipeline, the South Caucasus Pipeline and the Baku-Tbilisi-Ceyhan pipeline. Major LNG activities are locate
b
Decommissioning assets are included in capitalized costs at 31 December but are excluded from costs incurred for the year.
c
Includes costs capitalized as a result of asset exchanges.
d
Includes exploration and appraisal drilling expenditures, which are capitalized within intangible assets, and geological and geophysical exploration costs, which are charged to
e
Presented net of transportation costs, purchases and sales taxes. Sales between businesses and third party sales have been amended in the US without net effect to total sal
f
Includes property taxes, other government take and the fair value gain on embedded derivatives of $663 million. The UK region includes a $783 million gain offset by correspo
g
Excludes the unwinding of the discount on provisions and payables amounting to $308 million which is included in finance costs in the group income statement.
h
Midstream activities exclude inventory holding gains and losses.
i
The profits of equity-accounted entities are included after interest and tax.
j
Includes the gain on disposal of upstream assets associated with our sale of our 46% stake in LukArco.
$ million
2009
Europe North South Africa Asia Australasia Total
America America
Rest of
Rest of North Rest of
UK Europe US America Russia Asia
35,096 6,644 64,366 3,967 8,346 24,476 – 10,900 2,894 156,689
752 – 5,464 147 198 2,377 – 733 1,039 10,710
35,848 6,644 69,830 4,114 8,544 26,853 – 11,633 3,933 167,399
26,794 3,306 31,728 2,309 4,837 12,492 – 4,798 1,038 87,302
9,054 3,338 38,102 1,805 3,707 14,361 – 6,835 2,895 80,097
179 – (17) – – – – 306 – 468
(1) – 370 1 – 18 – – 10 398
178 – 353 1 – 18 – 306 10 866
183 – 1,377 79 78 712 8 315 53 2,805
751 1,054 4,208 386 453 2,707 – 560 277 10,396
1,112 1,054 5,938 466 531 3,437 8 1,181 340 14,067
2,239 68 972 99 1,525 1,846 – 636 785 8,170
2,482 809 15,100 484 1,409 5,313 – 6,257 726 32,580
4,721 877 16,072 583 2,934 7,159 – 6,893 1,511 40,750
59 – 663 80 16 219 8 49 22 1,116
1,243 164 2,821 284 395 908 15 361 70 6,261
(3) – 649 1 220 – – 2,854 72 3,793
(1,259) 51 2,353 145 184 144 76 967 178 2,839
1,148 185 3,857 170 697 2,041 – 757 96 8,951
j –
(122) (7) (208) – (11) (1) – (702) – (1,051)
1,066 393 10,135 680 1,501 3,311 99 4,286 438 21,909
3,655 484 5,937 (97) 1,433 3,848 (99) 2,607 1,073 18,841
1,568 76 1,902 (58) 916 1,517 (25) 682 2 6,580
2,087 408 4,035 (39) 517 2,331 (74) 1,925 1,071 12,261
3,655 484 5,937 (97) 1,433 3,848 (99) 2,607 1,073 18,841
925 17 719 833 17 (27) (37) 518 (315) 2,650
– 5 29 134 630 56 1,924 531 – 3,309
4,580 506 6,685 870 2,080 3,877 1,788 3,656 758 24,800
es relating to the management and ownership of crude oil and natural gas pipelines, processing and export terminals and LNG processing
in the US, Canada, UK and Europe are excluded. The most significant midstream pipeline interests include the Trans-Alaska Pipeline System,
n pipeline. Major LNG activities are located in Trinidad, Indonesia and Australia and BP is also investing in the LNG business in Angola.
exploration costs, which are charged to income as incurred.
ed in the US without net effect to total sales.
es a $783 million gain offset by corresponding charges primarily in the US, relating to the group self-insurance programme.
group income statement.
k
BP Annual Report and Form 20-F 2010
Supplementary information on oil and natural gas (unaudited)
Oil and natural gas exploration and production activities continued
Europe North South Africa Asia Australasia
America America
Rest of
Rest of North Rest of
UK Europe US America Russia Asia
Equity-accounted entities (BP share)a
Capitalized costs at 31 Decemberb
Gross capitalized costs
Proved properties – – – – 5,789 – 13,266 2,259 –
Unproved properties – – – 1,378 197 – 737 – –
– – – 1,378 5,986 – 14,003 2,259 –
Accumulated depreciation – – – – 2,084 – 5,550 1,739 –
Net capitalized costs – – – 1,378 3,902 – 8,453 520 –
Costs incurred for the year ended 31 Decemberb
Acquisition of propertiesc
Proved – – – – – – – – –
Unproved – – – – 31 – 10 – –
– – – – 31 – 10 – –
Exploration and appraisal costsd – – – – 21 – 77 3 –
Development – – – 30 538 – 1,182 246 –
Total costs – – – 30 590 – 1,269 249 –
Results of operations for the year ended 31 December
Sales and other operating revenuese
Third parties – – – – 1,977 – 4,919 351 –
Sales between businesses – – – – – – 2,838 – –
– – – – 1,977 – 7,757 351 –
Exploration expenditure – – – – 23 – 37 – –
Production costs – – – – 354 – 1,428 159 –
Production taxes – – – – 702 – 2,597 – –
Other costs (income) – – – – (69) – 12 (2) –
Depreciation, depletion and amortization – – – – 281 – 1,073 274 –
Impairments and (gains) losses on sale of
businesses and fixed assets – – – – – – 72 – –
– – – – 1,291 – 5,219 431 –
Profit before taxation – – – – 686 – 2,538 (80) –
Allocable taxes – – – – 270 – 501 – –
Results of operations – – – – 416 – 2,037 (80) –
Exploration and production activities -
equity-accounted entities after
tax (as above) – – – – 416 – 2,037 (80) –
Midstream and other activities after taxf – 5 29 134 214 56 (113) 611 –
Total replacement cost profit
after interest and tax – 5 29 134 630 56 1,924 531 –
a
These tables contain information relating to oil and natural gas exploration and production activities of equity-accounted entities. Midstream activities relating to the
management and ownership of crude oil and natural gas pipelines, processing and export terminals and LNG processing facilities and transportation as well as
downstream activities of TNK-BP are excluded. The amounts reported for equityaccounted
entities exclude the corresponding amounts for their equity-accounted entities.
b
Decommissioning assets are included in capitalized costs at 31 December but are excluded from costs incurred for the year.
c
Includes costs capitalized as a result of asset exchanges.
d
Includes exploration and appraisal drilling expenditures, which are capitalized within intangible assets, and geological and geophysical exploration costs, which are
charged to income as incurred.
e
Presented net of transportation costs, purchases and sales taxes.
f
Includes interest, minority interest and the net results of equity-accounted entities of equity-accounted entities.
