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FOR IMMEDIATE RELEASE
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London 30 October 2018
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BP p.l.c. Group results
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Third quarter and nine months 2018
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Highlights
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Strong earnings driven by high reliability and major project
delivery
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Bob
Dudley – Group chief
executive:
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Our focus on safe and reliable operations and delivering our
strategy is driving strong earnings and growing cash flow.
Operations are running well across BP and we’re bringing new,
higher-margin barrels into production faster through efficient
project execution. We have made very good progress with our
acquisition from BHP and expect to complete the transaction
tomorrow. This will transform our position in the US Lower 48 and
we expect it to create significant value for BP. This progress all
underpins our commitment to growing distributions for our
shareholders.
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Financial summary
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Third
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Second
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Third
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Nine
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Nine
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quarter
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quarter
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quarter
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months
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months
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$ million
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2018
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2018
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2017
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2018
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2017
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Profit
for the period(a)
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3,349
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2,799
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1,769
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8,617
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3,362
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Inventory holding (gains) losses, net of tax
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(258
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)
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(1,010
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)
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(390
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)
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(1,348
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)
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(18
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)
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RC profit
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3,091
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1,789
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1,379
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7,269
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3,344
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Net
(favourable) adverse impact of non-operating items and fair value
accounting effects, net of tax
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747
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1,033
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486
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1,977
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|
715
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Underlying RC profit
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3,838
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2,822
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1,865
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9,246
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4,059
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RC profit per ordinary share (cents)
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15.45
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8.96
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6.98
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36.42
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17.01
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RC profit per ADS (dollars)
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0.93
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0.54
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0.42
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2.19
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1.02
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Underlying RC profit per ordinary share (cents)
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19.18
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14.14
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9.44
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46.32
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20.65
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Underlying RC profit per ADS (dollars)
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1.15
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|
0.85
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0.57
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2.78
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1.24
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The commentary above and following should be read in conjunction
with the cautionary statement on page 35.
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Group headlines
Results
For the
nine months, underlying replacement cost (RC) profit* was $9,246
million, compared with $4,059 million in 2017. Underlying RC profit
is after adjusting RC profit* for a net charge for non-operating
items* of $1,619 million and net adverse fair value accounting
effects* of $358 million (both on a post-tax basis). RC profit was
$7,269 million for the nine months, compared with $3,344 million a
year ago.
For the
third quarter, underlying RC profit was $3,838 million, compared
with $1,865 million in 2017. Underlying RC profit is after
adjusting
RC
profit for a net charge for non-operating items of $649 million and
net adverse fair value accounting effects of $98 million (both on a
post-tax basis). RC profit was $3,091 million for the third
quarter, compared with $1,379 million in 2017.
BP’s
profit for the third quarter and nine months was $3,349 million and
$8,617 million respectively, compared with $1,769 million and
$3,362 million for the same periods in 2017.
See
further information on pages 3, 27 and 28.
Non-operating items
Non-operating
items amounted to a post-tax charge of $649 million for the quarter
and $1,619 million for the nine months. The charge for the quarter
includes post-tax amounts relating to the Gulf of Mexico oil spill
of $54 million for business economic loss claims and $30 million
for other claims and litigation relating to the spill, as well as
finance costs in respect of the unwinding of discounting effects
relating to oil spill payables. See further information on page
27.
Effective tax rate
The
effective tax rate (ETR) on RC profit or loss* for the third
quarter and nine months was 38% and 41% respectively, compared with
43% for both periods in 2017. Adjusting for non-operating items and
fair value accounting effects, the underlying ETR* for the third
quarter and nine months was 36% and 38% respectively, compared with
40% and 42% for the same periods in 2017. The lower underlying ETR
for the third quarter reflected lower adjustments in respect of
prior years and re-evaluation of deferred tax positions, partly
offset by deferred tax charges due to foreign exchange impacts. The
lower underlying ETR for the nine months reflected lower
exploration write-offs, partly offset by deferred tax charges due
to foreign exchange impacts. In the current environment we now
expect the underlying ETR for 2018 to be lower than 40%. ETR on RC
profit or loss and underlying ETR are non-GAAP
measures.
Dividend
BP
today announced a quarterly dividend of 10.25 cents per ordinary
share ($0.615 per ADS), which is expected to be paid on 21 December
2018. The corresponding amount in sterling will be announced on 10
December 2018. See page 24 for further information.
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Share buybacks
BP
repurchased 19 million ordinary shares at a cost of $139 million,
including fees and stamp duty, during the third quarter of 2018.
For the nine months, BP repurchased 48 million ordinary shares at a
cost of $339 million, including fees and stamp duty.
Operating cash flow*
Excluding
post-tax amounts related to the Gulf of Mexico oil spill, operating
cash flow* for the third quarter was $6.6 billion, including a $0.7
billion working capital* build (after adjusting for inventory
holding gains*) and $19.0 billion in the nine months, including a
$1.1 billion working capital build (after adjusting for inventory
holding gains), compared with $6.6 billion and $17.9 billion for
the same periods in 2017. Including amounts relating to the Gulf of
Mexico oil spill, operating cash flow for the third quarter and
nine months was $6.1 billion and $16.0 billion respectively (after
a $1.6 billion working capital build for the quarter and $5.5
billion for the nine months), compared with $6.0 billion and $13.0
billion for the same periods in 2017. See also the Glossary on page
31 for further information on working capital.
