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FOR IMMEDIATE RELEASE
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London 5 February 2019
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BP p.l.c. Group results
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Fourth quarter and full year 2018
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Highlights
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Building business momentum, growing earnings and
returns
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Bob Dudley - Group
chief executive:
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We now have a powerful track record of safe and reliable
performance, efficient execution and capital discipline. And we're
doing this while growing the business - bringing more high-quality
projects online, expanding marketing in the Downstream and doing
transformative deals such as BHP. Our strategy is clearly working
and will serve the company and our shareholders well through the
energy transition.
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Financial summary
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Fourth
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Third
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Fourth
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quarter
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quarter
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quarter
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Year
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Year
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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 attributable to BP shareholders
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766
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3,349
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27
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9,383
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3,389
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Inventory holding (gains) losses, net of tax
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1,951
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(258
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)
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(610
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603
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(628
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)
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RC profit (loss)
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2,717
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3,091
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(583
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9,986
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2,761
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Net
(favourable) adverse impact of non-operating items and fair value
accounting effects, net of tax
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760
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747
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2,690
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2,737
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3,405
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Underlying RC profit
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3,477
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3,838
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2,107
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12,723
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6,166
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RC profit (loss) per ordinary share (cents)
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13.58
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15.45
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(2.94
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50.00
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14.02
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RC profit (loss) per ADS (dollars)
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0.81
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0.93
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(0.18
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3.00
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0.84
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Underlying RC profit per ordinary share (cents)
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17.38
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19.18
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10.64
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63.70
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31.31
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Underlying RC profit per ADS (dollars)
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1.04
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1.15
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0.64
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3.82
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1.88
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The commentary above and following should be read in conjunction
with the cautionary statement on page 36.
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Results
For the full year, underlying replacement cost (RC) profit* was
$12,723 million, compared with $6,166 million in 2017. Underlying
RC profit is after adjusting RC profit* for a net charge for
non-operating items* of $2,805 million and net favourable fair
value accounting effects* of $68 million (both on a post-tax
basis). RC profit was $9,986 million for the full year, compared
with $2,761 million a year ago.
For the fourth quarter, underlying RC profit was $3,477 million,
compared with $2,107 million in 2017. Underlying RC profit is after
adjusting RC profit for a net charge for non-operating items of
$1,186 million and net favourable fair value accounting effects of
$426 million (both on a post-tax basis). RC profit was $2,717
million for the fourth quarter, compared with a loss of $583
million in 2017.
BP's profit for the fourth quarter and full year was $766 million
and $9,383 million respectively, compared with $27 million and
$3,389 million for the same periods in 2017.
See further information on pages 3, 28 and 29.
Depreciation, depletion and amortization
The charge for depreciation, depletion and amortization was $15.5
billion in 2018, compared with $15.6 billion in 2017. In 2019, we
expect the charge to be in line with 2018.
Non-operating items
Non-operating items amounted to a post-tax charge of $1,186 million
for the quarter and $2,805 million for the full year. The charge
for the quarter includes the impact of the annual update of
environmental provisions, changes to non-Gulf of Mexico oil spill
related legal provisions, as well as further restructuring costs.
The group restructuring programme originally announced in 2014 has
now been completed. See further information on page
28.
Effective tax rate
The effective tax rate (ETR) on RC profit or loss* for the fourth
quarter and full year was 45% and 42% respectively. The ETR for
both periods in 2017 was significantly impacted by the effect of
non-operating items and therefore was not a meaningful
measure.
Adjusting for non-operating items and fair value accounting
effects, the underlying ETR* for the fourth quarter and full year
was 38% for both periods, compared with 27% and 38% for the same
periods in 2017. The higher underlying ETR for the fourth quarter
reflects the reassessment of the recognition of deferred tax
assets, partly offset by changes in the geographical mix of
profits. In the current environment the underlying ETR for
2019 is expected to be around 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 29 March
2019. The corresponding amount in sterling will be announced on 18
March 2019. See page 25 for further information.
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Share buybacks
BP repurchased 2 million ordinary shares at a cost of $16 million,
including fees and stamp duty, during the fourth quarter of 2018.
For the full year, BP repurchased 50 million ordinary shares at a
cost of $355 million, including fees and stamp duty. We expect to
continue our share buyback programme, and to fully offset the
impact of scrip dilution since the third quarter of 2017 by the end
of 2019.
Operating cash flow*
Excluding post-tax amounts related to the Gulf of Mexico oil spill,
operating cash flow* for the fourth quarter was $7.1 billion,
including a $1.5-billion working capital* build (after adjusting
for inventory holding losses*) and $26.1 billion in the full year,
including a $2.6-billion working capital build (after adjusting for
inventory holding losses), compared with $6.2 billion and $24.1
billion for the same periods in 2017. Including amounts relating to
the Gulf of Mexico oil spill, operating cash flow for the fourth
quarter and full year was $6.8 billion and $22.9 billion
respectively (after a $0.8-billion working capital release for the
quarter and a $4.8-billion working capital build for the full
year), compared with $5.9 billion and $18.9 billion for the same
periods in 2017. See also the Glossary on page 32 for further
information on working capital.
Capital expenditure*
Organic capital expenditure* for the fourth quarter and full year
was $4.4 billion and $15.1 billion respectively, compared with $4.6
billion and $16.5 billion for the same periods in
2017.
