REG - BP PLC - 2Q17 Part 1 of 1 <Origin Href="QuoteRef">BP.L</Origin> - Part 2
01/08/2017 07:07
- Part 2: For the preceding part double click ID:nRSA6610Ma
First half 2017 Financialmetrics First half 2017
(vs. First half 2016) (vs. First half 2016)
Safety 11(+2) Underlying RC profit $2.2bn (+$0.9bn)
Tier 1 process safety events*
Safety 0.22(-3%) Operating cash flow excluding Gulf of Mexico oil spill payments $11.3bn(+$3bn)
Reported recordable injury frequency*
Group production 3,544mboe/d(+8%) Organic capital expenditure $7.9bn (-$0.8bn)
Upstream production excluding Rosneft segment 2,410mboe/d (+6%) Gulf of Mexico oil spill payments $4.3bn(+$1.8bn)
Upstream unit production costs* $7.20/boe (-18%) Divestment proceeds $0.7bn (-$0.9bn)
BP-operated Upstream operating efficiency*(a) 81.4% Net debt ratio (gearing) 28.8% (+4.1)
Refining availability* 94.8% (-0.5) Dividend per ordinary share 10.00 cents(-)
(a) Reported on a one-quarter lagged basis and represents 1Q 2017 actuals only.
The commentary above contains forward-looking statements and should be read in conjunction with the cautionary statement on page 35.
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BP p.l.c. Group results
Second quarter and half year 2017
INTENTIONALLY BLANK
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BP p.l.c. Group results
Second quarter and half year 2017
Upstream
Second First Second First First
quarter quarter quarter half half
$ million 2017 2017 2016 2017 2016
Profit (loss) before interest and tax 796 1,250 (24) 2,046 (1,260)
Inventory holding (gains) losses* (1) 6 (85) 5 (54)
RC profit (loss) before interest and tax 795 1,256 (109) 2,051 (1,314)
Net (favourable) unfavourable impact of
non-operating items* and fair value
accounting effects* (85) 114 138 29 596
Underlying RC profit (loss) before interest
and tax*(a) 710 1,370 29 2,080 (718)
(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 second quarter and half year was $795 million and $2,051
million respectively, compared with a loss of $109 million and $1,314 million for the same periods in 2016. The second
quarter and half year included a net non-operating charge of $21 million and $381 million respectively, compared with a net
non-operating gain of $7 million and a charge of $348 million for the same periods in 2016. Fair value accounting effects
in the second quarter and half year had a favourable impact of $106 million and $352 million respectively, compared with an
unfavourable impact of $145 million and $248 million in the same periods of 2016.
After adjusting for non-operating items and fair value accounting effects, the underlying replacement cost profit before
interest and tax for the second quarter and half year was $710 million and $2,080 million respectively, compared with a
profit of $29 million and a loss of $718 million for the same periods in 2016. The result for the second quarter and half
year mainly reflected higher liquids and gas realizations, and higher production including the impact of the Abu Dhabi
concession renewal and major project start-ups, partly offset by higher exploration write-offs largely in Angola and higher
depreciation, depletion and amortization.
Production
Production for the quarter was 2,431mboe/d, 9.9% higher than the second quarter of 2016. Underlying production* for the
quarter increased by 7.0%, due to the ramp-up of major projects. For the first half, production was 2,410mboe/d, 6.4%
higher than in the same period of 2016. First-half underlying production was 5% higher than the same period of 2016 due to
major project start-ups.
Key events
On 8 May, BP along with joint venture partner Kosmos Energy announced the Yakaar gas discovery located at Cayar Offshore
Profond block offshore Senegal (BP 60% (following completion on 3 July of the acquisition by BP of Timis Corp's working
interest), Kosmos 30%, and Petrosen 10%).
On 10 May, BP announced the start of gas production from the first two fields, Taurus and Libra, of the West Nile Delta
development in Egypt (BP operator 82.75 % and DEA Deutsche Erdoel AG 17.25%).
On 22 May, BP announced first oil from the redeveloped Schiehallion Area, following completion of the Quad 204 project in
the west of Shetland region, offshore UK (BP operator 36%, Shell 54%, and Siccar Point Energy 10%).
On 2 June, BP Trinidad and Tobago LLC (bpTT) announced the sanction for the development of its Angelin offshore gas
project. On the same day, bpTT also announced that it has made two significant gas discoveries with the Savannah and
Macadamia exploration wells.