Capital expenditure*
Organic
capital expenditure* for the third quarter and nine months was $3.7
billion and $10.7 billion respectively, compared with $4.0 billion
and $11.9 billion for the same periods in 2017.
Inorganic
capital expenditure* for the third quarter and nine months was $0.7
billion and $1.5 billion respectively, compared with $0.5 billion
and $1.1 billion for the same periods in 2017.
Organic
capital expenditure and inorganic capital expenditure are non-GAAP
measures. See page 26 for further information.
Divestment and other proceeds
Divestment
proceeds* were $0.1 billion for the third quarter and $0.4 billion
for the nine months, compared with $0.2 billion and $1.0 billion
for the same periods in 2017.
Gearing*
Net
debt* at 30 September 2018 was $39.2 billion, compared
with $39.8 billion a year ago. Gearing at
30 September 2018 was 27.5%, compared with 28.4% a year
ago.
We
expect gearing to remain within the target band of 20-30% during
the fourth quarter of 2018. As described above, assuming oil prices
remain firm, we expect to fund the deferred consideration related
to the BHP transaction with available cash rather than issuing
equity. As a result, gearing may move temporarily above the top end
of the band in early 2019, but is expected to move back down
towards the middle of the band by the end of 2019, in line with the
generation of free cash flow and receipt of disposal
proceeds.
Net
debt and gearing are non-GAAP measures. See page 24 for more
information.
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Brian Gilvary – Chief
financial officer:
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This quarter’s underlying result was significantly higher
than the second quarter in a very similar price environment. Since
we announced the BHP transaction, oil prices have firmed to levels
significantly above the acquisition assumptions. While oil prices
remain at these levels, we expect to finance the transaction fully
using cash. In this event, the $5-6 billion divestment programme
linked to the transaction will be used to reduce debt. We will also
continue our share buyback programme to offset dilution from the
scrip dividend.
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The commentary above contains forward-looking statements and should
be read in conjunction with the cautionary statement on page
35.
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Third
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Second
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Third
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Nine
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Nine
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quarter
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quarter
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quarter
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months
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months
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$ million
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2018
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2018
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2017
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2018
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2017
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Underlying RC profit before interest and tax
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Upstream
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3,999
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3,508
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1,562
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10,664
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3,642
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Downstream
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2,111
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1,455
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2,338
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5,392
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5,493
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Rosneft
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872
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766
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137
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1,885
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515
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Other
businesses and corporate
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(345
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)
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(477
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)
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(398
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)
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(1,214
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)
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(1,204
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)
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Consolidation
adjustment – UPII*
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|
78
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|
151
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|
(130
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)
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69
|
|
(63
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)
|
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Underlying RC profit before interest and tax
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6,715
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5,403
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|
3,509
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|
|
16,796
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|
8,383
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|
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Finance
costs and net finance expense relating to pensions and other
post-retirement benefits
|
|
(610
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)
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(448
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)
|
(444
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)
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(1,522
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)
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(1,251
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)
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Taxation on an underlying RC basis
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(2,213
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)
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(2,059
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)
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(1,212
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)
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(5,838
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)
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(3,030
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)
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Non-controlling interests
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(54
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)
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(74
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)
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12
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|
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(190
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)
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(43
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)
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Underlying RC profit attributable to BP shareholders
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3,838
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2,822
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1,865
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9,246
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4,059
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|
|
|
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Third
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Second
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Third
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Nine
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Nine
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|||||
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quarter
|
quarter
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quarter
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months
|
months
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|||||
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$ million
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2018
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2018
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2017
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2018
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2017
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|||||
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RC profit (loss) before interest and tax
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|
|
|
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|||||
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Upstream
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3,472
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3,514
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1,242
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10,160
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3,293
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Downstream
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2,249
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|
840
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2,175
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4,802
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5,448
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Rosneft
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808
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766
|
|
137
|
|
|
1,821
|
|
515
|
|
|
Other
businesses and corporate(a)
|
|
(815
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)
|
(1,025
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)
|
(460
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)
|
|
(2,411
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)
|
(1,612
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)
|
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Consolidation
adjustment – UPII
|
|
78
|
|
151
|
|
(130
|
)
|
|
69
|
|
(63
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)
|
|
RC profit (loss) before interest and tax
|
|
5,792
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|
4,246
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|
2,964
|
|
|
14,441
|
|
7,581
|
|
|
Finance
costs and net finance expense relating to pensions and other
post-retirement benefits
|
|
(729
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)
|
(566
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)
|
(566
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)
|
|
(1,879
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)
|
(1,620
|
)
|
|
Taxation on a RC basis
|
|
(1,918
|
)
|
(1,817
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)
|
(1,031
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)
|
|
(5,103
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)
|
(2,574
|
)
|
|
Non-controlling interests
|
|
(54
|
)
|
(74
|
)
|
12
|
|
|
(190
|
)
|
(43
|
)
|
|
RC profit (loss) attributable to BP shareholders
|
|
3,091
|
|
1,789
|
|
1,379
|
|
|
7,269
|
|
3,344
|
|
|
Inventory holding gains (losses)*
|
|
371
|
|
1,310
|
|
557
|
|
|
1,773
|
|
37
|
|
|
Taxation (charge) credit on inventory holding gains and
losses
|
|
(113
|
)
|
(300
|
)
|
(167
|
)
|
|
(425
|
)
|
(19
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)
|
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Profit (loss) for the period attributable to BP
shareholders
|
|
3,349
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|
2,799
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|
1,769
|
|
|
8,617
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|
3,362
|
|
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Strategic progress
Upstream
Upstream
production, which excludes Rosneft, was 2,460mboe/d for the third
quarter, flat with last year. Adjusted for portfolio and PSA*
impacts, underlying production* was 6.8% higher, driven by
continued ramp-up of production from major projects*. Upstream unit
production costs* were higher year-to-date due to increased
wellwork* activity and the impact of higher prices on production
entitlements.
