LONDON, April 29 /PRNewswire-FirstCall/ --
First
First Fourth First quarter
quarter quarter quarter 2008 vs
2008 2007 2007 2007
$ million
Profit for the period(a) 7,619 4,399 4,664
Inventory holding (gains) losses,
net of tax(b) (1,031) (1,004) (220)
Replacement cost profit(b) 6,588 3,395 4,444 48%
- per ordinary share (pence) 17.63 8.75 11.76
- per ordinary share (cents) 34.90 17.90 22.93 52%
- per ADS (dollars) 2.09 1.07 1.38
-- BP's first-quarter replacement cost profit was $6,588 million, compared
with $4,444 million a year ago, an increase of 48%.
-- Non-operating items and fair value accounting effects for the first
quarter had a net $4 million unfavourable impact compared to a net
$36 million favourable impact in the first quarter of 2007 -- see
further details on page 3. Non-operating items for the first quarter
included a pre-tax charge of $307 million for restructuring,
integration and rationalization costs associated with BP's forward
agenda.
-- Net cash provided by operating activities for the quarter was $10.9
billion compared with $8.0 billion a year ago.
-- The effective tax rate on replacement cost profit(b) for the quarter
was 37%; the rate was 34% a year ago.
-- Net debt at the end of the quarter was $23.8 billion. The ratio of net
debt to net debt plus equity was 19% compared with 20% a year ago. Net
debt has been redefined as described on page 5.
-- Capital expenditure, excluding acquisitions and asset exchanges, was
$7.1 billion for the quarter. Total capital expenditure and
acquisitions was $9.0 billion. Capital expenditure excluding
acquisitions and asset exchanges, and excluding the accounting for our
transaction with Husky, is expected to be around $21-22 billion for the
year. Disposal proceeds were $0.3 billion for the quarter.
-- The quarterly dividend, to be paid in June, is 13.525 cents per share
($0.8115 per ADS) compared with 10.325 cents per share a year ago, an
increase of 31%. In sterling terms, the quarterly dividend is 6.830
pence per share, compared with 5.151 pence per share a year ago, an
increase of 33%. During the quarter, the company repurchased 91 million
of its own shares for cancellation at a cost of $1 billion.
(a) Profit attributable to BP shareholders.
(b) With effect from 1 January 2008, replacement cost profit excludes
inventory holding gains and losses net of tax. Comparative amounts
have been amended to the new basis. See page 2 for further details.
The commentaries above and following are based on replacement cost
profit and should be read in conjunction with the cautionary statement on
page 11.
Analysis of replacement cost profit and reconciliation to profit
for the period
First Fourth First
quarter quarter quarter
2008 2007 2007
$ million
Exploration and Production 10,072 7,870 6,306
Refining and Marketing 1,249 (1,296) 804
Other businesses and corporate (213) (427) (98)
Consolidation adjustment (195) (267) 42
RC profit before interest and tax(a) 10,913 5,880 7,054
Finance costs and net finance income
relating to pensions and other
post-retirement benefits (246) (242) (171)
Taxation on a replacement cost basis(b) (3,947) (2,138) (2,357)
Minority interest (132) (105) (82)
Replacement cost profit attributable
to BP shareholders(b) 6,588 3,395 4,444
Inventory holding gains (losses) 1,593 1,427 303
Taxation (charge) credit on inventory
holding gains and losses(b) (562) (423) (83)
Profit for the period attributable to
BP shareholders 7,619 4,399 4,664
(a) Replacement cost profit reflects the current cost of supplies. The
replacement cost profit for the period is arrived at by excluding from
profit inventory holding gains and losses. BP uses this measure to
assist investors to assess BP's performance from period to period.
Replacement cost profit is not a recognized GAAP measure.
(b) Effective 1 January 2008, replacement cost profit excludes inventory
holding gains and losses and their associated tax effect. Previously,
replacement cost profit excluded inventory holding gains and losses
while the tax charge remained unadjusted and included the tax effect
on inventory holding gains and losses. Comparative amounts have been
amended to the new basis and the impact of the change is shown in the
table below. There is no impact on profit for the period.
Fourth First
quarter quarter
2007 2007
$ million
Replacement cost profit attributable to BP shareholders
-as previously reported 2,972 4,361
-tax effect on inventory holding gains and losses 423 83
-as amended 3,395 4,444
Non-operating items and fair value accounting effects
Non-operating items(a)
First Fourth First
quarter quarter quarter
2008 2007 2007
$ million
Exploration and Production (376) (654) 757
Refining and Marketing 609 (1,146) (229)
Other businesses and corporate (81) (87) 34
152 (1,887) 562
Taxation(b) (56) 715 (192)
96 (1,172) 370
Fair value accounting effects(c)
First Fourth First
quarter quarter quarter
$ million 2008 2007 2007
Exploration and Production
Unrecognized gains (losses) brought forward
from previous period 107 234 155
Unrecognized (gains) losses carried forward (366) (107) (124)
Favourable (unfavourable) impact relative to
management's measure of performance (259) 127 31
Refining and Marketing(d)
Unrecognized gains (losses) brought forward
from previous period 429 367 72
Unrecognized (gains) losses carried forward (328) (429) (611)
Favourable (unfavourable) impact relative to
management's measure of performance 101 (62) (539)
(158) 65 (508)
Taxation(b) 58 (25) 174
(100) 40 (334)
Total of non-operating items and fair value accounting effects
First Fourth First
quarter quarter quarter
2008 2007 2007
$ million
Exploration and Production (635) (527) 788
Refining and Marketing 710 (1,208) (768)
Other businesses and corporate (81) (87) 34
(6) (1,822) 54
Taxation(b) 2 690 (18)
(4) (1,132) 36
(a) An analysis of non-operating items by type is provided on page 20 and
a geographical split is shown on pages 7, 9 and 10.
(b) Tax is calculated using the quarter's effective tax rate on
replacement cost profit. Amounts for comparative periods have been
amended to reflect a redefinition of the effective tax rate on
replacement cost profit arising as a result of the exclusion of tax
effects on inventory holding gains and losses as described on page 2.
(c) An explanation of fair value accounting effects is provided on page
11.
(d) Fair value accounting effects, in respect of the first quarter 2007
for the Refining and Marketing segment, have been revised from those
disclosed previously. The revisions reflect changes in the basis for
valuation of certain forward supply contracts to be consistent with
the method used for other forward supply contracts when calculating
management's internal measure of performance. The changes to
comparative figures are not material in relation to management's
internal measure of the Refining and Marketing segment's performance.