On 15 June, BP and Reliance Industries Limited (RIL) announced the development of the R-Series project in Block KG D6 off
the east coast of India (RIL operator 60%, BP 30%, and NIKO 10%).
This builds on the progress announced in our first-quarter results, which comprised the following: BP's previously
announced transaction with Kosmos Energy in Senegal was approved by the Senegal Minister of Energy and of Development of
Renewable Energies; BP completed the purchase of a 10% interest from Eni (operator, 90%) in the Shorouk concession offshore
Egypt; BP announced its third gas discovery in the North Damietta Offshore Concession (BP 100%) in the East Nile Delta,
Egypt; BP announced that it had agreed to sell its Forties Pipeline System (FPS) business and other associated interests
and facilities to INEOS; and bpTT announced the start-up of the Trinidad onshore compression project.
Outlook
Looking ahead, we expect third-quarter reported production to be broadly flat with the second 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 page 35.
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BP p.l.c. Group results
Second quarter and half year 2017
Upstream (continued)
Second First Second First First
quarter quarter quarter half half
$ million 2017 2017 2016 2017 2016
Underlying RC profit (loss) before interest and tax
US 179 166 (305) 345 (972)
Non-US 531 1,204 334 1,735 254
710 1,370 29 2,080 (718)
Non-operating items
US (34) (12) (57) (46) (220)
Non-US(a) 13 (348) 64 (335) (128)
(21) (360) 7 (381) (348)
Fair value accounting effects
US 92 192 (57) 284 (90)
Non-US 14 54 (88) 68 (158)
106 246 (145) 352 (248)
RC profit (loss) before interest and tax
US 237 346 (419) 583 (1,282)
Non-US 558 910 310 1,468 (32)
795 1,256 (109) 2,051 (1,314)
Exploration expense
US 25 40 48 65 160
Non-US(b) 825 372 302 1,197 444
850 412 350 1,262 604
Of which: Exploration expenditure written off(b) 753 261 260 1,014 421
Production (net of royalties)(c)
Liquids*(d) (mb/d)
US 418 448 401 433 402
Europe 122 115 117 118 122
Rest of World(d) 812 827 706 819 737
1,352 1,389 1,224 1,371 1,261
Natural gas (mmcf/d)
US 1,576 1,594 1,666 1,585 1,634
Europe 274 263 238 269 263
Rest of World 4,410 3,934 3,829 4,173 3,924
6,260 5,791 5,733 6,026 5,822
Total hydrocarbons*(d) (mboe/d)
US 689 723 688 706 684
Europe 169 160 158 165 168
Rest of World(d) 1,572 1,505 1,366 1,539 1,413
2,431 2,388 2,212 2,410 2,265
Average realizations*(e)
Total liquids(d)(f) ($/bbl) 46.27 49.87 39.68 48.09 34.44
Natural gas ($/mcf) 3.19 3.50 2.66 3.34 2.75
Total hydrocarbons(d) ($/boe) 33.59 37.19 28.66 35.37 26.16
(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.
(b) Second quarter 2017 predominantly relates to the write-off of exploration well and lease costs in Angola. First quarter 2017 is mainly due to the write-off of exploration wells in Egypt.
(c) Includes BP's share of production of equity-accounted entities in the Upstream segment.
(d) A minor adjustment has been made to comparative periods in 2016. See page 30 for more information.
(e) Realizations are based on sales by consolidated subsidiaries only - this excludes equity-accounted entities.
(f) Includes condensate, natural gas liquids and bitumen.
Because of rounding, some totals may not agree exactly with the sum of their component parts.
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BP p.l.c. Group results
Second quarter and half year 2017
Downstream
Second First Second First First
quarter quarter quarter half half
$ million 2017 2017 2016 2017 2016
Profit (loss) before interest and tax 988 1,804 2,463 2,792 4,246
Inventory holding (gains) losses* 579 (98) (1,058) 481 (961)
RC profit before interest and tax 1,567 1,706 1,405 3,273 3,285
Net (favourable) unfavourable impact of
non-operating items* and fair value
accounting effects* (154) 36 108 (118) 41
Underlying RC profit before interest and tax*(a) 1,413 1,742 1,513 3,155 3,326
(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 second quarter and first half was $1,567 million and $3,273
million respectively, compared with $1,405 million and $3,285 million for the same periods in 2016.
The second quarter and half year include a net non-operating gain of $138 million and $62 million respectively, compared
with a net non-operating charge of $37 million and a net non-operating gain of $249 million for the same periods in 2016.