Five
Upstream major projects have been delivered to date in 2018. The
Thunder Horse Northwest expansion in the Gulf of Mexico and Western
Flank B in Australia started up in October, both ahead of schedule.
Shah Deniz 2 in Azerbaijan, Taas-Yuryakh expansion in Russia, and
Atoll in Egypt, started up during the first half of the
year.
In
September, BP accessed new acreage in the prolific Santos basin,
offshore Brazil, by winning the licence for the Pau Brasil block.
This represents BP’s first operated position in the Santos
basin.
The
acquisition of the significant portfolio of onshore US oil and gas
assets from BHP, announced in July, is expected to complete by end
of October.
Downstream
In
manufacturing, refining and petrochemicals operations have both
been strong in the quarter. Refining availability was 96.3%, the
highest in 15 years.
In
marketing, BP’s convenience partnership model has now been
rolled out to around 1,300 sites across our network worldwide, and
more than 370 BP-branded retail sites are now open in
Mexico.
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Advancing the energy transition
BP
completed the acquisition of Chargemaster, the UK’s largest
electric vehicle charging company, in the quarter.
Air BP
entered into an agreement with Neste to explore opportunities to
increase the supply and availability of sustainable aviation
fuel.
In the
quarter Lightsource BP agreed to form a joint venture to fund,
develop and operate solar projects in Egypt and also announced an
expansion of its position in the US, acquiring a portfolio of solar
projects in Pennsylvania.
Financial framework
Operating cash flow excluding Gulf of Mexico oil spill
payments* was $6.6 billion in the quarter and $19.0 billion in the
nine months. These compare with $6.6 billion for the third quarter
of 2017 and $17.9 billion for the nine months of 2017.
Organic capital expenditure* of $3.7 billion in the quarter
brought the total for the nine months of 2018 to $10.7 billion. BP
expects 2018 organic capital expenditure to be around
$15 billion.
Divestments and other proceeds totalled $0.4 billion for the
nine months. 2018 total proceeds are expected to be over
$3 billion.
Gulf of Mexico oil spill payments on a post-tax basis totalled
$2.9 billion in the nine months of 2018. Payments for the full year
are expected to be just over $3 billion on a post-tax
basis.
Gearing* at the end of the quarter was 27.5%, within
BP’s target band of 20-30%. Gearing is expected to remain
within the target band during the fourth quarter of
2018.
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Operating metrics
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Nine months 2018
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Financial metrics
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Nine months 2018
|
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(vs. Nine months 2017)
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(vs. Nine months 2017)
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Tier 1 process safety events*
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13
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|
Underlying RC profit*
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|
$9.2bn
|
|
|
(+1)
|
|
|
(+$5.2bn)
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Reported recordable injury frequency*
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0.21
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|
Operating cash flow excluding Gulf of Mexico oil spill payments
(post-tax)
|
|
$19.0bn
|
|
|
(-4%)
|
|
|
(+$1.1bn)
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Group production
|
|
3,645mboe/d
|
|
Organic capital expenditure
|
|
$10.7bn
|
|
|
(+2.5%)
|
|
|
(-$1.1bn)
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Upstream production (excludes Rosneft segment)
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|
2,510mboe/d
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|
Gulf of Mexico oil spill payments (post-tax)
|
|
$2.9bn
|
|
|
(+3.4%)
|
|
|
(-$1.9bn)
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|
Upstream unit production costs
|
|
$7.27/boe
|
|
Divestment proceeds*
|
|
$0.4bn
|
|
|
(+1.5%)
|
|
|
(-$0.5bn)
|
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|
BP-operated Upstream plant reliability*(a)
|
|
95.6%
|
|
Net debt ratio* (gearing)
|
|
27.5%
|
|
|
(+1.0)
|
|
|
(-0.9)
|
||
|
Refining availability*
|
|
94.8%
|
|
Dividend per ordinary share(b)
|
|
10.25 cents
|
|
|
(-0.2)
|
|
|
(+2.5%)
|
|
The commentary above contains forward-looking statements and should
be read in conjunction with the cautionary statement on page
35.
|
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|
|
Third
|
Second
|
Third
|
|
Nine
|
Nine
|
|||||
|
|
|
quarter
|
quarter
|
quarter
|
|
months
|
months
|
|||||
|
$ million
|
|
2018
|
2018
|
2017
|
|
2018
|
2017
|
|||||
|
Profit before interest and tax
|
|
3,473
|
|
3,518
|
|
1,255
|
|
|
10,166
|
|
3,301
|
|
|
Inventory holding (gains) losses*
|
|
(1
|
)
|
(4
|
)
|
(13
|
)
|
|
(6
|
)
|
(8
|
)
|
|
RC profit before interest and tax
|
|
3,472
|
|
3,514
|
|
1,242
|
|
|
10,160
|
|
3,293
|
|
|
Net
(favourable) adverse impact of non-operating items* and fair value
accounting effects*
|
|
527
|
|
(6
|
)
|
320
|
|
|
504
|
|
349
|
|
|
Underlying
RC profit before interest and tax*(a)
|
|
3,999
|
|
3,508
|
|
1,562
|
|
|
10,664
|
|
3,642
|
|
|
The commentary above contains forward-looking statements and should
be read in conjunction with the cautionary statement on page
35.