The changes have no impact on the results reported under IFRS.
Per share amounts
First Fourth First
quarter quarter quarter
2008 2007 2007
Results for the period ($ million)
Profit(a) 7,619 4,399 4,664
Replacement cost profit 6,588 3,395 4,444
Shares in issue at period end
(thousand)(b) 18,877,537 18,922,786 19,290,540
--ADS equivalent (thousand)(b) 3,146,256 3,153,798 3,215,090
Average number of shares
outstanding (thousand)(b) 18,875,611 18,979,138 19,384,508
--ADS equivalent (thousand)(b) 3,145,935 3,163,190 3,230,751
Shares repurchased in the
period (thousand) 90,996 121,175 237,916
Per ordinary share (cents)
Profit for the period 40.36 23.15 24.06
RC profit for the period 34.90 17.90 22.93
Per ADS (cents)
Profit for the period 242.16 138.90 144.36
RC profit for the period 209.40 107.40 137.58
(a) Profit attributable to BP shareholders.
(b) Excludes treasury shares.
Dividends
Dividends Payable
BP today announced a dividend of 13.525 cents per ordinary share to be
paid in June. Holders of ordinary shares will receive 6.830 pence per share
and holders of American Depository Receipts (ADRs) $0.8115 per ADS. The
dividend is payable on 9 June to shareholders on the register on 16 May.
Participants in the Dividend Reinvestment Plan (DRIP) or the DRIP facility
in the US Direct Access Plan will receive the dividend in the form of
shares, also on 9 June.
Dividends Paid
First Fourth First
quarter quarter quarter
2008 2007 2007
Dividends paid per ordinary share
cents 13.525 10.825 10.325
pence 6.813 5.308 5.258
Dividends paid per ADS (cents) 81.15 64.95 61.95
Net debt ratio - net debt: net debt + equity
First Fourth First
quarter quarter quarter
2008 2007 2007
$ million
Gross debt 29,871 31,045 23,728
Less: fair value asset (liability) of
hedges related to finance debt 1,234 666 328
28,637 30,379 23,400
Cash and cash equivalents 4,820 3,562 1,956
Net debt 23,817 26,817 21,444
Equity 99,704 94,652 85,749
Net debt ratio 19% 22% 20%
Net debt has been redefined to include the fair value of associated
derivative financial instruments that are used to hedge foreign exchange
and interest rate risks relating to finance debt, for which hedge
accounting is claimed. The derivatives are reported on the balance sheet
within the headings 'Derivative financial instruments'. Amounts for
comparative periods are presented on a consistent basis. See note 2(c) on
page 24 for further information.
Exploration and Production
$ million First Fourth First
quarter quarter quarter
2008 2007 2007
Profit before interest and
tax(a) 10,054 7,950 6,317
Inventory holding
(gains) losses 18 (80) (11)
Replacement cost profit
before interest and tax 10,072 7,870 6,306
By region:
UK 923 725 1,122
Rest of Europe 276 266 727
US 3,085 2,240 1,731
Rest of World 5,788 4,639 2,726
10,072 7,870 6,306
(a) Includes profit after interest and tax of equity-accounted entities.
The replacement cost profit before interest and tax for the first
quarter was $10,072 million, an increase of 60% over the first quarter of
2007. This result benefited from higher oil and gas realizations and a
higher contribution from the gas marketing and trading and LNG businesses.
This was partly offset by higher costs, primarily reflecting the impacts of
higher depreciation and sector-specific inflation. The result also included
higher income from equity-accounted entities, primarily from TNK-BP due to
higher prices. In addition, BP's share of income from TNK-BP benefited from
the effect of lagged tax reference prices.
The result included a net non-operating charge of $376 million with the
most significant items being fair value losses on embedded derivatives
partly offset by the release of certain provisions. The corresponding
quarter in 2007 contained a net non-operating gain of $757 million. In the
first quarter, fair value accounting effects had an unfavourable impact of
$259 million compared with a favourable impact of $31 million a year ago.
Reported production for the quarter was 3,913mboe/d and was flat
compared with the first quarter of 2007. After adjusting for the impact of
lower entitlement in our production-sharing agreements (PSAs), production
was more than 5% higher than the first quarter of 2007. This primarily
reflects the ramp-up of production following the start-up of major projects
in 2007. As previously indicated, if oil prices remain at $100 per barrel
we expect 2008 reported production to be broadly flat compared with 2007,
with underlying production growth being offset by PSA entitlement impacts.
We expect the quarterly phasing of underlying production during the year to
reflect the normal seasonal effects associated with turnaround activity in
the second and third quarters.
During the quarter, we had first production from the Mondo field within
the Kizomba C development in Angola, where BP holds a 26.67% interest.
Shortly after the end of the quarter, production commenced at Deep Water
Gunashli on schedule; this completes the third and final phase of
development of the Azeri-Chirag-Gunashli field (BP 34.1% and operator) in
the Azerbaijan sector of the Caspian Sea. We had exploration success in
Angola with the Portia discovery, in Egypt with the Satis discovery and in
the North Sea with a discovery close to the Foinaven production facility.
On 31 March, we completed the deal with Husky Energy Inc. to create an
integrated North American oil sands business by means of two separate joint
ventures, one of which gives BP a 50% interest in Husky's Sunrise field in
Alberta, Canada. Capital expenditure of $2,848 million in respect of this
transaction is reflected in the first quarter of 2008.
Shortly after the end of the quarter, we announced the Kodiak discovery
in the deepwater Gulf of Mexico and, jointly with ConocoPhillips, announced
that we have combined resources to start Denali - The Alaska Gas Pipeline.