Inorganic capital expenditure* for the fourth quarter and full year
was $8.5 billion and $9.9 billion respectively, including $6.7
billion relating to the BHP acquisition (see Note 3), compared with
$0.2 billion and $1.3 billion for the same periods in
2017.
Organic capital expenditure and inorganic capital expenditure are
non-GAAP measures. See page 27 for further
information.
Divestment and other proceeds
Total divestment and other proceeds for the year were $3.5 billion,
compared with $4.3 billion a year ago, and includes $0.6 billion
loan repayment to BP relating to the refinancing of Trans Adriatic
Pipeline AG in the fourth quarter. Divestment proceeds* were $2.4
billion for the fourth quarter and $2.9 billion for the full year,
compared with $2.5 billion and $3.4 billion for the same periods in
2017.
Gearing*
Net debt* at 31 December 2018 was $44.1 billion, compared
with $37.8 billion a year ago. Gearing at
31 December 2018 was 30.3%, compared with 27.4% a year
ago. Net debt and gearing are non-GAAP measures. See page 25 for
more information.
Reserves replacement ratio*
The organic reserves replacement ratio on a combined basis of
subsidiaries and equity-accounted entities was 100% for the year.
Including acquisitions and divestments, such as the BHP transaction
and investment in LLC Kharampurneftegaz in Russia, the total
reserves replacement ratio was 209%.
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Brian Gilvary - Chief
financial officer:
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Operating cash flow excluding working capital change* was up 33%
for the full year and 17% higher than last quarter, including a
positive contribution from our new US assets. The continued strong
cash flow growth underpins the balance sheet as we absorb the BHP
acquisition and deliver more than $10 billion of divestments over
the next two years.
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The commentary above contains forward-looking statements and should
be read in conjunction with the cautionary statement on page
36.
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Fourth
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Third
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Fourth
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quarter
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quarter
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quarter
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Year
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Year
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$ 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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3,886
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3,999
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2,223
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14,550
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5,865
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Downstream
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2,169
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2,111
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1,474
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7,561
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6,967
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Rosneft
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431
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872
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321
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2,316
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836
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Other
businesses and corporate
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(344
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(345
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(394
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(1,558
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(1,598
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Consolidation
adjustment - UPII*
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142
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78
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(149
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)
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211
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(212
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)
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Underlying RC profit before interest and tax
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6,284
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6,715
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3,475
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23,080
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11,858
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Finance
costs and net finance expense relating to pensions and other
post-retirement benefits
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(654
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(610
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(550
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(2,176
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(1,801
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Taxation on an underlying RC basis
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(2,148
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(2,213
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(782
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(7,986
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(3,812
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Non-controlling interests
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(5
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(54
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(36
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(195
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(79
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Underlying RC profit attributable to BP shareholders
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3,477
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3,838
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2,107
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12,723
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6,166
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Fourth
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Third
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Fourth
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quarter
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quarter
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quarter
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Year
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Year
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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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RC profit before interest and tax
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Upstream
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4,168
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3,472
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1,928
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14,328
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5,221
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Downstream
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2,138
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2,249
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1,773
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6,940
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7,221
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Rosneft
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400
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808
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321
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2,221
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836
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Other businesses and corporate(a)
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(1,110
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(815
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(2,833
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)
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(3,521
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)
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(4,445
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)
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Consolidation
adjustment - UPII
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142
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78
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(149
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)
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211
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(212
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)
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RC profit before interest and tax
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5,738
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5,792
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1,040
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20,179
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8,621
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Finance
costs and net finance expense relating to pensions and other
post-retirement benefits
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(776
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)
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(729
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)
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(674
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)
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(2,655
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)
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(2,294
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)
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Taxation on a RC basis
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(2,240
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)
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(1,918
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)
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(913
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)
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(7,343
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)
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(3,487
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)
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Non-controlling interests
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(5
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)
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(54
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)
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(36
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)
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(195
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)
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(79
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)
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RC profit (loss) attributable to BP shareholders
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|
2,717
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|
3,091
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(583
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)
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9,986
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|
2,761
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|
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Inventory holding gains (losses)*
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|
(2,574
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)
|
371
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|
816
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|
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(801
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)
|
853
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|
Taxation (charge) credit on inventory holding gains and
losses
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623
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|
(113
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)
|
(206
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)
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198
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|
(225
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)
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Profit for the period attributable to BP shareholders
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|
766
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|
3,349
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27
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|
|
9,383
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3,389
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Upstream
2018 Upstream production, which excludes Rosneft, was 3% higher
than in 2017, the highest since 2010. Adjusted for portfolio
changes and PSA* impacts, underlying production* was 8.2% higher
than 2017 due to major project* ramp-ups and improved plant
reliability*. Upstream production for the fourth quarter was
2,627mboe/d, 1.8% higher than a year earlier. Upstream unit
production costs* for 2018 were higher than 2017 due to increased
wellwork* activity and the impact of higher prices on production
entitlements.
The Clair Ridge project, west of Shetland in the North Sea, was the
sixth Upstream major project to come onstream in 2018, following
earlier start-ups in Egypt, Russia, Azerbaijan, the Gulf of Mexico
and Australia. BP has brought 19 new major projects online over
2016-2018.
