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FOR IMMEDIATE RELEASE
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Top of
page 1
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London 30 July 2019
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BP p.l.c. Group results
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Second quarter and half year 2019(a)
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Highlights
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Midway through 5-year plan, continuing to deliver strong
performance and strategic progress
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Bob Dudley – Group
chief executive:
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At the
midpoint of our five-year plan, BP is right on target. Reliable
performance and disciplined growth across our businesses are
delivering strong earnings, cash flow and returns to shareholders.
And this is also allowing us to grow businesses that can make a
significant contribution in the energy transition, helping deliver
the energy the world needs with lower carbon.
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Financial summary
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Second
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First
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Second
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First
|
First
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|||||
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quarter
|
quarter
|
quarter
|
|
half
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half
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|||||
$ million
|
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2019
|
2019
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2018
|
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2019
|
2018
|
|||||
Profit
for the period attributable
to BP shareholders
|
|
1,822
|
|
2,934
|
|
2,799
|
|
|
4,756
|
|
5,268
|
|
Inventory holding (gains) losses, net of tax
|
|
(47
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)
|
(839
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)
|
(1,010
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)
|
|
(886
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)
|
(1,090
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)
|
RC profit
|
|
1,775
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|
2,095
|
|
1,789
|
|
|
3,870
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|
4,178
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|
Net
(favourable) adverse impact of non-operating items and fair value
accounting effects, net of tax
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1,036
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263
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|
1,033
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|
1,299
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|
1,230
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Underlying RC profit
|
|
2,811
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|
2,358
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|
2,822
|
|
|
5,169
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|
5,408
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RC profit per ordinary share (cents)
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|
8.72
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|
10.38
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|
8.96
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|
|
19.10
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|
20.96
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|
RC profit per ADS (dollars)
|
|
0.52
|
|
0.62
|
|
0.54
|
|
|
1.15
|
|
1.26
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|
Underlying RC profit per ordinary share (cents)
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|
13.82
|
|
11.69
|
|
14.14
|
|
|
25.51
|
|
27.13
|
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Underlying RC profit per ADS (dollars)
|
|
0.83
|
|
0.70
|
|
0.85
|
|
|
1.53
|
|
1.63
|
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The commentary above and following should be read in conjunction
with the cautionary statement on page 39.
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Group headlines
Results
For the
half year, underlying replacement cost (RC) profit* was $5,169
million, compared with $5,408 million in 2018. Underlying RC profit
is after adjusting RC profit* for a net charge for non-operating
items* of $1,113 million, mainly relating to impairment charges,
and net adverse fair value accounting effects* of $186 million
(both on a post-tax basis).
RC
profit was $3,870 million for the half year, compared with $4,178
million in 2018.
For the
second quarter, underlying RC profit was $2,811 million, compared
with $2,822 million in 2018. Underlying RC profit is after
adjusting RC profit for a net charge for non-operating items of
$861 million, mainly relating to impairment charges, and net
adverse fair value accounting effects of $175 million (both on a
post-tax basis).
RC
profit was $1,775 million for the second quarter, compared with
$1,789 million in 2018.
BP’s
profit for the second quarter and half year was $1,822 million and
$4,756 million respectively, compared with $2,799 million and
$5,268 million for the same periods in 2018.
See
further information on pages 3, 29 and 30.
Depreciation, depletion and amortization
The
charge for depreciation, depletion and amortization was $4.6
billion in the quarter and $9.0 billion in the half year. In the
same periods in 2018 it was $3.8 billion and $7.7 billion
respectively (prior to the implementation of IFRS 16). In 2019, we
expect the full-year charge to be around $18 billion.
Effective tax rate
The
effective tax rate (ETR) on RC profit or loss* for the second
quarter and half year was 39% and 41% respectively, compared with
49% and 42% for the same periods in 2018. Adjusting for
non-operating items and fair value accounting effects, the
underlying ETR* for the second quarter and half year was 34% and
37% respectively, compared with 42% and 40% for the same periods a
year ago. The underlying ETR for the quarter and the half year is
lower than a year ago mainly due to the absence of deferred tax
charges from foreign exchange impacts. In the current environment
the underlying ETR in 2019 is expected to be around 40%. ETR on RC
profit or loss and underlying ETR are non-GAAP
measures.
Dividend
BP
today announced a quarterly dividend of 10.25 cents per ordinary
share ($0.615 per ADS), which is expected to be paid on 20
September 2019. The corresponding amount in sterling will be
announced on 10 September 2019. See page 25 for further
information.
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Share buybacks
BP
repurchased 11 million ordinary shares at a cost of $75 million,
including fees and stamp duty, during the second quarter of 2019.
For the half year, BP repurchased 17 million ordinary shares at a
cost of $125 million, including fees and stamp duty. Our share
buyback programme is expected to fully offset the impact of scrip
dilution since the third quarter 2017 by the end of
2019.
Operating cash flow*
Operating
cash flow excluding Gulf of Mexico oil spill payments* was $8.2
billion for the second quarter and $14.2 billion for the half year.
These amounts include a working capital* release of $1.5 billion in
the second quarter and $0.5 billion in the half year, after
adjusting for net inventory holding gains* and working capital
effects of the Gulf of Mexico oil spill. The comparable amounts for
the same periods in 2018 were $7.0 billion and $12.4 billion (prior
to the implementation of IFRS 16).
Operating
cash flow as reported in the group cash flow statement was $6.8
billion for the second quarter and $12.1 billion for the half year.
These amounts include a working capital build of $58 million and
$2.8 billion respectively. The comparable amounts for the same
periods in 2018 were $6.3 billion and $10.0 billion (prior to the
implementation of IFRS 16).
See
page 32 and Glossary for further information on Gulf of Mexico oil
spill cash flows and on working capital.
Capital expenditure*
Organic
capital expenditure* for the second quarter and half year was $3.7
billion and $7.3 billion respectively. We reported $3.5 billion and
$7.0 billion for the same periods in 2018 (prior to the
implementation of IFRS 16).
Inorganic
capital expenditure* for the second quarter and half year was $2.0
billion and $4.0 billion respectively, including $1.7 billion for
the quarter and $3.5 billion for the half year relating to the BHP
acquisition, compared with $0.4 billion and $0.8 billion for the
same periods in 2018.
Organic
capital expenditure and inorganic capital expenditure are non-GAAP
measures. See page 28 for further information.
Divestment and other proceeds
Divestment
proceeds* were $0.1 billion for the second quarter and $0.7 billion
for the half year, compared with $0.2 billion and $0.3 billion for
the same periods in 2018.
Gearing*
Net
debt* at 30 June 2019 was $46.5 billion, compared with
$38.7 billion a year ago. Gearing at 30 June 2019 was
31.0%, compared with 27.5% a year ago. Net debt and gearing are
non-GAAP measures. See page 25 for more information.
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Brian Gilvary –
Chief financial officer:
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We have announced another resilient set of quarterly results, in
particular delivering strong underlying cash* of over $8 billion.
Following the final acquisition payments to BHP and the scheduled
annual payments relating to the Gulf of Mexico oil spill being made
in the quarter, we continue to expect gearing to trend down through
2020 in line with disposal proceeds from our $10 billion programme
and ongoing operating cash flow delivery.
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The commentary above contains forward-looking statements and should
be read in conjunction with the cautionary statement on page
39.
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Second
|
First
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Second
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|
First
|
First
|
|||||
|
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quarter
|
quarter
|
quarter
|
|
half
|
half
|
|||||
$ million
|
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2019
|
2019
|
2018
|
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2019
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2018
|
|||||
Underlying RC profit before interest and tax
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|
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|||||
Upstream
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3,413
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2,928
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3,508
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6,341
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6,665
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Downstream
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1,365
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1,733
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1,455
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3,098
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3,281
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Rosneft
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638
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567
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766
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1,205
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1,013
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Other
businesses and corporate
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|
(290
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)
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(418
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)
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(477
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)
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|
(708
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)
|
(869
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)
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Consolidation
adjustment – UPII*
|
|
34
|
|
(13
|
)
|
151
|
|
|
21
|
|
(9
|
)
|
Underlying RC profit before interest and tax
|
|
5,160
|
|
4,797
|
|
5,403
|
|
|
9,957
|
|
10,081
|
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Finance
costs and net finance expense relating to pensions and other
post-retirement benefits
|
|
(752
|
)
|
(754
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)
|
(448
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)
|
|
(1,506
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)
|
(912
|
)
|
Taxation on an underlying RC basis
|
|
(1,515
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)
|
(1,620
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)
|
(2,059
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)
|
|
(3,135
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)
|
(3,625
|
)
|
Non-controlling interests
|
|
(82
|
)
|
(65
|
)
|
(74
|
)
|
|
(147
|
)
|
(136
|
)
|
Underlying RC profit attributable to BP shareholders
|
|
2,811
|
|
2,358
|
|
2,822
|
|
|
5,169
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|
5,408
|
|
|
|
Second
|
First
|
Second
|
|
First
|
First
|
|||||
|
|
quarter
|
quarter
|
quarter
|
|
half
|
half
|
|||||
$ million
|
|
2019
|
2019
|
2018
|
|
2019
|
2018
|
|||||
RC profit before interest and tax
|
|
|
|
|
|
|
|
|||||
Upstream
|
|
2,469
|
|
2,884
|
|
3,514
|
|
|
5,353
|
|
6,688
|
|
Downstream
|
|
1,288
|
|
1,765
|
|
840
|
|
|
3,053
|
|
2,553
|
|
Rosneft
|
|
525
|
|
486
|
|
766
|
|
|
1,011
|
|
1,013
|
|
Other
businesses and corporate
|
|
(381
|
)
|
(546
|
)
|
(1,025
|
)
|
|
(927
|
)
|
(1,596
|
)
|
Consolidation
adjustment – UPII
|
|
34
|
|
(13
|
)
|
151
|
|
|
21
|
|
(9
|
)
|
RC profit before interest and tax
|
|
3,935
|
|
4,576
|
|
4,246
|
|
|
8,511
|
|
8,649
|
|
Finance
costs and net finance expense relating to pensions and other
post-retirement benefits
|
|
(868
|
)
|
(882
|
)
|
(566
|
)
|
|
(1,750
|
)
|
(1,150
|
)
|
Taxation on a RC basis
|
|
(1,210
|
)
|
(1,534
|
)
|
(1,817
|
)
|
|
(2,744
|
)
|
(3,185
|
)
|
Non-controlling interests
|
|
(82
|
)
|
(65
|
)
|
(74
|
)
|
|
(147
|
)
|
(136
|
)
|
RC profit attributable to BP shareholders
|
|
1,775
|
|
2,095
|
|
1,789
|
|
|
3,870
|
|
4,178
|
|
Inventory holding gains (losses)*
|
|
81
|
|
1,088
|
|
1,310
|
|
|
1,169
|
|
1,402
|
|
Taxation (charge) credit on inventory holding gains and
losses
|
|
(34
|
)
|
(249
|
)
|
(300
|
)
|
|
(283
|
)
|
(312
|
)
|
Profit for the period attributable to BP shareholders
|
|
1,822
|
|
2,934
|
|
2,799
|
|
|
4,756
|
|
5,268
|
|
Strategic progress
Upstream
Upstream
production, which excludes Rosneft, for the first half of the year
averaged 2,640mboe/d, 4.2% higher than a year earlier. Underlying
production*, adjusted for portfolio changes and PSA* impacts was
broadly flat.