Exploration and Production
$ million First Fourth First
quarter quarter quarter
2008 2007 2007
Non-operating items
UK (694) (567) 152
Rest of Europe - (3) 533
US (8) 213 (7)
Rest of World 326 (297) 79
(376) (654) 757
Fair value accounting effects(a)
UK 17 (11) 38
Rest of Europe - - -
US (142) 19 (6)
Rest of World (134) 119 (1)
(259) 127 31
Exploration expense
UK 92 17 20
Rest of Europe - - -
US 72 61 77
Rest of World 129 123 59
293 201 156
Production (net of royalties)(b)
Liquids (mb/d) (net of royalties)(c)
UK 191 199 236
Rest of Europe 44 50 59
US 554 523 526
Rest of World 1,664 1,697 1,625
2,453 2,469 2,446
Natural gas (mmcf/d) (net of royalties)
UK 971 853 907
Rest of Europe 25 26 41
US 2,149 2,183 2,163
Rest of World 5,319 5,275 5,391
8,464 8,337 8,502
Total hydrocarbons (mboe/d)(d)
UK 358 346 393
Rest of Europe 48 55 66
US 925 900 899
Rest of World 2,582 2,606 2,554
3,913 3,907 3,912
Average realizations(e)
Total liquids ($/bbl) 90.92 82.72 53.43
Natural gas ($/mcf) 5.88 4.83 4.86
Total hydrocarbons ($/boe) 62.27 56.03 41.06
(a) These effects represent the favourable (unfavourable) impact relative
to management's measure of performance. Further information on fair
value accounting effects is provided on pages 3 and 11.
(b) Includes BP's share of production of equity-accounted entities.
(c) Crude oil and natural gas liquids.
(d) Natural gas is converted to oil equivalent at 5.8 billion cubic feet =
1 million barrels.
(e) Based on sales of consolidated subsidiaries only -- this excludes
equity-accounted entities.
(f) Because of rounding, some totals may not agree exactly with the sum of
their component parts.
Refining and Marketing
First Fourth First
quarter quarter quarter
2008 2007 2007
$ million
Profit (loss) before interest and tax(a) 2,840 67 1,095
Inventory holding (gains) losses (1,591) (1,363) (291)
Replacement cost profit (loss)
before interest and tax 1,249 (1,296) 804
By region:
UK 107 134 (42)
Rest of Europe 629 278 298
US 154 (1,805) 129
Rest of World 359 97 419
1,249 (1,296) 804
(a) Includes profit after interest and tax of equity-accounted entities.
Refining and Marketing comprises Fuels Value Chains (FVC) and
International Businesses. The FVCs include refineries, supply, logistics
and marketing and trading activities. The International Businesses include
lubricants, chemicals, LPG, aviation and marine fuels.
The replacement cost profit before interest and tax for the first
quarter was $1,249 million compared with $804 million for the same period
last year. The quarter's result included a net non-operating gain of $609
million, primarily in respect of the gain recognized on the contribution of
the Toledo refinery into a joint venture with Husky Energy Inc., as part of
the integrated North American oil sands deal completed on 31 March 2008.
This compares with a net non-operating charge of $229 million for the same
period last year. In the first quarter, fair value accounting effects had a
favourable impact of $101 million. A year ago, the impact was $539 million
unfavourable.
Compared with the first quarter of 2007, our result reflected the
adverse impacts of a significantly lower US refining margin environment and
higher turnaround activities, primarily at the Carson refinery.
In the FVCs, we saw weaker US integrated margins, particularly on the
West Coast, which more than offset improved performance in other regions.
The average refining Global Indicator Margin (GIM) and BP's actual refining
margin for the first quarter were both significantly lower than those in
the first quarter of 2007. Marketing margins were steady year on year, with
slightly lower volumes versus a year ago.
Refining availability continued to improve for the sixth successive
quarter, reaching 88.0% for the first quarter of 2008 compared with 81.6%
in the first quarter of 2007. During the quarter, we completed the largest
turnaround in the history of the Carson refinery, restored the Whiting
refinery to its full clean fuel capability of 360mb/d in March and
successfully restarted the sour crude distillation capacity at the Texas
City refinery with most of its economic capability on track to be restored
by mid-2008.
Refining throughput for the quarter was 2,166mb/d compared with
2,232mb/d for the same quarter last year. The lower throughput was mainly
due to the turnaround activities at Carson.
Our International Businesses made a significant contribution to the
segment result in both the first quarter and in the same period a year ago.
We continued to make progress on reducing complexity and costs in the
lubricants and aviation fuels businesses through portfolio simplification.
Operations at our new 900ktepa Zhuhai purified terephthalic acid (PTA)
plant, which was successfully commissioned in early 2008, continued to
improve with the production rate reaching over 90% in March.
On 17 March 2008, BP and Irving Oil entered into a memorandum of
understanding to work together on the next phase of engineering, design,
and feasibility for the proposed Eider Rock refinery in Saint John, New
Brunswick, Canada. BP will contribute $40 million as its share of funding
for this stage of the study and the two companies will also investigate the
possibility of forming a joint venture to build the refinery should they
decide to proceed.
Refining margins have improved to date in the second quarter but still
remain significantly lower than the same quarter last year. The segment
marketing businesses are likely to continue to experience pressure from the
effects of higher product prices and a slowing of the OECD economies. We
expect continued improvement in BP's refining availability as the units at
Texas City come onstream progressively during the rest of the year.
Refining and Marketing
First Fourth First
quarter quarter quarter
$ million 2008 2007 2007
Non-operating items
UK (49) (10) (163)
Rest of Europe (85) (56) (12)
US 774 (977) (58)
Rest of World (31) (103) 4
609 (1,146) (229)
Fair value accounting effects(a)
UK (4) 1 (181)
Rest of Europe 36 5 (165)
US 95 (32) (165)
Rest of World (26) (36) (28)
101 (62) (539)
Refinery throughputs (mb/d)
UK - - 148
Rest of Europe 775 689 640
US 1,076 996 1,152
Rest of World 315 313 292
Total throughput 2,166 1,998 2,232
Refining availability (%)(b) 88.0 84.0 81.6
Oil sales volumes (mb/d)
Refined products
UK 321 328 335
Rest of Europe 1,244 1,330 1,246
US 1,455 1,455 1,564
Rest of World 692 680 624
Total marketing sales 3,712 3,793 3,769
Trading/supply sales 2,047 1,696 2,026
Total refined product sales 5,759 5,489 5,795
Crude oil 1,860 1,659 2,017
Total oil sales 7,619 7,148 7,812
Global Indicator Refining Margin ($/bbl)(c)
NWE 4.79 4.84 4.16
USGC 6.21 6.82 10.14
Midwest 1.11 3.39 7.62
USWC 5.91 8.49 22.21
Singapore 4.76 5.80 4.84
BP Average 4.57 5.68 9.45
Chemicals production (kte)
UK 261 228 256
Rest of Europe 708 660 748
US 1,036 1,088 1,076
Rest of World 1,531 1,497 1,520
Total production 3,536 3,473 3,600
(a) These effects represent the favourable (unfavourable) impact relative
to management's measure of performance. Further information on fair
value accounting effects is provided on pages 3 and 11.
