Bp PLC 6-K, filed Apr 7, 2020
Bp PLC (BP)
6-K
2020-04-07
For: 2020-04-07
View Original
Added on
April 08, 2026
About this 6-K
Bp PLC filed this 6-K on April 7, 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 March,
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
|
Director/PDMR
Shareholding dated 13 March 2020
|
|
Exhibit
1.2
|
BP
Annual Report and Form 20-F 2019 dated 18 March 2020
|
|
Exhibit
1.3
|
BP
p.l.c. Notice of Annual General Meeting 2020 dated 27 March
2020
|
|
Exhibit
1.4
|
Total
Voting Rights dated 31 March 2020
|
|
Exhibit
1.5
|
Director/PDMR
Shareholding dated 31 March 2020
|
|
|
|
|
|
|
Exhibit 1.1
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)
|
|
||
|
|
£3.182
|
100
|
|
||
|
|
|
|
|
||
|
d)
|
Aggregated information
-
Volume
-
Price
-
Total
|
100
£3.182
£318.20
|
|||
|
e)
|
Date of the transaction
|
10 March 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)
|
|
||
|
|
£3.182
|
98
|
|
||
|
|
|
|
|
||
|
d)
|
Aggregated information
-
Volume
-
Price
-
Total
|
98
£3.182
£311.84
|
|||
|
e)
|
Date of the transaction
|
10 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 1.2
BP P.L.C. ANNUAL FINANCIAL REPORT - DTR 6.3.5
DISCLOSURE
BP p.l.c. ('the Company')
The Company announces that the BP Annual Report and Form 20-F 2019
has been published. This document is publicly available via a
direct link at www.bp.com/annualreport.
This follows the release on 4 February 2020 of the Company's
unaudited Fourth Quarter and Full Year 2019 results announcement
(the 'Preliminary Announcement').
In compliance with 9.6.1 of the Listing Rules, on
18 March 2020 the Company submitted a copy of the BP
Annual Report and Form 20-F 2019 to the National Storage
Mechanism.
This document will shortly be available for inspection
at http://www.morningstar.co.uk/uk/NSM
The BP Annual Report and Form 20-F 2019 will be delivered to the
Registrar of Companies in due course and copies of this document
may also be obtained from:
The Company Secretary's Office
BP p.l.c.
1 St James's Square
London
SW1Y 4PD
Tel: +44 (0)20 7496 4000
The Disclosure Guidance and Transparency Rules (DTR) require that
an announcement of the publication of an Annual Report should
include the disclosure of such information from the Annual Report
as is of a type that would be required to be disseminated in a
Half-yearly Report in compliance with the DTR 6.3.5(2) disclosure
requirement. Accordingly the following disclosures are made in the
Appendices below. References to page numbers and notes to the
accounts made in the following Appendices, refer to page numbers
and notes to the accounts in the BP Annual Report and Form 20-F
2019. This announcement should be read in conjunction with, and is
not a substitute for reading, the full BP Annual Report and Form
20-F 2019.
The extracts from BP Annual Report and Form 20-F 2019 included in
this announcement contain certain forecasts, projections and
forward-looking statements - that is, statements related to future,
not past events and circumstances - with respect to the
financial condition, results of operations and businesses of BP and
certain of the plans and objectives of BP with respect to these
items. These statements may generally, but not always, be
identified by the use of words such as 'will', 'expects', 'is
expected to', 'aims', 'should', 'may', 'objective', 'is likely to',
'intends', 'believes', 'anticipates', 'plans', 'we see' or similar
expressions. 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
of the control of BP. Actual results may differ materially from
those expressed in such statements, depending on a variety of
factors, including the specific factors identified in the
discussions accompanying such forward-looking statements and other
factors discussed elsewhere in BP Annual Report and Form 20-F
2019.
APPENDIX A - AUDIT REPORTS
Audited financial statements for 2019 are contained in the BP
Annual Report and Form 20-F 2019. The Independent Auditor's Report
on the consolidated financial statements is set out in full on
pages 132-145 of the BP Annual Report and Form 20-F 2019. The
Independent Auditor's Report on the consolidated financial
statements is unqualified and does not contain any statements under
section 498(2) or section 498(3) of the Companies Act
2006.
APPENDIX B - DIRECTORS' RESPONSIBILITY STATEMENT
The following statement is extracted in full and is unedited text
from page 128 of the BP Annual Report and Form 20-F 2019. This
statement relates solely to the BP Annual Report and Form 20-F 2019
and is not connected to the extracted information set out in this
announcement or the Preliminary Announcement.
Statement of directors' responsibilities
The directors confirm that to the best of their
knowledge:
●
The consolidated financial
statements, prepared in accordance with IFRS as issued by the IASB,
IFRS as adopted by the EU and in accordance with the provisions of
the Companies Act 2006, give a true and fair view of the assets,
liabilities, financial position and profit or loss of the
group.
●
The parent company financial
statements, prepared in accordance with United Kingdom generally
accepted accounting practice, give a true and fair view of the
assets, liabilities, financial position, performance and cash flows
of the company.
●
The management report, which is
incorporated in the strategic report and directors' report,
includes a fair review of the development and performance of the
business and the position of the group, together with a description
of the principal risks and uncertainties that they
face.
Helge Lund
Chairman
18 March 2020
APPENDIX C - RISKS AND UNCERTAINITIES
The principal risks and uncertainties relating to the Company are
set out on pages 70-71 of the BP Annual Report and Form 20-F 2019.
The following is extracted in full and unedited text from the BP
Annual Report and Form 20-F 2019:
Risk factors
The risks discussed below, separately or in combination, could have
a material adverse effect on the implementation of our strategy,
our business, financial performance, results of operations, cash
flows, liquidity, prospects, shareholder value and returns and
reputation.
Strategic and commercial risks
Prices and markets - our
financial performance is impacted by fluctuating prices of oil, gas
and refined products, technological change, exchange rate
fluctuations, and the general macroeconomic
outlook.
Oil, gas and product prices are subject to international supply and
demand and margins can be volatile. Political developments,
increased supply from new oil and gas or alternative low carbon
energy sources, technological change, global economic conditions,
public health situations and the influence of OPEC can impact
supply and demand and prices for our products. Decreases in oil,
gas or product prices could have an adverse effect on revenue,
margins, profitability and cash flows. If significant or for a
prolonged period, we may have to write down assets and re-assess
the viability of certain projects, which may impact future cash
flows, profit, capital expenditure and ability to maintain our
long-term investment programme. Conversely, an increase in oil, gas
and product prices may not improve margin performance as there
could be increased fiscal take, cost inflation and more onerous
terms for access to resources. The profitability of our refining
and petrochemicals activities can be volatile, with periodic
oversupply or supply tightness in regional markets and fluctuations
in demand.
Exchange rate fluctuations can create currency exposures and impact
underlying costs and revenues. Crude oil prices are generally set
in US dollars, while products vary in currency. Many of our major
project development costs are denominated in local currencies,
which may be subject to fluctuations against the US
dollar.
Access, renewal and reserves progression - inability to access, renew and progress
upstream resources in a timely manner could adversely affect our
long-term replacement of reserves.