Culzean
in the North Sea (BP 32%) was BP’s fourth Upstream major
project* to start up in 2019 and the 23rd since the start of
2016.
Final
investment decisions were made for the Thunder Horse South
Expansion Phase 2 project in the US Gulf of Mexico and the MJ
project on Block KG D6 offshore India. BP and partners also agreed
additional investment expected to increase and extend production
from deepwater Block 15 offshore Angola.
In the
quarter BP agreed the sale of mature oil interests in the Gulf of
Suez, Egypt, including its interests in GUPCO, to Dragon Oil of
Dubai. BP has agreed to sell its interest in oil and gas fields in
Cleveland and McClain counties in Oklahoma, US.
Downstream
In
fuels marketing, first-half earnings grew by more than 15% year on
year.
Groupe
Renault has recently appointed Castrol as its global service fill
engine oil lubricants partner, effective from 1 January 2020. In
addition Castrol extended the Renault Sport Racing Formula 1
sponsorship through to the end of 2024, further strengthening this
strategic partnership.
Advancing the energy transition
In a
significant advance for its biofuels position, in July BP announced
it has agreed to combine its Brazilian biofuels and biopower
business with that of Bunge to form a new equally-owned joint
venture, BP Bunge Bioenergia. On completion, subject to regulatory
approvals, BP’s 50% interest in the new venture will be more
than 50% larger than its existing biofuels business.
BP’s
equity-accounted solar entity Lightsource BP (LSBP) announced in
July the acquisition of approximately two gigawatts of greenfield
solar projects at various development stages across
Brazil.
BP
continues to make progress in its advanced mobility agenda. BP
Chargemaster expanded its UK network of chargers by around 600 to
7,200 over the first half of 2019 and in the coming weeks will
begin installing the first of 400 ultra-fast chargers at BP retail
sites in the UK.
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BP
Ventures announced a $30-million investment into Calysta, whose
technology produces protein with natural gas as a feedstock. Its
innovative process offers the potential to sustainably produce
protein feed to meet fast-growing demand from aquaculture and
agriculture.
Financial framework
Following
the introduction of IFRS 16 on 1 January 2019, the positive impacts
on Operating cash flow* and Organic capital expenditure* are fully
offset in the cash flow statement by a new line, Lease liability
payments. Lease payments are now included in the definition of
free cash flow* as a use of
cash, which means the net impact on this measure is
zero.
Operating cash flow excluding Gulf of Mexico oil spill
payments* was $14.2 billion for the half year of 2019. For the half year of 2018, we reported $12.4
billion (prior
to the implementation of IFRS 16).
Organic capital expenditure for the half year of 2019 was $7.3
billion. BP expects 2019 organic
capital expenditure to be in the range of $15-17
billion.
Lease liability payments of principal for the half year of 2019 were $1.2
billion.
Divestment proceeds and
announced transactions totalled $1.5 billion in the first half of
2019. BP continues to expect to divest more than $10 billion
by the end of 2020.
Gulf of Mexico oil spill payments on a post-tax basis
totalled $2.1 billion in the half
year. Payments for the full
year continue to be expected to be around $2 billion on a post-tax
basis.
Gearing* at the end of
the half year was 31.0%.
See page 25 for more
information. Assuming recent average oil prices, and in line
with expected growth in free cash flow supported by divestment
proceeds, we expect gearing to move towards the middle of our
targeted range of 20-30% in 2020.
Safety
Tier 1
and tier 2 process safety events* increased in the first half of
2019 compared with the same period in 2018. This increase mainly
related to tier 2 events. Safety remains our number one priority
and we remain focused on reducing both tier 1 and tier 2 process
safety events.
|
Operating metrics
|
|
First half 2019
|
|
Financial metrics
|
|
First half 2019
|
|
(vs. First half 2018)
|
|
|
(vs. First half 2018)
|
||
Tier 1 and tier 2 process safety events
|
|
49
|
|
Underlying RC profit*
|
|
$5.2bn
|
|
(+16)
|
|
|
(-$0.2bn)
|
||
Reported recordable injury frequency*
|
|
0.19
|
|
Operating cash flow excluding Gulf of Mexico oil spill payments
(post-tax)(b)
|
|
$14.2bn
|
|
(-15%)
|
|
|
(+$1.8bn)
|
||
Group production
|
|
3,786mboe/d
|
|
Organic capital expenditure
|
|
$7.3bn
|
|
(+3.4%)
|
|
|
(+$0.3bn)
|
||
Upstream production (excludes Rosneft segment)
|
|
2,640mboe/d
|
|
Gulf of Mexico oil spill payments (post-tax)
|
|
$2.1bn
|
|
(+4.2%)
|
|
|
(-$0.4bn)
|
||
Upstream unit production costs(a)
|
|
$7.02/boe
|
|
Divestment proceeds*
|
|
$0.7bn
|
|
(-4.1%)
|
|
|
(+$0.4bn)
|
||
BP-operated Upstream plant reliability
|
|
94.9%
|
|
Gearing
|
|
31.0%
|
|
(-0.9)
|
|
|
(+3.5)
|
||
BP-operated refining availability*
|
|
93.9%
|
|
Dividend per ordinary share(c)
|
|
10.25 cents
|
|
(-0.1)
|
|
|
(─%)
|
The commentary above contains forward-looking statements and should
be read in conjunction with the cautionary statement on page
39.
|
|
|
Second
|
First
|
Second
|
|
First
|
First
|
|||||
|
|
quarter
|
quarter
|
quarter
|
|
half
|
half
|
|||||
$ million
|
|
2019
|
2019
|
2018
|
|
2019
|
2018
|
|||||
Profit before interest and tax
|
|
2,459
|
|
2,886
|
|
3,518
|
|
|
5,345
|
|
6,693
|
|
Inventory holding (gains) losses*
|
|
10
|
|
(2
|
)
|
(4
|
)
|
|
8
|
|
(5
|
)
|
RC profit before interest and tax
|
|
2,469
|
|
2,884
|
|
3,514
|
|
|
5,353
|
|
6,688
|
|
Net
(favourable) adverse impact of non-operating items* and fair value
accounting effects*
|
|
944
|
|
44
|
|
(6
|
)
|
|
988
|
|
(23
|
)
|
Underlying
RC profit before interest and tax*(a)
|
|
3,413
|
|
2,928
|
|
3,508
|
|
|
6,341
|
|
6,665
|
|
The commentary above contains forward-looking statements and should
be read in conjunction with the cautionary statement on page
39.
|
|
|
Second
|
First
|
Second
|
|
First
|
First
|
|||||
|
|
quarter
|
quarter
|
quarter
|
|
half
|
half
|
|||||
$ million
|
|
2019
|
2019
|
2018
|
|
2019
|
2018
|
|||||
Underlying RC profit before interest and tax
|
|
|
|
|
|
|
|
|||||
US
|
|
861
|
|
612
|
|
742
|
|
|
1,473
|
|
1,268
|
|
Non-US
|
|
2,552
|
|
2,316
|
|
2,766
|
|
|
4,868
|
|
5,397
|
|
|
|
3,413
|
|
2,928
|
|
3,508
|
|
|
6,341
|
|
6,665
|
|
Non-operating items(a)
|
|
|
|
|
|
|
|
|||||
US
|
|
(446
|
)
|
(30
|
)
|
(29
|
)
|
|
(476
|
)
|
(174
|
)
|
Non-US
|
|
(320
|
)
|
26
|
|
56
|
|
|
(294
|
)
|
97
|
|
|
|
(766
|
)
|
(4
|
)
|
27
|
|
|
(770
|
)
|
(77
|
)
|
Fair value accounting effects
|
|
|
|
|
|
|
|
|||||
US
|
|
(225
|
)
|
(93
|
)
|
(143
|
)
|
|
(318
|
)
|
(152
|
)
|
Non-US
|
|
47
|
|
53
|
|
122
|
|
|
100
|
|
252
|
|
|
|
(178
|
)
|
(40
|
)
|
(21
|
)
|
|
(218
|
)
|
100
|
|
RC profit before interest and tax
|
|
|
|
|
|
|
|
|||||
US
|
|
190
|
|
489
|
|
570
|
|
|
679
|
|
942
|
|
Non-US
|
|
2,279
|
|
2,395
|
|
2,944
|
|
|
4,674
|
|
5,746
|
|
|
|
2,469
|
|
2,884
|
|
3,514
|
|
|
5,353
|
|
6,688
|
|
Exploration expense
|
|
|
|
|
|
|
|
|||||
US
|
|
69
|
|
25
|
|
77
|
|
|
94
|
|
386
|
|
Non-US
|
|
77
|
|
342
|
|
87
|
|
|
419
|
|
292
|
|
|
|
146
|
|
367
|
|
164
|
|
|
513
|
|
678
|
|
Of which: Exploration expenditure written off
|
|
77
|
|
284
|
|
81
|
|
|
361
|
|
507
|
|
Production (net of
royalties)(b)
|
|
|
|
|
|
|
|
|||||
Liquids* (mb/d)
|
|
|
|
|
|
|
|
|||||
US
|
|
506
|
|
455
|
|
411
|
|
|
480
|
|
429
|
|
Europe
|
|
137
|
|
159
|
|
147
|
|
|
148
|
|
143
|
|
Rest of World
|
|
658
|
|
685
|
|
659
|
|
|
672
|
|
695
|
|
|
|
1,301
|
|
1,299
|
|
1,217
|
|
|
1,300
|
|
1,267
|
|
Natural gas (mmcf/d)
|
|
|
|
|
|
|
|
|||||
US
|
|
2,410
|
|
2,310
|
|
1,744
|
|
|
2,360
|
|
1,767
|
|
Europe
|
|
132
|
|
145
|
|
202
|
|
|
139
|
|
209
|
|
Rest of World
|
|
5,138
|
|
5,417
|
|
5,297
|
|
|
5,276
|
|
5,376
|
|
|
|
7,680
|
|
7,872
|
|
7,242
|
|
|
7,775
|
|
7,352
|
|
Total hydrocarbons* (mboe/d)
|
|
|
|
|
|
|
|
|||||
US
|
|
921
|
|
853
|
|
711
|
|
|
887
|
|
734
|
|
Europe
|
|
160
|
|
184
|
|
182
|
|
|
172
|
|
180
|
|
Rest of World
|
|
1,544
|
|
1,619
|
|
1,572
|
|
|
1,581
|
|
1,622
|
|
|
|
2,625
|
|
2,656
|
|
2,465
|
|
|
2,640
|
|
2,535
|
|
Average realizations*(c)
|
|
|
|
|
|
|
|
|||||
Total
liquids(d)
($/bbl)
|
|
62.63
|
|
56.47
|
|
67.24
|
|
|
59.61
|
|
64.21
|
|
Natural gas ($/mcf)
|
|
3.35
|
|
4.02
|
|
3.65
|
|
|
3.68
|
|
3.72
|
|
Total hydrocarbons ($/boe)
|
|
40.64
|
|
39.37
|
|
43.37
|
|
|
40.02
|
|
42.36
|
|
|
|
Second
|
First
|
Second
|
|
First
|
First
|
|||||
|
|
quarter
|
quarter
|
quarter
|
|
half
|
half
|
|||||
$ million
|
|
2019
|
2019
|
2018
|
|
2019
|
2018
|
|||||
Profit (loss) before interest and tax
|
|
1,381
|
|
2,811
|
|
2,036
|
|
|
4,192
|
|
3,818
|
|
Inventory holding (gains) losses*
|
|
(93
|
)
|
(1,046
|
)
|
(1,196
|
)
|
|
(1,139
|
)
|
(1,265
|
)
|
RC profit before interest and tax
|
|
1,288
|
|
1,765
|
|
840
|
|
|
3,053
|
|
2,553
|
|
Net
(favourable) adverse impact of non-operating items* and fair value
accounting effects*
|
|
77
|
|
(32
|
)
|
615
|
|
|
45
|
|
728
|
|
Underlying
RC profit before interest and tax*(a)
|
|
1,365
|
|
1,733
|
|
1,455
|
|
|
3,098
|
|
3,281
|
|
The commentary above contains forward-looking statements and should
be read in conjunction with the cautionary statement on page
39.
