Top of
page 1
|
|
London 4 August 2020
|
|
BP p.l.c. Group results
|
|
Second quarter and half year 2020(a)
|
Highlights
|
Resetting for the future in face of difficult
conditions
|
Second quarter ($ billion)
|
Underlying RC profit (loss)
|
Profit (loss) for the period
|
Operating
cash flow excluding Gulf of Mexico oil spill payments
|
Helge Lund –
chairman:
|
Together with our results, we are today announcing BP’s new
strategy to deliver our net zero ambition, and a new investor
proposition underpinned by a coherent financial frame. Our investor
proposition includes a new distribution policy, which is designed
to reward our investors with committed distributions, and which has
informed the board’s decision on the dividend declared today
for the second quarter of 2020.
|
Financial summary
|
|
Second
|
First
|
Second
|
|
First
|
First
|
|||||
|
|
quarter
|
quarter
|
quarter
|
|
half
|
half
|
|||||
$ million
|
|
2020
|
2020
|
2019
|
|
2020
|
2019
|
|||||
Profit (loss) for the period attributable to BP
shareholders
|
|
(16,848
|
)
|
(4,365
|
)
|
1,822
|
|
|
(21,213
|
)
|
4,756
|
|
Inventory holding (gains) losses, net of tax
|
|
(809
|
)
|
3,737
|
|
(47
|
)
|
|
2,928
|
|
(886
|
)
|
RC profit (loss)
|
|
(17,657
|
)
|
(628
|
)
|
1,775
|
|
|
(18,285
|
)
|
3,870
|
|
Net
(favourable) adverse impact of non-operating items and fair value
accounting effects, net of tax
|
|
10,975
|
|
1,419
|
|
1,036
|
|
|
12,394
|
|
1,299
|
|
Underlying RC profit (loss)
|
|
(6,682
|
)
|
791
|
|
2,811
|
|
|
(5,891
|
)
|
5,169
|
|
RC profit (loss) per ordinary share (cents)
|
|
(87.32
|
)
|
(3.11
|
)
|
8.72
|
|
|
(90.52
|
)
|
19.10
|
|
RC profit (loss) per ADS (dollars)
|
|
(5.24
|
)
|
(0.19
|
)
|
0.52
|
|
|
(5.43
|
)
|
1.15
|
|
Underlying RC profit (loss) per ordinary share (cents)
|
|
(33.05
|
)
|
3.92
|
|
13.82
|
|
|
(29.17
|
)
|
25.51
|
|
Underlying RC profit (loss) per ADS (dollars)
|
|
(1.98
|
)
|
0.24
|
|
0.83
|
|
|
(1.75
|
)
|
1.53
|
|
Bernard Looney –
chief executive
officer:
|
“These
headline results have been driven by another very challenging
quarter, but also by the deliberate steps we have taken as we
continue to reimagine energy and reinvent bp. In particular, our
reset of long-term price assumptions and the related impairment and
exploration write-off charges had a major impact. Beneath these,
however, our performance remained resilient, with good cash flow
and – most importantly – safe and reliable
operations.”
|
The commentary above and following should be read in conjunction
with the cautionary statement on page 39.
|
Group headlines
Results
For the
half year, underlying replacement cost (RC) loss* was $5,891
million, compared with a profit of $5,169 million in 2019.
Underlying RC loss is after adjusting RC loss* for a net charge for
non-operating items* of $12,248 million and net adverse fair value
accounting effects* of $146 million (both on a post-tax
basis).
RC loss
was $18,285 million for the half year, compared with a profit of
$3,870 million in 2019.
For the
second quarter, underlying RC loss was $6,682 million, compared
with a profit of $2,811 million in 2019. Underlying RC loss is
after adjusting RC loss for a net charge for non-operating items of
$10,857 million and net adverse fair value accounting effects of
$118 million (both on a post-tax basis).
RC loss
was $17,657 million for the second quarter, compared with a profit
of $1,775
million in 2019.
Loss
for the second quarter and half year attributable to BP
shareholders was $16,848 million and $21,213 million respectively,
compared with a profit of $1,822 million and $4,756 million for the
same periods in 2019.
See
further information on pages 4, 29 and 30.
Depreciation, depletion and amortization
The
charge for depreciation, depletion and amortization was $3.9
billion in the quarter and $8.0 billion in the half year, compared
with $4.6 billion and $9.0 billion for the same periods in 2019. BP
now expects the 2020 full-year charge to be around 10% lower than
2019.
Effective tax rate
The
effective tax rate (ETR) on RC profit or loss* for the second
quarter and half year was 19% and 15% respectively, compared with
39% and 41% for the same periods in 2019. Adjusting for
non-operating items and fair value accounting effects, the
underlying ETR* for the second quarter and half year was 9% and -3%
respectively, compared with 34% and 37% for the same periods a year
ago. The lower underlying ETR for the second quarter and half year
reflects the exploration write-offs with a limited deferred tax
benefit and the reassessment of deferred tax asset recognition. The
underlying ETR in the second half of the year remains sensitive to
the volatility in the current environment. ETR on RC profit or loss
and underlying ETR are non-GAAP measures.
Dividend
BP
today announced a quarterly dividend of 5.25 cents per ordinary
share ($0.315 per ADS), which is expected to be paid on 25
September 2020. The corresponding amount in sterling will be
announced on 14 September 2020. See page 26 for more
information.
|
Share buybacks
BP
repurchased 120 million ordinary shares at a cost of $776 million
(including fees and stamp duty) in the first half year of 2020, all
of which was completed in the first quarter. In January 2020, the
share dilution buyback programme had fully offset the impact of
scrip dilution since the third quarter 2017.
Operating cash flow*
Operating
cash flow excluding Gulf of Mexico oil spill payments* was $4.8
billion for the second quarter and $6.1 billion for the half year.
These amounts include a working capital* release of $1.5 billion in
the second quarter and a working capital build of $2.2 billion in
the half year, after adjusting for net inventory holding gains or
losses* and working capital effects of the Gulf of Mexico oil
spill. The comparable amount for the same periods in 2019 was $8.2
billion and $14.2 billion.
Operating
cash flow as reported in the group cash flow statement was $3.7
billion for the second quarter and $4.7 billion for the half year,
including a working capital build of $0.6 billion and a working
capital release of $0.1 billion respectively, compared with $6.8
billion and $12.1 billion for the same periods in
2019.
See
page 32 and Glossary for further information on Gulf of Mexico oil
spill cash flows and on working capital.
Capital expenditure*
Organic
capital expenditure* for the second quarter and half year was $3.0
billion and $6.6 billion respectively, compared with $3.7 billion
and $7.3 billion for the same periods in 2019.
Inorganic
capital expenditure* for the second quarter and half year was $33
million and $0.4 billion respectively, compared with $2.0 billion
and $4.0 billion for the same periods in 2019.
Organic
capital expenditure and inorganic capital expenditure are non-GAAP
measures. See page 28 for further information.
Divestment and other proceeds
Divestment
and other proceeds were $1.1 billion for the second quarter,
including the first tranche of petrochemicals disposal proceeds and
TANAP pipeline refinancing, and $1.8 billion for the half year,
compared with $0.1 billion and $0.7 billion for the same periods in
2019.
Net debt* and gearing*
Net
debt at 30 June 2020 was $40.9 billion, compared with
$46.5 billion a year ago. Gearing at 30 June 2020 was
33.1%, compared with 31.0% a year ago. Gearing including leases* at
30 June 2020 was 37.7%, compared with 35.3% a year ago.
Net debt, gearing and gearing including leases are non-GAAP
measures. See pages 27 and 31 for more information.
|
The commentary above contains forward-looking statements and should
be read in conjunction with the cautionary statement on page
39.
|
|
|
Second
|
First
|
Second
|
|
First
|
First
|
|||||
|
|
quarter
|
quarter
|
quarter
|
|
half
|
half
|
|||||
$ million
|
|
2020
|
2020
|
2019
|
|
2020
|
2019
|
|||||
Underlying RC profit (loss) before interest and tax
|
|
|
|
|
|
|
|
|||||
Upstream
|
|
(8,487
|
)
|
1,871
|
|
3,413
|
|
|
(6,616
|
)
|
6,341
|
|
Downstream
|
|
1,405
|
|
921
|
|
1,365
|
|
|
2,326
|
|
3,098
|
|
Rosneft
|
|
(61
|
)
|
(17
|
)
|
638
|
|
|
(78
|
)
|
1,205
|
|
Other
businesses and corporate
|
|
(260
|
)
|
(561
|
)
|
(290
|
)
|
|
(821
|
)
|
(708
|
)
|
Consolidation
adjustment – UPII*
|
|
(46
|
)
|
178
|
|
34
|
|
|
132
|
|
21
|
|
Underlying RC profit (loss) before interest and tax
|
|
(7,449
|
)
|
2,392
|
|
5,160
|
|
|
(5,057
|
)
|
9,957
|
|
Finance
costs and net finance expense relating to pensions and other
post-retirement benefits
|
|
(677
|
)
|
(668
|
)
|
(752
|
)
|
|
(1,345
|
)
|
(1,506
|
)
|
Taxation on an underlying RC basis
|
|
770
|
|
(953
|
)
|
(1,515
|
)
|
|
(183
|
)
|
(3,135
|
)
|
Non-controlling interests
|
|
674
|
|
20
|
|
(82
|
)
|
|
694
|
|
(147
|
)
|
Underlying RC profit (loss) attributable to BP
shareholders
|
|
(6,682
|
)
|
791
|
|
2,811
|
|
|
(5,891
|
)
|
5,169
|
|
|
|
Second
|
First
|
Second
|
|
First
|
First
|
|||||
|
|
quarter
|
quarter
|
quarter
|
|
half
|
half
|
|||||
$ million
|
|
2020
|
2020
|
2019
|
|
2020
|
2019
|
|||||
RC profit (loss) before interest and tax
|
|
|
|
|
|
|
|
|||||
Upstream
|
|
(22,008
|
)
|
1,023
|
|
2,469
|
|
|
(20,985
|
)
|
5,353
|
|
Downstream
|
|
594
|
|
664
|
|
1,288
|
|
|
1,258
|
|
3,053
|
|
Rosneft
|
|
(124
|
)
|
(17
|
)
|
525
|
|
|
(141
|
)
|
1,011
|
|
Other
businesses and corporate
|
|
(317
|
)
|
(698
|
)
|
(381
|
)
|
|
(1,015
|
)
|
(927
|
)
|
Consolidation
adjustment – UPII
|
|
(46
|
)
|
178
|
|
34
|
|
|
132
|
|
21
|
|
RC profit (loss) before interest and tax
|
|
(21,901
|
)
|
1,150
|
|
3,935
|
|
|
(20,751
|
)
|
8,511
|
|
Finance
costs and net finance expense relating to pensions and other
post-retirement benefits
|
|
(791
|
)
|
(790
|
)
|
(868
|
)
|
|
(1,581
|
)
|
(1,750
|
)
|
Taxation on a RC basis
|
|
4,361
|
|
(1,008
|
)
|
(1,210
|
)
|
|
3,353
|
|
(2,744
|
)
|
Non-controlling interests
|
|
674
|
|
20
|
|
(82
|
)
|
|
694
|
|
(147
|
)
|
RC profit (loss) attributable to BP shareholders
|
|
(17,657
|
)
|
(628
|
)
|
1,775
|
|
|
(18,285
|
)
|
3,870
|
|
Inventory holding gains (losses)*
|
|
1,088
|
|
(4,884
|
)
|
81
|
|
|
(3,796
|
)
|
1,169
|
|
Taxation (charge) credit on inventory holding gains and
losses
|
|
(279
|
)
|
1,147
|
|
(34
|
)
|
|
868
|
|
(283
|
)
|
Profit (loss) for the period attributable to BP
shareholders
|
|
(16,848
|
)
|
(4,365
|
)
|
1,822
|
|
|
(21,213
|
)
|
4,756
|
|
Operational updates
Upstream
Upstream
production, which excludes Rosneft, for the first half of the year
averaged 2,552mboe/d, 3.3% lower than a year earlier. Underlying
production*, was 1.0% higher than 2019 mainly due to ramp up of
major projects*.