|
|
|
|
Third
|
Second
|
Third
|
|
Nine
|
Nine
|
|||||
|
|
|
quarter
|
quarter
|
quarter
|
|
months
|
months
|
|||||
|
$ million
|
|
2018
|
2018
|
2017
|
|
2018
|
2017
|
|||||
|
Underlying RC profit before interest and tax
|
|
|
|
|
|
|
|
|||||
|
US
|
|
1,025
|
|
742
|
|
264
|
|
|
2,293
|
|
609
|
|
|
Non-US
|
|
2,974
|
|
2,766
|
|
1,298
|
|
|
8,371
|
|
3,033
|
|
|
|
|
3,999
|
|
3,508
|
|
1,562
|
|
|
10,664
|
|
3,642
|
|
|
Non-operating items
|
|
|
|
|
|
|
|
|||||
|
US(a)
|
|
(149
|
)
|
(29
|
)
|
(97
|
)
|
|
(323
|
)
|
(143
|
)
|
|
Non-US(b)
|
|
(93
|
)
|
56
|
|
(49
|
)
|
|
4
|
|
(384
|
)
|
|
|
|
(242
|
)
|
27
|
|
(146
|
)
|
|
(319
|
)
|
(527
|
)
|
|
Fair value accounting effects
|
|
|
|
|
|
|
|
|||||
|
US
|
|
(10
|
)
|
(143
|
)
|
(100
|
)
|
|
(162
|
)
|
184
|
|
|
Non-US
|
|
(275
|
)
|
122
|
|
(74
|
)
|
|
(23
|
)
|
(6
|
)
|
|
|
|
(285
|
)
|
(21
|
)
|
(174
|
)
|
|
(185
|
)
|
178
|
|
|
RC profit before interest and tax
|
|
|
|
|
|
|
|
|||||
|
US
|
|
866
|
|
570
|
|
67
|
|
|
1,808
|
|
650
|
|
|
Non-US
|
|
2,606
|
|
2,944
|
|
1,175
|
|
|
8,352
|
|
2,643
|
|
|
|
|
3,472
|
|
3,514
|
|
1,242
|
|
|
10,160
|
|
3,293
|
|
|
Exploration expense
|
|
|
|
|
|
|
|
|||||
|
US(a)
|
|
39
|
|
77
|
|
190
|
|
|
425
|
|
255
|
|
|
Non-US(c)
|
|
271
|
|
87
|
|
107
|
|
|
563
|
|
1,304
|
|
|
|
|
310
|
|
164
|
|
297
|
|
|
988
|
|
1,559
|
|
|
Of
which: Exploration expenditure written off(a)(c)
|
|
227
|
|
81
|
|
217
|
|
|
734
|
|
1,231
|
|
|
Production (net of
royalties)(d)
|
|
|
|
|
|
|
|
|||||
|
Liquids* (mb/d)
|
|
|
|
|
|
|
|
|||||
|
US
|
|
424
|
|
411
|
|
408
|
|
|
428
|
|
425
|
|
|
Europe
|
|
128
|
|
147
|
|
123
|
|
|
138
|
|
120
|
|
|
Rest of World
|
|
663
|
|
659
|
|
809
|
|
|
684
|
|
816
|
|
|
|
|
1,216
|
|
1,217
|
|
1,341
|
|
|
1,250
|
|
1,360
|
|
|
Natural gas (mmcf/d)
|
|
|
|
|
|
|
|
|||||
|
US
|
|
1,805
|
|
1,744
|
|
1,703
|
|
|
1,780
|
|
1,625
|
|
|
Europe
|
|
212
|
|
202
|
|
217
|
|
|
210
|
|
251
|
|
|
Rest of World
|
|
5,201
|
|
5,297
|
|
4,581
|
|
|
5,317
|
|
4,311
|
|
|
|
|
7,218
|
|
7,242
|
|
6,502
|
|
|
7,307
|
|
6,187
|
|
|
Total hydrocarbons* (mboe/d)
|
|
|
|
|
|
|
|
|||||
|
US
|
|
736
|
|
711
|
|
702
|
|
|
734
|
|
705
|
|
|
Europe
|
|
165
|
|
182
|
|
161
|
|
|
175
|
|
163
|
|
|
Rest of World
|
|
1,560
|
|
1,572
|
|
1,599
|
|
|
1,601
|
|
1,559
|
|
|
|
|
2,460
|
|
2,465
|
|
2,462
|
|
|
2,510
|
|
2,427
|
|
|
Average realizations*(e)
|
|
|
|
|
|
|
|
|||||
|
Total
liquids(f)
($/bbl)
|
|
69.68
|
|
67.24
|
|
47.45
|
|
|
66.11
|
|
47.87
|
|
|
Natural gas ($/mcf)
|
|
3.86
|
|
3.65
|
|
2.89
|
|
|
3.77
|
|
3.18
|
|
|
Total hydrocarbons ($/boe)
|
|
46.14
|
|
43.37
|
|
33.23
|
|
|
43.64
|
|
34.63
|
|
|
|
|
Third
|
Second
|
Third
|
|
Nine
|
Nine
|
|||||
|
|
|
quarter
|
quarter
|
quarter
|
|
months
|
months
|
|||||
|
$ million
|
|
2018
|
2018
|
2017
|
|
2018
|
2017
|
|||||
|
Profit before interest and tax
|
|
2,592
|
|
2,036
|
|
2,695
|
|
|
6,410
|
|
5,487
|
|
|
Inventory holding (gains) losses*
|
|
(343
|
)
|
(1,196
|
)
|
(520
|
)
|
|
(1,608
|
)
|
(39
|
)
|
|
RC profit before interest and tax
|
|
2,249
|
|
840
|
|
2,175
|
|
|
4,802
|
|
5,448
|
|
|
Net
(favourable) adverse impact of non-operating items* and fair value
accounting effects*
|
|
(138
|
)
|
615
|
|
163
|
|
|
590
|
|
45
|
|
|
Underlying
RC profit before interest and tax*(a)
|
|
2,111
|
|
1,455
|
|
2,338
|
|
|
5,392
|
|
5,493
|
|
|
The commentary above contains forward-looking statements and should
be read in conjunction with the cautionary statement on page
35.