$ million
2009
Total
21,314
2,312
23,626
9,373
14,253
–
41
41
101
1,996
2,138
7,247
2,838
10,085
60
1,941
3,299
(59)
1,628
72
6,941
3,144
771
2,373
2,373
936
3,309
m activities relating to the
sportation as well as
ploration costs, which are
BP Annual Report and Form 20-F 2010
Supplementary information on oil and natural gas (unaudited)
Oil and natural gas exploration and production activities continued
Europe North South
America America
Rest of
Rest of North
UK Europe US America
Subsidiariesa
Capitalized costs at 31 Decemberb
Gross capitalized costs
Proved properties 34,614 5,507 59,918 3,517 7,934
Unproved properties 626 – 5,006 165 134
35,240 5,507 64,924 3,682 8,068
Accumulated depreciation 26,564 3,125 28,511 2,141 4,217
Net capitalized costs 8,676 2,382 36,413 1,541 3,851
Costs incurred for the year ended 31 Decemberb
Acquisition of propertiesc
Proved – – 1,374 2 –
Unproved 4 – 2,942 – –
4 – 4,316 2 –
Exploration and appraisal costsd 137 – 862 33 90
Development 907 695 4,914 309 768
Total costs 1,048 695 10,092 344 858
Results of operations for the year ended 31 December
Sales and other operating revenuese
Third parties 3,865 105 1,526 147 3,339
Sales between businesses 4,374 1,416 22,094 1,237 2,605
8,239 1,521 23,620 1,384 5,944
Exploration expenditure 121 1 305 32 30
Production costs 1,357 150 3,002 289 429
Production taxes 503 – 2,603 2 358
Other costs (income)f (28) (43) 3,440 343 198
Depreciation, depletion and amortization 1,049 199 2,729 181 730
Impairments and (gains) losses on sale of
businesses and fixed assets – – 308 2 4
3,002 307 12,387 849 1,749
Profit before taxationg 5,237 1,214 11,233 535 4,195
Allocable taxes 2,280 883 3,857 205 2,218
Results of operations 2,957 331 7,376 330 1,977
Exploration and Production segment replacement cost profit before interest and tax
Exploration and production activities
Subsidiaries (as above) 5,237 1,214 11,233 535 4,195
Equity-accounted entities (1) – 1 40 304
Midstream activitieshi 743 16 490 673 274
Total replacement cost profit
before interest and tax 5,979 1,230 11,724 1,248 4,773
a
These tables contain information relating to oil and natural gas exploration and production activities. Midstream activities relating to the management and ownership of crude o
and export terminals and LNG processing facilities and transportation are excluded. In addition, our midstream activities of marketing and trading of natural gas, power and NGL
are excluded. The most significant midstream pipeline interests include the Trans-Alaska Pipeline System, the Forties Pipeline System, the Central Area Transmission System
and the Baku-Tbilisi-Ceyhan pipeline. Major LNG activities are located in Trinidad, Indonesia and Australia and BP is also investing in the LNG business in Angola. The group’s
activities are excluded from the tables and included in the footnotes, with the exception of Abu Dhabi production taxes, which are included in the results of operations above.
b
Decommissioning assets are included in capitalized costs at 31 December but are excluded from costs incurred for the year.
c
Includes costs capitalized as a result of asset exchanges.
d
Includes exploration and appraisal drilling expenditures, which are capitalized within intangible assets, and geological and geophysical exploration costs, which are charged to
e
Presented net of transportation costs, purchases and sales taxes. Sales between businesses and third party sales have been amended in the US without net effect to total sal
f
Includes property taxes, other government take and the fair value loss on embedded derivatives of $102 million. The UK region includes a $499 million gain offset by correspon
relating to the group self-insurance programme.
g
Excludes the unwinding of the discount on provisions and payables amounting to $285 million which is included in finance costs in the group income statement.
h
Includes a $517 million write-down of our investment in Rosneft based on its quoted market price at the end of the year.
i
Midstream activities exclude inventory holding gains and losses.
$ million
2008
Africa Asia Australasia Total
Rest of
Russia Asia
21,563 – 10,689 2,581 146,323
2,011 – 465 1,018 9,425
23,574 – 11,154 3,599 155,748
10,451 – 4,395 945 80,349
13,123 – 6,759 2,654 75,399
– – 136 – 1,512
– – 41 – 2,987
– – 177 – 4,499
838 12 269 49 2,290
2,966 – 859 349 11,767
3,804 12 1,305 398 18,556
3,745 – 1,186 860 14,773
6,022 – 11,249 1,171 50,168
9,767 – 12,435 2,031 64,941
213 14 140 26 882
875 18 485 62 6,667
– – 5,510 110 9,086
(122) 196 2,064 226 6,274
2,120 – 788 87 7,883
8 – 219 – 541
3,094 228 9,206 511 31,333
6,673 (228) 3,229 1,520 33,608
2,672 (36) 984 513 13,576
4,001 (192) 2,245 1,007 20,032
6,673 (228) 3,229 1,520 33,608
(1) 2,259 191 – 2,793
112 – (272) (129) 1,907
6,784 2,031 3,148 1,391 38,308
o the management and ownership of crude oil and natural gas pipelines, processing
g and trading of natural gas, power and NGLs in the US, Canada, UK and Europe
em, the Central Area Transmission System pipeline, the South Caucasus Pipeline
in the LNG business in Angola. The group’s share of equityaccounted entities’
cluded in the results of operations above.
sical exploration costs, which are charged to income as incurred.
ended in the US without net effect to total sales.
ludes a $499 million gain offset by corresponding charges primarily in the US,
the group income statement.
BP Annual Report and Form 20-F 2010
Supplementary information on oil and natural gas (unaudited)
Movements in estimated net proved reserves
a
Crude oil
Europe North South Africa Asia
America America
Rest of
Rest of North Rest of
e
UK Europe US America Russia Asia
Subsidiaries
At 1 January 2010
Developed 403 83 1,862 11 49 422 – 182
Undeveloped 291 184 1,211 1 56 454 – 334
694 267 3,073 12 105 876 – 516
Changes attributable to
Revisions of previous estimates 20 3 (45) 1 (1) (62) – (62)
Improved recovery 100 9 133 – 17 14 – 145
Purchases of reserves-in-place – 33 6 – – – – 38
Discoveries and extensions 31 1 80 – – 19 – –
Productionb j (50) (15) (211) (2) (19) (87) – (43)
Sales of reserves-in-place – – (117) (11) – (15) – –
101 31 (154) (12) (3) (131) – 78
At 31 December 2010c g
Developed 364 77 1,729 – 44 371 – 269
Undeveloped 431 221 1,190 – 58 374 – 325
795 298 2,919 – 102 745 – 594
Equity-accounted entities (BP share)f
At 1 January 2010
Developed – – – – 407 – 2,351 363
Undeveloped – – – – 405 9 1,198 120
– – – – 812 9 3,549 483
Changes attributable to
Revisions of previous estimates – – – – 4 3 248 (20)
Improved recovery – – – – 33 – 269 –
Purchases of reserves-in-place – – – – – – – –
Discoveries and extensions – – – – 1 – – –
ik
Production – – – – (35) – (313) (69)
Sales of reserves-in-place – – – – – – (3) –
– – – – 3 3 201 (89)
At 31 December 2010d
Developed – – – – 408 – 2,388 370
Undeveloped – – – – 407 h 12 1,362 24
– – – – 815 12 3,750 394
Total subsidiaries and equity-accounted entities (BP share)
At 1 January 2010
Developed 403 83 1,862 11 456 422 2,351 545
Undeveloped 291 184 1,211 1 461 463 1,198 454
694 267 3,073 12 917 885 3,549 999
At 31 December 2010
Developed 364 77 1,729 – 452 371 2,388 639
Undeveloped 431 221 1,190 – 465 386 1,362 349
795 298 2,919 – 917 757 3,750 988
a
Crude oil includes NGLs and condensate. Proved reserves exclude royalties due to others, whether payable in cash or in kind, where the royalty owner has a direct interest
in the underlying production and the option and ability to make lifting and sales arrangements independently.
b
Excludes NGLs from processing plants in which an interest is held of 29 thousand barrels a day.
c
Includes 643 million barrels of NGLs. Also includes 22 million barrels of crude oil in respect of the 30% minority interest in BP Trinidad and Tobago LLC.