The
sale of the upstream portion of BP’s Alaska business
completed on 30 June. Hilcorp Energy and BP continue to work with
regulators and subject to approvals, expect to complete the sale of
the midstream portion, including BP’s interest in the Trans
Alaska Pipeline, during 2020. BP and Premier Oil signed sale and
purchase agreements, reflecting final agreed terms, for the
divestment of the Andrew Area and Shearwater assets in the UK North
Sea. Subject to approvals, the transaction is expected to complete
by the end of the third quarter of 2020.
Upstream
has delayed exploration and appraisal activities and curtailed
development activities in lower margin areas, as well as rephasing
or minimizing spend on projects in the early phases of development.
These interventions are expected to reduce 2020 reported production
by around 70mboe/d.
Downstream
The
second quarter saw the weakest industry refining environment in
over 15 years, and an unprecedented fall in product demand driven
by COVID-19. While refining operations in the quarter were strong,
with BP-operated refining
availability of 95.6%, demand destruction resulted in lower
utilization.
In June
BP announced the sale of its petrochemicals business to INEOS for a
total consideration of $5 billion. Subject to approvals, the
transaction is expected to complete before the end of the
year.
In July
BP and Reliance Industries completed the formation of the new fuel
and mobility joint venture that will operate across India under the
Jio-bp brand.
|
Low carbon
BP
entered into an agreement with China’s ENN to work together
to supply 300,000 tonnes a year of regasified LNG to ENN's
customers in Guangdong province. BP also agreed with Enágas in
Spain to jointly promote LNG and CNG for transport and the use of
renewable gas.
In July
BP announced plans to work with JinkoPower, a leading Chinese solar
power company, to offer integrated decarbonized energy solutions
and services to customers in China. It also announced plans to
invest $70 million in India’s Green Growth Equity Fund to
support the growing renewable energy sector in India.
Petrofac
and BP extended their partnership with a new metering contract for
four years. BP has invested in Satelytics whose technology is
expected to aid in the deployment of a suite of methane detecting
techniques across new and existing major facilities.
Financial framework
Operating cash flow excluding Gulf of Mexico oil spill
payments* was $6.1 billion for the half year of 2020, compared with
$14.2 billion for the same period in 2019.
Organic capital expenditure* for the half year of 2020 was
$6.6 billion. BP expects 2020 organic capital expenditure to be
around $12 billion.
Divestment and other proceeds were $1.8 billion for the half
year of 2020.
Gulf of Mexico oil spill payments on a post-tax basis were
$1.4 billion in the half year of 2020. BP now expects the post-tax
payments to be around $1.5 billion in 2020.
Gearing* at 30 June 2020 was 33.1%, in part
reflecting the recent hybrid bond issue. See page 27 for more
information.
|
Operating metrics
|
|
First half 2020
|
|
Financial metrics
|
|
First half 2020
|
|
(vs. First half 2019)
|
|
|
(vs. First half 2019)
|
||
Tier 1 and tier 2 process safety events
|
|
47
|
|
Underlying RC profit (loss)*
|
|
$(5.9)bn
|
|
(-2)
|
|
|
(-$11.1bn)
|
||
Reported recordable injury frequency*
|
|
0.131
|
|
Operating cash flow excluding Gulf of Mexico oil spill payments
(post-tax)
|
|
$6.1bn
|
|
(-29.8%)
|
|
|
(-$8.1bn)
|
||
Group production
|
|
3,655mboe/d
|
|
Organic capital expenditure
|
|
$6.6bn
|
|
(-3.5%)
|
|
|
(-$0.8bn)
|
||
Upstream production (excludes Rosneft segment)
|
|
2,552mboe/d
|
|
Gulf of Mexico oil spill payments (post-tax)
|
|
$1.4bn
|
|
(-3.3%)
|
|
|
(-$0.7bn)
|
||
Upstream unit production costs*(a)
|
|
$6.13/boe
|
|
Divestment proceeds*
|
|
$1.4bn
|
|
(-12.6%)
|
|
|
(+$0.7bn)
|
||
BP-operated Upstream plant reliability*
|
|
94.2%
|
|
Gearing
|
|
33.1%
|
|
(-0.7)
|
|
|
(+2.1)
|
||
BP-operated refining availability*
|
|
95.9%
|
|
Dividend per ordinary share(b)
|
|
5.25 cents
|
|
(+2.0)
|
|
|
(-48.8%)
|
The commentary above contains forward-looking statements and should
be read in conjunction with the cautionary statement on page
39.
|
|
|
Second
|
First
|
Second
|
|
First
|
First
|
|||||
|
|
quarter
|
quarter
|
quarter
|
|
half
|
half
|
|||||
$ million
|
|
2020
|
2020
|
2019
|
|
2020
|
2019
|
|||||
Profit (loss) before interest and tax
|
|
(21,951
|
)
|
955
|
|
2,459
|
|
|
(20,996
|
)
|
5,345
|
|
Inventory holding (gains) losses*
|
|
(57
|
)
|
68
|
|
10
|
|
|
11
|
|
8
|
|
RC profit (loss) before interest and tax
|
|
(22,008
|
)
|
1,023
|
|
2,469
|
|
|
(20,985
|
)
|
5,353
|
|
Net
(favourable) adverse impact of non-operating items* and fair value
accounting effects*
|
|
13,521
|
|
848
|
|
944
|
|
|
14,369
|
|
988
|
|
Underlying
RC profit (loss) before interest and tax*(a)
|
|
(8,487
|
)
|
1,871
|
|
3,413
|
|
|
(6,616
|
)
|
6,341
|
|
The commentary above contains forward-looking statements and should
be read in conjunction with the cautionary statement on page
39.
|
|
|
Second
|
First
|
Second
|
|
First
|
First
|
|||||
|
|
quarter
|
quarter
|
quarter
|
|
half
|
half
|
|||||
$ million
|
|
2020
|
2020
|
2019
|
|
2020
|
2019
|
|||||
Underlying RC profit (loss) before interest and tax
|
|
|
|
|
|
|
|
|||||
US
|
|
(2,960
|
)
|
539
|
|
861
|
|
|
(2,421
|
)
|
1,473
|
|
Non-US
|
|
(5,527
|
)
|
1,332
|
|
2,552
|
|
|
(4,195
|
)
|
4,868
|
|
|
|
(8,487
|
)
|
1,871
|
|
3,413
|
|
|
(6,616
|
)
|
6,341
|
|
Non-operating items(a)(b)
|
|
|
|
|
|
|
|
|||||
US
|
|
(2,122
|
)
|
(632
|
)
|
(446
|
)
|
|
(2,754
|
)
|
(476
|
)
|
Non-US
|
|
(11,332
|
)
|
(439
|
)
|
(320
|
)
|
|
(11,771
|
)
|
(294
|
)
|
|
|
(13,454
|
)
|
(1,071
|
)
|
(766
|
)
|
|
(14,525
|
)
|
(770
|
)
|
Fair value accounting effects
|
|
|
|
|
|
|
|
|||||
US
|
|
39
|
|
(2
|
)
|
(225
|
)
|
|
37
|
|
(318
|
)
|
Non-US
|
|
(106
|
)
|
225
|
|
47
|
|
|
119
|
|
100
|
|
|
|
(67
|
)
|
223
|
|
(178
|
)
|
|
156
|
|
(218
|
)
|
RC profit (loss) before interest and tax
|
|
|
|
|
|
|
|
|||||
US
|
|
(5,043
|
)
|
(95
|
)
|
190
|
|
|
(5,138
|
)
|
679
|
|
Non-US
|
|
(16,965
|
)
|
1,118
|
|
2,279
|
|
|
(15,847
|
)
|
4,674
|
|
|
|
(22,008
|
)
|
1,023
|
|
2,469
|
|
|
(20,985
|
)
|
5,353
|
|
Exploration expense
|
|
|
|
|
|
|
|
|||||
US
|
|
2,560
|
|
20
|
|
69
|
|
|
2,580
|
|
94
|
|
Non-US
|
|
7,114
|
|
182
|
|
77
|
|
|
7,296
|
|
419
|
|
|
|
9,674
|
|
202
|
|
146
|
|
|
9,876
|
|
513
|
|
Of
which: Exploration expenditure written off(b)
|
|
9,618
|
|
98
|
|
77
|
|
|
9,716
|
|
361
|
|
Production (net of
royalties)(c)(d)
|
|
|
|
|
|
|
|
|||||
Liquids* (mb/d)
|
|
|
|
|
|
|
|
|||||
US
|
|
472
|
|
505
|
|
506
|
|
|
488
|
|
480
|
|
Europe
|
|
166
|
|
147
|
|
137
|
|
|
156
|
|
148
|
|
Rest of World
|
|
728
|
|
655
|
|
658
|
|
|
691
|
|
672
|
|
|
|
1,366
|
|
1,306
|
|
1,301
|
|
|
1,336
|
|
1,300
|
|
Natural gas (mmcf/d)
|
|
|
|
|
|
|
|
|||||
US
|
|
1,549
|
|
2,050
|
|
2,410
|
|
|
1,799
|
|
2,360
|
|
Europe
|
|
298
|
|
244
|
|
132
|
|
|
271
|
|
139
|
|
Rest of World
|
|
4,878
|
|
5,093
|
|
5,138
|
|
|
4,985
|
|
5,276
|
|
|
|
6,725
|
|
7,387
|
|
7,680
|
|
|
7,056
|
|
7,775
|
|
Total hydrocarbons* (mboe/d)
|
|
|
|
|
|
|
|
|||||
US
|
|
739
|
|
858
|
|
921
|
|
|
799
|
|
887
|
|
Europe
|
|
217
|
|
189
|
|
160
|
|
|
203
|
|
172
|
|
Rest of World
|
|
1,569
|
|
1,533
|
|
1,544
|
|
|
1,551
|
|
1,581
|
|
|
|
2,525
|
|
2,579
|
|
2,625
|
|
|
2,552
|
|
2,640
|
|
Average realizations*(e)
|
|
|
|
|
|
|
|
|||||
Total
liquids(f)
($/bbl)
|
|
22.75
|
|
47.47
|
|
62.63
|
|
|
34.39
|
|
59.61
|
|
Natural gas ($/mcf)
|
|
2.53
|
|
2.83
|
|
3.35
|
|
|
2.69
|
|
3.68
|
|
Total hydrocarbons ($/boe)
|
|
19.06
|
|
31.80
|
|
40.64
|
|
|
25.36
|
|
40.02
|
|
|
|
Second
|
First
|
Second
|
|
First
|
First
|
|||||
|
|
quarter
|
quarter
|
quarter
|
|
half
|
half
|
|||||
$ million
|
|
2020
|
2020
|
2019
|
|
2020
|
2019
|
|||||
Profit (loss) before interest and tax
|
|
1,572
|
|
(3,951
|
)
|
1,381
|
|
|
(2,379
|
)
|
4,192
|
|
Inventory holding (gains) losses*
|
|
(978
|
)
|
4,615
|
|
(93
|
)
|
|
3,637
|
|
(1,139
|
)
|
RC profit before interest and tax
|
|
594
|
|
664
|
|
1,288
|
|
|
1,258
|
|
3,053
|
|
Net
(favourable) adverse impact of non-operating items* and fair value
accounting effects*
|
|
811
|
|
257
|
|
77
|
|
|
1,068
|
|
45
|
|
Underlying
RC profit before interest and tax*(a)
|
|
1,405
|
|
921
|
|
1,365
|
|
|
2,326
|
|
3,098
|
|
The commentary above contains forward-looking statements and should
be read in conjunction with the cautionary statement on page
39.