Fair value accounting effects had a favourable impact of $16 million in the second quarter and $56 million for the half
year, compared with an unfavourable impact of $71 million and $290 million for the same periods in 2016.
After adjusting for non-operating items and fair value accounting effects, the underlying replacement cost profit before
interest and tax for the second quarter and half year was $1,413 million and $3,155 million respectively, compared with
$1,513 million and $3,326 million for the same periods in 2016.
Replacement cost profit before interest and tax for fuels, lubricants and petrochemicals is set out on page 9.
Fuels business
The fuels business reported an underlying replacement cost profit before interest and tax of $908 million for the second
quarter and $2,108 million for the half year, compared with $1,011 million and $2,327 million for the same periods in 2016,
driven by higher fuels marketing and refining results which were more than offset by a significantly lower supply and
trading contribution for both the quarter and half year.
The fuels marketing result for the quarter and half year reflects continued growth supported by the rollout of our
convenience partnership sites and higher premium volumes. For the half year, the fuels marketing result was around 20%
higher than the same period last year.
The refining result for the quarter and half year benefited from stronger refining commercial optimization, partially
offset by a higher level of turnaround activity. The half year also benefited from improved industry refining margins which
were partially offset by narrower North American heavy crude oil differentials.
In the second quarter, we signed a memorandum of understanding with Reliance Industries Limited to jointly explore options
to develop differentiated retail and aviation fuels, mobility and advanced low carbon energy businesses in India.
On 18 July we announced that we are evaluating the formation and initial public offering of a master limited partnership to
enhance shareholder value and to support BP's strategy to grow its US midstream business.
Lubricants business
The lubricants business reported an underlying replacement cost profit before interest and tax of $355 million for the
second quarter and $748 million for the half year, compared with $412 million and $796 million for the same periods in
2016.
During the quarter, we announced an agreement to be the exclusive premium lubricants brand sold by Kroger, the largest
supermarket chain in the US.
Petrochemicals business
The petrochemicals business reported an underlying replacement cost profit before interest and tax of $150 million for the
second quarter and $299 million for the half year, compared with $90 million and $203 million for the same periods in 2016.
The result for the second quarter and half year reflects an improved margin environment as well as lower costs reflecting
the continued benefit from our simplification and efficiency programmes.
On 27 April, 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 third quarter, we expect a similar level of industry refining margins and that North American heavy crude oil
differentials will remain under pressure.
The commentary above contains forward-looking statements and should be read in conjunction with the cautionary statement on page 35.
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BP p.l.c. Group results
Second quarter and half year 2017
Downstream (continued)
Second First Second First First
quarter quarter quarter half half
$ million 2017 2017 2016 2017 2016
Underlying RC profit before interest and tax -
by region
US 283 554 386 837 926
Non-US 1,130 1,188 1,127 2,318 2,400
1,413 1,742 1,513 3,155 3,326
Non-operating items
US 28 (12) 17 16 130
Non-US 110 (64) (54) 46 119
138 (76) (37) 62 249
Fair value accounting effects
US 10 (62) (78) (52) (165)
Non-US 6 102 7 108 (125)
16 40 (71) 56 (290)
RC profit before interest and tax
US 321 480 325 801 891
Non-US 1,246 1,226 1,080 2,472 2,394
1,567 1,706 1,405 3,273 3,285
Underlying RC profit before interest and tax -
by business(a)(b)
Fuels 908 1,200 1,011 2,108 2,327
Lubricants 355 393 412 748 796
Petrochemicals 150 149 90 299 203
1,413 1,742 1,513 3,155 3,326
Non-operating items and fair value
accounting effects(c)
Fuels 159 4 (93) 163 (38)
Lubricants (2) (3) (3) (5) (4)
Petrochemicals (3) (37) (12) (40) 1
154 (36) (108) 118 (41)
RC profit before interest and tax(a)(b)
Fuels 1,067 1,204 918 2,271 2,289
Lubricants 353 390 409 743 792
Petrochemicals 147 112 78 259 204
1,567 1,706 1,405 3,273 3,285
BP average refining marker margin (RMM)* ($/bbl) 13.8 11.7 13.8 12.8 12.2
Refinery throughputs (mb/d)
US 708 694 668 702 683
Europe 782 801 805 791 806
Rest of World 198 181 231 189 235
1,688 1,676 1,704 1,682 1,724
Refining availability* (%) 94.5 95.2 95.7 94.8 95.3
Marketing sales of refined products (mb/d)
US 1,177 1,116 1,115 1,146 1,093
Europe 1,153 1,069 1,170 1,111 1,157
Rest of World 497 512 515 505 502
2,827 2,697 2,800 2,762 2,752
Trading/supply sales of refined products 2,996 2,959 2,875 2,978 2,843
Total sales volumes of refined products 5,823 5,656 5,675 5,740 5,595
Petrochemicals production (kte)
US 672 498 558 1,170 1,454
Europe 1,365 1,253 909 2,618 1,901
Rest of World 2,001 2,073 1,967 4,074 3,876
4,038 3,824 3,434 7,862 7,231
(a) Segment-level overhead expenses are included in the fuels business result.
