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Condensed consolidating information on certain US subsidiaries
12 Months Ended
Dec. 31, 2018
Disclosure Of Condensed Financial Information Of Parent Company Only Disclosure [Abstract]  
Condensed consolidating information on certain US subsidiaries
Condensed consolidating information on certain US subsidiaries
BP p.l.c. fully and unconditionally guarantees the payment obligations of its 100%-owned subsidiary BP Exploration (Alaska) Inc. under the BP Prudhoe Bay Royalty Trust. The following financial information for BP p.l.c., BP Exploration (Alaska) Inc. and all other subsidiaries on a condensed consolidating basis is intended to provide investors with meaningful and comparable financial information about BP p.l.c. and its subsidiary issuers of registered securities and is provided pursuant to Rule 3-10 of Regulation S-X in lieu of the separate financial statements of each subsidiary issuer of public debt securities. Non-current assets for BP p.l.c. includes investments in subsidiaries recorded under the equity method for the purposes of the condensed consolidating financial information. Equity-accounted income of subsidiaries is the group’s share of profit related to such investments. The eliminations and reclassifications column includes the necessary amounts to eliminate the intercompany balances and transactions between BP p.l.c., BP Exploration (Alaska) Inc. and other subsidiaries. The financial information presented in the following tables for BP Exploration (Alaska) Inc. incorporates subsidiaries of BP Exploration (Alaska) Inc. using the equity method of accounting and excludes the BP group’s midstream operations in Alaska that are reported through different legal entities and that are included within the ‘other subsidiaries’ column in these tables. BP p.l.c. also fully and unconditionally guarantees securities issued by BP Capital Markets p.l.c. and BP Capital Markets America Inc. These companies are 100%-owned finance subsidiaries of BP p.l.c.
Income statement
 
 
 
 
 
 
$ million

 
 
 
 
 
 
2018

 
 
Issuer

Guarantor

 
 
 
 
 
BP Exploration (Alaska) Inc.

BP p.l.c.

Other subsidiaries

Eliminations and reclassifications

BP group

Sales and other operating revenues
 
4,315


298,620

(4,179
)
298,756

Earnings from joint ventures - after interest and tax
 


897


897

Earnings from associates - after interest and tax
 


2,856


2,856

Equity-accounted income of subsidiaries - after interest and tax
 

10,942


(10,942
)

Interest and other income
 
42

373

2,081

(1,723
)
773

Gains on sale of businesses and fixed assets
 


456


456

Total revenues and other income
 
4,357

11,315

304,910

(16,844
)
303,738

Purchases
 
1,507


232,550

(4,179
)
229,878

Production and manufacturing expenses
 
1,015


21,990


23,005

Production and similar taxes
 
282


1,254


1,536

Depreciation, depletion and amortization
 
377


15,080


15,457

Impairment and losses on sale of businesses and fixed assets
 
66


794


860

Exploration expense
 


1,445


1,445

Distribution and administration expenses
 
22

642

11,673

(158
)
12,179

Profit (loss) before interest and taxation
 
1,088

10,673

20,124

(12,507
)
19,378

Finance costs
 
8

1,326

2,759

(1,565
)
2,528

Net finance (income) expense relating to pensions and other post-retirement benefits
 

(95
)
222


127

Profit (loss) before taxation
 
1,080

9,442

17,143

(10,942
)
16,723

Taxation
 
164

59

6,922


7,145

Profit (loss) for the year
 
916

9,383

10,221

(10,942
)
9,578

Attributable to
 





BP shareholders
 
916

9,383

10,026

(10,942
)
9,383

Non-controlling interests
 


195


195

 
 
916

9,383

10,221

(10,942
)
9,578


















38. Condensed consolidating information on certain US subsidiaries – continued
Statement of comprehensive income
 
 
 
 
 
 
$ million

 
 
 
 
 
 
2018

 
 
Issuer

Guarantor

 
 
 
 
 
BP Exploration (Alaska) Inc.