|
|
|
Second
|
First
|
Second
|
|
First
|
First
|
|||||
|
|
quarter
|
quarter
|
quarter
|
|
half
|
half
|
|||||
$ million
|
|
2020
|
2020
|
2019
|
|
2020
|
2019
|
|||||
Underlying RC profit before interest and tax - by
region
|
|
|
|
|
|
|
|
|||||
US
|
|
719
|
|
557
|
|
566
|
|
|
1,276
|
|
1,097
|
|
Non-US
|
|
686
|
|
364
|
|
799
|
|
|
1,050
|
|
2,001
|
|
|
|
1,405
|
|
921
|
|
1,365
|
|
|
2,326
|
|
3,098
|
|
Non-operating items
|
|
|
|
|
|
|
|
|||||
US
|
|
(69
|
)
|
6
|
|
2
|
|
|
(63
|
)
|
3
|
|
Non-US
|
|
(711
|
)
|
(4
|
)
|
(33
|
)
|
|
(715
|
)
|
(38
|
)
|
|
|
(780
|
)
|
2
|
|
(31
|
)
|
|
(778
|
)
|
(35
|
)
|
Fair value accounting
effects(a)
|
|
|
|
|
|
|
|
|||||
US
|
|
(71
|
)
|
145
|
|
8
|
|
|
74
|
|
69
|
|
Non-US
|
|
40
|
|
(404
|
)
|
(54
|
)
|
|
(364
|
)
|
(79
|
)
|
|
|
(31
|
)
|
(259
|
)
|
(46
|
)
|
|
(290
|
)
|
(10
|
)
|
RC profit before interest and tax
|
|
|
|
|
|
|
|
|||||
US
|
|
579
|
|
708
|
|
576
|
|
|
1,287
|
|
1,169
|
|
Non-US
|
|
15
|
|
(44
|
)
|
712
|
|
|
(29
|
)
|
1,884
|
|
|
|
594
|
|
664
|
|
1,288
|
|
|
1,258
|
|
3,053
|
|
Underlying RC profit before interest and tax - by
business(b)(c)
|
|
|
|
|
|
|
|
|||||
Fuels
|
|
1,295
|
|
689
|
|
961
|
|
|
1,984
|
|
2,253
|
|
Lubricants
|
|
63
|
|
167
|
|
321
|
|
|
230
|
|
593
|
|
Petrochemicals
|
|
47
|
|
65
|
|
83
|
|
|
112
|
|
252
|
|
|
|
1,405
|
|
921
|
|
1,365
|
|
|
2,326
|
|
3,098
|
|
Non-operating items and fair value accounting
effects(a)
|
|
|
|
|
|
|
|
|||||
Fuels
|
|
(748
|
)
|
(257
|
)
|
(99
|
)
|
|
(1,005
|
)
|
(62
|
)
|
Lubricants
|
|
(51
|
)
|
—
|
|
22
|
|
|
(51
|
)
|
18
|
|
Petrochemicals
|
|
(12
|
)
|
—
|
|
—
|
|
|
(12
|
)
|
(1
|
)
|
|
|
(811
|
)
|
(257
|
)
|
(77
|
)
|
|
(1,068
|
)
|
(45
|
)
|
RC profit before interest and tax(b)(c)
|
|
|
|
|
|
|
|
|||||
Fuels
|
|
547
|
|
432
|
|
862
|
|
|
979
|
|
2,191
|
|
Lubricants
|
|
12
|
|
167
|
|
343
|
|
|
179
|
|
611
|
|
Petrochemicals
|
|
35
|
|
65
|
|
83
|
|
|
100
|
|
251
|
|
|
|
594
|
|
664
|
|
1,288
|
|
|
1,258
|
|
3,053
|
|
|
|
|
|
|
|
|
|
|||||
BP average refining marker margin (RMM)* ($/bbl)
|
|
5.9
|
|
8.8
|
|
15.2
|
|
|
7.4
|
|
12.7
|
|
|
|
|
|
|
|
|
|
|||||
Refinery throughputs (mb/d)
|
|
|
|
|
|
|
|
|||||
US
|
|
614
|
|
748
|
|
673
|
|
|
681
|
|
703
|
|
Europe
|
|
716
|
|
835
|
|
715
|
|
|
776
|
|
741
|
|
Rest of World
|
|
157
|
|
223
|
|
209
|
|
|
190
|
|
223
|
|
|
|
1,487
|
|
1,806
|
|
1,597
|
|
|
1,647
|
|
1,667
|
|
BP-operated refining availability* (%)
|
|
95.6
|
|
96.1
|
|
93.4
|
|
|
95.9
|
|
93.9
|
|
|
|
|
|
|
|
|
|
|||||
Marketing sales of refined products (mb/d)
|
|
|
|
|
|
|
|
|||||
US
|
|
872
|
|
1,038
|
|
1,174
|
|
|
955
|
|
1,126
|
|
Europe
|
|
685
|
|
954
|
|
1,091
|
|
|
820
|
|
1,042
|
|
Rest of World
|
|
364
|
|
519
|
|
520
|
|
|
441
|
|
520
|
|
|
|
1,921
|
|
2,511
|
|
2,785
|
|
|
2,216
|
|
2,688
|
|
Trading/supply sales of refined products
|
|
3,172
|
|
3,377
|
|
3,099
|
|
|
3,274
|
|
3,197
|
|
Total sales volumes of refined products
|
|
5,093
|
|
5,888
|
|
5,884
|
|
|
5,490
|
|
5,885
|
|
|
|
|
|
|
|
|
|
|||||
Petrochemicals production (kte)
|
|
|
|
|
|
|
|
|||||
US
|
|
410
|
|
611
|
|
584
|
|
|
1,021
|
|
1,185
|
|
Europe
|
|
1,246
|
|
1,371
|
|
1,226
|
|
|
2,617
|
|
2,386
|
|
Rest of World
|
|
1,271
|
|
1,153
|
|
1,156
|
|
|
2,424
|
|
2,455
|
|
|
|
2,927
|
|
3,135
|
|
2,966
|
|
|
6,062
|
|
6,026
|
|
|
|
Second
|
First
|
Second
|
|
First
|
First
|
|||||
|
|
quarter
|
quarter
|
quarter
|
|
half
|
half
|
|||||
$ million
|
|
2020(a)
|
2020
|
2019
|
|
2020(a)
|
2019
|
|||||
Profit
(loss) before interest and tax(b)(c)
|
|
(71
|
)
|
(218
|
)
|
523
|
|
|
(289
|
)
|
1,049
|
|
Inventory holding (gains) losses*
|
|
(53
|
)
|
201
|
|
2
|
|
|
148
|
|
(38
|
)
|
RC profit (loss) before interest and tax
|
|
(124
|
)
|
(17
|
)
|
525
|
|
|
(141
|
)
|
1,011
|
|
Net charge (credit) for non-operating items*
|
|
63
|
|
—
|
|
113
|
|
|
63
|
|
194
|
|
Underlying RC profit (loss) before interest and tax*
|
|
(61
|
)
|
(17
|
)
|
638
|
|
|
(78
|
)
|
1,205
|
|
|
|
Second
|
First
|
Second
|
|
First
|
First
|
|||||
|
|
quarter
|
quarter
|
quarter
|
|
half
|
half
|
|||||
|
|
2020(a)
|
2020
|
2019
|
|
2020(a)
|
2019
|
|||||
Production (net of royalties) (BP share)
|
|
|
|
|
|
|
|
|||||
Liquids* (mb/d)
|
|
856
|
|
916
|
|
912
|
|
|
886
|
|
924
|
|
Natural gas (mmcf/d)
|
|
1,248
|
|
1,275
|
|
1,250
|
|
|
1,261
|
|
1,288
|
|
Total hydrocarbons* (mboe/d)
|
|
1,071
|
|
1,136
|
|
1,127
|
|
|
1,103
|
|
1,146
|
|
|
|
Second
|
First
|
Second
|
|
First
|
First
|
|||||
|
|
quarter
|
quarter
|
quarter
|
|
half
|
half
|
|||||
$ million
|
|
2020
|
2020
|
2019
|
|
2020
|
2019
|
|||||
Profit (loss) before interest and tax
|
|
(317
|
)
|
(698
|
)
|
(381
|
)
|
|
(1,015
|
)
|
(927
|
)
|
Inventory holding (gains) losses*
|
|
—
|
|
—
|
|
—
|
|
|
—
|
|
—
|
|
RC profit (loss) before interest and tax
|
|
(317
|
)
|
(698
|
)
|
(381
|
)
|
|
(1,015
|
)
|
(927
|
)
|
Net
(favourable) adverse impact of non-operating items* and fair value
accounting effects*
|
|
57
|
|
137
|
|
91
|
|
|
194
|
|
219
|
|
Underlying RC profit (loss) before interest and tax*
|
|
(260
|
)
|
(561
|
)
|
(290
|
)
|
|
(821
|
)
|
(708
|
)
|
Underlying RC profit (loss) before interest and tax
|
|
|
|
|
|
|
|
|||||
US
|
|
(129
|
)
|
(124
|
)
|
(224
|
)
|
|
(253
|
)
|
(379
|
)
|
Non-US
|
|
(131
|
)
|
(437
|
)
|
(66
|
)
|
|
(568
|
)
|
(329
|
)
|
|
|
(260
|
)
|
(561
|
)
|
(290
|
)
|
|
(821
|
)
|
(708
|
)
|
Non-operating items
|
|
|
|
|
|
|
|
|||||
US
|
|
(62
|
)
|
(48
|
)
|
(78
|
)
|
|
(110
|
)
|
(206
|
)
|
Non-US
|
|
46
|
|
(89
|
)
|
(13
|
)
|
|
(43
|
)
|
(13
|
)
|
|
|
(16
|
)
|
(137
|
)
|
(91
|
)
|
|
(153
|
)
|
(219
|
)
|
Fair value accounting effects
|
|
|
|
|
|
|
|
|||||
US
|
|
—
|
|
—
|
|
—
|
|
|
—
|
|
—
|
|
Non-US
|
|
(41
|
)
|
—
|
|
—
|
|
|
(41
|
)
|
—
|
|
|
|
(41
|
)
|
—
|
|
—
|
|
|
(41
|
)
|
—
|
|
RC profit (loss) before interest and tax
|
|
|
|
|
|
|
|
|||||
US
|
|
(191
|
)
|
(172
|
)
|
(302
|
)
|
|
(363
|
)
|
(585
|
)
|
Non-US
|
|
(126
|
)
|
(526
|
)
|
(79
|
)
|
|
(652
|
)
|
(342
|
)
|
|
|
(317
|
)
|
(698
|
)
|
(381
|
)
|
|
(1,015
|
)
|
(927
|
)
|
The commentary above contains forward-looking statements and should
be read in conjunction with the cautionary statement on page
39.
