6-K 1 bp201004276k2.htm 1Q10 PART 2 OF 2

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 27 April 2010        
 

           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|
                         ---------------               ----------------
 
 


 

Top of page 9
Group income statement




 


First 
Fourth 
First 

quarter 
quarter 
quarter 

2010 
2009 
2009 
$ million



Sales and other operating revenues (Note 2)
73,071 
70,981 
47,296 
Earnings from jointly controlled entities - after interest and tax
403 
350 
220 
Earnings from associates - after interest and tax
763 
696 
285 
Interest and other income
142 
241 
203 
Gains on sale of businesses and fixed assets
38 
1,368 
81 
Total revenues and other income
74,417 
73,636 
48,085 




Purchases
51,641 
50,201 
30,777 
Production and manufacturing expenses (Note 3)
5,740 
6,040 
5,894 
Production and similar taxes (Note 3)
1,276 
1,084 
674 
Depreciation, depletion and amortization
2,996 
3,200 
2,823 
Impairment and losses on sale of businesses and fixed assets
164 
1,823 
137 
Exploration expense
120 
272 
119 
Distribution and administration expenses
3,020 
3,979 
3,349 
Fair value (gain) loss on embedded derivatives
(146)
103 
(186)
Profit before interest and taxation
9,606 
6,934 
4,498 
Finance costs
238 
252 
318 
Net finance (income) expense relating to pensions and



  other post-retirement benefits
(10)
50 
50 
Profit before taxation
9,378 
6,632 
4,130 
Taxation
3,190 
2,254 
1,533 
Profit for the period
6,188 
4,378 
2,597 
Attributable to



  BP shareholders
6,079 
4,295 
2,562 
  Minority interest
109 
83 
35 

6,188 
4,378 
2,597 
Earnings per share - cents (Note 4)



Profit for the period attributable to BP shareholders



Basic
32.39 
22.90 
13.69 
Diluted
31.99 
22.64 
13.54 


 
 
Top of page 10
Group statement of comprehensive income




 


First 
Fourth 
First 

quarter 
quarter 
quarter 

2010 
2009 
2009 
$ million



Profit for the period
6,188 
4,378 
2,597 
Currency translation differences
(526)
(63)
(1,011)
Exchange (gains) losses on translation of foreign operations



  transferred to gain or loss on sales of businesses and fixed assets
- 
(73)
- 
Actuarial gain (loss) relating to pensions and other



  post-retirement benefits
- 
(682)
- 
Available-for-sale investments marked to market
(93)
168 
74 
Available-for-sale investments - recycled to the income statement
- 
- 
2 
Cash flow hedges marked to market
(162)
39 
(211)
Cash flow hedges - recycled to the income statement
(94)
(122)
239 
Cash flow hedges - recycled to the balance sheet
13 
4 
71 
Taxation
(119)
214 
(82)
Other comprehensive income
(981)
(515)
(918)
Total comprehensive income
5,207 
3,863 
1,679 
Attributable to



  BP shareholders
5,105 
3,834 
1,668 
  Minority interest
102 
29 
11 

5,207 
3,863 
1,679 


 
 
Group statement of changes in equity




 


BP 



shareholders' 
Minority 
Total 

equity 
interest 
equity 
$ million



At 31 December 2009
101,613 
500 
102,113 




Total comprehensive income
5,105 
102 
5,207 
Dividends
(2,626)
(3)
(2,629)
Share-based payments (net of tax)
(13)
-
 
(13)
Transactions involving minority interests
- 
300 
300 




At 31 March 2010
104,079 
899 
104,978 


 


BP 



shareholders' 
Minority 
Total 

equity 
interest 
equity 
$ million



At 31 December 2008
91,303 
806 
92,109 




Total comprehensive income
1,668 
11 
1,679 
Dividends
(2,619)
(111)
(2,730)
Share-based payments (net of tax)
121 
- 
121 




At 31 March 2009
90,473 
706 
91,179 


 
 
Top of page 11
Group balance sheet




 