d
Includes 18 million barrels of NGLs. Also includes 254 million barrels of crude oil in respect of the 7.03% minority interest in TNK-BP.
e
Proved reserves in the Prudhoe Bay field in Alaska include an estimated 78 million barrels upon which a net profits royalty will be payable over the life of the field under the
terms of the BP Prudhoe Bay Royalty Trust.
f
Volumes of equity-accounted entities include volumes of equity-accounted investments of those entities.
g
Includes 70 million barrels relating to assets held for sale at 31 December 2010. Amounts by region are: 6 million barrels in US; 30 million barrels in South America; and 34
million barrels in Rest of Asia.
h
Includes 801 million barrels relating to assets held for sale at 31 December 2010.
i
Includes 4 million barrels of crude oil sold relating to production since classification of equity-accounted entities as held for sale.
j
Includes 15 million barrels of crude oil sold relating to production from assets held for sale at 31 December 2010. Amounts by region are: 2 million barrels in
US; 6 million barrels in South America; and 7 million barrels in Rest of Asia.
k
Includes 35 million barrels of crude oil sold relating to production from assets held for sale at 31 December 2010.
a
a Crude reserves exclude gas liquids (NGLs) and condensate. Proved reserves exclude royalties due to others whether interest in the underlying production
Provedoil includes naturalroyalties due to others, whether payable in cash or in kind where the royalty owner has a directpayable in cash or in kind where the royalty
million barrels
2010
Australasia Total
58 3,070
57 2,588
115 5,658
– (146)
3 421
– 77
– 131
(12) (439)
– (143)
(9) (99)
48 2,902
58 2,657
106 5,559
– 3,121
– 1,732
– 4,853
– 235
– 302
– –
– 1
– (417)
– (3)
– 118
– 3,166
– 1,805
– 4,971
58 6,191
57 4,320
115 10,511
48 6,068
58 4,462
106 10,530
d, where the royalty owner has a direct interest
Trinidad and Tobago LLC.
NK-BP.
l be payable over the life of the field under the
S; 30 million barrels in South America; and 34
e.
region are: 2 million barrels in
n the underlying production
t in cash or in kind where the royalty
BP Annual Report and Form 20-F 2010
Supplementary information on oil and natural gas (unaudited)
aCrude oil includes NGLs and condensate. Proved reserves exclude royalties due to others, whether payable in cash or in kind where the royalty owner has a direct interest i
Movements in estimated net proved reserves continued
a
Natural gas
Europe
UK
Subsidiaries
At 1 January 2010
Developed 1,602
Undeveloped 670
2,272
Changes attributable to
Revisions of previous estimates (8)
Improved recovery 152
Purchases of reserves-in-place –
Discoveries and extensions 26
Productionb i (191)
Sales of reserves-in-place (6)
(27)
At 31 December 2010c f
Developed 1,416
Undeveloped 829
2,245
Equity-accounted entities (BP share)e
At 1 January 2010
Developed –
Undeveloped –
–
Changes attributable to
Revisions of previous estimates –
Improved recovery –
Purchases of reserves-in-place –
Discoveries and extensions –
Productionb –
Sales of reserves-in-place –
–
At 31 December 2010d
Developed –
Undeveloped –
–
Total subsidiaries and equity-accounted entities (BP share)
At 1 January 2010
Developed 1,602
Undeveloped 670
2,272
At 31 December 2010
Developed 1,416
Undeveloped 829
2,245
a
Proved reserves exclude royalties due to others, whether payable in cash or in kind, where the royalty owner has a direct interest in the underlying production and the option an
b
Includes 204 billion cubic feet of natural gas consumed in operations, 166 billion cubic feet in subsidiaries, 38 billion cubic feet in equity-accounted entities and excludes 14 bill
requirements for sales.
c
Includes 2,921 billion cubic feet of natural gas in respect of the 30% minority interest in BP Trinidad and Tobago LLC.
d
Includes 137 billion cubic feet of natural gas in respect of the 5.89% minority interest in TNK-BP.
e
Volumes of equity-accounted entities include volumes of equity-accounted investments of those entities.
f
Includes 740 billion cubic feet relating to assets held for sale at 31 December 2010. Amounts by region are: 158 billion cubic feet in US; 205 billion cubic feet in South America;
g
Includes 1,819 billion cubic feet relating to assets held for sale at 31 December 2010.
h
Includes 12 billion cubic feet of gas sales relating to production since classification of equity-accounted entities as held for sale.
i
Includes 133 billion cubic feet of gas (excluding gas consumed in operations) relating to production from assets held for sale at 31 December 2010.
Amounts by region are: 23 billion cubic feet in US; 27 billion cubic feet in South America; and 83 billion cubic feet in Rest of Asia.
j
Includes 141 billion cubic feet of gas (excluding gas consumed in operations) relating to production from assets held for sale at 31 December 2010.
a
a Crude reserves exclude gas liquids (NGLs) and condensate. Proved reserves exclude royalties due to others whether interest in the underlying production
Provedoil includes naturalroyalties due to others, whether payable in cash or in kind where the royalty owner has a directpayable in cash or in kind where the royalty owner
e the royalty owner has a direct interest in the underlying production
billion cubic feet
2010
Europe North South Africa Asia Australasia Total
America America
Rest of
Rest of North Rest of
Europe US America Russia Asia
49 9,583 716 3,177 1,107 – 1,579 3,219 21,032
397 5,633 453 7,393 1,454 – 249 3,107 19,356
446 15,216 1,169 10,570 2,561 – 1,828 6,326 40,388
(5) (1,854) (11) 2 3 – (142) (191) (2,206)
6 830 – 512 18 – 83 58 1,659
31 97 1 – – – 17 – 146
– 739 9 19 1,378 – – – 2,171
(8) (861) (77) (953) (229) – (228) (288) (2,835)
– (424) (1,033) – (51) – – – (1,514)
24 (1,473) (1,111) (420) 1,119 – (270) (421) (2,579)
40 9,495 58 3,575 1,329 – 1,290 3,563 20,766
430 4,248 – 6,575 2,351 – 268 2,342 17,043
470 13,743 58 10,150 3,680 – 1,558 5,905 37,809
– – – 1,252 – 1,703 80 – 3,035
– – – 1,010 165 519 13 – 1,707
– – – 2,262 165 2,222 93 – 4,742
– – – (141) 10 382 2 – 253
– – – 291 – – 12 – 303
– – – – – – – – –
– – – 23 – – – – 23
– – – (168) h j – (244) (17) – (429)
– – – – – (1) – – (1)
– – – 5 10 137 (3) – 149
– – – 1,075 g – 1,900 71 – 3,046
– – – 1,192 175 459 19 – 1,845
– – – 2,267 175 2,359 90 – 4,891
49 9,583 716 4,429 1,107 1,703 1,659 3,219 24,067
397 5,633 453 8,403 1,619 519 262 3,107 21,063
446 15,216 1,169 12,832 2,726 2,222 1,921 6,326 45,130
40 9,495 58 4,650 1,329 1,900 1,361 3,563 23,812
430 4,248 – 7,767 2,526 459 287 2,342 18,888
470 13,743 58 12,417 3,855 2,359 1,648 5,905 42,700
in the underlying production and the option and ability to make lifting and sales arrangements independently.
equity-accounted entities and excludes 14 billion cubic feet of produced non-hydrocarbon components which meet regulatory
n US; 205 billion cubic feet in South America; and 377 billion cubic feet in Rest of Asia.
