Bp PLC 6-K, filed May 5, 2020
Bp PLC (BP)
6-K
2020-05-05
For: 2020-05-04
View Original
Added on
April 08, 2026
About this 6-K
Bp PLC filed this 6-K on May 5, 2020.
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
Form 6-K
Report of Foreign Issuer
Pursuant to Rule 13a-16 or 15d-16 of
the Securities Exchange Act of 1934
for the
period ended April, 2020
BP p.l.c.
(Translation
of registrant's name into English)
1 ST JAMES'S SQUARE, LONDON, SW1Y 4PD, ENGLAND
(Address
of principal executive offices)
Indicate
by check mark whether the registrant files or will file
annual
reports
under cover Form 20-F or Form 40-F.
Form
20-F |X| Form 40-F
---------------
----------------
Indicate
by check mark whether the registrant by furnishing the
information
contained
in this Form is also thereby furnishing the information to
the
Commission
pursuant to Rule 12g3-2(b) under the Securities Exchange Act
of
1934.
Yes No
|X|
---------------
--------------
|
Exhibit
1.1
|
BP
details COVID19 response,provides market update dated 01 April
2020
|
|
Exhibit
1.2
|
Director/PDMR
Shareholding dated 02 April 2020
|
|
Exhibit
1.3
|
Director/PDMR
Shareholding dated 16 April 2020
|
|
Exhibit
1.4
|
Total
Voting Rights dated 30 April 2020
|
|
|
|
Exhibit 1.1
press
release
1 April 2020
BP details COVID-19 response
and provides market update
●
Protecting the physical and mental health of our
people
●
Supporting the communities where we live and work
●
Strengthening our finances to better weather market
volatility
BP
today set out actions it is taking in response to the COVID-19
pandemic and ongoing market disruption. It also provided an update
on factors expected to affect its first quarter
results.
Chief
executive Bernard Looney said:
"The
world is in a fight against COVID-19 and I want to thank all the
people looking after us. The nurses and doctors, the first
responders and the police. The people keeping food shops open and
deliveries happening. And also the people we don't see so much,
like those behind the technologies that mean we can stay connected
with our loved ones and with our work colleagues. Many, many are
giving their time and risking their own well-being so that we can
stay safe and sound. We rely on them, we are indebted to them, and
I want to pay tribute to the sacrifices they are making on our
behalf.
At
BP we are mobilising in our own way across the BP world, taking
action with three clear objectives: protecting our people;
supporting the communities where we live and work; and
strengthening our finances.
Protecting our people
I
want to recognize the courage and commitment of thousands of our
people out in the field - in retail, offshore, at our plants and
elsewhere. I also applaud the adaptability of everyone working from
home as they support our operations. Together, we continue to help
supply the energy the world needs.
We
are doing our best to keep everyone healthy:
●
Our
operations: Changing shift
patterns to make social distancing easier; restricting workplace
access; increasing testing; and enabling safe isolation and
evacuation of any suspected cases.
●
Our retail
sites: Boosting precautions to protect both staff
and customers with increased cleaning; providing personal
protective equipment for staff; installing screens; and
implementing social distancing in our stores.
●
Our
projects: Reducing
non-essential activity and manning levels where possible to reduce
the risk of the virus spreading. With a large population in a
remote, closely confined worksite, we have decided to remove
thousands of construction staff from the Tangguh expansion project
in Indonesia.
●
Our
team: Offering
psychological support in many ways, recognizing this is a mental
health challenge as well as a physical health
threat.
Job
security is a big worry at this time, so we have taken the decision
that for the next three months no BP employees will be laid off as
a result of virus-related cost cutting. We simply do not want to
add another burden during what is already an incredibly stressful
time for individuals and families.
Supporting our communities
Society
rightly has high expectations of companies like BP. Given our
reach, resources and skills, we have a special responsibility,
especially during times like these. I have been admiring how so
many businesses around the world are stepping up in a big
way.