31 March 
31 December 

2010 
2009 
$ million


Non-current assets


Property, plant and equipment
108,232 
108,275 
Goodwill
8,409 
8,620 
Intangible assets
12,675 
11,548 
Investments in jointly controlled entities
15,484 
15,296 
Investments in associates
13,396 
12,963 
Other investments
1,459 
1,567 
Fixed assets
159,655 
158,269 
Loans
982 
1,039 
Other receivables
2,216 
1,729 
Derivative financial instruments
4,770 
3,965 
Prepayments
1,359 
1,407 
Deferred tax assets
464 
516 
Defined benefit pension plan surpluses
1,494 
1,390 

170,940 
168,315 
Current assets


Loans
236 
249 
Inventories
23,221 
22,605 
Trade and other receivables
31,159 
29,531 
Derivative financial instruments
5,355 
4,967 
Prepayments
2,647 
1,753 
Current tax receivable
238 
209 
Cash and cash equivalents
6,841 
8,339 

69,697 
67,653 
Total assets
240,637 
235,968 
Current liabilities


Trade and other payables
38,146 
35,204 
Derivative financial instruments
5,530 
4,681 
Accruals
5,482 
6,202 
Finance debt
8,356 
9,109 
Current tax payable
2,624 
2,464 
Provisions
1,646 
1,660 

61,784 
59,320 
Non-current liabilities


Other payables
3,206 
3,198 
Derivative financial instruments
3,899 
3,474 
Accruals
656 
703 
Finance debt
23,797 
25,518 
Deferred tax liabilities
20,156 
18,662 
Provisions
12,752 
12,970 
Defined benefit pension plan and other post-retirement benefit plan deficits
9,409 
10,010 

73,875 
74,535 
Total liabilities
135,659 
133,855 
Net assets
104,978 
102,113 
Equity


BP shareholders' equity
104,079 
101,613 
Minority interest
899 
500 

104,978 
102,113 


 
 
Top of page 12
Condensed group cash flow statement




 


First 
Fourth 
First 

quarter 
quarter 
quarter 

2010 
2009 
2009 
$ million



Operating activities



Profit before taxation
9,378 
6,632 
4,130 
Adjustments to reconcile profit before taxation to net cash



provided by operating activities



Depreciation, depletion and amortization and exploration



  expenditure written off
3,017 
3,319 
2,849 
Impairment and (gain) loss on sale of businesses and fixed assets
126 
455 
56 
Earnings from equity-accounted entities, less dividends received
(669)
282 
(252)
Net charge for interest and other finance expense, less net



  interest paid
46 
8 
89 
Share-based payments
(146)
128 
86 
Net operating charge for pensions and other post-retirement benefits,



  less contributions and benefit payments for unfunded plans
(490)
(606)
26 
Net charge for provisions, less payments
(48)
454 
281 
Movements in inventories and other current and non-current



  assets and liabilities
(a)
(1,940)
(2,420)
32 
Income taxes paid
(1,581)
(964)
(1,725)
Net cash provided by operating activities
7,693 
7,288 
5,572 
Investing activities



Capital expenditure
(4,289)
(5,647)
(4,817)
Acquisitions, net of cash acquired
-
 
9 
- 
Investment in jointly controlled entities
(82)
(237)
(103)
Investment in associates
(6)
(5)
(47)
Proceeds from disposal of fixed assets
108 
538 
311 
Proceeds from disposal of businesses, net of cash disposed
-
 
531 
- 
Proceeds from loan repayments
56 
238 
117 
Other
-
 
- 
47 
Net cash used in investing activities
(4,213)
(4,573)
(4,492)
Financing activities



Net issue of shares
128 
82 
35 
Proceeds from long-term financing
342 
140 
4,619 
Repayments of long-term financing
(2,495)
(1,237)
(2,580)
Net decrease in short-term debt
(247)
(557)
(182)
Dividends paid -  BP shareholders
(2,626)
(2,623)
(2,619)
                            -  Minority interest
(3)
(92)
(111)
Net cash used in financing activities
(4,901)
(4,287)
(838)
Currency translation differences relating to cash and



  cash equivalents
(77)
28 
(79)
Increase (decrease) in cash and cash equivalents
(1,498)
(1,544)
163 
Cash and cash equivalents at beginning of period
8,339 
9,883 
8,197 
Cash and cash equivalents at end of period
6,841 
8,339 
8,360 
(a)  
 
Includes




Inventory holding (gains) losses
(705)
(1,256)
(254)

Fair value (gain) loss on embedded derivatives
(146)
103 
(186)

 
 Inventory holding gains and losses and fair value gains and losses on embedded derivatives are also included within profit    before taxation.


