Condensed consolidating information on certain US subsidiaries (Tables)

6 Months Ended

Jun. 30, 2019

Disclosure Of Condensed Financial Information Of Parent Company Only Disclosure [Abstract]

Disclosure of Condensed Income Statement

Income statement

First half 2019	Issuer	Guarantor
$ million	BP Exploration (Alaska) Inc.	BP p.l.c.		Other subsidiaries	Eliminations and reclassifications		BP group
Sales and other operating revenues	2,315	—		138,876	(2,194	)	138,997
Earnings from joint ventures - after interest and tax	—	—		323	—		323
Earnings from associates - after interest and tax	—	—		1,257	—		1,257
Equity-accounted income of subsidiaries - after interest and tax	—	5,713		—	(5,713	)	—
Interest and other income	26	155		1,203	(951	)	433
Gains on sale of businesses and fixed assets	4	—		140	—		144
Total revenues and other income	2,345	5,868		141,799	(8,858	)	141,154
Purchases	1,254	—		104,895	(2,194	)	103,955
Production and manufacturing expenses	471	—		10,276	—		10,747
Production and similar taxes	93	—		702	—		795
Depreciation, depletion and amortization	132	—		8,917	—		9,049
Impairment and losses on sale of businesses and fixed assets	—	—		1,002	—		1,002
Exploration expense	—	—		513	—		513
Distribution and administration expenses	11	386		5,048	(32	)	5,413
Profit (loss) before interest and taxation	384	5,482		10,446	(6,632	)	9,680
Finance costs	6	803		1,830	(919	)	1,720
Net finance (income) expense relating to pensions and other post-retirement benefits	—	(78	)	108	—		30
Profit (loss) before taxation	378	4,757		8,508	(5,713	)	7,930
Taxation	70	1		2,956	—		3,027
Profit (loss) for the year	308	4,756		5,552	(5,713	)	4,903
Attributable to
BP shareholders	308	4,756		5,405	(5,713	)	4,756
Non-controlling interests	—	—		147	—		147
	308	4,756		5,552	(5,713	)	4,903

Income statement continued

First half 2018	Issuer	Guarantor
$ million	BP Exploration (Alaska) Inc.	BP p.l.c.		Other subsidiaries	Eliminations and reclassifications		BP group
Sales and other operating revenues	2,199	—		143,552	(2,140	)	143,611
Earnings from joint ventures - after interest and tax	—	—		513	—		513
Earnings from associates - after interest and tax	—	—		1,441	—		1,441
Equity-accounted income of subsidiaries - after interest and tax	—	6,028		—	(6,028	)	—
Interest and other income	18	112		893	(699	)	324
Gains on sale of businesses and fixed assets	—	—		161	—		161
Total revenues and other income	2,217	6,140		146,560	(8,867	)	146,050
Purchases	705	—		111,371	(2,140	)	109,936
Production and manufacturing expenses	481	—		10,472	—		10,953
Production and similar taxes	144	—		755	—		899
Depreciation, depletion and amortization	262	—		7,480	—		7,742
Impairment and losses on sale of businesses and fixed assets	—	—		68	—		68
Exploration expense	—	—		678	—		678
Distribution and administration expenses	10	344		5,402	(33	)	5,723
Profit (loss) before interest and taxation	615	5,796		10,334	(6,694	)	10,051
Finance costs	3	577		1,174	(666	)	1,088
Net finance (income) expense relating to pensions and other post-retirement benefits	—	(49	)	111	—		62
Profit (loss) before taxation	612	5,268		9,049	(6,028	)	8,901
Taxation	83	—		3,414	—		3,497
Profit (loss) for the year	529	5,268		5,635	(6,028	)	5,404
Attributable to
BP shareholders	529	5,268		5,499	(6,028	)	5,268
Non-controlling interests	—	—		136	—		136
	529	5,268		5,635	(6,028	)	5,404