(b) Refining availability is defined as the ratio of units which are
available for processing, regardless of whether they are actually
being used, to total capacity. Where there is planned maintenance,
such capacity is not regarded as being available.
(c) The Global Indicator Refining Margin (GIM) is the average of regional
indicator margins weighted for BP's crude refining capacity in each
region. Each regional indicator margin is based on a single
representative crude with product yields characteristic of the typical
level of upgrading complexity. The regional indicator margins may not
be representative of the margins achieved by BP in any period because
of BP's particular refinery configurations and crude and product
slate.
Other businesses and corporate
First Fourth First
quarter quarter quarter
$ million 2008 2007 2007
Profit (loss) before interest and tax(a) (193) (443) (97)
Inventory holding (gains) losses (20) 16 (1)
Replacement cost profit (loss) before
interest and tax (213) (427) (98)
By region:
UK (119) (87) (26)
Rest of Europe - 5 21
US (152) (336) (133)
Rest of World 58 (9) 40
(213) (427) (98)
Results include:
Non-operating items
UK (6) (28) -
Rest of Europe (13) (2) 28
US (49) (57) 6
Rest of World (13) - -
(81) (87) 34
(a) Includes profit after interest and tax of equity-accounted entities.
Other businesses and corporate comprises the Alternative Energy
business, Shipping, the group's aluminium asset, Treasury (which includes
interest income on the group's cash and cash equivalents), and corporate
activities worldwide.
The replacement cost profit before interest and tax for the first
quarter was a loss of $213 million, compared with a loss of $98 million a
year ago.
The net non-operating charge for the first quarter was $81 million,
including a charge for restructuring costs and other provisions, partly
offset by a net disposal gain. This compares with a net non-operating gain
of $34 million a year ago.
Our estimates of 2008 charges for Other businesses and corporate,
excluding non-operating items, remain in line with the $1,500 million (+/-
$200 million) guidance provided in our 2008 strategy presentation.
At the start of the year, our Alternative Energy business broadened its
scope to include BP's biofuels business, carbon capture and storage (CCS),
clean coal and distributed energy, alongside the existing solar, wind,
gas-fired power and hydrogen energy activities. In January, we announced
our intention to pursue development options for a hydrogen power plant in
Abu Dhabi with Abu Dhabi Future Energy Company (Masdar), through our
Hydrogen Energy joint venture with Rio Tinto.
In addition, Alternative Energy and Dominion entered into a 50:50 joint
venture to develop a wind farm in Indiana with a nameplate capacity of
300MW and we formed a 50:50 joint venture with NRG Energy, Inc. for the
development and operation of a commercial wind farm, intended to be located
in Texas and with a nameplate capacity of 150MW. Since the end of the
quarter, we announced our intention to take a 50% stake in Tropical
BioEnergia SA, a joint venture established by Brazilian companies Santelisa
Vale and Maeda Group, which is constructing an ethanol refinery in Brazil
and also plans to build a second refinery.
In 2008, Alternative Energy expects to achieve total solar cell sales of
170MW and to install total gross capacity for wind generation of 1GW. We plan
to report changes to wind and solar capacity on a quarterly basis. Since the
beginning of 2007, additional solar manufacturing capacity has been added at
our Madrid plant and wind capacity has been added at Cedar Creek in Colorado,
USA and Dhule in India.
First Fourth First
quarter quarter quarter
2008 2007 2007
Total capacity as at
period-end (megawatts)
Wind(a) 373 373 32
Solar(b) 228 228 201
(a) Wind capacity is the sum of the rated capacities of the
assets/turbines that have entered into commercial operation, including
jointly controlled entities (gross).
(b) Solar capacity is the theoretical cell production capacity per annum
of in-house manufacturing facilities, including jointly controlled
entities (gross).
Information on fair value accounting effects
BP uses derivative instruments to manage the economic exposure relating
to inventories above normal operating requirements of crude oil, natural
gas and petroleum products as well as certain contracts to supply physical
volumes at future dates. Under IFRS, these inventories and contracts are
recorded at historic cost and on an accruals basis respectively. The
related derivative instruments, however, are required to be recorded at
fair value with gains and losses recognized in income because hedge
accounting is either not permitted or not followed, principally due to the
impracticality of effectiveness testing requirements. Therefore,
measurement differences in relation to recognition of gains and losses
occur. Gains and losses on these inventories and contracts are not
recognized until the commodity is sold in a subsequent accounting period.
Gains and losses on the related derivative commodity contracts are
recognized in the income statement from the time the derivative commodity
contract is entered into on a fair value basis using forward prices
consistent with the contract maturity.
IFRS requires that inventory held for trading be recorded at its fair
value using period end spot prices whereas any related derivative commodity
instruments are required to be recorded at values based on forward prices
consistent with the contract maturity. Depending on market conditions,
these forward prices can be either higher or lower than spot prices
resulting in measurement differences.
BP enters into contracts for pipelines and storage capacity which,
under IFRS, are recorded on an accruals basis. These contracts are risk
managed using a variety of derivative instruments which are fair valued
under IFRS. This results in measurement differences in relation to
recognition of gains and losses.
The way that BP manages the economic exposures described above, and
measures performance internally, differs from the way these activities are
measured under IFRS. BP calculates this difference by comparing the IFRS
result with management's internal measure of performance, under which the
inventory and the supply and capacity contracts in question are valued
based on fair value using relevant forward prices prevailing at the end of
the period. We believe that disclosing management's estimate of this
difference provides useful information for investors because it enables
investors to see the economic effect of these activities as a whole. The
impacts of fair value accounting effects, relative to management's internal
measure of performance, are shown in the table on page 3. Information for
all quarters of 2005 - 2007 can be found at http://www.bp.com/FVAE.
Cautionary statement: The foregoing discussion contains forward-looking
statements particularly those regarding production, restoration of refinery
economic capability, refining margins, likely continuing pressures on
marketing businesses, improvements in refining availability, expected total
solar cell sales and installed total gross capacity for wind generation. By
their nature, forward-looking statements involve risk and uncertainty and
actual results may differ from those expressed in such statements depending
on a variety of factors including the following: the timing of bringing new
fields onstream; industry product supply; demand and pricing; operational
problems; general economic conditions; political stability and economic
growth in relevant areas of the world; changes in laws and governmental
regulations; exchange rate fluctuations; development and use of new
technology; the success or otherwise of partnering; the actions of
competitors; natural disasters and adverse weather conditions; changes in
public expectations and other changes to business conditions; wars and acts
of terrorism or sabotage; and other factors discussed in this Announcement.