 
 
 
Top of page 13
Capital expenditure and acquisitions




 


First 
Fourth 
First 

quarter 
quarter 
quarter 

2010 
2009 
2009 
$ million



By business



Exploration and Production



US
1,133 
1,682 
1,670 
Non-US
(a)
2,815 
2,431 
2,035 

3,948 
4,113 
3,705 
Refining and Marketing



US
528 
912 
567 
Non-US
144 
652 
226 

672 
1,564 
793 
Other businesses and corporate



US
28 
149 
56 
Non-US
39 
87 
41 

67 
236 
97 

4,687 
5,913 
4,595 
By geographical area



US
1,689 
2,743 
2,293 
Non-US
(a)
2,998 
3,170 
2,302 

4,687 
5,913 
4,595 
Included above:



Acquisitions and asset exchanges
-
 
27 
- 


 

(a)
First quarter 2010 included capital expenditure of $900 million in Exploration and Production relating to the formation of a partnership with Value Creation Inc. to develop the Terre de Grace oil sands acreage in the Athabasca region of Alberta, Canada.


 
 
Exchange rates




 


First 
Fourth 
First 

quarter 
quarter 
quarter 

2010 
2009 
2009 
US dollar/sterling average rate for the period
1.56 
1.63 
1.43 
US dollar/sterling period-end rate
1.51 
1.60 
1.42 
US dollar/euro average rate for the period
1.38 
1.48 
1.30 
US dollar/euro period-end rate
1.34 
1.43 
1.32 


 
 
Top of page 14
Analysis of replacement cost profit before interest and tax and reconciliation to profit before taxation
(a)




 


First 
Fourth 
First 

quarter 
quarter 
quarter 

2010 
2009 
2009 
$ million



By business



Exploration and Production



US
2,762 
2,517 
1,143 
Non-US
5,530 
5,988 
3,177 

8,292 
8,505 
4,320 
Refining and Marketing



US
(63)
(2,331)
308 
Non-US
792 
388 
782 

729 
(1,943)
1,090 
Other businesses and corporate



US
(231)
(141)
(279)
Non-US
(97)
(251)
(482)

(328)
(392)
(761)

8,693 
6,170 
4,649 
Consolidation adjustment
208 
(492)
(405)
Replacement cost profit before interest and tax
(b)
8,901 
5,678
 
4,244 
Inventory holding gains (losses)
(c)



Exploration and Production
24 
159 
(34)
Refining and Marketing
679
 
1,074 
327 
Other businesses and corporate
2 
23 
(39)
Profit before interest and tax
9,606 
6,934 
4,498 
Finance costs
238 
252 
318 
Net finance (income) expense relating to pensions



  and other post-retirement benefits
(10)
50 
50 
Profit before taxation
9,378 
6,632 
4,130 




Replacement cost profit (loss) before interest and tax



By geographical area



US
2,590 
(294)
854 
Non-US
6,311 
5,972 
3,390 

8,901 
5,678 
4,244 


 

(a)
IFRS requires that the measure of profit or loss disclosed for each operating segment is the measure that is provided regularly to the chief operating decision maker for the purposes of performance assessment and resource allocation. For BP, this measure of profit or loss is replacement cost profit before interest and tax. In addition, a reconciliation is required between the total of the operating segments' measures of profit or loss and the group profit or loss before taxation.
(b)
Replacement cost profit reflects the replacement cost of supplies. The replacement cost profit for the period is arrived at by excluding from profit inventory holding gains and losses and their associated tax effect. Replacement cost profit for the group is not a recognized GAAP measure.
(c)
Inventory holding gains and losses represent the difference between the cost of sales calculated using the average cost to BP of supplies acquired during the period and the cost of sales calculated on the first-in first-out (FIFO) method after adjusting for any changes in provisions where the net realizable value of the inventory is lower than its cost. Under the FIFO method, which we use for IFRS reporting, the cost of inventory charged to the income statement is based on its historic cost of purchase, or manufacture, rather than its replacement cost. In volatile energy markets, this can have a significant distorting effect on reported income. The amounts disclosed represent the difference between the charge (to the income statement) for inventory on a FIFO basis (after adjusting for any related movements in net realizable value provisions) and the charge that would have arisen if an average cost of supplies was used for the period. For this purpose, the average cost of supplies during the period is principally calculated on a monthly basis by dividing the total cost of inventory acquired in the period by the number of barrels acquired. The amounts disclosed are not separately reflected in the financial statements as a gain or loss. No adjustment is made in respect of the cost of inventories held as part of a trading position and certain other temporary inventory positions.
 
