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Exhibit
1.1
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1Q18
Part 1 of 1 dated 01 May 2018
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BP p.l.c. Group results
First quarter 2018
For a printer friendly copy of this announcement, please click on
the link below to open a PDF version:
http://www.rns-pdf.londonstockexchange.com/rns/6573M_-2018-4-30.pdf
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Highlights
Momentum continues into 2018 as BP
delivers strong 1Q profit
●
Underlying
replacement cost profit* for the first quarter of 2018
was $2.6 billion, compared with $1.5 billion for the same
period in 2017, a rise of 71%.
●
Operating cash
flow excluding Gulf of Mexico oil spill payments* in the quarter was $5.4
billion including a $1.8
billion negative impact from an increase in working capital ($1.7
billion after adjusting for inventory holding gains) driven by
higher oil prices and seasonal inventory
builds.
●
Upstream
reported the
strongest quarter since third quarter 2014 on both a replacement
cost and underlying basis.
●
Reported oil
and gas production was 3.7 million barrels of oil
equivalent a day in the quarter, 6% higher than the first quarter
of 2017. Upstream production, excluding Rosneft, was 9% higher,
supported by continued ramp up of major projects*. Upstream plant
reliability* was 96% for the quarter.
●
First Upstream
major project of 2018, Atoll in Egypt, started
production; to date in 2018, final investment decisions have been
taken on four new projects -
in Oman, India and two in the UK North Sea.
●
Continued
Downstream
earnings growth with
strong refining availability in the US.
●
Gulf of Mexico oil
spill payments in the quarter
were $1.6 billion on a pre-tax basis, including $1.2 billion for
the final payment relating to the 2012 Department of Justice
settlement.
●
BP
continued its share buyback programme in the quarter, buying 18 million
shares for a cost of $120 million.
●
Dividend
unchanged at 10 cents
per share.
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First quarter
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See chart on
PDF
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Bob Dudley - Group chief
executive:
"We have delivered another strong set of results. Our safe and
reliable operations and strong financial delivery have continued
into 2018. Underlying profit was up 23% on the previous quarter and
was our best quarterly result in three years. With rising output
from our new major projects and excellent reliability, Upstream
production was 9% higher than a year earlier.
"Moving through 2018 we're determined to keep delivering our
operational targets and maintaining capital discipline while
growing cash flow and returns.
"Over the longer term, our new lower carbon ambitions, including
clear targets for our own emissions, will help ensure that all of
BP is also focused on advancing the energy
transition."
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Financial Summary
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First
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Fourth
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First
|
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quarter
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quarter
|
quarter
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$ million
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2018
|
2017
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2017
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Profit for the period(a)
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2,469
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27
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1,449
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Inventory holding (gains) losses*, net of tax
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(80)
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(610)
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(37)
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RC profit (loss)*
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2,389
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(583)
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1,412
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Net (favourable) adverse impact of non-operating
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items* and fair value accounting effects*, net of
tax
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197
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2,690
|
98
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Underlying RC profit
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2,586
|
2,107
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1,510
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RC profit (loss) per ordinary share (cents)*
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11.99
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(2.94)
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7.23
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RC profit (loss) per ADS (dollars)
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0.72
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(0.18)
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0.43
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Underlying RC profit per ordinary share (cents)*
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12.98
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10.64
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7.74
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Underlying RC profit per ADS (dollars)
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0.78
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0.64
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0.46
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(a)
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Profit
attributable to BP shareholders.
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* See definitions in the Glossary on page 30. RC profit (loss),
underlying RC profit, operating cash flow excluding Gulf of Mexico
oil spill payments and organic capital expenditure are non-GAAP
measures.
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The commentary above and following should be read in conjunction
with the cautionary statement on page 34.
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Results
For the
first quarter, underlying replacement cost (RC) profit was $2,586
million, compared with $1,510 million in 2017, mainly due to higher
profits in Upstream, partially offset by a higher tax charge.
Underlying RC profit is after adjusting RC profit for a net charge
for non-operating items of $247 million and net favourable fair
value accounting effects of $50 million (both on a post-tax
basis).
RC
profit was $2,389 million for the first quarter, compared with
$1,412 million a year ago.
BP's
profit for the first quarter was $2,469 million, compared with
$1,449 million for the same period in 2017.
See
further information on pages 3, 26 and 27.
Non-operating items
Non-operating
items amounted to a charge of $456 million pre-tax and
$247 million post-tax for the quarter. See further information
on page 26.
Effective tax rate
The
effective tax rate (ETR) on RC profit or loss* for the first
quarter was 36%, compared with 29% for the same period in 2017.
Adjusting for non-operating items and fair value accounting
effects, the underlying ETR* for the first quarter was 37%,
compared with 33% for the same period a year ago. The underlying
ETR for the first quarter was higher than a year ago mainly due to
the absence of favourable foreign exchange impacts. In the current
environment the underlying ETR in 2018 is expected to be above 40%.
ETR on RC profit or loss and underlying ETR are non-GAAP
measures.
Dividend
BP
today announced a quarterly dividend of 10.00 cents per
ordinary share ($0.600 per ADS), which is expected to be paid on
22 June 2018. The corresponding amount in sterling will be
announced on 11 June 2018. See page 23 for further
information.
Share buybacks
BP
repurchased 18 million ordinary shares at a cost of
$120 million, including fees and stamp duty, during the first
quarter of 2018.
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Operating cash flow*
Excluding
post-tax amounts related to the Gulf of Mexico oil spill, operating
cash flow* for the first quarter was $5.4 billion, compared
with $4.4 billion for the same period in 2017. Including
amounts relating to the Gulf of Mexico oil spill, operating cash
flow for the first quarter was $3.6 billion, compared with
$2.1 billion for the same period in 2017.
Capital expenditure*
Organic
capital expenditure* for the first quarter was $3.5 billion,
compared with $3.5 billion for the same period in 2017. We
expect organic capital expenditure to be in the range of $15-16
billion for 2018.
Inorganic
capital expenditure* for the first quarter was $0.4 billion,
compared with $0.5 billion for the same period in
2017.
See page 25 for further information.
Divestment and other proceeds
Divestment
proceeds* were $0.2 billion for the first quarter, compared
with $0.3 billion for the same period in 2017. We expect
divestment and other proceeds to be in the range of $2-3 billion
for 2018.
Gearing*
Net
debt* at 31 March 2018 was $40.0 billion, compared with
$38.6 billion a year ago. Gearing at 31 March 2018 was 28.1%,
compared with 27.4% at the end of 2017 and 28.0% a year ago.
Gearing was higher, following increases in working capital and
higher Gulf of Mexico oil spill payments in the quarter. We
continue to target gearing in the range of 20-30%. Net debt and
gearing are non-GAAP measures. See page 23 for more
information.
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The commentary above contains forward-looking statements and should
be read in conjunction with the cautionary statement on
page 34.
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First
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Fourth
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First
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quarter
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quarter
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quarter
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$ million
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2018
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2017
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2017
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Underlying RC profit before interest and tax*
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Upstream
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3,157
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2,223
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1,370
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Downstream
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1,826
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1,474
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1,742
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Rosneft
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247
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321
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99
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Other
businesses and corporate
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(392)
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(394)
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(440)
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Consolidation
adjustment - UPII*
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(160)
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(149)
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(68)
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Underlying
RC profit before interest and tax
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4,678
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3,475
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2,703
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Finance
costs and net finance expense relating to
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pensions and other post-retirement benefits
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(464)
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(550)
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(387)
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Taxation
on an underlying RC basis
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(1,566)
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(782)
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(763)
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Non-controlling
interests
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(62)
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(36)
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(43)
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Underlying
RC profit attributable to BP shareholders
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2,586
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2,107
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1,510
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First
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Fourth
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First
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quarter
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quarter
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quarter
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$ million
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2018
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2017
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2017
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RC profit (loss) before interest and tax*
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Upstream
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3,174
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1,928
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1,256
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Downstream
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1,713
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1,773
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1,706
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Rosneft
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247
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321
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99
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Other
businesses and corporate(a)
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(571)
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(2,833)
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(431)
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Consolidation
adjustment - UPII
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(160)
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(149)
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(68)
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RC
profit (loss) before interest and tax
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4,403
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1,040
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2,562
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Finance
costs and net finance expense relating to
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pensions and other post-retirement benefits
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(584)
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(674)
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(513)
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Taxation
on a RC basis
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(1,368)
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(913)
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(594)
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Non-controlling
interests
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(62)
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(36)
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(43)
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RC profit (loss) attributable to BP shareholders
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2,389
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(583)
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1,412
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Inventory
holding gains (losses)
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92
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816
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66
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Taxation
(charge) credit on inventory holding gains and losses
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(12)
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(206)
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(29)
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Profit
for the period attributable to BP shareholders
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2,469
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27
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1,449
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(a)
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Includes
costs related to the Gulf of Mexico oil spill. See page 11 and also
Note 2 from page 18 for further information on the accounting for
the Gulf of Mexico oil spill.