|
|
|
|
Third
|
Second
|
Third
|
|
Nine
|
Nine
|
|||||
|
|
|
quarter
|
quarter
|
quarter
|
|
months
|
months
|
|||||
|
$ million
|
|
2018
|
2018
|
2017
|
|
2018
|
2017
|
|||||
|
Underlying RC profit before interest and tax - by
region
|
|
|
|
|
|
|
|
|||||
|
US
|
|
835
|
|
399
|
|
640
|
|
|
1,823
|
|
1,477
|
|
|
Non-US
|
|
1,276
|
|
1,056
|
|
1,698
|
|
|
3,569
|
|
4,016
|
|
|
|
|
2,111
|
|
1,455
|
|
2,338
|
|
|
5,392
|
|
5,493
|
|
|
Non-operating items
|
|
|
|
|
|
|
|
|||||
|
US
|
|
(14
|
)
|
(155
|
)
|
(39
|
)
|
|
(186
|
)
|
(23
|
)
|
|
Non-US
|
|
(23
|
)
|
(70
|
)
|
(16
|
)
|
|
(129
|
)
|
30
|
|
|
|
|
(37
|
)
|
(225
|
)
|
(55
|
)
|
|
(315
|
)
|
7
|
|
|
Fair value accounting
effects(a)
|
|
|
|
|
|
|
|
|||||
|
US
|
|
81
|
|
(299
|
)
|
20
|
|
|
(339
|
)
|
(32
|
)
|
|
Non-US
|
|
94
|
|
(91
|
)
|
(128
|
)
|
|
64
|
|
(20
|
)
|
|
|
|
175
|
|
(390
|
)
|
(108
|
)
|
|
(275
|
)
|
(52
|
)
|
|
RC profit before interest and tax
|
|
|
|
|
|
|
|
|||||
|
US
|
|
902
|
|
(55
|
)
|
621
|
|
|
1,298
|
|
1,422
|
|
|
Non-US
|
|
1,347
|
|
895
|
|
1,554
|
|
|
3,504
|
|
4,026
|
|
|
|
|
2,249
|
|
840
|
|
2,175
|
|
|
4,802
|
|
5,448
|
|
|
Underlying RC profit before interest and tax - by
business(b)(c)
|
|
|
|
|
|
|
|
|||||
|
Fuels
|
|
1,566
|
|
1,054
|
|
1,788
|
|
|
4,018
|
|
3,896
|
|
|
Lubricants
|
|
324
|
|
326
|
|
356
|
|
|
981
|
|
1,104
|
|
|
Petrochemicals
|
|
221
|
|
75
|
|
194
|
|
|
393
|
|
493
|
|
|
|
|
2,111
|
|
1,455
|
|
2,338
|
|
|
5,392
|
|
5,493
|
|
|
Non-operating items and fair value accounting
effects(a)
|
|
|
|
|
|
|
|
|||||
|
Fuels
|
|
140
|
|
(584
|
)
|
(154
|
)
|
|
(554
|
)
|
9
|
|
|
Lubricants
|
|
—
|
|
(26
|
)
|
(3
|
)
|
|
(29
|
)
|
(8
|
)
|
|
Petrochemicals
|
|
(2
|
)
|
(5
|
)
|
(6
|
)
|
|
(7
|
)
|
(46
|
)
|
|
|
|
138
|
|
(615
|
)
|
(163
|
)
|
|
(590
|
)
|
(45
|
)
|
|
RC profit before interest and tax(b)(c)
|
|
|
|
|
|
|
|
|||||
|
Fuels
|
|
1,706
|
|
470
|
|
1,634
|
|
|
3,464
|
|
3,905
|
|
|
Lubricants
|
|
324
|
|
300
|
|
353
|
|
|
952
|
|
1,096
|
|
|
Petrochemicals
|
|
219
|
|
70
|
|
188
|
|
|
386
|
|
447
|
|
|
|
|
2,249
|
|
840
|
|
2,175
|
|
|
4,802
|
|
5,448
|
|
|
|
|
|
|
|
|
|
|
|||||
|
BP average refining marker margin (RMM)* ($/bbl)
|
|
14.7
|
|
14.9
|
|
16.3
|
|
|
13.8
|
|
14.0
|
|
|
|
|
|
|
|
|
|
|
|||||
|
Refinery throughputs (mb/d)
|
|
|
|
|
|
|
|
|||||
|
US
|
|
740
|
|
666
|
|
737
|
|
|
707
|
|
713
|
|
|
Europe
|
|
805
|
|
786
|
|
768
|
|
|
796
|
|
784
|
|
|
Rest of World
|
|
248
|
|
228
|
|
240
|
|
|
242
|
|
207
|
|
|
|
|
1,793
|
|
1,680
|
|
1,745
|
|
|
1,745
|
|
1,704
|
|
|
Refining availability* (%)
|
|
96.3
|
|
93.3
|
|
95.3
|
|
|
94.8
|
|
95.0
|
|
|
|
|
|
|
|
|
|
|
|||||
|
Marketing sales of refined products (mb/d)
|
|
|
|
|
|
|
|
|||||
|
US
|
|
1,169
|
|
1,161
|
|
1,186
|
|
|
1,142
|
|
1,160
|
|
|
Europe
|
|
1,166
|
|
1,135
|
|
1,204
|
|
|
1,116
|
|
1,143
|
|
|
Rest of World
|
|
497
|
|
477
|
|
480
|
|
|
485
|
|
496
|
|
|
|
|
2,832
|
|
2,773
|
|
2,870
|
|
|
2,743
|
|
2,799
|
|
|
Trading/supply sales of refined products
|
|
3,147
|
|
3,247
|