Disclosure of Condensed Statement of Comprehensive Income

Statement of comprehensive income

First half 2019	Issuer	Guarantor
$ million	BP Exploration (Alaska) Inc.	BP p.l.c.		Other subsidiaries		Eliminations and reclassifications		BP group
Profit (loss) for the year	308	4,756		5,552		(5,713	)	4,903
Other comprehensive income
Items that may be reclassified subsequently to profit or loss
Currency translation differences	—	(2	)	1,122		—		1,120
Cash flow hedges and costs of hedging	—	—		152		—		152
Share of items relating to equity-accounted entities, net of tax	—	—		(80	)	—		(80	)
Income tax relating to items that may be reclassified	—	—		(43	)	—		(43	)
	—	(2	)	1,151		—		1,149
Items that will not be reclassified to profit or loss
Remeasurements of the net pension and other post-retirement benefit liability or asset	—	(300	)	(592	)	—		(892	)
Cash flow hedges that will subsequently be transferred to the balance sheet	—	—		1		—		1
Income tax relating to items that will not be reclassified	—	—		275		—		275
	—	(300	)	(316	)	—		(616	)
Other comprehensive income	—	(302	)	835		—		533
Equity-accounted other comprehensive income of subsidiaries	—	828		—		(828	)	—
Total comprehensive income	308	5,282		6,387		(6,541	)	5,436
Attributable to
BP shareholders	308	5,282		6,233		(6,541	)	5,282
Non-controlling interests	—	—		154		—		154
	308	5,282		6,387		(6,541	)	5,436

Statement of comprehensive income continued

First half 2018	Issuer	Guarantor
$ million	BP Exploration (Alaska) Inc.	BP p.l.c.		Other subsidiaries		Eliminations and reclassifications		BP group
Profit (loss) for the year	529	5,268		5,635		(6,028	)	5,404
Other comprehensive income
Items that may be reclassified subsequently to profit or loss
Currency translation differences	—	(191	)	(1,890	)	—		(2,081	)
Cash flow hedges and costs of hedging	—	—		(189	)	—		(189	)
Share of items relating to equity-accounted entities, net of tax	—	—		122		—		122
Income tax relating to items that may be reclassified	—	—		(38	)	—		(38	)
	—	(191	)	(1,995	)	—		(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	—	1,877		702		—		2,579
Cash flow hedges that will subsequently be transferred to the balance sheet	—	—		(22	)	—		(22	)
Income tax relating to items that will not be reclassified	—	—		(822	)	—		(822	)
	—	1,877		(142	)	—		1,735
Other comprehensive income	—	1,686		(2,137	)	—		(451	)
Equity-accounted other comprehensive income of subsidiaries	—	(2,106	)	—		2,106		—
Total comprehensive income	529	4,848		3,498		(3,922	)	4,953
Attributable to
BP shareholders	529	4,848		3,393		(3,922	)	4,848
Non-controlling interests	—	—		105		—		105
	529	4,848		3,498		(3,922	)	4,953

Disclosure of Condensed Balance Sheet

Balance sheet continued

At 31 December 2018	Issuer	Guarantor
$ million	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
Lease liabilities	—	—	44	—		44
Finance debt(a)	—	—	9,329	—		9,329
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
Lease liabilities	—	—	623	—		623
Finance debt(a)	—	—	55,803	—		55,803
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

