BP p.l.c.
Group results
Third quarter and nine months 2016
|
Top of
page1
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|
Third
|
Second
|
Third
|
|
|
|
Nine
|
Nine
|
quarter
|
quarter
|
quarter
|
|
|
|
months
|
months
|
2015
|
2016
|
2016
|
|
$ million
|
|
2016
|
2015
|
46
|
(1,419)
|
1,620
|
|
Profit (loss) for the period(a)
|
|
(382)
|
(3,175)
|
1,188
|
(828)
|
41
|
|
Inventory holding (gains) losses*, net of tax
|
|
(689)
|
246
|
1,234
|
(2,247)
|
1,661
|
|
Replacement cost profit (loss)*
|
|
(1,071)
|
(2,929)
|
|
|
|
|
Net
(favourable) unfavourable
|
|
|
|
|
|
|
|
impact
of non-operating items* and
|
|
|
|
585
|
2,967
|
(728)
|
|
fair value accounting effects*, net of tax
|
|
3,256
|
8,638
|
1,819
|
720
|
933
|
|
Underlying replacement cost profit*
|
|
2,185
|
5,709
|
|
|
|
|
Replacement cost profit (loss)*
|
|
|
|
6.73
|
(12.03)
|
8.82
|
|
per ordinary share (cents)
|
|
(5.74)
|
(16.01)
|
0.40
|
(0.72)
|
0.53
|
|
per ADS (dollars)
|
|
(0.34)
|
(0.96)
|
|
|
|
|
Underlying replacement cost profit*
|
|
|
|
9.92
|
3.85
|
4.96
|
|
per ordinary share (cents)
|
|
11.70
|
31.18
|
0.60
|
0.23
|
0.30
|
|
per ADS (dollars)
|
|
0.70
|
1.87
|
*
|
For items marked with an asterisk throughout this document,
definitions are provided in the Glossary on page 28.
|
|
(a)
|
Profit
attributable to BP shareholders.
|
|
The commentaries above and following should be read in conjunction
with the cautionary statement on page 32.
|
|
|
Third
|
Second
|
Third
|
|
|
|
Nine
|
Nine
|
quarter
|
quarter
|
quarter
|
|
|
|
months
|
months
|
2015
|
2016
|
2016
|
|
$ million
|
|
2016
|
2015
|
|
|
|
|
RC profit (loss) before interest and tax*
|
|
|
|
743
|
(109)
|
1,196
|
|
Upstream
|
|
(118)
|
1,343
|
2,562
|
1,405
|
978
|
|
Downstream
|
|
4,263
|
6,273
|
382
|
246
|
120
|
|
Rosneft
|
|
432
|
1,075
|
(689)
|
(5,525)
|
(441)
|
|
Other
businesses and corporate(a)
|
|
(7,040)
|
(12,522)
|
67
|
(121)
|
17
|
|
Consolidation
adjustment – UPII*
|
|
(64)
|
(101)
|
3,065
|
(4,104)
|
1,870
|
|
RC
profit (loss) before interest and tax
|
|
(2,527)
|
(3,932)
|
|
|
|
|
Finance
costs and net finance expense relating to
|
|
|
|
(474)
|
(460)
|
(481)
|
|
pensions
and other post-retirement benefits
|
|
(1,381)
|
(1,196)
|
(1,347)
|
2,346
|
229
|
|
Taxation
on a RC basis
|
|
2,848
|
2,298
|
(10)
|
(29)
|
43
|
|
Non-controlling
interests
|
|
(11)
|
(99)
|
1,234
|
(2,247)
|
1,661
|
|
RC
profit (loss) attributable to BP shareholders
|
|
(1,071)
|
(2,929)
|
(1,726)
|
1,188
|
(60)
|
|
Inventory
holding gains (losses)
|
|
996
|
(343)
|
|
|
|
|
Taxation
(charge) credit on inventory holding
|
|
|
|
538
|
(360)
|
19
|
|
gains
and losses
|
|
(307)
|
97
|
|
|
|
|
Profit
(loss) for the period attributable to
|
|
|
|
46
|
(1,419)
|
1,620
|
|
BP
shareholders
|
|
(382)
|
(3,175)
|
(a)
|
Includes
costs related to the Gulf of Mexico oil spill. See page 9 and also
Note 2 on page 16 for further information on the accounting for the
Gulf of Mexico oil spill.
|
|
Third
|
Second
|
Third
|
|
|
|
Nine
|
Nine
|
quarter
|
quarter
|
quarter
|
|
|
|
months
|
months
|
2015
|
2016
|
2016
|
|
$ million
|
|
2016
|
2015
|
|
|
|
|
Underlying RC profit before interest and tax*
|
|
|
|
823
|
29
|
(224)
|
|
Upstream
|
|
(942)
|
1,921
|
2,302
|
1,513
|
1,431
|
|
Downstream
|
|
4,757
|
6,327
|
382
|
246
|
120
|
|
Rosneft
|
|
432
|
1,075
|
(231)
|
(376)
|
(260)
|
|
Other
businesses and corporate
|
|
(814)
|
(922)
|
67
|
(121)
|
17
|
|
Consolidation
adjustment – UPII
|
|
(64)
|
(101)
|
3,343
|
1,291
|
1,084
|
|
Underlying
RC profit before interest and tax
|
|
3,369
|
8,300
|
|
|
|
|
Finance
costs and net finance expense relating to
|
|
|
|
(359)
|
(337)
|
(358)
|
|
pensions
and other post-retirement benefits
|
|
(1,012)
|
(1,064)
|
(1,155)
|
(205)
|
164
|
|
Taxation
on an underlying RC basis
|
|
(161)
|
(1,428)
|
(10)
|
(29)
|
43
|
|
Non-controlling
interests
|
|
(11)
|
(99)
|
1,819
|
720
|
933
|
|
Underlying
RC profit attributable to BP shareholders
|
|
2,185
|
5,709
|
|
Third
|
Second
|
Third
|
|
|
|
Nine
|
Nine
|
quarter
|
quarter
|
quarter
|
|
|
|
months
|
months
|
2015
|
2016
|
2016
|
|
$ million
|
|
2016
|
2015
|
716
|
(24)
|
1,183
|
|
Profit (loss) before interest and tax
|
|
(77)
|
1,331
|
27
|
(85)
|
13
|
|
Inventory holding (gains) losses*
|
|
(41)
|
12
|
743
|
(109)
|
1,196
|
|
RC profit (loss) before interest and tax
|
|
(118)
|
1,343
|
|
|
|
|
Net
(favourable) unfavourable impact
|
|
|
|
|
|
|
|
of
non-operating items* and
|
|
|
|
80
|
138
|
(1,420)
|
|
fair value accounting effects*
|
|
(824)
|
578
|
823
|
29
|
(224)
|
|
Underlying RC profit (loss) before interest and
tax*(a)
|
|
(942)
|
1,921
|
(a)
|
See
page 5 for a reconciliation to segment RC profit before interest
and tax by region.
|
|
The commentary above contains forward-looking statements and should
be read in conjunction with the cautionary statement on
page 32.
|
Third
|
Second
|
Third
|
|
|
|
Nine
|
Nine
|
quarter
|
quarter
|
quarter
|
|
|
|
months
|
months
|
2015
|
2016
|
2016
|
|
$ million
|
|
2016
|
2015
|
|
|
|
|
Underlying RC profit (loss) before interest and tax
|
|
|
|
(152)
|
(305)
|
(151)
|
|
US
|
|
(1,123)
|
(763)
|
975
|
334
|
(73)
|
|
Non-US
|
|
181
|
2,684
|
823
|
29
|
(224)
|
|
|
|
(942)
|
1,921
|
|
|
|
|
Non-operating items(a)
|
|
|
|
(139)
|
(57)
|
326
|
|
US
|
|
106
|
(342)
|
21
|
64
|
1,139
|
|
Non-US
|
|
1,011
|
(254)
|
(118)
|
7
|
1,465
|
|
|
|
1,117
|
(596)
|
|
|
|
|
Fair value accounting effects
|
|
|
|
26
|
(57)
|
(15)
|
|
US
|
|
(105)
|
(32)
|
12
|
(88)
|
(30)
|
|
Non-US
|
|
(188)
|
50
|
38
|
(145)
|
(45)
|
|
|
|
(293)
|
18
|
|
|
|
|
RC profit (loss) before interest and tax
|
|
|
|
(265)
|
(419)
|
160
|
|
US
|
|
(1,122)
|
(1,137)
|
1,008
|
310
|
1,036
|
|
Non-US
|
|
1,004
|
2,480
|
743
|
(109)
|
1,196
|
|
|
|
(118)
|
1,343
|
|
|
|
|
Exploration expense
|
|
|
|
61
|
48
|
22
|
|
US
|
|
182
|
333
|
295
|
302
|
781
|
|
Non-US(b)
|
|
1,225
|
1,097
|
356
|
350
|
803
|
|
|
|
1,407
|
1,430
|
234
|
260
|
687
|
|
Of which: Exploration expenditure written off(b)
|
|
1,108
|
1,132
|
|
|
|
|
Production (net of
royalties)(c)
|
|
|
|
|
|
|
|
Liquids* (mb/d)
|
|
|
|
390
|
401
|
353
|
|
US
|
|
386
|
372
|
94
|
117
|
112
|
|
Europe
|
|
119
|
118
|
747
|
584
|
664
|
|
Rest of World
|
|
708
|
710
|
1,231
|
1,102
|
1,128
|
|
|
|
1,213
|
1,200
|
|
|
|
|
Natural gas (mmcf/d)
|
|
|
|
1,569
|
1,666
|
1,679
|
|
US
|
|
1,649
|
1,521
|
232
|
238
|
262
|
|
Europe
|
|
263
|
259
|
4,062
|
3,829
|
3,753
|
|
Rest of World
|
|
3,867
|
4,138
|
5,864
|
5,733
|
5,695
|
|
|
|
5,779
|
5,918
|
|
|
|
|
Total hydrocarbons* (mboe/d)
|
|
|
|
661
|
688
|
643
|
|
US
|
|
670
|
634
|
135
|
158
|
157
|
|
Europe
|
|
164
|
163
|
1,447
|
1,244
|
1,311
|
|
Rest of World
|
|
1,375
|
1,424
|
2,242
|
2,090
|
2,110
|
|
|
|
2,209
|
2,220
|
|
|
|
|
Average realizations*(d)
|
|
|
|
44.01
|
44.99
|
41.23
|
|
Total liquids(e) ($/bbl)
|
|
36.71
|
48.87
|
3.49
|
2.66
|
2.77
|
|
Natural gas ($/mcf)
|
|
2.76
|
3.91
|
33.25
|
30.63
|
29.46
|
|
Total hydrocarbons ($/boe)
|
|
27.28
|
36.68
|
(a)
|
See
Notes 1 and 4 for more information on impairment of fixed assets in
the third quarter and nine months 2016. See also footnote
(b) below.