December 2010.
December 2010.
n the underlying production
t in cash or in kind where the royalty owner has a direct interest in
BP Annual Report and Form 20-F 2010
Supplementary information on oil and natural gas (unaudited)
aCrude oil includes NGLs and condensate. Proved reserves exclude royalties due to others, whether payable in cash or in kind where the royalty owner has a direct interest i
Movements in estimated net proved reserves continued
a
Bitumen
Equity - accounted entities (BP shares)
At 1 January 2010
Developed
Undeveloped
Changes attributable to
Revisions of previous estimates
Improved recovery
Purchases of reserves-in-place
Discoveries and extensions
Production
Sales of reserves-in-place
At 31 December 2010
Developed
Undeveloped
h
gk
a
Proved reserves exclude royalties due to others, whether payable in cash or in kind, where the royalty owner has a direct interest in the underlying production and the
option and ability to make lifting and sales arrangements independently.
a
a Crude reserves exclude gas liquids (NGLs) and condensate. Proved reserves exclude royalties due to others whether interest in the underlying production
Provedoil includes naturalroyalties due to others, whether payable in cash or in kind where the royalty owner has a directpayable in cash or in kind where the royalty
e the royalty owner has a direct interest in the underlying production
billion cubic feet
2010
Rest of Total
North
America
– –
– –
– –
– –
– –
– –
179 179
– –
– –
179 179
– –
179 179
179 179
rest in the underlying production and the
n the underlying production
t in cash or in kind where the royalty
BP Annual Report and Form 20-F 2010
Supplementary information on oil and natural gas (unaudited)
aCrude oil includes NGLs and condensate. Proved reserves exclude royalties due to others, whether payable in cash or in kind where the royalty owner has a direct interest i
Movements in estimated net proved reserves continued
Total hydrocarbonsa
Europe North South Africa Asia
America America
Rest of
Rest of North
UK Europe USe America Russia
Subsidiaries
At 1 January 2010
Developed 680 91 3,514 135 596 613 –
Undeveloped 406 253 2,183 79 1,331 704 –
1,086 344 5,697 214 1,927 1,317 –
Changes attributable to
Revisions of previous estimates 18 2 (364) (2) (1) (61) –
Improved recovery 126 10 276 – 105 17 –
Purchases of reserves-in-place – 38 22 – – – –
Discoveries and extensions 36 1 207 2 4 257 –
Productionb f l (83) (16) (359) (15) (183) (127) –
Sales of reserves-in-place (1) – (190) (189) – (24) –
96 35 (408) (204) (75) 62 –
At 31 December 2010c i
Developed 608 84 3,366 10 660 600 –
Undeveloped 574 295 1,923 – 1,192 779 –
1,182 379 5,289 10 1,852 1,379 –
Equity-accounted entities (BP share)g
At 1 January 2010
Developed – – – – 623 – 2,645
Undeveloped – – – – 580 37 1,287
– – – – 1,203 37 3,932
Changes attributable to
Revisions of previous estimates – – – – (20) 6 314
Improved recovery – – – – 83 – 269
Purchases of reserves-in-place – – – – – – –
Discoveries and extensions – – – 179 4km – –
Productionb f – – – – (64) – (354)
Sales of reserves-in-place – – – – – – (4)
– – – 179 3 6 225
At 31 December 2010d
Developed – – – – 593 – 2,716
Undeveloped – – – 179 613j 43 1,441
– – – 179 1,206 43 4,157
Total subsidiaries and equity-accounted entities (BP share)h
At 1 January 2010
Developed 680 91 3,514 135 1,219 613 2,645
Undeveloped 406 253 2,183 79 1,911 741 1,287
1,086 344 5,697 214 3,130 1,354 3,932
At 31 December 2010
Developed 608 84 3,366 10 1,253 600 2,716
Undeveloped 574 295 1,923 179 1,805 822 1,441
1,182 379 5,289 189 3,058 1,422 4,157
a
Proved reserves exclude royalties due to others, whether payable in cash or in kind, where the royalty owner has a direct interest in the underlying production and the option an
arrangements independently.
b
Excludes NGLs from processing plants in which an interest is held of 29 thousand barrels of oil equivalent a day.
c
Includes 643 million barrels of NGLs. Also includes 526 million barrels of oil equivalent in respect of the 30% minority interest in BP Trinidad and Tobago LLC.
d
Includes 18 million barrels of NGLs. Also includes 278 million barrels of oil equivalent in respect of the minority interest in TNK-BP.
e
Proved reserves in the Prudhoe Bay field in Alaska include an estimated 78 million barrels of oil equivalent upon which a net profits royalty will be payable.
f
Includes 35 million barrels of oil equivalent of natural gas consumed in operations, 28 million barrels of oil equivalent in subsidiaries, 7 million barrels of oil equivalent in equity-a
million barrels of oil equivalent of produced non-hydrocarbon components which meet regulatory requirements for sales.
g
Volumes of equity-accounted entities include volumes of equity-accounted investments of those entities.
h
Includes 1,311 million barrels of oil equivalent (197 million barrels of oil equivalent for subsidiaries and 1,114 million barrels of oil equivalent for equity-accounted entities) asso
held for sale where the disposal has not yet been completed.
i
Includes 197 million barrels of oil equivalent relating to assets held for sale at 31 December 2010. Amounts by region are: 34 million barrels of oil equivalent in US; 64 million ba
South America; and 99 million barrels of oil equivalent in Rest of Asia.
j
Includes 1,114 million barrels of oil equivalent relating to assets held for sale at 31 December 2010.
k
Includes 6 million barrels of oil equivalent sold relating to production since classification of equity-accounted entities as held for sale.
l
Includes 38 million barrels of oil equivalent (excluding gas consumed in operations) relating to production from assets held for sale at 31 December 2010.
Amounts by region are: 6 million barrels of oil equivalent in US; 11 million barrels of oil equivalent in South America; and 21 million barrels of oil equivalent in Rest of Asia.
m
Includes 59 million barrels of oil equivalent (excluding gas consumed in operations) relating to production from assets held for sale at 31 December 2010.
a
a Crude reserves exclude gas liquids (NGLs) and condensate. Proved reserves exclude royalties due to others whether interest in the underlying production
Provedoil includes naturalroyalties due to others, whether payable in cash or in kind where the royalty owner has a directpayable in cash or in kind where the royalty owner
the royalty owner has a direct interest in the underlying production
million barrels of oil equivalent
2010
Asia Australasia Total
Rest of
Asia
455 612 6,696
376 593 5,925
831 1,205 12,621
(87) (33) (528)
160 13 707
41 – 101
– – 507
(83) (61) (927)
– – (404)
31 (81) (544)
491 662 6,481
371 462 5,596
862 1,124 12,077
377 – 3,645
122 – 2,026
499 – 5,671
(19) – 281
2 – 354
– – –
– – 183
(73) – (491)
– – (4)
(90) – 323
382 – 3,691
27 – 2,303
409 – 5,994
832 612 10,341
498 593 7,951
1,330 1,205 18,292
873 662 10,172
398 462 7,899
1,271 1,124 18,071
underlying production and the option and ability to make lifting and sales
nidad and Tobago LLC.
alty will be payable.
million barrels of oil equivalent in equity-accounted entities and excludes 2
alent for equity-accounted entities) associated with properties currently
rels of oil equivalent in US; 64 million barrels of oil equivalent in
December 2010.
els of oil equivalent in Rest of Asia.