|
Bernard Looney
|
Murray Auchincloss
|
Chief Executive Officer
|
Chief Financial Officer
|
3 August 2020
|
3 August 2020
|
|
|
Second
|
First
|
Second
|
|
First
|
First
|
|||||
|
|
quarter
|
quarter
|
quarter
|
|
half
|
half
|
|||||
$ million
|
|
2020
|
2020
|
2019
|
|
2020
|
2019
|
|||||
|
|
|
|
|
|
|
|
|||||
Sales and other operating revenues (Note 6)
|
|
31,676
|
|
59,650
|
|
72,676
|
|
|
91,326
|
|
138,997
|
|
Earnings from joint ventures – after interest and
tax
|
|
(567
|
)
|
(22
|
)
|
138
|
|
|
(589
|
)
|
323
|
|
Earnings from associates – after interest and
tax
|
|
(100
|
)
|
(244
|
)
|
608
|
|
|
(344
|
)
|
1,257
|
|
Interest and other income
|
|
107
|
|
140
|
|
270
|
|
|
247
|
|
433
|
|
Gains on sale of businesses and fixed assets
|
|
74
|
|
16
|
|
55
|
|
|
90
|
|
144
|
|
Total revenues and other income
|
|
31,190
|
|
59,540
|
|
73,747
|
|
|
90,730
|
|
141,154
|
|
Purchases
|
|
18,778
|
|
48,878
|
|
55,683
|
|
|
67,656
|
|
103,955
|
|
Production and manufacturing expenses
|
|
5,211
|
|
6,099
|
|
5,391
|
|
|
11,310
|
|
10,747
|
|
Production and similar taxes (Note 8)
|
|
124
|
|
203
|
|
371
|
|
|
327
|
|
795
|
|
Depreciation, depletion and amortization (Note 7)
|
|
3,937
|
|
4,059
|
|
4,588
|
|
|
7,996
|
|
9,049
|
|
Impairment and losses on sale of businesses and fixed assets (Note
3)
|
|
11,770
|
|
1,149
|
|
906
|
|
|
12,919
|
|
1,002
|
|
Exploration expense (Note 4)
|
|
9,674
|
|
202
|
|
146
|
|
|
9,876
|
|
513
|
|
Distribution and administration expenses
|
|
2,509
|
|
2,684
|
|
2,646
|
|
|
5,193
|
|
5,413
|
|
Profit (loss) before interest and taxation
|
|
(20,813
|
)
|
(3,734
|
)
|
4,016
|
|
|
(24,547
|
)
|
9,680
|
|
Finance costs
|
|
783
|
|
783
|
|
853
|
|
|
1,566
|
|
1,720
|
|
Net
finance expense relating to pensions and other post-retirement
benefits
|
|
8
|
|
7
|
|
15
|
|
|
15
|
|
30
|
|
Profit (loss) before taxation
|
|
(21,604
|
)
|
(4,524
|
)
|
3,148
|
|
|
(26,128
|
)
|
7,930
|
|
Taxation
|
|
(4,082
|
)
|
(139
|
)
|
1,244
|
|
|
(4,221
|
)
|
3,027
|
|
Profit (loss) for the period
|
|
(17,522
|
)
|
(4,385
|
)
|
1,904
|
|
|
(21,907
|
)
|
4,903
|
|
Attributable to
|
|
|
|
|
|
|
|
|||||
BP
shareholders
|
|
(16,848
|
)
|
(4,365
|
)
|
1,822
|
|
|
(21,213
|
)
|
4,756
|
|
Non-controlling
interests
|
|
(674
|
)
|
(20
|
)
|
82
|
|
|
(694
|
)
|
147
|
|
|
|
(17,522
|
)
|
(4,385
|
)
|
1,904
|
|
|
(21,907
|
)
|
4,903
|
|
|
|
|
|
|
|
|
|
|||||
Earnings per share (Note 9)
|
|
|
|
|
|
|
|
|||||
Profit (loss) for the period attributable to BP
shareholders
|
|
|
|
|
|
|
|
|||||
Per
ordinary share (cents)
|
|
|
|
|
|
|
|
|||||
Basic
|
|
(83.32
|
)
|
(21.63
|
)
|
8.95
|
|
|
(105.02
|
)
|
23.47
|
|
Diluted
|
|
(83.32
|
)
|
(21.63
|
)
|
8.92
|
|
|
(105.02
|
)
|
23.35
|
|
Per
ADS (dollars)
|
|
|
|
|
|
|
|
|||||
Basic
|
|
(5.00
|
)
|
(1.30
|
)
|
0.54
|
|
|
(6.30
|
)
|
1.41
|
|
Diluted
|
|
(5.00
|
)
|
(1.30
|
)
|
0.54
|
|
|
(6.30
|
)
|
1.40
|
|
|
|
Second
|
First
|
Second
|
|
First
|
First
|
|||||
|
|
quarter
|
quarter
|
quarter
|
|
half
|
half
|
|||||
$ million
|
|
2020
|
2020
|
2019
|
|
2020
|
2019
|
|||||
|
|
|
|
|
|
|
|
|||||
Profit (loss) for the period
|
|
(17,522
|
)
|
(4,385
|
)
|
1,904
|
|
|
(21,907
|
)
|
4,903
|
|
Other comprehensive income
|
|
|
|
|
|
|
|
|||||
Items that may be reclassified subsequently to profit or
loss
|
|
|
|
|
|
|
|
|||||
Currency
translation differences(a)
|
|
1,371
|
|
(4,642
|
)
|
131
|
|
|
(3,271
|
)
|
1,120
|
|
Exchange
(gains) losses on translation of foreign operations reclassified to
gain or loss on sale of businesses and fixed assets
|
|
3
|
|
1
|
|
—
|
|
|
4
|
|
—
|
|
Cash
flow hedges and costs of hedging
|
|
68
|
|
85
|
|
133
|
|
|
153
|
|
152
|
|
Share
of items relating to equity-accounted entities, net of
tax
|
|
(333
|
)
|
442
|
|
(30
|
)
|
|
109
|
|
(80
|
)
|
Income
tax relating to items that may be reclassified
|
|
(37
|
)
|
117
|
|
(9
|
)
|
|
80
|
|
(43
|
)
|
|
|
1,072
|
|
(3,997
|
)
|
225
|
|
|
(2,925
|
)
|
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(b)
|
|
(1,960
|
)
|
1,719
|
|
(39
|
)
|
|
(241
|
)
|
(892
|
)
|
Cash
flow hedges that will subsequently be transferred to the balance
sheet
|
|
(2
|
)
|
(8
|
)
|
(7
|
)
|
|
(10
|
)
|
1
|
|
Income
tax relating to items that will not be reclassified
|
|
623
|
|
(623
|
)
|
2
|
|
|
—
|
|
275
|
|
|
|
(1,339
|
)
|
1,088
|
|
(44
|
)
|
|
(251
|
)
|
(616
|
)
|
Other comprehensive income
|
|
(267
|
)
|
(2,909
|
)
|
181
|
|
|
(3,176
|
)
|
533
|
|
Total comprehensive income
|
|
(17,789
|
)
|
(7,294
|
)
|
2,085
|
|
|
(25,083
|
)
|
5,436
|
|
Attributable to
|
|
|
|
|
|
|
|
|||||
BP
shareholders
|
|
(17,142
|
)
|
(7,217
|
)
|
2,001
|
|
|
(24,359
|
)
|
5,282
|
|
Non-controlling
interests
|
|
(647
|
)
|
(77
|
)
|
84
|
|
|
(724
|
)
|
154
|
|
|
|
(17,789
|
)
|
(7,294
|
)
|
2,085
|
|
|
(25,083
|
)
|
5,436
|
|
|
|
BP shareholders’
|
Non-controlling interests
|
Total
|
|||||
$ million
|
|
equity
|
Hybrid bonds
|
Other interest
|
equity
|
||||
At 1 January 2020
|
|
98,412
|
|
—
|
|
2,296
|
|
100,708
|
|
|
|
|
|
|
|
||||
Total comprehensive income
|
|
(24,359
|
)
|
—
|
|
(724
|
)
|
(25,083
|
)
|
Dividends
|
|
(4,242
|
)
|
—
|
|
(105
|
)
|
(4,347
|
)
|
Cash
flow hedges transferred to the balance sheet, net of
tax
|
|
6
|
|
—
|
|
—
|
|
6
|
|
Repurchase
of ordinary share capital
|
|
(776
|
)
|
—
|
|
—
|
|
(776
|
)
|
Share-based payments, net of tax
|
|
342
|
|
—
|
|
—
|
|
342
|
|
Share
of equity-accounted entities’ changes in equity, net of
tax
|
|
—
|
|
—
|
|
—
|
|
—
|
|
Issue of perpetual hybrid bonds
|
|
(48
|
)
|
11,909
|
|
—
|
|
11,861
|
|
Transactions involving non-controlling interests, net of
tax
|
|
(471
|
)
|
—
|
|
571
|
|
100
|
|
At 30 June 2020
|
|
68,864
|
|
11,909
|
|
2,038
|
|
82,811
|
|
|
|
|
|
|
|
||||
|
|
BP shareholders’
|
Non-controlling interests
|
Total
|
|||||
$ million
|
|
equity
|
Hybrid bonds
|
Other interest
|
equity
|
||||
At 31 December 2018
|
|
99,444
|
|
—
|
|
2,104
|
|
101,548
|
|
Adjustment
on adoption of IFRS 16, net of tax(a)
|
|
(329
|
)
|
—
|
|
(1
|
)
|
(330
|
)
|
At 1 January 2019
|
|
99,115
|
|
—
|
|
2,103
|
|
101,218
|
|
|
|
|
|
|
|
||||
Total comprehensive income
|
|
5,282
|
|
—
|
|
154
|
|
5,436
|
|
Dividends
|
|
(3,200
|
)
|
—
|
|
(119
|
)
|
(3,319
|
)
|
Cash
flow hedges transferred to the balance sheet, net of
tax
|
|
12
|
|
—
|
|
—
|
|
12
|
|
Repurchase of ordinary share capital
|
|
(125
|
)
|
—
|
|
—
|
|
(125
|
)
|
Share-based payments, net of tax
|
|
398
|
|
—
|
|
—
|
|
398
|
|
Share