(b) BP's share of income from petrochemicals at our Gelsenkirchen and Mülheim sites in Germany is reported in the fuels business.
(c) For Downstream, fair value accounting effects arise solely in the fuels business.
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BP p.l.c. Group results
Second quarter and half year 2017
Rosneft
Second First Second First First
quarter quarter quarter half half
$ million 2017(a) 2017 2016 2017(a) 2016
Profit before interest and tax(b) 271 73 291 344 353
Inventory holding (gains) losses* 8 26 (45) 34 (41)
RC profit before interest and tax 279 99 246 378 312
Net charge (credit) for non-operating items* - - - - -
Underlying RC profit before interest and tax* 279 99 246 378 312
Financial results
Replacement cost profit before interest and tax and underlying replacement cost profit before interest and tax for the
second quarter and half year was $279 million and $378 million respectively, compared with $246 million and $312 million
for the same periods in 2016. There were no non-operating items in the second quarter and half year of either year.
Compared with the same periods in 2016, the result for the second quarter was primarily affected by higher oil prices and
adverse duty lag effects. For the half year, the result was primarily affected by higher oil prices, adverse foreign
exchange and adverse duty lag effects.
BP's two nominees, Bob Dudley and Guillermo Quintero, were re-elected to Rosneft's board by the annual general meeting
(AGM) on 22 June. The AGM also adopted a resolution to pay dividends of 5.98 roubles per ordinary share. In July BP
received a dividend in relation to the 2016 annual results of $190 million, after the deduction of withholding tax.
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 was approximately $700 million.
On 29 June Rosneft completed the transaction for the sale of a 20% interest in its Verkhnechonskneftegaz subsidiary to the
Beijing Gas Group, for around $1.1 billion.
Second First Second First First
quarter quarter quarter half half
2017(a) 2017 2016 2017(a) 2016
Production(net of royalties) (BP share)
Liquids* (mb/d) 902 912 812 907 810
Natural gas (mmcf/d) 1,302 1,334 1,266 1,318 1,274
Total hydrocarbons* (mboe/d) 1,126 1,142 1,030 1,134 1,029
(a) The operational and financial information of the Rosneft segment for the second quarter and first half of the year is based on preliminary operational and financial results of Rosneft for the six months ended 30 June 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 second quarter and first half 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.
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BP p.l.c. Group results
Second quarter and half year 2017
Other businesses and corporate
Second First Second First First
quarter quarter quarter half half
$ million 2017 2017 2016 2017 2016
Profit (loss) before interest and tax
Gulf of Mexico oil spill (347) (35) (5,106) (382) (5,900)
Other (374) (396) (419) (770) (699)
Profit (loss) before interest and tax (721) (431) (5,525) (1,152) (6,599)
Inventory holding (gains) losses* - - - - -
RC profit (loss) before interest and tax (721) (431) (5,525) (1,152) (6,599)
Net charge (credit) for non-operating items*
Gulf of Mexico oil spill 347 35 5,106 382 5,900
Other 8 (44) 43 (36) 145
Net charge (credit) for non-operating items 355 (9) 5,149 346 6,045
Underlying RC profit (loss) before interest and
tax* (366) (440) (376) (806) (554)
Underlying RC profit (loss) beforeinterest and
tax
US (104) (197) (109) (301) (219)
Non-US (262) (243) (267) (505) (335)
(366) (440) (376) (806) (554)
Non-operating items
US (350) (38) (5,136) (388) (5,984)
Non-US (5) 47 (13) 42 (61)
(355) 9 (5,149) (346) (6,045)
RC profit (loss) before interest and tax
US (454) (235) (5,245) (689) (6,203)
Non-US (267) (196) (280) (463) (396)
(721) (431) (5,525) (1,152) (6,599)
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 second quarter and half year was $721 million and $1,152 million
respectively, compared with $5,525 million and $6,599 million for the same periods in 2016.