|
(b)
|
Third
quarter and nine months include $601 million relating to the
BM-C-34 licence in Brazil, of which $334 million relates to the
value ascribed to the licence as part of the accounting for the
acquisition of upstream assets from Devon Energy in 2011. The $334
million write-off has been classified within the
‘other’ category of non-operating items. Nine months
2015 includes a $432-million write-off in Libya.
|
(c)
|
Includes
BP’s share of production of equity-accounted entities in the
Upstream segment.
|
(d)
|
Realizations
are based on sales by consolidated subsidiaries only – this
excludes equity-accounted entities.
|
(e)
|
Includes
condensate, natural gas liquids and bitumen.
|
Because
of rounding, some totals may not agree exactly with the sum of
their component parts.
|
|
Third
|
Second
|
Third
|
|
|
|
Nine
|
Nine
|
quarter
|
quarter
|
quarter
|
|
|
|
months
|
months
|
2015
|
2016
|
2016
|
|
$ million
|
|
2016
|
2015
|
875
|
2,463
|
943
|
|
Profit before interest and tax
|
|
5,189
|
5,892
|
1,687
|
(1,058)
|
35
|
|
Inventory holding (gains) losses*
|
|
(926)
|
381
|
2,562
|
1,405
|
978
|
|
RC profit before interest and tax
|
|
4,263
|
6,273
|
|
|
|
|
Net (favourable) unfavourable
|
|
|
|
|
|
|
|
impact of non- operating items*
|
|
|
|
(260)
|
108
|
453
|
|
and fair value accounting effects*
|
|
494
|
54
|
2,302
|
1,513
|
1,431
|
|
Underlying RC profit before interest and tax*(a)
|
|
4,757
|
6,327
|
(a)
|
See
page 7 for a reconciliation to segment RC profit before
interest and tax by region and by business.
|
The commentary above contains forward-looking statements and should
be read in conjunction with the cautionary statement on
page 32.
|
|
Third
|
Second
|
Third
|
|
|
|
Nine
|
Nine
|
quarter
|
quarter
|
quarter
|
|
|
|
months
|
months
|
2015
|
2016
|
2016
|
|
$ million
|
|
2016
|
2015
|
|
|
|
|
Underlying RC profit before interest and
tax -
|
|
|
|
|
|
|
|
by region
|
|
|
|
885
|
386
|
298
|
|
US
|
|
1,224
|
2,122
|
1,417
|
1,127
|
1,133
|
|
Non-US
|
|
3,533
|
4,205
|
2,302
|
1,513
|
1,431
|
|
|
|
4,757
|
6,327
|
|
|
|
|
Non-operating items
|
|
|
|
51
|
17
|
(56)
|
|
US
|
|
74
|
110
|
(8)
|
(54)
|
(140)
|
|
Non-US
|
|
(21)
|
(152)
|
43
|
(37)
|
(196)
|
|
|
|
53
|
(42)
|
|
|
|
|
Fair value accounting effects
|
|
|
|
153
|
(78)
|
(178)
|
|
US
|
|
(343)
|
(22)
|
64
|
7
|
(79)
|
|
Non-US
|
|
(204)
|
10
|
217
|
(71)
|
(257)
|
|
|
|
(547)
|
(12)
|
|
|
|
|
RC profit before interest and tax
|
|
|
|
1,089
|
325
|
64
|
|
US
|
|
955
|
2,210
|
1,473
|
1,080
|
914
|
|
Non-US
|
|
3,308
|
4,063
|
2,562
|
1,405
|
978
|
|
|
|
4,263
|
6,273
|
|
|
|
|
Underlying RC profit before interest and
tax -
|
|
|
|
|
|
|
|
by business(a)(b)
|
|
|
|
1,917
|
1,011
|
983
|
|
Fuels
|
|
3,310
|
5,107
|
348
|
412
|
370
|
|
Lubricants
|
|
1,166
|
1,090
|
37
|
90
|
78
|
|
Petrochemicals
|
|
281
|
130
|
2,302
|
1,513
|
1,431
|
|
|
|
4,757
|
6,327
|
|
|
|
|
Non-operating items and fair value
|
|
|
|
|
|
|
|
accounting effects(c)
|
|
|
|
295
|
(93)
|
(455)
|
|
Fuels
|
|
(493)
|
83
|
(25)
|
(3)
|
1
|
|
Lubricants
|
|
(3)
|
(126)
|
(10)
|
(12)
|
1
|
|
Petrochemicals
|
|
2
|
(11)
|
260
|
(108)
|
(453)
|
|
|
|
(494)
|
(54)
|
|
|
|
|
RC profit before interest and tax(a)(b)
|
|
|
|
2,212
|
918
|
528
|
|
Fuels
|
|
2,817
|
5,190
|
323
|
409
|
371
|
|
Lubricants
|
|
1,163
|
964
|
27
|
78
|
79
|
|
Petrochemicals
|
|
283
|
119
|
2,562
|
1,405
|
978
|
|
|
|
4,263
|
6,273
|
|
|
|
|
|
|
|
|
20.0
|
13.8
|
11.6
|
|
BP average refining marker margin (RMM)* ($/bbl)
|
|
12.0
|
18.2
|
|
|
|
|
Refinery throughputs (mb/d)
|
|
|
|
681
|
668
|
613
|
|
US
|
|
660
|
642
|
785
|
805
|
795
|
|
Europe
|
|
802
|
800
|
230
|
231
|
242
|
|
Rest of World
|
|
237
|
259
|
1,696
|
1,704
|
1,650
|
|
|
|
1,699
|
1,701
|
94.9
|
95.7
|
95.4
|
|
Refining availability* (%)
|
|
95.4
|
94.4
|
|
|
|
|
Marketing sales of refined products (mb/d)
|
|
|
|
1,121
|
1,115
|
1,205
|
|
US
|
|
1,130
|
1,122
|
1,272
|
1,170
|
1,236
|
|
Europe
|
|
1,184
|
1,202
|
479
|
515
|
503
|
|
Rest of World
|
|
502
|
479
|
2,872
|
2,800
|
2,944
|
|
|
|
2,816
|
2,803
|
2,781
|
2,875
|
2,581
|
|
Trading/supply sales of refined products
|
|
2,755
|
2,731
|
5,653
|
5,675
|
5,525
|
|
Total sales volumes of refined products
|
|
5,571
|
5,534
|
|
|
|
|
Petrochemicals production (kte)
|
|
|
|
877
|
558
|
564
|
|
US
|
|
2,018
|
2,728
|
976
|
909
|
898
|
|
Europe
|
|
2,799
|
2,800
|
2,004
|
1,967
|
1,987
|
|
Rest of World
|
|
5,863
|
5,565
|
3,857
|
3,434
|
3,449
|
|
|
|
10,680
|
11,093
|
(a)
|
Segment-level
overhead expenses are included in the fuels business
result.
|
(b)
|
BP’s
share of income from petrochemicals at our Gelsenkirchen and
Mülheim sites in Germany is reported in the fuels
business.
|
(c)
|
For
Downstream, fair value accounting effects arise solely in the fuels
business.