That
is what we are trying to do at BP. We are contributing at a
corporate level to help fight the pandemic, and we are also trying
to give thousands of BP volunteers the latitude, support and
resources to join the fight in the communities where they live and
work.
●
We
have donated $2 million to the COVID-19 Solidarity Response Fund to
support the work of the World Health Organization leading and
coordinating the international pandemic response.
●
In
the UK, emergency service vehicles can refuel for free at our
retail stations and we are supplying free fuel to air ambulances.
We are supporting similar efforts in Spain, Turkey, Poland, and
Australia. And in Germany we have provided fuel cards to health
care workers.
●
We
are using our own stocks and supply chain to donate personal
protective equipment to health services in the United States, UK,
France, Belgium, Spain, The Netherlands and Germany.
●
In
Brazil, our biofuels joint venture is diverting some of its
sugarcane ethanol production to make a disinfectant product and
supplying it to local health services that serve a population of
1.4 million.
●
Food
from cafeterias we have closed in the UK is being donated to
foodbanks and charities.
●
After
coronavirus border restrictions cut off supplies of clean water to
a town in Mauritania, our local team repaired an old water tank to
provide a temporary supply for the community and is working with
authorities and NGOs to develop a permanent solution.
●
And
around the world, people are putting BP's new purpose into action.
Colleagues are running online home-schooling sessions,
co-ordinating food deliveries to those in need, and even stitching
masks and 3D-printing goggles for local hospitals
We
know there is more we can do -- and that we won't get everything
right -- but we are challenging ourselves to try to find more ways
to have a positive impact.
Strengthening our finances
At
the same time, we are in action to protect the financial health of
BP. This may be the most brutal environment for oil and gas
businesses in decades, but I am confident that we will come through
it -- we know what to do and we have done so before. And we also
entered this environment in great shape with good operating
momentum and financial discipline, strong liquidity and extensive
optionality in our portfolio. We remain committed to growing
sustainable free cash flow and distributions to our shareholders
over the long term.
We
are now acting quickly and decisively to further strengthen our
financial frame in response to the currently volatile and extremely
challenging market conditions. We will continue to review these
actions, and any further actions that may be appropriate, in
response to changes in prevailing market conditions.
●
Divestment
programme: BP's existing
divestment programme to deliver $15 billion of announced
transactions by mid-2021 remains on track. The phasing of receipt
of $10 billion of divestment proceeds by the end of 2020 may be
revised as transactions complete, particularly while volatile
market conditions persist. This includes the sale of our Alaskan
business to Hilcorp which we continue to expect will complete
during 2020, subject to regulatory approvals. We will provide
further information on this transaction going forward, as
appropriate.
To
date, $9.6 billion of transactions have been announced since the
start of 2019, with around $3.4 billion of cash proceeds received.
This divestment programme is underpinned by a wide range of
options, including assets in less commodity- sensitive businesses
where demand remains strong.
●
Capital
expenditure: We now expect
2020 organic capital spend to be around $12 billion, around 25%
below our prior full-year guidance. In Upstream, this includes a
reduction of around $1.0 billion in spend on short-cycle onshore
activity, including in BPX Energy, as well as deferral of certain
exploration and appraisal activity and optimisation of our major
project spend. In Downstream, we expect a reduction in spend of
around $1.0 billion, which includes reduced spending across our
fuels marketing, refining and petrochemicals
businesses.
The
expected impact of these capex interventions on 2020 underlying
Upstream production includes a current reduction of around 70
thousand barrels equivalent per day (mboed) attributable to BPX
Energy. Looking ahead, full year 2020
underlying Upstream production is expected to be lower than in
2019.
●
Cost
savings: We expect to
achieve around $2.5 billion of cash cost savings by the end of
2021, compared with 2019, with digitisation and increased
integration across the group as key drivers of this next phase of
cost efficiencies. Some of these cost savings may have associated
restructuring charges, which will be reflected as appropriate in
our financial disclosures.