1 December 2010.
ash or in kind production
he underlying where the royalty owner has a direct interest in
BP Annual Report and Form 20-F 2010
Supplementary information on oil and natural gas (unaudited)
Movements in estimated net proved reserves
a
Crude oil
Europe North South Africa Asia
America America
Rest of
Rest of North Rest of
e
UK Europe US America Russia Asia
Subsidiaries
At 1 January 2009
Developed 410 81 1,717 11 47 464 – 195
Undeveloped 119 194 1,273 1 55 496 – 488
529 275 2,990 12 102 960 – 683
Changes attributable to
Revisions of previous estimates 7 (1) 165 2 18 (121) – (128)
Improved recovery 42 7 82 – 7 32 – 31
Purchases of reserves-in-place 1 – – – – – – 1
Discoveries and extensions 184 – 73 – – 114 – –
Productionb (61) (14) (237) (2) (22) (109) – (45)
Sales of reserves-in-place (8) – – – – – – (26)
165 (8) 83 – 3 (84) – (167)
At 31 December 2009c
Developed 403 83 1,862 11 49 422 – 182
Undeveloped 291 184 1,211 1 56 454 – 334
694 267 3,073 12 105 876 – 516
Equity-accounted entities (BP share)f
At 1 January 2009
Developed – – – – 399 – 2,227 499
Undeveloped – – – – 409 11 944 199
– – – – 808 11 3,171 698
Changes attributable to
Revisions of previous estimates – – – – 2 (2) 590 (28)
Improved recovery – – – – 50 – 8 –
Purchases of reserves-in-place – – – – – – – –
Discoveries and extensions – – – – 3 – 87 –
Production – – – – (37) – (307) (71)
Sales of reserves-in-place – – – – (14) – – (116)
– – – – 4 (2) 378 (215)
At 31 December 2009d
Developed – – – – 407 – 2,351 363
Undeveloped – – – – 405 9 1,198 120
– – – – 812 9 3,549 483
Total subsidiaries and equity-accounted entities (BP share)
At 1 January 2009
Developed 410 81 1,717 11 446 464 2,227 694
Undeveloped 119 194 1,273 1 464 507 944 687
529 275 2,990 12 910 971 3,171 1,381
At 31 December 2009
Developed 403 83 1,862 11 456 422 2,351 545
Undeveloped 291 184 1,211 1 461 463 1,198 454
694 267 3,073 12 917 885 3,549 999
a
Crude oil includes NGLs and condensate. Proved reserves exclude royalties due to others, whether payable in cash or in kind, where the royalty owner has a direct interest
in the underlying production and the option and ability to make lifting and sales arrangements independently.
b
Excludes NGLs from processing plants in which an interest is held of 26 thousand barrels a day.
c
Includes 819 million barrels of NGLs. Also includes 23 million barrels of crude oil in respect of the 30% minority interest in BP Trinidad and Tobago LLC.
d
Includes 20 million barrels of NGLs. Also includes 243 million barrels of crude oil in respect of the 6.86% minority interest in TNK-BP.
e
Proved reserves in the Prudhoe Bay field in Alaska include an estimated 68 million barrels upon which a net profits royalty will be payable over the life of the field under the
terms of the BP Prudhoe Bay Royalty Trust.
f
Volumes of equity-accounted entities include volumes of equity-accounted investments of those entities.
a
a Crude reserves exclude gas liquids (NGLs) and condensate. Proved reserves exclude royalties due to others whether interest in the underlying production
Provedoil includes naturalroyalties due to others, whether payable in cash or in kind where the royalty owner has a directpayable in cash or in kind where the royalty
million barrels
2009
Australasia Total
56 2,981
58 2,684
114 5,665
3 (55)
2 203
– 2
7 378
(11) (501)
– (34)
1 (7)
58 3,070
57 2,588
115 5,658
– 3,125
– 1,563
– 4,688
– 562
– 58
– –
– 90
– (415)
– (130)
– 165
– 3,121
– 1,732
– 4,853
56 6,106
58 4,247
114 10,353
58 6,191
57 4,320
115 10,511
where the royalty owner has a direct interest
Trinidad and Tobago LLC.
NK-BP.
be payable over the life of the field under the
n the underlying production
t in cash or in kind where the royalty
BP Annual Report and Form 20-F 2010
Supplementary information on oil and natural gas (unaudited)
aCrude oil includes NGLs and condensate. Proved reserves exclude royalties due to others, whether payable in cash or in kind where the royalty owner has a direct interest i
Movements in estimated net proved reserves continued
a
Natural gas
Europe North South Africa Asia
America America
Rest of
Rest of North Rest of
UK Europe US America Russia Asia
Subsidiaries
At 1 January 2009
Developed 1,822 61 9,059 659 3,316 1,050 – 1,102
Undeveloped 582 402 5,473 468 7,434 1,382 – 1,308
2,404 463 14,532 1,127 10,750 2,432 – 2,410
Changes attributable to
Revisions of previous estimates (114) (8) 549 43 322 270 – (231)
Improved recovery 34 – 550 5 322 49 – 82
Purchases of reserves-in-place 159 – – – – – – 31
Discoveries and extensions 150 – 496 94 105 59 – –
Productionb (243) (9) (907) (100) (929) (249) – (241)
Sales of reserves-in-place (118) – (4) – – – – (223)
(132) (17) 684 42 (180) 129 – (582)
At 31 December 2009c
Developed 1,602 49 9,583 716 3,177 1,107 – 1,579
Undeveloped 670 397 5,633 453 7,393 1,454 – 249
2,272 446 15,216 1,169 10,570 2,561 – 1,828
Equity-accounted entities (BP share)e
At 1 January 2009
Developed – – – – 1,498 – 1,560 176
Undeveloped – – – – 1,023 182 653 111
– – – – 2,521 182 2,213 287
Changes attributable to
Revisions of previous estimates – – – – (26) (17) 204 (19)
Improved recovery – – – – 314 – 1 4
Purchases of reserves-in-place – – – – – – – –
Discoveries and extensions – – – – 6 – 23 –
Productionb – – – – (165) – (219) (25)
Sales of reserves-in-place – – – – (388) – – (154)
– – – – (259) (17) 9 (194)
At 31 December 2009d
Developed – – – – 1,252 – 1,703 80
Undeveloped – – – – 1,010 165 519 13
– – – – 2,262 165 2,222 93
Total subsidiaries and equity-accounted entities (BP share)
At 1 January 2009
Developed 1,822 61 9,059 659 4,814 1,050 1,560 1,278
Undeveloped 582 402 5,473 468 8,457 1,564 653 1,419
2,404 463 14,532 1,127 13,271 2,614 2,213 2,697
At 31 December 2009
Developed 1,602 49 9,583 716 4,429 1,107 1,703 1,659
Undeveloped 670 397 5,633 453 8,403 1,619 519 262
2,272 446 15,216 1,169 12,832 2,726 2,222 1,921
a
Proved reserves exclude royalties due to others, whether payable in cash or in kind, where the royalty owner has a direct interest in the underlying production and the option
and ability to make lifting and sales arrangements independently.
b
Includes 195 billion cubic feet of natural gas consumed in operations, 164 billion cubic feet in subsidiaries, 31 billion cubic feet in equity-accounted entities and excludes 16
billion cubic feet of produced non-hydrocarbon components which meet regulatory requirements for sales.
c
Includes 3,068 billion cubic feet of natural gas in respect of the 30% minority interest in BP Trinidad and Tobago LLC.
d
Includes 131 billion cubic feet of natural gas in respect of the 5.79% minority interest in TNK-BP.