Renewing our reserve base depends on our ability to continually
replenish future opportunities to access and produce oil and
natural gas. Competition for access to investment opportunities,
heightened political and economic risks in certain countries where
significant hydrocarbon basins are located, unsuccessful
exploration activity and increasing technical challenges and
capital commitments may adversely affect our reserve replacement.
This, and our ability to progress upstream resources and sustain
long-term reserves replacement, could impact our future production
and financial performance.
Major project delivery -
failure to invest in the best opportunities or deliver major
projects successfully could adversely affect our financial
performance.
We face challenges in developing major projects, particularly in
geographically and technically challenging areas. Poor investment
choice, efficiency or delivery, or operational challenges at any
major project that underpins production or production growth could
adversely affect our financial performance.
Geopolitical - exposure to
a range of political developments and consequent changes to the
operating and regulatory environment could cause business
disruption.
We operate and may seek new opportunities in countries and regions
where political, economic and social transition may take place.
Political instability, changes to the regulatory environment or
taxation, international sanctions, expropriation or nationalization
of property, civil strife, strikes, insurrections, acts of
terrorism, acts of war and public health situations (including an
outbreak of an epidemic or pandemic) may disrupt or curtail our
operations or development activities. These may in turn cause
production to decline, limit our ability to pursue new
opportunities, affect the recoverability of our assets or cause us
to incur additional costs, particularly due to the long-term nature
of many of our projects and significant capital expenditure
required. Events in or relating to Russia, including trade
restrictions and other sanctions, could adversely impact our income
and investment in or relating to Russia. Our ability to pursue
business objectives and to recognize production and reserves
relating to these investments could also be adversely
impacted.
Liquidity, financial capacity and financial, including credit,
exposure - failure to work
within our financial framework could impact our ability to operate
and result in financial loss.
Failure to accurately forecast or work within our financial
framework could impact our ability to operate and result in
financial loss. Trade and other receivables, including overdue
receivables, may not be recovered, divestments may not be
successfully completed and a substantial and unexpected cash call
or funding request could disrupt our financial framework or
overwhelm our ability to meet our obligations.
An event such as a significant operational incident, legal
proceedings or a geopolitical event in an area where we have
significant activities, could reduce our financial liquidity and
our credit ratings. Credit ratings downgrades could potentially
increase financing costs and limit access to financing or
engagement in our trading activities on acceptable terms, which
could put pressure on the group's liquidity.
Credit rating downgrades could also trigger a requirement for the
company to review its funding arrangements with the BP pension
trustees and may cause other impacts on financial performance. In
the event of extended constraints on our ability to obtain
financing, we could be required to reduce capital expenditure or
increase asset disposals in order to provide additional liquidity.
See Liquidity and capital resources on page 301 and Financial
statements - Note 29.
Joint arrangements and contractors - varying levels of control over the
standards, operations and compliance of our partners, contractors
and sub-contractors could result in legal liability and
reputational damage.
We conduct many of our activities through joint arrangements,
associates or with contractors and sub-contractors where we may
have limited influence and control over the performance of such
operations. Our partners and contractors are responsible for the
adequacy of the resources and capabilities they bring to a project.
If these are found to be lacking, there may be financial,
operational or safety risks for BP. Should an incident occur in an
operation that BP participates in, our partners and contractors may
be unable or unwilling to fully compensate us against costs we may
incur on their behalf or on behalf of the arrangement. Where we do
not have operational control of a venture, we may still be pursued
by regulators or claimants in the event of an
incident.
Digital infrastructure and cyber security - breach or failure of our or third parties'
digital infrastructure or cyber security, including loss or misuse
of sensitive information could damage our operations, increase
costs and damage our reputation.
The oil and gas industry is subject to fast-evolving risks from
cyber threat actors, including nation states, criminals,
terrorists, hacktivists and insiders. A breach or failure of our or
third parties' digital infrastructure - including control systems -
due to breaches of our cyber defences, or those of third parties,
negligence, intentional misconduct or other reasons, could
seriously disrupt our operations. This could result in the loss or
misuse of data or sensitive information, injury to people,
disruption to our business, harm to the environment or our assets,
legal or regulatory breaches and legal liability. Furthermore, the
rapid detection of attempts to gain unauthorized access to our
digital infrastructure, often through the use of sophisticated and
co-ordinated means, is a challenge and any delay or failure to
detect could compound these potential harms. These could result in
significant costs including fines, cost of remediation or
reputational consequences.
Climate change and the transition to a lower carbon
economy - policy, legal,
regulatory, technology and market developments related to the issue
of climate change could increase costs, reduce demand for our
products, reduce revenue and limit certain growth
opportunities.
Laws, regulations, policies, obligations, social attitudes and
customer preferences relating to climate change and the transition
to a lower carbon economy could have an adverse impact on our
business (including increased costs from compliance, litigation,
and regulatory or litigation outcomes), and could lead to
constraints on production and supply and access to new reserves and
a decline in demand for certain products.
Technological improvements or innovations that support the
transition to a lower carbon economy, and customer preferences or
regulatory incentives that alter fuel or power choices, could
impact demand for oil and gas. Depending on the nature and speed of
any such changes and our response, this could adversely affect the
demand for our products, investor sentiment, our access to capital
markets, our competitiveness and financial performance. Policy,
legal regulatory, technological and market developments related to
climate change could also affect future price assumptions used in
the assessment of recoverability of asset carrying values including
goodwill, the judgement as to whether there is continued intent to
develop exploration and appraisal intangible assets, the timing of
decommissioning of assets and the useful economic lives of assets
used for the calculation of depreciation and amortization. See
Financial statements - Note 1 and Environment on page
40.
Competition - inability to remain efficient,
maintain a high-quality portfolio of assets, innovate and retain an
appropriately skilled workforce could negatively impact delivery of
our strategy in a highly competitive market.
Our strategic progress and performance could be impeded if we are
unable to control our development and operating costs and margins,
or to sustain, develop and operate a high-quality portfolio of
assets efficiently. We could be adversely affected if competitors
offer superior terms for access rights or licences, or if our
innovation in areas such as exploration, production, refining,
manufacturing, renewable energy, new technologies or customer offer
that lags the industry. Our performance could also be negatively
impacted if we fail to protect our intellectual property. Our
industry faces increasing challenge to recruit and retain diverse,
skilled and experienced people in the fields of science,
technology, engineering and mathematics. Successful recruitment,
development and retention of specialist staff is essential to our
plans.
Crisis management and business continuity - failure to address an incident effectively
could potentially disrupt our business.
Our business activities could be disrupted if we do not respond, or
are perceived not to respond, in an appropriate manner to any major
crisis or if we are not able to restore or replace critical
operational capacity.
Insurance - our insurance
strategy could expose the group to material uninsured
losses.
BP generally purchases insurance only in situations where this is
legally and contractually required. Some risks are insured with
third parties and reinsured by group insurance companies. Uninsured
losses could have a material adverse effect on our financial
position, particularly if they arise at a time when we are facing
material costs as a result of a significant operational event which
could put pressure on our liquidity and cash flows.
Security - hostile acts against our staff
and activities could cause harm to people and disrupt our
operations.