Sanction for the first phase of the Greater Tortue Ahmeyim LNG
development offshore Mauritania and Senegal and the Cassia
Compression and Matapal gas projects in Trinidad were announced in
the quarter. In January, BP announced approval of the Atlantis
Phase 3 development in the Gulf of Mexico.
Downstream
Strong Downstream performance in 2018, with record earnings in a
fourth quarter.
2018 manufacturing performance was strong with Solomon
availability* for the year of 95% and record refining throughput on
a current portfolio basis.
There was continued growth in marketing, with our convenience
partnership model now rolled out to around 1,400 sites across the
network, an increase of more than 25% in the year, and BP's retail
network in Mexico reaching 440 sites by year end.
In the quarter, BP and SOCAR announced an agreement to explore the
creation of a joint venture to build and operate a new world-scale
petrochemicals complex in Turkey.
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Advancing the energy transition
Solar development company Lightsource BP (BP 43%) has doubled its
global footprint over the past year, with a presence now in 10
countries. Most recently it announced it would enter
Brazil. During the fourth quarter, Lightsource BP was awarded
power purchase agreements (PPAs) in Australia and in the US. In the
UK, it announced an agreement to power AB InBev's manufacturing
plants through an innovative 100MW PPA.
BP made a series of investments in electric vehicle technology and
infrastructure during the year that significantly progress its
advanced mobility agenda. This included the purchase of
Chargemaster, operator of the UK's largest vehicle charging
network, as well as venturing investment into battery company
StoreDot.
Financial framework
Operating cash flow excluding Gulf of Mexico oil spill payments* was
$26.1 billion for the full year of 2018. This compares with $24.1
billion for the full year of 2017.
Organic capital expenditure* for the full year of 2018 was $15.1 billion,
in the range of $15-16 billion previously indicated. BP expects
2019 organic capital expenditure to be in the range of
$15-17 billion.
Divestments and other proceeds totalled $3.5 billion for the full year. BP
intends to complete more than $10 billion divestments over the next
two years, which includes plans announced following the BHP
transaction.
Gulf of Mexico oil spill payments on a post-tax basis totalled $3.2 billion in
the full year of 2018. Payments for 2019 are expected to be around
$2 billion on a post-tax basis.
Gearing* at the end of the
quarter was 30.3%. At current oil prices, and in line with growing
free cash flow* supported by divestment proceeds, we expect gearing
to move towards the middle of our targeted range of 20-30% in
2020.
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Operating metrics
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Year 2018
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Financial metrics
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Year 2018
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(vs. Year 2017)
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(vs. Year 2017)
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Tier 1 process safety events*
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16
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Underlying RC profit*
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$12.7bn
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(-2)
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(+$6.6bn)
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Reported recordable injury frequency*
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0.20
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Operating cash flow excluding Gulf of Mexico oil spill payments
(post-tax)
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$26.1bn
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(-9%)
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(+$2.0bn)
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Group production
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3,683mboe/d
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Organic capital expenditure
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$15.1bn
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(+2.4%)
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(-$1.4bn)
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Upstream production (excludes Rosneft segment)
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2,539mboe/d
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Gulf of Mexico oil spill payments (post-tax)
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$3.2bn
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(+3.0%)
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(-$1.9bn)
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Upstream unit production costs
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$7.15/boe
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Divestment proceeds*
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$2.9bn
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(+0.6%)
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(-$0.6bn)
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BP-operated Upstream plant reliability(a)
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95.7%
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Net debt ratio* (gearing)
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30.3%
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(+1.0)
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|
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(+2.9)
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Refining availability*
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94.9%
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Dividend per ordinary share(b)
|
|
10.25 cents
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|
|
(-0.4)
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|
|
(+2.5%)
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|
|
|
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Return on average capital employed*(c)
|
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11.2%
|
|
|
|
|
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(+5.4)
|
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The commentary above contains forward-looking statements and should
be read in conjunction with the cautionary statement on page
36.
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Fourth
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Third
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Fourth
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|||||
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quarter
|
quarter
|
quarter
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Year
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Year
|
|||||
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$ million
|
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2018
|
2018
|
2017
|
|
2018
|
2017
|
|||||
|
Profit before interest and tax
|
|
4,156
|
|
3,473
|
|
1,928
|
|
|
14,322
|
|
5,229
|
|
|
Inventory holding (gains) losses*
|
|
12
|
|
(1
|
)
|
-
|
|
|
6
|
|
(8
|
)
|
|
RC profit before interest and tax
|
|
4,168
|
|
3,472
|
|
1,928
|
|
|
14,328
|
|
5,221
|
|
|
Net
(favourable) adverse impact of non-operating items* and fair value
accounting effects*
|
|
(282
|
)
|
527
|
|
295
|
|
|
222
|
|
644
|
|
|
Underlying RC profit before interest and tax*(a)
|
|
3,886
|
|
3,999
|
|
2,223
|
|
|
14,550
|
|
5,865
|
|
|
The commentary above contains forward-looking statements and should
be read in conjunction with the cautionary statement on page
36.