|
|
|
Second
|
First
|
Second
|
|
First
|
First
|
|||||
|
|
quarter
|
quarter
|
quarter
|
|
half
|
half
|
|||||
$ million
|
|
2019
|
2019
|
2018
|
|
2019
|
2018
|
|||||
Underlying RC profit before interest and tax - by
region
|
|
|
|
|
|
|
|
|||||
US
|
|
566
|
|
531
|
|
399
|
|
|
1,097
|
|
988
|
|
Non-US
|
|
799
|
|
1,202
|
|
1,056
|
|
|
2,001
|
|
2,293
|
|
|
|
1,365
|
|
1,733
|
|
1,455
|
|
|
3,098
|
|
3,281
|
|
Non-operating items
|
|
|
|
|
|
|
|
|||||
US
|
|
2
|
|
1
|
|
(155
|
)
|
|
3
|
|
(172
|
)
|
Non-US
|
|
(33
|
)
|
(5
|
)
|
(70
|
)
|
|
(38
|
)
|
(106
|
)
|
|
|
(31
|
)
|
(4
|
)
|
(225
|
)
|
|
(35
|
)
|
(278
|
)
|
Fair value accounting
effects(a)
|
|
|
|
|
|
|
|
|||||
US
|
|
8
|
|
61
|
|
(299
|
)
|
|
69
|
|
(420
|
)
|
Non-US
|
|
(54
|
)
|
(25
|
)
|
(91
|
)
|
|
(79
|
)
|
(30
|
)
|
|
|
(46
|
)
|
36
|
|
(390
|
)
|
|
(10
|
)
|
(450
|
)
|
RC profit before interest and tax
|
|
|
|
|
|
|
|
|||||
US
|
|
576
|
|
593
|
|
(55
|
)
|
|
1,169
|
|
396
|
|
Non-US
|
|
712
|
|
1,172
|
|
895
|
|
|
1,884
|
|
2,157
|
|
|
|
1,288
|
|
1,765
|
|
840
|
|
|
3,053
|
|
2,553
|
|
Underlying RC profit before interest and tax - by
business(b)(c)
|
|
|
|
|
|
|
|
|||||
Fuels
|
|
961
|
|
1,292
|
|
1,054
|
|
|
2,253
|
|
2,452
|
|
Lubricants
|
|
321
|
|
272
|
|
326
|
|
|
593
|
|
657
|
|
Petrochemicals
|
|
83
|
|
169
|
|
75
|
|
|
252
|
|
172
|
|
|
|
1,365
|
|
1,733
|
|
1,455
|
|
|
3,098
|
|
3,281
|
|
Non-operating items and fair value accounting
effects(a)
|
|
|
|
|
|
|
|
|||||
Fuels
|
|
(99
|
)
|
37
|
|
(584
|
)
|
|
(62
|
)
|
(694
|
)
|
Lubricants
|
|
22
|
|
(4
|
)
|
(26
|
)
|
|
18
|
|
(29
|
)
|
Petrochemicals
|
|
—
|
|
(1
|
)
|
(5
|
)
|
|
(1
|
)
|
(5
|
)
|
|
|
(77
|
)
|
32
|
|
(615
|
)
|
|
(45
|
)
|
(728
|
)
|
RC profit before interest and tax(b)(c)
|
|
|
|
|
|
|
|
|||||
Fuels
|
|
862
|
|
1,329
|
|
470
|
|
|
2,191
|
|
1,758
|
|
Lubricants
|
|
343
|
|
268
|
|
300
|
|
|
611
|
|
628
|
|
Petrochemicals
|
|
83
|
|
168
|
|
70
|
|
|
251
|
|
167
|
|
|
|
1,288
|
|
1,765
|
|
840
|
|
|
3,053
|
|
2,553
|
|
|
|
|
|
|
|
|
|
|||||
BP average refining marker margin (RMM)* ($/bbl)
|
|
15.2
|
|
10.2
|
|
14.9
|
|
|
12.7
|
|
13.3
|
|
|
|
|
|
|
|
|
|
|||||
Refinery throughputs (mb/d)
|
|
|
|
|
|
|
|
|||||
US
|
|
673
|
|
735
|
|
666
|
|
|
703
|
|
690
|
|
Europe
|
|
715
|
|
767
|
|
786
|
|
|
741
|
|
792
|
|
Rest of World
|
|
209
|
|
237
|
|
228
|
|
|
223
|
|
238
|
|
|
|
1,597
|
|
1,739
|
|
1,680
|
|
|
1,667
|
|
1,720
|
|
BP-operated refining availability* (%)
|
|
93.4
|
|
94.3
|
|
93.1
|
|
|
93.9
|
|
94.0
|
|
|
|
|
|
|
|
|
|
|||||
Marketing sales of refined products (mb/d)
|
|
|
|
|
|
|
|
|||||
US
|
|
1,174
|
|
1,077
|
|
1,161
|
|
|
1,126
|
|
1,129
|
|
Europe
|
|
1,091
|
|
993
|
|
1,135
|
|
|
1,042
|
|
1,090
|
|
Rest of World
|
|
520
|
|
520
|
|
477
|
|
|
520
|
|
479
|
|
|
|
2,785
|
|
2,590
|
|
2,773
|
|
|
2,688
|
|
2,698
|
|
Trading/supply sales of refined products
|
|
3,099
|
|
3,296
|
|
3,247
|
|
|
3,197
|
|
3,215
|
|
Total sales volumes of refined products
|
|
5,884
|
|
5,886
|
|
6,020
|
|
|
5,885
|
|
5,913
|
|
|
|
|
|
|
|
|
|
|||||
Petrochemicals production (kte)
|
|
|
|
|
|
|
|
|||||
US
|
|
584
|
|
601
|
|
404
|
|
|
1,185
|
|
903
|
|
Europe
|
|
1,226
|
|
1,160
|
|
1,094
|
|
|
2,386
|
|
2,222
|
|
Rest of World
|
|
1,156
|
|
1,299
|
|
1,358
|
|
|
2,455
|
|
2,749
|
|
|
|
2,966
|
|
3,060
|
|
2,856
|
|
|
6,026
|
|
5,874
|
|
|
|
Second
|
First
|
Second
|
|
First
|
First
|
|||||
|
|
quarter
|
quarter
|
quarter
|
|
half
|
half
|
|||||
$ million
|
|
2019(a)
|
2019
|
2018
|
|
2019(a)
|
2018
|
|||||
Profit
before interest and tax(b)(c)
|
|
523
|
|
526
|
|
876
|
|
|
1,049
|
|
1,145
|
|
Inventory holding (gains) losses*
|
|
2
|
|
(40
|
)
|
(110
|
)
|
|
(38
|
)
|
(132
|
)
|
RC profit before interest and tax
|
|
525
|
|
486
|
|
766
|
|
|
1,011
|
|
1,013
|
|
Net charge (credit) for non-operating items*
|
|
113
|
|
81
|
|
—
|
|
|
194
|
|
—
|
|
Underlying RC profit before interest and tax*
|
|
638
|
|
567
|
|
766
|
|
|
1,205
|
|
1,013
|
|
|
|
Second
|
First
|
Second
|
|
First
|
First
|
|||||
|
|
quarter
|
quarter
|
quarter
|
|
half
|
half
|
|||||
|
|
2019(a)
|
2019
|
2018
|
|
2019(a)
|
2018
|
|||||
Production (net of royalties) (BP share)
|
|
|
|
|
|
|
|
|||||
Liquids* (mb/d)
|
|
912
|
|
937
|
|
909
|
|
|
924
|
|
906
|
|
Natural gas (mmcf/d)
|
|
1,250
|
|
1,327
|
|
1,262
|
|
|
1,288
|
|
1,285
|
|
Total hydrocarbons* (mboe/d)
|
|
1,127
|
|
1,166
|
|
1,127
|
|
|
1,146
|
|
1,127
|
|
|
|
Second
|
First
|
Second
|
|
First
|
First
|
|||||
|
|
quarter
|
quarter
|
quarter
|
|
half
|
half
|
|||||
$ million
|
|
2019
|
2019
|
2018
|
|
2019
|
2018
|
|||||
Profit (loss) before interest and tax
|
|
(381
|
)
|
(546
|
)
|
(1,025
|
)
|
|
(927
|
)
|
(1,596
|
)
|
Inventory holding (gains) losses*
|
|
—
|
|
—
|
|
—
|
|
|
—
|
|
—
|
|
RC profit (loss) before interest and tax
|
|
(381
|
)
|
(546
|
)
|
(1,025
|
)
|
|
(927
|
)
|
(1,596
|
)
|
Net charge (credit) for non-operating items*
|
|
91
|
|
128
|
|
548
|
|
|
219
|
|
727
|
|
Underlying RC profit (loss) before interest and tax*
|
|
(290
|
)
|
(418
|
)
|
(477
|
)
|
|
(708
|
)
|
(869
|
)
|
Underlying RC profit (loss) before interest and tax
|
|
|
|
|
|
|
|
|||||
US
|
|
(224
|
)
|
(155
|
)
|
(123
|
)
|
|
(379
|
)
|
(270
|
)
|
Non-US
|
|
(66
|
)
|
(263
|
)
|
(354
|
)
|
|
(329
|
)
|
(599
|
)
|
|
|
(290
|
)
|
(418
|
)
|
(477
|
)
|
|
(708
|
)
|
(869
|
)
|
Non-operating items
|
|
|
|
|
|
|
|
|||||
US
|
|
(78
|
)
|
(128
|
)
|
(498
|
)
|
|
(206
|
)
|
(646
|
)
|
Non-US
|
|
(13
|
)
|
—
|
|
(50
|
)
|
|
(13
|
)
|
(81
|
)
|
|
|
(91
|
)
|
(128
|
)
|
(548
|
)
|
|
(219
|
)
|
(727
|
)
|
RC profit (loss) before interest and tax
|
|
|
|
|
|
|
|
|||||
US
|
|
(302
|
)
|
(283
|
)
|
(621
|
)
|
|
(585
|
)
|
(916
|
)
|
Non-US
|
|
(79
|
)
|
(263
|
)
|
(404
|
)
|
|
(342
|
)
|
(680
|
)
|
|
|
(381
|
)
|
(546
|
)
|
(1,025
|
)
|
|
(927
|
)
|
(1,596
|
)
|
The commentary above contains forward-looking statements and should
be read in conjunction with the cautionary statement on page
39.
