XML 488 R45.htm IDEA: XBRL DOCUMENT v3.21.1
Significant accounting policies, judgements, estimates and assumptions (Tables)
 12 Months Ended
Dec. 31, 2020
Corporate Information And Statement Of IFRS Compliance [Abstract]  
Summary of typical useful lives of other property, plant and equipment
Other property, plant and equipment is depreciated on a straight-line basis over its expected useful life. The typical useful lives of the group’s other property, plant and equipment are as follows:
Land improvements
15 to 25 years
Buildings
20 to 50 years
Refineries
20 to 30 years
Petrochemicals plants
20 to 30 years
Pipelines
10 to 50 years
Service stations
15 years
Office equipment
3 to 10 years
Fixtures and fittings
5 to 15 years
$ million
Land and land improvementsBuildings
Oil and gas propertiesa
Plant, machinery and equipmentFittings, fixtures and office equipmentTransportationOil depots, storage tanks and service stationsTotal
Cost - owned PP&E
At 1 January 20203,609 1,422 214,352 46,724 2,532 3,474 8,694 280,807 
Exchange adjustments219 6 — 801 33 8 603 1,670 
Additions101 63 6,922 1,539 586 49 864 10,124 
Acquisitions89 — — 35 5 9 376 514 
Transfers from intangible assets— — 605 — — — — 605 
Reclassified as assets held for sale— — (1,425)— — — — (1,425)
Deletions(146)(281)(6,131)(6,185)(738)(491)(261)(14,233)
At 31 December 20203,872 1,210 214,323 42,914 2,418 3,049 10,276 278,062 
Depreciation - owned PP&E
At 1 January 2020581 697 124,766 21,527 2,006 2,744 4,865 157,186 
Exchange adjustments35 6 — 424 26 9 379 879 
Charge for the year113 46 10,068 1,312 170 77 740 12,526 
Impairment losses8 9 11,705 744 2 4 3 12,475 
Impairment reversals— (1)(83)— — (5)— (89)
Reclassified as assets held for sale— — (326)— — — — (326)
Deletions(45)(126)(5,579)(3,976)(359)(448)(201)(10,734)
At 31 December 2020692 631 140,551 20,031 1,845 2,381 5,786 171,917 
Owned PP&E - net book amount at 31 December 20203,180 579 73,772 22,883 573 668 4,490 106,145 
Right-of-use assets - net book amount at 31 December 2020b
— 1,254 77 792 21 2,855 3,692 8,691 
Total PP&E - net book amount at 31 December 20203,180 1,833 73,849 23,675 594 3,523 8,182 114,836 
Cost - owned PP&E
At 1 January 20193,562 1,502 232,684 45,721 2,747 10,183 8,866 305,265 
Exchange adjustments(22)5 — (158)15 (3)(69)(232)
Additions88 93 13,237 2,433 172 274 644 16,941 
Acquisitions51 — — — — — 8 59 
Transfers from intangible assets— — 1,885 — — — — 1,885 
Reclassified as assets held for sale(26)— (22,602)— (76)(6,708)— (29,412)
Deletions(44)(178)(10,852)(1,272)(326)(272)(755)(13,699)
At 31 December 20193,609 1,422 214,352 46,724 2,532 3,474 8,694 280,807 
Depreciation - owned PP&E
At 1 January 2019626 697 133,687 20,512 2,041 7,819 5,146 170,528 
Exchange adjustments(4)5 — (63)12 (3)(45)(98)
Charge for the year44 59 13,012 1,705 168 173 420 15,581 
Impairment losses1 1 5,871 64 1 404 4 6,346 
Impairment reversals— — (129)— — (2)— (131)
Reclassified as assets held for sale— — (17,764)— (69)(5,478)— (23,311)
Deletions(86)(65)(9,911)(691)(147)(169)(660)(11,729)
At 31 December 2019581 697 124,766 21,527 2,006 2,744 4,865 157,186 
Owned PP&E - net book amount at 31 December 20193,028 725 89,586 25,197 526 730 3,829 123,621 
Right-of-use assets - net book amount at 31 December 2019b
— 1,196 128 1,241 16 3,385 3,055 9,021 
Total PP&E - net book amount at 31 December 20193,028 1,921 89,714 26,438 542 4,115 6,884 132,642 
Assets under construction included above
At 31 December 202017,259 
At 31 December 201923,897 
Depreciation charge for the year on right-of-use assets
2020192 43 637 10 829 579 2,290 
2019220 31 671 9 784 526 2,241 
a For information on significant estimates and judgements made in relation to the estimation of oil and natural reserves see Property, plant and equipment within Note 1.
b $284 million (2019 $653 million) of drilling rig right-of-use assets and $2,521 million (2019 $2,929 million) of shipping vessel right-of-use assets are included in Plant, machinery and equipment and Transportation respectively.
Summary of sales and other operating revenues, change in presentation
In addition, bp chose to change its presentation of revenues from physically settled derivative sales contracts from 1 January 2020. Revenues from physically settled derivative sales contracts are no longer presented together with revenue from contracts with customers. In these financial statements they are now presented as other revenues. Comparative information in Note 6 for revenue from contracts with customers and other revenues have been re-presented to align with the current period as set out below.
$ million
2019 (previously reported)2019 (re-presented – see note 6)Presentational adjustments2018 (previously reported)2018 (re-presented – see note 6)Presentational adjustments
Crude oil62,130 9,141 52,989 65,276 10,331 54,945 
Oil products180,528 102,408 78,120 195,466 108,515 86,951 
Natural gas, LNG and NGLs20,167 18,909 1,258 21,745 20,494 1,251 
Non-oil products and other revenues from contracts with customers13,254 12,169 1,085 13,768 12,489 1,279 
Revenue from contracts with customers276,079 142,627 133,452 296,255 151,829 144,426 
Other operating revenues2,318 135,770 (133,452)2,501 146,927 (144,426)
Total sales and other operating revenues278,397 278,397 — 298,756 298,756 —