of equity-accounted entities’ changes in equity, net of
tax
|
|
3
|
|
—
|
|
—
|
|
3
|
|
At 30 June 2019
|
|
101,485
|
|
—
|
|
2,138
|
|
103,623
|
|
|
|
30 June
|
31 December
|
||
$ million
|
|
2020
|
2019
|
||
Non-current assets
|
|
|
|
||
Property, plant and equipment
|
|
117,208
|
|
132,642
|
|
Goodwill
|
|
12,352
|
|
11,868
|
|
Intangible assets
|
|
5,987
|
|
15,539
|
|
Investments in joint ventures
|
|
8,015
|
|
9,991
|
|
Investments in associates
|
|
16,982
|
|
20,334
|
|
Other investments
|
|
2,559
|
|
1,276
|
|
Fixed assets
|
|
163,103
|
|
191,650
|
|
Loans
|
|
724
|
|
630
|
|
Trade and other receivables
|
|
4,270
|
|
2,147
|
|
Derivative financial instruments
|
|
7,381
|
|
6,314
|
|
Prepayments
|
|
495
|
|
781
|
|
Deferred tax assets
|
|
6,891
|
|
4,560
|
|
Defined benefit pension plan surpluses
|
|
6,346
|
|
7,053
|
|
|
|
189,210
|
|
213,135
|
|
Current assets
|
|
|
|
||
Loans
|
|
370
|
|
339
|
|
Inventories
|
|
12,504
|
|
20,880
|
|
Trade and other receivables
|
|
16,522
|
|
24,442
|
|
Derivative financial instruments
|
|
4,751
|
|
4,153
|
|
Prepayments
|
|
679
|
|
857
|
|
Current tax receivable
|
|
637
|
|
1,282
|
|
Other investments
|
|
122
|
|
169
|
|
Cash and cash equivalents
|
|
34,217
|
|
22,472
|
|
|
|
69,802
|
|
74,594
|
|
Assets
classified as held for sale (Note 2)
|
|
4,169
|
|
7,465
|
|
|
|
73,971
|
|
82,059
|
|
Total assets
|
|
263,181
|
|
295,194
|
|
Current liabilities
|
|
|
|
||
Trade and other payables
|
|
32,134
|
|
46,829
|
|
Derivative financial instruments
|
|
3,678
|
|
3,261
|
|
Accruals
|
|
3,670
|
|
5,066
|
|
Lease liabilities
|
|
1,958
|
|
2,067
|
|
Finance debt
|
|
11,452
|
|
10,487
|
|
Current tax payable
|
|
1,159
|
|
2,039
|
|
Provisions
|
|
2,074
|
|
2,453
|
|
|
|
56,125
|
|
72,202
|
|
Liabilities directly associated with assets classified as held for
sale (Note 2)
|
|
948
|
|
1,393
|
|
|
|
57,073
|
|
73,595
|
|
Non-current liabilities
|
|
|
|
||
Other payables
|
|
11,777
|
|
12,626
|
|
Derivative financial instruments
|
|
5,652
|
|
5,537
|
|
Accruals
|
|
936
|
|
996
|
|
Lease liabilities
|
|
7,373
|
|
7,655
|
|
Finance debt
|
|
64,527
|
|
57,237
|
|
Deferred tax liabilities
|
|
6,585
|
|
9,750
|
|
Provisions
|
|
17,986
|
|
18,498
|
|
Defined benefit pension plan and other post-retirement benefit plan
deficits
|
|
8,461
|
|
8,592
|
|
|
|
123,297
|
|
120,891
|
|
Total liabilities
|
|
180,370
|
|
194,486
|
|
Net assets
|
|
82,811
|
|
100,708
|
|
Equity
|
|
|
|
||
BP shareholders’ equity
|
|
68,864
|
|
98,412
|
|
Non-controlling interests
|
|
13,947
|
|
2,296
|
|
Total equity
|
|
82,811
|
|
100,708
|
|
|
|
Second
|
First
|
Second
|
|
First
|
First
|
|||||
|
|
quarter
|
quarter
|
quarter
|
|
half
|
half
|
|||||
$ million
|
|
2020
|
2020
|
2019
|
|
2020
|
2019
|
|||||
Operating activities
|
|
|
|
|
|
|
|
|||||
Profit (loss) before taxation
|
|
(21,604
|
)
|
(4,524
|
)
|
3,148
|
|
|
(26,128
|
)
|
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
|
|
13,555
|
|
4,157
|
|
4,665
|
|
|
17,712
|
|
9,410
|
|
Impairment
and (gain) loss on sale of businesses and fixed assets
|
|
11,696
|
|
1,133
|
|
851
|
|
|
12,829
|
|
858
|
|
Earnings
from equity-accounted entities, less dividends
received
|
|
860
|
|
505
|
|
(395
|
)
|
|
1,365
|
|
(984
|
)
|
Net
charge for interest and other finance expense, less net interest
paid
|
|
17
|
|
137
|
|
62
|
|
|
154
|
|
150
|
|
Share-based
payments
|
|
351
|
|
(6
|
)
|
117
|
|
|
345
|
|
414
|
|
Net
operating charge for pensions and other post-retirement benefits,
less contributions and benefit payments for unfunded
plans
|
|
(34
|
)
|
(20
|
)
|
(68
|
)
|
|
(54
|
)
|
(145
|
)
|
Net
charge for provisions, less payments
|
|
(365
|
)
|
(59
|
)
|
(198
|
)
|
|
(424
|
)
|
(314
|
)
|
Movements
in inventories and other current and non-current assets and
liabilities
|
|
(609
|
)
|
683
|
|
(58
|
)
|
|
74
|
|
(2,753
|
)
|
Income
taxes paid
|
|
(130
|
)
|
(1,054
|
)
|
(1,309
|
)
|
|
(1,184
|
)
|
(2,455
|
)
|
Net cash provided by operating activities
|
|
3,737
|
|
952
|
|
6,815
|
|
|
4,689
|
|
12,111
|
|
Investing activities
|
|
|
|
|
|
|
|
|||||
Expenditure
on property, plant and equipment, intangible and other
assets
|
|
(3,018
|
)
|
(3,789
|
)
|
(3,833
|
)
|
|
(6,807
|
)
|
(7,528
|
)
|
Acquisitions, net of cash acquired
|
|
—
|
|
(17
|
)
|
(1,747
|
)
|
|
(17
|
)
|
(3,542
|
)
|
Investment in joint ventures
|
|
(8
|
)
|
(18
|
)
|
(20
|
)
|
|
(26
|
)
|
(20
|
)
|
Investment in associates
|
|
(41
|
)
|
(37
|
)
|
(54
|
)
|
|
(78
|
)
|
(199
|
)
|
Total cash capital expenditure
|
|
(3,067
|
)
|
(3,861
|
)
|
(5,654
|
)
|
|
(6,928
|
)
|
(11,289
|
)
|
Proceeds from disposal of fixed assets
|
|
10
|
|
10
|
|
70
|
|
|
20
|
|
305
|
|
Proceeds from disposal of businesses, net of cash
disposed
|
|
670
|
|
671
|
|
8
|
|
|
1,341
|
|
373
|
|
Proceeds from loan repayments
|
|
543
|
|
63
|
|
64
|
|
|
606
|
|
119
|
|
Net cash used in investing activities
|
|
(1,844
|
)
|
(3,117
|
)
|
(5,512
|
)
|
|
(4,961
|
)
|
(10,492
|
)
|
Financing activities
|
|
|
|
|
|
|
|
|||||
Net
issue (repurchase) of shares (Note 9)
|
|
—
|
|
(776
|
)
|
(80
|
)
|
|
(776
|
)
|
(125
|
)
|
Lease liability payments
|
|
(664
|
)
|
(569
|
)
|
(595
|
)
|
|
(1,233
|
)
|
(1,212
|
)
|
Proceeds from long-term financing
|
|
6,846
|
|
2,684
|
|
4,381
|
|
|
9,530
|
|
6,505
|
|
Repayments of long-term financing
|
|
(964
|
)
|
(3,717
|
)
|
(3,602
|
)
|
|
(4,681
|
)
|
(6,242
|
)
|
Net increase (decrease) in short-term debt
|
|
(215
|
)
|
2,517
|
|
(119
|
)
|
|
2,302
|
|
970
|
|
Issue of perpetual hybrid bonds
|
|
11,861
|
|
—
|
|
—
|
|
|
11,861
|
|
—
|
|
Payments relating to transactions involving non-controlling
interests (other)
|
|
(8
|
)
|
—
|
|
—
|
|
|
(8
|
)
|
—
|
|
Receipts relating to transactions involving non-controlling
interests (other)
|
|
—
|
|
9
|
|
—
|
|
|
9
|
|
—
|
|
Dividends paid - BP shareholders
|
|
(2,119
|
)
|
(2,102
|
)
|
(1,779
|
)
|
|
(4,221
|
)
|
(3,214
|
)
|
-
non-controlling interests
|
|
(74
|
)
|
(31
|
)
|
(83
|
)
|
|
(105
|
)
|
(119
|
)
|
Net cash provided by (used in) financing activities
|
|
14,663
|
|
(1,985
|
)
|
(1,877
|
)
|
|
12,678
|
|
(3,437
|
)
|
Currency translation differences relating to cash and cash
equivalents
|
|
(42
|
)
|
(183
|
)
|
(8
|
)
|
|
(225
|
)
|
24
|
|
Increase (decrease) in cash and cash equivalents
|
|
16,514
|
|
(4,333
|
)
|
(582
|
)
|
|
12,181
|
|
(1,794
|
)
|
Cash and cash equivalents at beginning of period
|
|
18,139
|
|
22,472
|
|
21,256
|
|
|
22,472
|
|
22,468