For more information you should refer to our Annual Report and Accounts
2007 and our 2007 Annual Report on Form 20-F filed with the US Securities
and Exchange Commission.
Group income statement
First Fourth First
quarter quarter quarter
2008 2007 2007
$ million
Sales and other operating revenues 87,745 79,852 61,307
Earnings from jointly controlled
entities - after interest and tax 975 992 333
Earnings from associates - after interest
and tax 225 157 163
Interest and other revenues 278 221 233
Total revenues (Note 4) 89,223 81,222 62,036
Gains on sale of businesses and fixed assets 925 270 680
Total revenues and other income 90,148 81,492 62,716
Purchases 61,533 56,313 42,660
Production and manufacturing expenses 6,799 7,590 5,752
Production and similar taxes (Note 5) 1,609 1,518 747
Depreciation, depletion and amortization 2,782 3,020 2,519
Impairment and losses on sale of
businesses and fixed assets 40 872 223
Exploration expense 293 201 156
Distribution and administration expenses 3,896 4,212 3,457
Fair value (gain) loss on embedded derivatives 690 459 (155)
Profit before interest and taxation 12,506 7,307 7,357
Finance costs (Note 6) 406 408 331
Net finance income relating to pensions and
other post-retirement benefits (Note 7) (160) (166) (160)
Profit before taxation 12,260 7,065 7,186
Taxation 4,509 2,561 2,440
Profit for the period 7,751 4,504 4,746
Attributable to:
BP shareholders 7,619 4,399 4,664
Minority interest 132 105 82
7,751 4,504 4,746
Earnings per share - cents
Profit for the period attributable
to BP shareholders
Basic 40.36 23.15 24.06
Diluted 40.00 22.65 23.94
Group balance sheet
31 March 31 December
2008 2007
$ million
Non-current assets
Property, plant and equipment 99,512 97,989
Goodwill 11,012 11,006
Intangible assets 6,729 6,652
Investments in jointly controlled entities 22,719 18,113
Investments in associates 4,749 4,579
Other investments 1,666 1,830
Fixed assets 146,387 140,169
Loans 1,017 999
Other receivables 983 968
Derivative financial instruments 5,606 3,741
Prepayments 1,208 1,083
Defined benefit pension plan surplus 8,951 8,914
164,152 155,874
Current assets
Loans 160 165
Inventories 26,855 26,554
Trade and other receivables 43,698 38,020
Derivative financial instruments 8,962 6,321
Prepayments 3,771 3,589
Current tax receivable 250 705
Cash and cash equivalents 4,820 3,562
88,516 78,916
Assets classified as held for sale - 1,286
88,516 80,202
Total assets 252,668 236,076
Current liabilities
Trade and other payables 47,546 43,152
Derivative financial instruments 8,356 6,405
Accruals 6,466 6,640
Finance debt 13,820 15,394
Current tax payable 4,798 3,282
Provisions 1,957 2,195
82,943 77,068
Liabilities directly associated with the
assets classified as held for sale - 163
82,943 77,231
Non-current liabilities
Other payables 3,032 1,251
Derivative financial instruments 7,104 5,002
Accruals 959 959
Finance debt 16,051 15,651
Deferred tax liabilities 20,264 19,215
Provisions 13,055 12,900
Defined benefit pension plan and other
post-retirement benefit plan deficits 9,556 9,215
70,021 64,193
Total liabilities 152,964 141,424
Net assets 99,704 94,652
Equity
BP shareholders' equity 98,642 93,690
Minority interest 1,062 962
99,704 94,652
Group statement of recognized income and expense
First Fourth First
quarter quarter quarter
2008 2007 2007
$ million
Currency translation differences 778 304 174
Exchange gain on translation of foreign
operations transferred to gain on sale
of businesses and fixed assets - - (19)
Actuarial gain relating to pensions and
other post-retirement benefits - 1,717 -
Available-for-sale investments marked
to market (191) 225 (109)
Available-for-sale investments - recycled
to the income statement (5) - -
Cash flow hedges marked to market 74 (25) 28
Cash flow hedges - recycled to the income
statement (2) 12 (60)
Cash flow hedges - recycled to the balance
sheet (23) (31) (7)
Taxation (118) (181) (77)
Net income (expense) recognized directly
in equity 513 2,021 (70)
Profit for the period 7,751 4,504 4,746
Total recognized income and expense for
the period 8,264 6,525 4,676
Attributable to:
BP shareholders 8,128 6,448 4,578
Minority interest 136 77 98
8,264 6,525 4,676
Movement in shareholders' equity
BP
shareholders' Minority Total
equity interest equity
$ million
At 31 December 2007 93,690 962 94,652
Currency translation differences (net of tax) 843 4 847
Available-for-sale investments (net of tax) (168) - (168)
Cash flow hedges (net of tax) 49 - 49
Tax on share-based payments (215) - (215)
Profit for the period 7,619 132 7,751
Total recognized income and expense
for the period 8,128 136 8,264
Dividends (2,554) (36) (2,590)
Net repurchase of ordinary share capital (795) - (795)
Share-based payments 173 - 173
At 31 March 2008 98,642 1,062 99,704
Group cash flow statement
First Fourth First
quarter quarter quarter
2008 2007 2007
$ million
Operating activities
Profit before taxation 12,260 7,065 7,186
Adjustments to reconcile profit before
taxation to net cash
provided by operating activities
Exploration expenditure written off 184 86 55
Depreciation, depletion and amortization 2,782 3,020 2,519
Impairment and (gain) loss on sale of
businesses and fixed assets (885) 602 (457)
Earnings from jointly controlled entities
and associates (1,200) (1,149) (496)
Dividends received from jointly controlled
entities and associates 1,387 371 229
Working capital and other movements (3,634) (5,706) (1,058)
Net cash provided by operating activities 10,894 4,289 7,978
Investing activities
Capital expenditure (4,435) (5,515) (3,645)
Acquisitions, net of cash acquired - - (1,087)
Investment in jointly controlled entities (366) (285) (9)
Investment in associates (4) (41) (44)
Proceeds from disposal of fixed assets 276 392 310
Proceeds from disposal of businesses,
net of cash disposed - 5 608
Proceeds from loan repayments 122 69 45
Net cash (used in) provided by
investing activities (4,407) (5,375) (3,822)
Financing activities
Net repurchase of shares (889) (1,352) (2,402)
