REG - BP PLC - 1Q17 Part 1 of 1 <Origin Href="QuoteRef">BP.L</Origin> - Part 1

BPAnnouncement

02/05/2017 07:07

RNS Number : 7975D
BP PLC
02 May 2017
FOR IMMEDIATE RELEASE 
London 2 May 2017
BP p.l.c. Group results
First quarter 2017
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/7975D_-2017-5-1.pdf
Highlights
Robust earnings and cash flow, new projects on track.

Underlyingreplacementcostprofit*forthefirstquarterwas$1.5billion.
 First quarter operating cash flow, excluding payments related to the Gulf of Mexico oil spill*, of $4.4 billion. Including these payments, operating cash flow* was $2.1 billion.
 Dividend unchanged at 10 cents per share. 
 Reported oil and gas production was 3.5mmboe/d in the first quarter, 5% higher than same period in 2016.
 New Upstream major projects* on track: Trinidad onshore compression project started up, another in ramp-up, and two more in commissioning.
 Downstream marketing growth and strong operational performance. 
 $1.7 billion divestment of BP's interest in SECCO petrochemical joint venture, subject to regulatory approvals.




Financial summary
First quarter 2017

See chart on PDF


First
Fourth
First


quarter
quarter
quarter
$ million

2017
2016
2016
Profit (loss) for the period(a)

1,449
497
(583)
Inventory holding (gains) losses*, net of tax

(37)
(425)
98
Replacement cost profit (loss)*

1,412
72
(485)
Net (favourable) unfavourable impact of non-operating items* 




 and fair value accounting effects*, net of tax

98
328
1,017
Underlying replacement cost profit

1,510
400
532
Replacement cost profit (loss)




per ordinary share (cents)*

7.23
0.38
(2.63)
per ADS (dollars)

0.43
0.02
(0.16)
Underlying replacement cost profit




per ordinary share (cents)*

7.74
2.11
2.88
per ADS (dollars)

0.46
0.13
0.17
(a)
Profit attributable to BP shareholders.
"BP focused on disciplined delivery."

Bob Dudley - Group chief executive
"Ouryearhasstartedwell.BPisfocusedonthedisciplineddeliveryofourplans. 
First quarter earnings and cash flow were robust. We have shown continued operational momentum -itwasanotherstrongquarterfortheDownstreamand
thefirst of ourseven new Upstream major projects has started up, with a further three near completion. We expect these to drive a material improvement in operating cash flow from the second half."


* For items marked with an asterisk throughout this document, definitions are provided in the Glossary on page 28.
The commentary above and following should be read in conjunction with the cautionary statement on page32.
Top of page 2
BP p.l.c. Group results
First quarter 2017
Group headlines
Earnings
BP's profit for the first quarter was $1,449 million, compared with a loss of $583 million for the same period in 2016. The first-quarter replacement cost (RC) profit was $1,412million, compared with a loss of $485 million for the same period in 2016. After adjusting for a net charge for non-operating items of $305 million and net favourable fair value accounting effects of $207 million (both on a post-tax basis), underlying RC profit for the first quarter was $1,510million, compared with $532million for the same period in 2016. RC profit or loss for the group and underlying RC profit or loss are non-GAAP measures and further information is provided on page 3.
Non-operating items
Non-operating items amounted to a charge of $553 million pre-tax and $305 million post-tax for the quarter and relate mainly to an impairment charge arising due to the expected divestment of certain Upstream assets. 
The Gulf of Mexico oil spill pre-tax charge, which predominantly relates to finance costs for the unwinding of discounting effects, was $161million for the quarter. 
Effective tax rate
The effective tax rate (ETR) on RC profit or loss* for the first quarter was 29%, compared with 37% for the same period in 2016. Adjusting for non-operating items and fair value accounting effects, the adjusted ETR* for the first quarter was 33%, compared with 18% for the same period in 2016. The adjusted ETR for the first quarter was higher than a year ago mainly due to the impact of the renewal of our interest in the Abu Dhabi onshore oil concession. The adjusted ETR for both periods reflects favourable foreign exchange impacts.
Dividend
BP today announced a quarterly dividend of 10.00cents per ordinary share ($0.600 per ADS), which is expected to be paid on 23 June 2017. The corresponding amount in sterling will be announced on 12June 2017. See page 21 for further information.
Operating cash flow*
Excluding post-tax amounts related to the Gulf of Mexico oil spill, operating cash flow* for the first quarter was $4.4billion, compared with $3.0billion for the same period in 2016. Including amounts relating to the Gulf of Mexico oil spill, operating cash flow for the first quarter was $2.1billion, compared with $1.9billion for the same period in 2016.
Capital expenditure*
From this quarter onwards we are reporting organic, inorganic and total capital expenditure on a cash basis. This aligns with BP's financial framework and is now consistent with other financial metrics used when comparing sources and uses of cash.
Organic capital expenditure* for the first quarter was $3.5billion, compared with $4.5billion for the same period in 2016. We continue to expect organic capital expenditure to be in the range of $15-17 billion for 2017.
Inorganic capital expenditure* for the first quarter was $0.5 billion. There was no inorganic capital expenditure for the same period in 2016.
See page 23 for further information. 
Divestment proceeds
Divestment proceeds were $0.3 billion for the first quarter, compared with $1.1billion for the same period in 2016. We expect divestments to be in the range of $4.5-5.5 billion for 2017.
Net debt*
Net debt at 31 March 2017 was $38.6billion, compared with $30.0billion a year ago. The net debt ratio* at 31 March 2017 was 28.0%, compared with 23.6% a year ago. Net debt and the net debt ratio are non-GAAP measures. See page 22 for more information. 
Top of page 3
BP p.l.c. Group results
First quarter 2017
Analysis of underlying RC profit before interest and tax


First
Fourth
First


quarter
quarter
quarter
$ million

2017
2016
2016
Underlying RC profit before interest and tax*




 Upstream

1,370
400
(747)
 Downstream

1,742
877
1,813
 Rosneft

99
135
66
 Other businesses and corporate

(440)
(424)
(178)
 Consolidation adjustment - UPII*

(68)
(132)
40
Underlying RC profit before interest and tax

2,703
856
994
Finance costs and net finance expense relating to pensions and other




 post-retirement benefits

(387)
(359)
(317)
Taxation on an underlying RC basis

(763)
(51)
(120)
Non-controlling interests

(43)
(46)
(25)
Underlying RC profit attributable to BP shareholders

1,510
400
532
Reconciliations of underlying RC profit or loss to the nearest equivalent IFRS measure are provided on page 1 for the group and on pages 6-11 for the segments. 
Analysis of RC profit (loss) before interest and tax andreconciliation to
profit (loss) for the period


First
Fourth
First


quarter
quarter
quarter
$ million

2017
2016
2016
RC profit (loss) before interest and tax*




 Upstream

1,256
692
(1,205)
 Downstream

1,706
899
1,880
 Rosneft

99
158
66
 Other businesses and corporate(a)

(431)
(1,117)
(1,074)
 Consolidation adjustment - UPII

(68)
(132)
40
RC profit (loss) before interest and tax

2,562
500
(293)
Finance costs and net finance expense relating to pensions and other




 post-retirement benefits

(513)
(484)
(440)
Taxation on a RC basis

(594)
102
273
Non-controlling interests

(43)
(46)
(25)
RC profit (loss) attributable to BP shareholders

1,412
72
(485)
Inventory holding gains (losses) 

66
601
(132)
Taxation (charge) credit on inventory holding gains and losses

(29)
(176)
34
Profit (loss) for the period attributable to BP shareholders

1,449
497
(583)
(a)
Includes costs related to the Gulf of Mexico oil spill. See page 11 and also Note 2 from page 17 for further information on the accounting for the Gulf of Mexico oil spill.
Top of page 4
BP p.l.c. Group results
First quarter 2017
Strategic progress
Financial framework
Upstream
BP's Upstream major project programme is on track to provide 800,000boe/d of new production by 2020. Projects now under construction are on average ahead of schedule and 15% below budget.
The Trinidad onshore compression project, the first of seven major projects scheduled to start up in 2017, began operation in April. The Taurus and Libra development of the West Nile Delta project in Egypt is ramping up and Quad 204 in the UK and Juniper in Trinidad & Tobago are also nearing completion.
A third gas discovery in the North Damietta Offshore Concession in the East Nile Delta in Egypt was announced in the quarter and, following completion of BP's entry into Mauritania and Senegal, exploration drilling in Senegal has begun.
Downstream
BP's marketing businesses continue to grow, with retail volumes increasing year-on-year and more than 30 new convenience partnership sites added in the quarter. BP opened its first retail fuels site in Mexico and has plans to grow the network to around 1,500 sites in the next five years. An agreement has also been signed to form a retail joint venture in Indonesia.
Manufacturing operations remained strong with Solomon refining availability of 95.2% and the petrochemicals business completed the upgrade of the Cooper River PTA plant in the US to the latest generation of BP's industry-leading technology.
Continuing operational reliability supported robust operating cash flow, excluding Gulf of Mexico oil spill payments*, in the quarter of $4.4 billion. Rising production from new Upstream projects is expected to drive a material improvement in operating cash flow* from the second half of 2017.
BP intends to maintain annual organic capital expenditure* firmly within the range of $15-17 billion. Organic capital expenditure in the first quarter was $3.5 billion. 
BP expects $4.5-5.5 billion of divestments in 2017, with proceeds weighted towards the second half of the year. In 2017 to date, BP has reached two agreements to divest mature UK North Sea assets and recently announced the intention to divest its interest in the SECCO petrochemical joint venture in China. Divestment proceeds received in the first quarter were $0.3 billion.
Payments related to the Gulf of Mexicooil spill are expected to total $4.5-5.5 billion in 2017, with a larger outflow in the first half, before falling to around $2 billion in 2018. $2.3 billion in payments were made during the first quarter.
BP aims to maintain its gearing* within a range of 20-30%. Gearing was 28% at the end of the first quarter. 
BP today announced a dividend of 10 cents per share to be paid in June.
Operating
metrics 

