☒ |
ANNUAL REPORT PURSUANT TO SECTION 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
|
☐ |
TRANSITION REPORT PURSUANT TO SECTION 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
|
A. |
Full title of the plan and the address of the plan, if different from that of the issuer named below:
|
B. |
Name of issuer of the securities held pursuant to the plan and the address of its principal executive office:
|
BP Employee
Savings Plan
(Plan No. 001)
|
BP Capital
Accumulation Plan
(Plan No. 059)
|
BP Partnership
Savings Plan
(Plan No. 051)
|
BP DirectSave
Plan
(Plan No. 052)
|
BP Lower 48
Employee Savings
Plan
(Plan No. 100)
|
|||||||||||||||||
Investment in the BP Master Trust for Employee Savings Plans
|
$
|
7,797,205
|
$
|
-
|
$
|
29,118
|
$
|
1,130
|
$
|
122,673
|
|||||||||||
Notes receivable from participants
|
69,233
|
-
|
462
|
-
|
1,381
|
||||||||||||||||
Net assets available for benefits
|
$
|
7,866,438
|
$
|
-
|
$
|
29,580
|
$
|
1,130
|
$
|
124,054
|
BP Employee
Savings Plan
(Plan No. 001)
|
BP Capital
Accumulation Plan
(Plan No. 059)
|
BP Partnership
Savings Plan
(Plan No. 051)
|
BP DirectSave
Plan
(Plan No. 052)
|
BP Lower 48
Employee Savings
Plan
(Plan No. 100)
|
|||||||||||||||||
Investment in the BP Master Trust for Employee Savings Plans
|
$
|
7,062,141
|
$
|
26,771
|
$
|
23,849
|
$
|
1,184
|
$
|
78,730
|
|||||||||||
Notes receivable from participants
|
72,164
|
198
|
498
|
-
|
709
|
||||||||||||||||
Net assets available for benefits
|
$
|
7,134,305
|
$
|
26,969
|
$
|
24,347
|
$
|
1,184
|
$
|
79,439
|
BP Employee
Savings Plan
(Plan No. 001)
|
BP Capital
Accumulation Plan
(Plan No. 059)
|
BP Partnership
Savings Plan
(Plan No. 051)
|
BP DirectSave
Plan
(Plan No. 052)
|
BP Lower 48
Employee Savings
Plan
(Plan No. 100)
|
|||||||||||||||||
Additions of assets attributed to:
|
|||||||||||||||||||||
Participant contributions
|
$
|
227,855
|
$
|
-
|
$
|
2,221
|
$
|
-
|
$
|
13,998
|
|||||||||||
Company contributions
|
138,655
|
-
|
849
|
-
|
20,551
|
||||||||||||||||
Rollover contributions
|
37,395
|
-
|
105
|
-
|
1,767
|
||||||||||||||||
Interest on notes receivable
|
3,202
|
6
|
22
|
-
|
48
|
||||||||||||||||
Net investment gain – BP Master Trust for Employee Savings Plans
|
1,062,057
|
3,814
|
3,865
|
95
|
16,586
|
||||||||||||||||
Total additions
|
1,469,164
|
3,820
|
7,062
|
95
|
52,950
|
||||||||||||||||
Deductions of assets attributed to:
|
|||||||||||||||||||||
Distributions to participants
|
762,384
|
5,312
|
1,826
|
81
|
8,326
|
||||||||||||||||
Administrative expenses
|
121
|
3
|
3
|
68
|
9
|
||||||||||||||||
Total deductions
|
762,505
|
5,315
|
1,829
|
149
|
8,335
|
||||||||||||||||
Net increase (decrease) in net assets during the year
|
706,659
|
(1,495
|
)
|
5,233
|
(54
|
)
|
44,615
|
||||||||||||||
Transfer from BP Capital Accumulation Plan
to BP Employee Savings Plan
|
25,474
|
(25,474
|
)
|
-
|
-
|
-
|
|||||||||||||||
Net assets available for benefits:
|
|||||||||||||||||||||
Beginning of year
|
7,134,305
|
26,969
|
24,347
|
1,184
|
79,439
|
||||||||||||||||
End of year
|
$
|
7,866,438
|
$
|
-
|
$
|
29,580
|
$
|
1,130
|
$
|
124,054
|
1. |
DESCRIPTION OF THE PLANS
|
1.