|
|
Third
|
Second
|
Third
|
|
|
|
Nine
|
Nine
|
quarter
|
quarter
|
quarter
|
|
|
|
months
|
months
|
2015
|
2016
|
2016(a)
|
|
$ million
|
|
2016(a)
|
2015
|
370
|
291
|
108
|
|
Profit before interest and tax(b)
|
|
461
|
1,125
|
12
|
(45)
|
12
|
|
Inventory holding (gains) losses*
|
|
(29)
|
(50)
|
382
|
246
|
120
|
|
RC profit before interest and tax
|
|
432
|
1,075
|
–
|
–
|
–
|
|
Net charge (credit) for non-operating items*
|
|
–
|
–
|
382
|
246
|
120
|
|
Underlying RC profit before interest and tax*
|
|
432
|
1,075
|
Third
|
Second
|
Third
|
|
|
|
Nine
|
Nine
|
quarter
|
quarter
|
quarter
|
|
|
|
months
|
months
|
2015
|
2016
|
2016(a)
|
|
|
|
2016(a)
|
2015
|
|
|
|
|
Production (net of royalties) (BP
share)
|
|
|
|
810
|
812
|
820
|
|
Liquids* (mb/d)
|
|
813
|
813
|
1,125
|
1,266
|
1,221
|
|
Natural gas (mmcf/d)
|
|
1,256
|
1,173
|
1,003
|
1,030
|
1,030
|
|
Total hydrocarbons* (mboe/d)
|
|
1,030
|
1,016
|
(a)
|
The
operational and financial information of the Rosneft segment for
the third quarter and nine months of the year is based on
preliminary operational and financial results of Rosneft for the
nine months ended 30 September 2016. Actual results may differ from
these amounts.
|
(b)
|
The
Rosneft segment result includes equity-accounted earnings arising
from BP’s 19.75% shareholding in Rosneft as adjusted for the
accounting required under IFRS relating to BP’s purchase of
its interest in Rosneft and the amortization of the deferred gain
relating to the disposal of BP’s interest in TNK-BP. These
adjustments have increased the reported profit before interest and
tax for the third quarter and nine months of 2016, as shown in the
table above, compared with the equivalent amount in Russian roubles
that we expect Rosneft to report in its own financial statements
under IFRS. BP’s share of Rosneft’s profit before
interest and tax for each year-to-date period is calculated by
translating the amounts reported in Russian roubles into US dollars
using the average exchange rate for the year to date. BP's share of
Rosneft’s earnings after finance costs, taxation and
non-controlling interests, as adjusted, is included in the BP group
income statement within profit before interest and
taxation.
|
|
Third
|
Second
|
Third
|
|
|
|
Nine
|
Nine
|
quarter
|
quarter
|
quarter
|
|
|
|
months
|
months
|
2015
|
2016
|
2016
|
|
$ million
|
|
2016
|
2015
|
|
|
|
|
Profit (loss) before interest and tax
|
|
|
|
(311)
|
(5,106)
|
(66)
|
|
Gulf of Mexico oil spill
|
|
(5,966)
|
(11,381)
|
(378)
|
(419)
|
(375)
|
|
Other
|
|
(1,074)
|
(1,141)
|
(689)
|
(5,525)
|
(441)
|
|
Profit (loss) before interest and tax
|
|
(7,040)
|
(12,522)
|
–
|
–
|
–
|
|
Inventory holding (gains) losses*
|
|
–
|
–
|
(689)
|
(5,525)
|
(441)
|
|
RC profit (loss) before interest and tax
|
|
(7,040)
|
(12,522)
|
|
|
|
|
Net charge (credit) for non-operating items*
|
|
|
|
311
|
5,106
|
66
|
|
Gulf of Mexico oil spill
|
|
5,966
|
11,381
|
147
|
43
|
115
|
|
Other
|
|
260
|
219
|
458
|
5,149
|
181
|
|
Net charge (credit) for non-operating items
|
|
6,226
|
11,600
|
(231)
|
(376)
|
(260)
|
|
Underlying RC profit (loss) before interest and tax*
|
|
(814)
|
(922)
|
|
|
|
|
Underlying RC profit (loss) before interest and
tax
|
|
|
|
(126)
|
(109)
|
(107)
|
|
US
|
|
(326)
|
(332)
|
(105)
|
(267)
|
(153)
|
|
Non-US
|
|
(488)
|
(590)
|
(231)
|
(376)
|
(260)
|
|
|
|
(814)
|
(922)
|
|
|
|
|
Non-operating items
|
|
|
|
(438)
|
(5,136)
|
(168)
|
|
US
|
|
(6,152)
|
(11,519)
|
(20)
|
(13)
|
(13)
|
|
Non-US
|
|
(74)
|
(81)
|
(458)
|
(5,149)
|
(181)
|
|
|
|
(6,226)
|
(11,600)
|
|
|
|
|
RC profit (loss) before interest and tax
|
|
|
|
(564)
|
(5,245)
|
(275)
|
|
US
|
|
(6,478)
|
(11,851)
|
(125)
|
(280)
|
(166)
|
|
Non-US
|
|
(562)
|
(671)
|
(689)
|
(5,525)
|
(441)
|
|
|
|
(7,040)
|
(12,522)
|
(a)
|
Capacity figures include 22.5MW in the Netherlands managed by our
Downstream segment at 30 September 2016, and 32MW at 30 September
2015.
|
|
Third
|
Second
|
Third
|
|
|
|
Nine
|
Nine
|
quarter
|
quarter
|
quarter
|
|
|
|
months
|
months
|
2015
|
2016
|
2016
|
|
$ million
|
|
2016
|
2015
|
|
|
|
|
|
|
|
|
56,152
|
46,442
|
47,047
|
|
Sales and other operating revenues (Note 6)
|
|
132,001
|
173,722
|
327
|
274
|
174
|
|
Earnings from joint ventures – after interest and
tax
|
|
477
|
587
|
504
|
380
|
209
|
|
Earnings from associates – after interest and
tax
|
|
731
|
1,536
|
151
|
101
|
146
|
|
Interest and other income
|
|
392
|
466
|
167
|
79
|
467
|
|
Gains on sale of businesses and fixed assets
|
|
884
|
438
|
57,301
|
47,276
|
48,043
|
|
Total revenues and other income
|
|
134,485
|
176,749
|
42,485
|
32,752
|
34,981
|
|
Purchases
|
|
94,336
|
127,897
|
6,407
|
10,446
|
5,517
|
|
Production and manufacturing expenses(a)
|
|
22,482
|
30,592
|
238
|
258
|
212
|
|
Production and similar taxes (Note 7)
|
|
484
|
773
|
3,737
|
3,637
|
3,496
|
|
Depreciation, depletion and amortization
|
|
10,863
|
11,338
|
|
|
|
|
Impairment and losses on sale of businesses and
|
|
|
|
40
|
52
|
(1,424)
|
|
fixed assets
|
|
(1,359)
|
523
|
356
|
350
|
803
|
|
Exploration expense
|
|
1,407
|
1,430
|
2,699
|
2,697
|
2,648
|
|
Distribution and administration expenses
|
|
7,803
|
8,471
|
1,339
|
(2,916)
|
1,810
|
|
Profit (loss) before interest and taxation
|
|
(1,531)
|
(4,275)
|
398
|
414
|
433
|
|
Finance costs(a)
|
|
1,241
|
968
|
|
|
|
|
Net finance expense relating to pensions and other
|
|
|
|
76
|
46
|
48
|
|
post-retirement benefits
|
|
140
|
228
|
865
|
(3,376)
|
1,329
|
|
Profit (loss) before taxation
|
|
(2,912)
|
(5,471)
|
809
|
(1,986)
|
(248)
|
|
Taxation(a)
|
|
(2,541)
|
(2,395)
|
56
|
(1,390)
|
1,577
|
|
Profit (loss) for the period
|
|
(371)
|
(3,076)
|
|
|
|
|
Attributable to
|
|
|
|
46
|
(1,419)
|
1,620
|
|
BP shareholders
|
|
(382)
|
(3,175)
|
10
|
29
|
(43)
|
|
Non-controlling interests
|
|
11
|
99
|
56
|
(1,390)
|
1,577
|
|
|
|
(371)
|
(3,076)
|
|
|
|
|
|
|
|
|
|
|
|
|
Earnings per share (Note 8)
|
|
|
|
|
|
|
|
Profit (loss) for the period attributable to
|
|
|
|
|
|
|
|
BP shareholders
|
|
|
|
|
|
|
|
Per ordinary share (cents)
|
|
|
|
0.25
|
(7.60)
|
8.61
|
|
Basic
|
|
(2.05)
|
(17.35)
|
0.25
|
(7.60)
|
8.56
|
|
Diluted
|
|
(2.05)
|
(17.35)
|
|
|
|
|
Per ADS (dollars)
|
|
|
|
0.02
|
(0.46)
|
0.52
|
|
Basic
|
|
(0.12)
|
(1.04)
|
0.02
|
(0.46)
|
0.51
|
|
Diluted
|
|
(0.12)
|
(1.04)
|
(a)
|
See
Note 2 for information on the impact of the Gulf of Mexico oil
spill on these income statement line items.