|
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|
|
Fourth
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Third
|
Fourth
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|
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|
|||||
|
|
|
quarter
|
quarter
|
quarter
|
|
Year
|
Year
|
|||||
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$ million
|
|
2018
|
2018
|
2017
|
|
2018
|
2017
|
|||||
|
Underlying RC profit before interest and tax
|
|
|
|
|
|
|
|
|||||
|
US
|
|
1,400
|
|
1,025
|
|
629
|
|
|
3,693
|
|
1,238
|
|
|
Non-US
|
|
2,486
|
|
2,974
|
|
1,594
|
|
|
10,857
|
|
4,627
|
|
|
|
|
3,886
|
|
3,999
|
|
2,223
|
|
|
14,550
|
|
5,865
|
|
|
Non-operating items
|
|
|
|
|
|
|
|
|||||
|
US(a)(b)
|
|
(267
|
)
|
(149
|
)
|
(187
|
)
|
|
(590
|
)
|
(330
|
)
|
|
Non-US(c)
|
|
403
|
|
(93
|
)
|
43
|
|
|
407
|
|
(341
|
)
|
|
|
|
136
|
|
(242
|
)
|
(144
|
)
|
|
(183
|
)
|
(671
|
)
|
|
Fair value accounting effects
|
|
|
|
|
|
|
|
|||||
|
US
|
|
127
|
|
(10
|
)
|
8
|
|
|
(35
|
)
|
192
|
|
|
Non-US
|
|
19
|
|
(275
|
)
|
(159
|
)
|
|
(4
|
)
|
(165
|
)
|
|
|
|
146
|
|
(285
|
)
|
(151
|
)
|
|
(39
|
)
|
27
|
|
|
RC profit before interest and tax
|
|
|
|
|
|
|
|
|||||
|
US
|
|
1,260
|
|
866
|
|
450
|
|
|
3,068
|
|
1,100
|
|
|
Non-US
|
|
2,908
|
|
2,606
|
|
1,478
|
|
|
11,260
|
|
4,121
|
|
|
|
|
4,168
|
|
3,472
|
|
1,928
|
|
|
14,328
|
|
5,221
|
|
|
Exploration expense
|
|
|
|
|
|
|
|
|||||
|
US(b)
|
|
84
|
|
39
|
|
27
|
|
|
509
|
|
282
|
|
|
Non-US(d)
|
|
373
|
|
271
|
|
494
|
|
|
936
|
|
1,798
|
|
|
|
|
457
|
|
310
|
|
521
|
|
|
1,445
|
|
2,080
|
|
|
Of which: Exploration expenditure written off(b)(d)
|
|
351
|
|
227
|
|
372
|
|
|
1,085
|
|
1,603
|
|
|
Production (net of
royalties)(e)
|
|
|
|
|
|
|
|
|||||
|
Liquids* (mb/d)
|
|
|
|
|
|
|
|
|||||
|
US
|
|
495
|
|
424
|
|
430
|
|
|
445
|
|
426
|
|
|
Europe
|
|
154
|
|
128
|
|
117
|
|
|
142
|
|
119
|
|
|
Rest of World
|
|
673
|
|
663
|
|
796
|
|
|
681
|
|
811
|
|
|
|
|
1,321
|
|
1,216
|
|
1,344
|
|
|
1,268
|
|
1,356
|
|
|
Natural gas (mmcf/d)
|
|
|
|
|
|
|
|
|||||
|
US
|
|
2,255
|
|
1,805
|
|
1,759
|
|
|
1,900
|
|
1,659
|
|
|
Europe
|
|
215
|
|
212
|
|
186
|
|
|
211
|
|
235
|
|
|
Rest of World
|
|
5,104
|
|
5,201
|
|
5,231
|
|
|
5,263
|
|
4,543
|
|
|
|
|
7,574
|
|
7,218
|
|
7,176
|
|
|
7,374
|
|
6,436
|
|
|
Total hydrocarbons* (mboe/d)
|
|
|
|
|
|
|
|
|||||
|
US
|
|
884
|
|
736
|
|
734
|
|
|
772
|
|
712
|
|
|
Europe
|
|
191
|
|
165
|
|
150
|
|
|
179
|
|
160
|
|
|
Rest of World
|
|
1,553
|
|
1,560
|
|
1,698
|
|
|
1,589
|
|
1,594
|
|
|
|
|
2,627
|
|
2,460
|
|
2,581
|
|
|
2,539
|
|
2,466
|
|
|
Average realizations*(f)
|
|
|
|
|
|
|
|
|||||
|
Total liquids(g) ($/bbl)
|
|
61.80
|
|
69.68
|
|
56.16
|
|
|
64.98
|
|
49.92
|
|
|
Natural gas ($/mcf)
|
|
4.33
|
|
3.86
|
|
3.23
|
|
|
3.92
|
|
3.19
|
|
|
Total hydrocarbons ($/boe)
|
|
42.98
|
|
46.14
|
|
37.48
|
|
|
43.47
|
|
35.38
|
|
|
|
|
Fourth
|
Third
|
Fourth
|
|
|
|
|||||
|
|
|
quarter
|
quarter
|
quarter
|
|
Year
|
Year
|
|||||
|
$ million
|
|
2018
|
2018
|
2017
|
|
2018
|
2017
|
|||||
|
Profit (loss) before interest and tax
|
|
(332
|
)
|
2,592
|
|
2,492
|
|
|
6,078
|
|
7,979
|
|
|
Inventory holding (gains) losses*
|
|
2,470
|
|
(343
|
)
|
(719
|
)
|
|
862
|
|
(758
|
)
|
|
RC profit before interest and tax
|
|
2,138
|
|
2,249
|
|
1,773
|
|
|
6,940
|
|
7,221
|
|
|
Net
(favourable) adverse impact of non-operating items* and fair value
accounting effects*
|
|
31
|
|
(138
|
)
|
(299
|
)
|
|
621
|
|
(254
|
)
|
|
Underlying RC profit before interest and tax*(a)
|
|
2,169
|
|
2,111
|
|
1,474
|
|
|
7,561
|
|
6,967
|
|
|
The commentary above contains forward-looking statements and should
be read in conjunction with the cautionary statement on page
36.