|
3,088
|
|
|
3,192
|
|
3,015
|
|
|
Total sales volumes of refined products
|
|
5,979
|
|
6,020
|
|
5,958
|
|
|
5,935
|
|
5,814
|
|
|
|
|
|
|
|
|
|
|
|||||
|
Petrochemicals production (kte)
|
|
|
|
|
|
|
|
|||||
|
US
|
|
660
|
|
404
|
|
617
|
|
|
1,563
|
|
1,787
|
|
|
Europe
|
|
1,209
|
|
1,094
|
|
1,285
|
|
|
3,431
|
|
3,903
|
|
|
Rest of World
|
|
1,146
|
|
1,358
|
|
2,025
|
|
|
3,896
|
|
6,099
|
|
|
|
|
3,015
|
|
2,856
|
|
3,927
|
|
|
8,890
|
|
11,789
|
|
|
|
|
Third
|
Second
|
Third
|
|
Nine
|
Nine
|
|||||
|
|
|
quarter
|
quarter
|
quarter
|
|
months
|
months
|
|||||
|
$ million
|
|
2018(a)
|
2018
|
2017
|
|
2018(a)
|
2017
|
|||||
|
Profit
before interest and tax(b)
|
|
835
|
|
876
|
|
161
|
|
|
1,980
|
|
505
|
|
|
Inventory holding (gains) losses*
|
|
(27
|
)
|
(110
|
)
|
(24
|
)
|
|
(159
|
)
|
10
|
|
|
RC profit before interest and tax
|
|
808
|
|
766
|
|
137
|
|
|
1,821
|
|
515
|
|
|
Net charge (credit) for non-operating items*
|
|
64
|
|
—
|
|
—
|
|
|
64
|
|
—
|
|
|
Underlying RC profit before interest and tax*
|
|
872
|
|
766
|
|
137
|
|
|
1,885
|
|
515
|
|
|
|
|
Third
|
Second
|
Third
|
|
Nine
|
Nine
|
|||||
|
|
|
quarter
|
quarter
|
quarter
|
|
months
|
months
|
|||||
|
|
|
2018(a)
|
2018
|
2017
|
|
2018(a)
|
2017
|
|||||
|
Production (net of royalties) (BP share)
|
|
|
|
|
|
|
|
|||||
|
Liquids* (mb/d)
|
|
933
|
|
909
|
|
903
|
|
|
915
|
|
906
|
|
|
Natural gas (mmcf/d)
|
|
1,260
|
|
1,262
|
|
1,263
|
|
|
1,276
|
|
1,300
|
|
|
Total hydrocarbons* (mboe/d)
|
|
1,151
|
|
1,127
|
|
1,120
|
|
|
1,135
|
|
1,130
|
|
|
|
|
Third
|
Second
|
Third
|
|
Nine
|
Nine
|
|||||
|
|
|
quarter
|
quarter
|
quarter
|
|
months
|
months
|
|||||
|
$ million
|
|
2018
|
2018
|
2017
|
|
2018
|
2017
|
|||||
|
Profit (loss) before interest and tax
|
|
|
|
|
|
|
|
|||||
|
Gulf of Mexico oil spill - business economic loss
claims
|
|
(69
|
)
|
(249
|
)
|
—
|
|
|
(318
|
)
|
(260
|
)
|
|
Gulf of Mexico oil spill - other
|
|
(59
|
)
|
(184
|
)
|
(84
|
)
|
|
(329
|
)
|
(206
|
)
|
|
Other
|
|
(687
|
)
|
(592
|
)
|
(376
|
)
|
|
(1,764
|
)
|
(1,146
|
)
|
|
Profit (loss) before interest and tax
|
|
(815
|
)
|
(1,025
|
)
|
(460
|
)
|
|
(2,411
|
)
|
(1,612
|
)
|
|
Inventory holding (gains) losses*
|
|
—
|
|
—
|
|
—
|
|
|
—
|
|
—
|
|
|
RC profit (loss) before interest and tax
|
|
(815
|
)
|
(1,025
|
)
|
(460
|
)
|
|
(2,411
|
)
|
(1,612
|
)
|
|
Net charge (credit) for non-operating items*
|
|
|
|
|
|
|
|
|||||
|
Gulf of Mexico oil spill - business economic loss
claims
|
|
69
|
|
249
|
|
—
|
|
|
318
|
|
260
|
|
|
Gulf of Mexico oil spill - other
|
|
59
|
|
184
|
|
84
|
|
|
329
|
|
206
|
|
|
Other
|
|
342
|
|
115
|
|
(22
|
)
|
|
550
|
|
(58
|
)
|
|
Net charge (credit) for non-operating items
|
|
470
|
|
548
|
|
62
|
|
|
1,197
|
|
408
|
|
|
Underlying RC profit (loss) before interest and tax*
|
|
(345
|
)
|
(477
|
)
|
(398
|
)
|
|
(1,214
|
)
|
(1,204
|
)
|
|
Underlying RC profit (loss) before interest and tax
|
|
|
|
|
|
|
|
|||||
|
US
|
|
(166
|
)
|
(123
|
)
|
(145
|
)
|
|
(436
|
)
|