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Strategic progress
Upstream
Upstream
production, excluding Rosneft, for the quarter was 2,605mboe/d, a
rise of 9.1% on a year earlier, driven by the continued ramp up of
production from major projects*. Upstream plant reliability* was
96%, the best quarterly performance on record. Upstream unit
production costs* were higher due to increased wellwork* activity
in the quarter, but are expected to show continued year-on-year
improvement driven by strong operational performance.
The
Atoll Phase One project, offshore Egypt, began gas production in
the quarter, ahead of schedule and under budget. The project is the
first of six Upstream major projects* expected to begin production
during 2018.
Since
the start of the year, BP has taken final investment decisions on
four new projects: Ghazeer, the second phase of the Khazzan
development in Oman; KG D6 Satellites, the second project in the
integrated KG D6 development offshore India; and the Alligin and
Vorlich fields in the UK North Sea.
BP has
accessed new acreage in both the US and Mexican regions of the Gulf
of Mexico, in the Campos basin offshore Brazil, in Sao Tome &
Principe, in Newfoundland, Canada, in Madagascar and in
Azerbaijan.
Downstream
Strong
performance in fuels marketing; premium fuels volumes were 5%
higher than last year and we continued the rollout of BP's
convenience partnership model across our network. The rapid
development of BP's retail presence in Mexico continued with the
200th retail site now open following market entry a year
ago.
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In
manufacturing, BP's US refineries processed higher levels of
advantaged crude than a year ago and BP's PTA plant in Zhuhai,
China set a new production record.
Advancing the energy transition
BP published a new report detailing BP's lower carbon activities
and commitments and setting out targets including maintaining BP's
net operational greenhouse gas emissions at or below 2015 levels
out to 2025.
Financial framework
Operating cash flow excluding Gulf of Mexico oil spill
payments*, was $5.4 billion, including a working capital
build driven by the higher oil price and seasonal inventory builds
across businesses.
Organic capital expenditure*
was $3.5 billion in the first quarter and is expected to total
$15-16 billion in 2018.
Divestments and other proceeds totalled $0.2 billion in the
quarter. Total proceeds of $2-3 billion are expected in
2018.
Gulf of Mexico oil spill payments of $1.6 billion were made
in the quarter, including the final charge under the 2012
Department of Justice criminal settlement. Payments are expected to
be just over $3 billion in 2018, weighted to the first half of the
year.
Gearing* at the end of the quarter was 28.1%, within BP's
target band of 20-30%. With anticipated weighting of both Gulf of
Mexico oil spill payments and divestment proceeds through the year,
gearing is expected to trend down through the rest of the
year.
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Operating metrics
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1Q 2018
(vs. 1Q
2017)
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Financial metrics
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1Q 2018
(vs. 1Q
2017)
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Tier 1 process safety events*
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5
(-1)
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Underlying RC profit
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$2.6bn
(+$1.1bn)
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Reported recordable injury frequency*
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0.21
(-8%)
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Operating cash flow excluding Gulf of Mexico oil spill payments
(post-tax)
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$5.4bn
(+$1.0bn)
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Group production
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3,732mboe/d
(+5.7%)
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Organic capital expenditure
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$3.5bn
(-)
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Upstream production (excludes
Rosneft segment)
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2,605mboe/d
(+9.1%)
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Gulf of Mexico oil spill payments (pre-tax)(b)
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$1.6bn
(-$0.7bn)
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Upstream unit production costs
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$7.69/boe
(+6.5%)
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Divestment proceeds
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$0.2bn
(-$0.1bn)
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BP-operated Upstream plant reliability(a)
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95.9%
(+1.0)
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Net debt ratio* (gearing)
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28.1%
(+0.1)
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Refining availability*
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94.8%
(-0.4)
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Dividend per ordinary share(c)
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10.00 cents
(-)
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(a)
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BP-operated
Upstream operating efficiency* has been replaced with Upstream
plant reliability as a group operating metric. It is more
comparable with the equivalent metric disclosed for the Downstream,
which is 'Refining availability'.
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(b)
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Amounts
shown are pre-tax, 2017 amounts disclosed were post-tax. Pre-tax
amounts give a better indication of the cash outflows arising in
the period to settle outstanding liabilities. The equivalent amount
on a post-tax basis was $1.7 billion, a reduction of
$0.6 billion on the prior year.
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(c)
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Represents
dividend announced in the quarter (vs. prior year
quarter).
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The commentary above contains forward-looking statements and should
be read in conjunction with the cautionary statement on
page 34.
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First
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Fourth
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First
|
|
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|
quarter
|
quarter
|
quarter
|
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$ million
|
|
2018
|
2017
|
2017
|
|
Profit before interest and tax
|
|
3,175
|
1,928
|
1,250
|
|
Inventory holding (gains) losses*
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(1)
|
-
|
6
|
|
RC profit before interest and tax
|
|
3,174
|
1,928
|
1,256
|
|
Net (favourable) adverse impact of non-operating items* and fair
value
|
|
|
|
|
|
accounting effects*
|
|
(17)
|
295
|
114
|
|
Underlying RC profit before interest and tax*(a)
|
|
3,157
|
2,223
|
1,370
|
|
(a)
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See
page 7 for a reconciliation to segment RC profit before interest
and tax by region.
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The commentary above contains forward-looking statements and should
be read in conjunction with the cautionary statement on
page 34.
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|
|
First
|
Fourth
|
First
|
|
|
|
quarter
|
quarter
|
quarter
|
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$ million
|
|
2018
|
2017
|
2017
|
|
Underlying RC profit before interest and tax
|
|
|
|
|
|
US
|
|
526
|
629
|
166
|
|
Non-US
|
|
2,631
|
1,594
|
1,204
|
|
|
|
3,157
|
2,223
|
1,370
|
|
Non-operating items
|
|
|
|
|
|
US(a)
|
|
(145)
|
(187)
|
(12)
|
|
Non-US(b)
|
|
41
|
43
|
(348)
|
|
|
|
(104)
|
(144)
|
(360)
|
|
Fair value accounting effects
|
|
|
|
|
|
US
|
|
(9)
|
8
|
192
|
|
Non-US
|
|
130
|
(159)
|
54
|
|
|
|
121
|
(151)
|
246
|
|
RC profit before interest and tax
|
|
|
|
|
|
US
|
|
372
|
450
|
346
|
|
Non-US
|
|
2,802
|
1,478
|
910
|
|
|
|
3,174
|
1,928
|
1,256
|
|
Exploration expense
|
|
|
|
|
|
US
|
|
309
|
27
|
40
|
|
Non-US
|
|
205
|
494
|
372
|
|
|
|
514
|
521
|
412
|
|
Of which: Exploration expenditure written off
|
|
426
|
372
|
261
|
|
Production (net of
royalties)(c)
|
|
|
|
|
|
Liquids* (mb/d)
|
|
|
|
|
|
US
|
|
448
|
430
|
448
|
|
Europe
|
|
139
|
117
|
115
|
|
Rest of World
|
|
731
|
796
|
827
|
|
|
|
1,319
|
1,344
|
1,389
|
|
Natural gas (mmcf/d)
|
|
|
|
|
|
US
|
|
1,790
|
1,759
|
1,594
|
|
Europe
|
|
217
|
186
|
263
|
|
Rest of World
|
|
5,456
|
5,231
|
3,934
|
|
|
|
7,463
|
7,176
|
5,791
|
|
Total hydrocarbons* (mboe/d)
|
|
|
|
|
|
US
|
|
757
|
734
|
723
|
|
Europe
|
|
177
|
150
|
160
|
|
Rest of World
|
|
1,672
|
1,698
|
1,505
|
|
|
|
2,605
|
2,581
|
2,388
|
|
Average realizations*(d)
|
|
|
|
|
|
Total liquids(e)
($/bbl)
|
|
61.40
|
56.16
|
49.87
|
|
Natural gas ($/mcf)
|
|
3.78
|
3.23
|
3.50
|
|
Total hydrocarbons ($/boe)
|
|
41.39
|
37.48
|
37.19
|
|
(a)
|
Fourth
quarter 2017 includes an impairment charge relating to the US Lower
48 business, partially offset by gains associated with asset
divestments.