|
|
|
|
Fourth
|
Third
|
Fourth
|
|
|
|
|||||
|
|
|
quarter
|
quarter
|
quarter
|
|
Year
|
Year
|
|||||
|
$ million
|
|
2018
|
2018
|
2017
|
|
2018
|
2017
|
|||||
|
Underlying RC profit before interest and tax - by
region
|
|
|
|
|
|
|
|
|||||
|
US
|
|
995
|
|
835
|
|
501
|
|
|
2,818
|
|
1,978
|
|
|
Non-US
|
|
1,174
|
|
1,276
|
|
973
|
|
|
4,743
|
|
4,989
|
|
|
|
|
2,169
|
|
2,111
|
|
1,474
|
|
|
7,561
|
|
6,967
|
|
|
Non-operating items
|
|
|
|
|
|
|
|
|||||
|
US
|
|
(109
|
)
|
(14
|
)
|
(25
|
)
|
|
(295
|
)
|
(48
|
)
|
|
Non-US(a)
|
|
(292
|
)
|
(23
|
)
|
407
|
|
|
(421
|
)
|
437
|
|
|
|
|
(401
|
)
|
(37
|
)
|
382
|
|
|
(716
|
)
|
389
|
|
|
Fair value accounting
effects(b)
|
|
|
|
|
|
|
|
|||||
|
US
|
|
184
|
|
81
|
|
3
|
|
|
(155
|
)
|
(29
|
)
|
|
Non-US
|
|
186
|
|
94
|
|
(86
|
)
|
|
250
|
|
(106
|
)
|
|
|
|
370
|
|
175
|
|
(83
|
)
|
|
95
|
|
(135
|
)
|
|
RC profit before interest and tax
|
|
|
|
|
|
|
|
|||||
|
US
|
|
1,070
|
|
902
|
|
479
|
|
|
2,368
|
|
1,901
|
|
|
Non-US
|
|
1,068
|
|
1,347
|
|
1,294
|
|
|
4,572
|
|
5,320
|
|
|
|
|
2,138
|
|
2,249
|
|
1,773
|
|
|
6,940
|
|
7,221
|
|
|
Underlying RC profit before interest and tax - by
business(c)(d)
|
|
|
|
|
|
|
|
|||||
|
Fuels
|
|
1,624
|
|
1,566
|
|
976
|
|
|
5,642
|
|
4,872
|
|
|
Lubricants
|
|
311
|
|
324
|
|
375
|
|
|
1,292
|
|
1,479
|
|
|
Petrochemicals
|
|
234
|
|
221
|
|
123
|
|
|
627
|
|
616
|
|
|
|
|
2,169
|
|
2,111
|
|
1,474
|
|
|
7,561
|
|
6,967
|
|
|
Non-operating items and fair value accounting
effects(b)
|
|
|
|
|
|
|
|
|||||
|
Fuels
|
|
173
|
|
140
|
|
(202
|
)
|
|
(381
|
)
|
(193
|
)
|
|
Lubricants
|
|
(198
|
)
|
-
|
|
(14
|
)
|
|
(227
|
)
|
(22
|
)
|
|
Petrochemicals
|
|
(6
|
)
|
(2
|
)
|
515
|
|
|
(13
|
)
|
469
|
|
|
|
|
(31
|
)
|
138
|
|
299
|
|
|
(621
|
)
|
254
|
|
|
RC profit before interest and tax(c)(d)
|
|
|
|
|
|
|
|
|||||
|
Fuels
|
|
1,797
|
|
1,706
|
|
774
|
|
|
5,261
|
|
4,679
|
|
|
Lubricants
|
|
113
|
|
324
|
|
361
|
|
|
1,065
|
|
1,457
|
|
|
Petrochemicals
|
|
228
|
|
219
|
|
638
|
|
|
614
|
|
1,085
|
|
|
|
|
2,138
|
|
2,249
|
|
1,773
|
|
|
6,940
|
|
7,221
|
|
|
|
|
|
|
|
|
|
|
|||||
|
BP average refining marker margin (RMM)* ($/bbl)
|
|
11.0
|
|
14.7
|
|
14.4
|
|
|
13.1
|
|
14.1
|
|
|
|
|
|
|
|
|
|
|
|||||
|
Refinery throughputs (mb/d)
|
|
|
|
|
|
|
|
|||||
|
US
|
|
691
|
|
740
|
|
714
|
|
|
703
|
|
713
|
|
|
Europe
|
|
735
|
|
805
|
|
741
|
|
|
781
|
|
773
|
|
|
Rest of World
|
|
240
|
|
248
|
|
243
|
|
|
241
|
|
216
|
|
|
|
|
1,666
|
|
1,793
|
|
1,698
|
|
|
1,725
|
|
1,702
|
|
|
Refining availability* (%)
|
|
95.2
|
|
96.3
|
|
96.1
|
|
|
94.9
|
|
95.3
|
|
|
|
|
|
|
|
|
|
|
|||||
|
Marketing sales of refined products (mb/d)
|
|
|
|
|
|
|
|
|||||
|
US
|
|
1,138
|
|
1,169
|
|
1,127
|
|
|
1,141
|
|
1,151
|
|
|
Europe
|
|
1,053
|
|
1,166
|
|
1,132
|
|
|
1,100
|
|
1,140
|
|
|
Rest of World
|
|
526
|
|
497
|
|
542
|
|
|
495
|
|
508
|
|
|
|
|
2,717
|
|
2,832
|
|
2,801
|
|
|
2,736
|
|
2,799
|
|
|