Proceeds from long-term financing 2,177 5,131 1,358
Repayments of long-term financing (537) (1,596) (1,134)
Net increase (decrease) in short-term
debt (3,424) 2,125 (558)
Dividends paid - BP shareholders (2,554) (2,056) (2,001)
- Minority interest (36) (68) (64)
Net cash (used in) provided by financing
activities (5,263) 2,184 (4,801)
Currency translation differences relating
to cash and cash equivalents 34 54 11
Increase (decrease) in cash and
cash equivalents 1,258 1,152 (634)
Cash and cash equivalents at beginning
of period 3,562 2,410 2,590
Cash and cash equivalents at end of period 4,820 3,562 1,956
Group cash flow statement
First Fourth First
quarter quarter quarter
2008 2007 2007
$ million
Working capital and other movements
Interest receivable (97) (147) (95)
Interest received 99 160 85
Finance costs 406 408 331
Interest paid (366) (395) (333)
Net finance income relating to pensions
and other post-retirement benefits (160) (166) (160)
Share-based payments 65 109 75
Net operating charge for pensions and other
post-retirement benefits, less contributions
and benefit payments for unfunded plans 117 (225) (87)
Net charge for provisions, less payments (165) (40) (157)
(Increase) decrease in inventories 276 (5,121) (648)
(Increase) decrease in other current and
non-current assets (9,844) 1,736 3,139
Increase (decrease) in other current and
non-current liabilities 7,995 676 (2,000)
Income taxes paid (1,960) (2,701) (1,208)
(3,634) (5,706) (1,058)
Capital expenditure and acquisitions
First Fourth First
quarter quarter quarter
2008 2007 2007
$ million
By business
Exploration and Production
UK 225 303 222
Rest of Europe 168 145 87
US 1,215 1,311 1,067
Rest of World(a) 4,394 2,391 1,647
6,002 4,150 3,023
Refining and Marketing
UK 53 151 70
Rest of Europe(b) 216 683 1,210
US(a) 2,297 757 269
Rest of World 102 294 80
2,668 1,885 1,629
Other businesses and corporate
UK 71 119 44
Rest of Europe 13 20 9
US 267 324 51
Rest of World 24 115 4
375 578 108
9,045 6,613 4,760
By geographical area
UK 349 573 336
Rest of Europe(b) 397 848 1,306
US(a) 3,779 2,392 1,387
Rest of World(a) 4,520 2,800 1,731
9,045 6,613 4,760
Included above:
Acquisitions and asset exchanges(a) (b) 1,964 - 1,113
(a) First quarter 2008 includes capital expenditure of $2,848 million in
Exploration and Production and an asset exchange of $1,793 million in
Refining and Marketing relating to the formation of an integrated
North American oil sands business. For further information see Note 3.
(b) First quarter 2007 includes $1,108 million for the acquisition of
Chevron's Netherlands manufacturing company.
Exchange rates
First Fourth First
quarter quarter quarter
2008 2007 2007
US dollar/sterling average rate for the period 1.98 2.05 1.95
US dollar/sterling period-end rate 1.99 1.99 1.96
US dollar/euro average rate for the period 1.50 1.45 1.31
US dollar/euro period-end rate 1.58 1.47 1.33
Analysis of profit before interest and tax
First Fourth First
quarter quarter quarter
2008 2007 2007
$ million
By business
Exploration and Production
UK 923 725 1,122
Rest of Europe 276 266 727
US 3,090 2,277 1,740
Rest of World 5,765 4,682 2,728
10,054 7,950 6,317
Refining and Marketing
UK 69 165 (96)
Rest of Europe 944 786 481
US 1,382 (1,215) 296
Rest of World 445 331 414
2,840 67 1,095
Other businesses and corporate
UK (119) (87) (26)
Rest of Europe - 4 21
US (132) (351) (132)
Rest of World 58 (9) 40
(193) (443) (97)
12,701 7,574 7,315
Consolidation adjustment (195) (267) 42
Total for period 12,506 7,307 7,357
By geographical area
UK 873 804 998
Rest of Europe 1,163 988 1,245
US 4,193 521 1,932
Rest of World 6,277 4,994 3,182
Total for period 12,506 7,307 7,357
Analysis of replacement cost profit before interest and tax
First Fourth First
quarter quarter quarter
2008 2007 2007
$ million
By business
Exploration and Production
UK 923 725 1,122
Rest of Europe 276 266 727
US 3,085 2,240 1,731
Rest of World 5,788 4,639 2,726
10,072 7,870 6,306
Refining and Marketing
UK 107 134 (42)
Rest of Europe 629 278 298
US 154 (1,805) 129
Rest of World 359 97 419
1,249 (1,296) 804
Other businesses and corporate
UK (119) (87) (26)
Rest of Europe - 5 21
US (152) (336) (133)
Rest of World 58 (9) 40
(213) (427) (98)
11,108 6,147 7,012
Consolidation adjustment (195) (267) 42
Total for period 10,913 5,880 7,054
By geographical area
UK 911 773 1,052
Rest of Europe 849 480 1,061
US 2,940 (91) 1,756
Rest of World 6,213 4,718 3,185
Total for period 10,913 5,880 7,054
Analysis of non-operating items
First Fourth First
quarter quarter quarter
2008 2007 2007
$ million
By business
Exploration and Production
Impairment and gain (loss) on sale of
businesses and fixed assets 21 149 605
Environmental and other provisions - - -
Restructuring, integration and
rationalization costs (44) (186) -
Fair value gain (loss) on embedded
derivatives (684) (449) 152
Other 331 (168) -
(376) (654) 757
Refining and Marketing
Impairment and gain (loss) on sale of
businesses and fixed assets 814 (728) (179)
Environmental and other provisions - - -
Restructuring, integration and
rationalization costs (205) (118) -
Fair value gain (loss) on embedded
derivatives - - -
Other - (300) (50)
609 (1,146) (229)
Other businesses and corporate
Impairment and gain (loss) on sale of
businesses and fixed assets 50 (23) 31
Environmental and other provisions - - -
Restructuring, integration and
rationalization costs (58) (34) -
Fair value gain (loss) on embedded derivatives (6) (10) 3
Other (67) (20) -
(81) (87) 34
Total before taxation 152 (1,887) 562
Taxation credit (charge)(a) (56) 715 (192)
Total after taxation for period 96 (1,172) 370
(a) Tax on non-operating items is calculated using the quarter's effective
tax rate on replacement cost profit. Amounts for comparative periods
have been amended to reflect a redefinition of the effective tax rate
on replacement cost profit arising as a result of the exclusion of tax
effects on inventory holding gains and losses as described on page 2.