1Q 2017
(vs. 1Q 2016)

Financial
metrics

1Q 2017 
(vs. 1Q 2016)
Safety
Tier 1 process safety events* 

5
(-1)

Underlying RC profit

$1.5bn 
(+$1.0bn)
Safety
Reported recordable injury frequency*

0.22 
(-10%)

Operating cash flow excluding Gulf of Mexico oil spill payments

$4.4bn
(+$1.4bn)
Group production

3,530mboe/d
(+5%)

Organic capital expenditure 

$3.5bn 
(-$0.9bn)
Upstream production excluding Rosneft segment

2,388mboe/d 
(+3%)

Gulf of Mexico oil spill payments

$2.3bn
(+$1.2bn)
Upstream unit production costs*

$7.22/boe 
(-13%)

Divestment proceeds

$0.3bn 
(-$0.9bn)
BP-operated Upstream operating efficiency*(a)

- 

Net debt ratio (gearing)

28.0% 
(+4.4)
Refining availability*

95.2% 
(+0.2)

Dividend per ordinary share

10.00 cents
(-)
(a) Will be reported on a one-quarter lagged basis - first reporting for 2017 will be in the second quarter 2017 results announcement.
The commentary above contains forward-looking statements and should be read in conjunction with the cautionary statement on page32.
Top of page 5
BP p.l.c. Group results
First quarter 2017
INTENTIONALLY BLANK
Top of page 6
BP p.l.c. Group results
First quarter 2017
Upstream


First
Fourth
First


quarter
quarter
quarter
$ million

2017
2016
2016
Profit (loss) before interest and tax

1,250
711
(1,236)
Inventory holding (gains) losses*

6
(19)
31
RC profit (loss) before interest and tax

1,256
692
(1,205)
Net (favourable) unfavourable impact of non-operating items* 




 and fair value accounting effects*

114
(292)
458
Underlying RC profit before interest and tax*(a)

1,370
400
(747)
(a)
See page 7 for a reconciliation to segment RC profit before interest and tax by region.
Financial results
The replacement cost profit before interest and tax for the first quarter was $1,256million, compared with a loss of $1,205million for the same period in 2016. The first quarter included a net non-operating charge of $360million, compared with a net non-operating charge of $355million for the same period in 2016. Fair value accounting effects in the first quarter had a favourable impact of $246million, compared with an unfavourable impact of $103million in the same period of 2016. 
After adjusting for non-operating items and fair value accounting effects, the underlying replacement cost profit before interest and tax for the first quarter was $1,370million, compared with a loss of $747million for the same period in 2016. The result for the first quarter mainly reflected higher liquids and gas realizations and higher production including the impact of the Abu Dhabi ADCO concession renewal, partly offset by higher depreciation, depletion and amortization and higher exploration write-offs. 
Production
Production for the quarter was 2,388mboe/d, 3.0% higher than the first quarter of 2016. Underlying production* for the quarter increased by 3.0%, due to the ramp-up of major projects. 
Key events
On 22 February, BP's previously announced transaction with Kosmos Energy in Senegal was approved by the Senegal Minister of Energy and of Development of Renewable Energies. 
On 23 February, BP completed the purchase of a 10% interest from Eni (operator, 90%) in the Shorouk concession offshore Egypt, which contains the Zohr gas field. 
On 27 March, BP announced its third gas discovery in the North Damietta Offshore Concession (BP 100%) in the East Nile Delta, Egypt. 
On 3 April, BP announced that it had agreed to sell its Forties Pipeline System (FPS) business, with assets including the main Forties offshore and onshore pipelines and other associated pipeline interests and facilities, to INEOS. BP's existing rights to capacity in FPS will not be affected.
On 13 April, BP Trinidad and Tobago announced the start-up of the Trinidad onshore compression project.
Outlook
We expect second-quarter 2017 reported production to be broadly flat with the first quarter with the continued ramp-up of major projects* offset by seasonal turnaround and maintenance activities.
The commentary above contains forward-looking statements and should be read in conjunction with the cautionary statement on page32.
Top of page 7
BP p.l.c. Group results
First quarter 2017
Upstream (continued)


First
Fourth
First


quarter
quarter
quarter
$ million

2017
2016
2016
Underlying RC profit (loss) before interest and tax




US

166
(147)
(667)
Non-US

1,204
547
(80)


1,370
400
(747)
Non-operating items




US(a)

(12)
21
(163)
Non-US(b)(c)

(348)
615
(192)


(360)
636
(355)
Fair value accounting effects




US

192
(274)
(33)
Non-US

54
(70)
(70)


246
(344)
(103)
RC profit (loss) before interest and tax




US

346
(400)
(863)
Non-US

910
1,092
(342)


1,256
692
(1,205)
Exploration expense




US(a)

40
511
112
Non-US(c)(d)

372
(197)
142


412
314
254
Of which: Exploration expenditure written off(a)(c)(d)

261
166
161
Production (net of royalties)(e)




Liquids*(f) (mb/d)




US

448
406
403
Europe

115
122
128
Rest of World(f)

827
650
768


1,389
1,178
1,299
Natural gas (mmcf/d)




US

1,594
1,675
1,603
Europe

263
268
289
Rest of World

3,934
3,903
4,019


5,791
5,846
5,910
Total hydrocarbons*(f) (mboe/d)




US

723
694
679
Europe

160
168
178
Rest of World(f)

1,505
1,323
1,461


2,388
2,186
2,318
Average realizations*(g)




Total liquids(f)(h) ($/bbl)

49.87
43.89
29.61
Natural gas ($/mcf)

3.50
3.08
2.84
Total hydrocarbons(f) ($/boe)

37.19
31.40
23.81
(a)
Fourth quarter 2016 includes the write-off of $147million in relation to the value ascribed to licences in the deepwater Gulf of Mexico as part of the accounting for the acquisition of upstream assets from Devon Energy in 2011. This has been classified within the 'other' category of non-operating items.
(b)
First quarter 2017 relates primarily to an impairment charge arising following the announcement on 3 April 2017 of the agreement to sell the Forties Pipeline System business to INEOS. An impairment reversal of $30 million was also recorded in the quarter in relation to Block KG D6 in India ($234-million impairment reversal in fourth quarter 2016).
(c)
First quarter 2017 includes a $56-million write-back relating to Block KG D6 in India ($319-million write-back in fourth quarter 2016). This has been classified in the 'other' category of non-operating items.
(d)
First quarter 2017 includes a $297-million write-off of exploration wells in Egypt.
(e)
Includes BP's share of production of equity-accounted entities in the Upstream segment.
(f)
A minor adjustment has been made to first quarter 2016. See page 27 for more information.
(g)
Realizations are based on sales by consolidated subsidiaries only - this excludes equity-accounted entities.
(h)
Includes condensate, natural gas liquids and bitumen.
Because of rounding, some totals may not agree exactly with the sum of their component parts.
Top of page 8
BP p.l.c. Group results
First quarter 2017
Downstream


First
Fourth
First


quarter
quarter
quarter
$ million

2017
2016
2016
Profit (loss) before interest and tax

1,804
1,457
1,783
Inventory holding (gains) losses*

(98)
(558)
97
RC profit before interest and tax

1,706
899
1,880
Net (favourable) unfavourable impact of non-operating items* 




 and fair value accounting effects*

36
(22)
(67)
Underlying RC profit before interest and tax*(a)