Trading/supply sales of refined products
|
|
3,199
|
|
3,147
|
|
3,549
|
|
|
3,194
|
|
3,149
|
|
|
Total sales volumes of refined products
|
|
5,916
|
|
5,979
|
|
6,350
|
|
|
5,930
|
|
5,948
|
|
|
|
|
|
|
|
|
|
|
|||||
|
Petrochemicals production (kte)
|
|
|
|
|
|
|
|
|||||
|
US
|
|
672
|
|
660
|
|
641
|
|
|
2,235
|
|
2,428
|
|
|
Europe
|
|
1,037
|
|
1,209
|
|
1,559
|
|
|
4,468
|
|
5,462
|
|
|
Rest of World
|
|
1,259
|
|
1,146
|
|
1,306
|
|
|
5,154
|
|
7,405
|
|
|
|
|
2,968
|
|
3,015
|
|
3,506
|
|
|
11,857
|
|
15,295
|
|
|
|
|
Fourth
|
Third
|
Fourth
|
|
|
|
|||||
|
|
|
quarter
|
quarter
|
quarter
|
|
Year
|
Year
|
|||||
|
$ million
|
|
2018(a)
|
2018
|
2017
|
|
2018(a)
|
2017
|
|||||
|
Profit before interest and tax(b)(c)
|
|
308
|
|
835
|
|
418
|
|
|
2,288
|
|
923
|
|
|
Inventory holding (gains) losses*
|
|
92
|
|
(27
|
)
|
(97
|
)
|
|
(67
|
)
|
(87
|
)
|
|
RC profit before interest and tax
|
|
400
|
|
808
|
|
321
|
|
|
2,221
|
|
836
|
|
|
Net charge (credit) for non-operating items*
|
|
31
|
|
64
|
|
-
|
|
|
95
|
|
-
|
|
|
Underlying RC profit before interest and tax*
|
|
431
|
|
872
|
|
321
|
|
|
2,316
|
|
836
|
|
|
|
|
Fourth
|
Third
|
Fourth
|
|
|
|
|||||
|
|
|
quarter
|
quarter
|
quarter
|
|
Year
|
Year
|
|||||
|
|
|
2018(a)
|
2018
|
2017
|
|
2018(a)
|
2017
|
|||||
|
Production (net of royalties) (BP share)
|
|
|
|
|
|
|
|
|||||
|
Liquids* (mb/d)
|
|
946
|
|
933
|
|
899
|
|
|
923
|
|
904
|
|
|
Natural gas (mmcf/d)
|
|
1,312
|
|
1,260
|
|
1,333
|
|
|
1,285
|
|
1,308
|
|
|
Total hydrocarbons* (mboe/d)
|
|
1,173
|
|
1,151
|
|
1,129
|
|
|
1,144
|
|
1,129
|
|
|
|
|
Fourth
|
Third
|
Fourth
|
|
|
|
|||||
|
|
|
quarter
|
quarter
|
quarter
|
|
Year
|
Year
|
|||||
|
$ million
|
|
2018
|
2018
|
2017
|
|
2018
|
2017
|
|||||
|
Profit (loss) before interest and tax
|
|
|
|
|
|
|
|
|||||
|
Gulf of Mexico oil spill - business economic loss
claims
|
|
(26
|
)
|
(69
|
)
|
(2,110
|
)
|
|
(344
|
)
|
(2,370
|
)
|
|
Gulf of Mexico oil spill - other
|
|
(41
|
)
|
(59
|
)
|
(111
|
)
|
|
(370
|
)
|
(317
|
)
|
|
Other
|
|
(1,043
|
)
|
(687
|
)
|
(612
|
)
|
|
(2,807
|
)
|
(1,758
|
)
|
|
Profit (loss) before interest and tax
|
|
(1,110
|
)
|
(815
|
)
|
(2,833
|
)
|
|
(3,521
|
)
|
(4,445
|
)
|
|
Inventory holding (gains) losses*
|
|
-
|
|
-
|
|
-
|
|
|
-
|
|
-
|
|
|
RC profit (loss) before interest and tax
|
|
(1,110
|
)
|
(815
|
)
|
(2,833
|
)
|
|
(3,521
|
)
|
(4,445
|
)
|
|
Net charge (credit) for non-operating items*
|
|
|
|
|
|
|
|
|||||
|
Gulf of Mexico oil spill - business economic loss
claims
|
|
26
|
|
69
|
|
2,110
|
|
|
344
|
|
2,370
|
|
|
Gulf of Mexico oil spill - other
|
|
41
|
|
59
|
|
111
|
|
|
370
|
|
317
|
|
|
Other
|
|
699
|
|
342
|
|
218
|
|
|
1,249
|
|
160
|
|
|
Net charge (credit) for non-operating items
|
|
766
|
|
470
|
|
2,439
|
|
|
1,963
|
|
2,847
|
|
|
Underlying RC profit (loss) before interest and tax*
|
|
(344
|
)
|
(345
|
)
|
(394
|
)
|
|
(1,558
|
)
|
(1,598
|
)
|
|
Underlying RC profit (loss) before interest and tax