BP p.l.c.

Other subsidiaries

Eliminations and reclassifications

BP group

Profit (loss) for the year
 
916

9,383

10,221

(10,942
)
9,578

Other comprehensive income
 
 
 
 
 
 
Items that may be reclassified subsequently to profit or loss
 
 
 
 
 
 
Currency translation differences
 

(296
)
(3,475
)

(3,771
)
Cash flow hedges (including reclassifications)
 


(6
)

(6
)
Costs of hedging (including reclassifications)
 


(186
)

(186
)
Share of items relating to equity-accounted entities, net of tax
 


417


417

Income tax relating to items that may be reclassified
 


4


4

 
 

(296
)
(3,246
)

(3,542
)
Items that will not be reclassified to profit or loss
 
 
 
 
 
 
Remeasurements of the net pension and other post-retirement benefit liability or asset
 

1,689

628


2,317

Cash flow hedges that will subsequently be transferred to the balance sheet
 


(37
)

(37
)
Income tax relating to items that will not be reclassified
 

(511
)
(207
)

(718
)
 
 

1,178

384


1,562

Other comprehensive income
 

882

(2,862
)

(1,980
)
Equity-accounted other comprehensive income of subsidiaries
 

(2,821
)

2,821


Total comprehensive income
 
916

7,444

7,359

(8,121
)
7,598

Attributable to
 
 
 
 
 
 
  BP shareholders
 
916

7,444

7,205

(8,121
)
7,444

  Non-controlling interests
 


154


154

 
 
916

7,444

7,359

(8,121
)
7,598


Income statement continued
 
 
 
 
 
 
$ million

 
 
 
 
 
 
2017

 
 
Issuer

Guarantor

 
 
 
 
 
BP Exploration (Alaska) Inc.

BP p.l.c.

Other subsidiaries

Eliminations and reclassifications

BP group

Sales and other operating revenues
 
3,264


240,177

(3,233
)
240,208

Earnings from joint ventures - after interest and tax
 


1,177


1,177

Earnings from associates - after interest and tax
 


1,330


1,330

Equity-accounted income of subsidiaries - after interest and tax
 

4,436


(4,436
)

Interest and other income
 
11

369

1,470

(1,193
)
657

Gains on sale of businesses and fixed assets
 
71

9

1,139

(9
)
1,210

Total revenues and other income
 
3,346

4,814

245,293

(8,871
)
244,582

Purchases
 
1,010


181,939

(3,233
)
179,716

Production and manufacturing expenses
 
1,156


23,073


24,229

Production and similar taxesa
 
(18
)

1,793


1,775

Depreciation, depletion and amortization
 
735


14,849


15,584

Impairment and losses on sale of businesses and fixed assets
 


1,216


1,216

Exploration expense
 


2,080


2,080

Distribution and administration expenses
 
19

616

10,022

(149
)
10,508

Profit (loss) before interest and taxation
 
444

4,198

10,321

(5,489
)
9,474

Finance costs
 
6

826

2,286

(1,044
)
2,074

Net finance (income) expense relating to pensions and other post-retirement benefits
 

(15
)
235


220

Profit (loss) before taxation
 
438

3,387

7,800

(4,445
)
7,180

Taxation
 
(392
)
(11
)
4,115


3,712

Profit (loss) for the year
 
830

3,398

3,685

(4,445
)
3,468

Attributable to
 
 
 
 
 
 
BP shareholders
 
830

3,398

3,606

(4,445
)
3,389

Non-controlling interests
 


79


79

 
 
830

3,398

3,685

(4,445
)
3,468


a Includes revised non-cash provision adjustments; actual cash payments for Production and similar taxes remain in line with prior year.
38. Condensed consolidating information on certain US subsidiaries – continued
Statement of comprehensive income continued
 
 
 
 
 
 
$ million

 
 
 
 
 
 
2017

 
 
Issuer

Guarantor

 
 
 
 
 
BP Exploration (Alaska) Inc.