|
Bob Dudley
|
Brian Gilvary
|
Group Chief Executive
|
Chief Financial Officer
|
29 July 2019
|
29 July 2019
|
|
|
Second
|
First
|
Second
|
|
First
|
First
|
|||||
|
|
quarter
|
quarter
|
quarter
|
|
half
|
half
|
|||||
$ million
|
|
2019
|
2019
|
2018
|
|
2019
|
2018
|
|||||
|
|
|
|
|
|
|
|
|||||
Sales and other operating revenues (Note 4)
|
|
72,676
|
|
66,321
|
|
75,439
|
|
|
138,997
|
|
143,611
|
|
Earnings from joint ventures – after interest and
tax
|
|
138
|
|
185
|
|
220
|
|
|
323
|
|
513
|
|
Earnings from associates – after interest and
tax
|
|
608
|
|
649
|
|
1,027
|
|
|
1,257
|
|
1,441
|
|
Interest and other income
|
|
270
|
|
163
|
|
165
|
|
|
433
|
|
324
|
|
Gains on sale of businesses and fixed assets
|
|
55
|
|
89
|
|
56
|
|
|
144
|
|
161
|
|
Total revenues and other income
|
|
73,747
|
|
67,407
|
|
76,907
|
|
|
141,154
|
|
146,050
|
|
Purchases
|
|
55,683
|
|
48,272
|
|
58,424
|
|
|
103,955
|
|
109,936
|
|
Production and manufacturing expenses
|
|
5,391
|
|
5,356
|
|
5,515
|
|
|
10,747
|
|
10,953
|
|
Production and similar taxes (Note 6)
|
|
371
|
|
424
|
|
531
|
|
|
795
|
|
899
|
|
Depreciation, depletion and amortization (Note 5)
|
|
4,588
|
|
4,461
|
|
3,811
|
|
|
9,049
|
|
7,742
|
|
Impairment and losses on sale of businesses and fixed
assets
|
|
906
|
|
96
|
|
(23
|
)
|
|
1,002
|
|
68
|
|
Exploration expense
|
|
146
|
|
367
|
|
164
|
|
|
513
|
|
678
|
|
Distribution and administration expenses
|
|
2,646
|
|
2,767
|
|
2,929
|
|
|
5,413
|
|
5,723
|
|
Profit (loss) before interest and taxation
|
|
4,016
|
|
5,664
|
|
5,556
|
|
|
9,680
|
|
10,051
|
|
Finance costs
|
|
853
|
|
867
|
|
535
|
|
|
1,720
|
|
1,088
|
|
Net
finance expense relating to pensions and other post-retirement
benefits
|
|
15
|
|
15
|
|
31
|
|
|
30
|
|
62
|
|
Profit (loss) before taxation
|
|
3,148
|
|
4,782
|
|
4,990
|
|
|
7,930
|
|
8,901
|
|
Taxation
|
|
1,244
|
|
1,783
|
|
2,117
|
|
|
3,027
|
|
3,497
|
|
Profit (loss) for the period
|
|
1,904
|
|
2,999
|
|
2,873
|
|
|
4,903
|
|
5,404
|
|
Attributable to
|
|
|
|
|
|
|
|
|||||
BP
shareholders
|
|
1,822
|
|
2,934
|
|
2,799
|
|
|
4,756
|
|
5,268
|
|
Non-controlling
interests
|
|
82
|
|
65
|
|
74
|
|
|
147
|
|
136
|
|
|
|
1,904
|
|
2,999
|
|
2,873
|
|
|
4,903
|
|
5,404
|
|
|
|
|
|
|
|
|
|
|||||
Earnings per share (Note 7)
|
|
|
|
|
|
|
|
|||||
Profit (loss) for the period attributable to BP
shareholders
|
|
|
|
|
|
|
|
|||||
Per
ordinary share (cents)
|
|
|
|
|
|
|
|
|||||
Basic
|
|
8.95
|
|
14.54
|
|
14.03
|
|
|
23.47
|
|
26.42
|
|
Diluted
|
|
8.92
|
|
14.47
|
|
13.96
|
|
|
23.35
|
|
26.27
|
|
Per
ADS (dollars)
|
|
|
|
|
|
|
|
|||||
Basic
|
|
0.54
|
|
0.87
|
|
0.84
|
|
|
1.41
|
|
1.59
|
|
Diluted
|
|
0.54
|
|
0.87
|
|
0.84
|
|
|
1.40
|
|
1.58
|
|
|
|
Second
|
First
|
Second
|
|
First
|
First
|
|||||
|
|
quarter
|
quarter
|
quarter
|
|
half
|
half
|
|||||
$ million
|
|
2019
|
2019
|
2018
|
|
2019
|
2018
|
|||||
|
|
|
|
|
|
|
|
|||||
Profit (loss) for the period
|
|
1,904
|
|
2,999
|
|
2,873
|
|
|
4,903
|
|
5,404
|
|
Other comprehensive income
|
|
|
|
|
|
|
|
|||||
Items that may be reclassified subsequently to profit or
loss
|
|
|
|
|
|
|
|
|||||
Currency
translation differences
|
|
131
|
|
989
|
|
(2,612
|
)
|
|
1,120
|
|
(2,081
|
)
|
Cash
flow hedges and costs of hedging
|
|
133
|
|
19
|
|
(107
|
)
|
|
152
|
|
(189
|
)
|
Share
of items relating to equity-accounted entities, net of
tax
|
|
(30
|
)
|
(50
|
)
|
(33
|
)
|
|
(80
|
)
|
122
|
|
Income
tax relating to items that may be reclassified
|
|
(9
|
)
|
(34
|
)
|
52
|
|
|
(43
|
)
|
(38
|
)
|
|
|
225
|
|
924
|
|
(2,700
|
)
|
|
1,149
|
|
(2,186
|
)
|
Items that will not be reclassified to profit or loss
|
|
|
|
|
|
|
|
|||||
Remeasurements
of the net pension and other post-retirement benefit liability or
asset
|
|
(39
|
)
|
(853
|
)
|
1,714
|
|
|
(892
|
)
|
2,579
|
|
Cash
flow hedges that will subsequently be transferred to the balance
sheet
|
|
(7
|
)
|
8
|
|
(35
|
)
|
|
1
|
|
(22
|
)
|
Income
tax relating to items that will not be reclassified
|
|
2
|
|
273
|
|
(557
|
)
|
|
275
|
|
(822
|
)
|
|
|
(44
|
)
|
(572
|
)
|
1,122
|
|
|
(616
|
)
|
1,735
|
|
Other comprehensive income
|
|
181
|
|
352
|
|
(1,578
|
)
|
|
533
|
|
(451
|
)
|
Total comprehensive income
|
|
2,085
|
|
3,351
|
|
1,295
|
|
|
5,436
|
|
4,953
|
|
Attributable to
|
|
|
|
|
|
|
|
|||||
BP
shareholders
|
|
2,001
|
|
3,281
|
|
1,268
|
|
|
5,282
|
|
4,848
|
|
Non-controlling
interests
|
|
84
|
|
70
|
|
27
|
|
|
154
|
|
105
|
|
|
|
2,085
|
|
3,351
|
|
1,295
|
|
|
5,436
|
|
4,953
|
|
|
|
BP shareholders’
|
Non-controlling
|
Total
|
|||
$ million
|
|
equity
|
interests
|
equity
|
|||
At 31 December 2018
|
|
99,444
|
|
2,104
|
|
101,548
|
|
Adjustment
on adoption of IFRS 16, net of tax(a)
|
|
(329
|
)
|
(1
|
)
|
(330
|
)
|
At 1 January 2019
|
|
99,115
|
|
2,103
|
|
101,218
|
|
|
|
|
|
|
|||
Total comprehensive income
|
|
5,282
|
|
154
|
|
5,436
|
|
Dividends
|
|
(3,200
|
)
|
(119
|
)
|
(3,319
|
)
|
Cash flow hedges transferred to the balance sheet, net of
tax
|
|
12
|
|
—
|
|
12
|
|
Repurchase
of ordinary share capital
|
|
(125
|
)
|
—
|
|
(125
|
)
|
Share-based payments, net of tax
|
|
398
|
|
—
|
|
398
|
|
Share
of equity-accounted entities’ changes in equity, net of
tax
|
|
3
|
|
—
|
|
3
|
|
At 30 June 2019
|
|
101,485
|
|
2,138
|
|
103,623
|
|
|
|
|
|
|
|||
|
|
BP shareholders’
|
Non-controlling
|
Total
|
|||
$ million
|
|
equity
|
interests
|
equity
|
|||
At 31 December 2017
|
|
98,491
|
|
1,913
|
|
100,404
|
|
Adjustment
on adoption of IFRS 9, net of tax(b)
|
|
(180
|
)
|
—
|
|
(180
|
)
|
At 1 January 2018
|
|
98,311
|
|
1,913
|
|
100,224
|
|
|
|
|
|
|
|||
Total comprehensive income
|
|
4,848
|
|
105
|
|
4,953
|
|
Dividends
|
|
(3,556
|
)
|
(70
|
)
|
(3,626
|
)
|
Cash
flow hedges transferred to the balance sheet, net of
tax
|
|
5
|
|
—
|
|
5
|
|
Repurchase of ordinary share capital
|
|
(200
|
)
|
—
|
|
(200
|
)
|
Share-based payments, net of tax
|
|
414
|
|
—
|
|
414
|
|
Transactions involving non-controlling interests, net of
tax
|
|
(1
|
)
|
1
|
|
—
|
|
At 30 June 2018
|
|
99,821
|
|
1,949
|
|
101,770
|
|
|
|
30 June
|
31 December
|
||
$ million
|
|
2019
|
2018(a)
|
||
Non-current assets
|
|
|
|
||
Property, plant and equipment
|
|
145,291
|
|
135,261
|
|
Goodwill
|
|
12,158
|
|
12,204
|
|
Intangible assets
|
|
15,631
|
|
17,284
|
|
Investments in joint ventures
|
|
8,637
|
|
8,647
|
|
Investments in associates
|
|
19,587
|
|
17,673
|
|
Other investments
|
|
1,250
|
|
1,341
|
|
Fixed assets
|
|
202,554
|
|
192,410
|
|
Loans
|
|
689
|
|
637
|
|
Trade and other receivables
|
|
2,146
|
|
1,834
|
|
Derivative financial instruments
|
|
6,014
|
|
5,145
|
|
Prepayments
|
|
776
|
|
1,179
|
|
Deferred tax assets
|
|
3,624
|
|
3,706
|
|
Defined benefit pension plan surpluses
|
|
5,816
|
|
5,955
|
|
|
|
221,619
|
|
210,866
|
|
Current assets
|
|
|
|
||
Loans
|
|
313
|
|
326
|
|
Inventories
|
|
20,042
|
|
17,988
|
|
Trade and other receivables
|
|
24,343
|
|
24,478
|
|
Derivative financial instruments
|
|
3,384
|
|
3,846
|
|
Prepayments
|
|
1,001
|
|