|
|
|
|
|
|
|
|
|||||
|
US
|
|
(179
|
)
|
(166
|
)
|
(29
|
)
|
|
(615
|
)
|
(475
|
)
|
|
Non-US
|
|
(165
|
)
|
(179
|
)
|
(365
|
)
|
|
(943
|
)
|
(1,123
|
)
|
|
|
|
(344
|
)
|
(345
|
)
|
(394
|
)
|
|
(1,558
|
)
|
(1,598
|
)
|
|
Non-operating items
|
|
|
|
|
|
|
|
|||||
|
US
|
|
(654
|
)
|
(438
|
)
|
(2,381
|
)
|
|
(1,738
|
)
|
(2,861
|
)
|
|
Non-US
|
|
(112
|
)
|
(32
|
)
|
(58
|
)
|
|
(225
|
)
|
14
|
|
|
|
|
(766
|
)
|
(470
|
)
|
(2,439
|
)
|
|
(1,963
|
)
|
(2,847
|
)
|
|
RC profit (loss) before interest and tax
|
|
|
|
|
|
|
|
|||||
|
US
|
|
(833
|
)
|
(604
|
)
|
(2,410
|
)
|
|
(2,353
|
)
|
(3,336
|
)
|
|
Non-US
|
|
(277
|
)
|
(211
|
)
|
(423
|
)
|
|
(1,168
|
)
|
(1,109
|
)
|
|
|
|
(1,110
|
)
|
(815
|
)
|
(2,833
|
)
|
|
(3,521
|
)
|
(4,445
|
)
|
|
The commentary above contains forward-looking statements and should
be read in conjunction with the cautionary statement on page
36.
|
|
|
|
Fourth
|
Third
|
Fourth
|
|
|
|
|||||
|
|
|
quarter
|
quarter
|
quarter
|
|
Year
|
Year
|
|||||
|
$ million
|
|
2018
|
2018
|
2017
|
|
2018
|
2017
|
|||||
|
|
|
|
|
|
|
|
|
|||||
|
Sales and other operating revenues (Note 5)
|
|
75,677
|
|
79,468
|
|
67,816
|
|
|
298,756
|
|
240,208
|
|
|
Earnings from joint ventures - after interest and
tax
|
|
236
|
|
148
|
|
581
|
|
|
897
|
|
1,177
|
|
|
Earnings from associates - after interest and
tax
|
|
425
|
|
990
|
|
526
|
|
|
2,856
|
|
1,330
|
|
|
Interest and other income
|
|
295
|
|
154
|
|
223
|
|
|
773
|
|
657
|
|
|
Gains on sale of businesses and fixed assets
|
|
252
|
|
43
|
|
876
|
|
|
456
|
|
1,210
|
|
|
Total revenues and other income
|
|
76,885
|
|
80,803
|
|
70,022
|
|
|
303,738
|
|
244,582
|
|
|
Purchases
|
|
59,019
|
|
60,923
|
|
51,745
|
|
|
229,878
|
|
179,716
|
|
|
Production and manufacturing expenses(a)
|
|
6,173
|
|
5,879
|
|
7,759
|
|
|
23,005
|
|
24,229
|
|
|
Production and similar taxes (Note 7)
|
|
186
|
|
451
|
|
511
|
|
|
1,536
|
|
1,775
|
|
|
Depreciation, depletion and amortization (Note 6)
|
|
3,987
|
|
3,728
|
|
4,045
|
|
|
15,457
|
|
15,584
|
|
|
Impairment and losses on sale of businesses and fixed
assets
|
|
244
|
|
548
|
|
604
|
|
|
860
|
|
1,216
|
|
|
Exploration expense
|
|
457
|
|
310
|
|
521
|
|
|
1,445
|
|
2,080
|
|
|
Distribution and administration expenses
|
|
3,655
|
|
2,801
|
|
2,981
|
|
|
12,179
|
|
10,508
|
|
|
Profit (loss) before interest and taxation
|
|
3,164
|
|
6,163
|
|
1,856
|
|
|
19,378
|
|
9,474
|
|
|
Finance costs(a)
|
|
742
|
|
698
|
|
616
|
|
|
2,528
|
|
2,074
|
|
|
Net
finance expense relating to pensions and other post-retirement
benefits
|
|
34
|
|
31
|
|
58
|
|
|
127
|
|
220
|
|
|
Profit (loss) before taxation
|
|
2,388
|
|
5,434
|
|
1,182
|
|
|
16,723
|
|
7,180
|
|
|
Taxation(a)
|
|
1,617
|
|
2,031
|
|
1,119
|
|
|
7,145
|
|
3,712
|
|
|
Profit (loss) for the period
|
|
771
|
|
3,403
|
|
63
|
|
|
9,578
|
|
3,468
|
|
|
Attributable to
|
|
|
|
|
|
|
|
|||||
|
BP
shareholders
|
|
766
|