|
|
(b)
|
Fourth
quarter 2017 includes BP's share of an impairment reversal
recognized by the Angola LNG equity-accounted entity, partially
offset by other items. First quarter 2017 includes an impairment
charge arising following the announcement of the agreement to sell
the Forties Pipeline System business to INEOS.
|
|
(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.
|
|
|
|
|
|
First
|
Fourth
|
First
|
|
|
|
quarter
|
quarter
|
quarter
|
|
$ million
|
|
2018
|
2017
|
2017
|
|
Profit before interest and tax
|
|
1,782
|
2,492
|
1,804
|
|
Inventory holding (gains) losses*
|
|
(69)
|
(719)
|
(98)
|
|
RC profit before interest and tax
|
|
1,713
|
1,773
|
1,706
|
|
Net (favourable) adverse impact of non-operating items* and fair
value
|
|
|
|
|
|
accounting effects*
|
|
113
|
(299)
|
36
|
|
Underlying RC profit before interest and tax*(a)
|
|
1,826
|
1,474
|
1,742
|
|
(a)
|
See
page 9 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 34.
|
|
|
|
|
|
First
|
Fourth
|
First
|
|
|
|
quarter
|
quarter
|
quarter
|
|
$ million
|
|
2018
|
2017
|
2017
|
|
Underlying RC profit before interest and tax - by
region
|
|
|
|
|
|
US
|
|
589
|
501
|
554
|
|
Non-US
|
|
1,237
|
973
|
1,188
|
|
|
|
1,826
|
1,474
|
1,742
|
|
Non-operating items
|
|
|
|
|
|
US
|
|
(17)
|
(25)
|
(12)
|
|
Non-US(a)
|
|
(36)
|
407
|
(64)
|
|
|
|
(53)
|
382
|
(76)
|
|
Fair value accounting effects
|
|
|
|
|
|
US
|
|
(121)
|
3
|
(62)
|
|
Non-US
|
|
61
|
(86)
|
102
|
|
|
|
(60)
|
(83)
|
40
|
|
RC profit before interest and tax
|
|
|
|
|
|
US
|
|
451
|
479
|
480
|
|
Non-US
|
|
1,262
|
1,294
|
1,226
|
|
|
|
1,713
|
1,773
|
1,706
|
|
Underlying RC profit before interest and tax - by
business(b)(c)
|
|
|
|
|
|
Fuels
|
|
1,398
|
976
|
1,200
|
|
Lubricants
|
|
331
|
375
|
393
|
|
Petrochemicals
|
|
97
|
123
|
149
|
|
|
|
1,826
|
1,474
|
1,742
|
|
Non-operating items and fair value accounting
effects(d)
|
|
|
|
|
|
Fuels
|
|
(110)
|
(202)
|
4
|
|
Lubricants
|
|
(3)
|
(14)
|
(3)
|
|
Petrochemicals(a)
|
|
-
|
515
|
(37)
|
|
|
|
(113)
|
299
|
(36)
|
|
RC profit before interest and tax(b)(c)
|
|
|
|
|
|
Fuels
|
|
1,288
|
774
|
1,204
|
|
Lubricants
|
|
328
|
361
|
390
|
|
Petrochemicals
|
|
97
|
638
|
112
|
|
|
|
1,713
|
1,773
|
1,706
|
|
|
|
|
|
|
|
BP average refining marker margin (RMM)* ($/bbl)
|
|
11.7
|
14.4
|
11.7
|
|
Refinery throughputs (mb/d)
|
|
|
|
|
|
US
|
|
715
|
714
|
694
|
|
Europe
|
|
797
|
741
|
801
|
|
Rest of World
|
|
249
|
243
|
181
|
|
|
|
1,761
|
1,698
|
1,676
|
|
Refining availability* (%)
|
|
94.8
|
96.1
|
95.2
|
|
Marketing sales of refined products (mb/d)
|
|
|
|
|
|
US
|
|
1,096
|
1,127
|
1,116
|
|
Europe
|
|
1,045
|
1,132
|
1,069
|
|
Rest of World
|
|
481
|
542
|
512
|
|
|
|
2,622
|
2,801
|
2,697
|
|
Trading/supply sales of refined products
|
|
3,181
|
3,549
|
2,959
|
|
Total sales volumes of refined products
|
|
5,803
|
6,350
|
5,656
|
|
Petrochemicals production (kte)
|
|
|
|
|
|
US
|
|
499
|
641
|
498
|
|
Europe
|
|
1,128
|
1,559
|
1,253
|
|
Rest of World
|
|
1,391
|
1,306
|
2,073
|
|
|
|
3,018
|
3,506
|
3,824
|
|
(a)
|
Fourth
quarter 2017 gain primarily reflects the disposal of our
shareholding in the SECCO joint venture.
|
|
(b)
|
Segment-level
overhead expenses are included in the fuels business
result.
|
|
(c)
|
Results
from petrochemicals at our Gelsenkirchen and Mülheim sites in
Germany is reported in the fuels business.
|
|
(d)
|
For
Downstream, fair value accounting effects arise solely in the fuels
business.
|
|
|
|
|
|
First
|
Fourth
|
First
|
|
|
|
quarter
|
quarter
|
quarter
|
|
$ million
|
|
2018(a)
|
2017
|
2017
|
|
Profit before interest and tax(b)
|
|
269
|
418
|
73
|
|
Inventory holding (gains) losses*
|
|
(22)
|
(97)
|
26
|
|
RC profit before interest and tax
|
|
247
|
321
|
99
|
|
Net charge (credit) for non-operating items*
|
|
-
|
-
|
-
|
|
Underlying RC profit before interest and tax*
|
|
247
|
321
|
99
|
|
|
|
First
|
Fourth
|
First
|
|
|
|
quarter
|
quarter
|
quarter
|
|
|
|
2018(a)
|
2017
|
2017
|
|
Production (net of royalties) (BP
share)
|
|
|
|
|
|
Liquids* (mb/d)
|
|
902
|
899
|
912
|
|
Natural gas (mmcf/d)
|
|
1,307
|
1,333
|
1,334
|
|
Total hydrocarbons* (mboe/d)
|
|
1,127
|
1,129
|
1,142
|
|
(a)
|
The
operational and financial information of the Rosneft segment for
the first quarter is based on preliminary operational and financial
results of Rosneft for the three months ended 31 March 2018. 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 divestment of BP's interest in TNK-BP. These
adjustments increase the reported profit before interest and tax,
as shown in the table above, compared with the equivalent amount in
Russian roubles in Rosneft's IFRS financial statements. 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.
|
|
|
|
|
|
First
|
Fourth
|
First
|
|
|
|
quarter
|
quarter
|
quarter
|
|
$ million
|
|
2018
|
2017
|
2017
|
|
Profit (loss) before interest and tax
|
|
|
|
|
|
Gulf of Mexico oil spill
|
|
(86)
|
(2,221)
|
(35)
|
|
Other
|
|
(485)
|
(612)
|
(396)
|
|
Profit (loss) before interest and tax
|
|
(571)
|
(2,833)
|
(431)
|
|
Inventory holding (gains) losses*
|
|
-
|
-
|
-
|
|
RC profit (loss) before interest and tax
|
|
(571)
|
(2,833)
|
(431)
|
|
Net charge (credit) for non-operating items*
|
|
|
|
|
|
Gulf of Mexico oil spill
|
|
86
|
2,221
|
35
|
|
Other
|
|
93
|
218
|
(44)
|
|
Net charge (credit) for non-operating items
|
|
179
|
2,439
|
(9)
|
|
Underlying RC profit (loss) before interest and tax*
|
|
(392)
|
(394)
|
(440)
|
|
Underlying RC profit (loss) before interest and
tax
|
|
|
|
|
|
US
|
|
(147)
|
(29)
|
(197)
|
|
Non-US
|
|
(245)
|
(365)
|
(243)
|
|
|
|
(392)
|
(394)
|
(440)
|
|
Non-operating items
|
|
|
|
|
|
US
|
|
(148)
|
(2,381)
|
(38)
|
|
Non-US
|
|
(31)
|
(58)
|
47
|
|
|
|
(179)
|
(2,439)
|
9
|
|
RC profit (loss) before interest and tax
|
|
|
|
|
|
US
|
|
(295)
|
(2,410)
|
(235)
|
|
Non-US
|
|
(276)
|
(423)
|
(196)
|
|
|
|
(571)
|
(2,833)
|
(431)
|
|
(a)
|
Capacity
figures for 2017 include 23MW in the Netherlands managed by our
Downstream segment.