1,742
877
1,813
(a)
See page 9 for a reconciliation to segment RC profit before interest and tax by region and by business.
Financial results
The replacement cost profit before interest and tax for the first quarter was $1,706million, compared with $1,880million for the same period in 2016. 
The first quarter includes a net non-operating charge of $76 million, compared with a net non-operating gain of $286million for the same period in 2016. Fair value accounting effects had a favourable impact of $40 million in the first quarter, compared with an unfavourable impact of $219million for the same period in 2016.
After adjusting for non-operating items and fair value accounting effects, the underlying replacement cost profit before interest and tax for the first quarter was $1,742million, compared with $1,813million for the same period in 2016. 
Replacement cost profit before interest and tax for the fuels, lubricants and petrochemicals businesses is set out on page9.
Fuels business
The fuels business reported an underlying replacement cost profit before interest and tax of $1,200million for the first quarter, compared with $1,316million for the same period in 2016. The result for the quarter reflects improved refining margins and a higher fuels marketing performance. This was more than offset by a higher level of turnaround activity and, whilst the supply and trading performance was strong, it reflected a lower contribution compared to the same period last year. 
Lubricants business
The lubricants business reported an underlying replacement cost profit before interest and tax of $393million for the first quarter, compared with $384million for the same period in 2016.
Petrochemicals business
The petrochemicals business reported an underlying replacement cost profit before interest and tax of $149million for the first quarter, compared with $113million for the same period in 2016.
Following a review of our petrochemicals portfolio to focus on areas where we have leading proprietary technologies and competitive advantage, on 27 April 2017 we announced our intention to divest our 50% shareholding in our Shanghai SECCO Petrochemical Company Limited joint venture in China for a consideration of $1.7 billion. This transaction is subject to regulatory approvals.
Outlook
In the second quarter, we expect improved industry refining margins to be offset by both narrower North American heavy crude oil differentials and a higher level of turnaround activity compared with the first quarter.
The commentary above contains forward-looking statements and should be read in conjunction with the cautionary statement on page32.
Top of page 9
BP p.l.c. Group results
First quarter 2017
Downstream (continued)


First
Fourth
First


quarter
quarter
quarter
$ million

2017
2016
2016
Underlying RC profit before interest and tax-by region




US

554
(371)
540
Non-US

1,188
1,248
1,273


1,742
877
1,813
Non-operating items




US

(12)
(122)
113
Non-US

(64)
45
173


(76)
(77)
286
Fair value accounting effects




US

(62)
22
(87)
Non-US

102
77
(132)


40
99
(219)
RC profit before interest and tax




US

480
(471)
566
Non-US

1,226
1,370
1,314


1,706
899
1,880





Underlying RC profit before interest and tax-by business(a)(b)




Fuels

1,200
417
1,316
Lubricants

393
357
384
Petrochemicals

149
103
113


1,742
877
1,813
Non-operating items and fair value accounting effects(c)




Fuels

4
103
55
Lubricants

(3)
(81)
(1)
Petrochemicals

(37)
-
13


(36)
22
67
RC profit (loss) before interest and tax(a)(b)




Fuels

1,204
520
1,371
Lubricants

390
276
383
Petrochemicals

112
103
126


1,706
899
1,880





BP average refining marker margin (RMM)*($/bbl)

11.7
11.4
10.5
Refinery throughputs (mb/d)




US

694
604
699
Europe

801
806
807
Rest of World

181
234
238


1,676
1,644
1,744
Refining availability* (%)

95.2
94.9
95.0





Marketing sales of refined products (mb/d)




US

1,116
1,146
1,071
Europe

1,069
1,166
1,144
Rest of World

512
540
488


2,697
2,852
2,703
Trading/supply sales of refined products

2,959
2,836
2,810
Total sales volumes of refined products

5,656
5,688
5,513





Petrochemicals production (kte)




US

498
546
896
Europe

1,253
930
992
Rest of World

2,073
2,071
1,909


3,824
3,547
3,797
(a)
Segment-level overhead expenses are included in the fuels business result.
(b)
BP's income from petrochemicals at our Gelsenkirchen and Mlheim sites in Germany is reported in the fuels business.
(c)
For Downstream, fair value accounting effects arise solely in the fuels business.
Top of page 10
BP p.l.c. Group results
First quarter 2017
Rosneft


First
Fourth
First


quarter
quarter
quarter
$ million

2017(a)
2016
2016
Profit before interest and tax(b)

73
182
62
Inventory holding (gains) losses*

26
(24)
4
RC profit before interest and tax

99
158
66
Net charge (credit) for non-operating items*

-
(23)
-
Underlying RC profit before interest and tax*

99
135
66

Financial results
Replacement cost profit before interest and tax and underlying replacement cost profit before interest and tax for the first quarter was $99million, compared with $66million for the same period in 2016. There were no non-operating items in the first quarter of either year.
Compared with the same period in 2016, the result for the first quarter was primarily affected by adverse foreign exchange effects and higher oil prices.
On 24 April 2017, Rosneft announced that the board of directors had given their preliminary approval of the company's 2016 annual report and recommended that the annual general meeting (AGM) adopts a resolution to pay dividends of 5.98 roubles per one ordinary share which constitutes 35% of the company's IFRS net profit. BP expects to receive a dividend in relation to the 2016 annual results of 11.3 billion roubles, after the deduction of withholding tax, subject to approval at the AGM.
Key events
In April Rosneft completed the acquisition of a 100% interest in the Kondaneft project that is developing four licence areas in the Khanty-Mansiysk Autonomous District in West Siberia. The acquisition price is expected to be approximately $700million.


First
Fourth
First


quarter
quarter
quarter


2017(a)
2016
2016
Production(net of royalties) (BP share)




Liquids* (mb/d)

912
919
808
Natural gas (mmcf/d)

1,334
1,347
1,282
Total hydrocarbons* (mboe/d)

1,142
1,152
1,029
(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 2017. 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 have increased the reported profit before interest and tax for the first quarter in 2017, as shown in the table above, compared with the equivalent amount in Russian roubles that we expect Rosneft to report in its own financial statements under IFRS. BP's share of Rosneft's profit before interest and tax for each year-to-date period is calculated by translating the amounts reported in Russian roubles into US dollars using the average exchange rate for the year to date. BP's share of Rosneft's earnings after finance costs, taxation and non-controlling interests, as adjusted, is included in the BP group income statement within profit before interest and taxation.
Top of page 11
BP p.l.c. Group results
First quarter 2017
Other businesses and corporate


First
Fourth
First


quarter
quarter
quarter
$ million

2017
2016
2016
Profit (loss) before interest and tax




Gulf of Mexico oil spill

(35)
(674)
(794)
Other

(396)
(443)
(280)
Profit (loss) before interest and tax

(431)
(1,117)
(1,074)
Inventory holding (gains) losses*

-
-
-
RC profit (loss) before interest and tax

(431)
(1,117)
(1,074)
Net charge (credit) for non-operating items*




Gulf of Mexico oil spill

35
674
794
Other

(44)
19
102
Net charge (credit) for non-operating items

(9)
693
896
Underlying RC profit (loss) before interest and tax*

(440)
(424)
(178)
Underlying RC profit (loss) before interest and tax




US

(197)
50
(110)
Non-US

(243)
(474)
(68)


(440)
(424)
(178)
Non-operating items




US

(38)
(672)
(848)
Non-US

47
(21)
(48)


9
(693)
(896)
RC profit (loss) before interest and tax




US

(235)
(622)
(958)
Non-US

(196)
(495)
(116)


(431)
(1,117)
(1,074)
Other businesses and corporate comprises our alternative energy business, shipping, treasury, corporate activities including centralized functions, and the costs of the Gulf of Mexico oil spill.
Financial results
The replacement cost loss before interest and tax for the first quarter was $431 million, compared with $1,074 million for the same period in 2016. 
The first-quarter result included a net non-operating gain of $9 million, compared with a net non-operating charge of $896 million for the same period in 2016. 
After adjusting for non-operating items, the underlying replacement cost loss before interest and tax for the first quarter was $440million, compared with $178 million for the same period in 2016. The underlying charge in the first quarter was impacted by adverse foreign exchange effects, which had a favourable effect in the first quarter of 2016.
Alternative energy - wind
Net wind generation capacity*(a) was 1,454MW at 31 March 2017 compared with 1,578MW at 31 March 2016. BP's net share of wind generation for the first quarter was 1,159GWh, compared with 1,347GWh for the same period in 2016.
(a)
Capacity figures include 23MW in the Netherlands managed by our Downstream segment at 31 March 2017 (23MW at 31 March 2016).
Top of page 12
BP p.l.c. Group results
First quarter 2017
Financial statements
Group income statement


First
Fourth
First


quarter
quarter
quarter
$ million

2017
2016
2016





Sales and other operating revenues (Note 4)

55,863
51,007
38,512
Earnings from joint ventures-after interest and tax

205
489
29
Earnings from associates-after interest and tax

151
263
142
Interest and other income

122
114
145
Gains on sale of businesses and fixed assets

45
248
338
Total revenues and other income

56,386
52,121
39,166
Purchases

41,137
37,883
26,603
Production and manufacturing expenses(a)

5,255
6,595
6,519
Production and similar taxes (Note 5)

306
199
14
Depreciation, depletion and amortization

3,842
3,642
3,730
Impairment and losses on sale of businesses and fixed assets 

453
(305)
13
Exploration expense 

412
314
254
Distribution and administration expenses

2,353
2,692
2,458
Profit (loss) before interest and taxation 

2,628
1,101
(425)
Finance costs(a)

460
434
394
Net finance expense relating to pensions and other




 post-retirement benefits

53
50
46
Profit (loss) before taxation 

2,115
617
(865)
Taxation(a)

623
74
(307)
Profit (loss) for the period

1,492
543
(558)
Attributable to




 BP shareholders

1,449
497
(583)
 Non-controlling interests

43
46
25


1,492
543
(558)





Earnings per share (Note 6)




Profit (loss) for the period attributable to BP shareholders 




 Per ordinary share (cents)