●
Liquidity: BP has around $32 billion of cash and
undrawn facilities available at the end of the first quarter 2020.
Last week S&P reaffirmed BP's A- credit rating while revising
its outlook from positive to stable. And today Moody's reaffirmed
BP's A1 credit rating and revised its outlook from stable to
negative.
First quarter update
BP's
first quarter 2020 results are scheduled to be reported on Tuesday
28 April. Notwithstanding the interventions outlined above, the
challenging environment is expected to have an impact on our first
quarter results and there is uncertainty around how long current
depressed commodity pricing and weakness in product demand will
continue.
●
BP
continues to monitor the impact of COVID-19 on our global
operations and in the first quarter there was no significant
operational impact. This could change through the second
quarter;
●
BP's
first-quarter reported Upstream production is expected to be lower
than fourth-quarter 2019, in a range of 2,550-2,600
mboed;
●
BP's
first-quarter Downstream refining availability is expected to be in
a range of 95-96%, with some reduction seen in utilisation towards
quarter-end due to reducing fuel demand;
●
We
expect Downstream first quarter results to be impacted by a
significant and growing decline in demand for fuels, jet fuel and
lubricants as countries implemented significant measures to address
COVID-19. This has been particularly evident in China and, towards
quarter-end, has extended into our larger US and European
markets;
●
The
impact of the stronger US dollar on deferred tax balances is
expected to significantly increase BP's underlying effective tax
rate in the first quarter relative to our full year
guidance;
●
BP
routinely manages its working capital balances across the business
with an aim to minimise cash volatility, and as a result we do not
expect a benefit to cash flow from the change in first quarter
quarter-end pricing;
●
BP
continues to review potential first quarter impairment charges and
currently expects to take a non-cash, non-operating charge of
around $1 billion in the quarter;
●
BP's marker prices and marker margins for first
quarter 2020 can be found in the Investors section
of www.bp.com;
●
We
will provide further details on these and other matters in our
first quarter results.
I
have been incredibly inspired by the response of colleagues
globally to the coronavirus situation. They are taking care of each
other, supporting their communities, and identifying new ways to
safely drive down costs and strengthen our finances. I truly
believe that our purpose is driving our actions during this crisis.
That is why I am confident we will weather this storm and emerge
better able to deliver our ambition -- to make BP a net zero
company by 2050 or sooner and help the world achieve the same
goal.
I
am just as confident that the world will emerge stronger as well.
As hard as that may seem today, we will get through this and learn
important lessons in the process. We are seeing the best of people.
We are coming together as a global community. We can come out of
this crisis closer, more collaborative, and more caring, with all
the benefits that brings for society and the
planet."
Further information:
BP press office, London: bppress@bp.com,
+44 (0)7831 095541
Cautionary statement:
In
order to utilize the 'safe harbor' provisions of the United States
Private Securities Litigation Reform Act of 1995 (the 'PSLRA'), BP
is providing the following cautionary statement. This press
release contains certain forward-looking statements - that is,
statements related to future, not past events and circumstances -
which may relate to one or more of the financial conditions,
results of operations and businesses of BP and certain of the plans
and objectives of BP with respect to these items. These statements
are generally, but not always, identified by the use of words such
as 'will', 'expects', 'is expected to', 'aims', 'should', 'may',
'objective', 'is likely to', 'intends', 'believes', 'anticipates',
'plans', 'we see' or similar expressions. In particular,
among other statements, statements relating to the coronavirus
pandemic (COVID19) including its risks, impacts, consequences and
challenges and how BP is prepared for and responding to this; plans
and expectations relating to BP's ambition; plans and expectations
relating to the financial frame and the investor proposition,
focus on safety, the operational impact of COVID19,
commitment regarding employee job security, the divestment
programme including expectations with respect to completion of
transactions and the timing of receipt of proceeds of agreed
disposals (including the announced sale of our Alaskan business to
Hilcorp), reductions in organic capital expenditure and reductions
in production due to capex interventions, cash cost savings
and associated restructuring charges, full year 2020 production
guidance and expected range, expectations for demand for our
products, downstream refining availability and expected impact on
first quarter results due to decline in demand, the effective
tax rate relative to guidance, working capital balances and
assessment of impairment charges, are all forward looking in
nature. By their nature, forward-looking statements involve
risk and uncertainty because they relate to events and depend on
circumstances that will or may occur in the future and are outside
the control of BP. Actual results may differ from those
expressed in such statements, depending on a variety of factors
including the negative impact of the COVID19 coupled with actions
by OPEC+ including the significant drop in the oil price, overall
global economic and business conditions impacting our business and
demand for our products, as well as the risk factors set
forth in our most recent Annual Report and Form 20-F under "Risk
factors" and in any of our more recent public reports.