(446
|
)
|
|
Non-US
|
|
(179
|
)
|
(354
|
)
|
(253
|
)
|
|
(778
|
)
|
(758
|
)
|
|
|
|
(345
|
)
|
(477
|
)
|
(398
|
)
|
|
(1,214
|
)
|
(1,204
|
)
|
|
Non-operating items
|
|
|
|
|
|
|
|
|||||
|
US
|
|
(438
|
)
|
(498
|
)
|
(92
|
)
|
|
(1,084
|
)
|
(480
|
)
|
|
Non-US
|
|
(32
|
)
|
(50
|
)
|
30
|
|
|
(113
|
)
|
72
|
|
|
|
|
(470
|
)
|
(548
|
)
|
(62
|
)
|
|
(1,197
|
)
|
(408
|
)
|
|
RC profit (loss) before interest and tax
|
|
|
|
|
|
|
|
|||||
|
US
|
|
(604
|
)
|
(621
|
)
|
(237
|
)
|
|
(1,520
|
)
|
(926
|
)
|
|
Non-US
|
|
(211
|
)
|
(404
|
)
|
(223
|
)
|
|
(891
|
)
|
(686
|
)
|
|
|
|
(815
|
)
|
(1,025
|
)
|
(460
|
)
|
|
(2,411
|
)
|
(1,612
|
)
|
|
|
|
Third
|
Second
|
Third
|
|
Nine
|
Nine
|
|||||
|
|
|
quarter
|
quarter
|
quarter
|
|
months
|
months
|
|||||
|
$ million
|
|
2018
|
2018
|
2017
|
|
2018
|
2017
|
|||||
|
|
|
|
|
|
|
|
|
|||||
|
Sales and other operating revenues (Note 6)
|
|
79,468
|
|
75,439
|
|
60,018
|
|
|
223,079
|
|
172,392
|
|
|
Earnings from joint ventures – after interest and
tax
|
|
148
|
|
220
|
|
231
|
|
|
661
|
|
596
|
|
|
Earnings from associates – after interest and
tax
|
|
990
|
|
1,027
|
|
282
|
|
|
2,431
|
|
804
|
|
|
Interest and other income
|
|
154
|
|
165
|
|
185
|
|
|
478
|
|
434
|
|
|
Gains on sale of businesses and fixed assets
|
|
43
|
|
56
|
|
92
|
|
|
204
|
|
334
|
|
|
Total revenues and other income
|
|
80,803
|
|
76,907
|
|
60,808
|
|
|
226,853
|
|
174,560
|
|
|
Purchases
|
|
60,923
|
|
58,424
|
|
44,441
|
|
|
170,859
|
|
127,971
|
|
|
Production
and manufacturing expenses(a)
|
|
5,879
|
|
5,515
|
|
5,454
|
|
|
16,832
|
|
16,470
|
|
|
Production and similar taxes (Note 8)
|
|
451
|
|
531
|
|
449
|
|
|
1,350
|
|
1,264
|
|
|
Depreciation, depletion and amortization (Note 7)
|
|
3,728
|
|
3,811
|
|
3,904
|
|
|
11,470
|
|
11,539
|
|
|
Impairment and losses on sale of businesses and fixed
assets
|
|
548
|
|
(23
|
)
|
108
|
|
|
616
|
|
612
|
|
|
Exploration expense
|
|
310
|
|
164
|
|
297
|
|
|
988
|
|
1,559
|
|
|
Distribution and administration expenses
|
|
2,801
|
|
2,929
|
|
2,634
|
|
|
8,524
|
|
7,527
|
|
|
Profit (loss) before interest and taxation
|
|
6,163
|
|
5,556
|
|
3,521
|
|
|
16,214
|
|
7,618
|
|
|
Finance
costs(a)
|
|
698
|
|
535
|
|
511
|
|
|
1,786
|
|
1,458
|
|
|
Net
finance expense relating to pensions and other post-retirement
benefits
|
|
31
|
|
31
|
|
55
|
|
|
93
|
|
162
|
|
|
Profit (loss) before taxation
|
|
5,434
|
|
4,990
|
|
2,955
|
|
|
14,335
|
|
5,998
|
|
|
Taxation(a)
|
|
2,031
|
|
2,117
|
|
1,198
|
|
|
5,528
|
|
2,593
|
|
|
Profit (loss) for the period
|
|
3,403
|
|
2,873
|
|
1,757
|
|
|
8,807
|
|
3,405
|
|
|
Attributable to
|
|
|
|
|
|
|
|
|||||
|
BP
shareholders
|
|
3,349
|
|
2,799
|
|
1,769
|
|
|
8,617
|
|
3,362
|
|
|
Non-controlling
interests
|
|
54
|
|
74
|
|
(12
|
)
|
|
190
|
|
43
|
|
|
|
|
3,403
|
|
2,873
|
|
1,757
|
|
|
8,807
|
|
3,405
|
|
|
|
|
|
|
|
|
|
|
|||||
|
Earnings per share (Note 9)
|
|
|
|
|
|
|
|
|||||
|
Profit (loss) for the period attributable to BP
shareholders
|
|
|
|