 Basic

7.42
2.62
(3.16)
 Diluted

7.38
2.60
(3.16)
 Per ADS (dollars) 




 Basic

0.45
0.16
(0.19)
 Diluted

0.44
0.16
(0.19)
(a)
See Note 2 for information on the impact of the Gulf of Mexico oil spill on these income statement line items.
Top of page 13
BP p.l.c. Group results
First quarter 2017
Group statement of comprehensive income


First
Fourth
First


quarter
quarter
quarter
$ million

2017
2016
2016





Profit (loss) for the period

1,492
543
(558)
Other comprehensive income 




Items that may be reclassified subsequently to profit or loss




 Currency translation differences

1,214
(777)
874
 Exchange gains (losses) on translation of foreign operations 




 reclassified to gain or loss on sale of businesses and fixed assets

1
24
6
 Available-for-sale investments

2
-
-
 Cash flow hedges marked to market

48
(204)
(62)
 Cash flow hedges reclassified to the income statement

42
86
23
 Cash flow hedges reclassified to the balance sheet

39
32
13
 Share of items relating to equity-accounted entities, net of tax

231
172
290
 Income tax relating to items that may be reclassified

(125)
97
(86)


1,452
(570)
1,058
Items that will not be reclassified to profit or loss




 Remeasurements of the net pension and other post-retirement 




 benefit liability or asset

727
3,484
(1,222)
 Income tax relating to items that will not be reclassified

(246)
(765)
402


481
2,719
(820)
Other comprehensive income 

1,933
2,149
238
Total comprehensive income

3,425
2,692
(320)
Attributable to




 BP shareholders

3,363
2,667
(351)
 Non-controlling interests

62
25
31


3,425
2,692
(320)
Top of page 14
BP p.l.c. Group results
First quarter 2017
Group statement of changes in equity


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' changes in equity, 
 net of tax

118
-
118
Transactions involving non-controlling interests

-
38
38
At 31 March 2017

97,640
1,642
99,282







BP shareholders'
Non-controlling
Total
$ million

equity
interests
equity





At 1 January 2016

97,216
1,171
98,387





Total comprehensive income

(351)
31
(320)
Dividends

(1,099)
(9)
(1,108)
Share-based payments, net of tax

265
-
265
Transactions involving non-controlling interests

(1)
66
65
At 31 March 2016

96,030
1,259
97,289
Top of page 15
BP p.l.c. Group results
First quarter 2017
Group balance sheet


31 March
31 December
$ million

2017
2016
Non-current assets



Property, plant and equipment

129,817
129,757
Goodwill

11,256
11,194
Intangible assets

18,366
18,183
Investments in joint ventures

8,765
8,609
Investments in associates

15,484
14,092
Other investments

1,011
1,033
Fixed assets

184,699
182,868
Loans

550
532
Trade and other receivables

1,448
1,474
Derivative financial instruments

4,189
4,359
Prepayments

1,022
945
Deferred tax assets

4,883
4,741
Defined benefit pension plan surpluses

1,162
584


197,953
195,503
Current assets



Loans

259
259
Inventories

17,236
17,655
Trade and other receivables

21,004
20,675
Derivative financial instruments

2,467
3,016
Prepayments 

1,092
1,486
Current tax receivable

1,115
1,194
Other investments

39
44
Cash and cash equivalents

23,794
23,484


67,006
67,813
Total assets

264,959
263,316
Current liabilities



Trade and other payables

37,548
37,915
Derivative financial instruments

2,330
2,991
Accruals 

4,096
5,136
Finance debt

7,360
6,634
Current tax payable

1,821
1,666
Provisions

2,971
4,012


56,126
58,354
Non-current liabilities



Other payables

13,067
13,946
Derivative financial instruments

5,187
5,513
Accruals

451
469
Finance debt

54,472
51,666
Deferred tax liabilities

7,295
7,238
Provisions

20,272
20,412
Defined benefit pension plan and other post-retirement benefit plan deficits 

8,807
8,875


109,551
108,119
Total liabilities

165,677
166,473
Net assets

99,282
96,843
Equity



BP shareholders' equity

97,640
95,286
Non-controlling interests

1,642
1,557
Total equity

99,282
96,843
Top of page 16
BP p.l.c. Group results
First quarter 2017
Condensed group cash flow statement


First
Fourth
First


quarter
quarter
quarter
$ million

2017
2016
2016
Operating activities




Profit (loss) before taxation

2,115
617
(865)
Adjustments to reconcile profit (loss) before taxation to net cash




 provided by operating activities




 Depreciation, depletion and amortization and exploration




 expenditure written off

4,103
3,808
3,891
 Impairment and (gain) loss on sale of businesses and fixed assets

408
(553)
(325)
 Earnings from equity-accounted entities, less dividends received

(220)
(605)
(24)
 Net charge for interest and other finance expense, less net interest paid

252
310
168
 Share-based payments

162
150
259
 Net operating charge for pensions and other post-retirement benefits,




 less contributions and benefit payments for unfunded plans

(73)
(347)
32
 Net charge for provisions, less payments

(177)
(629)
735
 Movements in inventories and other current and non-current




 assets and liabilities

(3,600)
393
(1,727)
 Income taxes paid

(856)
(716)
(272)
Net cash provided by operating activities

2,114
2,428
1,872
Investing activities




Expenditure on property, plant and equipment, intangible and other assets

(3,823)
(4,658)
(4,381)
Acquisitions, net of cash acquired

(42)
(1)
-
Investment in joint ventures

(20)
(37)
(4)
Investment in associates

(183)
(226)
(93)
Total cash capital expenditure

(4,068)
(4,922)
(4,478)
Proceeds from disposal of fixed assets

188
391
238
Proceeds from disposal of businesses, net of cash disposed

73
78
911
Proceeds from loan repayments

14
7
46
Net cash used in investing activities

(3,793)
(4,446)
(3,283)
Financing activities




Proceeds from long-term financing

3,713
3,069
2,738
Repayments of long-term financing

(917)
(1,733)
(3,559)
Net increase (decrease) in short-term debt

315
375
(112)
Net increase (decrease) in non-controlling interests

30
126
70
Dividends paid
-BP shareholders

(1,304)
(1,182)
(1,099)
-non-controlling interests

(15)
(24)
(9)
Net cash provided by (used in) financing activities

1,822
631
(1,971)
Currency translation differences relating to cash and cash equivalents

167
(649)
42
Increase (decrease) in cash and cash equivalents

310
(2,036)
(3,340)
Cash and cash equivalents at beginning of period

23,484
25,520
26,389
Cash and cash equivalents at end of period

23,794
23,484
23,049
Top of page 17
BP p.l.c. Group results
First quarter 2017
Notes
Note 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 each period. All such adjustments are of a normal recurring nature. This report should be read in conjunction with the consolidated financial statements and related notes for the year ended 31December 2016 included in BP Annual Report and Form 20-F 2016.
BP prepares its consolidated financial statements included within BP Annual Report and Form 20-F 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 UK Companies Act 2006. IFRS as adopted by the EU differs in certain respects from IFRS as issued by the IASB. 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 BP Annual Report and Form 20-F 2017, which do not differ significantly from those used in BP Annual Report and Form 20-F 2016.
Note 2. Gulf of Mexico oil spill
(a) Overview
The information presented in this note should be read in conjunction with BP Annual Report and Form 20-F 2016 - Financial statements - Note2 and Legal proceedings from page261. 
The group income statement includes a pre-tax charge of $161million for the first quarter in relation to the Gulf of Mexico oil spill. The cumulative pre-tax income statement charge since the incident, in April 2010, amounts to $62,746million. The charge for the first quarter predominantly reflects finance costs relating to the unwinding of discounting effects. 
The amounts set out below reflect the impacts on the financial statements of the Gulf of Mexico oil spill for the periods presented. The income statement, balance sheet and cash flow statement impacts are included within the relevant line items in those statements as set out below.