Management believes this information is useful to illustrate to investors the fact that crude oil and product prices can vary significantly from period to period and that the impact on our reported result under IFRS can be significant. Inventory holding gains and losses vary from period to period due principally to changes in oil prices as well as changes to underlying inventory levels. In order for investors to understand the operating performance of the group excluding the impact of oil price changes on the replacement of inventories, and to make comparisons of operating performance between reporting periods, BP's management believes it is helpful to disclose this information.


 
 
Top of page 15
Non-operating items
(a)




 


First 
Fourth 
First 

quarter 
quarter 
quarter 

2010 
2009 
2009 
$ million



Exploration and Production



Impairment and gain (loss) on sale of businesses and fixed assets
(13)
1,070 
73 
Environmental and other provisions
- 
- 
- 
Restructuring, integration and rationalization costs
(104)
(4)
(1)
Fair value gain (loss) on embedded derivatives
146 
(103)
243 
Other
12 
13 
(4)

41 
976 
311 
Refining and Marketing



Impairment and gain (loss) on sale of businesses and fixed assets
(b)
(45)
(1,518)
(21)
Environmental and other provisions
-
 
(29)
- 
Restructuring, integration and rationalization costs
12 
(492)
(263)
Fair value gain (loss) on embedded derivatives
-
 
- 
(57)
Other
(37)
193 
(9)

(70)
(1,846)
(350)
Other businesses and corporate



Impairment and gain (loss) on sale of businesses and fixed assets
(68)
(7)
(108)
Environmental and other provisions
- 
16 
(75)
Restructuring, integration and rationalization costs
(38)
(47)
(71)
Fair value gain (loss) on embedded derivatives
-
 
- 
- 
Other
(12)
(27)
(67)

(118)
(65)
(321)




Total before taxation
(147)
(935)
(360)
Taxation credit (charge)
(c)
50 
(221)
135 
Total after taxation for period
(97)
(1,156)
(225)


 

(a)
An analysis of non-operating items by region is shown on pages 5, 7 and 8.
(b)
Fourth quarter 2009 includes $1,579 million in relation to the impairment of goodwill allocated to the US West Coast fuels value chain.
(c)
Tax is calculated using the quarter's effective tax rate on replacement cost profit, except in the case of a goodwill impairment in Refining and Marketing in the fourth quarter of 2009 where no tax credit was calculated because this item is not tax deductible.


 
Non-operating items are charges and credits arising in consolidated entities that BP discloses separately because it considers such disclosures to be meaningful and relevant to investors. These disclosures are provided in order to enable investors better to understand and evaluate the group's financial performance.
 
 
Top of page 16
Non-GAAP information on
f
air value accounting effects




 


First 
Fourth 
First 

quarter 
quarter 
quarter 
$ million
2010 
2009 
2009 
Favourable (unfavourable) impact relative to



  management's measure of performance



Exploration and Production
63 
446 
158 
Refining and Marketing
10 
(112)
(109)

73 
334 
49 
Taxation charge
(a)
(25)
(115)
(18)

48 
219 
31 


 

(a)
Tax is calculated using the quarter's effective tax rate on replacement cost profit
.


 
BP uses derivative instruments to manage the economic exposure relating to inventories above normal operating requirements of crude oil, natural gas and petroleum products as well as certain contracts to supply physical volumes at future dates. Under IFRS, these inventories and contracts are recorded at historic cost and on an accruals basis respectively. The related derivative instruments, however, are required to be recorded at fair value with gains and losses recognized in income because hedge accounting is either not permitted or not followed, principally due to the impracticality of effectiveness testing requirements. Therefore, measurement differences in relation to recognition of gains and losses occur. Gains and losses on these inventories and contracts are not recognized until the commodity is sold in a subsequent accounting period. Gains and losses on the related derivative commodity contracts are recognized in the income statement from the time the derivative commodity contract is entered into on a fair value basis using forward prices consistent with the contract maturity.
 