The results included a net non-operating charge of $355 million for the second quarter and $346 million for the half year,
compared with a net non-operating charge of $5,149 million and $6,045 million for the same periods in 2016.
After adjusting for non-operating items, the underlying replacement cost loss before interest and tax for the second
quarter and half year was $366 million and $806 million respectively, compared with $376 million and $554 million for the
same periods in 2016. The underlying charge for the half year was impacted by adverse foreign exchange effects, which had a
favourable effect in the same period in 2016.
Alternative energy -biofuels, wind
The net ethanol-equivalent production (which includes ethanol and sugar) for the second quarter was 227 million litres,
compared with 283 million litres for the same period in 2016.
Net wind generation capacity*(a) was 1,432MW at 30 June 2017 compared with 1,477MW at 30 June 2016. BP's net share of wind
generation for the second quarter and half year was 1,053GWh and 2,212GWh respectively, compared with 1,060GWh and 2,407GWh
for the same periods in 2016.
(a) Capacity figures for 2016 include 23MW in the Netherlands managed by our Downstream segment.
Top of page 12
BP p.l.c. Group results
Second quarter and half year 2017
Half-yearly financial report
This results announcement also represents BP's half-yearly financial report for the purposes of the Disclosure Guidance and
Transparency Rules made by the UK Financial Conduct Authority. In this context: (i) the condensed set of financial
statements can be found on pages 14-25; (ii) pages 1-11, and 26-35 comprise the interim management report; and (iii) the
directors' responsibility statement and auditors' independent review report can be found on pages 12-13.
Statement of directors' responsibilities
The directors confirm that, to the best of their knowledge, the condensed set of financial statements on pages 14-25 has
been prepared in accordance with IAS 34 'Interim Financial Reporting', and that the interim management report on pages 1-11
and 26-35 includes a fair review of the information required by the Disclosure Guidance and Transparency Rules.
The directors of BP p.l.c. are listed on pages 52-57 of BP Annual Report and Form 20-F 2016, with the exception of Cynthia
Carroll and Andrew Shilston who retired at the 2017 Annual General Meeting on 17 May 2017, and Melody Meyer who was elected
at the 2017 Annual General Meeting.
By order of the board
Bob Dudley Brian Gilvary
Group Chief Executive Chief Financial Officer
31 July 2017 31 July 2017
Top of page 13
BP p.l.c. Group results
Second quarter and half year 2017
Independent review report to BP p.l.c.
Introduction
We have been engaged by the company to review the condensed set of financial statements in the half-yearly financial report
for the six months ended 30 June 2017 which comprises the group income statement, group statement of comprehensive income,
group statement of changes in equity, group balance sheet, condensed group cash flow statement and Notes 1 to 10. We have
read the other information contained in the half-yearly financial report and considered whether it contains any apparent
misstatements or material inconsistencies with the information in the condensed set of financial statements.
This report is made solely to the company in accordance with guidance contained in International Standard on Review
Engagements 2410 (UK and Ireland) 'Review of Interim Financial Information Performed by the Independent Auditor of the
Entity' issued by the Auditing Practices Board for use in the United Kingdom (ISRE 2410). To the fullest extent permitted
by law, we do not accept or assume responsibility to anyone other than the company, for our work, for this report, or for
the conclusions we have formed.
Directors' responsibilities
The half-yearly financial report is the responsibility of, and has been approved by, the directors. The directors are
responsible for preparing the half-yearly financial report in accordance with the Disclosure Guidance and Transparency
Rules of the United Kingdom's Financial Conduct Authority.
As disclosed in Note 1, the annual financial statements of the group are prepared in accordance with International
Financial Reporting Standards (IFRS) as issued by the International Accounting Standards Board (IASB) and IFRS as adopted
by the European Union (EU). The condensed set of financial statements included in this half-yearly financial report has
been prepared in accordance with International Accounting Standard 34, 'Interim Financial Reporting', as issued by the IASB
and as adopted by the EU.
Our responsibility
Our responsibility is to express to the company a conclusion on the condensed set of financial statements in the
half-yearly financial report based on our review.
Scope of review
We conducted our review in accordance with ISRE 2410. A review of interim financial information consists of making
enquiries, primarily of persons responsible for financial and accounting matters, and applying analytical and other review
procedures. A review is substantially less in scope than an audit conducted in accordance with International Standards on
Auditing (UK) and consequently does not enable us to obtain assurance that we would become aware of all significant matters
that might be identified in an audit. Accordingly, we do not express an audit opinion.