Our most recent Annual Report and Form 20-F and
other period filings are available on our website
at www.bp.com
or can be obtained from the SEC by calling 1-800-SEC-0330 or on its
website at www.sec.gov
Exhibit 1.2
BP p.l.c.
Notification of transactions of persons discharging managerial
responsibility or connected persons
|
1
|
Details of the person discharging managerial
responsibilities/person closely associated
|
||
|
a)
|
Name
|
Robert John Sawers
|
|
|
2
|
Reason for the notification
|
||
|
a)
|
Position/status
|
Non-Executive Director
|
|
|
b)
|
Initial notification/Amendment
|
Initial notification
|
|
|
3
|
Details of the issuer, emission allowance market participant,
auction platform, auctioneer or auction monitor
|
||
|
a)
|
Name
|
BP p.l.c.
|
|
|
b)
|
LEI
|
213800LH1BZH3DI6G760
|
|
|
4
|
Details of the transaction(s): section to be repeated for (i) each
type of instrument; (ii) each type of transaction; (iii) each date;
and (iv) each place where transactions have been
conducted
|
||
|
a)
|
Description of the financial instrument, type of
instrument
Identification code
|
Ordinary shares of $0.25
GB0007980591
|
|
|
b)
|
Nature of the transaction
|
Shares acquired through participation in a dividend reinvestment
plan (DRIP)
|
|
|
c)
|
Price(s) and volume(s)
|
Price(s)
|
Volume(s)
|
|
£3.0481
|
205
|
||
|
d)
|
Aggregated information
-
Volume
-
Price
-
Total
|
205
£3.0481
£624.86
|
|
|
e)
|
Date of the transaction
|
27 March 2020
|
|
|
f)
|
Place of the transaction
|
Outside a trading venue
|
|
|
1
|
Details of the person discharging managerial
responsibilities/person closely associated
|
||
|
a)
|
Name
|
Avril Shelley Helen Sawers
|
|
|
2
|
Reason for the notification
|
||
|
a)
|
Position/status
|
Person Closely Associated with Robert John Sawers
|
|
|
b)
|
Initial notification/Amendment
|
Initial notification
|
|
|
3
|
Details of the issuer, emission allowance market participant,
auction platform, auctioneer or auction monitor
|
||
|
a)
|
Name
|
BP p.l.c.
|
|
|
b)
|
LEI
|
213800LH1BZH3DI6G760
|
|
|
4
|
Details of the transaction(s): section to be repeated for (i) each
type of instrument; (ii) each type of transaction; (iii) each date;
and (iv) each place where transactions have been
conducted
|
||
|
a)
|
Description of the financial instrument, type of
instrument
Identification code
|
Ordinary shares of $0.25
GB0007980591
|
|
|
b)
|
Nature of the transaction
|
Shares acquired through participation in a dividend reinvestment
plan (DRIP)
|
|
|
c)
|
Price(s) and volume(s)
|
Price(s)
|
Volume(s)
|
|
£3.0481
|
205
|
||
|
d)
|
Aggregated information
-
Volume
-
Price
-
Total
|
205
£3.0481
£624.86
|
|
|
e)
|
Date of the transaction
|
27 March 2020
|
|
|
f)
|
Place of the transaction
|
Outside a trading venue
|
|
This notice is given in fulfilment of the obligation under Article
19 of the Market Abuse Regulation.