|
|
|
|
|
|
First
|
Fourth
|
First
|
|
|
|
quarter
|
quarter
|
quarter
|
|
$ million
|
|
2018
|
2017
|
2017
|
|
|
|
|
|
|
|
Sales and other operating revenues (Note 4)
|
|
68,172
|
67,816
|
55,863
|
|
Earnings from joint ventures - after interest and
tax
|
|
293
|
581
|
205
|
|
Earnings from associates - after interest and
tax
|
|
414
|
526
|
151
|
|
Interest and other income
|
|
159
|
223
|
122
|
|
Gains on sale of businesses and fixed assets
|
|
105
|
876
|
45
|
|
Total revenues and other income
|
|
69,143
|
70,022
|
56,386
|
|
Purchases
|
|
51,512
|
51,745
|
40,975
|
|
Production and manufacturing expenses(a)
|
|
5,438
|
7,759
|
5,255
|
|
Production and similar taxes (Note 6)
|
|
368
|
511
|
468
|
|
Depreciation, depletion and amortization (Note 5)
|
|
3,931
|
4,045
|
3,842
|
|
Impairment and losses on sale of businesses and fixed
assets
|
|
91
|
604
|
453
|
|
Exploration expense
|
|
514
|
521
|
412
|
|
Distribution and administration expenses
|
|
2,794
|
2,981
|
2,353
|
|
Profit (loss) before interest and taxation
|
|
4,495
|
1,856
|
2,628
|
|
Finance costs(a)
|
|
553
|
616
|
460
|
|
Net finance expense relating to pensions and other post-retirement
benefits
|
|
31
|
58
|
53
|
|
Profit (loss) before taxation
|
|
3,911
|
1,182
|
2,115
|
|
Taxation(a)
|
|
1,380
|
1,119
|
623
|
|
Profit (loss) for the period
|
|
2,531
|
63
|
1,492
|
|
Attributable to
|
|
|
|
|
|
BP shareholders
|
|
2,469
|
27
|
1,449
|
|
Non-controlling interests
|
|
62
|
36
|
43
|
|
|
|
2,531
|
63
|
1,492
|
|
|
|
|
|
|
|
Earnings per share (Note 7)
|
|
|
|
|
|
Profit (loss) for the period attributable to
|
|
|
|
|
|
BP shareholders
|
|
|
|
|
|
Per ordinary share (cents)
|
|
|
|
|
|
Basic
|
|
12.40
|
0.14
|
7.42
|
|
Diluted
|
|
12.33
|
0.14
|
7.38
|
|
Per ADS (dollars)
|
|
|
|
|
|
Basic
|
|
0.74
|
0.01
|
0.45
|
|
Diluted
|
|
0.74
|
0.01
|
0.44
|
|
(a)
|
See
Note 2 for information on the impact of the Gulf of Mexico oil
spill on these income statement line items.
|
|
|
|
|
|
First
|
Fourth
|
First
|
|
|
|
quarter
|
quarter
|
quarter
|
|
$ million
|
|
2018
|
2017
|
2017
|
|
|
|
|
|
|
|
Profit (loss) for the period
|
|
2,531
|
63
|
1,492
|
|
Other comprehensive income
|
|
|
|
|
|
Items that may be reclassified subsequently to profit or
loss
|
|
|
|
|
|
Currency translation differences
|
|
531
|
264
|
1,214
|
|
Exchange (gains) losses on translation of foreign operations
reclassified
|
|
|
|
|
|
to gain or loss on sale of businesses and fixed
assets
|
|
-
|
(138)
|
1
|
|
Available-for-sale investments
|
|
-
|
11
|
2
|
|
Cash flow hedges and costs of hedging
|
|
(82)
|
50
|
129
|
|
Share of items relating to equity-accounted entities, net of
tax
|
|
155
|
133
|
231
|
|
Income tax relating to items that may be
reclassified
|
|
(90)
|
(16)
|
(125)
|
|
|
|
514
|
304
|
1,452
|
|
Items that will not be reclassified to profit or loss
|
|
|
|
|
|
Remeasurements of the net pension
and other post-retirement
|
|
|
|
|
|
benefit liability or
asset
|
|
865
|
1,599
|
727
|
|
Cash flow hedges that will subsequently be transferred to the
balance sheet
|
|
13
|
-
|
-
|
|
Income tax relating to items that will not be
reclassified
|
|
(265)
|
(604)
|
(246)
|
|
|
|
613
|
995
|
481
|
|
Other comprehensive income
|
|
1,127
|
1,299
|
1,933
|
|
Total comprehensive income
|
|
3,658
|
1,362
|
3,425
|
|
Attributable to
|
|
|
|
|
|
BP shareholders
|
|
3,580
|
1,312
|
3,363
|
|
Non-controlling interests
|
|
78
|
50
|
62
|
|
|
|
3,658
|
1,362
|
3,425
|
|
|
|
|
|
BP
|
|
|
|
|
|
shareholders'
|
Non-controlling
|
Total
|
|
$ million
|
|
equity
|
interests
|
equity
|
|
At 31 December 2017
|
|
98,491
|
1,913
|
100,404
|
|
Adjustment on adoption of IFRS 9, net of tax(a)
|
|
(180)
|
-
|
(180)
|
|
At 1 January 2018
|
|
98,311
|
1,913
|
100,224
|
|
|
|
|
|
|
|
Total comprehensive income
|
|
3,580
|
78
|
3,658
|
|
Dividends
|
|
(1,828)
|
(13)
|
(1,841)
|
|
Cash flow hedges transferred to the balance sheet, net of
tax
|
|
1
|
-
|
1
|
|
Repurchase of ordinary share capital
|
|
(120)
|
-
|
(120)
|
|
Share-based payments, net of tax
|
|
244
|
-
|
244
|
|
Transactions involving non-controlling interests, net of
tax
|
|
(1)
|
-
|
(1)
|
|
At 31 March 2018
|
|
100,187
|
1,978
|
102,165
|
|
|
|
|
|
|
|
|
|
BP
|
|
|
|
|
|
shareholders'
|
Non-controlling
|
Total
|
|
$ million
|
|
equity
|
interests
|
equity
|
|
|
|
|
|
|
|
At 1 January 2017
|
|
95,286
|
1,557
|
96,843
|
|
|
|
|
|
|
|
Total comprehensive income
|
|
3,363
|
62
|
3,425
|
|
Dividends
|
|
(1,304)
|
(15)
|
(1,319)
|
|
Share-based payments, net of tax
|
|
177
|
-
|
177
|
|
Share of equity-accounted entities' change in equity, net of
tax
|
|
118
|
-
|
118
|
|
Transactions involving non-controlling interests, net of
tax
|
|
-
|
38
|
38
|
|
At 31 March 2017
|
|
97,640
|
1,642
|
99,282
|
|
(a)
|
See
Note 1 for further information.