963
|
|
Current tax receivable
|
|
930
|
|
1,019
|
|
Other investments
|
|
135
|
|
222
|
|
Cash and cash equivalents
|
|
20,674
|
|
22,468
|
|
|
|
70,822
|
|
71,310
|
|
Assets
classified as held for sale (Note 2)
|
|
721
|
|
—
|
|
|
|
71,543
|
|
71,310
|
|
Total assets
|
|
293,162
|
|
282,176
|
|
Current liabilities
|
|
|
|
||
Trade and other payables
|
|
44,774
|
|
46,265
|
|
Derivative financial instruments
|
|
2,601
|
|
3,308
|
|
Accruals
|
|
4,143
|
|
4,626
|
|
Lease liabilities
|
|
2,094
|
|
44
|
|
Finance debt
|
|
8,677
|
|
9,329
|
|
Current tax payable
|
|
2,384
|
|
2,101
|
|
Provisions
|
|
2,070
|
|
2,564
|
|
|
|
66,743
|
|
68,237
|
|
Liabilities directly associated with assets classified as held for
sale (Note 2)
|
|
112
|
|
—
|
|
|
|
66,855
|
|
68,237
|
|
Non-current liabilities
|
|
|
|
||
Other payables
|
|
12,654
|
|
13,830
|
|
Derivative financial instruments
|
|
5,187
|
|
5,625
|
|
Accruals
|
|
610
|
|
575
|
|
Lease liabilities
|
|
8,285
|
|
623
|
|
Finance debt
|
|
58,876
|
|
55,803
|
|
Deferred tax liabilities
|
|
9,672
|
|
9,812
|
|
Provisions
|
|
18,393
|
|
17,732
|
|
Defined benefit pension plan and other post-retirement benefit plan
deficits
|
|
9,007
|
|
8,391
|
|
|
|
122,684
|
|
112,391
|
|
Total liabilities
|
|
189,539
|
|
180,628
|
|
Net assets
|
|
103,623
|
|
101,548
|
|
Equity
|
|
|
|
||
BP shareholders’ equity
|
|
101,485
|
|
99,444
|
|
Non-controlling interests
|
|
2,138
|
|
2,104
|
|
Total equity
|
|
103,623
|
|
101,548
|
|
|
|
Second
|
First
|
Second
|
|
First
|
First
|
|||||
|
|
quarter
|
quarter
|
quarter
|
|
half
|
half
|
|||||
$ million
|
|
2019
|
2019
|
2018
|
|
2019
|
2018
|
|||||
Operating activities
|
|
|
|
|
|
|
|
|||||
Profit (loss) before taxation
|
|
3,148
|
|
4,782
|
|
4,990
|
|
|
7,930
|
|
8,901
|
|
Adjustments
to reconcile profit (loss) before taxation to net cash provided by
operating activities
|
|
|
|
|
|
|
|
|||||
Depreciation,
depletion and amortization and exploration expenditure written
off
|
|
4,665
|
|
4,745
|
|
3,892
|
|
|
9,410
|
|
8,249
|
|
Impairment
and (gain) loss on sale of businesses and fixed assets
|
|
851
|
|
7
|
|
(79
|
)
|
|
858
|
|
(93
|
)
|
Earnings
from equity-accounted entities, less dividends
received
|
|
(395
|
)
|
(589
|
)
|
(988
|
)
|
|
(984
|
)
|
(1,524
|
)
|
Net
charge for interest and other finance expense, less net interest
paid
|
|
62
|
|
88
|
|
191
|
|
|
150
|
|
271
|
|
Share-based
payments
|
|
117
|
|
297
|
|
167
|
|
|
414
|
|
404
|
|
Net
operating charge for pensions and other post-retirement benefits,
less contributions and benefit payments for unfunded
plans
|
|
(68
|
)
|
(77
|
)
|
(62
|
)
|
|
(145
|
)
|
(264
|
)
|
Net
charge for provisions, less payments
|
|
(198
|
)
|
(116
|
)
|
80
|
|
|
(314
|
)
|
224
|
|
Movements
in inventories and other current and non-current assets and
liabilities
|
|
(58
|
)
|
(2,695
|
)
|
(570
|
)
|
|
(2,753
|
)
|
(3,968
|
)
|
Income
taxes paid
|
|
(1,309
|
)
|
(1,146
|
)
|
(1,315
|
)
|
|
(2,455
|
)
|
(2,248
|
)
|
Net cash provided by operating activities
|
|
6,815
|
|
5,296
|
|
6,306
|
|
|
12,111
|
|
9,952
|
|
Investing activities
|
|
|
|
|
|
|
|
|||||
Expenditure
on property, plant and equipment, intangible and other
assets
|
|
(3,833
|
)
|
(3,695
|
)
|
(3,484
|
)
|
|
(7,528
|
)
|
(7,070
|
)
|
Acquisitions, net of cash acquired
|
|
(1,747
|
)
|
(1,795
|
)
|
(1
|
)
|
|
(3,542
|
)
|
(1
|
)
|
Investment in joint ventures
|
|
(20
|
)
|
—
|
|
(18
|
)
|
|
(20
|
)
|
(57
|
)
|
Investment in associates
|
|
(54
|
)
|
(145
|
)
|
(322
|
)
|
|
(199
|
)
|
(660
|
)
|
Total cash capital expenditure
|
|
(5,654
|
)
|
(5,635
|
)
|
(3,825
|
)
|
|
(11,289
|
)
|
(7,788
|
)
|
Proceeds from disposal of fixed assets
|
|
70
|
|
235
|
|
105
|
|
|
305
|
|
190
|
|
Proceeds from disposal of businesses, net of cash
disposed
|
|
8
|
|
365
|
|
45
|
|
|
373
|
|
127
|
|
Proceeds from loan repayments
|
|
64
|
|
55
|
|
24
|
|
|
119
|
|
33
|
|
Net cash used in investing activities
|
|
(5,512
|
)
|
(4,980
|
)
|
(3,651
|
)
|
|
(10,492
|
)
|
(7,438
|
)
|
Financing
activities(a)
|
|
|
|
|
|
|
|
|||||
Net
issue (repurchase) of shares
|
|
(80
|
)
|
(45
|
)
|
(90
|
)
|
|
(125
|
)
|
(200
|
)
|
Lease liability payments
|
|
(595
|
)
|
(617
|
)
|
(4
|
)
|
|
(1,212
|
)
|
(14
|
)
|
Proceeds from long-term financing
|
|
4,381
|
|
2,124
|
|
910
|
|
|
6,505
|
|
1,032
|
|
Repayments of long-term financing
|
|
(3,602
|
)
|
(2,640
|
)
|
(1,722
|
)
|
|
(6,242
|
)
|
(2,869
|
)
|
Net increase (decrease) in short-term debt
|
|
(119
|
)
|
1,089
|
|
292
|
|
|
970
|
|
(57
|
)
|
Net increase (decrease) in non-controlling interests
|
|
—
|
|
—
|
|
—
|
|
|
—
|
|
(1
|
)
|
Dividends paid - BP shareholders
|
|
(1,779
|
)
|
(1,435
|
)
|
(1,727
|
)
|
|
(3,214
|
)
|
(3,556
|
)
|
-
non-controlling interests
|
|
(83
|
)
|
(36
|
)
|
(57
|
)
|
|
(119
|
)
|
(70
|
)
|
Net cash provided by (used in) financing activities
|
|
(1,877
|
)
|
(1,560
|
)
|
(2,398
|
)
|
|
(3,437
|
)
|
(5,735
|
)
|
Currency translation differences relating to cash and cash
equivalents
|
|
(8
|
)
|
32
|
|
(314
|
)
|
|
24
|
|
(169
|
)
|
Increase (decrease) in cash and cash equivalents
|
|
(582
|
)
|
(1,212
|
)
|
(57
|
)
|
|
(1,794
|
)
|
(3,390
|
)
|
Cash and cash equivalents at beginning of period
|
|
21,256
|
|
22,468
|
|
22,242
|
|
|
22,468
|
|
25,575
|
|
Cash and cash equivalents at end of period
|
|
20,674
|
|
21,256
|
|
22,185
|
|
|
20,674
|
|
22,185
|
|
|
|
|
|
Adjustment
|
|||
|
|
31 December
|
1 January
|
on adoption
|
|||
$ million
|
|
2018
|
2019
|
of IFRS 16
|
|||
Non-current assets
|
|
|
|
|
|||
Property,
plant and equipment
|
|
135,261
|
|
143,950
|
|
8,689
|
|
Trade
and other receivables
|
|
1,834
|
|
2,159
|
|
325
|
|
Prepayments
|
|
1,179
|
|
849
|
|
(330
|
)
|
Deferred
tax assets
|
|
3,706
|
|
3,736
|
|
30
|
|
Current assets
|
|
|
|
|
|||
Trade
and other receivables
|
|
24,478
|
|
24,673
|
|
195
|
|
Prepayments
|
|
963
|
|
872
|
|
(91
|
)
|
Current liabilities
|
|
|
|
|
|||
Trade
and other payables
|
|
46,265
|
|
46,209
|
|
(56
|
)
|
Accruals
|
|
4,626
|
|
4,578
|
|
(48
|
)
|
Lease
liabilities
|
|
44
|
|
2,196
|
|
2,152
|
|
Finance
debt
|
|
9,329
|
|
9,329
|
|
—
|
|
Provisions
|
|
2,564
|
|
2,547
|
|
(17
|
)
|
Non-current liabilities
|
|
|
|
|
|||
Other
payables
|
|
13,830
|
|
14,013
|
|
183
|
|
Accruals
|
|
575
|
|
548
|
|
(27
|
)
|
Lease
liabilities
|
|
623
|
|
7,704
|
|
7,081
|
|
Finance
debt
|
|
55,803
|
|
55,803
|
|
—
|
|
Deferred
tax liabilities
|
|
9,812
|
|
9,767
|
|
(45
|
)
|
Provisions
|
|
17,732
|
|
17,657
|
|
(75
|
)
|
|
|
|
|
|
|||
Net assets
|
|
101,548
|
|
101,218
|
|
(330
|
)
|
|
|
|
|
|
|||
Equity
|
|
|
|
|
|||
BP
shareholders' equity
|
|
99,444
|
|
99,115
|
|
(329
|
)
|
Non-controlling
interests
|
|
2,104
|
|
2,103
|
|
(1
|
)
|
|
|
101,548
|
|
101,218
|
|
(330
|
)
|
$ million
|
|
|
|
Operating lease commitments at 31 December 2018
|
|
11,979
|
|
|
|
|
|
Leases not yet commenced
|
|
(1,372
|
)
|
Leases below materiality threshold
|
|
(86
|
)
|
Short-term leases
|
|
(91
|
)
|
Effect of discounting
|
|
(1,512
|
)
|
Impact on leases in joint operations