BP p.l.c.

Other subsidiaries

Eliminations and reclassifications

BP group

Profit (loss) for the year
 
830

3,398

3,685

(4,445
)
3,468

Other comprehensive income
 
 
 
 
 
 
Items that may be reclassified subsequently to profit or loss
 
 
 
 
 
 
Currency translation differences
 

166

1,820


1,986

Exchange (gains) losses on translation of foreign operations transferred to gain or loss on sale of businesses and fixed assets
 


(120
)

(120
)
Available-for-sale investments marked to market
 


14


14

Cash flow hedges marked to market
 


197


197

Cash flow hedges reclassified to the income statement
 


116


116

Cash flow hedges reclassified to the balance sheet
 


112


112

Share of items relating to equity-accounted entities, net of tax
 


564


564

Income tax relating to items that may be reclassified
 


(196
)

(196
)
 
 

166

2,507


2,673

Items that will not be reclassified to profit or loss
 










Remeasurements of the net pension and other post-retirement benefit liability or asset
 

2,984

662


3,646

Income tax relating to items that will not be reclassified
 

(1,169
)
(134
)

(1,303
)
 
 

1,815

528


2,343

Other comprehensive income
 

1,981

3,035


5,016

Equity-accounted other comprehensive income of subsidiaries
 

2,983


(2,983
)

Total comprehensive income
 
830

8,362

6,720

(7,428
)
8,484

Attributable to
 
 
 
 
 
 
BP shareholders
 
830

8,362

6,589

(7,428
)
8,353

Non-controlling interests
 


131


131

 
 
830

8,362

6,720

(7,428
)
8,484


Income statement continued
 
 
 
 
 
 
$ million

 
 
 
 
 
 
2016

 
 
Issuer

Guarantor

 
 
 
 
 
BP Exploration (Alaska) Inc.

BP p.l.c.

Other subsidiaries

Eliminations and reclassifications

BP group

Sales and other operating revenues
 
2,740


182,999

(2,731
)
183,008

Earnings from joint ventures - after interest and tax
 


966


966

Earnings from associates - after interest and tax
 


994


994

Equity-accounted income of subsidiaries - after interest and tax
 

862


(862
)

Interest and other income
 
94

343

899

(830
)
506

Gains on sale of businesses and fixed assets
 


1,132


1,132

Total revenues and other income
 
2,834

1,205

186,990

(4,423
)
186,606

Purchases
 
888


134,062

(2,731
)
132,219

Production and manufacturing expenses
 
1,171


27,906


29,077

Production and similar taxes
 
102


581


683

Depreciation, depletion and amortization
 
673


13,832


14,505

Impairment and losses on sale of businesses and fixed assets
 
(147
)

(1,517
)

(1,664
)
Exploration expense
 


1,721


1,721

Distribution and administration expenses
 

808

9,797

(110
)
10,495

Profit (loss) before interest and taxation
 
147

397

608

(1,582
)
(430
)
Finance costs
 
103

311

1,981

(720
)
1,675

Net finance (income) expense relating to pensions and other post-retirement benefits
 

(82
)
272


190

Profit (loss) before taxation
 
44

168

(1,645
)
(862
)
(2,295
)
Taxation
 
(41
)
53

(2,479
)

(2,467
)
Profit (loss) for the year
 
85

115

834

(862
)
172

Attributable to
 
 
 
 
 
 
BP shareholders
 
85

115

777

(862
)
115

Non-controlling interests
 


57


57

 
 
85

115

834

(862
)
172

38. Condensed consolidating information on certain US subsidiaries – continued
Statement of comprehensive income continued
 
 
 
 
 
 
$ million

 
 
 
 
 
 
2016

 
 
Issuer

Guarantor

 
 
 
 
 
BP Exploration (Alaska) Inc.

BP p.l.c.