|
|
Cash
and cash equivalents at end of period(a)
|
|
34,653
|
|
18,139
|
|
20,674
|
|
|
34,653
|
|
20,674
|
|
|
|
Second half 2020
|
2021
|
2025
|
2030
|
2040
|
2050
|
Brent oil ($/bbl)
|
|
40
|
50
|
50
|
60
|
60
|
50
|
Henry Hub gas ($/mmBtu)
|
|
2.00
|
3.00
|
3.00
|
3.00
|
3.00
|
2.75
|
|
|
Second
|
First
|
Second
|
|
First
|
First
|
|||||
|
|
quarter
|
quarter
|
quarter
|
|
half
|
half
|
|||||
$ million
|
|
2020
|
2020
|
2019
|
|
2020
|
2019
|
|||||
Upstream
|
|
(22,008
|
)
|
1,023
|
|
2,469
|
|
|
(20,985
|
)
|
5,353
|
|
Downstream
|
|
594
|
|
664
|
|
1,288
|
|
|
1,258
|
|
3,053
|
|
Rosneft
|
|
(124
|
)
|
(17
|
)
|
525
|
|
|
(141
|
)
|
1,011
|
|
Other businesses and corporate
|
|
(317
|
)
|
(698
|
)
|
(381
|
)
|
|
(1,015
|
)
|
(927
|
)
|
|
|
(21,855
|
)
|
972
|
|
3,901
|
|
|
(20,883
|
)
|
8,490
|
|
Consolidation adjustment – UPII*
|
|
(46
|
)
|
178
|
|
34
|
|
|
132
|
|
21
|
|
RC profit (loss) before interest and tax*
|
|
(21,901
|
)
|
1,150
|
|
3,935
|
|
|
(20,751
|
)
|
8,511
|
|
Inventory holding gains (losses)*
|
|
|
|
|
|
|
|
|||||
Upstream
|
|
57
|
|
(68
|
)
|
(10
|
)
|
|
(11
|
)
|
(8
|
)
|
Downstream
|
|
978
|
|
(4,615
|
)
|
93
|
|
|
(3,637
|
)
|
1,139
|
|
Rosneft
(net of tax)
|
|
53
|
|
(201
|
)
|
(2
|
)
|
|
(148
|
)
|
38
|
|
Profit (loss) before interest and tax
|
|
(20,813
|
)
|
(3,734
|
)
|
4,016
|
|
|
(24,547
|
)
|
9,680
|
|
Finance costs
|
|
783
|
|
783
|
|
853
|
|
|
1,566
|
|
1,720
|
|
Net
finance expense relating to pensions and other post-retirement
benefits
|
|
8
|
|
7
|
|
15
|
|
|
15
|
|
30
|
|
Profit (loss) before taxation
|
|
(21,604
|
)
|
(4,524
|
)
|
3,148
|
|
|
(26,128
|
)
|
7,930
|
|
|
|
|
|
|
|
|
|
|||||
RC profit (loss) before interest and tax*
|
|
|
|
|
|
|
|
|||||
US
|
|
(4,695
|
)
|
595
|
|
498
|
|
|
(4,100
|
)
|
1,269
|
|
Non-US
|
|
(17,206
|
)
|
555
|
|
3,437
|
|
|
(16,651
|
)
|
7,242
|
|
|
|
(21,901
|
)
|
1,150
|
|
3,935
|
|
|
(20,751
|
)
|
8,511
|
|
|
|
Second
|
First
|
Second
|
|
First
|
First
|
|||||
|
|
quarter
|
quarter
|
quarter
|
|
half
|
half
|
|||||
$ million
|
|
2020
|
2020
|
2019
|
|
2020
|
2019
|
|||||
By segment
|
|
|
|
|
|
|
|
|||||
Upstream
|
|
7,194
|
|
11,464
|
|
13,556
|
|
|
18,658
|
|
28,150
|
|
Downstream
|
|
27,241
|
|
53,964
|
|
66,396
|
|
|
81,205
|
|
124,812
|
|
Other businesses and corporate
|
|
450
|
|
453
|
|
433
|
|
|
903
|
|
789
|
|
|
|
34,885
|
|
65,881
|
|
80,385
|
|
|
100,766
|
|
153,751
|
|
|
|
|
|
|
|
|
|
|||||
Less: sales and other operating revenues between
segments
|
|
|
|
|
|
|
|
|||||
Upstream
|
|
2,613
|
|
6,907
|
|
7,481
|
|
|
9,520
|
|
13,805
|
|
Downstream
|
|
330
|
|
(782
|
)
|
62
|
|
|
(452
|
)
|
648
|
|
Other businesses and corporate
|
|
266
|
|
106
|
|
166
|
|
|
372
|
|
301
|
|
|
|
3,209
|
|
6,231
|
|
7,709
|
|
|
9,440
|
|
14,754
|
|
|
|
|
|
|
|
|
|
|||||
Third party sales and other operating revenues
|
|
|
|
|
|
|
|
|||||
Upstream
|
|
4,581
|
|
4,557
|
|
6,075
|
|
|
9,138
|
|
14,345
|
|
Downstream
|
|
26,911
|
|
54,746
|
|
66,334
|
|
|
81,657
|
|
124,164
|
|
Other businesses and corporate
|
|
184
|
|
347
|
|
267
|
|
|
531
|
|
488
|
|
Total sales and other operating revenues
|
|
31,676
|
|
59,650
|
|
72,676
|
|
|
91,326
|
|
138,997
|
|
|
|
|
|
|
|
|
|
|||||
By geographical area
|
|
|
|
|
|
|
|
|||||
US
|
|
10,117
|
|
21,219
|
|
26,086
|
|
|
31,336
|
|
47,934
|
|
Non-US
|
|
24,776
|
|
43,955
|
|
52,933
|
|
|
68,731
|
|
102,551
|
|
|
|
34,893
|
|
65,174
|
|
79,019
|
|
|
100,067
|
|
150,485
|
|
Less: sales and other operating revenues between areas
|
|
3,217
|
|
5,524
|
|
6,343
|
|
|
8,741
|
|
11,488
|
|
|
|
31,676
|
|
59,650
|
|
72,676
|
|
|
91,326
|
|
138,997
|
|
|
|
|
|
|
|
|
|
|||||
Revenues from contracts with
customers(a)
|
|
|
|
|
|
|
|
|||||
Sales and other operating revenues include the following in
relation to revenues from contracts with customers:
|
|
|
|
|
|
|
|
|||||
Crude oil
|
|
1,062
|
|
1,435
|
|
2,577
|
|
|
2,497
|
|
5,067
|
|
Oil products
|
|
10,452
|
|
20,254
|
|
27,211
|
|
|
30,706
|
|
49,915
|
|
Natural gas, LNG and NGLs
|
|
2,992
|
|
3,638
|
|
4,294
|
|
|
6,630
|
|
9,651
|
|
Non-oil
products and other revenues from contracts with
customers(b)
|
|
2,118
|
|
2,490
|
|
3,258
|
|
|
4,608
|
|
6,321
|
|
Revenue from contracts with customers
|
|
16,624
|
|
27,817
|
|
37,340
|
|
|
44,441
|
|
70,954
|
|
Other
operating revenues(b)(c)
|
|
15,052
|
|
31,833
|
|
35,336
|
|
|
46,885
|
|
68,043
|
|
Total sales and other operating revenues
|
|
31,676
|
|
59,650
|
|
72,676
|
|
|
91,326
|
|
138,997
|
|
|
|
Second
|
First
|
Second
|
|
First
|
First
|
|||||
|
|
quarter
|
quarter
|
quarter
|
|
half
|
half
|
|||||
$ million
|
|
2020
|
2020
|
2019
|
|
2020
|
2019
|
|||||
Upstream
|
|
|
|
|
|
|
|
|||||
US
|
|
1,044
|
|
1,068
|
|
1,288
|
|
|
2,112
|
|
2,401
|
|
Non-US
|
|
1,973
|
|
2,082
|
|
2,396
|
|
|
4,055
|
|
4,894
|
|
|
|
3,017
|
|
3,150
|
|
3,684
|
|
|
6,167
|
|
7,295
|
|
Downstream
|
|
|
|
|
|
|
|
|||||
US
|
|
344
|
|
342
|
|
333
|
|
|
686
|
|
656
|
|
Non-US
|
|
408
|
|
405
|
|
392
|
|
|
813
|
|
775
|
|
|
|
752
|
|
747
|
|
725
|
|
|
1,499
|
|
1,431
|
|
Other businesses and corporate
|
|
|
|
|
|
|
|
|||||
US
|
|
16
|
|
15
|
|
14
|
|
|
31
|
|
27
|
|
Non-US
|
|
152
|
|
147
|
|
165
|
|
|
299
|
|
296
|
|
|
|
168
|
|
162
|
|
179
|
|
|
330
|
|
323
|
|
Total group
|
|
3,937
|
|
4,059
|
|
4,588
|
|
|
7,996
|
|
9,049
|
|
|
|
Second
|
First
|
Second
|
|
First
|
First
|
|||||
|
|
quarter
|
quarter
|
quarter
|
|
half
|
half
|
|||||
$ million
|
|
2020
|
2020
|
2019
|
|
2020
|
2019
|
|||||
US
|
|
13
|
|
13
|
|
79
|
|
|
26
|
|
160
|
|
Non-US
|
|
111
|
|
190
|
|
292
|
|
|
301
|
|
635
|
|
|
|
124
|
|
203
|
|
371
|
|
|
327
|
|
795
|
|
|
|
Second
|
First
|
Second
|
|
First
|
First
|
|||||
|
|
quarter
|
quarter
|
quarter
|
|
half
|
half
|
|||||
$ million
|
|
2020
|
2020
|
2019
|
|
2020
|
2019
|
|||||
Results for the period
|
|
|
|
|
|
|
|
|||||
Profit
(loss) for the period attributable to BP shareholders
|
|
(16,848
|
)
|
(4,365
|
)
|
1,822
|
|
|
(21,213
|
)
|
4,756
|
|
Less: preference dividend
|
|
1
|
|
—
|
|
1
|
|
|
1
|
|
1
|
|
Profit
(loss) attributable to BP ordinary shareholders
|
|
(16,849
|
)
|
(4,365
|
)
|
1,821
|
|
|
(21,214
|
)
|
4,755
|
|
|
|
|
|
|
|
|
|
|||||
Number of shares (thousand)(a)(b)
|
|
|
|
|
|
|
|
|||||
Basic
weighted average number of shares outstanding
|
|
20,222,575
|
|
20,178,803
|
|
20,336,347
|
|
|
20,200,694
|
|
20,256,254
|
|
ADS equivalent
|
|
3,370,429
|
|
3,363,133
|
|
3,389,391
|
|
|
3,366,782
|
|
3,376,042
|