Realizations and marker prices
First Fourth First
quarter quarter quarter
2008 2007 2007
Average realizations(a)
Liquids ($/bbl)(b)
UK 94.86 88.05 55.42
US 87.57 78.28 51.62
Rest of World 92.04 84.51 54.09
BP Average 90.92 82.72 53.43
Natural gas ($/mcf)
UK 8.08 7.83 7.28
US 6.73 5.41 5.76
Rest of World 4.97 3.94 3.90
BP Average 5.88 4.83 4.86
Average oil marker prices ($/bbl)
Brent 96.71 88.45 57.76
West Texas Intermediate 97.86 90.47 58.05
Alaska North Slope US West Coast 96.53 88.65 55.78
Mars 90.89 81.38 53.22
Urals (NWE- cif) 93.35 85.41 54.36
Russian domestic oil 46.86 48.98 27.33
Average natural gas marker prices
Henry Hub gas price ($/mmbtu)(c) 8.03 6.97 6.77
UK Gas - National Balancing Point (p/therm) 52.94 46.70 22.33
(a) Based on sales of consolidated subsidiaries only - this excludes
equity-accounted entities.
(b) Crude oil and natural gas liquids.
(c) Henry Hub First of Month Index.
Notes
1. Basis of preparation
The interim financial information included in this report has been
prepared in accordance with IAS 34 'Interim Financial Reporting'.
The results for the interim periods are unaudited and in the opinion
of management include all adjustments necessary for a fair
presentation of the results for the periods presented. All such
adjustments are of a normal recurring nature. The interim financial
statements and notes included in this Report should be read in
conjunction with the consolidated financial statements and related
notes for the year ended 31 December 2007 included in BP's Annual
Report and Accounts 2007.
BP prepares its consolidated financial statements included within its
Annual Report and Accounts on the basis of International Financial
Reporting Standards (IFRS) as issued by the International Accounting
Standards Board (IASB), IFRS as adopted by the European Union (EU) and
in accordance with the provisions of the Companies Act 1985. IFRS as
adopted by the EU differs in certain respects from IFRS as issued by
the IASB, however, the differences have no impact on the group's
consolidated financial statements for the periods presented. The
financial information presented herein has been prepared in accordance
with the accounting policies expected to be used in preparing the
Annual Report and Accounts 2008, which do not differ significantly
from those used in the Annual Report and Accounts 2007.
2. Resegmentation and other changes to comparatives
(a) Resegmentation
On 11 October 2007, we announced our intention to simplify the
organizational structure of BP. From 1 January 2008, there are only
two business segments -- Exploration and Production and Refining and
Marketing. A separate business, Alternative Energy, handles BP's low-
carbon businesses and future growth options outside oil and gas. This
includes solar, wind, gas-fired power, hydrogen, biofuels and coal
conversion.
As a result, and with effect from 1 January 2008:
- The Gas, Power and Renewables segment ceased to report separately.
- The natural gas liquids (NGLs), liquefied natural gas and gas and
power marketing and trading businesses were transferred from the
Gas, Power and Renewables segment to the Exploration and Production
segment.
- The Alternative Energy business was transferred from the Gas, Power
and Renewables segment to Other businesses and corporate.
- The Emerging Consumers Marketing Unit was transferred from Refining
and Marketing to Alternative Energy.
- The Biofuels business was transferred from Refining and Marketing to
Alternative Energy.
- The Shipping business was transferred from Refining and Marketing to
Other businesses and corporate.
As a result of the transfers identified above, Other businesses and
corporate has been redefined. It now consists of the Alternative
Energy business, Shipping, the group's aluminium asset, Treasury
(which includes interest income on the group's cash and cash
equivalents) and corporate activities worldwide.
Financial information for 2003 to 2007 has been restated to reflect
the resegmentation and is available in BP Financial and Operating
Information 2003-2007 and to download from http://www.bp.com/investors.
Quarterly data is provided for 2004-2007 and annual data for 2003.
2. Resegmentation and other changes to comparatives (continued)
Resegmented As reported
Fourth First Fourth First
quarter quarter quarter quarter
2007 2007 2007 2007
$ million
Total revenues
Exploration and Production 10,709 9,142 5,696 4,427
Refining and Marketing 69,732 52,297 69,861 52,443
Gas, Power and Renewables - - 5,379 4,922
Other businesses and corporate 781 597 286 244
Total third party revenues 81,222 62,036 81,222 62,036
Profit before interest and tax
Exploration and Production 7,950 6,317 7,643 6,054
Refining and Marketing 67 1,095 26 1,129
Gas, Power and Renewables - - 304 206
Other businesses and corporate (443) (97) (389) (115)
7,574 7,315 7,584 7,274
Unrealized profit in inventory (267) 42 (277) 83
Profit before interest and tax 7,307 7,357 7,307 7,357
(b) Revised income statement presentation
We have implemented a minor change in the presentation of the group
income statement whereby the unwinding of the discount on provisions
and on other payables is now included within finance costs.
Previously, this was included within other finance income or expense.
This line item has now been renamed net finance income or expense
relating to pensions and other post-retirement benefits. This change
does not affect profit before interest and taxation, profit before
taxation or profit for the period. The financial information for
comparative periods shows the revised presentation, as set out below.
Fourth First
quarter quarter
2007 2007
As reported
$ million
Profit before interest and taxation 7,307 7,357
Finance costs 333 264
Other finance income (91) (93)
Profit before taxation 7,065 7,186
As amended
$ million
Profit before interest and taxation 7,307 7,357
Finance costs 408 331
Net finance income relating to pensions
and other post-retirement benefits (166) (160)
Profit before taxation 7,065 7,186
2. Resegmentation and other changes to comparatives (continued)
(c) Revised definition of net debt
Net debt has been redefined to include the fair value of associated
derivative financial instruments that are used to hedge foreign
exchange and interest rate risks relating to finance debt, for which
hedge accounting is claimed. The derivatives are reported on the
balance sheet within the headings 'Derivative financial instruments'.