|
|
836
|
|
Variable lease payments
|
|
(58
|
)
|
Redetermination of lease term
|
|
(252
|
)
|
Other
|
|
(22
|
)
|
Total additional lease liabilities recognized on adoption of IFRS
16
|
|
9,422
|
|
Finance lease obligations at 31 December 2018
|
|
667
|
|
Adjustment for finance leases in joint operations
|
|
(189
|
)
|
Total lease liabilities at 1 January 2019
|
|
9,900
|
|
$ million
|
|
|
|
Total additional lease liabilities recognized on adoption of IFRS
16
|
|
9,422
|
|
Less: adjustment for finance leases in joint
operations
|
|
(189
|
)
|
Total adjustment to lease liabilities
|
|
9,233
|
|
Of which – current
|
|
2,152
|
|
1 non-current
|
|
7,081
|
|
|
|
Second
|
First
|
Second
|
|
First
|
First
|
|||||
|
|
quarter
|
quarter
|
quarter
|
|
half
|
half
|
|||||
$ million
|
|
2019
|
2019
|
2018
|
|
2019
|
2018
|
|||||
Upstream
|
|
2,469
|
|
2,884
|
|
3,514
|
|
|
5,353
|
|
6,688
|
|
Downstream
|
|
1,288
|
|
1,765
|
|
840
|
|
|
3,053
|
|
2,553
|
|
Rosneft
|
|
525
|
|
486
|
|
766
|
|
|
1,011
|
|
1,013
|
|
Other businesses and corporate
|
|
(381
|
)
|
(546
|
)
|
(1,025
|
)
|
|
(927
|
)
|
(1,596
|
)
|
|
|
3,901
|
|
4,589
|
|
4,095
|
|
|
8,490
|
|
8,658
|
|
Consolidation adjustment – UPII*
|
|
34
|
|
(13
|
)
|
151
|
|
|
21
|
|
(9
|
)
|
RC profit (loss) before interest and tax*
|
|
3,935
|
|
4,576
|
|
4,246
|
|
|
8,511
|
|
8,649
|
|
Inventory holding gains (losses)*
|
|
|
|
|
|
|
|
|||||
Upstream
|
|
(10
|
)
|
2
|
|
4
|
|
|
(8
|
)
|
5
|
|
Downstream
|
|
93
|
|
1,046
|
|
1,196
|
|
|
1,139
|
|
1,265
|
|
Rosneft
(net of tax)
|
|
(2
|
)
|
40
|
|
110
|
|
|
38
|
|
132
|
|
Profit (loss) before interest and tax
|
|
4,016
|
|
5,664
|
|
5,556
|
|
|
9,680
|
|
10,051
|
|
Finance costs
|
|
853
|
|
867
|
|
535
|
|
|
1,720
|
|
1,088
|
|
Net
finance expense relating to pensions and other post-retirement
benefits
|
|
15
|
|
15
|
|
31
|
|
|
30
|
|
62
|
|
Profit (loss) before taxation
|
|
3,148
|
|
4,782
|
|
4,990
|
|
|
7,930
|
|
8,901
|
|
|
|
|
|
|
|
|
|
|||||
RC profit (loss) before interest and tax*
|
|
|
|
|
|
|
|
|||||
US
|
|
498
|
|
771
|
|
(20
|
)
|
|
1,269
|
|
339
|
|
Non-US
|
|
3,437
|
|
3,805
|
|
4,266
|
|
|
7,242
|
|
8,310
|
|
|
|
3,935
|
|
4,576
|
|
4,246
|
|
|
8,511
|
|
8,649
|
|
|
|
Second
|
First
|
Second
|
|
First
|
First
|
|||||
|
|
quarter
|
quarter
|
quarter
|
|
half
|
half
|
|||||
$ million
|
|
2019
|
2019
|
2018
|
|
2019
|
2018
|
|||||
By segment
|
|
|
|
|
|
|
|
|||||
Upstream
|
|
13,556
|
|
14,594
|
|
12,698
|
|
|
28,150
|
|
26,568
|
|
Downstream
|
|
66,396
|
|
58,416
|
|
69,174
|
|
|
124,812
|
|
130,580
|
|
Other businesses and corporate
|
|
433
|
|
356
|
|
376
|
|
|
789
|
|
719
|
|
|
|
80,385
|
|
73,366
|
|
82,248
|
|
|
153,751
|
|
157,867
|
|
|
|
|
|
|
|
|
|
|||||
Less: sales and other operating revenues between
segments
|
|
|
|
|
|
|
|
|||||
Upstream
|
|
7,481
|
|
6,324
|
|
5,795
|
|
|
13,805
|
|
12,528
|
|
Downstream
|
|
62
|
|
586
|
|
785
|
|
|
648
|
|
1,267
|
|
Other businesses and corporate
|
|
166
|
|
135
|
|
229
|
|
|
301
|
|
461
|
|
|
|
7,709
|
|
7,045
|
|
6,809
|
|
|
14,754
|
|
14,256
|
|
|
|
|
|
|
|
|
|
|||||
Third party sales and other operating revenues
|
|
|
|
|
|
|
|
|||||
Upstream
|
|
6,075
|
|
8,270
|
|
6,903
|
|
|
14,345
|
|
14,040
|
|
Downstream
|
|
66,334
|
|
57,830
|
|
68,389
|
|
|
124,164
|
|
129,313
|
|
Other businesses and corporate
|
|
267
|
|
221
|
|
147
|
|
|
488
|
|
258
|
|
Total sales and other operating revenues
|
|
72,676
|
|
66,321
|
|
75,439
|
|
|
138,997
|
|
143,611
|
|
|
|
|
|
|
|
|
|
|||||
By geographical area
|
|
|
|
|
|
|
|
|||||
US
|
|
26,086
|
|
21,848
|
|
26,676
|
|
|
47,934
|
|
50,289
|
|
Non-US
|
|
52,933
|
|
49,618
|
|
56,032
|
|
|
102,551
|
|
107,272
|
|
|
|
79,019
|
|
71,466
|
|
82,708
|
|
|
150,485
|
|
157,561
|
|
Less: sales and other operating revenues between areas
|
|
6,343
|
|
5,145
|
|
7,269
|
|
|
11,488
|
|
13,950
|
|
|
|
72,676
|
|
66,321
|
|
75,439
|
|
|
138,997
|
|
143,611
|
|
|
|
|
|
|
|
|
|
|||||
Revenues from contracts with customers
|
|
|
|
|
|
|
|
|||||
Sales and other operating revenues include the following in
relation to revenues from contracts with customers:
|
|
|
|
|
|
|
|
|||||
Crude oil
|
|
17,070
|
|
14,282
|
|
17,167
|
|
|
31,352
|
|
32,084
|
|
Oil products
|
|
46,999
|
|
42,583
|
|
51,440
|
|
|
89,582
|
|
95,570
|
|
Natural gas, LNG and NGLs
|
|
4,823
|
|
5,793
|
|
4,960
|
|
|
10,616
|
|
10,119
|
|
Non-oil products and other revenues from contracts with
customers
|
|
3,173
|
|
3,501
|
|
3,081
|
|
|
6,674
|
|
6,576
|
|
|
|
72,065
|
|
66,159
|
|
76,648
|
|
|
138,224
|
|
144,349
|
|
|
|
Second
|
First
|
Second
|
|
First
|
First
|
|||||
|
|
quarter
|
quarter
|
quarter
|
|
half
|
half
|
|||||
$ million
|
|
2019
|
2019
|
2018
|
|
2019
|
2018
|
|||||
Upstream
|
|
|
|
|
|
|
|
|||||
US
|
|
1,288
|
|
1,113
|
|
999
|
|
|
2,401
|
|
2,087
|
|
Non-US
|
|
2,396
|
|
2,498
|
|
2,226
|
|
|
4,894
|
|
4,498
|
|
|
|
3,684
|
|
3,611
|
|
3,225
|
|
|
7,295
|
|
6,585
|
|
Downstream
|
|
|
|
|
|
|
|
|||||
US
|
|
333
|
|
323
|
|
221
|
|
|
656
|
|
440
|
|
Non-US
|
|
392
|
|
383
|
|
293
|
|
|
775
|
|
595
|
|
|
|
725
|
|
706
|
|
514
|
|
|
1,431
|
|
1,035
|
|
Other businesses and corporate
|
|
|
|
|
|
|
|
|||||
US
|
|
14
|
|
13
|
|
16
|
|
|
27
|
|
32
|
|
Non-US
|
|
165
|
|
131
|
|
56
|
|
|
296
|
|
90
|
|
|
|
179
|
|
144
|
|
72
|
|
|
323
|
|
122
|
|
Total group
|
|
4,588
|
|
4,461
|
|
3,811
|
|
|
9,049
|
|
7,742
|
|
|
|
Second
|
First
|
Second
|
|
First
|
First
|
|||||
|
|
quarter
|
quarter
|
quarter
|
|
half
|
half
|
|||||
$ million
|
|
2019
|
2019
|
2018
|
|
2019
|
2018
|
|||||
US
|
|
79
|
|
81
|
|
89
|
|
|
160
|
|
179
|
|
Non-US
|
|
292
|
|
343
|
|
442
|
|
|
635
|
|
720
|
|
|
|
371
|
|
424
|
|
531
|
|
|
795
|
|
899
|
|
|
|
Second
|
First
|
Second
|
|
First
|
First
|
|||||
|
|
quarter
|
quarter
|
quarter
|
|
half
|
half
|
|||||
$ million
|
|
2019
|
2019
|
2018
|
|
2019
|
2018
|
|||||
Results for the period
|
|
|
|
|
|
|
|
|||||
Profit
(loss) for the period attributable to BP shareholders
|
|
1,822
|
|
2,934
|
|
2,799
|
|
|
4,756
|
|
5,268
|
|
Less: preference dividend
|
|
1
|
|
—
|
|
1
|
|
|
1
|
|
1
|
|
Profit
(loss) attributable to BP ordinary shareholders
|
|
1,821
|
|
2,934
|
|
2,798
|
|
|
4,755
|
|
5,267
|
|
|
|
|
|
|
|
|
|
|||||
Number of shares (thousand)(a)
|
|
|
|
|
|
|
|
|||||
Basic
weighted average number of shares outstanding
|
|
20,336,347
|
|
20,175,634
|
|
19,945,053
|
|
|
20,256,254
|
|
19,931,945
|
|
ADS equivalent
|
|
3,389,391
|
|
3,362,605
|
|
3,324,175
|
|
|
3,376,042
|
|
3,321,990
|
|
|
|
|
|
|
|
|
|
|||||
Weighted
average number of shares outstanding used to calculate diluted
earnings per share
|
|
20,421,184
|
|
20,281,773
|
|
20,044,277
|
|
|
20,368,125
|
|
20,050,123
|
|
ADS equivalent
|
|
3,403,530
|
|
3,380,295
|
|
3,340,712
|
|
|
3,394,687
|
|
3,341,687
|
|
|
|
|
|
|
|
|
|
|||||
Shares in issue at period-end
|
|
20,373,332
|
|
20,330,597
|
|
19,973,943
|
|
|
20,373,332
|
|
19,973,943
|
|
ADS equivalent
|
|
3,395,555
|
|
3,388,432
|
|
3,328,991
|
|
|
3,395,555
|
|
3,328,991
|
|
|
|
Second
|
First
|
Second
|
|
First
|
First