e
Volumes of equity-accounted entities include volumes of equity-accounted investments of those entities.
a
a Crude reserves exclude gas liquids (NGLs) and condensate. Proved reserves exclude royalties due to others whether interest in the underlying production
Provedoil includes naturalroyalties due to others, whether payable in cash or in kind where the royalty owner has a directpayable in cash or in kind where the royalty owner
e the royalty owner has a direct interest in the underlying production
billion cubic feet
2009
Australasia Total
1,887 18,956
4,000 21,049
5,887 40,005
22 853
75 1,117
– 190
531 1,435
(189) (2,867)
– (345)
439 383
3,219 21,032
3,107 19,356
6,326 40,388
– 3,234
– 1,969
– 5,203
– 142
– 319
– –
– 29
– (409)
– (542)
– (461)
– 3,035
– 1,707
– 4,742
1,887 22,190
4,000 23,018
5,887 45,208
3,219 24,067
3,107 21,063
6,326 45,130
he underlying production and the option
ity-accounted entities and excludes 16
n the underlying production
n cash or in kind where the royalty owner
BP Annual Report and Accounts 2009
Supplementary information on oil and natural gas (unaudited)
aCrude oil includes NGLs and condensate. Proved reserves exclude royalties due to others, whether payable in cash or in kind where the royalty owner has a direct interest i
Movements in estimated net proved reserves continued
million barrels of oil equivalent
a
Total hydrocrabons
Europe North South Africa Asia
America America
Rest of
Rest of North Rest of
UK Europe USe America Russia Asia
Subsidiaries
At 1 January 2009
Developed 724 91 3,279 126 617 645 – 385
Undeveloped 219 264 2,217 81 1,337 734 – 714
943 355 5,496 207 1,954 1,379 – 1,099
Changes attributable to
Revisions of previous estimates (13) (2) 260 9 74 (74) – (168)
Improved recovery 48 7 177 1 63 40 – 45
Purchases of reserves-in-place 28 – – – – – – 6
Discoveries and extensions 210 – 158 17 18 124 – –
Productionb f (102) (16) (393) (20) (182) (152) – (86)
Sales of reserves-in-place (28) – (1) – – – – (65)
143 (11) 201 7 (27) (62) – (268)
At 31 December 2009c
Developed 680 91 3,514 135 596 613 – 455
Undeveloped 406 253 2,183 79 1,331 704 – 376
1,086 344 5,697 214 1,927 1,317 – 831
Equity-accounted entities (BP share)g
At 1 January 2009
Developed – – – – 658 – 2,495 529
Undeveloped – – – – 586 42 1,057 218
– – – – 1,244 42 3,552 747
Changes attributable to
Revisions of previous estimates – – – – (2) (5) 625 (32)
Improved recovery – – – – 104 – 8 1
Purchases of reserves-in-place – – – – – – – –
Discoveries and extensions – – – – 4 – 92 –
Productionb f – – – – (66) – (345) (75)
Sales of reserves-in-place – – – – (81) – – (142)
– – – – (41) (5) 380 (248)
At 31 December 2009d
Developed – – – – 623 – 2,645 377
Undeveloped – – – – 580 37 1,287 122
– – – – 1,203 37 3,932 499
Total subsidiaries and equity-accounted entities (BP share)
At 1 January 2009
Developed 724 91 3,279 126 1,275 645 2,495 914
Undeveloped 219 264 2,217 81 1,923 776 1,057 932
943 355 5,496 207 3,198 1,421 3,552 1,846
At 31 December 2009
Developed 680 91 3,514 135 1,219 613 2,645 832
Undeveloped 406 253 2,183 79 1,911 741 1,287 498
1,086 344 5,697 214 3,130 1,354 3,932 1,330
a
Proved reserves exclude royalties due to others, whether payable in cash or in kind, where the royalty owner has a direct interest in the underlying production and the
option and ability to make lifting and sales arrangements independently.
b
Excludes NGLs from processing plants in which an interest is held of 26 thousand barrels of oil equivalent a day.
c
Includes 819 million barrels of NGLs. Also includes 552 million barrels of oil equivalent in respect of the 30% minority interest in BP Trinidad and Tobago LLC.
d
Includes 20 million barrels of NGLs. Also includes 266 million barrels of oil equivalent in respect of the minority interest in TNK-BP.
e
Proved reserves in the Prudhoe Bay field in Alaska include an estimated 68 million barrels of oil equivalent upon which a net profits royalty will be payable.
f
Includes 34 million barrels of oil equivalent of natural gas consumed in operations, 29 million barrels of oil equivalent in subsidiaries, 5 million barrels of oil equivalent in
equity-accounted entities andexcludes 3 million barrels of oil equivalent of produced non-hydrocarbon components which meet regulatory requirements for sales.
g
Volumes of equity-accounted entities include volumes of equity-accounted investments of those entities.
a
a Crude reserves exclude gas liquids (NGLs) and condensate. Proved reserves exclude royalties due to others whether interest in the underlying production
Provedoil includes naturalroyalties due to others, whether payable in cash or in kind where the royalty owner has a directpayable in cash or in kind where the royalty
e the royalty owner has a direct interest in the underlying production
million barrels of oil equivalent
2009
Australasia Total
382 6,249
747 6,313
1,129 12,562
7 93
15 396
– 34
98 625
(44) (995)
– (94)
76 59
612 6,696
593 5,925
1,205 12,621
– 3,682
– 1,903
– 5,585
– 586
– 113
– –
– 96
– (486)
– (223)
– 86
– 3,645
– 2,026
– 5,671
382 9,931
747 8,216
1,129 18,147
612 10,341
593 7,951
1,205 18,292
t in the underlying production and the
BP Trinidad and Tobago LLC.
BP.
fits royalty will be payable.
ies, 5 million barrels of oil equivalent in
gulatory requirements for sales.
n the underlying production
t in cash or in kind where the royalty
BP Annual Report and Form 20-F 2010
Supplementary information on oil and natural gas (unaudited)
aCrude oil includes NGLs and condensate. Proved reserves exclude royalties due to others, whether payable in cash or in kind where the royalty owner has a direct interest i
Movements in estimated net proved reserves continued
a
Crude oil
Europe North South Africa Asia
America America
Rest of
Rest of North Rest of
e
UK Europe US America Russia Asia
Subsidiaries
At 1 January 2008
Developed 414 105 1,882 13 102 256 – 121
Undeveloped 123 169 1,265 1 202 350 – 372
537 274 3,147 14 304 606 – 493
Changes attributable to
Revisions of previous estimates 16 (11) (212) 1 7 264 – 194
Improved recovery 39 28 182 – 8 18 – 43
Purchases of reserves-in-place – – – – – – – –
Discoveries and extensions – – 64 – 5 173 – –
Productionb (63) (16) (191) (3) (23) (101) – (47)
Sales of reserves-in-place – – – – (199) – – –
(8) 1 (157) (2) (202) 354 – 190
At 31 December 2008c
Developed 410 81 1,717 11 47 464 – 195
Undeveloped 119 194 1,273 1 55 496 – 488
529 275 2,990 12 102 960 – 683
Equity-accounted entities (BP share)f
At 1 January 2008
Developed – – – – 328 – 2,094 574
Undeveloped – – – – 243 – 1,137 205
– – – – 571 – 3,231 779
Changes attributable to
Revisions of previous estimates – – – – (3) 11 217 (1)
Improved recovery – – – – 62 – – –
Purchases of reserves-in-place – – – – 199 – – –
Discoveries and extensions – – – – 13 – 26 –
Production – – – – (34) – (302) (80)
Sales of reserves-in-place – – – – – – (1) –
– – – – 237 11 (60) (81)
At 31 December 2008d
Developed – – – – 399 – 2,227 499
Undeveloped – – – – 409 11 944 199
– – – – 808 11 3,171 698
Total subsidiaries and equity-accounted entities (BP share)
At 1 January 2008
Developed 414 105 1,882 13 430 256 2,094 695
Undeveloped 123 169 1,265 1 445 350 1,137 577
537 274 3,147 14 875 606 3,231 1,272
At 31 December 2008
Developed 410 81 1,717 11 446 464 2,227 694
Undeveloped 119 194 1,273 1 464 507 944 687
529 275 2,990 12 910 971 3,171 1,381
a
Crude oil includes NGLs and condensate. Proved reserves exclude royalties due to others, whether payable in cash or in kind, where the royalty owner has a direct
interest in the underlying production and the option and ability to make lifting and sales arrangements independently.