Amounts for comparative periods are presented on a consistent basis.
Fourth First
quarter quarter
2007 2007
As reported
$ million
Net debt 27,483 21,772
Equity 94,652 85,749
Ratio of net debt to net debt plus equity 23% 20%
As amended
$ million
Net debt 26,817 21,444
Equity 94,652 85,749
Ratio of net debt to net debt plus equity 22% 20%
3. Significant transaction in the period
In December 2007, BP signed a memorandum of understanding with Husky
Energy Inc. to form an integrated North American oil sands business.
The transaction was completed on 31 March 2008, with BP contributing
its Toledo refinery to a US jointly controlled entity to which Husky
contributed $250 million cash and a payable of $2,483 million. In
Canada, Husky contributed its Sunrise field to a second jointly
controlled entity, with BP contributing $250 million in cash and a
payable of $2,290 million. The Toledo refinery assets and associated
liabilities were classified as a disposal group held for sale at
31 December 2007.
Both jointly controlled entities are owned 50:50 by BP and Husky and
are accounted for using the equity method.
As a result of the transaction, the items detailed below are included
in the financial statements for the first quarter of 2008.
First
quarter
2008
$ million
Income statement
Gains on sale of businesses and fixed assets 809
Profit before taxation 809
Taxation 346
Profit for the period 463
31 March
2008
Balance sheet
Non-current assets - investments in
jointly controlled entities 4,641
Current liabilities - trade and other payables 266
Non-current liabilities
Other payables 2,024
Deferred tax liabilities 654
2,678
Total liabilities 2,944
Net assets 1,697
First
quarter
2008
Cash flow statement
Investment in jointly controlled entities (250)
Capital expenditure and acquisitions
Exploration and Production 2,848
Refining and Marketing 1,793
4,641
Including acquisitions and asset exchanges: 1,793
In addition, agreements are in place between BP and the Toledo jointly
controlled entity under which BP will supply feedstocks to the
refinery and purchase refined products. BP will also purchase refinery
feedstocks from the Sunrise jointly controlled entity once production
commences, which is expected in 2012.
4. Total revenues
First Fourth First
quarter quarter quarter
2008 2007 2007
$ million
By business
Exploration and Production 24,065 21,258 16,347
Refining and Marketing 76,863 70,030 53,164
Other businesses and corporate 1,192 1,102 892
102,120 92,390 70,403
Less: sales between businesses
Exploration and Production 12,219 10,549 7,205
Refining and Marketing 269 298 867
Other businesses and corporate 409 321 295
12,897 11,168 8,367
Third party revenues
Exploration and Production 11,846 10,709 9,142
Refining and Marketing 76,594 69,732 52,297
Other businesses and corporate 783 781 597
Total third party revenues 89,223 81,222 62,036
By geographical area
UK 36,897 33,075 24,100
Rest of Europe 23,657 22,938 16,656
US 31,731 28,800 23,150
Rest of World 26,857 22,292 17,344
119,142 107,105 81,250
Less: sales between areas 29,919 25,883 19,214
89,223 81,222 62,036
5. Production and similar taxes
First Fourth First
quarter quarter quarter
2008 2007 2007
$ million
UK 157 164 67
Overseas 1,452 1,354 680
1,609 1,518 747
6. Finance costs
First Fourth First
quarter quarter quarter
2008 2007 2007
$ million
Interest payable 382 393 347
Capitalized (45) (60) (83)
337 333 264
Unwinding of discount on provisions 69 75 67
406 408 331
7. Net finance income relating to pensions and other post-retirement
benefits
First Fourth First
quarter quarter quarter
2008 2007 2007
$ million
Interest on pension and other post-retirement
benefit plan liabilities 612 564 538
Expected return on pension and other
post-retirement benefit plan assets (772) (730) (698)
(160) (166) (160)
8. Analysis of changes in net debt
First Fourth First
quarter quarter quarter
2008 2007 2007
$ million
Opening balance
Finance debt 31,045 25,245 24,010
Less: Cash and cash equivalents 3,562 2,410 2,590
Less: FV asset (liability) of hedges
related to finance debt 666 640 298
Opening net debt 26,817 22,195 21,122
Closing balance
Finance debt 29,871 31,045 23,728
Less: Cash and cash equivalents 4,820 3,562 1,956
Less: FV asset (liability) of hedges
related to finance debt 1,234 666 328
Closing net debt 23,817 26,817 21,444
Decrease (increase) in net debt 3,000 (4,622) (322)
Movement in cash and cash equivalents
(excluding exchange adjustments) 1,224 1,098 (645)
Net cash outflow (inflow) from financing
(excluding share capital) 1,784 (5,660) 334
Other movements (7) (89) (11)
Movement in net debt before exchange effects 3,001 (4,651) (322)
Exchange adjustments (1) 29 -
Decrease (increase) in net debt 3,000 (4,622) (322)
Net debt has been redefined, for further information see Note 2.
Amounts for comparative periods are presented on a consistent basis.
9. TNK-BP operational and financial information
First Fourth First
quarter quarter quarter
2008 2007 2007
Production (Net of royalties) (BP share)
Crude oil (mb/d) 818 829 832
Natural gas (mmcf/d) 512 437 566
Total hydrocarbons (mboe/d)(a) 906 904 930
$ million
Income statement (BP share)
Profit before interest and tax 1,209 1,278 356
Finance costs (76) (71) (61)
Taxation (331) (413) (103)
Minority interest (58) (42) (30)
Net income 744 752 162
Cash flow
Dividends received 1,200 - -
Balance sheet 31 March 31 December
2008 2007
Investments in jointly controlled entities 8,361 8,817
(a) Natural gas is converted to oil equivalent at 5.8 billion cubic
feet = 1 million barrels.
10. Second quarter results
BP's second-quarter results will be announced on 29 July 2008.
11. Statutory accounts
The financial information shown in this publication, which was
approved by the Board of Directors on 28 April 2008, is unaudited and
does not constitute statutory financial statements. The 2007 BP Annual
Report and Accounts have been filed with the Registrar of Companies;
the report of the auditors on those accounts was unqualified and did
not contain a statement under section 237(2) or section 237(3) of the
Companies Act 1985.
(Logo: http://www.newscom.com/cgi-bin/prnh/20000724/NYM120LOGO )
SOURCE BP p.l.c.
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