First
Fourth
First


quarter
quarter
quarter
$ million

2017
2016
2016
Income statement




Production and manufacturing expenses

35
674
794
Profit (loss) before interest and taxation

(35)
(674)
(794)
Finance costs

126
125
123
Profit (loss) before taxation

(161)
(799)
(917)
Taxation

48
268
251
Profit (loss) for the period

(113)
(531)
(666)
Top of page 18
BP p.l.c. Group results
First quarter 2017
Note 2. Gulf of Mexico oil spill (continued)


31 March
31 December
$ million

2017
2016
Balance sheet



Current assets



 Trade and other receivables

264
194
Current liabilities



 Trade and other payables

(2,945)
(3,056)
 Provisions

(1,296)
(2,330)
Net current assets (liabilities)

(3,977)
(5,192)
Non-current assets 



 Deferred tax assets

2,915
2,973
Non-current liabilities



 Other payables

(12,663)
(13,522)
 Provisions

(54)
(112)
 Deferred tax liabilities

5,226
5,119
Net non-current assets (liabilities)

(4,576)
(5,542)
Net assets (liabilities)

(8,553)
(10,734)


First
Fourth
First


quarter
quarter
quarter
$ million

2017
2016
2016
Cashflowstatement-Operatingactivities




Profit (loss) before taxation

(161)
(799)
(917)
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

126
125
123
Net charge for provisions, less payments

(5)
(376)
757
Movements in inventories and other current and non-current




 assets and liabilities

(2,254)
(993)
(1,088)
Pre-tax cash flows

(2,294)
(2,043)
(1,125)
Net cash from operating activities relating to the Gulf of Mexico oil spill, on a post-tax basis, amounted to an outflow of $2,294million in the first quarter including a $740million Department of Justice plea agreement payment. For the same period in 2016, the amount was an outflow of $1,125million.
(b) Provisions and other payables
Provisions
Movements in the remaining provisions, all of which relate to litigation and claims, are presented in the table below.
$ million


At 1 January 2017

2,442
Net increase in provision

25
Reclassified to other payables

(596)
Utilization

(521)
At 31 March 2017

1,350
The provision includes amounts for the future cost of resolving claims by individuals and businesses for damage to real or personal property, lost profits or impairment of earning capacity and loss of subsistence use of natural resources. 
Top of page 19
BP p.l.c. Group results
First quarter 2017
Note 2. Gulf of Mexico oil spill (continued)
PSC settlement 
The provision for the cost associated with the 2012 Plaintiffs' Steering Committee (PSC) settlement has been determined based upon an expected value of the remaining claims, including business economic loss claims. Amounts to resolve remaining claims are expected to be substantially paid in 2017. However, the amounts ultimately payable may differ from the amount provided and the timing of payment is uncertain. A significant number of claims determined by the court-supervised settlement programme have been and may be appealed by BP and/or the claimants. Depending upon the resolution of these claims, the amount payable may differ from what is currently provided for.
Other payables
Other payables include amounts payable under the 2016 agreements with the United States and five Gulf coast states for natural resource damages, state claims and Clean Water Act penalties, amounts payable under the 2012 agreement with the US government to resolve all federal criminal claims arising from the incident, BP's remaining commitment to fund the Gulf of Mexico Research Initiative, and amounts payable for certain economic loss and property damage claims. 
Further information on provisions, other payables, and contingent liabilities is provided in BP Annual Report and Form
20-F 2016 - Financial statements- Note2.
Note 3. Analysis of replacement cost profit (loss) before interest and tax and
reconciliation to profit (loss) before taxation


First
Fourth
First


quarter
quarter
quarter
$ million

2017
2016
2016
Upstream

1,256
692
(1,205)
Downstream

1,706
899
1,880
Rosneft

99
158
66
Other businesses and corporate(a)

(431)
(1,117)
(1,074)


2,630
632
(333)
Consolidation adjustment-UPII*

(68)
(132)
40
RC profit (loss) before interest and tax

2,562
500
(293)
Inventory holding gains (losses)*




 Upstream

(6)
19
(31)
 Downstream

98
558
(97)
 Rosneft (net of tax)

(26)
24
(4)
Profit (loss) before interest and tax

2,628
1,101
(425)
Finance costs

460
434
394
Net finance expense relating to pensions and other




 post-retirement benefits

53
50
46
Profit (loss) before taxation

2,115
617
(865)





RC profit (loss) before interest and tax*




US

513
(1,646)
(1,256)
Non-US

2,049
2,146
963


2,562
500
(293)
(a)
Includes costs related to the Gulf of Mexico oil spill. See Note 2 for further information.
Top of page 20
BP p.l.c. Group results
First quarter 2017
Note 4. Segmental analysis
Sales and other operating revenues

First
Fourth
First


quarter
quarter
quarter
$ million

2017
2016
2016
By segment




Upstream

11,327
9,129
7,431
Downstream

50,080
46,834
34,552
Other businesses and corporate

285
424
396


61,692
56,387
42,379





Less: sales and other operating revenues between segments




Upstream

5,777
4,695
3,633
Downstream

(86)
523
118
Other businesses and corporate

138
162
116


5,829
5,380
3,867





Third party sales and other operating revenues




Upstream

5,550
4,434
3,798
Downstream

50,166
46,311
34,434
Other businesses and corporate

147
262
280
Total sales and other operating revenues

55,863
51,007
38,512





By geographical area




US

21,152
18,642
13,576
Non-US

40,020
37,381
27,146


61,172
56,023
40,722
Less: sales and other operating revenues between areas

5,309
5,016
2,210


55,863
51,007
38,512





Depreciation, depletion and amortization

First
Fourth
First


quarter
quarter
quarter
$ million

2017
2016
2016
Upstream




US

1,237
1,216
1,089
Non-US

2,054
1,859
2,104


3,291
3,075
3,193
Downstream




US

216
219
210
Non-US

279
273
267


495
492
477
Other businesses and corporate




US

16
20
15
Non-US

40
55
45


56
75
60
Total group

3,842
3,642
3,730
Note 5. Production and similar taxes


First
Fourth
First


quarter
quarter
quarter
$ million

2017
2016
2016
US

36
38
18
Non-US

270
161
(4)


306
199
14
Top of page 21
BP p.l.c. Group results
First quarter 2017
Note 6. Earnings per share and shares in issue
Basic earnings per ordinary share (EpS) amounts are calculated by dividing the profit for the period attributable to ordinary shareholders by the weighted average number of ordinary shares outstanding during the period. 
The calculation of EpS is performed separately for each discrete quarterly period, and for the year-to-date period. As a result, the sum of the discrete quarterly EpS amounts in any particular year-to-date period may not be equal to the EpS amount for the year-to-date period. 
For the diluted EpS calculation the weighted average number of shares outstanding during the period is adjusted for the number of shares that are potentially issuable in connection with employee share-based payment plans using the treasury stock method. 


First
Fourth
First


quarter
quarter
quarter
$ million

2017
2016
2016
Results for the period




Profit (loss) for the period attributable to BP shareholders

1,449
497
(583)
Less: preference dividend

-
-
-
Profit (loss) attributable to BP ordinary shareholders

1,449
497
(583)





Number of shares (thousand)(a)(b)




Basic weighted average number of shares outstanding

19,518,500
18,995,725
18,468,632
ADS equivalent

3,253,083
3,165,954
3,078,105





Weighted average number of shares outstanding used




 to calculate diluted earnings per share

19,621,566
19,107,599
18,468,632
ADS equivalent

3,270,261
3,184,599
3,078,105





Shares in issue at period-end

19,664,528
19,438,990
18,635,861
ADS equivalent

3,277,421
3,239,831
3,105,976
(a)
Excludes treasury shares and includes certain shares that will be issued in the future under employee share-based payment plans.
(b)
If the inclusion of potentially issuable shares would decrease loss per share, the potentially issuable shares are excluded from the weighted average number of shares outstanding used to calculate diluted earnings per share.
Note 7. Dividends
Dividends payable
BP today announced an interim dividend of 10.00cents per ordinary share which is expected to be paid on 23June 2017 to shareholders and American Depositary Share (ADS) holders on the register on 12May 2017. The corresponding amount in sterling is due to be announced on 12June 2017, calculated based on the average of the market exchange rates for the four dealing days commencing on 6June 2017. Holders of ADSs are expected to receive $0.600per ADS (less applicable fees). A scrip dividend alternative is available, allowing shareholders to elect to receive their dividend in the form of new ordinary shares and ADS holders in the form of new ADSs. Details of the first quarter dividend and timetable are available at bp.com/dividends and details of the scrip dividend programme are available at bp.com/scrip.


First
Fourth
First


quarter
quarter
quarter


2017
2016
2016
Dividends paid per ordinary share




 cents

10.000
10.000
10.000
 pence

8.159
7.931
7.012
Dividends paid per ADS (cents)

60.00
60.00
60.00
Scrip dividends 




Number of shares issued (millions)

115.1
129.2
154.4
Value of shares issued ($ million)

642
710
739
Top of page 22
BP p.l.c. Group results
First quarter 2017
Note 8. Net Debt*
Net debt ratio*

First
Fourth
First


quarter
quarter
quarter
$ million

2017
2016
2016
Gross debt

61,832
58,300
54,012
Fair value (asset) liability of hedges related to finance debt(a)

597
697
(967)


62,429
58,997
53,045
Less: cash and cash equivalents

23,794
23,484
23,049
Net debt

38,635
35,513
29,996
Equity

99,282
96,843
97,289
Net debt ratio

28.0%
26.8%
23.6%
Analysis of changes in net debt

First
Fourth
First


quarter
quarter
quarter
$ million

2017
2016
2016
Opening balance




Finance debt

58,300
58,997
53,168
Fair value (asset) liability of hedges related to finance debt(a)

697
(1,113)
379
Less: cash and cash equivalents

23,484
25,520
26,389
Opening net debt

35,513
32,364
27,158
Closing balance




Finance debt

61,832
58,300
54,012
Fair value (asset) liability of hedges related to finance debt(a)

597
697
(967)
Less: cash and cash equivalents

23,794
23,484
23,049
Closing net debt

38,635
35,513
29,996
Decrease (increase) in net debt

(3,122)
(3,149)
(2,838)
Movement in cash and cash equivalents




 (excluding exchange adjustments)

143
(1,387)
(3,382)
Net cash outflow (inflow) from financing




 (excluding share capital and dividends)