|
|||||
|
|
quarter
|
quarter
|
quarter
|
|
half
|
half
|
|||||
|
|
2019
|
2019
|
2018
|
|
2019
|
2018
|
|||||
Dividends paid per ordinary share
|
|
|
|
|
|
|
|
|||||
cents
|
|
10.250
|
|
10.250
|
|
10.000
|
|
|
20.500
|
|
20.000
|
|
pence
|
|
8.066
|
|
7.738
|
|
7.444
|
|
|
15.804
|
|
14.613
|
|
Dividends paid per ADS (cents)
|
|
61.50
|
|
61.50
|
|
60.00
|
|
|
123.00
|
|
120.00
|
|
Scrip dividends
|
|
|
|
|
|
|
|
|||||
Number of shares issued (millions)
|
|
46.3
|
|
90.1
|
|
34.5
|
|
|
136.4
|
|
57.9
|
|
Value of shares issued ($ million)
|
|
318
|
|
629
|
|
266
|
|
|
947
|
|
421
|
|
Net debt*
|
|
Second
|
First
|
Second
|
|
First
|
First
|
|||||
|
|
quarter
|
quarter
|
quarter
|
|
half
|
half
|
|||||
$ million
|
|
2019
|
2019
|
2018
|
|
2019
|
2018
|
|||||
Finance
debt(a)
|
|
67,553
|
|
65,990
|
|
59,739
|
|
|
67,553
|
|
59,739
|
|
Fair
value (asset) liability of hedges related to finance
debt(b)
|
|
(378
|
)
|
350
|
|
1,104
|
|
|
(378
|
)
|
1,104
|
|
|
|
67,175
|
|
66,340
|
|
60,843
|
|
|
67,175
|
|
60,843
|
|
Less: cash and cash equivalents
|
|
20,674
|
|
21,256
|
|
22,185
|
|
|
20,674
|
|
22,185
|
|
Net debt
|
|
46,501
|
|
45,084
|
|
38,658
|
|
|
46,501
|
|
38,658
|
|
Equity
|
|
103,623
|
|
103,336
|
|
101,770
|
|
|
103,623
|
|
101,770
|
|
Gearing
|
|
31.0%
|
30.4%
|
27.5%
|
|
31.0%
|
27.5%
|
Net debt including leases*
|
|
Second
|
First
|
Second
|
|
First
|
First
|
|||||
|
|
quarter
|
quarter
|
quarter
|
|
half
|
half
|
|||||
$ million
|
|
2019
|
2019
|
2018
|
|
2019
|
2018
|
|||||
Net debt
|
|
46,501
|
|
45,084
|
|
38,658
|
|
|
46,501
|
|
38,658
|
|
Lease liabilities
|
|
10,379
|
|
10,294
|
|
619
|
|
|
10,379
|
|
619
|
|
Net
partner (receivable) payable for leases entered into on behalf of
joint operations
|
|
(230
|
)
|
(303
|
)
|
—
|
|
|
(230
|
)
|
—
|
|
Net debt including leases
|
|
56,650
|
|
55,075
|
|
39,277
|
|
|
56,650
|
|
39,277
|
|
|
|
30 June
|
31 December
|
||
$ billion
|
|
2019
|
2018
|
||
Property,
plant and equipment(a)
(b)
|
|
9.7
|
|
0.5
|
|
Lease
liabilities(a)
|
|
10.4
|
|
0.7
|
|
Finance debt
|
|
67.6
|
|
65.1
|
|
|
|
Second
|
First
|
Second
|
|
First
|
First
|
|||||
|
|
quarter
|
quarter
|
quarter
|
|
half
|
half
|
|||||
$ billion
|
|
2019
|
2019
|
2018
|
|
2019
|
2018
|
|||||
Financing activities
|
|
|
|
|
|
|
|
|||||
Lease
liability payments(a)
|
|
(0.6
|
)
|
(0.6
|
)
|
—
|
|
|
(1.2
|
)
|
—
|
|
|
|
Second
|
First
|
Second
|
|
First
|
First
|
|||||
|
|
quarter
|
quarter
|
quarter
|
|
half
|
half
|
|||||
$ million
|
|
2019
|
2019
|
2018
|
|
2019
|
2018
|
|||||
Capital expenditure on a cash basis
|
|
|
|
|
|
|
|
|||||
Organic capital expenditure*
|
|
3,686
|
|
3,648
|
|
3,470
|
|
|
7,334
|
|
7,008
|
|
Inorganic
capital expenditure*(a)
|
|
1,968
|
|
1,987
|
|
355
|
|
|
3,955
|
|
780
|
|
|
|
5,654
|
|
5,635
|
|
3,825
|
|
|
11,289
|
|
7,788
|
|
|
|
Second
|
First
|
Second
|
|
First
|
First
|
|||||
|
|
quarter
|
quarter
|
quarter
|
|
half
|
half
|
|||||
$ million
|
|
2019
|
2019
|
2018
|
|
2019
|
2018
|
|||||
Organic capital expenditure by segment
|
|
|
|
|
|
|
|
|||||
Upstream
|
|
|
|
|
|
|
|
|||||
US
|
|
972
|
|
982
|
|
826
|
|
|
1,954
|
|
1,580
|
|
Non-US
|
|
1,858
|
|
1,888
|
|
1,941
|
|
|
3,746
|
|
4,053
|
|
|
|
2,830
|
|
2,870
|
|
2,767
|
|
|
5,700
|
|
5,633
|
|
Downstream
|
|
|
|
|
|
|
|
|||||
US
|
|
271
|
|
187
|
|
232
|
|
|
458
|
|
403
|
|
Non-US
|
|
470
|
|
534
|
|
382
|
|
|
1,004
|
|
829
|
|
|
|
741
|
|
721
|
|
614
|
|
|
1,462
|
|
1,232
|
|
Other businesses and corporate
|
|
|
|
|
|
|
|
|||||
US
|
|
15
|
|
9
|
|
7
|
|
|
24
|
|
14
|
|
Non-US
|
|
100
|
|
48
|
|
82
|
|
|
148
|
|
129
|
|
|
|
115
|
|
57
|
|
89
|
|
|
172
|
|
143
|
|
|
|
3,686
|
|
3,648
|
|
3,470
|
|
|
7,334
|
|
7,008
|
|
Organic capital expenditure by geographical area
|
|
|
|
|
|
|
|
|||||
US
|
|
1,258
|
|
1,178
|
|
1,065
|
|
|
2,436
|
|
1,997
|
|
Non-US
|
|
2,428
|
|
2,470
|
|
2,405
|
|
|
4,898
|
|
5,011
|
|
|
|
3,686
|
|
3,648
|
|
3,470
|
|
|
7,334
|
|
7,008
|
|
|
|
Second
|
First
|
Second
|
|
First
|
First
|
|||||
|
|
quarter
|
quarter
|
quarter
|
|
half
|
half
|
|||||
$ million
|
|
2019
|
2019
|
2018(a)
|
|
2019
|
2018(a)
|
|||||
Upstream
|
|
|
|
|
|
|
|
|||||
Impairment
and gain (loss) on sale of businesses and fixed assets(b)
|
|
(796
|
)
|
(11
|
)
|
81
|
|
|
(807
|
)
|
107
|
|
Environmental and other provisions
|
|
—
|
|
—
|
|
—
|
|
|
—
|
|
—
|
|
Restructuring, integration and rationalization costs
|
|
(17
|
)
|
(35
|
)
|
(62
|
)
|
|
(52
|
)
|
(61
|
)
|
Fair value gain (loss) on embedded derivatives
|
|
—
|
|
—
|
|
9
|
|
|
—
|
|
16
|
|
Other
|
|
47
|
|
42
|
|
(1
|
)
|
|
89
|
|
(139
|
)
|
|
|
(766
|
)
|
(4
|
)
|
27
|
|
|
(770
|
)
|
(77
|
)
|
Downstream
|
|
|
|
|
|
|
|
|||||
Impairment and gain (loss) on sale of businesses and fixed
assets
|
|
(51
|
)
|
4
|
|
(1
|
)
|
|
(47
|
)
|
(15
|
)
|
Environmental and other provisions
|
|
—
|
|
—
|
|
—
|
|
|
—
|
|
—
|
|
Restructuring, integration and rationalization costs
|
|
20
|
|
(2
|
)
|
(74
|
)
|
|
18
|
|
(110
|
)
|
Fair value gain (loss) on embedded derivatives
|
|
—
|
|
—
|
|
—
|
|
|
—
|
|
—
|
|
Other
|
|
—
|
|
(6
|
)
|
(150
|
)
|
|
(6
|
)
|
(153
|
)
|
|
|
(31
|
)
|
(4
|
)
|
(225
|
)
|
|
(35
|
)
|
(278
|
)
|
Rosneft
|
|
|
|
|
|
|
|
|||||
Impairment and gain (loss) on sale of businesses and fixed
assets
|
|
(113
|
)
|
(81
|
)
|
—
|
|
|
(194
|
)
|
—
|
|
Environmental and other provisions
|
|
—
|
|
—
|
|
—
|
|
|
—
|
|
—
|
|
Restructuring, integration and rationalization costs
|
|
—
|
|
—
|
|
—
|
|
|
—
|
|
—
|
|
Fair value gain (loss) on embedded derivatives
|
|
—
|
|
—
|
|
—
|
|
|
—
|
|
—
|
|
Other
|
|
—
|
|
—
|
|
—
|
|
|
—
|
|
—
|
|
|
|
(113
|
)
|
(81
|
)
|
—
|
|
|
(194
|
)
|
—
|
|
Other businesses and corporate
|
|
|
|
|
|
|
|
|||||
Impairment and gain (loss) on sale of businesses and fixed
assets
|
|
(4
|
)
|
—
|
|
(1
|
)
|
|
(4
|
)
|
1
|
|
Environmental and other provisions
|
|
(22
|
)
|
(6
|
)
|
1
|
|
|
(28
|
)
|
(20
|
)
|
Restructuring, integration and rationalization costs
|
|
(3
|
)
|
10
|
|
(30
|
)
|
|
7
|
|
(45
|
)
|
Fair value gain (loss) on embedded derivatives
|
|
—
|
|
—
|
|
—
|
|
|
—
|
|
—
|
|
Gulf of Mexico oil spill
|
|
(57
|
)
|
(115
|
)
|
(433
|
)
|
|
(172
|
)
|
(519
|
)
|
Other
|
|
(5
|
)
|
(17
|
)
|
(85
|
)
|
|
(22
|
)
|
(144
|
)
|
|
|
(91
|
)
|
(128
|
)
|
(548
|
)
|
|
(219
|
)
|
(727
|
)
|
Total before interest and taxation
|
|
(1,001
|
)
|
(217
|
)
|
(746
|
)
|
|
(1,218
|
)
|
(1,082
|
)
|
Finance
costs(c)
|
|
(116
|
)
|
(128
|
)
|
(118
|
)
|
|
(244
|
)
|
(238
|
)
|
Total before taxation
|
|
(1,117
|
)
|
(345
|
)
|
(864
|
)
|
|
(1,462
|
)
|
(1,320
|
)
|
Taxation
credit (charge) on non-operating items
|
|
256
|
|
93
|
|
141
|
|
|
349
|
|
350
|
|
Total after taxation for period
|
|
(861
|
)
|
(252
|
)
|
(723
|
)
|
|
(1,113
|
)
|
(970
|
)
|
|
|
Second
|
First
|
Second
|
|
First
|
First
|
|||||
|
|
quarter
|
quarter
|
quarter
|
|
half
|
half
|
|||||
$ million
|
|
2019
|
2019
|
2018
|
|
2019
|
2018
|
|||||
Favourable (adverse) impact relative to management’s measure
of performance
|
|
|
|
|
|
|
|
|||||
Upstream
|
|
(178
|
)
|