Other subsidiaries

Eliminations and reclassifications

BP group

Profit (loss) for the year
 
85

115

834

(862
)
172

Other comprehensive income
 
 
 
 
 
 
Items that may be reclassified subsequently to profit or loss
 
 
 
 
 
 
Currency translation differences
 

(236
)
490


254

Exchange (gains) losses on translation of foreign operations transferred to gain or loss on sale of businesses and fixed assets
 


30


30

Available-for-sale investments marked to market
 


1


1

Cash flow hedges marked to market
 


(639
)

(639
)
Cash flow hedges reclassified to the income statement
 


196


196

Cash flow hedges reclassified to the balance sheet
 


81


81

Share of items relating to equity-accounted entities, net of tax
 


833


833

Income tax relating to items that may be reclassified
 


13


13

 
 

(236
)
1,005


769

Items that will not be reclassified to profit or loss
 
 
 
 
 
 
Remeasurements of the net pension and other post-retirement benefit liability or asset
 

(2,019
)
(477
)

(2,496
)
Income tax relating to items that will not be reclassified
 

750

(11
)

739

 
 

(1,269
)
(488
)

(1,757
)
Other comprehensive income
 

(1,505
)
517


(988
)
Equity-accounted other comprehensive income of subsidiaries
 

544


(544
)

Total comprehensive income
 
85

(846
)
1,351

(1,406
)
(816
)
Attributable to
 
 
 
 
 
 
BP shareholders
 
85

(846
)
1,321

(1,406
)
(846
)
Non-controlling interests
 


30


30

 
 
85

(846
)
1,351

(1,406
)
(816
)

38. Condensed consolidating information on certain US subsidiaries – continued
Balance sheet
 
 
 
 
 
 
$ million

 
 
 
 
 
 
2018

 
 
Issuer

Guarantor

 
 
 
 
 
BP Exploration (Alaska) Inc.

BP p.l.c.

Other subsidiaries

Eliminations and reclassifications

BP group

Non-current assets
 
 
 
 
 
 
Property, plant and equipment
 
4,445


130,816


135,261

Goodwill
 


12,204


12,204

Intangible assets
 
598


16,686


17,284

Investments in joint ventures
 


8,647


8,647

Investments in associates
 

2

17,671


17,673

Other investments
 


1,341


1,341

Subsidiaries - equity-accounted basis
 

166,311


(166,311
)

Fixed assets
 
5,043

166,313

187,365

(166,311
)
192,410

Loans
 


32,402

(31,765
)
637

Trade and other receivables
 

2,600

1,834

(2,600
)
1,834

Derivative financial instruments
 


5,145


5,145

Prepayments
 


1,179


1,179

Deferred tax assets
 


3,706


3,706

Defined benefit pension plan surpluses
 

5,473

482


5,955

 
 
5,043

174,386

232,113

(200,676
)
210,866

Current assets
 
 
 
 
 
 
Loans
 


326


326

Inventories
 
302


17,686


17,988

Trade and other receivables
 
2,536

151

38,931

(17,140
)
24,478

Derivative financial instruments
 


3,846


3,846

Prepayments
 
7


956


963

Current tax receivable
 


1,019


1,019

Other investments
 


222


222

Cash and cash equivalents
 

13

22,455


22,468

 
 
2,845

164

85,441

(17,140
)
71,310

Total assets
 
7,888

174,550

317,554

(217,816
)
282,176

Current liabilities
 
 
 
 
 
 
Trade and other payables
 
413

14,634

48,358

(17,140
)
46,265

Derivative financial instruments
 


3,308


3,308

Accruals
 
89

31

4,506


4,626

Finance debt
 


9,373


9,373

Current tax payable
 
310


1,791


2,101

Provisions
 
1


2,563


2,564

 
 
813

14,665

69,899

(17,140
)
68,237

Non-current liabilities
 
 
 
 
 