(3,111)
(1,711)
933
Other movements

(66)
(146)
359
Movement in net debt before exchange effects

(3,034)
(3,244)
(2,090)
Exchange adjustments

(88)
95
(748)
Decrease (increase) in net debt

(3,122)
(3,149)
(2,838)
(a)
Derivative financial instruments entered into for the purpose of managing interest rate and foreign currency exchange risk associated with net debt with a fair value liability position of $1,746million (fourth quarter 2016 liability of $1,962million and first quarter 2016 liability of $1,225million) are not included in the calculation of net debt shown above as hedge accounting is not applied for these instruments.
Note 9. Inventory valuation
A provision of $499million was held at 31 March 2017 ($501million at 31 December 2016 and $677million at 31 March 2016) to write inventories down to their net realizable value. The net movement credited to the income statement during the first quarter 2017 was $4million (fourth quarter 2016 was a charge of $13million and first quarter 2016 was a credit of $616million).
Note 10. Statutory accounts
The financial information shown in this publication, which was approved by the Board of Directors on 1 May 2017, is unaudited and does not constitute statutory financial statements. Audited financial information will be published in BP Annual Report and Form 20-F2017. BP Annual Report and Form 20-F 2016 has been filed with the Registrar of Companies in England and Wales. The report of the auditor on those accounts was unqualified and did not contain a statement under section 498(2) or section 498(3) of the UK Companies Act 2006.
Top of page 23
BP p.l.c. Group results
First quarter 2017
Additional information
Capital expenditure*


First
Fourth
First


quarter
quarter
quarter
$ million

2017
2016
2016
Capital expenditure on a cash basis




Organic capital expenditure*(a)

3,538
4,473
4,478
Inorganic capital expenditure*(b)

530
449
-


4,068
4,922
4,478


First
Fourth
First


quarter
quarter
quarter
$ million

2017
2016
2016
Organic capital expenditure by segment




Upstream




US

641
602
1,247
Non-US(a)

2,339
2,918
2,809


2,980
3,520
4,056
Downstream




US

152
303
119
Non-US

320
530
269


472
833
388
Other businesses and corporate




US

21
25
-
Non-US

65
95
34


86
120
34


3,538
4,473
4,478
Organic capital expenditure by geographical area




US

814
930
1,366
Non-US(a)

2,724
3,543
3,112


3,538
4,473
4,478
(a)
Fourth quarter 2016 excludes the renewal of the Abu Dhabi ADCO concession for which no cash flow arises in the quarter because BP shares were issued as consideration.
(b)
First quarter 2017 includes amounts paid to purchase an interest in the Zohr gas field in Egypt and in exploration blocks in Senegal.
Top of page 24
BP p.l.c. Group results
First quarter 2017
Non-operating items*


First
Fourth
First


quarter
quarter
quarter
$ million

2017
2016
2016
Upstream




Impairment and gain (loss) on sale of businesses and fixed assets(a)

(382)
479
4
Environmental and other provisions

-
-
-
Restructuring, integration and rationalization costs

2
(71)
(263)
Fair value gain (loss) on embedded derivatives

25
(17)
13
Other(b)

(5)
245
(109)


(360)
636
(355)
Downstream




Impairment and gain (loss) on sale of businesses and fixed assets

(11)
72
321
Environmental and other provisions

-
2
-
Restructuring, integration and rationalization costs

(65)
(103)
(35)
Fair value gain (loss) on embedded derivatives

-
-
-
Other

-
(48)
-


(76)
(77)
286
Rosneft




Impairment and gain (loss) on sale of businesses and fixed assets

-
62
-
Environmental and other provisions

-
-
-
Restructuring, integration and rationalization costs

-
-
-
Fair value gain (loss) on embedded derivatives

-
-
-
Other

-
(39)
-


-
23
-
Other businesses and corporate




Impairment and gain (loss) on sale of businesses and fixed assets

(15)
2
-
Environmental and other provisions

-
-
-
Restructuring, integration and rationalization costs

(8)
(21)
(48)
Fair value gain (loss) on embedded derivatives

-
-
-
Gulf of Mexico oil spill(c)

(35)
(674)
(794)
Other

67
-
(54)


9
(693)
(896)
Total before interest and taxation

(427)
(111)
(965)
Finance costs(c)

(126)
(125)
(123)
Total before taxation

(553)
(236)
(1,088)
Taxation credit (charge)

248
56
310
Total after taxation for period

(305)
(180)
(778)
(a)
First quarter 2017 relates primarily to an impairment charge arising following the announcement on 3 April 2017 of the agreement to sell the Forties Pipeline System business to INEOS. An impairment reversal of $30 million was also recorded in the quarter in relation to Block KG D6 in India ($234-million impairment reversal in fourth quarter 2016).
(b)
First quarter 2017 includes a $56-million write-back relating to Block KG D6 in India ($319-million write-back in fourth quarter 2016). Fourth quarter 2016 also includes the write-off of $147 million in relation to the value ascribed to licences in the deepwater Gulf of Mexico as part of the accounting for the acquisition of upstream assets from Devon Energy in 2011. 
(c)
See Note 2 for further details regarding costs relating to the Gulf of Mexico oil spill.
Top of page 25
BP p.l.c. Group results
First quarter 2017
Non-GAAP information on fair value accounting effects


First
Fourth
First


quarter
quarter
quarter
$ million

2017
2016
2016
Favourable (unfavourable) impact relative to management's




 measure of performance




Upstream

246
(344)
(103)
Downstream

40
99
(219)


286
(245)
(322)
Taxation credit (charge)

(79)
97
83


207
(148)
(239)
BP uses derivative instruments to manage the economic exposure relating to inventories above normal operating requirements of crude oil, natural gas and petroleum products. Under IFRS, these inventories are recorded at historical cost. The related derivative instruments, however, are required to be recorded at fair value with gains and losses recognized in the income statement. This is 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 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.
BP enters into physical commodity contracts to meet certain business requirements, such as the purchase of crude for a refinery or the sale of BP's gas production. Under IFRS these physical contracts are treated as derivatives and are required to be fair valued when they are managed as part of a larger portfolio of similar transactions. In addition, derivative instruments are used to manage the price risk associated with certain future natural gas sales. Gains and losses arising are recognized in the income statement from the time the derivative commodity contract is entered into. 
IFRS require that inventory held for trading is 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, oil and gas processing and liquefied natural gas (LNG) that, under IFRS, are recorded on an accruals basis. These contracts are risk-managed using a variety of derivative instruments that 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 for consolidated entities by comparing the IFRS result with management's internal measure of performance. Under management's internal measure of performance the inventory and capacity contracts in question are valued based on fair value using relevant forward prices prevailing at the end of the period. The fair values of certain derivative instruments used to risk manage certain LNG and oil and gas contracts and gas sales contracts, are deferred to match with the underlying exposure and the commodity contracts for business requirements are accounted for on an accruals basis. 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 above. A reconciliation to GAAP information is set out below.


First
Fourth
First


quarter
quarter
quarter
$ million

2017
2016
2016
Upstream




Replacement cost profit (loss) before interest and tax adjusted for 




 fair value accounting effects

1,010
1,036
(1,102)
Impact of fair value accounting effects

246
(344)
(103)
Replacement cost profit (loss) before interest and tax

1,256
692
(1,205)
Downstream




Replacement cost profit before interest and tax adjusted for 




 fair value accounting effects

1,666
800
2,099
Impact of fair value accounting effects

40
99
(219)
Replacement cost profit before interest and tax

1,706
899
1,880
Total group




Profit (loss) before interest and tax adjusted for




 fair value accounting effects

2,342
1,346
(103)
Impact of fair value accounting effects

286
(245)
(322)
Profit (loss) before interest and tax

2,628
1,101
(425)
Top of page 26
BP p.l.c. Group results
First quarter 2017
Readily marketable inventory* (RMI)





31 March
31 December
$ million

2017
2016
RMI at fair value

5,495
5,952
Paid-up RMI*

2,802
2,705
Readily marketable inventory (RMI) is oil and oil products inventory held and price risk-managed by BP's integrated supply and trading function (IST) which could be sold to generate funds if required. Paid-up RMI is RMI that BP has paid for.
We believe that disclosing the amounts of RMI and paid-up RMI is useful to investors as it enables them to better understand and evaluate the group's inventories and liquidity position by enabling them to see the level of discretionary inventory held by IST and to see builds or releases of liquid trading inventory.
See the Glossary on page 28 for a more detailed definition of RMI. A reconciliation of total inventory as reported on the group balance sheet to paid-up RMI is provided below. 