|
|
|
|
|
|
31 March
|
31 December
|
|
$ million
|
|
2018
|
2017
|
|
Non-current assets
|
|
|
|
|
Property, plant and equipment
|
|
129,002
|
129,471
|
|
Goodwill
|
|
11,710
|
11,551
|
|
Intangible assets
|
|
18,003
|
18,355
|
|
Investments in joint ventures
|
|
8,278
|
7,994
|
|
Investments in associates
|
|
17,652
|
16,991
|
|
Other investments
|
|
1,298
|
1,245
|
|
Fixed assets
|
|
185,943
|
185,607
|
|
Loans
|
|
571
|
646
|
|
Trade and other receivables
|
|
1,479
|
1,434
|
|
Derivative financial instruments
|
|
4,626
|
4,110
|
|
Prepayments
|
|
1,162
|
1,112
|
|
Deferred tax assets
|
|
4,176
|
4,469
|
|
Defined benefit pension plan surpluses
|
|
5,134
|
4,169
|
|
|
|
203,091
|
201,547
|
|
Current assets
|
|
|
|
|
Loans
|
|
267
|
190
|
|
Inventories
|
|
20,802
|
19,011
|
|
Trade and other receivables
|
|
23,450
|
24,849
|
|
Derivative financial instruments
|
|
3,191
|
3,032
|
|
Prepayments
|
|
1,202
|
1,414
|
|
Current tax receivable
|
|
928
|
761
|
|
Other investments
|
|
114
|
125
|
|
Cash and cash equivalents
|
|
22,242
|
25,586
|
|
|
|
72,196
|
74,968
|
|
Total assets
|
|
275,287
|
276,515
|
|
Current liabilities
|
|
|
|
|
Trade and other payables
|
|
42,995
|
44,209
|
|
Derivative financial instruments
|
|
2,664
|
2,808
|
|
Accruals
|
|
3,799
|
4,960
|
|
Finance debt
|
|
9,028
|
7,739
|
|
Current tax payable
|
|
2,103
|
1,686
|
|
Provisions
|
|
3,218
|
3,324
|
|
|
|
63,807
|
64,726
|
|
Non-current liabilities
|
|
|
|
|
Other payables
|
|
13,961
|
13,889
|
|
Derivative financial instruments
|
|
3,657
|
3,761
|
|
Accruals
|
|
592
|
505
|
|
Finance debt
|
|
53,161
|
55,491
|
|
Deferred tax liabilities
|
|
8,284
|
7,982
|
|
Provisions
|
|
20,603
|
20,620
|
|
Defined benefit pension plan and other post-retirement benefit plan
deficits
|
|
9,057
|
9,137
|
|
|
|
109,315
|
111,385
|
|
Total liabilities
|
|
173,122
|
176,111
|
|
Net assets
|
|
102,165
|
100,404
|
|
Equity
|
|
|
|
|
BP shareholders' equity
|
|
100,187
|
98,491
|
|
Non-controlling interests
|
|
1,978
|
1,913
|
|
Total equity
|
|
102,165
|
100,404
|
|
|
|
|
|
First
|
Fourth
|
First
|
|
|
|
|
quarter
|
quarter
|
quarter
|
|
|
$ million
|
|
2018
|
2017
|
2017
|
|
|
Operating activities
|
|
|
|
|
|
|
Profit (loss) before taxation
|
|
3,911
|
1,182
|
2,115
|
|
|
Adjustments to reconcile profit (loss) before taxation to net
cash
|
|
|
|
|
|
|
provided by operating activities
|
|
|
|
|
|
|
Depreciation, depletion and amortization and
exploration
|
|
|
|
|
|
|
expenditure written off
|
|
4,357
|
4,417
|
4,103
|
|
|
Impairment and (gain) loss on sale of businesses and fixed
assets
|
|
(14)
|
(272)
|
408
|
|
|
Earnings from equity-accounted entities, less dividends
received
|
|
(536)
|
(820)
|
(220)
|
|
|
Net charge for interest and other finance expense, less net
interest paid
|
|
80
|
294
|
252
|
|
|
Share-based payments
|
|
237
|
166
|
162
|
|
|
Net operating charge for pensions and other post-retirement
benefits,
|
|
|
|
|
|
|
less contributions and benefit payments for
unfunded plans
|
|
(202)
|
(215)
|
(73)
|
|
|
Net charge for provisions, less payments
|
|
144
|
2,244
|
(177)
|
|
|
Movements in inventories and other current and non-current
assets
|
|
|
|
|
|
|
and liabilities
|
|
(3,398)
|
(60)
|
(3,600)
|
|
|
Income taxes paid
|
|
(933)
|
(1,033)
|
(856)
|
|
|
Net cash provided by operating activities
|
|
3,646
|
5,903
|
2,114
|
|
|
Investing activities
|
|
|
|
|
|
|
Expenditure on property, plant and equipment, intangible and other
assets
|
|
(3,586)
|
(4,422)
|
(3,823)
|
|
|
Acquisitions, net of cash acquired
|
|
-
|
(16)
|
(42)
|
|
|
Investment in joint ventures
|
|
(39)
|
(15)
|
(20)
|
|
|
Investment in associates
|
|
(338)
|
(368)
|
(183)
|
|
|
Total cash capital expenditure
|
|
(3,963)
|
(4,821)
|
(4,068)
|
|
|
Proceeds from disposal of fixed assets
|
|
85
|
2,287
|
188
|
|
|
Proceeds from disposal of businesses, net of cash
disposed
|
|
82
|
173
|
73
|
|
|
Proceeds from loan repayments
|
|
9
|
8
|
14
|
|
|
Net cash used in investing activities
|
|
(3,787)
|
(2,353)
|
(3,793)
|
|
|
Financing activities
|
|
|
|
|
|
|
Net issue (repurchase) of shares
|
|
(110)
|
(343)
|
-
|
|
|
Proceeds from long-term financing
|
|
122
|
201
|
3,713
|
|
|
Repayments of long-term financing
|
|
(1,157)
|
(2,657)
|
(917)
|
|
|
Net increase (decrease) in short-term debt
|
|
(349)
|
(297)
|
315
|
|
|
Increase in non-controlling interests
|
|
(1)
|
982
|
30
|
|
|
Dividends paid
|
- BP shareholders
|
|
(1,829)
|
(1,627)
|
(1,304)
|
|
|
- non-controlling interests
|
|
(13)
|
(32)
|
(15)
|
|
Net cash provided by (used in) financing activities
|
|
(3,337)
|
(3,773)
|
1,822
|
|
|
Currency translation differences relating to cash and cash
equivalents
|
|
145
|
29
|
167
|
|
|
Increase (decrease) in cash and cash equivalents
|
|
(3,333)
|
(194)
|
310
|
|
|
Cash and cash equivalents at beginning of period(a)
|
|
25,575
|
25,780
|
23,484
|
|
|
Cash and cash equivalents at end of period
|
|
22,242
|
25,586
|
23,794
|
|
|
(a)
|
See
Note 1 for further information.