Exhibit 1.3
BP p.l.c.
Notification of transactions of persons discharging managerial
responsibility or persons closely associated
|
1
|
Details of the person discharging managerial
responsibilities/person closely associated
|
||
|
a)
|
Name
|
Brian Gilvary
|
|
|
2
|
Reason for the notification
|
||
|
a)
|
Position/status
|
Chief Financial Officer / Director
|
|
|
b)
|
Initial notification/Amendment
|
Initial notification
|
|
|
3
|
Details of the issuer, emission allowance market participant,
auction platform, auctioneer or auction monitor
|
||
|
a)
|
Name
|
BP p.l.c.
|
|
|
b)
|
LEI
|
213800LH1BZH3DI6G760
|
|
|
4
|
Details of the transaction(s): section to be repeated for (i) each
type of instrument; (ii) each type of transaction; (iii) each date;
and (iv) each place where transactions have been
conducted
|
||
|
a)
|
Description of the financial instrument, type of
instrument
Identification code
|
Ordinary shares of $0.25
GB0007980591
|
|
|
b)
|
Nature of the transaction
|
Shares acquired through participation in the BP ShareMatch UK
Plan
|
|
|
c)
|
Price(s) and volume(s)
|
Price(s)
|
Volume(s)
|
|
£3.3575
|
93
|
||
|
d)
|
Aggregated information
-
Volume
-
Price
-
Total
|
93
£3.3575
£312.25
|
|
|
e)
|
Date of the transaction
|
14 April 2020
|
|
|
f)
|
Place of the transaction
|
Outside a trading venue
|
|
|
1
|
Details of the person discharging managerial
responsibilities/person closely associated
|
||
|
a)
|
Name
|
Bernard Looney
|
|
|
2
|
Reason for the notification
|
||
|
a)
|
Position/status
|
Chief Executive Officer / Director
|
|
|
b)
|
Initial notification/Amendment
|
Initial notification
|
|
|
3
|
Details of the issuer, emission allowance market participant,
auction platform, auctioneer or auction monitor
|
||
|
a)
|
Name
|
BP p.l.c.
|
|
|
b)
|
LEI
|
213800LH1BZH3DI6G760
|
|
|
4
|
Details of the transaction(s): section to be repeated for (i) each
type of instrument; (ii) each type of transaction; (iii) each date;
and (iv) each place where transactions have been
conducted
|
||
|
a)
|
Description of the financial instrument, type of
instrument
Identification code
|
Ordinary shares of $0.25
GB0007980591
|
|
|
b)
|
Nature of the transaction
|
Shares acquired through participation in the BP ShareMatch UK
Plan
|
|
|
c)
|
Price(s) and volume(s)
|
Price(s)
|
Volume(s)
|
|
£3.3575
|
93
|
||
|
d)
|
Aggregated information
-
Volume
-
Price
-
Total
|
93
£3.3575
£312.25
|
|
|
e)
|
Date of the transaction
|
14 April 2020
|
|
|
f)
|
Place of the transaction
|
Outside a trading venue
|
|
|
1
|
Details of the person discharging managerial
responsibilities/person closely associated
|
||
|
a)
|
Name
|
Gordon Birrell
|
|
|
2
|
Reason for the notification
|
||
|
a)
|
Position/status
|
Interim head of Upstream / PDMR
|
|
|
b)
|
Initial notification/Amendment
|
Initial notification
|
|
|
3
|
Details of the issuer, emission allowance market participant,
auction platform, auctioneer or auction monitor
|
||
|
a)
|
Name
|
BP p.l.c.