 
Other payables
 

31,800

16,395

(34,365
)
13,830

Derivative financial instruments
 


5,625


5,625

Accruals
 


575


575

Finance debt
 


56,426


56,426

Deferred tax liabilities
 
586

1,907

7,319


9,812

Provisions
 
670


17,062


17,732

Defined benefit pension plan and other post-retirement benefit plan deficits
 

184

8,207


8,391

 
 
1,256

33,891

111,609

(34,365
)
112,391

Total liabilities
 
2,069

48,556

181,508

(51,505
)
180,628

Net assets
 
5,819

125,994

136,046

(166,311
)
101,548

Equity
 
 
 
 
 
 
BP shareholders’ equity
 
5,819

125,994

133,942

(166,311
)
99,444

Non-controlling interests
 


2,104


2,104

 
 
5,819

125,994

136,046

(166,311
)
101,548

38. Condensed consolidating information on certain US subsidiaries – continued
Balance sheet continued
 
 
 
 
 
 
$ million

 
 
 
 
 
 
2017

 
 
Issuer

Guarantor

 
 
 
 
 
BP Exploration (Alaska) Inc.

BP p.l.c.

Other subsidiaries

Eliminations and reclassifications

BP group

Non-current assets
 
 
 
 
 
 
Property, plant and equipment
 
6,973


122,498


129,471

Goodwill
 


11,551


11,551

Intangible assets
 
585


17,770


18,355

Investments in joint ventures
 


7,994


7,994

Investments in associates
 

2

16,989


16,991

Other investments
 


1,245


1,245

Subsidiaries - equity-accounted basis
 

161,840


(161,840
)

Fixed assets
 
7,558

161,842

178,047

(161,840
)
185,607

Loans
 
1


32,401

(31,756
)
646

Trade and other receivables
 

2,623

1,434

(2,623
)
1,434

Derivative financial instruments
 


4,110


4,110

Prepayments
 


1,112


1,112

Deferred tax assets
 


4,469


4,469

Defined benefit pension plan surpluses
 

3,838

331


4,169

 
 
7,559

168,303

221,904

(196,219
)
201,547

Current assets
 
 
 
 
 
 
Loans
 


190


190

Inventories
 
274


18,737


19,011

Trade and other receivables
 
2,206

293

34,991

(12,641
)
24,849

Derivative financial instruments
 


3,032


3,032

Prepayments
 
2


1,412


1,414

Current tax receivable
 


761


761

Other investments
 


125


125

Cash and cash equivalents
 

10

25,576


25,586

 
 
2,482

303

84,824

(12,641
)
74,968

Total assets
 
10,041

168,606

306,728

(208,860
)
276,515

Current liabilities
 
 
 
 
 
 
Trade and other payablesa
 
673

10,143

46,034

(12,641
)
44,209

Derivative financial instruments
 


2,808


2,808

Accruals
 
115

60

4,785


4,960

Finance debt
 


7,739


7,739

Current tax payable
 


1,686


1,686

Provisions
 
1


3,323


3,324

 
 
789

10,203

66,375

(12,641
)
64,726

Non-current liabilities
 
 
 
 
 
 
Other payablesa
 

31,804

16,464

(34,379
)
13,889

Derivative financial instruments
 


3,761


3,761

Accruals
 


505


505

Finance debt
 


55,491


55,491

Deferred tax liabilities
 
838

1,337

5,807


7,982

Provisions
 
1,222


19,398


20,620

Defined benefit pension plan and other post-retirement benefit plan deficits
 

221

8,916


9,137

 
 
2,060

33,362

110,342

(34,379
)
111,385

Total liabilities
 
2,849

43,565

176,717

(47,020
)
176,111

Net assets
 
7,192

125,041

130,011

(161,840
)
100,404

Equity
 
 
 
 
 
 
BP shareholders’ equity
 
7,192

125,041

128,098

(161,840
)
98,491

Non-controlling interests
 


1,913


1,913

 
 
7,192

125,041

130,011

(161,840
)
100,404

a 
For BP plc, an amount of $2,300 million has been reclassified from non-current other payables to current trade and other payables, with consequential amendments to the eliminations and reclassifications column.
38. Condensed consolidating information on certain US subsidiaries – continued
Cash flow statement
 
 
 
 
 
 
$ million

 
 
 
 
 
 
2018

 
 
Issuer

Guarantor

 
 
 
 
 
BP Exploration (Alaska) Inc.