Balance sheet

At 30 June 2019	Issuer	Guarantor
$ million	BP Exploration (Alaska) Inc.	BP p.l.c.	Other subsidiaries	Eliminations and reclassifications		BP group
Non-current assets
Property, plant and equipment	4,501	—	140,790	—		145,291
Goodwill	—	—	12,158	—		12,158
Intangible assets	608	—	15,023	—		15,631
Investments in joint ventures	—	—	8,637	—		8,637
Investments in associates	—	2	19,585	—		19,587
Other investments	—	—	1,250	—		1,250
Subsidiaries - equity-accounted basis	—	172,529	—	(172,529	)	—
Fixed assets	5,109	172,531	197,443	(172,529	)	202,554
Loans	9	—	27,422	(26,742	)	689
Trade and other receivables	13	2,599	2,133	(2,599	)	2,146
Derivative financial instruments	—	—	6,014	—		6,014
Prepayments	—	—	776	—		776
Deferred tax assets	—	—	3,624	—		3,624
Defined benefit pension plan surpluses	—	5,310	506	—		5,816
	5,131	180,440	237,918	(201,870	)	221,619
Current assets
Loans	—	—	313	—		313
Inventories	322	—	19,720	—		20,042
Trade and other receivables	2,692	151	47,808	(26,308	)	24,343
Derivative financial instruments	—	—	3,384	—		3,384
Prepayments	41	—	960	—		1,001
Current tax receivable	—	—	930	—		930
Other investments	—	—	135	—		135
Cash and cash equivalents	—	1	20,673	—		20,674
	3,055	152	93,923	(26,308	)	70,822
Assets classified as held for sale (Note 2)	—	—	721	—		721
	3,055	152	94,644	(26,308	)	71,543
Total assets	8,186	180,592	332,562	(228,178	)	293,162
Current liabilities
Trade and other payables	600	23,653	46,829	(26,308	)	44,774
Derivative financial instruments	—	—	2,601	—		2,601
Accruals	53	36	4,054	—		4,143
Lease liabilities	23	—	2,071	—		2,094
Finance debt	—	—	8,677	—		8,677
Current tax payable	7	—	2,377	—		2,384
Provisions	1	—	2,069	—		2,070
	684	23,689	68,678	(26,308	)	66,743
Liabilities directly associated with assets classified as held for sale (Note 2)	—	—	112	—		112
	684	23,689	68,790	(26,308	)	66,855
Non-current liabilities
Other payables	1	26,758	15,236	(29,341	)	12,654
Derivative financial instruments	—	—	5,187	—		5,187
Accruals	—	—	610	—		610
Lease liabilities	68	—	8,217	—		8,285
Finance debt	—	—	58,876	—		58,876
Deferred tax liabilities	637	1,907	7,128	—		9,672
Provisions	672	—	17,721	—		18,393
Defined benefit pension plan and other post-retirement benefit plan deficits	—	203	8,804	—		9,007
	1,378	28,868	121,779	(29,341	)	122,684
Total liabilities	2,062	52,557	190,569	(55,649	)	189,539
Net assets	6,124	128,035	141,993	(172,529	)	103,623
Equity
BP shareholders’ equity	6,124	128,035	139,855	(172,529	)	101,485
Non-controlling interests	—	—	2,138	—		2,138
	6,124	128,035	141,993	(172,529	)	103,623

Disclosure of Condensed Cash Flow Statement

Cash flow statement

First half 2019	Issuer		Guarantor
$ million	BP Exploration (Alaska) Inc.		BP p.l.c.		Other subsidiaries		Eliminations and reclassifications		BP group
Operating activities
Profit (loss) before taxation	378		4,757		8,508		(5,713	)	7,930
Adjustments to reconcile profit (loss) before taxation to net cash provided by operating activities
Depreciation, depletion and amortization and exploration expenditure written off	132		—		9,278		—		9,410
Impairment and (gain) loss on sale of businesses and fixed assets	(4	)	—		862		—		858
Earnings from equity-accounted entities, less dividends received	—		—		(984	)	—		(984	)
Equity accounted income of subsidiaries - after interest and tax	—		(5,713	)	—		5,713		—
Dividends received from subsidiaries	—		(1	)	—		1		—
Net charge for interest and other finance expense, less net interest paid	4		(71	)	217		—		150
Share-based payments	—		404		10		—		414
Net operating charge for pensions and other post-retirement benefits, less contributions and benefit payments for unfunded plans	—		(41	)	(104	)	—		(145	)
Net charge for provisions, less payments	24		—		(338	)	—		(314	)
Movements in inventories and other current and non-current assets and liabilities	(108	)	3,980		(6,625	)	—		(2,753	)
Income taxes paid	(321	)	(1	)	(2,133	)	—		(2,455	)
Net cash provided by operating activities	105		3,314		8,691		1		12,111
Investing activities
Expenditure on property, plant and equipment, intangible and other assets	(109	)	—		(7,419	)	—		(7,528	)
Acquisitions, net of cash acquired	—		—		(3,542	)	—		(3,542	)
Investment in joint ventures	—		—		(20	)	—		(20	)
Investment in associates	—		—		(199	)	—		(199	)
Total cash capital expenditure	(109	)	—		(11,180	)	—		(11,289	)
Proceeds from disposal of fixed assets	15		—		290		—		305
Proceeds from disposal of businesses, net of cash disposed	—		—		373		—		373
Proceeds from loan repayments	9		—		110		—		119
Net cash used in investing activities	(85	)	—		(10,407	)	—		(10,492	)
Financing activities(a)
Net issue (repurchase) of shares	—		(125	)	—		—		(125	)
Lease liability payments	(20	)	—		(1,192	)	—		(1,212	)
Proceeds from long-term financing	—		—		6,505		—		6,505
Repayments of long-term financing	—		—		(6,242	)	—		(6,242	)
Net increase (decrease) in short-term debt	—		—		970		—		970
Net increase (decrease) in non-controlling interests	—		—		—		—		—
Dividends paid - BP shareholders	—		(3,201	)	(12	)	(1	)	(3,214	)
- non-controlling interests	—		—		(119	)	—		(119	)
Net cash provided by (used in) financing activities	(20	)	(3,326	)	(90	)	(1	)	(3,437	)
Currency translation differences relating to cash and cash equivalents	—		—		24		—		24
Increase (decrease) in cash and cash equivalents	—		(12	)	(1,782	)	—		(1,794	)
Cash and cash equivalents at beginning of period	—		13		22,455		—		22,468
Cash and cash equivalents at end of period	—		1		20,673		—		20,674