|
|
|
|
|
|
|
|
Adjustment
|
|
|
|
31 December
|
1 January
|
on adoption
|
|
$ million
|
|
2017
|
2018
|
of IFRS 9
|
|
Non-current
|
|
|
|
|
|
Investments in equity-accounted entities
|
|
24,985
|
24,903
|
(82)
|
|
Loans, trade and other receivables
|
|
2,080
|
2,069
|
(11)
|
|
Deferred tax liabilities
|
|
(7,982)
|
(7,946)
|
36
|
|
Current
|
|
|
|
|
|
Loans, trade and other receivables
|
|
25,039
|
24,927
|
(112)
|
|
Cash and cash equivalents
|
|
25,586
|
25,575
|
(11)
|
|
|
|
|
|
|
|
Net assets
|
|
100,404
|
100,224
|
(180)
|
|
|
|
|
|
First
|
Fourth
|
First
|
|
|
|
quarter
|
quarter
|
quarter
|
|
$ million
|
|
2018
|
2017
|
2017
|
|
Income statement
|
|
|
|
|
|
Production and manufacturing expenses
|
|
86
|
2,221
|
35
|
|
Profit (loss) before interest and taxation
|
|
(86)
|
(2,221)
|
(35)
|
|
Finance costs
|
|
120
|
124
|
126
|
|
Profit (loss) before taxation
|
|
(206)
|
(2,345)
|
(161)
|
|
Taxation
|
|
61
|
(2,495)
|
48
|
|
Profit (loss) for the period
|
|
(145)
|
(4,840)
|
(113)
|
|
|
|
31 March
|
31 December
|
|
$ million
|
|
2018
|
2017
|
|
Balance sheet
|
|
|
|
|
Current assets
|
|
|
|
|
Trade and other receivables
|
|
244
|
252
|
|
Current tax receivable
|
|
263
|
-
|
|
Current liabilities
|
|
|
|
|
Trade and other payables
|
|
(894)
|
(2,089)
|
|
Provisions
|
|
(1,246)
|
(1,439)
|
|
Net current assets (liabilities)
|
|
(1,633)
|
(3,276)
|
|
Non-current assets
|
|
|
|
|
Deferred tax assets
|
|
1,813
|
2,067
|
|
Non-current liabilities
|
|
|
|
|
Other payables
|
|
(12,375)
|
(12,253)
|
|
Provisions
|
|
(985)
|
(1,141)
|
|
Deferred tax liabilities
|
|
3,780
|
3,634
|
|
Net non-current assets (liabilities)
|
|
(7,767)
|
(7,693)
|
|
Net assets (liabilities)
|
|
(9,400)
|
(10,969)
|
|
|
|
|
|
First
|
Fourth
|
First
|
|
|
|
quarter
|
quarter
|
quarter
|
|
$ million
|
|
2018
|
2017
|
2017
|
|
Cash flow statement - Operating
activities
|
|
|
|
|
|
Profit (loss) before taxation
|
|
(206)
|
(2,345)
|
(161)
|
|
Adjustments to reconcile profit (loss) before taxation to net
cash
|
|
|
|
|
|
provided by operating activities
|
|
|
|
|
|
Net charge for interest and other finance expense, less net
interest paid
|
|
120
|
124
|
126
|
|
Net charge for provisions, less payments
|
|
54
|
2,181
|
(5)
|
|
Movements in inventories and other current and
non-current
|
|
|
|
|
|
assets and liabilities
|
|
(1,588)
|
(413)
|
(2,254)
|
|
Pre-tax cash flows
|
|
(1,620)
|
(453)
|
(2,294)
|
|
$ million
|
|
|
|
At 1 January 2018
|
|
2,580
|
|
Increase in provision
|
|
65
|
|
Reclassified to other payables
|
|
(59)
|
|
Utilization
|
|
(355)
|
|
At 31 March 2018
|
|
2,231
|
|
|
|
|
|
First
|
Fourth
|
First
|
|
|
|
quarter
|
quarter
|
quarter
|
|
$ million
|
|
2018
|
2017
|
2017
|
|
Upstream
|
|
3,174
|
1,928
|
1,256
|
|
Downstream
|
|
1,713
|
1,773
|
1,706
|
|
Rosneft
|
|
247
|
321
|
99
|
|
Other businesses and corporate(a)
|
|
(571)
|
(2,833)
|
(431)
|
|
|
|
4,563
|
1,189
|
2,630
|
|
Consolidation adjustment - UPII*
|
|
(160)
|
(149)
|
(68)
|
|
RC profit (loss) before interest and tax*
|
|
4,403
|
1,040
|
2,562
|
|
Inventory holding gains (losses)*
|
|
|
|
|
|
Upstream
|
|
1
|
-
|
(6)
|
|
Downstream
|
|
69
|
719
|
98
|
|
Rosneft (net of tax)
|
|
22
|
97
|
(26)
|
|
Profit (loss) before interest and tax
|
|
4,495
|
1,856
|
2,628
|
|
Finance costs
|
|
553
|
616
|
460
|
|
Net finance expense relating to pensions and other post-retirement
benefits
|
|
31
|
58
|
53
|
|
Profit (loss) before taxation
|
|
3,911
|
1,182
|
2,115
|
|
|
|
|
|
|
|
RC profit (loss) before interest and tax*
|
|
|
|
|
|
US
|
|
359
|
(1,509)
|
513
|
|
Non-US
|
|
4,044
|
2,549
|
2,049
|
|
|
|
4,403
|
1,040
|
2,562
|
|
(a)
|
Includes costs related to the Gulf of Mexico oil spill. See Note 2
for further information.
|
|
|
|
|
|
First
|
Fourth
|
First
|
|
|
|
quarter
|
quarter
|
quarter
|
|
$ million
|
|
2018
|
2017
|
2017
|
|
By segment
|
|
|
|
|
|
Upstream
|
|
13,870
|
12,651
|
11,327
|
|
Downstream
|
|
61,406
|
62,697
|
50,080
|
|
Other businesses and corporate
|
|
343
|
480
|
285
|
|
|
|
75,619
|
75,828
|
61,692
|
|
|
|
|
|
|
|
Less: sales and other operating revenues between
segments
|
|
|
|
|
|
Upstream
|
|
6,733
|
6,929
|
5,777
|
|
Downstream
|
|
482
|
913
|
(86)
|
|
Other businesses and corporate
|
|
232
|
170
|
138
|
|
|
|
7,447
|
8,012
|
5,829
|
|
|
|
|
|
|
|
Third party sales and other operating revenues
|
|
|
|
|
|
Upstream
|
|
7,137
|
5,722
|
5,550
|
|
Downstream
|
|
60,924
|
61,784
|
50,166
|
|
Other businesses and corporate
|
|
111
|
310
|
147
|
|
Total sales and other operating revenues
|
|
68,172
|
67,816
|
55,863
|
|
|
|
|
|
|
|
By geographical area
|
|
|
|
|
|
US
|
|
23,613
|
24,127
|
21,152
|
|
Non-US
|
|
51,240
|
50,778
|
40,020
|
|
|
|
74,853
|
74,905
|
61,172
|
|
Less: sales and other operating revenues between areas
|
|
6,681
|
7,089
|
5,309
|
|
|
|
68,172
|
67,816
|
55,863
|
|
|
|
|
|
|
|
Sales
and other operating revenues include the following in relation
to
|
|
|
|
|
|
revenues
from contracts with customers:
|
|
|
|
|
|
Crude oil
|
|
14,917
|
13,838
|
10,996
|
|
Oil products
|
|
44,130
|
45,992
|
36,601
|
|
Natural gas, LNG and NGLs
|
|
5,159
|
4,777
|
3,838
|
|
Non-oil products and other revenues from contracts with
customers
|
|
3,495
|
3,773
|
2,864
|
|
Revenues from contracts with customers(a)
|
|
67,701
|
68,380
|
54,299
|
|
(a)
|
See
Note 1 for further information.
|
|
|
|
First
|
Fourth
|
First
|
|
|
|
quarter
|
quarter
|
quarter
|
|
$ million
|
|
2018
|
2017
|
2017
|
|
Upstream
|
|
|
|
|
|
US
|
|
1,088
|
1,107
|
1,237
|
|
Non-US
|
|
2,272
|
2,339
|
2,054
|
|
|
|
3,360
|
3,446
|
3,291
|
|
Downstream
|
|
|
|
|
|
US
|
|
219
|
218
|
216
|
|
Non-US
|
|
302
|
301
|
279
|
|
|
|
521
|
519
|
495
|
|
Other businesses and corporate
|
|
|
|
|
|
US
|
|
16
|
16
|
16
|
|
Non-US
|
|
34
|
64
|
40
|
|
|
|
50
|
80
|
56
|
|
Total group
|
|
3,931
|
4,045
|
3,842
|
|
|
|
|
|
First
|
Fourth
|
First
|
|
|
|
quarter
|
quarter
|
quarter
|
|
$ million
|
|
2018
|
2017
|
2017
|
|
US
|
|
90
|
44
|
36
|
|
Non-US
|
|
278
|
467
|
432
|
|
|
|
368
|
511
|
468
|
|
|
|
First
|
Fourth
|
First
|
|
|
|
quarter
|
quarter
|
quarter
|
|
$ million
|
|
2018
|
2017
|
2017
|
|
Results for the period
|
|
|
|
|
|
Profit (loss) for the period attributable to BP
shareholders
|
|
2,469
|
27
|
1,449
|
|
Less: preference dividend
|
|
-
|
-
|
-
|
|
Profit (loss) attributable to BP ordinary shareholders
|
|
2,469
|
27
|
1,449
|
|
|
|
|
|
|
|
Number of shares (thousand)(a)
|
|
|
|
|
|
Basic weighted average number of shares outstanding
|
|
19,918,700
|
19,804,932
|
19,518,500
|
|
ADS equivalent
|
|
3,319,783
|
3,300,822
|
3,253,083
|
|
|
|
|
|
|
|
Weighted average number of shares outstanding used to
calculate
|
|
|
|
|
|
diluted earnings per share
|
|
20,030,656
|
19,929,655
|
19,621,566
|
|
ADS equivalent
|
|
3,338,442
|
3,321,609
|
3,270,261
|
|
|
|
|
|
|
|
Shares in issue at period-end
|
|
19,943,591
|
19,817,325
|
19,664,528
|
|
ADS equivalent
|
|
3,323,931
|
3,302,887
|
3,277,421
|
|
(a)
|
Excludes treasury shares and includes certain shares that will be
issued in the future under employee share-based payment
plans.