BP p.l.c.

Other subsidiaries

Eliminations and reclassifications

BP group

Operating activities
 
 
 
 
 
 
Profit (loss) before taxation
 
1,080

9,442

17,143

(10,942
)
16,723

Adjustments to reconcile profit (loss) before taxation to net cash provided by operating activities
 
 
 
 
 
 
Exploration expenditure written off
 


1,085


1,085

Depreciation, depletion and amortization
 
377


15,080


15,457

Impairment and (gain) loss on sale of businesses and fixed assets
 
66


338


404

Earnings from joint ventures and associates
 


(3,753
)

(3,753
)
Dividends received from joint ventures and associates
 


1,535


1,535

Equity accounted income of subsidiaries - after interest and tax
 

(10,942
)

10,942


Dividends received from subsidiaries
 

3,490


(3,490
)

Interest receivable
 
(42
)
(215
)
(1,776
)
1,565

(468
)
Interest received
 
42

215

1,656

(1,565
)
348

Finance costs
 
8

1,326

2,759

(1,565
)
2,528

Interest paid
 
(8
)
(1,326
)
(2,159
)
1,565

(1,928
)
Net finance expense relating to pensions and other post-retirement benefits
 

(95
)
222


127

Share-based payments
 

671

19


690

Net operating charge for pensions and other post-retirement benefits, less contributions and benefit payments for unfunded plans
 

(183
)
(203
)

(386
)
Net charge for provisions, less payments
 
33


953


986

(Increase) decrease in inventories
 
(62
)

734


672

(Increase) decrease in other current and non-current assets
 
(72
)
165

(951
)
(2,000
)
(2,858
)
Increase (decrease) in other current and non-current liabilities
 
(491
)
4,509

(6,595
)

(2,577
)
Income taxes paid
 
(133
)

(5,579
)

(5,712
)
Net cash provided by (used in) operating activities
 
798

7,057

20,508

(5,490
)
22,873

Investing activities
 
 
 
 
 
 
Expenditure on property, plant and equipment, intangible and other assets
 
(273
)

(16,434
)

(16,707
)
Acquisitions, net of cash acquired
 


(6,986
)

(6,986
)
Investment in joint ventures
 


(382
)

(382
)
Investment in associates
 


(1,013
)

(1,013
)
Total cash capital expenditure
 
(273
)

(24,815
)

(25,088
)
Proceeds from disposals of fixed assets
 


940


940

Proceeds from disposals of businesses, net of cash disposed
 
1,475


436


1,911

Proceeds from loan repayments
 


666


666

Net cash provided by (used in) investing activities
 
1,202


(22,773
)

(21,571
)
Financing activities
 
 
 
 
 
 
Repurchase of shares
 

(355
)


(355
)
Proceeds from long-term financing
 


9,038


9,038

Repayments of long-term financing
 


(7,210
)

(7,210
)
Net increase (decrease) in short-term debt
 


1,317


1,317

Dividends paid
 
 
 
 
 
 
BP shareholders
 
(2,000
)
(6,699
)
(3,490
)
5,490

(6,699
)
Non-controlling interests
 


(170
)

(170
)
Net cash provided by (used in) financing activities
 
(2,000
)
(7,054
)
(515
)
5,490

(4,079
)
Currency translation differences relating to cash and cash equivalents
 


(330
)

(330
)
Increase (decrease) in cash and cash equivalents
 

3

(3,110
)

(3,107
)
Cash and cash equivalents at beginning of year
 

10

25,565


25,575

Cash and cash equivalents at end of year
 

13

22,455


22,468

38. Condensed consolidating information on certain US subsidiaries – continued
Cash flow statement continued
 
 
 
 
 
 
$ million

 
 
 
 
 
 
2017

 
 
Issuer

Guarantor

 
 
 
 
 
BP Exploration (Alaska) Inc.