Acts of terrorism, piracy, sabotage and similar activities directed
against our operations and facilities, pipelines, transportation or
digital infrastructure could cause harm to people and severely
disrupt operations. Our activities could also be severely affected
by conflict, civil strife or political unrest.
Product quality - supplying customers with
off-specification products could damage our reputation, lead to
regulatory action and legal liability, and impact our financial
performance.
Failure to meet product quality specifications could cause harm to
people and the environment, damage our reputation, result in
regulatory action and legal liability, and impact financial
performance.
Safety and operational risks
Process safety, personal safety, and environmental
risks - exposure to a wide
range of health, safety, security and environmental risks could
cause harm to people, the environment and our assets and result in
regulatory action, legal liability, business interruption,
increased costs, damage to our reputation and potentially denial of
our licence to operate.
Technical integrity failure, natural disasters, extreme weather or
a change in its frequency or severity, human error and other
adverse events or conditions, including breach of digital security,
could lead to loss of containment of hydrocarbons or other
hazardous materials. This could also lead to constrained
availability of resources used in our operating activities, as well
as fires, explosions or other personal and process safety
incidents, including when drilling wells, operating facilities and
those associated with transportation by road, sea or pipeline.
There can be no certainty that our operating management system or
other policies and procedures will adequately identify all process
safety, personal safety and environmental risks or that all our
operating activities, including acquired businesses will be
conducted in conformance with these systems. See Safety and
security on page 45.
Such events or conditions, including a marine incident, or
inability to provide safe environments for our workforce and the
public while at our facilities, premises or during transportation,
could lead to injuries, loss of life or environmental damage. As a
result we could face regulatory action and legal liability,
including penalties and remediation obligations, increased costs
and potentially denial of our licence to operate. Our activities
are sometimes conducted in hazardous, remote or environmentally
sensitive locations, where the consequences of such events or
conditions could be greater than in other locations.
Drilling and production -
challenging operational environments and other uncertainties could
impact drilling and production activities.
Our activities require high levels of investment and are sometimes
conducted in challenging environments such as those prone to
natural disasters and extreme weather, which heightens the risks of
technical integrity failure. The physical characteristics of an oil
or natural gas field, and cost of drilling, completing or operating
wells is often uncertain. We may be required to curtail, delay or
cancel drilling operations or stop production because of a variety
of factors, including unexpected drilling conditions, pressure or
irregularities in geological formations, equipment failures or
accidents, adverse weather conditions and compliance with
governmental requirements.
Compliance and control risks
Ethical misconduct and non-compliance - ethical misconduct or breaches of
applicable laws by our businesses or our employees could be
damaging to our reputation, and could result in litigation,
regulatory action and penalties.
Incidents of ethical misconduct or non-compliance with applicable
laws and regulations, including anti-bribery and corruption and
anti-fraud laws, trade restrictions or other sanctions, could
damage our reputation, result in litigation, regulatory action and
penalties.
Regulation - changes in
the regulatory and legislative environment could increase the cost
of compliance, affect our provisions and limit our access to new
growth opportunities.
Governments that award exploration and production interests may
impose specific drilling obligations, environmental, health and
safety controls, controls over the development and decommissioning
of a field and possibly, nationalization, expropriation,
cancellation or non-renewal of contract rights. Royalties and taxes
tend to be high compared with those imposed on similar commercial
activities, and in certain jurisdictions there is a degree of
uncertainty relating to tax law interpretation and changes.
Governments may change their fiscal and regulatory frameworks in
response to public pressure on finances, resulting in increased
amounts payable to them or their agencies.
Such factors could increase the cost of compliance, reduce our
profitability in certain jurisdictions, limit our opportunities for
new access, require us to divest or write down certain assets
or curtail or cease certain operations, or affect the adequacy of
our provisions for pensions, tax, decommissioning, environmental
and legal liabilities. Potential changes to pension or financial
market regulation could also impact funding requirements of the
group. Following the Gulf of Mexico oil spill, we may be subjected
to a higher level of fines or penalties imposed in relation to any
alleged breaches of laws or regulations, which could result in
increased costs.
Treasury and trading activities - ineffective oversight of treasury and
trading activities could lead to business disruption, financial
loss, regulatory intervention or damage to our
reputation.
We are subject to operational risk around our treasury and trading
activities in financial and commodity markets, some of which are
regulated. Failure to process, manage and monitor a large number of
complex transactions across many markets and currencies while
complying with all regulatory requirements could hinder profitable
trading opportunities. There is a risk that a single trader or a
group of traders could act outside of our delegations and controls,
leading to regulatory intervention and resulting in financial loss,
fines and potentially damaging our reputation. See Financial
statements - Note 29.
Reporting - failure to
accurately report our data could lead to regulatory action, legal
liability and reputational damage.
External reporting of financial and non-financial data, including
reserves estimates, relies on the integrity of systems and people.
Failure to report data accurately and in compliance with applicable
standards could result in regulatory action, legal liability and
damage to our reputation.
APPENDIX D - RELATED PARTY TRANSACTIONS
Disclosures in relation to the related party transactions are set
out on pages 189-191 and page 321 of the BP Annual Report and Form
20-F 2019. The following is extracted in full and unedited text
from the BP Annual Report and Form 20-F 2019:
Extract from Note 16 Investments in joint ventures, BP Annual
Report and Form 20-F 2019, page 189:
Transactions between the group and its joint ventures are
summarized below.
|
|
|
|
|
|
|
|
$ million
|
||||||||||||
|
Sales to joint ventures
|
|
|
2019
|
|
2018
|
|
2017
|
||||||||||||
|
Product
|
|
Sales
|
Amount
receivable at
31
December
|
Sales
|
Amount
receivable at
31 December
|
Sales
|
Amount
receivable at
31 December
|
||||||||||||
|
LNG, crude oil and oil products, natural gas
|
|
4,884
|
|
431
|
|
4,603
|
|
251
|
|
3,578
|
|
352
|
|
||||||
|
|
|
|
|
|
|
|
|
||||||||||||
|
|
|
|
|
|
|
|
$ million
|
||||||||||||
|
Purchases from joint ventures
|
|
|
2019
|
|
2018
|
|
2017
|
||||||||||||
|
Product
|
|
Purchases
|
Amount
payable at
31 December
|
Purchases
|
Amount
payable at
31 December
|
Purchases
|
Amount
payable at
31 December
|
||||||||||||
|
LNG,
crude oil and oil products, natural gas, refinery operating costs,
plant processing fees
|
|
1,812
|
|
225
|
|
1,336
|
|
300
|
|
1,257
|
|
176
|
|
||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
The terms of the outstanding balances receivable from joint
ventures are typically 30 to 45 days. The balances are unsecured
and will be settled in cash. There are no significant provisions
for doubtful debts relating to these balances and no significant
expense recognized in the income statement in respect of bad or
doubtful debts. Dividends receivable are not included in the table
above.