31 March
31 December
$ million

2017
2016
Reconciliation of total inventory to paid-up RMI



Inventories as reported on the group balance sheet 

17,236
17,655
Less: (a) inventories which are not oil and oil products and (b) oil and oil 



 product inventories which are not risk-managed by IST

(12,228)
(12,131)
RMI on an IFRS basis

5,008
5,524
Plus: difference between RMI at fair value and RMI on an IFRS basis

487
428
RMI at fair value

5,495
5,952
Less: unpaid RMI* at fair value

(2,693)
(3,247)
Paid-up RMI

2,802
2,705
Top of page 27
BP p.l.c. Group results
First quarter 2017
Realizations* and marker prices


First
Fourth
First


quarter
quarter
quarter


2017
2016
2016
Average realizations(a)




Liquids* ($/bbl)




US

46.34
41.93
28.75
Europe

53.28
45.66
31.73
Rest of World(b)

51.79
45.27
29.72
BP Average(b)

49.87
43.89
29.61
Natural gas ($/mcf)




US

2.50
2.29
1.57
Europe

5.40
4.81
4.30
Rest of World

3.85
3.35
3.31
BP Average

3.50
3.08
2.84
Total hydrocarbons* ($/boe)




US

34.29
30.32
20.73
Europe

46.69
40.48
29.81
Rest of World(b)

37.93
30.98
24.64
BP Average(b)

37.19
31.40
23.81
Average oil marker prices ($/bbl)




Brent

53.69
49.33
33.94
West Texas Intermediate

51.70
49.23
33.45
Western Canadian Select

38.77
35.44
22.11
Alaska North Slope 

53.82
50.06
33.98
Mars

49.59
46.23
30.14
Urals (NWE - cif)

51.88
47.73
31.66
Average natural gas marker prices




Henry Hub gas price(c)($/mmBtu)

3.32
2.98
2.09
UK Gas - National Balancing Point (p/therm)

48.19
45.76
30.42
(a)
Based on sales of consolidated subsidiaries only - this excludes equity-accounted entities.
(b)
Production volume recognition methodology for our Technical Service Contract arrangement in Iraq has been simplified to exclude the impact of oil price movements on lifting imbalances. A minor adjustment has been made to first quarter 2016. There is no impact on the financial results.
(c)
Henry Hub First of Month Index.
Exchange rates