|
|
Third
|
Second
|
Third
|
|
|
|
Nine
|
Nine
|
quarter
|
quarter
|
quarter
|
|
|
|
months
|
months
|
2015
|
2016
|
2016
|
|
$ million
|
|
2016
|
2015
|
|
|
|
|
|
|
|
|
56
|
(1,390)
|
1,577
|
|
Profit (loss) for the period
|
|
(371)
|
(3,076)
|
|
|
|
|
Other comprehensive income
|
|
|
|
|
|
|
|
Items that may be reclassified subsequently to
|
|
|
|
|
|
|
|
profit or loss
|
|
|
|
(2,247)
|
(35)
|
192
|
|
Currency translation differences
|
|
1,031
|
(3,161)
|
|
|
|
|
Exchange gains (losses) on translation of
foreign
|
|
|
|
|
|
|
|
operations reclassified to gain or loss on
sale of
|
|
|
|
7
|
–
|
–
|
|
businesses and fixed assets
|
|
6
|
23
|
–
|
–
|
1
|
|
Available-for-sale investments
|
|
1
|
1
|
(70)
|
(289)
|
(84)
|
|
Cash flow hedges marked to market
|
|
(435)
|
(154)
|
|
|
|
|
Cash flow hedges reclassified to the
income
|
|
|
|
65
|
16
|
71
|
|
statement
|
|
110
|
220
|
7
|
6
|
30
|
|
Cash flow hedges reclassified to the balance
sheet
|
|
49
|
16
|
|
|
|
|
Share of items relating to
equity-accounted
|
|
|
|
(830)
|
197
|
174
|
|
entities, net of tax
|
|
661
|
(581)
|
268
|
80
|
(78)
|
|
Income tax relating to items that may be
reclassified
|
|
(84)
|
300
|
(2,800)
|
(25)
|
306
|
|
|
|
1,339
|
(3,336)
|
|
|
|
|
Items that will not be reclassified to profit or loss
|
|
|
|
|
|
|
|
Remeasurements
of the net pension and
other
|
|
|
|
(551)
|
(1,763)
|
(2,995)
|
|
post-retirement
benefit liability or
asset
|
|
(5,980)
|
1,569
|
|
|
|
|
Share of items relating to
equity-accounted
|
|
|
|
(1)
|
–
|
–
|
|
entities, net of tax
|
|
–
|
(1)
|
|
|
|
|
Income tax relating to items that will not
be
|
|
|
|
80
|
592
|
510
|
|
reclassified
|
|
1,504
|
(516)
|
(472)
|
(1,171)
|
(2,485)
|
|
|
|
(4,476)
|
1,052
|
(3,272)
|
(1,196)
|
(2,179)
|
|
Other comprehensive income
|
|
(3,137)
|
(2,284)
|
(3,216)
|
(2,586)
|
(602)
|
|
Total comprehensive income
|
|
(3,508)
|
(5,360)
|
|
|
|
|
Attributable to
|
|
|
|
(3,204)
|
(2,604)
|
(558)
|
|
BP shareholders
|
|
(3,513)
|
(5,423)
|
(12)
|
18
|
(44)
|
|
Non-controlling interests
|
|
5
|
63
|
(3,216)
|
(2,586)
|
(602)
|
|
|
|
(3,508)
|
(5,360)
|
|
|
|
BP
|
|
|
|
|
shareholders’
|
Non-controlling
|
Total
|
$ million
|
|
equity
|
interests
|
equity
|
|
|
|
|
|
At 1 January 2016
|
|
97,216
|
1,171
|
98,387
|
|
|
|
|
|
Total comprehensive income
|
|
(3,513)
|
5
|
(3,508)
|
Dividends
|
|
(3,429)
|
(83)
|
(3,512)
|
Share-based payments, net of tax
|
|
622
|
–
|
622
|
Share of equity-accounted entities’ change in equity, net of
tax
|
|
49
|
–
|
49
|
Transactions involving non-controlling interests
|
|
431
|
328
|
759
|
At 30 September 2016
|
|
91,376
|
1,421
|
92,797
|
|
|
|
|
|
|
|
BP
|
|
|
|
|
shareholders’
|
Non-controlling
|
Total
|
$ million
|
|
equity
|
interests
|
equity
|
|
|
|
|
|
At 1 January 2015
|
|
111,441
|
1,201
|
112,642
|
|
|
|
|
|
Total comprehensive income
|
|
(5,423)
|
63
|
(5,360)
|
Dividends
|
|
(5,118)
|
(71)
|
(5,189)
|
Share-based payments, net of tax
|
|
486
|
–
|
486
|
Share of equity-accounted entities’ change in equity, net of
tax
|
|
(3)
|
–
|
(3)
|
Transactions involving non-controlling interests
|
|
–
|
23
|
23
|
At 30 September 2015
|
|
101,383
|
1,216
|
102,599
|
|
|
|
30 September
|
31 December
|
$ million
|
|
2016
|
2015
|
Non-current assets
|
|
|
|
Property, plant and equipment
|
|
128,262
|
129,758
|
Goodwill
|
|
11,204
|
11,627
|
Intangible assets
|
|
17,163
|
18,660
|
Investments in joint ventures
|
|
8,240
|
8,412
|
Investments in associates
|
|
13,326
|
9,422
|
Other investments
|
|
1,005
|
1,002
|
Fixed assets
|
|
179,200
|
178,881
|
Loans
|
|
497
|
529
|
Trade and other receivables
|
|
2,146
|
2,216
|
Derivative financial instruments
|
|
5,437
|
4,409
|
Prepayments
|
|
1,036
|
1,003
|
Deferred tax assets
|
|
4,797
|
1,545
|
Defined benefit pension plan surpluses
|
|
96
|
2,647
|
|
|
193,209
|
191,230
|
Current assets
|
|
|
|
Loans
|
|
261
|
272
|
Inventories
|
|
15,897
|
14,142
|
Trade and other receivables
|
|
21,230
|
22,323
|
Derivative financial instruments
|
|
3,012
|
4,242
|
Prepayments
|
|
1,841
|
1,838
|
Current tax receivable
|
|
568
|
599
|
Other investments
|
|
46
|
219
|
Cash and cash equivalents
|
|
25,520
|
26,389
|
|
|
68,375
|
70,024
|
Assets classified as held for sale (Note 3)
|
|
632
|
578
|
|
|
69,007
|
70,602
|
Total assets
|
|
262,216
|
261,832
|
Current liabilities
|
|
|
|
Trade and other payables
|
|
34,662
|
31,949
|
Derivative financial instruments
|
|
2,325
|
3,239
|
Accruals
|
|
5,220
|
6,261
|
Finance debt
|
|
5,689
|
6,944
|
Current tax payable
|
|
1,411
|
1,080
|
Provisions
|
|
5,586
|
5,154
|
|
|
54,893
|
54,627
|
Liabilities directly associated with assets classified as held for
sale (Note 3)
|
|
148
|
97
|
|
|
55,041
|
54,724
|
Non-current liabilities
|
|
|
|
Other payables
|
|
14,025
|
2,910
|
Derivative financial instruments
|
|
4,322
|
4,283
|
Accruals
|
|
483
|
890
|
Finance debt
|
|
53,308
|
46,224
|
Deferred tax liabilities
|
|
6,926
|
9,599
|
Provisions
|
|
23,039
|
35,960
|
Defined benefit pension plan and other post-retirement benefit plan
deficits
|
|
12,275
|
8,855
|
|
|
114,378
|
108,721
|
Total liabilities
|
|
169,419
|
163,445
|
Net assets
|
|
92,797
|
98,387
|
Equity
|
|
|
|
BP shareholders’ equity
|
|
91,376
|
97,216
|
Non-controlling interests
|
|
1,421
|
1,171
|
Total equity
|
|
92,797
|
98,387
|
|
Third
|
Second
|
Third
|
|
|
|
Nine
|
Nine
|
|
quarter
|
quarter
|
quarter
|
|
|
|
months
|
months
|
|
2015
|
2016
|
2016
|
|
$ million
|
|
2016
|
2015
|
|
|
|
|
|
Operating activities
|
|
|
|
|
865
|
(3,376)
|
1,329
|
|
Profit (loss) before taxation
|
|
(2,912)
|
(5,471)
|
|
|
|
|
|
Adjustments to reconcile profit (loss) before taxation
|
|
|
|
|
|
|
|
|
to net cash provided by operating
activities
|
|
|
|
|
|
|
|
|
Depreciation, depletion and amortization
and
|
|
|
|
|
3,971
|
3,897
|
4,183
|
|
exploration expenditure written
off
|
|
11,971
|
12,470
|
|
|
|
|
|
Impairment and (gain) loss on sale of
businesses
|
|
|
|
|
(127)
|
(27)
|
(1,891)
|
|
and fixed assets
|
|
(2,243)
|
85
|
|
|
|
|
|
Earnings from equity-accounted entities,
|
|
|
|
|
(295)
|
(485)
|
259
|
|
less dividends received
|
|
(250)
|
(1,225)
|
|
|
|
|
|
Net charge for interest and other finance
|
|
|
|
|
196
|
113
|
204
|
|
expense less net interest paid
|
|
485
|
338
|
|
137
|
204
|
166
|
|
Share-based payments
|
|
629
|
154
|
|
|
|
|
|
Net operating charge for pensions and other
post-
|
|
|
|
|
|
|
|
|
retirement benefits, less contributions
and
|
|
|
|
|
(41)
|
(56)
|
(96)
|
|
benefit payments for unfunded
plans
|
|
(120)
|
(128)
|
|
113
|
4,565
|
(184)
|
|
Net charge for provisions, less payments
|
|
5,116
|
11,201
|
|
|
|
|
|
Movements in inventories and other current
and
|
|
|
|
|
1,231
|
(863)
|
(1,001)
|
|
non-current assets and