IFRS requires that inventory held for trading be recorded at its fair value using period end spot prices whereas any related derivative commodity instruments are required to be recorded at values based on forward prices consistent with the contract maturity. Depending on market conditions, these forward prices can be either higher or lower than spot prices resulting in measurement differences.
 
BP enters into contracts for pipelines and storage capacity that, under IFRS, are recorded on an accruals basis. These contracts are risk-managed using a variety of derivative instruments which are fair valued under IFRS. This results in measurement differences in relation to recognition of gains and losses.
 
The way that BP manages the economic exposures described above, and measures performance internally, differs from the way these activities are measured under IFRS. BP calculates this difference for consolidated entities by comparing the IFRS result with management's internal measure of performance, under which the inventory and the supply and capacity contracts in question are valued based on fair value using relevant forward prices prevailing at the end of the period. We believe that disclosing management's estimate of this difference provides useful information for investors because it enables investors to see the economic effect of these activities as a whole. The impacts of fair value accounting effects, relative to management's internal measure of performance, are shown in the table above. A reconciliation to GAAP information is set out below.
 
Reconciliation of non-GAAP information


First 
Fourth 
First 

quarter 
quarter 
quarter 
$ million
2010 
2009 
2009 
Exploration and Production



Replacement cost profit before interest and tax adjusted for



  fair value accounting effects
8,229 
8,059 
4,162 
Impact of fair value accounting effects
63 
446 
158 
Replacement cost profit before interest and tax
8,292 
8,505 
4,320 




Refining and Marketing



Replacement cost profit (loss) before interest and tax adjusted for



  fair value accounting effects
719 
(1,831)
1,199 
Impact of fair value accounting effects
10 
(112)
(109)
Replacement cost profit (loss) before interest and tax
729 
(1,943)
1,090 


 
 
Top of page 17
Realizations and marker prices




 


First 
Fourth 
First 

quarter 
quarter 
quarter 

2010 
2009 
2009 




Average realizations
(a)



Liquids
($/bbl)
(b)



US
69.77 
66.15 
39.47 
Europe
75.71 
71.68 
47.59 
Rest of World
72.94 
68.95 
40.89 
BP Average
71.86 
68.02 
41.26 
Natural gas
($/mcf)



US
4.84 
3.69 
3.38 
Europe
4.91 
4.96 
5.56 
Rest of World
3.90 
3.51 
3.41 
BP Average
4.26 
3.68 
3.63 
Total hydrocarbons
($/boe)



US
54.54 
49.72 
31.83 
Europe
60.39 
58.18 
41.36 
Rest of World
42.20 
39.59 
28.35 
BP Average
49.16 
45.83 
31.40 
Average oil marker prices
($/bbl)



Brent
76.36 
74.53 
44.46 
West Texas Intermediate
78.84 
75.97 
43.20 
Alaska North Slope
79.14 
75.74 
45.40 
Mars
75.85 
73.68 
43.83 
Urals (NWE- cif)
75.31 
74.21 
43.65 
Russian domestic oil
35.52 
35.83 
19.52 
Average natural gas marker prices



Henry Hub gas price ($/mmBtu)
(c)
5.30 
4.16 
4.91 
UK Gas - National Balancing Point (p/therm)
35.65 
27.75 
46.80 


 

(a)
Based on sales of consolidated subsidiaries only - this excludes equity-accounted entities.
(b)
Crude oil and natural gas liquids.
(c)
Henry Hub First of Month Index.


 
 
Top of page 18
Notes




 
1.        Basis of preparation
 
The interim financial information included in this report has been prepared in accordance with IAS 34 'Interim Financial Reporting'.
 
The results for the interim periods are unaudited and in the opinion of management include all adjustments necessary for a fair presentation of the results for the periods presented. All such adjustments are of a normal recurring nature.
This report should be read in conjunction with the consolidated financial statements and related notes for the year ended 31 December 2009 included in
BP Annual Report and Accounts 2009
and in
BP Annual Report on Form 20-F 2009
.
 