First
Fourth
First


quarter
quarter
quarter


2017
2016
2016
$/ average rate for the period

1.24
1.24
1.43
$/ period-end rate

1.25
1.22
1.44





$/ average rate for the period

1.07
1.08
1.10
$/ period-end rate

1.07
1.05
1.14





Rouble/$ average rate for the period

58.72
63.12
74.97
Rouble/$ period-end rate

56.01
60.63
67.31
Top of page 28
BP p.l.c. Group results
First quarter 2017
Glossary
Non-GAAP measures are provided for investors because they are closely tracked by management to evaluate BP's operating performance and to make financial, strategic and operating decisions.
Adjusted effective tax rate (ETR) is a non-GAAP measure. The adjusted ETR is calculated by dividing taxation on an underlying RC basis excluding the impact of the reduction in the rate of the UK North Sea supplementary charge in the third quarter 2016 by underlying RC profit or loss before tax.Taxation on an underlying RC basis is taxation on a RC basis for the period adjusted for taxation on non-operating items and fair value accounting effects. Information on underlying RC profit or loss is provided below. BP believes it is helpful to disclose the adjusted ETR because this measure may help investors to understand and evaluate, in the same manner as management, the underlying trends in BP's operational performance on a comparable basis, period on period. The nearest equivalent measure on an IFRS basis is the ETR on profit or loss for the period.
Capital expenditure is the summation of expenditure on property, plant and equipment, intangible and other assets, acquisitions (net of cash acquired), investment in joint ventures and investment in associates as stated in the condensed group cash flow statement.
Consolidation adjustment - UPIIis unrealized profit in inventory arising on inter-segment transactions.
Effective tax rate (ETR) on replacement cost (RC) profit or loss is a non-GAAP measure. The ETR on RC profit or loss is calculated by dividing taxation on a RC basis by RC profit or loss before tax.Information on RC profit or loss is provided below. BP believes it is helpful to disclose the ETR on RC profit or loss because this measure excludes the impact of price changes on the replacement of inventories and allows for more meaningful comparisons between reporting periods. The nearest equivalent measure on an IFRS basis is the ETR on profit or loss for the period. 
Fair value accounting effects are non-GAAP adjustments to our IFRS profit (loss) relating to certain physical inventories, pipelines and storage capacity. Management uses a fair-value basis to value these items which, under IFRS, are accounted for on an accruals basis with the exception of trading inventories, which are valued using spot prices. The adjustments have the effect of aligning the valuation basis of the physical positions with that of any associated derivative instruments, which are required to be fair valued under IFRS, in order to provide a more representative view of the ultimate economic value. Further information is provided on page 25.
Gearing - See Net debt and net debt ratio definition.
Hydrocarbons - Liquids and natural gas. Natural gas is converted to oil equivalent at 5.8 billion cubic feet = 1 million barrels.
Inorganic capital expenditureis a subset of capital expenditure and is a non-GAAP measure. Inorganic capital expenditure comprises consideration in business combinations and certain other significant investments made by the group. It is reported on a cash basis. BP believes that this measure provides useful information as it allows investors to understand how BP's management invests funds in projects which expand the group's activities through acquisition. Further information and a reconciliation to GAAP information is provided on page 23.
Inventory holding gains and losses represent the difference between the cost of sales calculated using the replacement cost of inventory and the cost of sales calculated on the first-in first-out (FIFO) method after adjusting for any changes in provisions where the net realizable value of the inventory is lower than its cost. Under the FIFO method, which we use for IFRS reporting, the cost of inventory charged to the income statement is based on its historical cost of purchase or manufacture, rather than its replacement cost. In volatile energy markets, this can have a significant distorting effect on reported income. The amounts disclosed represent the difference between the charge to the income statement for inventory on a FIFO basis (after adjusting for any related movements in net realizable value provisions) and the charge that would have arisen based on the replacement cost of inventory. For this purpose, the replacement cost of inventory is calculated using data from each operation's production and manufacturing system, either on a monthly basis, or separately for each transaction where the system allows this approach. The amounts disclosed are not separately reflected in the financial statements as a gain or loss. No adjustment is made in respect of the cost of inventories held as part of a trading position and certain other temporary inventory positions. See Replacement cost (RC) profit or loss definition below.
Liquids - Liquids for Upstream and Rosneft comprises crude oil, condensate and natural gas liquids. For Upstream, liquids also includes bitumen. 
Major projectshave a BP net investment of at least $250 million, or are considered to be of strategic importance to BP or of a high degree of complexity.
Top of page 29
BP p.l.c. Group results
First quarter 2017
Glossary (continued)
Net debt and net debt ratio are non-GAAP measures. Net debt is calculated as gross finance debt, as shown in the balance sheet, plus the fair value of associated derivative financial instruments that are used to hedge foreign currency exchange and interest rate risks relating to finance debt, for which hedge accounting is applied, less cash and cash equivalents. The net debt ratio is defined as the ratio of net debt to the total of net debt plus shareholders' equity. All components of equity are included in the denominator of the calculation. BP believes these measures provide useful information to investors. Net debt enables investors to see the economic effect of gross debt, related hedges and cash and cash equivalents in total. The net debt ratio enables investors to see how significant net debt is relative to equity from shareholders. The derivatives are reported on the balance sheet within the headings 'Derivative financial instruments'.
Net wind generation capacity is the sum of the rated capacities of the assets/turbines that have entered into commercial operation, including BP's share of equity-accounted entities. The gross data is the equivalent capacity on a gross-JV basis, which includes 100% of the capacity of equity-accounted entities where BP has partial ownership.
Non-operating items are charges and credits included in the financial statements that BP discloses separately because it considers such disclosures to be meaningful and relevant to investors. They are items that management considers not to be part of underlying business operations and are disclosed in order to enable investors better to understand and evaluate the group's reported financial performance. Non-operating items within equity-accounted earnings are reported net of incremental income tax reported by the equity-accounted entity. An analysis of non-operating items by region is shown on pages 7, 9 and 11, and by segment and type is shown on page 24.
Operating cash flow is net cash provided by (used in) operating activities as stated in the condensed group cash flow statement. When used in the context of a segment rather than the group, the terms refer to the segment's share thereof.
Operating cash flow excluding amounts related to the Gulf of Mexico oil spill / Gulf of Mexico oil spill payments is a non-GAAP measure calculated by excluding post-tax operating cash flows relating to the Gulf of Mexico oil spill as reported in Note 2 from Net cash provided by operating activities as reported in the condensed group cash flow statement. BP believes it is helpful to disclose net cash provided by operating activities excluding amounts related to the Gulf of Mexico oil spill because this measure allows for more meaningful comparisons between reporting periods. The nearest equivalent measure on an IFRS basis is Net cash provided by operating activities.
Organic capital expenditure is a subset of capital expenditure and is a non-GAAP measure. Organic capital expenditure comprises capital expenditure less inorganic capital expenditure. BP believes that this measure provides useful information as it allows investors to understand how BP's management invests funds in developing and maintaining the group's assets. An analysis of organic capital expenditure by segment and region, and a reconciliation to GAAP information is provided on page 23.
Production-sharing agreement (PSA) is an arrangement through which an oil company bears the risks and costs of exploration, development and production. In return, if exploration is successful, the oil company receives entitlement to variable physical volumes of hydrocarbons, representing recovery of the costs incurred and a stipulated share of the production remaining after such cost recovery.
Readily marketable inventory (RMI)is inventory held and price risk-managed by our integrated supply and trading function (IST) which could be sold to generate funds if required. It comprises oil and oil products for which liquid markets are available and excludes inventory which is required to meet operational requirements and other inventory which is not price risk-managed. RMI is reported at fair value. Inventory held by the Downstream fuels business for the purpose of sales and marketing, and all inventories relating to the lubricants and petrochemicals businesses, are not included in RMI. 
Paid-up RMI excludes RMI which has not yet been paid for. For inventory that is held in storage, a first-in first-out (FIFO) approach is used to determine whether inventory has been paid for or not. Unpaid RMI is RMI which has not yet been paid for by BP. RMI, Paid-up RMI and Unpaid RMI are non-GAAP measures. Further information is provided on page 26.
Realizations are the result of dividing revenue generated from hydrocarbon sales, excluding revenue generated from purchases made for resale and royalty volumes, by revenue generating hydrocarbon production volumes. Revenue generating hydrocarbon production reflects the BP share of production as adjusted for any production which does not generate revenue. Adjustments may include losses due to shrinkage, amounts consumed during processing, and contractual or regulatory host committed volumes such as royalties.
Refining availability represents Solomon Associates' operational availability, which is defined as the percentage of the year that a unit is available for processing after subtracting the annualized time lost due to turnaround activity and all planned mechanical, process and regulatory downtime.
Top of page 30
BP p.l.c. Group results
First quarter 2017
Glossary (continued)
The Refining marker margin (RMM) is the average of regional indicator margins weighted for BP's crude refining capacity in each region. Each regional marker margin is based on product yields and a marker crude oil deemed appropriate for the region. 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.
Replacement cost (RC) profit or loss reflects the replacement cost of inventories sold in the period and is arrived at by excluding inventory holding gains and losses from profit or loss. RC profit or loss is the measure of profit or loss that is required to be disclosed for each operating segment under IFRS. RC profit or loss for the group is not a recognized GAAP measure. BP believes this measure is useful to illustrate to investors the fact that crude oil and product prices can vary significantly from period to period and that the impact on our reported result under IFRS can be significant. Inventory holding gains and losses vary from period to period due to changes in prices as well as changes in underlying inventory levels. In order for investors to understand the operating performance of the group excluding the impact of price changes on the replacement of inventories, and to make comparisons of operating performance between reporting periods, BP's management believes it is helpful to disclose this measure. The nearest equivalent measure on an IFRS basis is profit or loss attributable to BP shareholders.
RC profit or loss per share is a non-GAAP measure. Earnings per share is defined in Note 6. RC profit or loss per share is calculated using the same denominator. The numerator used is RC profit or loss attributable to BP shareholders rather than profit or loss attributable to BP shareholders. BP believes it is helpful to disclose the RC profit or loss per share because this measure excludes the impact of price changes on the replacement of inventories and allows for more meaningful comparisons between reporting periods. The nearest equivalent measure on an IFRS basis is basic earnings per share based on profit or loss for the period attributable to BP shareholders.
Reported recordable injury frequency measures the number of reported work-related employee and contractor incidents that result in a fatality or injury per 200,000 hours worked. This represents reported incidents occurring within BP's operational HSSE reporting boundary. That boundary includes BP's own operated facilities and certain other locations or situations.
Tier 1 process safety events are losses of primary containment from a process of greatest consequence - causing harm to a member of the workforce, costly damage to equipment or exceeding defined quantities. This represents reported incidents occurring within BP's operational HSSE reporting boundary. That boundary includes BP's own operated facilities and certain other locations or situations.
Underlying productionis production after adjusting for divestments and entitlement impacts in our production-sharing agreements. 2017 underlying production does not include the Abu Dhabi onshore concession renewal.
Underlying RC profit or loss is RC profit or loss after adjusting for non-operating items and fair value accounting effects. Underlying RC profit or loss and adjustments for fair value accounting effects are not recognized GAAP measures. See pages 24 and 25 for additional information on the non-operating items and fair value accounting effects that are used to arrive at underlying RC profit or loss in order to enable a full understanding of the events and their financial impact. BP believes that underlying RC profit or loss is a useful measure for investors because it is a measure closely tracked by management to evaluate BP's operating performance and to make financial, strategic and operating decisions and because it may help investors to understand and evaluate, in the same manner as management, the underlying trends in BP's operational performance on a comparable basis, period on period, by adjusting for the effects of these non-operating items and fair value accounting effects.The nearest equivalent measure on an IFRS basis for the group is profit or loss attributable to BP shareholders. The nearest equivalent measure on an IFRS basis for segments is RC profit or loss before interest and taxation.
Top of page 31
BP p.l.c. Group results
First quarter 2017
Glossary (continued)
Underlying RC profit or loss per share is a non-GAAP measure. Earnings per share is defined in Note 6. Underlying RC profit or loss per share is calculated using the same denominator. The numerator used is underlying RC profit or loss attributable to BP shareholders rather than profit or loss attributable to BP shareholders. BP believes it is helpful to disclose the underlying RC profit or loss per share because this measure may help investors to understand and evaluate, in the same manner as management, the underlying trends in BP's operational performance on a comparable basis, period on period. The nearest equivalent measure on an IFRS basis is basic earnings per share based on profit or loss for the period attributable to BP shareholders.
Upstream operating efficiency is calculated as production divided by installed production capacity for BP operated sites, excluding US Lower 48. Installed production capacity is the agreed rate achievable (measured at the export end of the system) when the installed production system (reservoir, wells, plant and export) is fully optimized and operated at full rate with no planned or unplanned deferrals.
Upstream unit production cost is calculated as production cost divided by units of production. Production cost does not include ad valorem and severance taxes. Units of production are barrels for liquids and thousands of cubic feet for gas. Amounts disclosed are for BP subsidiaries only and do not include BP's share of equity-accounted entities.
Top of page 32
BP p.l.c. Group results
First quarter 2017
Legal proceedings
For a full discussion of the group's material legal proceedings, see pages 261-265 of BP Annual Report and Form 20-F 2016.
Cautionary statement
In order to utilize the 'safe harbor' provisions of the United States Private Securities Litigation Reform Act of 1995 (the 'PSLRA'), BP is providing the following cautionary statement: The discussion in this results announcement contains certain forecasts, projections and forward-looking statements - that is, statements related to future, not past events - with respect to the financial condition, results of operations and businesses of BP and certain of the plans and objectives of BP with respect to these items. These statements may generally, but not always, be identified by the use of words such as 'will', 'expects', 'is expected to', 'aims', 'should', 'may', 'objective', 'is likely to', 'intends', 'believes', 'anticipates', 'plans', 'we see' or similar expressions. In particular, among other statements, expectations regarding the expected quarterly dividend payment and timing of such payment; expectations regarding 2017 operating cash flow, organic capital expenditure, gearing, and divestment proceeds and the timing thereof; expectations regarding Upstream 2017 underlying production and second-quarter 2017 reported production; expectations regarding Downstream second-quarter 2017 refining margins and turnaround activity; plans and expectations with respect to the start-up of new Upstream projects; expectations with respect to new Upstream production though 2020; plans and expectations regarding development of Downstream markets in Mexico and Indonesia; intention to divest BP's shareholding in SECCO; expectations regarding Rosneft dividends for 2016 and Rosneft operational and financial information for the first quarter of 2017; expectations with respect to the price of Rosneft's acquisition of the Kondaneft project; expectations with respect to the timing and amount of future payments relating to the Gulf of Mexico oil spill; and expectations that claims arising under the 2012 PSC settlement will be substantially paid in 2017; are all forward looking in nature. By their nature, forward-looking statements involve risk and uncertainty because they relate to events and depend on circumstances that will or may occur in the future and are outside the control of BP. Actual results may differ materially from those expressed in such statements, depending on a variety of factors, including: the specific factors identified in the discussions accompanying such forward-looking statements; the receipt of relevant thirdparty and/or regulatory approvals; the timing and level of maintenance and/or turnaround activity; the timing and volume of refinery additions and outages; the timing of bringing new fields onstream; the timing, quantum and nature of certain divestments; future levels of industry product supply, demand and pricing, including supply growth in North America; OPEC quota restrictions; PSA effects; operational and safety problems; potential lapses in product quality; economic and financial market conditions generally or in various countries and regions; political stability and economic growth in relevant areas of the world; changes in laws and governmental regulations; regulatory or legal actions including the types of enforcement action pursued and the nature of remedies sought or imposed; the actions of prosecutors, regulatory authorities and courts; delays in the processes for resolving claims; exchange rate fluctuations; development and use of new technology; recruitment and retention of a skilled workforce; the success or otherwise of partnering; the actions of competitors, trading partners, contractors, subcontractors, creditors, rating agencies and others; our access to future credit resources; business disruption and crisis management; the impact on our reputation of ethical misconduct and non-compliance with regulatory obligations; trading losses; major uninsured losses; decisions by Rosneft's management and board of directors; the actions of contractors; natural disasters and adverse weather conditions; changes in public expectations and other changes to business conditions; wars and acts of terrorism; cyber-attacks or sabotage; and other factors discussed under "Risk factors" in BP Annual Report and Form 20-F 2016 as filed with the US Securities and Exchange Commission.
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