liabilities
|
|
(3,591)
|
(2,135)
|
|
(867)
|
(89)
|
(461)
|
|
Income taxes paid
|
|
(822)
|
(1,962)
|
|
5,183
|
3,883
|
2,508
|
|
Net cash provided by operating activities
|
|
8,263
|
13,327
|
|
|
|
|
|
Investing activities
|
|
|
|
|
(4,357)
|
(4,283)
|
(3,379)
|
|
Capital expenditure
|
|
(12,043)
|
(13,522)
|
|
33
|
–
|
–
|
|
Acquisitions, net of cash acquired
|
|
–
|
33
|
|
(55)
|
(8)
|
(1)
|
|
Investment in joint ventures
|
|
(13)
|
(178)
|
|
(119)
|
(196)
|
(185)
|
|
Investment in associates
|
|
(474)
|
(424)
|
|
88
|
153
|
590
|
|
Proceeds from disposal of fixed assets
|
|
981
|
1,049
|
|
|
|
|
|
Proceeds from disposal of businesses, net of
|
|
|
|
|
200
|
291
|
(21)
|
|
cash disposed
|
|
1,181
|
1,511
|
|
61
|
6
|
9
|
|
Proceeds from loan repayments
|
|
61
|
109
|
|
(4,149)
|
(4,037)
|
(2,987)
|
|
Net cash used in investing activities
|
|
(10,307)
|
(11,422)
|
|
|
|
|
|
Financing activities
|
|
|
|
|
117
|
2,710
|
3,925
|
|
Proceeds from long-term financing
|
|
9,373
|
7,988
|
|
(18)
|
(1,318)
|
(75)
|
|
Repayments of long-term financing
|
|
(4,952)
|
(2,867)
|
|
(115)
|
300
|
(512)
|
|
Net increase (decrease) in short-term debt
|
|
(324)
|
597
|
|
–
|
368
|
323
|
|
Net increase (decrease) in non-controlling interests
|
|
761
|
–
|
|
(1,718)
|
(1,169)
|
(1,161)
|
|
Dividends paid
|
– BP shareholders
|
|
(3,429)
|
(5,118)
|
(29)
|
(43)
|
(31)
|
|
|
– non-controlling interests
|
|
(83)
|
(71)
|
(1,763)
|
848
|
2,469
|
|
Net cash provided by (used in) financing activities
|
|
1,346
|
529
|
|
|
|
|
|
Currency translation differences relating to cash
|
|
|
|
|
(158)
|
(226)
|
13
|
|
and cash equivalents
|
|
(171)
|
(495)
|
|
(887)
|
468
|
2,003
|
|
Increase (decrease) in cash and cash equivalents
|
|
(869)
|
1,939
|
|
32,589
|
23,049
|
23,517
|
|
Cash and cash equivalents at beginning of period
|
|
26,389
|
29,763
|
|
31,702
|
23,517
|
25,520
|
|
Cash and cash equivalents at end of period
|
|
25,520
|
31,702
|
|
|
|
Third
|
Second
|
Third
|
|
|
|
Nine
|
Nine
|
|
quarter
|
quarter
|
quarter
|
|
|
|
months
|
months
|
|
2015
|
2016
|
2016
|
|
$ million
|
|
2016
|
2015
|
|
|
|
|
|
Income statement
|
|
|
|
|
311
|
5,106
|
66
|
|
Production and manufacturing expenses
|
|
5,966
|
11,381
|
|
(311)
|
(5,106)
|
(66)
|
|
Profit (loss) before interest and taxation
|
|
(5,966)
|
(11,381)
|
|
115
|
123
|
123
|
|
Finance costs
|
|
369
|
132
|
|
(426)
|
(5,229)
|
(189)
|
|
Profit (loss) before taxation
|
|
(6,335)
|
(11,513)
|
|
(87)
|
2,533
|
53
|
|
Taxation
|
|
2,837
|
3,626
|
|
(513)
|
(2,696)
|
(136)
|
|
Profit (loss) for the period
|
|
(3,498)
|
(7,887)
|
|
|
|
30 September
|
31 December
|
|
$ million
|
|
2016
|
2015
|
|
Balance sheet
|
|
|
|
|
Current assets
|
|
|
|
|
Trade and other receivables
|
|
330
|
686
|
|
Prepayments
|
|
4
|
–
|
|
Current liabilities
|
|
|
|
|
Trade and other payables
|
|
(1,979)
|
(693)
|
|
Accruals
|
|
–
|
(40)
|
|
Provisions
|
|
(3,348)
|
(3,076)
|
|
Net current assets (liabilities)
|
|
(4,993)
|
(3,123)
|
|
Non-current assets
|
|
|
|
|
Deferred tax assets
|
|
7,824
|
–
|
|
Non-current liabilities
|
|
|
|
|
Other payables
|
|
(13,293)
|
(2,057)
|
|
Accruals
|
|
–
|
(186)
|
|
Provisions
|
|
(1,784)
|
(13,431)
|
|
Deferred tax liabilities
|
|
–
|
5,200
|
|
Net non-current assets (liabilities)
|
|
(7,253)
|
(10,474)
|
|
Net assets (liabilities)
|
|
(12,246)
|
(13,597)
|
|
|
Third
|
Second
|
Third
|
|
|
|
Nine
|
Nine
|
|
quarter
|
quarter
|
quarter
|
|
|
|
months
|
months
|
|
2015
|
2016
|
2016
|
|
$ million
|
|
2016
|
2015
|
|
|
|
|
|
Cash flow statement - Operating
activities
|
|
|
|
|
(426)
|
(5,229)
|
(189)
|
|
Profit (loss) before taxation
|
|
(6,335)
|
(11,513)
|
|
|
|
|
|
Adjustments to reconcile profit (loss)
|
|
|
|
|
|
|
|
|
before taxation to net cash provided
|
|
|
|
|
|
|
|
|
by operating activities
|
|
|
|
|
|
|
|
|
Net charge for interest and other finance
|
|
|
|
|
115
|
123
|
123
|
|
expense, less net interest paid
|
|
369
|
132
|
|
235
|
4,466
|
(494)
|
|
Net charge for provisions, less payments
|
|
4,729
|
11,069
|
|
|
|
|
|
Movements in inventories and other current
|
|
|
|
|
(135)
|
(971)
|
(1,766)
|
|
and non-current assets and liabilities
|
|
(3,825)
|
(696)
|
|
(211)
|
(1,611)
|
(2,326)
|
|
Pre-tax cash flows
|
|
(5,062)
|
(1,008)
|
|
|
|
|
|
|
|
|
|
|
|
$ million
|
|
Total
|
|
|
At 1 July 2016
|
|
6,490
|
|
|
Net increase (decrease) in provision
|
|
50
|
|
|
Utilization
|
– paid by BP
|
|
(544)
|
|
|
– paid by settlement fund or Trust
|
|
(864)
|
|
At 30 September 2016
|
|
5,132
|
|
|
Of which
|
– current
|
|
3,348
|
|
|
– non-current
|
|
1,784
|
|
|
|
|
|
Litigation
|
Clean
|
|
|
|
|
|
|
and
|
Water Act
|
|
|
|
|
|
Environmental
|
claims
|
penalties
|
Total
|
|
$ million
|
|
|
|
|
|
|
|
At 1 January 2016
|
|
5,919
|
6,459
|
4,129
|
16,507
|
|
|
Net increase (decrease) in provision
|
|
–
|
5,765
|
–
|
5,765
|
|
|
Unwinding of discount
|
|
52
|
25
|
38
|
115
|
|
|
Reclassified to Other payables
|
|
(5,970)
|
(3,741)
|
(4,167)
|
(13,878)
|
|
|
Utilization
|
– paid by BP
|
|
(1)
|
(1,035)
|
–
|
(1,036)
|
|
|
– paid by settlement fund or
|
|
|
|
|
|
|
|
Trust
|
|
–
|
(2,341)
|
–
|
(2,341)
|
|
At 30 September 2016
|
|
–
|
5,132
|
–
|
5,132
|
|
|
|
Third
|
Second
|
Third
|
|
|
|
Nine
|
Nine
|
|
quarter
|
quarter
|
quarter
|
|
|
|
months
|
months
|
|
2015
|
2016
|
2016
|
|
$ million
|
|
2016
|
2015
|
|
743
|
(109)
|
1,196
|
|
Upstream
|
|
(118)
|
1,343
|
|
2,562
|
1,405
|
978
|
|
Downstream
|
|
4,263
|
6,273
|
|
382
|
246
|
120
|
|
Rosneft
|
|
432
|
1,075
|
|
(689)
|
(5,525)
|
(441)
|
|
Other businesses and corporate(a)
|
|
(7,040)
|
(12,522)
|
|
2,998
|
(3,983)
|
1,853
|
|
|
|
(2,463)
|
(3,831)
|
|
67
|
(121)
|
17
|
|
Consolidation adjustment – UPII*
|
|
(64)
|
(101)
|
|
3,065
|
(4,104)
|
1,870
|
|
RC profit (loss) before interest and tax*
|
|
(2,527)
|
(3,932)
|
|
|
|
|
|
Inventory holding gains (losses)*
|
|
|
|
|
(27)
|
85
|
(13)
|
|
Upstream
|
|
41
|
(12)
|
|
(1,687)
|
1,058
|
(35)
|
|
Downstream
|
|
926
|
(381)
|
|
(12)
|
45
|
(12)
|
|
Rosneft (net of tax)
|
|
29
|
50
|
|
1,339
|
(2,916)
|
1,810
|
|
Profit (loss) before interest and tax
|
|
(1,531)
|
(4,275)
|
|
398
|
414
|
433
|
|
Finance costs
|
|
1,241
|
968
|
|
|
|
|
|
Net finance expense relating to pensions
|
|
|
|
|
76
|
46
|
48
|
|
and other post-retirement benefits
|
|
140
|
228
|
|
865
|
(3,376)
|
1,329
|
|
Profit (loss) before taxation
|
|
(2,912)
|
(5,471)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
RC profit (loss) before interest and tax
|
|
|
|
|
324
|
(5,394)
|
(15)
|
|
US
|
|
(6,665)
|
(10,814)
|
|
2,741
|
1,290
|
1,885
|
|
Non-US
|
|
4,138
|
6,882
|
|
3,065
|
(4,104)
|
1,870
|
|
|
|
(2,527)
|
(3,932)
|
(a)
|
Includes costs
related to the Gulf of Mexico oil spill. See Note 2 for further
information.