BP p.l.c.

Other subsidiaries

Eliminations and reclassifications

BP group

Operating activities
 
 
 
 
 
 
Profit (loss) before taxation
 
438

3,387

7,800

(4,445
)
7,180

Adjustments to reconcile profit (loss) before taxation to net cash provided by operating activities
 
 
 
 
 
 
Exploration expenditure written off
 


1,603


1,603

Depreciation, depletion and amortization
 
735


14,849


15,584

Impairment and (gain) loss on sale of businesses and fixed assets
 
(71
)
(9
)
77

9

6

Earnings from joint ventures and associates
 


(2,507
)

(2,507
)
Dividends received from joint ventures and associates
 


1,253


1,253

Equity accounted income of subsidiaries - after interest and tax
 

(4,436
)

4,436


Dividends received from subsidiaries
 

3,183


(3,183
)

Interest receivable
 
(11
)
(220
)
(1,117
)
1,044

(304
)
Interest received
 
11

220

1,188

(1,044
)
375

Finance costs
 
6

826

2,286

(1,044
)
2,074

Interest paid
 
(6
)
(826
)
(1,784
)
1,044

(1,572
)
Net finance expense relating to pensions and other post-retirement benefits
 

(15
)
235


220

Share-based payments
 

595

66


661

Net operating charge for pensions and other post-retirement benefits, less contributions and benefit payments for unfunded plans
 

(145
)
(249
)

(394
)
Net charge for provisions, less payments
 
(128
)

2,234


2,106

(Increase) decrease in inventories
 
(25
)

(823
)

(848
)
(Increase) decrease in other current and non-current assets
 
108

522

(5,478
)

(4,848
)
Increase (decrease) in other current and non-current liabilities
 
(830
)
3,374

(200
)

2,344

Income taxes paid
 


(4,002
)

(4,002
)
Net cash provided by operating activities
 
227

6,456

15,431

(3,183
)
18,931

Investing activities
 
 
 
 
 
 
Expenditure on property, plant and equipment, intangible and other assets
 
(321
)

(16,241
)

(16,562
)
Acquisitions, net of cash acquired
 


(327
)

(327
)
Investment in joint ventures
 


(50
)

(50
)
Investment in associates
 


(901
)

(901
)
Total cash capital expenditure
 
(321
)

(17,519
)

(17,840
)
Proceeds from disposals of fixed assets
 
94


2,842


2,936

Proceeds from disposals of businesses, net of cash disposed
 


478


478

Proceeds from loan repayments
 


349


349

Net cash provided by (used in) investing activities
 
(227
)

(13,850
)

(14,077
)
Financing activities
 
 
 
 
 
 
Net issue (repurchase) of shares
 

(343
)


(343
)
Proceeds from long-term financing
 


8,712


8,712

Repayments of long-term financing
 


(6,276
)

(6,276
)
Net increase (decrease) in short-term debt
 


(158
)

(158
)
Net increase (decrease) in non-controlling interests
 


1,063


1,063

Dividends paid
 
 
 
 
 
 
BP shareholders
 

(6,153
)
(3,183
)
3,183

(6,153
)
Non-controlling interests
 


(141
)

(141
)
Net cash provided by (used in) financing activities
 

(6,496
)
17

3,183

(3,296
)
Currency translation differences relating to cash and cash equivalents
 


544


544

Increase (decrease) in cash and cash equivalents
 

(40
)
2,142


2,102

Cash and cash equivalents at beginning of year
 

50

23,434


23,484

Cash and cash equivalents at end of year
 

10

25,576


25,586

38. Condensed consolidating information on certain US subsidiaries – continued
Cash flow statement continued
 
 
 
 
 
 
$ million

 
 
 
 
 
 
2016

 
 
Issuer

Guarantor

 
 
 
 
 
BP Exploration (Alaska) Inc.

