Investments in associates (Tables)

12 Months Ended

Dec. 31, 2017

Interest In Other Entities [Abstract]

Transactions between the group and its associates are summarized below.



						$ million
Sales to associates		2017		2016		2015
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	2,261	216	4,210	765	5,302	1,058

						$ million
Purchases from associates		2017		2016		2015
Product	Purchases	Amount payable at 31 December	Purchases	Amount payable at 31 December	Purchases	Amount payable at 31 December
Crude oil and oil products, natural gas, transportation tariff	11,613	1,681	8,873	2,000	11,619	2,026

The following table provides aggregated summarized financial information for the group’s associates 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 associates - after interest and tax			Investments in associates
	2017	2016	2015	2017	2016
Rosneft	922	647	1,330	10,059	8,243
Other associates	408	347	509	6,932	5,849
	1,330	994	1,839	16,991	14,092

The following table provides summarized financial information relating to Rosneft. This information is presented on a 100% basis and reflects adjustments made by BP to Rosneft’s own results in applying the equity method of accounting. BP adjusts Rosneft’s results for the accounting required under IFRS relating to BP’s purchase of its interest in Rosneft and the amortization of the deferred gain relating to the disposal of BP’s interest in TNK-BP. These adjustments have increased the reported profit for 2017, as shown in the table below, compared with the equivalent amount in Russian roubles that we expect Rosneft to report in its own financial statements under IFRS.



			$ million
			Gross amount
	2017	2016	2015
Sales and other operating revenues	103,028	74,380	84,071
Profit before interest and taxation	9,949	7,094	12,253
Finance costs	2,228	1,747	3,696
Profit before taxation	7,721	5,347	8,557
Taxation	1,742	1,797	1,792
Non-controlling interests	1,311	273	30
Profit for the year	4,668	3,277	6,735
Other comprehensive income	2,810	4,203	(4,111	)
Total comprehensive income	7,478	7,480	2,624
Non-current assets	158,719	129,403
Current assets	39,737	37,914
Total assets	198,456	167,317
Current liabilities	66,506	46,284
Non-current liabilities	70,704	71,980
Total liabilities	137,210	118,264
Net assets	61,246	49,053
Less: non-controlling interests	10,314	7,316
	50,932	41,737

The more important subsidiaries and associates of the group at 31 December 2017 and the group percentage of ordinary share capital (to nearest whole number) are set out below. There are no individually significant joint arrangements. Those held directly by the parent company are marked with an asterisk (*), the percentage owned being that of the group unless otherwise indicated. A complete list of undertakings of the group is included in Note 14 in the parent company financial statements of BP p.l.c. which are filed with the Registrar of Companies in the UK, along with the group’s annual report.



Subsidiaries	%	Country of incorporation	Principal activities
International
BP Corporate Holdings	100	England & Wales	Investment holding
BP Exploration Operating Company	100	England & Wales	Exploration and production
*BP Global Investments	100	England & Wales	Investment holding
*BP International	100	England & Wales	Integrated oil operations
BP Oil International	100	England & Wales	Integrated oil operations
*Burmah Castrol	100	Scotland	Lubricants
Angola
BP Exploration (Angola)	100	England & Wales	Exploration and production
Azerbaijan
BP Exploration (Caspian Sea)	100	England & Wales	Exploration and production
BP Exploration (Azerbaijan)	100	England & Wales	Exploration and production
Canada
*BP Holdings Canada	100	England & Wales	Investment holding
Egypt
BP Exploration (Delta)	100	England & Wales	Exploration and production
Germany
BP Europa SE	100	Germany	Refining and marketing
India
BP Exploration (Alpha)	100	England & Wales	Exploration and production
Trinidad & Tobago
BP Trinidad and Tobago	70	US	Exploration and production
UK
BP Capital Markets	100	England & Wales	Finance
US
*BP Holdings North America	100	England & Wales	Investment holding
Atlantic Richfield Company	100	US	Exploration and production, refining and marketing
BP America	100	US
BP America Production Company	100	US
BP Company North America	100	US
BP Corporation North America	100	US
BP Exploration (Alaska)	100	US
BP Products North America	100	US
Standard Oil Company	100	US
BP Capital Markets America	100	US	Finance

Associates	%	Country of incorporation	Principal activities
Russia
Rosneft	20	Russia	Integrated oil operations

Summarized financial information of associates

Summarized financial information for the group’s share of associates is shown below.



												$ million
												BP share
			2017				2016					2015
	Rosneft^a	Other	Total	Rosneft^a	Other		Total	Rosneft^a		Other		Total
Sales and other operating revenues	20,348	7,600	27,948	14,690	5,377		20,067	16,604		6,000		22,604
Profit before interest and taxation	1,965	626	2,591	1,401	525		1,926	2,420		661		3,081
Finance costs	440	54	494	345	22		367	730		6		736
Profit before taxation	1,525	572	2,097	1,056	503		1,559	1,690		655		2,345
Taxation	344	164	508	355	156		511	354		146		500
Non-controlling interests	259	—	259	54	—		54	6		—		6
Profit for the year	922	408	1,330	647	347		994	1,330		509		1,839
Other comprehensive income	555	1	556	830	(2	)	828	(812	)	(2	)	(814	)
Total comprehensive income	1,477	409	1,886	1,477	345		1,822	518		507		1,025
Non-current assets	31,347	9,261	40,608	25,557	7,848		33,405
Current assets	7,848	2,645	10,493	7,488	2,002		9,490
Total assets	39,195	11,906	51,101	33,045	9,850		42,895
Current liabilities	13,135	2,501	15,636	9,141	1,827		10,968
Non-current liabilities	13,964	3,308	17,272	14,216	2,934		17,150
Total liabilities	27,099	5,809	32,908	23,357	4,761		28,118
Net assets	12,096	6,097	18,193	9,688	5,089		14,777
Less: non-controlling interests	2,037	—	2,037	1,445	—		1,445
	10,059	6,097	16,156	8,243	5,089		13,332
Group investment in associates
Group share of net assets (as above)	10,059	6,097	16,156	8,243	5,089		13,332
Loans made by group companies to associates	—	835	835	—	760		760
	10,059	6,932	16,991	8,243	5,849		14,092

From 1 October 2014, Rosneft adopted hedge accounting in relation to a portion of highly probable future export revenue denominated in US dollars over a five-year period. Foreign exchange gains and losses arising on the retranslation of borrowings denominated in currencies other than the Russian rouble and designated as hedging instruments are recognized initially in other comprehensive income, and are reclassified to the income statement as the hedged revenue is recognized.