|
|
|
Third
|
Second
|
Third
|
|
|
|
Nine
|
Nine
|
|
quarter
|
quarter
|
quarter
|
|
|
|
months
|
months
|
|
2015
|
2016
|
2016
|
|
$ million
|
|
2016
|
2015
|
|
|
|
|
|
By segment
|
|
|
|
|
10,357
|
8,176
|
8,452
|
|
Upstream
|
|
24,059
|
33,023
|
|
50,921
|
42,809
|
43,488
|
|
Downstream
|
|
120,849
|
157,106
|
|
552
|
422
|
425
|
|
Other businesses and corporate
|
|
1,243
|
1,492
|
|
61,830
|
51,407
|
52,365
|
|
|
|
146,151
|
191,621
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Less: sales and other operating revenues
|
|
|
|
|
|
|
|
|
between segments
|
|
|
|
|
5,809
|
4,301
|
4,952
|
|
Upstream
|
|
12,886
|
16,962
|
|
(377)
|
475
|
175
|
|
Downstream
|
|
768
|
201
|
|
246
|
189
|
191
|
|
Other businesses and corporate
|
|
496
|
736
|
|
5,678
|
4,965
|
5,318
|
|
|
|
14,150
|
17,899
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Third party sales and other operating revenues
|
|
|
|
|
4,548
|
3,875
|
3,500
|
|
Upstream
|
|
11,173
|
16,061
|
|
51,298
|
42,334
|
43,313
|
|
Downstream
|
|
120,081
|
156,905
|
|
306
|
233
|
234
|
|
Other businesses and corporate
|
|
747
|
756
|
|
56,152
|
46,442
|
47,047
|
|
Total sales and other operating revenues
|
|
132,001
|
173,722
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
By geographical area
|
|
|
|
|
20,680
|
17,701
|
18,853
|
|
US
|
|
50,130
|
61,345
|
|
39,200
|
32,482
|
31,762
|
|
Non-US
|
|
91,390
|
123,746
|
|
59,880
|
50,183
|
50,615
|
|
|
|
141,520
|
185,091
|
|
|
|
|
|
Less: sales and other operating revenues
|
|
|
|
|
3,728
|
3,741
|
3,568
|
|
between areas
|
|
9,519
|
11,369
|
|
56,152
|
46,442
|
47,047
|
|
|
|
132,001
|
173,722
|
|
Third
|
Second
|
Third
|
|
|
|
Nine
|
Nine
|
|
quarter
|
quarter
|
quarter
|
|
|
|
months
|
months
|
|
2015
|
2016
|
2016
|
|
$ million
|
|
2016
|
2015
|
|
30
|
67
|
32
|
|
US
|
|
117
|
97
|
|
208
|
191
|
180
|
|
Non-US
|
|
367
|
676
|
|
238
|
258
|
212
|
|
|
|
484
|
773
|
|
|
Third
|
Second
|
Third
|
|
|
|
Nine
|
Nine
|
|
quarter
|
quarter
|
quarter
|
|
|
|
months
|
months
|
|
2015
|
2016
|
2016
|
|
$ million
|
|
2016
|
2015
|
|
|
|
|
|
Results for the period
|
|
|
|
|
|
|
|
|
Profit (loss) for the period
|
|
|
|
|
46
|
(1,419)
|
1,620
|
|
attributable to BP shareholders
|
|
(382)
|
(3,175)
|
|
–
|
1
|
–
|
|
Less: preference dividend
|
|
1
|
1
|
|
|
|
|
|
Profit
(loss) attributable to BP
|
|
|
|
|
46
|
(1,420)
|
1,620
|
|
ordinary
shareholders
|
|
(383)
|
(3,176)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Number of shares (thousand)(a)(b)
|
|
|
|
|
|
|
|
|
Basic weighted average number of
|
|
|
|
|
18,329,701
|
18,685,199
|
18,824,739
|
|
shares outstanding
|
|
18,660,397
|
18,304,504
|
|
3,054,950
|
3,114,200
|
3,137,456
|
|
ADS equivalent
|
|
3,110,066
|
3,050,750
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average number of shares
|
|
|
|
|
|
|
|
|
outstanding used to calculate
|
|
|
|
|
18,371,656
|
18,685,199
|
18,920,920
|
|
diluted earnings per share
|
|
18,660,397
|
18,304,504
|
|
3,061,942
|
3,114,200
|
3,153,486
|
|
ADS equivalent
|
|
3,110,066
|
3,050,750
|
|
|
|
|
|
|
|
|
|
|
18,349,963
|
18,777,156
|
18,912,989
|
|
Shares in issue at period-end
|
|
18,912,989
|
18,349,963
|
|
3,058,327
|
3,129,526
|
3,152,164
|
|
ADS equivalent
|
|
3,152,164
|
3,058,327
|
(a)
|
Excludes treasury
shares and includes certain shares that will be issued in the
future under employee share-based payment plans.
|
(b)
|
If the
inclusion of potentially issuable shares would decrease loss per
share, the potentially issuable shares are excluded from the
weighted average number of shares outstanding used to calculate
diluted earnings per share.