BP p.l.c.

Other subsidiaries

Eliminations and reclassifications

BP group

Operating activities
 
 
 
 
 
 
Profit (loss) before taxation
 
44

168

(1,645
)
(862
)
(2,295
)
Adjustments to reconcile profit (loss) before taxation to net cash provided by operating activities
 
 
 
 
 
 
Exploration expenditure written off
 


1,274


1,274

Depreciation, depletion and amortization
 
673


13,832


14,505

Impairment and (gain) loss on sale of businesses and fixed assets
 
(148
)

(2,648
)

(2,796
)
Earnings from joint ventures and associates
 


(1,960
)

(1,960
)
Dividends received from joint ventures and associates
 


1,105


1,105

Equity accounted income of subsidiaries - after interest and tax
 

(862
)

862


Dividends received from (paid to) subsidiaries
 
(7,000
)
372


6,628


Interest receivable
 
(94
)
(233
)
(593
)
720

(200
)
Interest received
 
94

233

660

(720
)
267

Finance costs
 
103

311

1,981

(720
)
1,675

Interest paid
 
(103
)
(311
)
(1,443
)
720

(1,137
)
Net finance expense relating to pensions and other post-retirement benefits
 

(82
)
272


190

Share-based payments
 

780

(1
)

779

Net operating charge for pensions and other post-retirement benefits, less contributions and benefit payments for unfunded plans
 

(192
)
(275
)

(467
)
Net charge for provisions, less payments
 
77


4,410


4,487

(Increase) decrease in inventories
 
(3
)

(3,678
)

(3,681
)
(Increase) decrease in other current and non-current assets
 
6,985

(156
)
(1,001
)
(7,000
)
(1,172
)
Increase (decrease) in other current and non-current liabilities
 
(33
)
4,634

(2,946
)

1,655

Income taxes paid
 
104

(1
)
(1,641
)

(1,538
)
Net cash provided by operating activities
 
699

4,661

5,703

(372
)
10,691

Investing activities
 
 
 
 
 
 
Expenditure on property, plant and equipment, intangible and other assets
 
(699
)

(16,002
)

(16,701
)
Acquisitions, net of cash acquired
 


(1
)

(1
)
Investment in joint ventures
 


(50
)

(50
)
Investment in associates
 


(700
)

(700
)
Total cash capital expenditure
 
(699
)

(16,753
)

(17,452
)
Proceeds from disposals of fixed assets
 


1,372


1,372

Proceeds from disposals of businesses, net of cash disposed
 


1,259


1,259

Proceeds from loan repayments
 


68


68

Net cash provided by (used in) investing activities
 
(699
)

(14,054
)

(14,753
)
Financing activities
 
 
 
 
 
 
Proceeds from long-term financing
 


12,442


12,442

Repayments of long-term financing
 


(6,685
)

(6,685
)
Net increase (decrease) in short-term debt
 


51


51

Net increase (decrease) in non-controlling interests
 


887


887

Dividends paid
 
 
 
 
 
 
BP shareholders
 

(4,611
)
(372
)
372

(4,611
)
Non-controlling interests
 


(107
)

(107
)
Net cash provided by (used in) financing activities
 

(4,611
)
6,216

372

1,977

Currency translation differences relating to cash and cash equivalents
 


(820
)

(820
)
Increase (decrease) in cash and cash equivalents
 

50

(2,955
)

(2,905
)
Cash and cash equivalents at beginning of year
 


26,389


26,389

Cash and cash equivalents at end of year
 

50

23,434


23,484