Extract from Note 17 Investments in associates, BP Annual Report
and Form 20-F 2019, page 191:
Transactions between the group and its associates are summarized
below.
|
|
|
|
|
|
|
|
$ million
|
||||||||||||
|
Sales to associates
|
|
|
2019
|
|
2018
|
|
2017
|
||||||||||||
|
Product
|
|
Sales
|
Amount
receivable at
31
December
|
Sales
|
Amount
receivable at
31 December
|
Sales
|
Amount
receivable at
31 December
|
||||||||||||
|
LNG,
crude oil and oil products, natural gas
|
|
1,544
|
|
243
|
|
2,064
|
|
393
|
|
1,612
|
|
216
|
|
||||||
|
|
|
|
|
|
|
|
|
||||||||||||
|
|
|
|
|
|
|
|
$ million
|
||||||||||||
|
Purchases from associates
|
|
|
2019
|
|
2018
|
|
2017
|
||||||||||||
|
Product
|
|
Purchases
|
Amount
payable at
31 December
|
Purchases
|
Amount
payable
at
31
December
|
Purchases
|
Amount
payable
at
31
December
|
||||||||||||
|
Crude
oil and oil products, natural gas, transportation
tariff
|
|
9,503
|
|
1,641
|
|
14,112
|
|
2,069
|
|
11,613
|
|
1,681
|
|
||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
In addition to the transactions shown in the table above, in 2018
BP acquired a 49% stake in LLC Kharampurneftegaz, a Rosneft
subsidiary, which will develop subsoil resources within the
Kharampurskoe and Festivalnoye licence areas in Yamalo-Nenets
Autonomous Okrug in northern Russia. BP's interest in LLC
Kharampurneftegaz is accounted for as an associate.
The terms of the outstanding balances receivable from associates
are typically 30 to 45 days. The balances are unsecured and will be
settled in cash. There are no significant provisions for doubtful
debts relating to these balances and no significant expense
recognized in the income statement in respect of bad or doubtful
debts. Dividends receivable are not included in the table
above.
The majority of purchases from associates relate to crude oil and
oil products transactions with Rosneft. Sales to associates are
related to various entities.
BP has commitments amounting to $11,198 million (2018 $11,303
million), primarily in relation to contracts with its associates
for the purchase of transportation capacity. For information on
capital commitments in relation to associates see Note
13.
Extract from BP Annual Report and Form 20-F 2017, page
321:
Related-party transactions
Transactions between the group and its significant joint ventures
and associates are summarized in Financial statements - Note 16 and
Note 17. In the ordinary course of its business, the group enters
into transactions with various organizations with which some of its
directors or executive officers are associated. Except as described
in this report, the group did not have any material transactions or
transactions of an unusual nature with, and did not make loans to,
related parties in the period commencing 1 January 2019 to 3
March 2020.
APPENDIX E - IMPORTANT EVENTS DURING THE YEAR
For
a full glossary of terms, see BP Annual Report and Form 20-F 2019,
pages 337-343.
1.
Extracted in full and unedited text from the Chairman's letter, BP
Annual Report and Form 20-F 2019, pages 2-3:
Dear fellow shareholders,
In a world of change, BP is also changing. We enter a new decade
with a new company purpose: to reimagine energy for people and our
planet. We have also set a new ambition: to become a net zero
company by 2050 or sooner, and to help the world get to net zero.
And to lead and deliver on both we have a new chief executive
officer, Bernard Looney, who took on the role on 5 February
2020.
Evolving for an uncertain world
This is a new direction for BP, and it is only possible because of
the foundation laid by Bob Dudley. Bob served as BP's group chief
executive with distinction for almost a decade, and he and his team
deserve our considerable thanks for guiding BP to a position of
operational and financial strength and deepened resilience in a
world that is increasingly uncertain.
The market turbulence currently facing the world is one example of
that uncertainty. Though BP can't control the markets, we can
prepare for turbulence when it comes. Thanks to the work done by BP
to drive down costs and raise efficiency, we are
prepared.
At these times, BP's 110-year history of navigating uncertainty is
also reassuring. Your company has anticipated and responded to
change many times over. Indeed, throughout 2019 your board has
focused on evolving BP's strategy and portfolio to address the
challenges of tomorrow. This focus has included ensuring the smooth
transition in leadership from Bob to Bernard, followed by regular
engagement by the board with Bernard and his new leadership team to
develop BP's purpose and net zero ambition. This is a process which
has been supported by our dialogue with investors, governments,
employees and other key stakeholders.
Our enduring commitments
BP is now set for a future that is different to its past, but some
things won't change. BP's values-based culture will be maintained
and further developed. BP's purpose and ambition reflect its
culture, and together they position BP well to develop as an
increasingly sustainable company.
Our commitment to safe and reliable operations will remain
paramount. BP's safety performance has seen near continuous
improvement since 2010, and we must continue to learn and improve.
We believe that the new organizational structure BP set out last
month will help to reinforce this commitment.
As well as our enduring commitment to safety, BP's commitment to
its relationships and partnerships will not change, including with
governments around the world. BP intends to use its energy market
experience, skills and technology to help countries, cities and
corporations decarbonize, while at the same time building a
thriving, lower carbon energy business.
BP's new ambition also gives us extra reason to maintain the
capital discipline and focus that has served the company so well.
We can only reimagine energy if we generate the cash needed to
manage the balance sheet, invest in new low carbon businesses, and
continue to pay the dividend on which you, our owners, depend. That
is how we will meet our ambition. It is something that I, together
with the BP board, look forward to working on with Bernard and his
executive team.
Our focus throughout 2020
One of the focal points for the board in 2020 will be BP's capital
markets day in September, when Bernard and his leadership team will
lay out more detail about the strategy, near-term targets and ways
to measure progress. It will be the moment the vision and ambition
set out in February becomes much more concrete. We will do this
while ensuring that we maintain a strong focus on high quality and
efficient operations and on delivering the promises we have made to
our investors.
My thanks to you all
In addition to thanking Bob, two other departing senior leaders
deserve a special mention - chief financial officer Brian Gilvary,
who has decided to step down from the board in June after eight
years in the job, and Downstream chief executive Tufan Erginbilgic,
who leaves BP at the end of March. On behalf of the board, I extend
my thanks and my deep appreciation for the profound contributions
they each made during an important period for the
company.
Of course, each of our employees has a very important role to play
in BP's progress, and they should be recognized. On behalf of the
board I extend my sincere thanks to all our people for a job well
done in 2019.
Today BP's engagement with its customers, suppliers, shareholders,
employees and others is wider and deeper than ever, but it has to
further develop as we progress on our journey. I therefore want to
use this opportunity to thank you, BP shareholders, for your
continued support and engagement during 2019, including through
your votes at our AGM in May. Your challenge and input have been
important in our effort to set a new strategic direction. I look
forward to continuing our dialogue.
Helge Lund
Chairman
18 March 2020
2.
Extracted in full and unedited text from the Chief executive
officer's letter, BP Annual Report and Form 20-F 2019, page
4:
Dear fellow shareholders,
It is a privilege to have been asked to lead your company. And it
is a responsibility I could barely have imagined when I
joined BP as a drilling engineer 28 years ago. I quickly came to
love our company and I do so more today than ever. You have my
assurance that with my colleagues' support, we will work together
so that BP continues to deliver for you for decades to
come.