b
Excludes NGLs from processing plants in which an interest is held of 19 thousand barrels a day.
c
Includes 807 million barrels of NGLs. Also includes 21 million barrels of crude oil in respect of the 30% minority interest in BP Trinidad and Tobago LLC.
d
Includes 36 million barrels of NGLs. Also includes 216 million barrels of crude oil in respect of the 6.80% minority interest in TNK-BP.
e
Proved reserves in the Prudhoe Bay field in Alaska include an estimated 54 million barrels upon which a net profits royalty will be payable over the life of the field under
the terms of the BP Prudhoe Bay Royalty Trust.
f
Volumes of equity-accounted entities include volumes of equity-accounted investments of those entities.
a
a Crude reserves exclude gas liquids (NGLs) and condensate. Proved reserves exclude royalties due to others whether interest in the underlying production
Provedoil includes naturalroyalties due to others, whether payable in cash or in kind where the royalty owner has a directpayable in cash or in kind where the royalty
e the royalty owner has a direct interest in the underlying production
million barrels
2008
Australasia Total
44 2,937
73 2,555
117 5,492
5 264
3 321
– –
– 242
(11) (455)
– (199)
(3) 173
56 2,981
58 2,684
114 5,665
– 2,996
– 1,585
– 4,581
–
– 224
– 62
– 199
– 39
– (416)
– (1)
– 107
–
– 3,125
– 1,563
– 4,688
44 5,933
73 4,140
117 10,073
56 6,106
58 4,247
114 10,353
where the royalty owner has a direct
Trinidad and Tobago LLC.
NK-BP.
be payable over the life of the field under
n the underlying production
t in cash or in kind where the royalty
BP Annual Report and Form 20-F 2010
Supplementary information on oil and natural gas (unaudited)
Movements in estimated net proved reserves continued
a
Natural gas
Europe North South Africa Asia
America America
Rest of
Rest of North Rest of
UK Europe US America Russia Asia
Subsidiaries
At 1 January 2008
Developed 2,049 63 10,670 608 3,075 990 – 1,270
Undeveloped 553 410 4,705 421 7,973 1,410 – 1,269
2,602 473 15,375 1,029 11,048 2,400 – 2,539
Changes attributable to
Revisions of previous estimates 23 (8) (2,063) 51 (456) 142 – –
Improved recovery 77 9 1,322 16 159 6 – 108
Purchases of reserves-in-place – – 183 – – – – –
Discoveries and extensions – – 549 125 948 82 – 37
Productionb (298) (11) (834) (94) (946) (198) – (274)
Sales of reserves-in-place – – – – (3) – – –
(198) (10) (843) 98 (298) 32 – (129)
At 31 December 2008c
Developed 1,822 61 9,059 659 3,316 1,050 – 1,102
Undeveloped 582 402 5,473 468 7,434 1,382 – 1,308
2,404 463 14,532 1,127 10,750 2,432 – 2,410
Equity-accounted entities (BP share)e
At 1 January 2008
Developed – – – – 1,478 – 808 187
Undeveloped – – – – 831 – 353 113
– – – – 2,309 – 1,161 300
Changes attributable to
Revisions of previous estimates – – – – (96) 182 1,273 (2)
Improved recovery – – – – 301 – – 11
Purchases of reserves-in-place – – – – 3 – – –
Discoveries and extensions – – – – 192 – – –
Productionb – – – – (188) – (221) (22)
Sales of reserves-in-place – – – – – – – –
– – – – 212 182 1,052 (13)
At 31 December 2008d
Developed – – – – 1,498 – 1,560 176
Undeveloped – – – – 1,023 182 653 111
– – – – 2,521 182 2,213 287
Total subsidiaries and equity-accounted entities (BP share)
At 1 January 2008
Developed 2,049 63 10,670 608 4,553 990 808 1,457
Undeveloped 553 410 4,705 421 8,804 1,410 353 1,382
2,602 473 15,375 1,029 13,357 2,400 1,161 2,839
At 31 December 2008
Developed 1,822 61 9,059 659 4,814 1,050 1,560 1,278
Undeveloped 582 402 5,473 468 8,457 1,564 653 1,419
2,404 463 14,532 1,127 13,271 2,614 2,213 2,697
a
Proved reserves exclude royalties due to others, whether payable in cash or in kind, where the royalty owner has a direct interest in the underlying production and the option
and ability to make lifting and sales arrangements independently.
b
Includes 193 billion cubic feet of natural gas consumed in operations, 149 billion cubic feet in subsidiaries, 44 billion cubic feet in equity-accounted entities and excludes 17
billion cubic feet of produced non-hydrocarbon components which meet regulatory requirements for sales.
c
Includes 3,108 billion cubic feet of natural gas in respect of the 30% minority interest in BP Trinidad and Tobago LLC.
d
Includes 131 billion cubic feet of natural gas in respect of the 5.92% minority interest in TNK-BP.
e
Volumes of equity-accounted entities include volumes of equity-accounted investments of those entities.