|
|
|
|
|
|
|
|
|
|||||
Weighted
average number of shares outstanding used to calculate diluted
earnings per share
|
|
20,222,575
|
|
20,178,803
|
|
20,421,184
|
|
|
20,200,694
|
|
20,368,125
|
|
ADS equivalent
|
|
3,370,429
|
|
3,363,133
|
|
3,403,530
|
|
|
3,366,782
|
|
3,394,687
|
|
|
|
|
|
|
|
|
|
|||||
Shares in issue at period-end
|
|
20,249,046
|
|
20,197,527
|
|
20,373,332
|
|
|
20,249,046
|
|
20,373,332
|
|
ADS equivalent
|
|
3,374,841
|
|
3,366,254
|
|
3,395,555
|
|
|
3,374,841
|
|
3,395,555
|
|
|
|
Second
|
First
|
Second
|
|
First
|
First
|
|||||
|
|
quarter
|
quarter
|
quarter
|
|
half
|
half
|
|||||
|
|
2020
|
2020
|
2019
|
|
2020
|
2019
|
|||||
Dividends paid per ordinary share
|
|
|
|
|
|
|
|
|||||
cents
|
|
10.500
|
|
10.500
|
|
10.250
|
|
|
21.000
|
|
20.500
|
|
pence
|
|
8.342
|
|
8.156
|
|
8.066
|
|
|
16.498
|
|
15.804
|
|
Dividends paid per ADS (cents)
|
|
63.00
|
|
63.00
|
|
61.50
|
|
|
126.00
|
|
123.00
|
|
Scrip dividends
|
|
|
|
|
|
|
|
|||||
Number of shares issued (millions)
|
|
—
|
|
—
|
|
46.3
|
|
|
—
|
|
136.4
|
|
Value of shares issued ($ million)
|
|
—
|
|
—
|
|
318
|
|
|
—
|
|
947
|
|
Net debt*
|
|
Second
|
First
|
Second
|
|
First
|
First
|
|||||
|
|
quarter
|
quarter
|
quarter
|
|
half
|
half
|
|||||
$ million
|
|
2020
|
2020
|
2019
|
|
2020
|
2019
|
|||||
Finance
debt(a)(b)
|
|
76,003
|
|
69,117
|
|
67,553
|
|
|
76,003
|
|
67,553
|
|
Fair
value (asset) liability of hedges related to finance
debt(c)
|
|
(430
|
)
|
426
|
|
(378
|
)
|
|
(430
|
)
|
(378
|
)
|
|
|
75,573
|
|
69,543
|
|
67,175
|
|
|
75,573
|
|
67,175
|
|
Less:
cash and cash equivalents(b)
|
|
34,653
|
|
18,139
|
|
20,674
|
|
|
34,653
|
|
20,674
|
|
Net debt
|
|
40,920
|
|
51,404
|
|
46,501
|
|
|
40,920
|
|
46,501
|
|
Total
equity(d)
|
|
82,811
|
|
90,480
|
|
103,623
|
|
|
82,811
|
|
103,623
|
|
Gearing*
|
|
33.1%
|
36.2%
|
31.0%
|
|
33.1%
|
31.0%
|
|
|
Second
|
First
|
Second
|
|
First
|
First
|
|||||
|
|
quarter
|
quarter
|
quarter
|
|
half
|
half
|
|||||
$ million
|
|
2020
|
2020
|
2019
|
|
2020
|
2019
|
|||||
Capital expenditure on a cash basis
|
|
|
|
|
|
|
|
|||||
Organic capital expenditure*
|
|
3,034
|
|
3,539
|
|
3,686
|
|
|
6,573
|
|
7,334
|
|
Inorganic
capital expenditure*(a)
|
|
33
|
|
322
|
|
1,968
|
|
|
355
|
|
3,955
|
|
|
|
3,067
|
|
3,861
|
|
5,654
|
|
|
6,928
|
|
11,289
|
|
|
|
Second
|
First
|
Second
|
|
First
|
First
|
|||||
|
|
quarter
|
quarter
|
quarter
|
|
half
|
half
|
|||||
$ million
|
|
2020
|
2020
|
2019
|
|
2020
|
2019
|
|||||
Organic capital expenditure by segment
|
|
|
|
|
|
|
|
|||||
Upstream
|
|
|
|
|
|
|
|
|||||
US
|
|
1,018
|
|
1,168
|
|
972
|
|
|
2,186
|
|
1,954
|
|
Non-US
|
|
1,517
|
|
1,662
|
|
1,858
|
|
|
3,179
|
|
3,746
|
|
|
|
2,535
|
|
2,830
|
|
2,830
|
|
|
5,365
|
|
5,700
|
|
Downstream
|
|
|
|
|
|
|
|
|||||
US
|
|
135
|
|
121
|
|
271
|
|
|
256
|
|
458
|
|
Non-US
|
|
295
|
|
531
|
|
470
|
|
|
826
|
|
1,004
|
|
|
|
430
|
|
652
|
|
741
|
|
|
1,082
|
|
1,462
|
|
Other businesses and corporate
|
|
|
|
|
|
|
|
|||||
US
|
|
21
|
|
32
|
|
15
|
|
|
53
|
|
24
|
|
Non-US
|
|
48
|
|
25
|
|
100
|
|
|
73
|
|
148
|
|
|
|
69
|
|
57
|
|
115
|
|
|
126
|
|
172
|
|
|
|
3,034
|
|
3,539
|
|
3,686
|
|
|
6,573
|
|
7,334
|
|
Organic capital expenditure by geographical area
|
|
|
|
|
|
|
|
|||||
US
|
|
1,174
|
|
1,321
|
|
1,258
|
|
|
2,495
|
|
2,436
|
|
Non-US
|
|
1,860
|
|
2,218
|
|
2,428
|
|
|
4,078
|
|
4,898
|
|
|
|
3,034
|
|
3,539
|
|
3,686
|
|
|
6,573
|
|
7,334
|
|
|
|
Second
|
First
|
Second
|
|
First
|
First
|
|||||
|
|
quarter
|
quarter
|
quarter
|
|
half
|
half
|
|||||
$ million
|
|
2020
|
2020
|
2019
|
|
2020
|
2019
|
|||||
Upstream
|
|
|
|
|
|
|
|
|||||
Gains on sale of businesses and fixed assets
|
|
87
|
|
7
|
|
47
|
|
|
94
|
|
105
|
|
Impairment
and losses on sale of businesses and fixed assets(a)
|
|
(10,953
|
)
|
(1,131
|
)
|
(843
|
)
|
|
(12,084
|
)
|
(912
|
)
|
Environmental and other provisions
|
|
—
|
|
(13
|
)
|
—
|
|
|
(13
|
)
|
—
|
|
Restructuring, integration and rationalization costs
|
|
(24
|
)
|
(4
|
)
|
(17
|
)
|
|
(28
|
)
|
(52
|
)
|
Other(b)(c)
|
|
(2,564
|
)
|
70
|
|
47
|
|
|
(2,494
|
)
|
89
|
|
|
|
(13,454
|
)
|
(1,071
|
)
|
(766
|
)
|
|
(14,525
|
)
|
(770
|
)
|
Downstream
|
|
|
|
|
|
|
|
|||||
Gains on sale of businesses and fixed assets
|
|
(13
|
)
|
7
|
|
10
|
|
|
(6
|
)
|
42
|
|
Impairment
and losses on sale of businesses and fixed assets(a)
|
|
(798
|
)
|
(5
|
)
|
(61
|
)
|
|
(803
|
)
|
(89
|
)
|
Environmental and other provisions
|
|
—
|
|
—
|
|
—
|
|
|
—
|
|
—
|
|
Restructuring, integration and rationalization costs
|
|
31
|
|
—
|
|
20
|
|
|
31
|
|
18
|
|
Other
|
|
—
|
|
—
|
|
—
|
|
|
—
|
|
(6
|
)
|
|
|
(780
|
)
|
2
|
|
(31
|
)
|
|
(778
|
)
|
(35
|
)
|
Rosneft
|
|
|
|
|
|
|
|
|||||
Other(c)
|
|
(63
|
)
|
—
|
|
(113
|
)
|
|
(63
|
)
|
(194
|
)
|
|
|
(63
|
)
|
—
|
|
(113
|
)
|
|
(63
|
)
|
(194
|
)
|
Other businesses and corporate
|
|
|
|
|
|
|
|
|||||
Gains on sale of businesses and fixed assets
|
|
—
|
|
2
|
|
(4
|
)
|
|
2
|
|
(4
|
)
|
Impairment and losses on sale of businesses and fixed
assets
|
|
(19
|
)
|
(2
|
)
|
—
|
|
|
(21
|
)
|
—
|
|
Environmental and other provisions
|
|
—
|
|
(23
|
)
|
(22
|
)
|
|
(23
|
)
|
(28
|
)
|
Restructuring, integration and rationalization costs
|
|
(33
|
)
|
(13
|
)
|
(3
|
)
|
|
(46
|
)
|
7
|
|
Gulf of Mexico oil spill
|
|
(31
|
)
|
(21
|
)
|
(57
|
)
|
|
(52
|
)
|
(172
|
)
|
Other(d)
|
|
67
|
|
(80
|
)
|
(5
|
)
|
|
(13
|
)
|
(22
|
)
|
|
|
(16
|
)
|
(137
|
)
|
(91
|
)
|
|
(153
|
)
|
(219
|
)
|
Total before interest and taxation
|
|
(14,313
|
)
|
(1,206
|
)
|
(1,001
|
)
|
|
(15,519
|
)
|
(1,218
|
)
|
Finance
costs(e)
|
|
(114
|
)
|
(122
|
)
|
(116
|
)
|
|
(236
|
)
|
(244
|
)
|
Total before taxation
|
|
(14,427
|
)
|
(1,328
|
)
|
(1,117
|
)
|
|
(15,755
|
)
|
(1,462
|
)
|
Taxation
credit (charge) on non-operating items
|
|
3,456
|
|
302
|
|
256
|
|
|
3,758
|
|
349
|
|
Taxation
– impact of foreign exchange(f)
|
|
114
|
|
(365
|
)
|
—
|
|
|
(251
|
)
|
—
|
|
Total after taxation for period
|
|
(10,857
|
)
|
(1,391
|
)
|
(861
|
)
|
|
(12,248
|
)
|
(1,113
|
)
|
|
|
Second
|
First
|
Second
|
|
First
|
First
|
|||||
|
|
quarter
|
quarter
|
quarter
|
|
half
|
half
|
|||||
$ million
|
|
2020
|
2020
|
2019
|
|
2020
|
2019
|
|||||
Favourable (adverse) impact relative to management’s measure
of performance
|
|
|
|
|
|
|
|
|||||
Upstream
|
|
(67
|
)
|
223
|
|
(178
|
)
|
|
156
|
|
(218
|
)
|
Downstream
|
|
(31
|
)
|
(259
|
)
|
(46
|
)
|
|
(290