A resilient company
[Reference to market latest to go here]
BP is in good shape for the demands and opportunities ahead, and I
believe that is the best possible tribute to Bob Dudley's
leadership over the past decade. From the Deepwater Horizon
accident and through one of the biggest-ever oil price corrections,
Bob's steady hand guided BP through recovery and back to
growth.
We are now safer, stronger and more disciplined. And we continue to
deliver the plan we put forward in 2017. We closed 2019 with 12
consecutive quarters of results delivering what we set
out.
● We made an underlying profit of $10 billion in
2019.
● Operating cash flow was strong at $26 billion for the
year.
● That gave us the confidence to increase our dividend,
which currently stands at 10.5c per ordinary share.
During 2019, two colleagues sadly lost their lives while working at
BP. My heart goes out to their families and friends. We must learn
from these tragedies and continue to make BP safer. I believe that
we can build on progress that last year saw our lowest-ever figure
for BP people getting hurt at work (our recordable injury frequency
measure).
Reimagining energy
BP is now embarking on a period of change to best serve our new
purpose and to deliver our new ambition: to be net zero by 2050 or
sooner and to help the world get to net zero.
I see huge opportunity for BP given our distinctive
combination of reach, resources and relationships. The world will
need to invest trillions of dollars in new energies over the next
several decades. We have the skill and the will to help the
world deliver a rapid energy transition.
Reinventing BP
Following the announcement of our new purpose and ambition in
February, we are now embarking on a fundamental reorganization of
BP. Our current upstream-downstream structure has served us well
for over a century, but I believe we now need a different model for
the rapidly changing demands of the future. We need an agile,
highly integrated structure that is more focused than ever on our
core capabilities in operations, customers, low carbon and
innovation. The leadership team is working with the board to
develop this structure, along with a new strategy and near-term
targets, which we intend to share with you in September
2020.
Performing while transforming
This may be our most wide-ranging reorganization for more than a
century, but I want to assure you of our commitment to perform as
we transform. Among many significant changes, however, there will
be no change to the fundamental principles that have served us well
over the last decade.
Above all, our commitment to safe and reliable operations remains
unchanged. Safety will always be a BP core value and we believe
that the new structure we are introducing will further strengthen
our safety performance.
Our investor proposition will remain unchanged as we lay out new
near-term plans later this year. This includes our commitment to
growing sustainable free cash flow and returns to shareholders over
the long term.
We will continue to maintain a strong financial frame, including a
focus on deleveraging our balance sheet and staying within a
disciplined frame for our capital expenditure.
We will also continue to focus on managing costs, pursuing
efficiencies and driving waste out of the
system.
A force for good and competitive returns
This new decade is a pivotal time for BP as we transform ourselves
for the future. We will continue to be an energy business, but a
very different kind of energy business in years to come. We may not
get everything right along the way and will need to listen and
learn from others, not least you, our owners.
But with your continued support we expect to become leaner,
faster-moving, lower carbon - and more valuable.
Our destination is a thriving, sustainable energy business in a net
zero world. One that is a motivating and inspiring place to work
for our employees. That is wanted as well as needed by society. And
one that is valued by you, our shareholders, as a force for good as
well as a provider of competitive returns.
Bernard Looney
Group chief executive
18 March 2020
3.
Extracted in full and unedited text from "Group performance", BP
Annual Report and Form 20-F 2019, pages 36-38:
Financial
and operating performance
|
|
|
$ million except per share amounts
|
||||||||||
|
|
|
2019
|
2018
|
2017
|
||||||||
|
Profit before interest and taxation
|
|
11,706
|
19,378
|
9,474
|
|
|||||||
|
Finance
costs and net finance expense relating to pensions and other
post-retirement benefits
|
|
(3,552)
|
(2,655)
|
(2,294
|
)
|
|||||||
|
Taxation
|
|
(3,964)
|
(7,145)
|
(3,712
|
)
|
|||||||
|
Non-controlling interests
|
|
(164)
|
(195
|
(79
|
)
|
|||||||
|
Profit for the yearb
|
|
4,026
|
9,383
|
3,389
|
|
|||||||
|
Inventory holding (gains) losses, before tax
|
|
(667)
|
801
|
(853
|
)
|
|||||||
|
Taxation
charge (credit) on inventory holding gains and losses
|
|
156
|
(198)
|
225
|
|
|||||||
|
RC profit
|
|
3,515
|
9,986
|
2,761
|
|
|||||||
|
Net
(favourable) adverse impact of non-operating items and fair value
accounting effects before tax
|
|
8,263
|
3,380
|
3,730
|
|
|||||||
|
Taxation
charge (credit) on non-operating items and fair value accounting
effects
|
|
(1,788)
|
(643)
|
(325
|
)
|
|||||||
|
Underlying RC profit
|
|
9,990
|
12,723
|
6,166
|
|
|||||||
|
Dividends paid per share - cents
|
|
41.0
|
40.5
|
40.0
|
|
|||||||
|
-
pence
|
|
31.977
|
30.568
|
30.979
|
|
|||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
a This
does not form part of BP's Annual Report on Form 20-F as filed with
the SEC.
b
Profit (loss) attributable to BP shareholders.
Results
Profit for the year ended 31 December 2019 attributable
to BP shareholders was $4.0 billion, compared with $9.4 billion in
2018. Excluding inventory holding gains, replacement cost (RC)
profit was $3.5 billion, compared with $10.0 billion in
2018.
After adjusting RC profit for a net charge for non-operating items
of $7.2 billion and net favourable fair value accounting effects of
$0.7 billion (both on a post-tax basis), underlying RC profit for
the year ended 31 December 2019 was $10.0 billion, a
decrease of $2.7 billion compared with 2018. The decrease was
predominantly due to lower oil and gas prices in the Upstream
segment and a significantly weaker environment in the Downstream
segment.
Profit for the year ended 31 December 2018 attributable
to BP shareholders was $9.4 billion, including inventory holding
losses, RC profit was $10.0 billion. After adjusting RC profit for
a net charge for non-operating items of $2.8 billion and net
favourable fair value accounting effects of $68 million (both on a
post-tax basis), underlying RC profit for the year ended
31 December 2018 was $12.7 billion. This reflected higher
oil prices, record plant reliability and the benefit of new major
projects start-ups in Upstream; stronger refining margins and
strong fuels marketing growth in Downstream; and higher oil prices
in Rosneft segment.
Non-operating items
The net charge for non-operating items was $7.2 billion after tax
in 2019, mainly related to impairment charges, principally
resulting from the announcements to dispose of certain assets in
the US and reclassification of accumulated foreign exchange losses
from reserves to the income statement on the formation of the BP
Bunge Bioenergia joint venture.
The net charge for non-operating items was $2.8 billion post-tax in
2018, mainly related to additional charges for the Gulf of Mexico
oil spill, environmental and other provisions, and further
restructuring costs.
More information on non-operating items and fair value accounting
effects can be found on pages 300 and 344.
Taxation
The charge for corporate income taxes was $3,964 million in 2019
compared with $7,145 million in 2018. The decrease mainly reflects
the lower level of profit in 2019. The effective tax rate (ETR) on
the profit or loss for the year was 49% in 2019 and 43% in 2018.