BP prepares its consolidated financial statements included within its Annual Report and Accounts on the basis of International Financial Reporting Standards (IFRS) as issued by the International Accounting Standards Board (IASB), IFRS as adopted by the European Union (EU) and in accordance with the provisions of the UK Companies Act 2006. IFRS as adopted by the EU differs in certain respects from IFRS as issued by the IASB, however, the differences have no impact on the group's consolidated financial statements for the periods presented. The financial information presented herein has been prepared in accordance with the accounting policies expected to be used in preparing the Annual Report and Accounts and the Annual Report on Form 20-F for 2010, which do not differ significantly from those used in the
BP Annual Report and Accounts 2009
or in
BP Annual Report on Form 20-F 2009
.
 
BP has adopted the revised version of IFRS 3 'Business Combinations', with effect from 1 January 2010.  The revised standard still requires the purchase method of accounting to be applied to business combinations but introduces some changes to the accounting treatment. Assets and liabilities arising from business combinations that occurred before 1 January 2010 were not required to be restated and thus there was no effect on the group's reported income or net assets on adoption.
 
In addition, BP has adopted the amended version of IAS 27, 'Consolidated and Separate Financial Statements', also with effect from 1 January 2010. This requires the effects of all transactions with minority interests to be recorded in equity if there is no change in control. When control is lost, any remaining interest in the entity is remeasured to fair value and a gain or loss recognized in profit or loss. There was no effect on the group's reported income or net assets on adoption.
 
  
Top of page 19
Notes




 
2.        Sales and other operating revenues
 


First 
Fourth 
First 

quarter 
quarter 
quarter 

2010 
2009 
2009 
$ million



By business



Exploration and Production
18,080 
17,564 
12,343 
Refining and Marketing
64,286 
62,602 
40,573 
Other businesses and corporate
790 
895 
584 

83,156 
81,061 
53,500 




Less: sales between businesses



Exploration and Production
9,746 
9,611 
5,800 
Refining and Marketing
135 
281 
111 
Other businesses and corporate
204 
188 
293 

10,085 
10,080 
6,204 




Third party sales and other operating revenues



Exploration and Production
8,334 
7,953 
6,543 
Refining and Marketing
64,151 
62,321 
40,462 
Other businesses and corporate
586 
707 
291 
Total third party sales and other operating revenues
73,071 
70,981 
47,296 




By geographical area



US
26,108 
24,389 
17,580 
Non-US
54,009 
52,691 
33,586 

80,117 
77,080 
51,166 
Less: sales between areas
7,046 
6,099 
3,870 

73,071 
70,981 
47,296 


 
 
3.
        
Production and similar taxes
 


First 
Fourth 
First 

quarter 
quarter 
quarter 

2010 
2009 
2009 
$ million



US
313 
271 
79 
Non-US
963 
813 
595 

1,276 
1,084 
674 


 
Comparative figures have been restated to include amounts previously reported as production and manufacturing expenses amounting to $213 million for the first quarter 2009, which we believe are more appropriately classified as production taxes. There was no effect on the group profit for the period or the group balance sheet.
 
 
Top of page 20
Notes




 
4.        Earnings per share and shares in issue
 
Basic earnings per ordinary share (EpS) amounts are calculated by dividing the profit for the period attributable to ordinary shareholders by the weighted average number of ordinary shares outstanding during the period. The calculation of EpS is performed separately for each discrete quarterly period, and for the year-to-date period. As a result, the sum of the discrete quarterly EpS amounts in any particular year-to-date period may not be equal to the EpS amount for the year-to-date period.
 
For the diluted EpS calculation the weighted average number of shares outstanding during the period is adjusted for the number of shares that are potentially issuable in connection with employee share-based payment plans using the treasury stock method.
 