|
|
|
Third
|
Second
|
Third
|
|
|
|
Nine
|
Nine
|
|
quarter
|
quarter
|
quarter
|
|
|
|
months
|
months
|
|
2015
|
2016
|
2016
|
|
|
|
2016
|
2015
|
|
|
|
|
|
Dividends paid per ordinary share
|
|
|
|
|
10.000
|
10.000
|
10.000
|
|
cents
|
|
30.000
|
30.000
|
|
6.549
|
6.917
|
7.558
|
|
pence
|
|
21.487
|
19.749
|
|
60.00
|
60.00
|
60.00
|
|
Dividends paid per ADS (cents)
|
|
180.00
|
180.00
|
|
|
|
|
|
Scrip dividends
|
|
|
|
|
18.5
|
134.4
|
130.0
|
|
Number of shares issued (millions)
|
|
418.8
|
53.1
|
|
110
|
695
|
714
|
|
Value of shares issued ($ million)
|
|
2,148
|
353
|
|
Third
|
Second
|
Third
|
|
|
|
Nine
|
Nine
|
|
quarter
|
quarter
|
quarter
|
|
|
|
months
|
months
|
|
2015
|
2016
|
2016
|
|
$ million
|
|
2016
|
2015
|
|
57,405
|
55,727
|
58,997
|
|
Gross debt
|
|
58,997
|
57,405
|
|
|
|
|
|
Fair value (asset) liability of hedges related
|
|
|
|
|
(57)
|
(1,279)
|
(1,113)
|
|
to finance debt(a)
|
|
(1,113)
|
(57)
|
|
57,348
|
54,448
|
57,884
|
|
|
|
57,884
|
57,348
|
|
31,702
|
23,517
|
25,520
|
|
Less: cash and cash equivalents
|
|
25,520
|
31,702
|
|
25,646
|
30,931
|
32,364
|
|
Net debt
|
|
32,364
|
25,646
|
|
102,599
|
94,108
|
92,797
|
|
Equity
|
|
92,797
|
102,599
|
|
20.0%
|
24.7%
|
25.9%
|
|
Net debt ratio
|
|
25.9%
|
20.0%
|
|
Third
|
Second
|
Third
|
|
|
|
Nine
|
Nine
|
|
quarter
|
quarter
|
quarter
|
|
|
|
months
|
months
|
|
2015
|
2016
|
2016
|
|
$ million
|
|
2016
|
2015
|
|
|
|
|
|
Opening balance
|
|
|
|
|
57,104
|
54,012
|
55,727
|
|
Finance debt
|
|
53,168
|
52,854
|
|
|
|
|
|
Fair value (asset) liability of hedges
|
|
|
|
|
315
|
(967)
|
(1,279)
|
|
related to finance debt(a)
|
|
379
|
(445)
|
|
32,589
|
23,049
|
23,517
|
|
Less: cash and cash equivalents
|
|
26,389
|
29,763
|
|
24,830
|
29,996
|
30,931
|
|
Opening net debt
|
|
27,158
|
22,646
|
|
|
|
|
|
Closing balance
|
|
|
|
|
57,405
|
55,727
|
58,997
|
|
Finance debt
|
|
58,997
|
57,405
|
|
|
|
|
|
Fair value (asset) liability of hedges
|
|
|
|
|
(57)
|
(1,279)
|
(1,113)
|
|
related to finance debt(a)
|
|
(1,113)
|
(57)
|
|
31,702
|
23,517
|
25,520
|
|
Less: cash and cash equivalents
|
|
25,520
|
31,702
|
|
25,646
|
30,931
|
32,364
|
|
Closing net debt
|
|
32,364
|
25,646
|
|
(816)
|
(935)
|
(1,433)
|
|
Decrease (increase) in net debt
|
|
(5,206)
|
(3,000)
|
|
|
|
|
|
Movement in cash and cash equivalents
|
|
|
|
|
(729)
|
694
|
1,990
|
|
(excluding exchange adjustments)
|
|
(698)
|
2,434
|
|
|
|
|
|
Net cash outflow (inflow) from financing
|
|
|
|
|
16
|
(1,692)
|
(3,338)
|
|
(excluding share capital and dividends)
|
|
(4,097)
|
(5,718)
|
|
40
|
36
|
29
|
|
Other movements
|
|
424
|
50
|
|
(673)
|
(962)
|
(1,319)
|
|
Movement in net debt before exchange effects
|
|
(4,371)
|
(3,234)
|
|
(143)
|
27
|
(114)
|
|
Exchange adjustments
|
|
(835)
|
234
|
|
(816)
|
(935)
|
(1,433)
|
|
Decrease (increase) in net debt
|
|
(5,206)
|
(3,000)
|
(a)
|
Derivative
financial instruments entered into for the purpose of managing
interest rate and foreign currency exchange risk associated with
net debt with a fair value liability position of
$1,323 million (second quarter 2016 liability of
$1,440 million and third quarter 2015 liability of
$1,349 million) are not included in the calculation of net
debt shown above as hedge accounting is not applied for these
instruments.
|
|
|
Third
|
Second
|
Third
|
|
|
|
Nine
|
Nine
|
quarter
|
quarter
|
quarter
|
|
|
|
months
|
months
|
2015
|
2016
|
2016
|
|
$ million
|
|
2016
|
2015
|
|
|
|
|
Capital expenditure on an accruals basis
|
|
|
|
4,287
|
3,919
|
3,622
|
|
Organic capital expenditure*
|
|
11,485
|
13,216
|
(33)
|
276
|
45
|
|
Inorganic capital expenditure*
|
|
321
|
126
|
4,254
|
4,195
|
3,667
|
|
|
|
11,806
|
13,342
|
Third
|
Second
|
Third
|
|
|
|
Nine
|
Nine
|
quarter
|
quarter
|
quarter
|
|
|
|
months
|
months
|
2015
|
2016
|
2016
|
|
$ million
|
|
2016
|
2015
|
|
|
|
|
Organic capital expenditure by segment
|
|
|
|
|
|
|
|
Upstream
|
|
|
|
1,107
|
754
|
458
|
|
US
|
|
2,272
|
3,205
|
2,673
|
2,699
|
2,642
|
|
Non-US
|
|
7,924
|
8,531
|
3,780
|
3,453
|
3,100
|
|
|
|
10,196
|
11,736
|
|
|
|
|
Downstream
|
|
|
|
143
|
191
|
166
|
|
US
|
|
467
|
478
|
300
|
237
|
306
|
|
Non-US
|
|
698
|
789
|
443
|
428
|
472
|
|
|
|
1,165
|
1,267
|
|
|
|
|
Other businesses and corporate
|
|
|
|
11
|
12
|
2
|
|
US
|
|
15
|
33
|
53
|
26
|
48
|
|
Non-US
|
|
109
|
180
|
64
|
38
|
50
|
|
|
|
124
|
213
|
4,287
|
3,919
|
3,622
|
|
|
|
11,485
|
13,216
|
|
|
|
|
Organic capital expenditure by geographical area
|
|
|
|
1,261
|
957
|
626
|
|
US
|
|
2,754
|
3,716
|
3,026
|
2,962
|
2,996
|
|
Non-US
|
|
8,731
|
9,500
|
4,287
|
3,919
|
3,622
|
|
|
|
11,485
|
13,216
|
Third
|
Second
|
Third
|
|
|
|
Nine
|
Nine
|
quarter
|
quarter
|
quarter
|
|
|
|
months
|
months
|
2015
|
2016
|
2016
|
|
$ million
|
|
2016
|
2015
|
4,138
|
3,993
|
5,773
|
|
Additions to non-current assets(a)
|
|
13,701
|
13,704
|
8
|
12
|
7
|
|
Additions to other investments
|
|
25
|
19
|
|
|
|
|
Element of business combinations not related
to
|
|
|
|
(41)
|
–
|
–
|
|
non-current assets
|
|
–
|
(24)
|
164
|
190
|
(565)
|
|
(Additions to) reductions in decommissioning
asset
|
|
(321)
|
(307)
|
(15)
|
–
|
(1,548)
|
|
Asset exchanges(b)
|
|
(1,599)
|
(50)
|
4,254
|
4,195
|
3,667
|
|
Capital expenditure on an accruals basis
|
|
11,806
|
13,342
|
(a)
|
Includes additions to property, plant and equipment; goodwill;
intangible assets; investments in joint ventures; and investments
in associates.
|
(b)
|
Third quarter and nine months 2016 principally relates to the
contribution of BP’s Norwegian upstream business into Aker BP
ASA in exchange for a 30% interest in Aker BP ASA.
|
|
Third
|
Second
|
Third
|
|
|
|
Nine
|
Nine
|
quarter
|
quarter
|
quarter
|
|
|
|
months
|
months
|
2015
|
2016
|
2016
|
|
$ million
|
|
2016
|
2015
|
|
|
|
|
Upstream
|
|
|
|
|
|
|
|
Impairment and gain (loss) on sale of businesses
|
|
|
|
(44)
|
–
|
1,908
|
|
and fixed assets(a)
|
|
1,912
|
(351)
|
(35)
|
–
|
(8)
|
|
Environmental and other provisions
|
|
(8)
|
(24)
|
(92)
|
(3)
|
(36)
|
|
Restructuring, integration and rationalization costs
|
|
(302)
|
(340)
|
40
|
28
|
8
|
|
Fair value gain (loss) on embedded derivatives
|
|
49
|
102
|
13
|
(18)
|
(407)
|
|
Other(b)
|
|
(534)
|
17
|
(118)
|
7
|
1,465
|
|
|
|
1,117
|
(596)
|
|
|
|
|
Downstream
|
|
|
|
|
|
|
|
Impairment and gain (loss) on sale of businesses
|
|
|
|
182
|
23
|
(11)
|
|
and fixed assets
|
|
333
|
316
|
(92)
|
(3)
|
(72)
|
|
Environmental and other provisions
|
|
(75)
|
(99)
|
(46)
|
(54)
|
(108)
|
|
Restructuring, integration and rationalization costs
|
|
(197)
|
(256)
|
–
|
–
|
–
|
|
Fair value gain (loss) on embedded derivatives
|
|
–
|
–
|
(1)
|
(3)
|
(5)
|
|
Other
|
|
(8)
|
(3)
|
43
|
(37)
|
(196)
|
|
|
|
53
|
(42)
|
|
|
|
|
Rosneft
|
|
|
|
|
|
|
|
Impairment and gain (loss) on sale of businesses
|
|
|
|
–
|
–
|
–
|
|
and fixed assets
|
|
–
|
–
|
–
|
–
|
–
|
|
Environmental and other provisions
|
|
–
|
–
|
–
|
–
|
–
|
|
Restructuring, integration and rationalization costs
|
|
–
|
–
|
–
|
–
|
–
|
|
Fair value gain (loss) on embedded derivatives
|
|
–
|
–
|
–
|
–
|
–
|
|
Other
|
|
–
|
–
|
–
|
–
|
–
|
|
|
|
–
|
–
|
|
|
|
|
Other businesses and corporate
|
|
|
|
|
|
|
|
Impairment and gain (loss) on sale of businesses
|
|
|
|
(11)
|
4
|
(6)
|
|
and fixed assets
|
|
(2)
|
(50)
|
(123)
|
(35)
|
(99)
|
|
Environmental and other provisions
|
|
(134)
|
(127)
|
(13)
|
(11)
|
(10)
|
|
Restructuring, integration and rationalization costs
|
|
(69)
|
(42)
|
–
|
–
|
–
|
|
Fair value gain (loss) on embedded derivatives
|
|
–
|
–
|
(311)
|
(5,106)
|
(66)
|
|
Gulf of Mexico oil spill(c)
|
|
(5,966)
|
(11,381)
|
–
|
(1)
|
–
|
|
Other
|
|
(55)
|
–
|
(458)
|
(5,149)
|
(181)
|
|
|
|
(6,226)
|
(11,600)
|
(533)
|
(5,179)
|
1,088
|
|
Total before interest and taxation
|
|
(5,056)
|
(12,238)
|
(115)
|
(123)
|
(123)
|
|
Finance costs(c)
|
|
(369)
|
(132)
|
(648)
|
(5,302)
|
965
|
|
Total before taxation
|
|
(5,425)
|
(12,370)
|
(108)
|
2,483
|
(16)
|
|
Taxation credit (charge)
|
|
2,777
|
3,715
|
(756)
|
(2,819)
|
949
|
|
Total after taxation for period
|
|
(2,648)
|
(8,655)
|
(a)
|
See Notes 1 and 4 for further information on impairment charges and
reversals.