|
|
|
|
|
|
First
|
Fourth
|
First
|
|
|
|
quarter
|
quarter
|
quarter
|
|
|
|
2018
|
2017
|
2017
|
|
Dividends paid per ordinary share
|
|
|
|
|
|
cents
|
|
10.000
|
10.000
|
10.000
|
|
pence
|
|
7.169
|
7.443
|
8.159
|
|
Dividends paid per ADS (cents)
|
|
60.00
|
60.00
|
60.00
|
|
Scrip dividends
|
|
|
|
|
|
Number of shares issued (millions)
|
|
23.4
|
53.3
|
115.1
|
|
Value of shares issued ($ million)
|
|
155
|
354
|
642
|
|
Net debt ratio *
|
|
First
|
Fourth
|
First
|
|
|
|
quarter
|
quarter
|
quarter
|
|
$ million
|
|
2018
|
2017
|
2017
|
|
Gross debt
|
|
62,189
|
63,230
|
61,832
|
|
Fair value (asset) liability of hedges related to finance
debt(a)
|
|
46
|
175
|
597
|
|
|
|
62,235
|
63,405
|
62,429
|
|
Less: cash and cash equivalents
|
|
22,242
|
25,586
|
23,794
|
|
Net debt
|
|
39,993
|
37,819
|
38,635
|
|
Equity
|
|
102,165
|
100,404
|
99,282
|
|
Net debt ratio
|
|
28.1%
|
27.4%
|
28.0%
|
|
Analysis of changes in net debt
|
|
First
|
Fourth
|
First
|
|
|
|
quarter
|
quarter
|
quarter
|
|
$ million
|
|
2018
|
2017
|
2017
|
|
Opening balance
|
|
|
|
|
|
Finance debt
|
|
63,230
|
65,784
|
58,300
|
|
Fair value (asset) liability of hedges related to finance
debt(a)
|
|
175
|
(227)
|
697
|
|
Less: cash and cash equivalents(b)
|
|
25,575
|
25,780
|
23,484
|
|
Opening net debt
|
|
37,830
|
39,777
|
35,513
|
|
Closing balance
|
|
|
|
|
|
Finance debt
|
|
62,189
|
63,230
|
61,832
|
|
Fair value (asset) liability of hedges related to finance
debt(a)
|
|
46
|
175
|
597
|
|
Less: cash and cash equivalents
|
|
22,242
|
25,586
|
23,794
|
|
Closing net debt
|
|
39,993
|
37,819
|
38,635
|
|
Decrease (increase) in net debt
|
|
(2,163)
|
1,958
|
(3,122)
|
|
Movement in cash and cash equivalents (excluding exchange
adjustments)
|
|
(3,478)
|
(223)
|
143
|
|
Net cash outflow (inflow) from financing(c)
|
|
1,384
|
2,511
|
(3,111)
|
|
Other movements
|
|
(27)
|
(299)
|
(66)
|
|
Movement in net debt before exchange effects
|
|
(2,121)
|
1,989
|
(3,034)
|
|
Exchange adjustments(c)
|
|
(42)
|
(31)
|
(88)
|
|
Decrease (increase) in net debt
|
|
(2,163)
|
1,958
|
(3,122)
|
|
(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
$457 million (fourth quarter 2017 liability of
$634 million and first quarter 2017 liability of
$1,746 million) are not included in the calculation of net
debt shown above as hedge accounting is not applied for these
instruments.
|
|
(b)
|
See Note 1 for further information.
|
|
(c)
|
An amendment has been made to reduce the amount presented for net
financing cash outflow for the fourth quarter of 2017 by
$242 million to eliminate cash flows related to non-hedge
accounted derivatives. Exchange adjustments have been amended by
the same amount with no overall change in net debt.
|
|
|
|
|
|
|
|
First
|
Fourth
|
First
|
|
|
|
quarter
|
quarter
|
quarter
|
|
$ million
|
|
2018
|
2017
|
2017
|
|
Capital expenditure on a cash basis
|
|
|
|
|
|
Organic capital expenditure*
|
|
3,538
|
4,622
|
3,538
|
|
Inorganic capital expenditure*(a)
|
|
425
|
199
|
530
|
|
|
|
3,963
|
4,821
|
4,068
|
|
|
|
First
|
Fourth
|
First
|
|
|
|
quarter
|
quarter
|
quarter
|
|
$ million
|
|
2018
|
2017
|
2017
|
|
Organic capital expenditure by segment
|
|
|
|
|
|
Upstream
|
|
|
|
|
|
US
|
|
754
|
726
|
641
|
|
Non-US
|
|
2,112
|
2,819
|
2,339
|
|
|
|
2,866
|
3,545
|
2,980
|
|
Downstream
|
|
|
|
|
|
US
|
|
171
|
349
|
152
|
|
Non-US
|
|
447
|
598
|
320
|
|
|
|
618
|
947
|
472
|
|
Other businesses and corporate
|
|
|
|
|
|
US
|
|
7
|
30
|
21
|
|
Non-US
|
|
47
|
100
|
65
|
|
|
|
54
|
130
|
86
|
|
|
|
3,538
|
4,622
|
3,538
|
|
Organic capital expenditure by geographical area
|
|
|
|
|
|
US
|
|
932
|
1,105
|
814
|
|
Non-US
|
|
2,606
|
3,517
|
2,724
|
|
|
|
3,538
|
4,622
|
3,538
|
|
(a)
|
First quarter 2018 includes amounts relating to the 25-year
extension to our ACG production-sharing agreement in
Azerbaijan.
First quarter 2017 includes amounts paid to purchase an interest in
the Zohr gas field in Egypt and in exploration blocks in
Senegal.
|
|
|
|
|
|
First
|
Fourth
|
First
|
|
|
|
quarter
|
quarter
|
quarter
|
|
$ million
|
|
2018
|
2017
|
2017
|
|
Upstream
|
|
|
|
|
|
Impairment and gain (loss) on sale of businesses and fixed
assets(a)
|
|
26
|
(181)
|
(382)
|
|
Environmental and other provisions
|
|
-
|
1
|
-
|
|
Restructuring, integration and rationalization costs
|
|
1
|
(4)
|
2
|
|
Fair value gain (loss) on embedded derivatives
|
|
7
|
2
|
25
|
|
Other(b)
|
|
(138)
|
38
|
(5)
|
|
|
|
(104)
|
(144)
|
(360)
|
|
Downstream
|
|
|
|
|
|
Impairment and gain (loss) on sale of businesses and fixed
assets(c)
|
|
(14)
|
469
|
(11)
|
|
Environmental and other provisions
|
|
-
|
(19)
|
-
|
|
Restructuring, integration and rationalization costs
|
|
(36)
|
(69)
|
(65)
|
|
Fair value gain (loss) on embedded derivatives
|
|
-
|
-
|
-
|
|
Other
|
|
(3)
|
1
|
-
|
|
|
|
(53)
|
382
|
(76)
|
|
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 and fixed
assets
|
|
2
|
(16)
|
(15)
|
|
Environmental and other provisions
|
|
(21)
|
(153)
|
-
|
|
Restructuring, integration and rationalization costs
|
|
(15)
|
(35)
|
(8)
|
|
Fair value gain (loss) on embedded derivatives
|
|
-
|
-
|
-
|
|
Gulf of Mexico oil spill(d)
|
|
(86)
|
(2,221)
|
(35)
|
|
Other
|
|
(59)
|
(14)
|
67
|
|
|
|
(179)
|
(2,439)
|
9
|
|
Total before interest and taxation
|
|
(336)
|
(2,201)
|
(427)
|
|
Finance costs(d)
|
|
(120)
|
(124)
|
(126)
|
|
Total before taxation
|
|
(456)
|
(2,325)
|
(553)
|
|
Taxation credit (charge) on non-operating items(e)
|
|
88
|
669
|
248
|
|
Taxation - impact of US tax reform(f)
|
|
121
|
(859)
|
-
|
|
Total after taxation for period
|
|
(247)
|
(2,515)
|
(305)
|
|
(a)
|
Fourth quarter 2017 includes an impairment charge relating to the
US Lower 48 business, partially offset by gains associated with
asset divestments. First quarter 2017 includes an impairment charge
arising following the announcement of the agreement to sell the
Forties Pipeline System business to INEOS.