 


First 
Fourth 
First 

quarter 
quarter 
quarter 

2010 
2009 
2009 
$ million



Results for the period



Profit for the period attributable to BP shareholders
6,079 
4,295 
2,562 
Less: preference dividend
- 
1 
- 
Profit attributable to BP ordinary shareholders
6,079 
4,294 
2,562 
Inventory holding (gains) losses, net of tax
(481)
(848)
(175)
RC profit attributable to BP ordinary shareholders
5,598 
3,446 
2,387 




Basic weighted average number of shares outstanding



  (thousand)
(a)
18,769,888 
18,748,026 
18,720,354 
  ADS equivalent (thousand)
(a)
3,128,315 
3,124,671 
3,120,059 




Weighted average number of shares outstanding used to



  calculate diluted earnings per share (thousand)
(a)
19,004,740 
18,970,187 
18,920,515 
  ADS equivalent (thousand)
(a)
3,167,457 
3,161,698 
3,153,419 




Shares in issue at period-end (thousand)
(a)
18,784,361 
18,755,378 
18,724,785 
  ADS equivalent (thousand)
(a)
3,130,727 
3,125,896 
3,120,798 


 

(a)
Excludes treasury shares and the shares held by the Employee Share Ownership Plans and includes certain shares that will be issuable in the future under employee share plans.


 
Top of page 21
Notes




 
5.       Analysis of changes in net debt
 


First 
Fourth 
First 

quarter 
quarter 
quarter 

2010 
2009 
2009 
$ million



Opening balance



Finance debt
34,627 
36,555 
33,204 
Less: Cash and cash equivalents
8,339 
9,883 
8,197 
Less: FV asset (liability) of hedges related to finance debt
127 
370 
(34)
Opening net debt
26,161 
26,302 
25,041 




Closing balance



Finance debt
32,153 
34,627 
34,698 
Less: Cash and cash equivalents
6,841 
8,339 
8,360 
Less: FV asset (liability) of hedges related to finance debt
152 
127 
(323)
Closing net debt
25,160 
26,161 
26,661 
Decrease (increase) in net debt
1,001 
141 
(1,620)




Movement in cash and cash equivalents



  (excluding exchange adjustments)
(1,421)
(1,572)
242 
Net cash outflow (inflow) from financing



  (excluding share capital)
2,400 
1,654 
(1,857)
Other movements
7 
14 
7 
Movement in net debt before exchange effects
986 
96 
(1,608)
Exchange adjustments
15 
45 
(12)
Decrease (increase) in net debt
1,001 
141 
(1,620)


 
 
6.        TNK-BP operational and financial information
 


First 
Fourth 
First 

quarter 
quarter 
quarter 

2010 
2009 
2009 
Production
(Net of royalties) (BP share)



Crude oil (mb/d)
849 
852 
822 
Natural gas (mmcf/d)
673 
654 
642 
Total hydrocarbons (mboe/d)
(a)
965 
965 
933 
$ million



Income statement
(BP share)



Profit (loss) before interest and tax
788 
805 
419 
Finance costs
(38)
(45)
(68)
Taxation
(168)
(181)
(185)
Minority interest
(39)
(43)
(32)
Net income
543 
536 
134 
Cash flow



Dividends received
256 
936 
- 


 

Balance sheet
31 March 
31 December 

2010 
2009 
Investments in associates
9,428 
9,141 


 

(a)
Natural gas is converted to oil equivalent at 5.8 billion cubic feet = 1 million barrels.


 
 
Top of page 22
Notes




 
7.        Inventory valuation
 
A provision of $46 million was held at 31 December 2009 to write inventories down to their net realizable value. The net movement in the provision during the first quarter 2010 was a decrease of $22 million (fourth quarter 2009 was a decrease of $423 million and first quarter 2009 was a decrease of $1,163 million).
 
 
8.        Second-quarter results
 
BP's second-quarter results will be announced on 27 July 2010.
 
 
9.        Statutory accounts
 
The financial information shown in this publication, which was approved by the board of directors on 26 April 2010, is unaudited and does not constitute statutory financial statements.
BP Annual Report and Accounts 2009
has been filed with the Registrar of Companies in England and Wales; the report of the auditors on those accounts was unqualified and did not contain a statement under section 498(2) or section 498(3) of the UK Companies Act 2006.
 
 
Contacts




 


London
United States
Press Office
Andrew Gowers
Ronnie Chappell

+44 (0)20 7496 4324
+1 281 366 5174
Investor Relations
Fergus MacLeod
Rachael MacLean
http://www.bp.com/investors
+44 (0)20 7496 4717
+1 281 366 6766

  

 

                  
 
 

      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:  27 April 2010

/s/ D. J. PEARL
..............................
D. J. PEARL
Deputy Company Secretary