|
(b)
|
Third quarter and nine months 2016 include the write-off of $334
million in relation to the value ascribed to the BM-C-34 licence in
Brazil as part of the accounting for the acquisition of upstream
assets from Devon Energy in 2011 (see footnote (b) on page
5).
|
(c)
|
See
Note 2 for further details regarding costs relating to the Gulf of
Mexico oil spill.
|
|
Third
|
Second
|
Third
|
|
|
|
Nine
|
Nine
|
quarter
|
quarter
|
quarter
|
|
|
|
months
|
months
|
2015
|
2016
|
2016
|
|
$ million
|
|
2016
|
2015
|
|
|
|
|
Favourable (unfavourable) impact relative to
|
|
|
|
|
|
|
|
management’s measure of performance
|
|
|
|
38
|
(145)
|
(45)
|
|
Upstream
|
|
(293)
|
18
|
217
|
(71)
|
(257)
|
|
Downstream
|
|
(547)
|
(12)
|
255
|
(216)
|
(302)
|
|
|
|
(840)
|
6
|
(84)
|
68
|
81
|
|
Taxation credit (charge)
|
|
232
|
11
|
171
|
(148)
|
(221)
|
|
|
|
(608)
|
17
|
Third
|
Second
|
Third
|
|
|
|
Nine
|
Nine
|
quarter
|
quarter
|
quarter
|
|
|
|
months
|
months
|
2015
|
2016
|
2016
|
|
$ million
|
|
2016
|
2015
|
|
|
|
|
Upstream
|
|
|
|
|
|
|
|
Replacement cost profit (loss) before interest and
|
|
|
|
705
|
36
|
1,241
|
|
tax adjusted for fair value accounting
effects
|
|
175
|
1,325
|
38
|
(145)
|
(45)
|
|
Impact of fair value accounting effects
|
|
(293)
|
18
|
743
|
(109)
|
1,196
|
|
Replacement cost profit before interest and tax
|
|
(118)
|
1,343
|
|
|
|
|
Downstream
|
|
|
|
|
|
|
|
Replacement cost profit before interest and tax
|
|
|
|
2,345
|
1,476
|
1,235
|
|
adjusted for fair value accounting effects
|
|
4,810
|
6,285
|
217
|
(71)
|
(257)
|
|
Impact of fair value accounting effects
|
|
(547)
|
(12)
|
2,562
|
1,405
|
978
|
|
Replacement cost profit before interest and tax
|
|
4,263
|
6,273
|
|
|
|
|
Total group
|
|
|
|
|
|
|
|
Profit (loss) before interest and tax adjusted for
fair
|
|
|
|
1,084
|
(2,700)
|
2,112
|
|
value accounting effects
|
|
(691)
|
(4,281)
|
255
|
(216)
|
(302)
|
|
Impact of fair value accounting effects
|
|
(840)
|
6
|
1,339
|
(2,916)
|
1,810
|
|
Profit (loss) before interest and tax
|
|
(1,531)
|
(4,275)
|
|
Third
|
Second
|
Third
|
|
|
|
Nine
|
Nine
|
quarter
|
quarter
|
quarter
|
|
|
|
months
|
months
|
2015
|
2016
|
2016
|
|
|
|
2016
|
2015
|
|
|
|
|
Average realizations(a)
|
|
|
|
|
|
|
|
Liquids* ($/bbl)
|
|
|
|
46.22
|
34.89
|
39.16
|
|
US
|
|
34.20
|
47.70
|
47.68
|
43.62
|
42.87
|
|
Europe
|
|
39.18
|
53.06
|
41.80
|
55.10
|
42.41
|
|
Rest of World
|
|
37.95
|
48.77
|
44.01
|
44.99
|
41.23
|
|
BP Average
|
|
36.71
|
48.87
|
|
|
|
|
Natural gas ($/mcf)
|
|
|
|
2.18
|
1.53
|
2.19
|
|
US
|
|
1.77
|
2.24
|
6.44
|
4.64
|
3.94
|
|
Europe
|
|
4.28
|
7.72
|
3.88
|
3.10
|
2.98
|
|
Rest of World
|
|
3.14
|
4.34
|
3.49
|
2.66
|
2.77
|
|
BP Average
|
|
2.76
|
3.91
|
|
|
|
|
Total hydrocarbons* ($/boe)
|
|
|
|
32.85
|
24.00
|
27.71
|
|
US
|
|
24.15
|
33.62
|
44.76
|
39.25
|
37.10
|
|
Europe
|
|
35.19
|
50.78
|
32.05
|
33.90
|
29.41
|
|
Rest of World
|
|
28.00
|
36.35
|
33.25
|
30.63
|
29.46
|
|
BP Average
|
|
27.28
|
36.68
|
|
|
|
|
Average oil marker prices ($/bbl)
|
|
|
|
50.47
|
45.59
|
45.86
|
|
Brent
|
|
41.88
|
55.31
|
46.45
|
45.53
|
44.88
|
|
West Texas Intermediate
|
|
41.41
|
50.93
|
31.93
|
33.78
|
31.60
|
|
Western Canadian Select
|
|
29.26
|
39.37
|
51.52
|
45.74
|
44.65
|
|
Alaska North Slope
|
|
41.58
|
55.39
|
45.34
|
42.08
|
41.83
|
|
Mars
|
|
38.14
|
51.34
|
49.19
|
43.37
|
43.73
|
|
Urals (NWE – cif)
|
|
39.67
|
54.20
|
|
|
|
|
Average natural gas marker prices
|
|
|
|
2.77
|
1.95
|
2.81
|
|
Henry Hub gas price ($/mmBtu)(b)
|
|
2.28
|
2.80
|
41.48
|
31.37
|
31.00
|
|
UK Gas – National Balancing Point (p/therm)
|
|
30.93
|
44.64
|
(a)
|
Based
on sales of consolidated subsidiaries only – this excludes
equity-accounted entities.
|
(b)
|
Henry
Hub First of Month Index.
|
Third
|
Second
|
Third
|
|
|
|
Nine
|
Nine
|
quarter
|
quarter
|
quarter
|
|
|
|
months
|
months
|
2015
|
2016
|
2016
|
|
|
|
2016
|
2015
|
1.55
|
1.43
|
1.31
|
|
$/£ average rate for the period
|
|
1.39
|
1.53
|
1.51
|
1.34
|
1.30
|
|
$/£ period-end rate
|
|
1.30
|
1.51
|
|
|
|
|
|
|
|
|
1.11
|
1.13
|
1.12
|
|
$/€ average rate for the period
|
|
1.12
|
1.11
|
1.12
|
1.11
|
1.12
|
|
$/€ period-end rate
|
|
1.12
|
1.12
|
|
|
|
|
|
|
|
|
63.08
|
65.86
|
64.60
|
|
Rouble/$ average rate for the period
|
|
68.37
|
59.68
|
65.63
|
63.64
|
63.14
|
|
Rouble/$ period-end rate
|
|
63.14
|
65.63
|
|
|
|
|
|
|
|
London
|
Houston
|
|
|
|
Press
Office
|
David
Nicholas
|
Brett
Clanton
|
|
+44
(0)20 7496 4708
|
+1 281
366 8346
|
|
|
|
Investor
Relations
|
Jessica
Mitchell
|
Craig
Marshall
|
bp.com/investors
|
+44
(0)20 7496 4962
|
+1 281
892 4312
|
|
BP
p.l.c.
|
|
(Registrant)
|
|
|
Dated:
01
November 2016
|
|
|
/s/ J.
BERTELSEN
|
|
------------------------
|
|
J.
BERTELSEN
|
|
Deputy
Company Secretary
|