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Investments in joint ventures (Tables)

12 Months Ended

Dec. 31, 2021

Separate Financial Statements [Abstract]

The following table provides aggregated summarized financial information for the group's joint ventures as it relates to the amounts recognized in the group income statement and on the group balance sheet.


					$ million
		Income statement			Balance sheet
		Earnings from joint ventures - after interest and tax			Investments in joint ventures
	2021	2020	2019	2021	2020
Pan American Energy Group	(217)	(208)	97	4,396	4,613
Other joint ventures	760	(94)	479	5,586	3,749
	543	(302)	576	9,982	8,362

The following table provides summarized financial information relating to Pan American Energy Group. This information is presented on a 100% basis and reflects adjustments made by bp to Pan American Energy Group’s own results in applying the equity method of accounting. bp adjusts Pan American Energy Group’s results for the accounting required under IFRS relating to bp’s purchase of its interest in Pan American Energy Group S.L..

The operational and financial information of Pan American Energy Group S.L. is based on preliminary operational and financial results of Pan American Energy Group S.L. for 2021. Actual results may differ from these amounts.


			$ million
			Gross amount
	2021	2020	2019
Sales and other operating revenues	4,394	3,505	5,194
Profit (loss) before interest and taxation	806	(366)	744
Finance costs	262	250	154
Profit (loss) before taxationa	544	(616)	590
Taxationb	978	(200)	396
Profit (loss) for the year	(434)	(416)	194
Other comprehensive income	—	—	—
Total comprehensive income	(434)	(416)	194
Non-current assets	14,206	13,988
Current assetsc	1,864	1,885
Total assets	16,070	15,873
Current liabilitiesd	2,034	1,990
Non-current liabilitiese	5,244	4,657
Total liabilities	7,278	6,647
Net assets	8,792	9,226
Less: non-controlling interests	—	—
	8,792	9,226

a Includes depreciation and amortisation of $930 million (2020 $937 million and 2019 $914 million), interest income of $19 million (2020 $18 million and 2019 $42 million) and interest expense of $262 million (2020 $250 million and 2019 $154 million).

b 2021 net income expense includes a deferred tax charge of $415 million related to a change in the income tax rate.

c Includes cash and cash equivalents of $893 million (2020 $848 million).

d Includes current financial liabilities of $767 million (2020 $1,282 million).

e Includes non-current financial liabilities of $2,132 million (2020 $1,861 million).

Transactions between the group and its joint ventures are summarized below.



Sales to joint ventures		2021		2020		2019
Product	Sales	Amount receivable at 31 December	Sales	Amount receivable at 31 December	Sales	Amount receivable at 31 December
LNG, crude oil and oil products, natural gas	3,923	292	2,974	180	4,884	431


Purchases from joint ventures		2021		2020		2019
Product	Purchases	Amount payable at 31 December	Purchases	Amount payable at 31 December	Purchases	Amount payable at 31 December
LNG, crude oil and oil products, natural gas, refinery operating costs, plant processing fees	716	93	959	84	1,812	225

Summarized financial information relating to the group's share of joint ventures


									$ million
									bp share
			2021			2020			2019
	PAEG	Other	Total	PAEG	Other	Total	PAEG	Other	Total
Sales and other operating revenues	2,197	9,048	11,245	1,753	8,792	10,545	2,597	11,542	14,139
Profit (loss) before interest and taxation	403	927	1,330	(183)	32	(151)	372	604	976
Finance costs	131	58	189	125	76	201	77	32	109
Profit (loss) before taxation	272	869	1,141	(308)	(44)	(352)	295	572	867
Taxation	489	107	596	(100)	49	(51)	198	91	289
Non-controlling interest	—	2	2	—	1	1	—	2	2
Profit (loss) for the year	(217)	760	543	(208)	(94)	(302)	97	479	576
Other comprehensive income	—	5	5	—	(5)	(5)	—	(6)	(6)
Total comprehensive income	(217)	765	548	(208)	(99)	(307)	97	473	570
Non-current assets	7,103	7,702	14,805	6,994	5,652	12,646
Current assets	932	2,385	3,317	943	2,481	3,424
Total assets	8,035	10,087	18,122	7,937	8,133	16,070
Current liabilities	1,017	1,272	2,289	995	1,649	2,644
Non-current liabilities	2,622	3,219	5,841	2,329	2,694	5,023
Total liabilities	3,639	4,491	8,130	3,324	4,343	7,667
Net assets	4,396	5,596	9,992	4,613	3,790	8,403
Less: non-controlling interests	—	5	5	—	39	39
	4,396	5,591	9,987	4,613	3,751	8,364

Group investment in joint ventures
Group share of net assets (as above)	4,396	5,591	9,987	4,613	3,751	8,364
Loans made by group companies to joint ventures	—	(5)	(5)	—	(2)	(2)
	4,396	5,586	9,982	4,613	3,749	8,362