The ETR for both years was impacted by various one-off
items.
Adjusting for inventory holding impacts, non-operating items and
fair value accounting effects, the underlying ETR was 36% in 2019
(2018 38%). The lower underlying ETR in 2019 compared with 2018
reflects the reassessment of the recognition of deferred tax
assets. In the current environment, the underlying ETR in 2020 is
expected to be lower than 40%.
Cash flow and net debt information
|
|
|
|
|
$ million
|
|||
|
|
|
2019
|
2018
|
2017
|
|||
|
Operating cash flow excluding Gulf of Mexico oil spill
paymentsa
|
|
28,199
|
26,091
|
24,098
|
|||
|
Operating cash flow
|
|
25,770
|
22,873
|
18,931
|
|||
|
Net cash used in investing activities
|
|
(16,974)
|
(21,571)
|
(14,077
|
|||
|
Net cash used in financing activities
|
|
(8,817)
|
(4,079)
|
(3,296
|
|||
|
Cash and cash equivalents at end of year
|
|
22,472
|
22,468
|
25,586
|
|||
|
Capital expenditure
|
|
|
|
|
|||
|
Organic capital expenditure
|
|
(15,238)
|
(15,140)
|
(16,501
|
|||
|
Inorganic capital expenditure
|
|
(4,183)
|
(9,948)
|
(1,339
|
|||
|
|
|
(19,421)
|
(25,088)
|
(17,840
|
|||
|
Gross debt
|
|
67,724
|
65,132
|
62,574
|
|||
|
Net debt
|
|
45,442
|
43,477
|
37,819
|
|||
|
Gross debt ratio (%)
|
|
40.2%
|
39.3%
|
38.6%
|
|||
|
Nebt debt ratio (%)
|
|
31.1%
|
30.0%
|
27.0%
|
|||
|
|
|
|
|
|
|
|
|
a This
does not form part of BP's Annual Report on Form 20-F as filed with
the SEC.
Operating cash flow
Operating cash flow for the year ended 31 December 2019
was $25.8 billion, $2.9 billion higher than 2018. Operating cash
flow in 2019 reflects $2.7 billion of pre-tax cash outflows related
to the Gulf of Mexico oil spill. Compared with 2018, operating cash
flows in 2019 also reflected the favourable effect of an estimated
$2.0 billion of lease payments being classified as financing cash
flows from 1 January 2019 following the implementation of IFRS
16.
Movements in working capital adversely impacted cash flow in the
year by $2.9 billion, including an adverse impact on working
capital from the Gulf of Mexico oil spill of $2.6 billion. BP
actively manages its working capital balances to optimize and
reduce volatility in cash flow.
Operating cash flow for the year ended 31 December 2018
was $22.9 billion, reflecting $3.5 billion of pre-tax cash outflows
related to the Gulf of Mexico oil spill.
Movements in working capital adversely impacted cash flow in the
year by $4.8 billion. There was an adverse impact on working
capital from the Gulf of Mexico oil spill of $3.1 billion. Other
working capital effects, principally an increase in other current
and non-current assets partially offset by a decrease in inventory,
had an adverse effect of $1.7 billion.
Net cash used in investing activities
Net cash used in investing activities for the year ended
31 December 2019 decreased by $4.6 billion compared with
2018.
The decrease mainly reflected the phasing of the payments to BHP
for the Petrohawk acquisition.
Total capital expenditure for 2019 was $19.4 billion (2018 $25.1
billion), of which organic capital expenditure was $15.2 billion
(2018 $15.1 billion). Sources of funding are fungible, but the
majority of the group's funding requirements for new investment
comes from cash generated by existing operations. We expect 2020
organic capital expenditure to remain towards the lower end of our
$15-17 billion range.
Total divestment and other proceeds for 2019 amounted to $2.8
billion including $0.6 billion received in relation to the sale of
a 49% interest in BP's retail property portfolio in Australia,
shown within financing activities in the group cash flow statement.
Total divestment and other proceeds for 2018 amounted to $3.5
billion including a $0.6 billion loan repayment, relating to the
refinancing of Trans Adriatic Pipeline AG.
BP expects to meet its target of $10 billion proceeds by end-2020
and expects to announce a further $5 billion of agreed disposals by
mid-2021.
Net cash used in financing activities
Net cash used in financing activities for the year ended
31 December 2019 was $8.8 billion, compared with $4.1
billion in 2018. This was mainly as a result of $2.3 billion in
lease liability repayments which were presented as operating cash
flows and capital expenditure prior to the implementation of IFRS
16, an increase of $1.5 billion in debt financing, an increase of
$1.2 billion in net repurchase of shares and an increase in
dividend payments of $0.3 billion offset by $0.6 billion in cash
received in relation to the sale of the 49% interest in BP's retail
property portfolio in Australia as described above.
Total dividends distributed to shareholders in 2019 were 41.0 cents
per share, 0.5 cents higher than 2018. This amounted to a total
distribution to shareholders of $8.3 billion (2018 $8.1 billion),
of which shareholders elected to receive $1.4 billion (2018 $1.4
billion) in shares under the scrip dividend programme. The total
distributed in cash during the year amounted to $6.9 billion (2018
$6.7 billion).
Debt
Finance debt at the end of 2019 increased by $2.6 billion from the
end of 2018. The finance debt ratio at the end of 2019 increased by
0.9%. Net debt at the end of 2019 increased by $2.0 billion from
the 2018 year-end position. Gearing at the end of 2019 increased by
1.1%. Net debt and gearing are non-GAAP measures. See Financial
statements - Note 26 for finance debt, which is the nearest
equivalent measure on an IFRS basis, and Note 27 for further
information on net debt, including the amendment of comparative
information for finance debt, net debt and gearing following the
implementation of IFRS 16.
For information on financing the group's activities, see Financial
statements - Note 29 and Liquidity and capital resources
on page 301.
4.
Extracted in full and unedited text from "Upstream", BP Annual
Report and Form 20-F 2019, pages 50-55:
Upstream
Financial performance
|
|
|
$ million
|
||||||||||
|
|
|
2019
|
2018
|
2017
|
||||||||
|
Sales and other operating revenuesa
|
|
54,501
|
56,399
|
45,440
|
|
|||||||
|
RC profit before interest and tax
|
|
4,917
|
14,328
|
5,221
|
|
|||||||
|
Net (favourable) adverse impact of non-operating items and fair
value accounting effects
|
|
6,241
|
222
|
644
|
|
|||||||
|
Underlying RC profit (loss) before interest and tax
|
|
11,158
|
14,550
|
5,865
|
|
|||||||
|
Organic capital expenditureb
|
|
11,904
|
12,027
|
13,763
|
|
|||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
a Includes
sales to other segments.
b A
reconciliation to GAAP information at the group level is provided
on page 299.
Financial results
Sales and other operating revenues for 2019 decreased compared with
2018, primarily reflecting lower liquids and gas realizations
partially offset by higher production and strong gas marketing and
trading revenues.