(40
|
)
|
(21
|
)
|
|
(218
|
)
|
100
|
|
Downstream
|
|
(46
|
)
|
36
|
|
(390
|
)
|
|
(10
|
)
|
(450
|
)
|
|
|
(224
|
)
|
(4
|
)
|
(411
|
)
|
|
(228
|
)
|
(350
|
)
|
Taxation credit (charge)
|
|
49
|
|
(7
|
)
|
101
|
|
|
42
|
|
90
|
|
|
|
(175
|
)
|
(11
|
)
|
(310
|
)
|
|
(186
|
)
|
(260
|
)
|
|
|
Second
|
First
|
Second
|
|
First
|
First
|
|||||
|
|
quarter
|
quarter
|
quarter
|
|
half
|
half
|
|||||
$ million
|
|
2019
|
2019
|
2018
|
|
2019
|
2018
|
|||||
Upstream
|
|
|
|
|
|
|
|
|||||
Replacement
cost profit (loss) before interest and tax adjusted for fair value
accounting effects
|
|
2,647
|
|
2,924
|
|
3,535
|
|
|
5,571
|
|
6,588
|
|
Impact of fair value accounting effects
|
|
(178
|
)
|
(40
|
)
|
(21
|
)
|
|
(218
|
)
|
100
|
|
Replacement cost profit (loss) before interest and tax
|
|
2,469
|
|
2,884
|
|
3,514
|
|
|
5,353
|
|
6,688
|
|
Downstream
|
|
|
|
|
|
|
|
|||||
Replacement
cost profit (loss) before interest and tax adjusted for fair value
accounting effects
|
|
1,334
|
|
1,729
|
|
1,230
|
|
|
3,063
|
|
3,003
|
|
Impact of fair value accounting effects
|
|
(46
|
)
|
36
|
|
(390
|
)
|
|
(10
|
)
|
(450
|
)
|
Replacement cost profit (loss) before interest and tax
|
|
1,288
|
|
1,765
|
|
840
|
|
|
3,053
|
|
2,553
|
|
Total group
|
|
|
|
|
|
|
|
|||||
Profit
(loss) before interest and tax adjusted for fair value accounting
effects
|
|
4,240
|
|
5,668
|
|
5,967
|
|
|
9,908
|
|
10,401
|
|
Impact of fair value accounting effects
|
|
(224
|
)
|
(4
|
)
|
(411
|
)
|
|
(228
|
)
|
(350
|
)
|
Profit (loss) before interest and tax
|
|
4,016
|
|
5,664
|
|
5,556
|
|
|
9,680
|
|
10,051
|
|
|
|
30 June
|
31 December
|
||
$ million
|
|
2019
|
2018
|
||
RMI at fair value*
|
|
5,497
|
|
4,202
|
|
Paid-up RMI*
|
|
2,317
|
|
1,641
|
|
|
|
30 June
|
31 December
|
||
$ million
|
|
2019
|
2018
|
||
Reconciliation of total inventory to paid-up RMI
|
|
|
|
||
Inventories as reported on the group balance sheet under
IFRS
|
|
20,042
|
|
17,988
|
|
Less:
(a) inventories that are not oil and oil products and (b) oil and
oil product inventories that are not risk-managed by
IST
|
|
(14,821
|
)
|
(14,066
|
)
|
|
|
5,221
|
|
3,922
|
|
Plus: difference between RMI at fair value and RMI on an IFRS
basis
|
|
276
|
|
280
|
|
RMI at fair value
|
|
5,497
|
|
4,202
|
|
Less: unpaid RMI* at fair value
|
|
(3,180
|
)
|
(2,561
|
)
|
Paid-up RMI
|
|
2,317
|
|
1,641
|
|
|
|
Second
|
First
|
Second
|
|
First
|
First
|
|||||
|
|
quarter
|
quarter
|
quarter
|
|
half
|
half
|
|||||
$ million
|
|
2019
|
2019
|
2018
|
|
2019
|
2018
|
|||||
Net
cash provided by operating activities as per condensed group cash
flow statement
|
|
6,815
|
|
5,296
|
|
6,306
|
|
|
12,111
|
|
9,952
|
|
Exclude
net cash from operating activities relating to the Gulf of Mexico
oil spill on a post-tax basis
|
|
1,413
|
|
649
|
|
707
|
|
|
2,062
|
|
2,421
|
|
Operating cash flow, excluding Gulf of Mexico oil spill
payments*
|
|
8,228
|
|
5,945
|
|
7,013
|
|
|
14,173
|
|
12,373
|
|
|
|
30 June
|
31 December
|
||
$ million
|
|
2019
|
2018
|
||
Trade and other payables
|
|
(12,623
|
)
|
(14,201
|
)
|
Provisions
|
|
(199
|
)
|
(345
|
)
|
Gulf of Mexico oil spill payables and provisions
|
|
(12,822
|
)
|
(14,546
|
)
|
Of
which - current
|
|
(2,022
|
)
|
(2,612
|
)
|
|
|
|
|
||
Deferred tax asset
|
|
5,600
|
|
5,562
|
|
|
|
Second
|
First
|
Second
|
|
First
|
First
|
|||||
|
|
quarter
|
quarter
|
quarter
|
|
half
|
half
|
|||||
$ million
|
|
2019
|
2019
|
2018
|
|
2019
|
2018
|
|||||
Movements
in inventories and other current and non-current assets and
liabilities as per condensed group cash flow statement
|
|
(58
|
)
|
(2,695
|
)
|
(570
|
)
|
|
(2,753
|
)
|
(3,968
|
)
|
Adjustments
to exclude movements in inventories and other current and
non-current assets and liabilities for the Gulf of Mexico oil
spill
|
|
1,451
|
|
631
|
|
693
|
|
|
2,082
|
|
2,281
|
|
Adjusted for Inventory holding gains (losses)* (Note
3)
|
|
|
|
|
|
|
|
|||||
Upstream
|
|
(10
|
)
|
2
|
|
4
|
|
|
(8
|
)
|
5
|
|
Downstream
|
|
93
|
|
1,046
|
|
1,196
|
|
|
1,139
|
|
1,265
|
|
Working capital release (build)
|
|
1,476
|
|
(1,016
|
)
|
1,323
|
|
|
460
|
|
(417
|
)
|
|
|
Second
|
First
|
Second
|
|
First
|
First
|
|||||
|
|
quarter
|
quarter
|
quarter
|
|
half
|
half
|
|||||
|
|
2019
|
2019
|
2018
|
|
2019
|
2018
|
|||||
Average realizations(a)
|
|
|
|
|
|
|
|
|||||
Liquids* ($/bbl)
|
|
|
|
|
|
|
|
|||||
US
|
|
56.98
|
|
50.57
|
|
62.47
|
|
|
53.91
|
|
60.01
|
|
Europe
|
|
68.73
|
|
61.78
|
|
71.70
|
|
|
65.04
|
|
68.56
|
|
Rest of World
|
|
66.24
|
|
60.02
|
|
69.88
|
|
|
63.18
|
|
66.50
|
|
BP Average
|
|
62.63
|
|
56.47
|
|
67.24
|
|
|
59.61
|
|
64.21
|
|
Natural gas ($/mcf)
|
|
|
|
|
|
|
|
|||||
US
|
|
1.80
|
|
2.57
|
|
1.96
|
|
|
2.18
|
|
2.10
|
|
Europe
|
|
3.63
|
|
5.84
|
|
7.04
|
|
|
4.75
|
|
7.11
|
|
Rest of World
|
|
4.12
|
|
4.67
|
|
4.16
|
|
|
4.40
|
|
4.19
|
|
BP Average
|
|
3.35
|
|
4.02
|
|
3.65
|
|
|
3.68
|
|
3.72
|
|
Total hydrocarbons* ($/boe)
|
|
|
|
|
|
|
|
|||||
US
|
|
35.94
|
|
34.17
|
|
40.77
|
|
|
35.08
|
|
40.19
|
|
Europe
|
|
63.40
|
|
58.89
|
|
64.91
|
|
|
61.02
|
|
62.72
|
|
Rest of World
|
|
41.60
|
|
40.52
|
|
42.89
|
|
|
41.06
|
|
41.69
|
|
BP Average
|
|
40.64
|
|
39.37
|
|
43.37
|
|
|
40.02
|
|
42.36
|
|
Average oil marker prices ($/bbl)
|
|
|
|
|
|
|
|
|||||
Brent
|
|
68.86
|
|
63.13
|
|
74.39
|
|
|
65.95
|
|
70.58
|
|
West Texas Intermediate
|
|
59.90
|
|
54.87
|
|
68.02
|
|
|
57.42
|
|
65.52
|
|
Western Canadian Select
|
|
47.37
|
|
44.91
|
|
49.76
|
|
|
46.06
|
|
43.30
|
|
Alaska North Slope
|
|
68.29
|
|
64.39
|
|
73.93
|
|
|
66.37
|
|
70.64
|
|
Mars
|
|
65.20
|
|
61.13
|
|
69.47
|
|
|
63.20
|
|
66.04
|
|
Urals (NWE – cif)
|
|
67.62
|
|
62.91
|
|
72.21
|
|
|
65.23
|
|
68.71
|
|
Average natural gas marker prices
|
|
|
|
|
|
|
|
|||||
Henry
Hub gas price(b) ($/mmBtu)
|
|
2.64
|
|
3.15
|
|
2.80
|
|
|
2.90
|
|
2.90
|
|
UK Gas – National Balancing Point (p/therm)
|
|
31.53
|
|
48.23
|
|
53.88
|
|
|
40.01
|
|
55.94
|
|
|
|
Second
|
First
|
Second
|
|
First
|
First
|
|||||
|
|
quarter
|
quarter
|
quarter
|
|
half
|
half
|
|||||
|
|
2019
|
2019
|
2018
|
|
2019
|
2018
|
|||||
$/£ average rate for the period
|
|
1.29
|
|
1.30
|
|
1.36
|
|
|
1.29
|
|
1.38
|
|
$/£ period-end rate
|
|
1.27
|
|
1.31
|
|
1.31
|
|
|
1.27
|
|
1.31
|
|
|
|
|
|
|
|
|
|
|||||
$/€ average rate for the period
|
|
1.12
|
|
1.14
|
|
1.19
|
|
|
1.13
|
|
1.21
|
|
$/€ period-end rate
|
|
1.14
|
|
1.12
|
|
1.16
|
|
|
1.14
|
|
1.16
|
|
|
|
|
|
|
|
|
|
|||||
Rouble/$ average rate for the period
|
|
64.58
|
|
66.00
|
|
62.13
|
|
|
65.29
|
|
59.47
|
|
Rouble/$ period-end rate
|
|
63.09
|
|
65.02
|
|
63.07
|
|
|
63.09
|
|
63.07
|
|
|
|
London
|
Houston
|
|
|
|
Press Office
|
David Nicholas
|
Brett Clanton
|
|
+44 (0)20 7496 4708
|
+1 281 366 8346
|
|
|
|
Investor Relations
|
Craig Marshall
|
Brian Sullivan
|
bp.com/investors
|
+44 (0)20 7496 4962
|
+1 281 892 3421
|
|
BP
p.l.c.
|
|
(Registrant)
|
|
|
Dated: 30
July 2019
|
|
|
/s/ B.
MATHEWS
|
|
------------------------
|
|
B.
MATHEWS
|
|
Company
Secretary
|