|
|
(b)
|
Fourth
quarter 2017 includes BP's share of an impairment reversal
recognized by the Angola LNG equity-accounted entity, partially
offset by other items.
|
|
(c)
|
Fourth
quarter 2017 gain primarily reflects the disposal of our
shareholding in the SECCO joint venture.
|
|
(d)
|
See
Note 2 for further details regarding costs relating to the Gulf of
Mexico oil spill.
|
|
(e)
|
Fourth
quarter 2017 includes the tax effect of the increase in the
provision in the fourth quarter for business economic loss and
other claims associated with the Deepwater Horizon Court Supervised
Settlement Program (DHCSSP) at the new US tax rate.
|
|
(f)
|
Fourth
quarter 2017 includes the impact of US tax reform, which reduced
the US federal corporate income tax rate from 35% to 21% effective
from 1 January 2018. The impact disclosed has been calculated as
the change in deferred tax balances at 31 December 2017, excluding
the increase in the provision in the fourth quarter for business
economic loss and other claims associated with the DHCSSP, which
arises following the reduction in the tax rate. First quarter 2018
reflects a further impact following a clarification of the tax
reform. The impact of the US tax reform has been treated as a
non-operating item because it is not considered to be part of
underlying business operations, has a material impact upon the
reported result and is substantially impacted by Gulf of Mexico oil
spill charges, which are also treated as non-operating items.
Separate disclosure is considered meaningful and relevant to
investors.
|
|
|
|
|
|
First
|
Fourth
|
First
|
|
|
|
quarter
|
quarter
|
quarter
|
|
$ million
|
|
2018
|
2017
|
2017
|
|
Favourable (adverse) impact relative to management's
measure
|
|
|
|
|
|
of performance
|
|
|
|
|
|
Upstream
|
|
121
|
(151)
|
246
|
|
Downstream
|
|
(60)
|
(83)
|
40
|
|
|
|
61
|
(234)
|
286
|
|
Taxation credit (charge)
|
|
(11)
|
59
|
(79)
|
|
|
|
50
|
(175)
|
207
|
|
|
|
|
|
First
|
Fourth
|
First
|
|
|
|
quarter
|
quarter
|
quarter
|
|
$ million
|
|
2018
|
2017
|
2017
|
|
Upstream
|
|
|
|
|
|
Replacement cost profit before interest and tax
|
|
|
|
|
|
adjusted for fair value accounting effects
|
|
3,053
|
2,079
|
1,010
|
|
Impact of fair value accounting effects
|
|
121
|
(151)
|
246
|
|
Replacement cost profit before interest and tax
|
|
3,174
|
1,928
|
1,256
|
|
Downstream
|
|
|
|
|
|
Replacement cost profit before interest and tax
|
|
|
|
|
|
adjusted for fair value accounting effects
|
|
1,773
|
1,856
|
1,666
|
|
Impact of fair value accounting effects
|
|
(60)
|
(83)
|
40
|
|
Replacement cost profit before interest and tax
|
|
1,713
|
1,773
|
1,706
|
|
Total group
|
|
|
|
|
|
Profit (loss) before interest and tax adjusted for fair value
accounting effects
|
|
4,434
|
2,090
|
2,342
|
|
Impact of fair value accounting effects
|
|
61
|
(234)
|
286
|
|
Profit (loss) before interest and tax
|
|
4,495
|
1,856
|
2,628
|
|
|
|
31 March
|
31 December
|
|
$ million
|
|
2018
|
2017
|
|
RMI at fair value*
|
|
7,353
|
5,661
|
|
Paid-up RMI*
|
|
3,623
|
2,688
|
|
|
|
31 March
|
31 December
|
|
$ million
|
|
2018
|
2017
|
|
Reconciliation of total inventory to paid-up RMI
|
|
|
|
|
Inventories as reported on the group balance sheet under
IFRS
|
|
20,802
|
19,011
|
|
Less: (a) inventories which are not oil and oil products and (b)
oil and oil
|
|
|
|
|
product inventories which are not risk-managed by
IST
|
|
(14,020)
|
(13,929)
|
|
|
|
6,782
|
5,082
|
|
Plus: difference between RMI at fair value and RMI on an IFRS
basis
|
|
571
|
579
|
|
RMI at fair value
|
|
7,353
|
5,661
|
|
Less: unpaid RMI* at fair value
|
|
(3,730)
|
(2,973)
|
|
Paid-up RMI
|
|
3,623
|
2,688
|
|
|
|
|
|
First
|
Fourth
|
First
|
|
|
|
quarter
|
quarter
|
quarter
|
|
|
|
2018
|
2017
|
2017
|
|
Average realizations(a)
|
|
|
|
|
|
Liquids* ($/bbl)
|
|
|
|
|
|
US
|
|
57.77
|
51.50
|
46.34
|
|
Europe
|
|
65.81
|
57.92
|
53.28
|
|
Rest of World
|
|
63.30
|
59.09
|
51.79
|
|
BP Average
|
|
61.40
|
56.16
|
49.87
|
|
Natural gas ($/mcf)
|
|
|
|
|
|
US
|
|
2.25
|
2.28
|
2.50
|
|
Europe
|
|
7.18
|
5.56
|
5.40
|
|
Rest of World
|
|
4.22
|
3.51
|
3.85
|
|
BP Average
|
|
3.78
|
3.23
|
3.50
|
|
Total hydrocarbons* ($/boe)
|
|
|
|
|
|
US
|
|
39.65
|
35.75
|
34.29
|
|
Europe
|
|
60.78
|
52.17
|
46.69
|
|
Rest of World
|
|
40.54
|
37.27
|
37.93
|
|
BP Average
|
|
41.39
|
37.48
|
37.19
|
|
Average oil marker prices ($/bbl)
|
|
|
|
|
|
Brent
|
|
66.82
|
61.26
|
53.69
|
|
West Texas Intermediate
|
|
62.90
|
55.23
|
51.70
|
|
Western Canadian Select
|
|
36.84
|
38.74
|
38.77
|
|
Alaska North Slope
|
|
67.20
|
61.31
|
53.82
|
|
Mars
|
|
62.44
|
57.70
|
49.59
|
|
Urals (NWE - cif)
|
|
65.27
|
60.17
|
51.88
|
|
Average natural gas marker prices
|
|
|
|
|
|
Henry Hub gas price(b) ($/mmBtu)
|
|
3.01
|
2.93
|
3.32
|
|
UK Gas - National Balancing Point (p/therm)
|
|
57.97
|
51.94
|
48.19
|
|
(a)
|
Based
on sales of consolidated subsidiaries only - this excludes
equity-accounted entities.
|
|
(b)
|
Henry
Hub First of Month Index.
|
|
|
|
First
|
Fourth
|
First
|
|
|
|
quarter
|
quarter
|
quarter
|
|
|
|
2018
|
2017
|
2017
|
|
$/£ average rate for the period
|
|
1.39
|
1.33
|
1.24
|
|
$/£ period-end rate
|
|
1.41
|
1.34
|
1.25
|
|
|
|
|
|
|
|
$/€ average rate for the period
|
|
1.23
|
1.18
|
1.07
|
|
$/€ period-end rate
|
|
1.24
|
1.19
|
1.07
|
|
|
|
|
|
|
|
Rouble/$ average rate for the period
|
|
56.88
|
58.46
|
58.72
|
|
Rouble/$ period-end rate
|
|
57.72
|
57.60
|
56.01
|
|
|
|
|
|
|
|
|
|
|
|
Contacts
|
||
|
|
London
|
Houston
|
|
|
|
|
|
Press
Office
|
David
Nicholas
|
Brett
Clanton
|
|
|
+44
(0)20 7496 4708
|
+1 281
366 8346
|
|
|
|
|
|
Investor
Relations
|
Craig
Marshall
|
Brian
Sullivan
|
|
bp.com/investors
|
+44
(0)20 7496 4962
|
+1 281
892 3421
|
|
|
BP
p.l.c.
|
|
|
(Registrant)
|
|
|
|
|
Dated: 01
May 2018
|
|
|
|
/s/ D.
J. JACKSON
|
|
|
------------------------
|
|
|
D. J.
JACKSON
|
|
|
Company
Secretary
|