Replacement cost profit before interest and tax for the segment
included a net non-operating charge of $6,947 million. This
primarily relates to impairments arising from disposal
transactions. See Financial statements - Note 5 for further
information. Fair value accounting effects had a favourable impact
of $706 million relative to management's view of
performance.
The 2018 result included a net non-operating charge of $183
million, primarily related to impairment charges associated with a
number of assets, following changes in reserves estimates, the
decision to dispose of certain assets and the decision to
relinquish a number of leases expiring in the near future,
partially offset by reversals of prior year impairment charges.
Fair value accounting effects had an adverse impact of $39 million
relative to management's view of performance.
After adjusting for non-operating items and fair value accounting
effects, the underlying replacement cost result before interest and
tax was lower in 2019 compared with 2018. This primarily reflected
lower liquids and gas realizations and higher depreciation,
depletion and amortization partly offset by strong gas marketing
and trading results and higher production.
Organic capital expenditure was $11.9 billion (2018 $12.0
billion).
In total, disposal transactions generated $2 billion in proceeds in
2019, with a corresponding reduction in net proved reserves of
134mmboe within our subsidiaries. The major disposal transaction
during 2019 was the disposal of our interests in Gulf of Suez oil
concessions in Egypt.
At year end, a number of balances associated with assets awaiting
the completion of announced disposals were held within the Assets
held for sale category in the balance sheet. These related to
assets in Alaska and US Lower 48. Impairment charges totalling $6.0
billion were recognized in connection with these planned disposals.
See Financial statements - Notes 2 and 4 for further
information.
More information on disposals is provided in Upstream analysis by
region on page 303.
5.
Extracted in full and unedited text from "Downstream", BP Annual
Report and Form 20-F 2019, pages 56-60:
Downstream
Financial performance
|
|
|
$ million
|
|||||||||
|
|
|
2019
|
2018
|
2017
|
|||||||
|
Sale of crude oil through spot and term contracts
|
|
59,738
|
62,484
|
47,702
|
|||||||
|
Marketing, spot and term sales of refined products
|
|
180,236
|
195,020
|
159,475
|
|||||||
|
Other sales and operating revenues
|
|
10,923
|
13,185
|
12,676
|
|||||||
|
Sales and other operating revenuesa
|
|
250,897
|
270,689
|
219,853
|
|||||||
|
RC profit before interest and taxb
|
|
|
|
|
|||||||
|
Fuels
|
|
4,791
|
5,261
|
4,679
|
|||||||
|
Lubricants
|
|
1,315
|
1,065
|
1,457
|
|||||||
|
Petrochemicals
|
|
396
|
614
|
1,085
|
|||||||
|
|
|
6,502
|
6,940
|
7,221
|
|||||||
|
Net (favourable) adverse impact of non-operating items and fair
value accounting effects
|
|
|
|
|
|||||||
|
Fuels
|
|
(32)
|
381
|
193
|
|||||||
|
Lubricants
|
|
(57)
|
227
|
22
|
|||||||
|
Petrochemicals
|
|
6
|
13
|
(469
|
|||||||
|
|
|
(83)
|
621
|
(254
|
|||||||
|
Underlying RC profit before interest and taxb
|
|
|
|
|
|||||||
|
Fuels
|
|
4,759
|
5,642
|
4,872
|
|||||||
|
Lubricants
|
|
1,258
|
1,292
|
1,479
|
|||||||
|
Petrochemicals
|
|
402
|
627
|
616
|
|||||||
|
|
|
6,419
|
7,561
|
6,967
|
|||||||
|
Organic capital expenditurec
|
|
2,997
|
2,781
|
2,399
|
|||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
a Includes
sales to other segments.
b Income
from petrochemicals produced at our Gelsenkirchen and Mulheim sites
in German is reported in the fuels business. Segment-level overhead
expenses are included in the fuels business
result.
c A
reconciliation to GAAP information at the group level is provided
on page 299.
Financial results
Sales and other operating revenues in 2019 were lower than in 2018,
mainly due to lower crude and product prices.
Replacement cost (RC) profit before interest and tax for 2019
included a net non-operating charge of $77 million, which includes
environmental provisions. The 2018 result included a net
non-operating charge of $716 million, primarily reflecting
restructuring costs. In addition, fair value accounting effects had
a favourable impact of $160 million, compared with a favourable
impact of $95 million in 2018.
After adjusting for non-operating items and fair value accounting
effects, underlying RC profit before interest and tax in 2019 was
$6,419 million.
Our fuels business
Underlying RC profit before interest and tax for our fuels business
was lower compared with 2018, with strong refining operational
performance, which led to a second consecutive year of record
refining throughput and higher commercial optimization, despite
high levels of turnaround activity. This was more than offset,
however, by lower refining margins, including significantly
narrower heavy crude oil discounts, which together represented one
of the weakest refining environments across our portfolio in the
last 10 years. In fuels marketing we saw volumes and margins grow
year on year, offset by adverse foreign exchange effects. The full
year result also reflects a higher contribution from supply and
trading.
Our lubricants business
The lubricants business delivered an underlying RC profit before
interest and tax that was similar to 2018, reflecting year-on-year
unit margin improvement, offset by adverse foreign exchange rate
movements.
Our petrochemicals business
In 2019 the petrochemicals business delivered an underlying RC
profit before interest and tax that was lower compared with 2018,
reflecting a significantly weaker margin environment across both
aromatics and acetyls.
6.
Extracted in full and unedited text from "Rosneft", BP Annual
Report and Form 20-F 2019, page 62:
Rosneft
Rosneft segment performance
BP's investment in Rosneft is managed and reported as a separate
segment under IFRS. The segment result includes equity-accounted
earnings, representing BP's 19.75% share of the profit or loss of
Rosneft, as adjusted for the accounting required under IFRS
relating to BP's purchase of its interest in Rosneft and the
amortization of the deferred gain relating to the disposal of BP's
interest in TNK-BP. See Financial statements - Note 17 for further
information.
|
|
|
$ million
|
||||||||||
|
|
|
2019
|
2018
|
2017
|
||||||||
|
Profit before interest and taxa
b
|
|
2,306
|
2,288
|
923
|
|
|||||||
|
Inventory holding (gains) losses
|
|
10
|
(67
|
(87
|
)
|
|||||||
|
RC profit before interest and tax
|
|
2,316
|
2,221
|
836
|
|
|||||||
|
Net change (credit) for non-operating items
|
|
103
|
95
|
-
|
|
|||||||
|
Underlying RC profit before interest and tax
|
|
2,419
|
2,316
|
836
|
|
|||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
a BP's
share of Rosneft's earnings after finance costs, taxation and
non-controlling interests is included in the BP group income
statement within profit before interest and
taxation.
b Includes
$(11) million (2018 $(5) million, 2017 $(2) million) of foreign
exchange (gain)/losses arising on the dividend
received.
Financial results
Replacement cost (RC) profit before interest and tax for the
segment included a non-operating charge of $103 million for 2019
and $95 million for 2018.
After adjusting for non-operating items, the increase in the
underlying RC profit before interest and tax compared with 2018
primarily reflected favourable foreign exchange and certain one-off
items offset by lower oil prices. See also Financial statements -
Notes 17 and 32 for other foreign exchange effects.
7.