Conclusion
Based on our review, nothing has come to our attention that causes us to believe that the condensed set of financial
statements in the half-yearly financial report for the six months ended 30 June 2017 is not prepared, in all material
respects, in accordance with International Accounting Standard 34 as issued by the IASB and as adopted by the EU and the
Disclosure Guidance and Transparency Rules of the United Kingdom's Financial Conduct Authority.
Ernst & Young LLP
London
31 July 2017
The maintenance and integrity of the BP p.l.c. website are the responsibility of the directors; the review work carried out
by the auditors does not involve consideration of these matters and, accordingly, the auditors accept no responsibility for
any changes that may have occurred to the financial information since it was initially presented on the website.
Legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ from
legislation in other jurisdictions.
Top of page 14
BP p.l.c. Group results
Second quarter and half year 2017
Financial statements
Group income statement
Second First Second First First
quarter quarter quarter half half
$ million 2017 2017 2016 2017 2016
Sales and other operating revenues (Note 4) 56,511 55,863 46,442 112,374 84,954
Earnings from joint ventures - after interest
and tax 160 205 274 365 303
Earnings from associates - after interest and tax 371 151 380 522 522
Interest and other income 127 122 101 249 246
Gains on sale of businesses and fixed assets 197 45 79 242 417
Total revenues and other income 57,366 56,386 47,276 113,752 86,442
Purchases 42,713 41,137 32,752 83,850 59,355
Production and manufacturing expenses(a) 5,761 5,255 10,446 11,016 16,965
Production and similar taxes (Note 5) 189 306 258 495 272
Depreciation, depletion and amortization (Note 4) 3,793 3,842 3,637 7,635 7,367
Impairment and losses on sale of businesses
and fixed assets 51 453 52 504 65
Exploration expense 850 412 350 1,262 604
Distribution and administration expenses 2,540 2,353 2,697 4,893 5,155
Profit (loss) before interest and taxation 1,469 2,628 (2,916) 4,097 (3,341)
Finance costs(a) 487 460 414 947 808
Net finance expense relating to pensions and
other post-retirement benefits 54 53 46 107 92
Profit (loss) before taxation 928 2,115 (3,376) 3,043 (4,241)
Taxation(a) 772 623 (1,986) 1,395 (2,293)
Profit (loss) for the period 156 1,492 (1,390) 1,648 (1,948)
Attributable to
BP shareholders 144 1,449 (1,419) 1,593 (2,002)
Non-controlling interests 12 43 29 55 54
156 1,492 (1,390) 1,648 (1,948)
Earnings per share (Note 6)
Profit (loss) for the period attributable to
BP shareholders
Per ordinary share (cents)
Basic 0.73 7.42 (7.60) 8.12 (10.78)
Diluted 0.72 7.38 (7.60) 8.08 (10.78)
Per ADS (dollars)
Basic 0.04 0.45 (0.46) 0.49 (0.65)
Diluted 0.04 0.44 (0.46) 0.48 (0.65)
(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 15
BP p.l.c. Group results
Second quarter and half year 2017
Group statement of comprehensive income
Second First Second First First
quarter quarter quarter half half
$ million 2017 2017 2016 2017 2016
Profit (loss) for the period 156 1,492 (1,390) 1,648 (1,948)
Other comprehensive income
Items that may be reclassified subsequently to
profit or loss
Currency translation differences (103) 1,214 (35) 1,111 839
Exchange gains (losses) on translation of
foreign operations reclassified to gain or loss
on sale of businesses and fixed assets 4 1 - 5 6
Available-for-sale investments 1 2 - 3 -
Cash flow hedges marked to market 81 48 (289) 129 (351)
Cash flow hedges reclassified to the income
statement 31 42 16 73 39
Cash flow hedges reclassified to the
balance sheet 36 39 6 75 19
Share of items relating to equity-accounted
entities, net of tax 72 231 197 303 487
Income tax relating to items that may
be reclassified 4 (125) 80 (121) (6)
126 1,452 (25) 1,578 1,033
Items that will not be reclassified to profit or loss
Remeasurements of the net pension and other
post-retirement benefit liability or asset 318 727 (1,763) 1,045 (2,985)
Income tax relating to items that will not be
reclassified (102) (246) 592 (348) 994
216 481 (1,171)
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