|
3,349
|
|
27
|
|
|
9,383
|
|
3,389
|
|
|
Non-controlling
interests
|
|
5
|
|
54
|
|
36
|
|
|
195
|
|
79
|
|
|
|
|
771
|
|
3,403
|
|
63
|
|
|
9,578
|
|
3,468
|
|
|
|
|
|
|
|
|
|
|
|||||
|
Earnings per share (Note 8)
|
|
|
|
|
|
|
|
|||||
|
Profit (loss) for the period attributable to BP
shareholders
|
|
|
|
|
|
|
|
|||||
|
Per
ordinary share (cents)
|
|
|
|
|
|
|
|
|||||
|
Basic
|
|
3.83
|
|
16.74
|
|
0.14
|
|
|
46.98
|
|
17.20
|
|
|
Diluted
|
|
3.80
|
|
16.65
|
|
0.14
|
|
|
46.67
|
|
17.10
|
|
|
Per
ADS (dollars)
|
|
|
|
|
|
|
|
|||||
|
Basic
|
|
0.23
|
|
1.00
|
|
0.01
|
|
|
2.82
|
|
1.03
|
|
|
Diluted
|
|
0.23
|
|
1.00
|
|
0.01
|
|
|
2.80
|
|
1.03
|
|
|
|
|
Fourth
|
Third
|
Fourth
|
|
|
|
|||||
|
|
|
quarter
|
quarter
|
quarter
|
|
Year
|
Year
|
|||||
|
$ million
|
|
2018
|
2018
|
2017
|
|
2018
|
2017
|
|||||
|
|
|
|
|
|
|
|
|
|||||
|
Profit (loss) for the period
|
|
771
|
|
3,403
|
|
63
|
|
|
9,578
|
|
3,468
|
|
|
Other comprehensive income
|
|
|
|
|
|
|
|
|||||
|
Items that may be reclassified subsequently to profit or
loss
|
|
|
|
|
|
|
|
|||||
|
Currency
translation differences
|
|
(937
|
)
|
(753
|
)
|
264
|
|
|
(3,771
|
)
|
1,986
|
|
|
Exchange
(gains) losses on translation of foreign operations reclassified to
gain or loss on sale of businesses and fixed assets
|
|
-
|
|
-
|
|
(138
|
)
|
|
-
|
|
(120
|
)
|
|
Available-for-sale
investments
|
|
-
|
|
-
|
|
11
|
|
|
-
|
|
14
|
|
|
Cash
flow hedges and costs of hedging
|
|
(68
|
)
|
65
|
|
50
|
|
|
(192
|
)
|
425
|
|
|
Share
of items relating to equity-accounted entities, net of
tax
|
|
200
|
|
95
|
|
133
|
|
|
417
|
|
564
|
|
|
Income
tax relating to items that may be reclassified
|
|
33
|
|
9
|
|
(16
|
)
|
|
4
|
|
(196
|
)
|
|
|
|
(772
|
)
|
(584
|
)
|
304
|
|
|
(3,542
|
)
|
2,673
|
|
|
Items that will not be reclassified to profit or loss
|
|
|
|
|
|
|
|
|||||
|
Remeasurements
of the net pension and other post-retirement benefit liability or
asset
|
|
(651
|
)
|
389
|
|
1,599
|
|
|
2,317
|
|
3,646
|
|
|
Cash
flow hedges that will subsequently be transferred to the balance
sheet
|
|
(8
|
)
|
(7
|
)
|
-
|
|
|
(37
|
)
|
-
|
|
|
Income
tax relating to items that will not be reclassified
|
|
223
|
|
(119
|
)
|
(604
|
)
|
|
(718
|
)
|
(1,303
|
)
|
|
|
|
(436
|
)
|
263
|
|
995
|
|
|
1,562
|
|
2,343
|
|
|
Other comprehensive income
|
|
(1,208
|
)
|
(321
|
)
|
1,299
|
|
|
(1,980
|
)
|
5,016
|
|
|
Total comprehensive income
|
|
(437
|
)
|
3,082
|
|
1,362
|
|
|
7,598
|
|
8,484
|
|
|
Attributable to
|
|
|
|
|
|
|
|
|||||
|
BP
shareholders
|
|
(444
|
)
|
3,040
|
|
1,312
|
|
|
7,444
|
|
8,353
|
|
|
Non-controlling
interests
|
|
7
|
|
42
|
|
50
|
|
|
154
|
|
131
|
|
|
|
|
(437
|
)
|
3,082
|
|
1,362
|
|
|
7,598
|
|
8,484
|
|
|
|
|
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
|
|
7,444
|
|
154
|
|
7,598
|
|
|
Dividends
|
|
(6,699
|
)
|
(170
|
)
|
(6,869
|
)
|
|
Cash flow hedges transferred to the balance sheet, net of
tax
|
|
26
|
|
-
|
|||