a
a Crude reserves exclude gas liquids (NGLs) and condensate. Proved reserves exclude royalties due to others whether interest in the underlying production
Provedoil includes naturalroyalties due to others, whether payable in cash or in kind where the royalty owner has a directpayable in cash or in kind where the royalty owner
billion cubic feet
2008
Australasia Total
1,135 19,860
4,529 21,270
5,664 41,130
361 (1,950)
2 1,699
– 183
– 1,741
(140) (2,795)
– (3)
223 (1,125)
1,887 18,956
4,000 21,049
5,887 40,005
– 2,473
– 1,297
– 3,770
– 1,357
– 312
– 3
– 192
– (431)
– –
– 1,433
– 3,234
– 1,969
– 5,203
1,135 22,333
4,529 22,567
5,664 44,900
1,887 22,190
4,000 23,018
5,887 45,208
t in the underlying production and the option
n equity-accounted entities and excludes 17
n the underlying production
t in cash or in kind where the royalty owner
BP Annual Report and Accounts 2009
Supplementary information on oil and natural gas (unaudited)
Movements in estimated net proved reserves continued
a
Total hydrocarbons
Europe North South Africa Asia
America America
Rest of
Rest of North Rest of
e
UK Europe US America Russia Asia
Subsidiaries
At 1 January 2008
Developed 767 116 3,722 118 631 427 – 340
Undeveloped 219 239 2,077 74 1,576 593 – 591
986 355 5,799 192 2,207 1,020 – 931
Changes attributable to
Revisions of previous estimates 20 (12) (569) 10 (71) 289 – 194
Improved recovery 52 30 410 3 36 18 – 61
Purchases of reserves-in-place – – 32 – – – – –
Discoveries and extensions – – 158 22 168 187 – 7
Productionb f (115) (18) (334) (20) (186) (135) – (94)
Sales of reserves-in-place – – – – (200) – – –
(43) – (303) 15 (253) 359 – 168
At 31 December 2008c
Developed 724 91 3,279 126 617 645 – 385
Undeveloped 219 264 2,217 81 1,337 734 – 714
943 355 5,496 207 1,954 1,379 – 1,099
Equity-accounted entities (BP share)g
At 1 January 2008
Developed – – – – 583 – 2,233 606
Undeveloped – – – – 386 – 1,199 224
– – – – 969 – 3,432 830
Changes attributable to
Revisions of previous estimates – – – – (20) 42 436 (1)
Improved recovery – – – – 115 – – 2
Purchases of reserves-in-place – – – – 200 – – –
Discoveries and extensions – – – – 46 – 26 –
Productionb f – – – – (66) – (341) (84)
Sales of reserves-in-place – – – – – – (1) –
– – – – 275 42 120 (83)
At 31 December 2008d
Developed – – – – 658 – 2,495 529
Undeveloped – – – – 586 42 1,057 218
– – – – 1,244 42 3,552 747
Total subsidiaries and equity-accounted entities (BP share)
At 1 January 2008
Developed 767 116 3,722 118 1,214 427 2,233 946
Undeveloped 219 239 2,077 74 1,962 593 1,199 815
986 355 5,799 192 3,176 1,020 3,432 1,761
At 31 December 2008
Developed 724 91 3,279 126 1,275 645 2,495 914
Undeveloped 219 264 2,217 81 1,923 776 1,057 932
943 355 5,496 207 3,198 1,421 3,552 1,846
a
Proved reserves exclude royalties due to others, whether payable in cash or in kind, where the royalty owner has a direct interest in the underlying production and the option
and ability to make lifting and sales arrangements independently.
b
Excludes NGLs from processing plants in which an interest is held of 29 thousand barrels of oil equivalent a day.
c
Includes 807 million barrels of NGLs. Also includes 557 million barrels of oil equivalent in respect of the 30% minority interest in BP Trinidad and Tobago LLC.
d
Includes 36 million barrels of NGLs. Also includes 239 million barrels of oil equivalent in respect of the minority interest in TNK-BP.
e
Proved reserves in the Prudhoe Bay field in Alaska include an estimated 54 million barrels of oil equivalent upon which a net profits royalty will be payable.
f
Includes 33 million barrels of oil equivalent of natural gas consumed in operations, 25 million barrels of oil equivalent in subsidiaries, 8 million barrels of oil equivalent in equity-
accounted entities and excludes 3 million barrels of oil equivalent of produced non-hydrocarbon components which meet regulatory requirements for sales.
g
Volumes of equity-accounted entities include volumes of equity-accounted investments of those entities.
a
a Crude reserves exclude gas liquids (NGLs) and condensate. Proved reserves exclude royalties due to others whether interest in the underlying production
Provedoil includes naturalroyalties due to others, whether payable in cash or in kind where the royalty owner has a directpayable in cash or in kind where the royalty owner
million barrels of oil equivalent
2008
Australasia Total
240 6,361
853 6,222
1,093 12,583
67 (72)
4 614
– 32
– 542
(35) (937)
– (200)
36 (21)
382 6,249
747 6,313
1,129 12,562
– 3,422
– 1,809
– 5,231
– 457
– 117
– 200
– 72
– (491)
– (1)
– 354
– 3,682
– 1,903
– 5,585
240 9,783
853 8,031
1,093 17,814
382 9,931
747 8,216
1,129 18,147
st in the underlying production and the option
n BP Trinidad and Tobago LLC.
BP.
rofits royalty will be payable.
aries, 8 million barrels of oil equivalent in equity-
tory requirements for sales.
n the underlying production
t in cash or in kind where the royalty owner
BP Annual Report and Form 20-F 2010
Productive oil and gas wells and acreage
Europe North South Africa Asia
America America
Rest of
Rest of North
UK Europe US America Russia
Number of productive wells at 31 December 2010
Oil wellsa – gross 251 84 2,709 7 3,705 596 20,235
– net 130 32 1,121 3 2,063 454 9,081
Gas wellsb – gross 281 – 23,041 366 498 106 63
– net 138 – 12,581 285 167 42 31
a
Includes approximately 3,989 gross (1,730 net) multiple completion wells (more than one formation producing into the same well bore).
b
Includes approximately 2,623 gross (1,673 net) multiple completion wells. If one of the multiple completions in a well is an oil completion, the well is classified as an oil well.
Asia Australasia Total
Rest of
Asia
1,889 13 29,489
424 2 13,310
639 68 25,062
284 13 13,541
re).
etion, the well is classified as an oil well.
BP Annual Report and Form 20-F 2010
Europe North South Africa
America America
Rest of
Rest of North
UK Europe US America
Oil and natural gas acreage at 31 December 2010
Developed – gross 346 65 6,920 198 1,738 497
– net 189 21 4,184 157 471 195
Undevelopeda – gross 1,311 186 6,970 7,185 12,434 21,373
– net 775 79 4,663 4,380 6,398 16,072
a
Undeveloped acreage includes leases and concessions.
Net oil and gas wells completed or abandoned
Europe North South Africa
America America
Rest of
Rest of North
UK Europe US America
2010
Exploratory
Productive – 0.2 39.3 – 1.3 1.2
Dry 0.7 – 0.3 – 0.9 1.4
Development
Productive 6.4 1.2 260.0 31.7 105.7 18.9
Dry 1.7 – 0.5 – 1.2 2.7
2009
Exploratory
Productive 0.1 – 47.2 – 3.0 4.5
Dry 0.2 – 4.2 – – 1.4
Development
Productive 9.3 1.5 403.8 17.9 135.4 20.8
Dry – – 3.3 – – 0.5
2008
Exploratory
Productive 0.8 – 2.4 – 4.4 4.3
Dry – 0.5 0.9 0.1 0.4 2.6
Development
Productive 6.6 0.5 379.8 28.3 112.5 18.6
Dry 0.2 – 1.1 0.9 2.9 1.5
Drilling and production activities in progress
Europe North South Africa
America America
Rest of
Rest of North
UK Europe US America
At 31 December 2010
Exploratory
Gross 1.0 – 211.0 3.0 1.0 3.0
Net 0.2 – 45.2 1.5 – 1.6
Development
Gross 11.0 – 375.0 – 23.0 34.0
Net 5.5 – 140.6 – 9.5 10.8
Asia Australasia Total
Rest of
Russia Asia
Thousands of acres
2,282 2,434 162 14,642
885 935 35 7,072
32,137 18,366 7,330 107,292
15,475 8,955 2,796 59,593
Asia Australasia Total
Rest of
Russia Asia
10.5 2.8 0.3 55.6
4.0 – – 7.3
364.3 53.3 – 841.5
– 2.4 – 8.5
7.0 5.3 0.6 67.7
4.5 6.0 0.2 16.5
293.0 45.8 1.6 929.1
4.0 0.4 0.6 8.8
12.5 0.5 0.6 25.5
23.0 0.5 0.4 28.4
10.0 45.4 4.5 606.2
19.5 2.1 – 28.2
Asia Australasia Total
Rest of
Russia Asia
11.0 3.0 – 233.0
5.5 1.2 – 55.2
88.0 20.0 – 551.0
39.7 6.6 – 212.7