|
|
|
b)
|
LEI
|
213800LH1BZH3DI6G760
|
|
|
4
|
Details of the transaction(s): section to be repeated for (i) each
type of instrument; (ii) each type of transaction; (iii) each date;
and (iv) each place where transactions have been
conducted
|
||
|
a)
|
Description of the financial instrument, type of
instrument
Identification code
|
Ordinary shares of $0.25
GB0007980591
|
|
|
b)
|
Nature of the transaction
|
Shares acquired through participation in the BP ShareMatch UK
Plan
|
|
|
c)
|
Price(s) and volume(s)
|
Price(s)
|
Volume(s)
|
|
£3.3575
|
93
|
||
|
d)
|
Aggregated information
-
Volume
-
Price
-
Total
|
93
£3.3575
£312.25
|
|
|
e)
|
Date of the transaction
|
14 April 2020
|
|
|
f)
|
Place of the transaction
|
Outside a trading venue
|
|
|
1
|
Details of the person discharging managerial
responsibilities/person closely associated
|
||
|
a)
|
Name
|
Emma Delaney
|
|
|
2
|
Reason for the notification
|
||
|
a)
|
Position/status
|
Interim CEO Downstream / PDMR
|
|
|
b)
|
Initial notification/Amendment
|
Initial notification
|
|
|
3
|
Details of the issuer, emission allowance market participant,
auction platform, auctioneer or auction monitor
|
||
|
a)
|
Name
|
BP p.l.c.
|
|
|
b)
|
LEI
|
213800LH1BZH3DI6G760
|
|
|
4
|
Details of the transaction(s): section to be repeated for (i) each
type of instrument; (ii) each type of transaction; (iii) each date;
and (iv) each place where transactions have been
conducted
|
||
|
a)
|
Description of the financial instrument, type of
instrument
Identification code
|
Ordinary shares of $0.25
GB0007980591
|
|
|
b)
|
Nature of the transaction
|
Shares acquired through participation in the BP ShareMatch UK
Plan
|
|
|
c)
|
Price(s) and volume(s)
|
Price(s)
|
Volume(s)
|
|
£3.3575
|
93
|
||
|
d)
|
Aggregated information
-
Volume
-
Price
-
Total
|
93
£3.3575
£312.25
|
|
|
e)
|
Date of the transaction
|
14 April 2020
|
|
|
f)
|
Place of the transaction
|
Outside a trading venue
|
|
This notice is given in fulfilment of the obligation under Article
19 of the Market Abuse Regulation.
BP p.l.c.
Total voting rights and share capital
As at 30 April 2020, the issued share capital of BP p.l.c.
comprised 20,259,507,373 ordinary shares (excluding
treasury shares) par value US$0.25 per share, each with one vote;
and 12,706,252 preference shares par value £1 per share with
two votes for every £5 in nominal capital held.
The number of ordinary shares which have been bought back and are
held in treasury by BP p.l.c. is 1,156,274,977. These treasury
shares are not taken into consideration in relation to the payment
of dividends and voting at shareholder meetings.
The total number of voting rights in BP p.l.c. is 20,264,589,873.
This information may be used by shareholders for the calculations
by which they will determine if they are required to notify their
interest in, or a change to their interest in, BP p.l.c. under the
FCA's Disclosure Guidance and Transparency
Rules.
This announcement is made in accordance with the requirements of
Disclosure Guidance and Transparency Rule 5.6.
SIGNATURES
Pursuant
to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf
by the undersigned, thereunto duly authorized.
|
|
BP
p.l.c.
|
|
|
(Registrant)
|
|
|
|
|
|
|
|
|
/s/ Ben
J. S. Mathews
|
|
|
------------------------
|
|
|
Ben J.
S. Mathews
|
|
|
Company
Secretary
|