|
)
|
(10
|
)
|
Other businesses and corporate
|
|
(41
|
)
|
—
|
|
—
|
|
|
(41
|
)
|
—
|
|
|
|
(139
|
)
|
(36
|
)
|
(224
|
)
|
|
(175
|
)
|
(228
|
)
|
Taxation credit (charge)
|
|
21
|
|
8
|
|
49
|
|
|
29
|
|
42
|
|
|
|
(118
|
)
|
(28
|
)
|
(175
|
)
|
|
(146
|
)
|
(186
|
)
|
Net debt including leases*
|
|
Second
|
First
|
Second
|
|
First
|
First
|
|||||
|
|
quarter
|
quarter
|
quarter
|
|
half
|
half
|
|||||
$ million
|
|
2020
|
2020
|
2019
|
|
2020
|
2019
|
|||||
Net debt
|
|
40,920
|
|
51,404
|
|
46,501
|
|
|
40,920
|
|
46,501
|
|
Lease liabilities
|
|
9,331
|
|
9,373
|
|
10,379
|
|
|
9,331
|
|
10,379
|
|
Net
partner (receivable) payable for leases entered into on behalf of
joint operations
|
|
(90
|
)
|
(159
|
)
|
(230
|
)
|
|
(90
|
)
|
(230
|
)
|
Net debt including leases
|
|
50,161
|
|
60,618
|
|
56,650
|
|
|
50,161
|
|
56,650
|
|
Total
equity(a)
|
|
82,811
|
|
90,480
|
|
103,623
|
|
|
82,811
|
|
103,623
|
|
Gearing including leases*
|
|
37.7%
|
40.1%
|
35.3%
|
|
37.7%
|
35.3%
|
|
|
30 June
|
31 December
|
||
$ million
|
|
2020
|
2019
|
||
RMI at fair value*
|
|
4,111
|
|
6,837
|
|
Paid-up RMI*
|
|
1,971
|
|
3,217
|
|
|
|
30 June
|
31 December
|
||
$ million
|
|
2020
|
2019
|
||
Reconciliation of total inventory to paid-up RMI
|
|
|
|
||
Inventories as reported on the group balance sheet under
IFRS
|
|
12,504
|
|
20,880
|
|
Less:
(a) inventories that are not oil and oil products and (b) oil and
oil product inventories that are not risk-managed by
IST
|
|
(8,793
|
)
|
(14,280
|
)
|
|
|
3,711
|
|
6,600
|
|
Plus: difference between RMI at fair value and RMI on an IFRS
basis
|
|
400
|
|
237
|
|
RMI at fair value
|
|
4,111
|
|
6,837
|
|
Less: unpaid RMI* at fair value
|
|
(2,140
|
)
|
(3,620
|
)
|
Paid-up RMI
|
|
1,971
|
|
3,217
|
|
|
|
Second
|
First
|
Second
|
|
First
|
First
|
|||||
|
|
quarter
|
quarter
|
quarter
|
|
half
|
half
|
|||||
$ million
|
|
2020
|
2020
|
2019
|
|
2020
|
2019
|
|||||
Net
cash provided by operating activities as per condensed group cash
flow statement
|
|
3,737
|
|
952
|
|
6,815
|
|
|
4,689
|
|
12,111
|
|
Exclude
net cash from operating activities relating to the Gulf of Mexico
oil spill on a post-tax basis
|
|
1,097
|
|
281
|
|
1,413
|
|
|
1,378
|
|
2,062
|
|
Operating cash flow, excluding Gulf of Mexico oil spill
payments*
|
|
4,834
|
|
1,233
|
|
8,228
|
|
|
6,067
|
|
14,173
|
|
|
|
30 June
|
31 December
|
||
$ million
|
|
2020
|
2019
|
||
Trade and other payables
|
|
(11,294
|
)
|
(12,480
|
)
|
Provisions
|
|
(29
|
)
|
(189
|
)
|
Gulf of Mexico oil spill payables and provisions
|
|
(11,323
|
)
|
(12,669
|
)
|
Of
which - current
|
|
(1,511
|
)
|
(1,800
|
)
|
|
|
|
|
||
Deferred tax asset
|
|
5,456
|
|
5,526
|
|
|
|
Second
|
First
|
Second
|
|
First
|
First
|
|||||
|
|
quarter
|
quarter
|
quarter
|
|
half
|
half
|
|||||
$ million
|
|
2020
|
2020
|
2019
|
|
2020
|
2019
|
|||||
Movements
in inventories and other current and non-current assets and
liabilities as per condensed group cash flow statement
|
|
(609
|
)
|
683
|
|
(58
|
)
|
|
74
|
|
(2,753
|
)
|
Adjustments
to exclude movements in inventories and other current and
non-current assets and liabilities for the Gulf of Mexico oil
spill
|
|
1,120
|
|
254
|
|
1,451
|
|
|
1,374
|
|
2,082
|
|
Adjusted for Inventory holding gains (losses)* (Note
5)
|
|
|
|
|
|
|
|
|||||
Upstream
|
|
57
|
|
(68
|
)
|
(10
|
)
|
|
(11
|
)
|
(8
|
)
|
Downstream
|
|
978
|
|
(4,615
|
)
|
93
|
|
|
(3,637
|
)
|
1,139
|
|
Working capital release (build)
|
|
1,546
|
|
(3,746
|
)
|
1,476
|
|
|
(2,200
|
)
|
460
|
|
|
|
Second
|
First
|
Second
|
|
First
|
First
|
|||||
|
|
quarter
|
quarter
|
quarter
|
|
half
|
half
|
|||||
|
|
2020
|
2020
|
2019
|
|
2020
|
2019
|
|||||
Average realizations(a)
|
|
|
|
|
|
|
|
|||||
Liquids* ($/bbl)
|
|
|
|
|
|
|
|
|||||
US
|
|
21.63
|
|
45.96
|
|
56.98
|
|
|
33.80
|
|
53.91
|
|
Europe
|
|
28.91
|
|
50.71
|
|
68.73
|
|
|
40.30
|
|
65.04
|
|
Rest of World
|
|
22.58
|
|
48.13
|
|
66.24
|
|
|
33.79
|
|
63.18
|
|
BP Average
|
|
22.75
|
|
47.47
|
|
62.63
|
|
|
34.39
|
|
59.61
|
|
Natural gas ($/mcf)
|
|
|
|
|
|
|
|
|||||
US
|
|
0.97
|
|
1.28
|
|
1.80
|
|
|
1.15
|
|
2.18
|
|
Europe
|
|
1.38
|
|
3.23
|
|
3.63
|
|
|
2.17
|
|
4.75
|
|
Rest of World
|
|
3.12
|
|
3.51
|
|
4.12
|
|
|
3.32
|
|
4.40
|
|
BP Average
|
|
2.53
|
|
2.83
|
|
3.35
|
|
|
2.69
|
|
3.68
|
|
Total hydrocarbons* ($/boe)
|
|
|
|
|
|
|
|
|||||
US
|
|
16.05
|
|
29.94
|
|
35.94
|
|
|
23.37
|
|
35.08
|
|
Europe
|
|
23.00
|
|
43.97
|
|
63.40
|
|
|
33.46
|
|
61.02
|
|
Rest of World
|
|
20.21
|
|
31.61
|
|
41.60
|
|
|
25.63
|
|
41.06
|
|
BP Average
|
|
19.06
|
|
31.80
|
|
40.64
|
|
|
25.36
|
|
40.02
|
|
Average oil marker prices ($/bbl)
|
|
|
|
|
|
|
|
|||||
Brent
|
|
29.56
|
|
50.10
|
|
68.86
|
|
|
40.07
|
|
65.95
|
|
West Texas Intermediate
|
|
27.96
|
|
45.56
|
|
59.90
|
|
|
36.69
|
|
57.42
|
|
Western Canadian Select
|
|
22.19
|
|
28.71
|
|
47.37
|
|
|
25.48
|
|
46.14
|
|
Alaska North Slope
|
|
30.28
|
|
51.07
|
|
68.29
|
|
|
40.59
|
|
66.37
|
|
Mars
|
|
30.02
|
|
45.57
|
|
65.20
|
|
|
37.73
|
|
63.20
|
|
Urals (NWE – cif)
|
|
31.36
|
|
47.84
|
|
67.62
|
|
|
39.80
|
|
65.23
|
|
Average natural gas marker prices
|
|
|
|
|
|
|
|
|||||
Henry
Hub gas price(b) ($/mmBtu)
|
|
1.71
|
|
1.95
|
|
2.64
|
|
|
1.83
|
|
2.90
|
|
UK Gas – National Balancing Point (p/therm)
|
|
12.88
|
|
24.81
|
|
31.53
|
|
|
18.98
|
|
40.01
|
|
|
|
Second
|
First
|
Second
|
|
First
|
First
|
|||||
|
|
quarter
|
quarter
|
quarter
|
|
half
|
half
|
|||||
|
|
2020
|
2020
|
2019
|
|
2020
|
2019
|
|||||
$/£ average rate for the period
|
|
1.24
|
|
1.28
|
|
1.29
|
|
|
1.26
|
|
1.29
|
|
$/£ period-end rate
|
|
1.23
|
|
1.24
|
|
1.27
|
|
|
1.23
|
|
1.27
|
|
|
|
|
|
|
|
|
|
|||||
$/€ average rate for the period
|
|
1.10
|
|
1.10
|
|
1.12
|
|
|
1.10
|
|
1.13
|
|
$/€ period-end rate
|
|
1.12
|
|
1.10
|
|
1.14
|
|
|
1.12
|
|
1.14
|
|
|
|
|
|
|
|
|
|
|||||
Rouble/$ average rate for the period
|
|
72.40
|
|
66.75
|
|
64.58
|
|
|
69.64
|
|
65.29
|
|
Rouble/$ period-end rate
|
|
71.25
|
|
78.14
|
|
63.09
|
|
|
71.25
|
|
63.09
|
|
|
|
London
|
Houston
|
|
|
|
Press Office
|
David Nicholas
|
Brett Clanton
|
|
+44 (0)20 7496 4708
|
+1 281 366 8346
|
|
|
|
Investor Relations
|
Craig Marshall
|
Brian Sullivan
|
bp.com/investors
|
+44 (0)20 7496 4962
|
+1 281 892 3421
|
|
BP
p.l.c.
|
|
(Registrant)
|
|
|
Dated: 4
August 2020
|
|
|
/s/ Ben
J. S. Mathews
|
|
------------------------
|
|
Ben J.
S. Mathews
|
|
Company
Secretary
|