|
|
|
|
|||||
|
Per
ordinary share (cents)
|
|
|
|
|
|
|
|
|||||
|
Basic
|
|
16.74
|
|
14.03
|
|
8.95
|
|
|
43.17
|
|
17.10
|
|
|
Diluted
|
|
16.65
|
|
13.96
|
|
8.90
|
|
|
42.91
|
|
17.00
|
|
|
Per
ADS (dollars)
|
|
|
|
|
|
|
|
|||||
|
Basic
|
|
1.00
|
|
0.84
|
|
0.54
|
|
|
2.59
|
|
1.03
|
|
|
Diluted
|
|
1.00
|
|
0.84
|
|
0.53
|
|
|
2.57
|
|
1.02
|
|
|
|
|
Third
|
Second
|
Third
|
|
Nine
|
Nine
|
|||||
|
|
|
quarter
|
quarter
|
quarter
|
|
months
|
months
|
|||||
|
$ million
|
|
2018
|
2018
|
2017
|
|
2018
|
2017
|
|||||
|
|
|
|
|
|
|
|
|
|||||
|
Profit (loss) for the period
|
|
3,403
|
|
2,873
|
|
1,757
|
|
|
8,807
|
|
3,405
|
|
|
Other comprehensive income
|
|
|
|
|
|
|
|
|||||
|
Items that may be reclassified subsequently to profit or
loss
|
|
|
|
|
|
|
|
|||||
|
Currency
translation differences
|
|
(753
|
)
|
(2,612
|
)
|
611
|
|
|
(2,834
|
)
|
1,722
|
|
|
Exchange
(gains) losses on translation of foreign operations reclassified to
gain or loss on sale of businesses and fixed assets
|
|
—
|
|
—
|
|
13
|
|
|
—
|
|
18
|
|
|
Available-for-sale
investments
|
|
—
|
|
—
|
|
—
|
|
|
—
|
|
3
|
|
|
Cash
flow hedges and costs of hedging
|
|
65
|
|
(107
|
)
|
98
|
|
|
(124
|
)
|
375
|
|
|
Share
of items relating to equity-accounted entities, net of
tax
|
|
95
|
|
(33
|
)
|
128
|
|
|
217
|
|
431
|
|
|
Income
tax relating to items that may be reclassified
|
|
9
|
|
52
|
|
(59
|
)
|
|
(29
|
)
|
(180
|
)
|
|
|
|
(584
|
)
|
(2,700
|
)
|
791
|
|
|
(2,770
|
)
|
2,369
|
|
|
Items that will not be reclassified to profit or loss
|
|
|
|
|
|
|
|
|||||
|
Remeasurements
of the net pension and other post-retirement benefit liability or
asset
|
|
389
|
|
1,714
|
|
1,002
|
|
|
2,968
|
|
2,047
|
|
|
Cash
flow hedges that will subsequently be transferred to the balance
sheet
|
|
(7
|
)
|
(35
|
)
|
—
|
|
|
(29
|
)
|
—
|
|
|
Income
tax relating to items that will not be reclassified
|
|
(119
|
)
|
(557
|
)
|
(351
|
)
|
|
(941
|
)
|
(699
|
)
|
|
|
|
263
|
|
1,122
|
|
651
|
|
|
1,998
|
|
1,348
|
|
|
Other comprehensive income
|
|
(321
|
)
|
(1,578
|
)
|
1,442
|
|
|
(772
|
)
|
3,717
|
|
|
Total comprehensive income
|
|
3,082
|
|
1,295
|
|
3,199
|
|
|
8,035
|
|
7,122
|
|
|
Attributable to
|
|
|
|
|
|
|
|
|||||
|
BP
shareholders
|
|
3,040
|
|
1,268
|
|
3,206
|
|
|
7,888
|
|
7,041
|
|
|
Non-controlling
interests
|
|
42
|
|
27
|
|
(7
|
)
|
|
147
|
|
81
|
|
|
|
|
3,082
|
|
1,295
|
|
3,199
|
|
|
8,035
|
|
7,122
|
|
|
|
|
BP shareholders’
|
Non-controlling
|
Total
|
|||
|
$ million
|
|
equity
|
interests
|
equity
|
|||
|
At 31 December 2017
|
|
98,491
|
|
1,913
|
|
100,404
|
|
|
Adjustment
on adoption of IFRS 9, net of tax(a)
|
|
(180
|
)
|
—
|
|
(180
|
)
|
|
At 1 January 2018
|
|
98,311
|
|
1,913
|
|
100,224
|
|
|
|
|
|
|
|
|||
|
Total comprehensive income
|
|
7,888
|
|
147
|
|
8,035
|
|
|
Dividends
|
|
(4,965
|
)
|
(129
|
)
|
(5,094
|
)
|
|
Cash flow hedges transferred to the balance sheet, net of
tax
|
|
17
|
|
—
|
|
17
|
|
|
Repurchase
of ordinary share capital
|
|
(339
|
)
|
—
|
|
| |