Note 12. Condensed consolidating information on certain US subsidiaries (continued)

Cash flow statement continued

First half 2018	Issuer		Guarantor
$ million	BP Exploration (Alaska) Inc.		BP p.l.c.		Other subsidiaries		Eliminations and reclassifications		BP group
Operating activities
Profit (loss) before taxation	612		5,268		9,049		(6,028	)	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	261		—		7,988		—		8,249
Impairment and (gain) loss on sale of businesses and fixed assets	—		—		(93	)	—		(93	)
Earnings from equity-accounted entities, less dividends received	—		—		(1,524	)	—		(1,524	)
Equity accounted income of subsidiaries - after interest and tax	—		(6,028	)	—		6,028		—
Dividends received from subsidiaries	—		3		—		(3	)	—
Net charge for interest and other finance expense, less net interest paid	3		(49	)	317		—		271
Share-based payments	—		210		194		—		404
Net operating charge for pensions and other post-retirement benefits, less contributions and benefit payments for unfunded plans	—		(160	)	(104	)	—		(264	)
Net charge for provisions, less payments	9		—		215		—		224
Movements in inventories and other current and non-current assets and liabilities	(703	)	4,299		(5,564	)	(2,000	)	(3,968	)
Income taxes paid	(11	)	—		(2,237	)	—		(2,248	)
Net cash provided by operating activities	171		3,543		8,241		(2,003	)	9,952
Investing activities
Expenditure on property, plant and equipment, intangible and other assets	(171	)	—		(6,899	)	—		(7,070	)
Acquisitions, net of cash acquired	—		—		(1	)	—		(1	)
Investment in joint ventures	—		—		(57	)	—		(57	)
Investment in associates	—		—		(660	)	—		(660	)
Total cash capital expenditure	(171	)	—		(7,617	)	—		(7,788	)
Proceeds from disposal of fixed assets	—		—		190		—		190
Proceeds from disposal of businesses, net of cash disposed	—		—		127		—		127
Proceeds from loan repayments	—		—		33		—		33
Net cash used in investing activities	(171	)	—		(7,267	)	—		(7,438	)
Financing activities(a)
Net issue (repurchase) of shares	—		18		(218	)	—		(200	)
Lease liability payments	—		—		(14	)	—		(14	)
Proceeds from long-term financing	—		—		1,032		—		1,032
Repayments of long-term financing	—		—		(2,869	)	—		(2,869	)
Net increase (decrease) in short-term debt	—		—		(57	)	—		(57	)
Net increase (decrease) in non-controlling interests	—		—		(1	)	—		(1	)
Dividends paid - BP shareholders	—		(3,556	)	(2,003	)	2,003		(3,556	)
- non-controlling interests	—		—		(70	)	—		(70	)
Net cash provided by (used in) financing activities	—		(3,538	)	(4,200	)	2,003		(5,735	)
Currency translation differences relating to cash and cash equivalents	—		—		(169	)	—		(169	)
Increase (decrease) in cash and cash equivalents	—		5		(3,395	)	—		(3,390	)
Cash and cash equivalents at beginning of period	—		10		25,565		—		25,575
Cash and cash equivalents at end of period	—		15		22,170		—		22,185

(a) Financing cash flows for the half year 2018 have been re-presented to align with the current period. See Note 1 for further information.