Extracted in full and unedited text from "Other businesses and
corporate", BP Annual Report and Form 20-F 2019, page
63:
Other businesses and corporate
Financial performance
|
|
|
$ million
|
||||||||||
|
|
|
2019
|
2018
|
2017
|
||||||||
|
Sales and other operating revenuesa
|
|
1,788
|
1,678
|
1,469
|
|
|||||||
|
RC profit (loss) before interest and tax
|
|
|
|
|
||||||||
|
Gulf of Mexico oil spill
|
|
(319)
|
(714)
|
(2,687
|
)
|
|||||||
|
Other
|
|
(2,452)
|
(2,807)
|
(1,758
|
)
|
|||||||
|
RC profit (loss) before interest and tax
|
|
(2,771)
|
(3,521)
|
(4,445
|
)
|
|||||||
|
Net adverse impact of non-operating items
|
|
|
|
|
||||||||
|
Gulf of Mexico oil spill
|
|
319
|
714
|
2,687
|
|
|||||||
|
Other
|
|
1,172
|
1,249
|
160
|
|
|||||||
|
Net charge (credit) for non-operating items
|
|
1,491
|
1,963
|
2,847
|
|
|||||||
|
Underlying RC profit (loss) before interest and tax
|
|
(1,280)
|
(1,558)
|
(1,598
|
)
|
|||||||
|
Organic capital expenditureb
|
|
337
|
332
|
339
|
|
|||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
a Includes
sales to other segments.
b A
reconciliation to GAAP information at the group level is provided
on page 299.
The replacement cost (RC) loss before interest and tax for the year
ended 31 December 2019 was $2,771 million (2018 $3,521
million). The 2019 result included a net charge for non-operating
items of $1,491 million, primarily relating to the reclassification
of $877 million of accumulated foreign exchange losses from
reserves to the income statement, which arose as a result of the
contribution of our Brazilian biofuels business to BP Bunge
Bioenergia, as well as Gulf of Mexico oil spill related costs of
$319 million (non-operating items in 2018 $1,963
million).
After adjusting for these non-operating items, the underlying RC
loss before interest and tax for the year ended
31 December 2019 was $1,280 million (2018 $1,558
million). This result mainly reflected improved shipping
performance.
Exhibit 1.3
BP P.L.C. NOTICE OF ANNUAL GENERAL MEETING
BP p.l.c. ('the Company') announces that the Notice of Meeting for
the Company's 2020 Annual General Meeting ('AGM') has been
published today.
The Notice of Meeting for the 2020 AGM is available
at www.bp.com/notice.
Copies of the Notice, the proxy card and the notification of
availability have been submitted to the National Storage Mechanism
and will shortly be available for inspection
at www.morningstar.co.uk/uk/nsm
Shareholders should be aware that arrangements for the AGM may be
forced to change at short notice. The Company has now been notified
that ExCeL London is unlikely to be available to host the
AGM.
Currently, travel is heavily restricted and large gatherings are
prohibited to protect public health. During this unprecedented
crisis, we appreciate the need for the Government to take
extraordinary measures to fight the spread of this
pandemic.
We are now considering suitable alternative venue arrangements for
the AGM and will provide shareholders with updated plans as soon as
possible.
Given the current restrictions, we strongly encourage shareholders
to submit voting instructions to the Company ahead of the voting
deadline, as attending the AGM in person may not be
possible.
Please visit www.bp.com/agm for
the latest information.
Copies of the documents referred to above may also be obtained
from:
The Company Secretary's Office
BP p.l.c.
1 St James's Square
London
SW1Y 4PD
Tel: +44 (0)20 7496 4000
The AGM is scheduled to take place at ExCeL London (subject to
change) starting at 11:00am on Wednesday, 27 May 2020. The total of
the votes cast by shareholders for or against or withheld on each
resolution to be put to the meeting will be published
on www.bp.com on
or shortly before Thursday 28 May 2020.
Exhibit 1.4
BP p.l.c.
Total voting rights and share capital
As at 31 March 2020, the issued share capital of BP p.l.c.
comprised 20,258,850,956 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 1,156,931,394. 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 20,263,933,456.
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.
Exhibit 1.5
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
|
Mehmet Tufan Erginbilgic
|
|||
|
2
|
Reason for the notification
|
||||
|
a)
|
Position/status
|
Chief Executive 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 a dividend reinvestment
plan (DRIP), in relation to his ordinary shareholding in his vested
share account
|
|||
|
c)
|
Price(s) and volume(s)
|
|
|
|
|
|
|
Price(s)
|
Volume(s)
|
|
||
|
|
£3.13208
|
33,681
|
|
||
|
|
|
|
|
||
|
d)
|
Aggregated information
-
Volume
-
Price
-
Total
|
33,681
£3.13208
£105,491.59
|
|||
|
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
|
Mehmet Tufan Erginbilgic
|
|||
|
2
|
Reason for the notification
|
||||
|
a)
|
Position/status
|
Chief Executive 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 a dividend reinvestment
plan (DRIP), in relation to his Global ShareMatch
holding
|
|||
|
c)
|
Price(s) and volume(s)
|
|
|
|
|
|
|
Price(s)
|
Volume(s)
|
|
||
|
|
£3.055
|
77
|
|
||
|
|
|
|
|
||
|
d)
|
Aggregated information
-
Volume
-
Price
-
Total
|
77
£3.055
£235.24
|
|||
|
e)
|
Date of the transaction
|
30 March 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 a dividend reinvestment
plan (DRIP), in relation to his ordinary shareholding in his vested
share account
|
|||
|
c)
|
Price(s) and volume(s)
|
|
|
|
|
|
|
Price(s)
|
Volume(s)
|
|
||
|
|
£3.13208
|
3,251
|
|
||
|
|
|
|
|
||
|
d)
|
Aggregated information
-
Volume
-
Price
-
Total
|
3,251
£3.13208
£10,182.39
|
|||
|
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
|
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 a dividend reinvestment
plan (DRIP), in relation to his ShareMatch UK holding
|
|||
|
c)
|
Price(s) and volume(s)
|
|
|
|
|
|
|
Price(s)
|
Volume(s)
|
|
||
|
|
£3.055
|
101
|
|
||
|
|
|
|
|
||
|
d)
|
Aggregated information
-
Volume
-
Price
-
Total
|
101
£3.055
£308.56
|
|||
|
e)
|
Date of the transaction
|
30 March 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 a dividend reinvestment
plan (DRIP), in relation to his ShareMatch UK (Overseas)
holding
|
|||
|
c)
|
Price(s) and volume(s)
|
|
|
|
|
|
|
Price(s)
|
Volume(s)
|
|
||
|
|
£3.055
|
2
|
|
||
|
|
|
|
|
||
|
d)
|
Aggregated information
-
Volume
-
Price
-
Total
|
2
£3.055
£6.11
|
|||
|
e)
|
Date of the transaction
|
30 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.
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)
|
|
|
|
|
Dated: 07
April 2020
|
|
|
|
/s/ BEN
J.S. MATHEWS
|
|
|
------------------------
|
|
|
BEN J.S. MATHEWS
|
|
|
Company
Secretary
|