|
DESCRIPTION OF THE PLANS (continued)
|
1.
|
DESCRIPTION OF THE PLANS (continued)
|
1.
|
DESCRIPTION OF THE PLANS (continued)
|
1.
|
DESCRIPTION OF THE PLANS (continued)
|
1.
|
DESCRIPTION OF THE PLANS (continued)
|
2.
|
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
|
2.
|
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued)
|
3. |
INCOME TAX STATUS
|
Plan
|
Date
|
ESP
|
July 1, 2016
|
CAP
|
May 25, 2017
|
PSP
|
April 19, 2016
|
DSP
|
April 19, 2016
|
L48
|
April 19, 2016
|
4. |
RISKS AND UNCERTAINTIES
|
5. |
MASTER TRUST
|
5. |
MASTER TRUST (continued)
|
December 31
|
||||||||
2017
|
2016
|
|||||||
ESP
|
98.077%
|
|
98.185%
|
|
||||
CAP
|
0.000
|
0.372
|
||||||
PSP
|
0.366
|
0.331
|
||||||
DSP
|
0.014
|
0.017
|
||||||
L48
|
1.543
|
1.095
|
||||||
100.000%
|
|
100.000%
|
|
5. |
MASTER TRUST (continued)
|
December 31
|
||||||||
2017
|
2016
|
|||||||
Investments at fair value:
|
||||||||
BP ADS
|
$
|
1,179,140
|
$
|
1,137,288
|
||||
Common/collective trust funds
|
6,354,673
|
5,614,091
|
||||||
Money market funds
|
45,208
|
51,587
|
||||||
Benefit responsive investment contracts at contract value
|
369,147
|
391,156
|
||||||
Total investments
|
7,948,168
|
7,194,122
|
||||||
Receivables:
|
||||||||
Securities sold
|
3,142
|
1,309
|
||||||
Dividends and interest
|
1,134
|
874
|
||||||
Total assets
|
7,952,444
|
7,196,305
|
||||||
Accounts payable:
|
||||||||
Pending transactions
|
1,190
|
1,598
|
||||||
Accrued fees and other
|
1,128
|
2,032
|
||||||
Total liabilities
|
2,318
|
3,630
|
||||||
Net assets
|
$
|
7,950,126
|
$
|
7,192,675
|
5.
|
MASTER TRUST (continued)
|
Additions of assets attributed to:
|
||||
Transfer of assets from participating plans:
|
||||
Participant contributions
|
$
|
244,074
|
||
Rollover contributions
|
39,267
|
|||
Company contributions
|
160,055
|
|||
Repayments of notes receivable and interest from participants
|
35,934
|
|||
Net appreciation in fair value of investments
|
1,006,320
|
|||
Interest, dividends and other
|
82,624
|
|||
Total additions
|
1,568,274
|
|||
Deductions of assets attributed to:
|
||||
Transfer of assets to participating plans:
|
||||
Distributions to participants
|
774,866
|
|||
Notes receivable from participants
|
33,226
|
|||
Administrative expenses
|
204
|
|||
Fund management fees
|
2,527
|
|||
Total deductions
|
810,823
|
|||
Net increase in assets during year
|
757,451
|
|||
Net Assets:
|
||||
Beginning of year
|
7,192,675
|
|||
End of year
|
$
|
7,950,126
|
6.
|
FAIR VALUE MEASUREMENTS
|
6.
|
FAIR VALUE MEASUREMENTS (continued)
|
Prices in
Active
Markets for
Identical
Assets
(Level 1)
|
Observable
(Level 2)
|
Unobservable
(Level 3)
|
Total
|
|||||||||||||
BP ADS
|
$
|
1,179,140
|
$
|
-
|
$
|
-
|
$
|
1,179,140
|
||||||||
Money market fund
|
45,208
|
-
|
-
|
45,208
|
||||||||||||
Total investments, at fair value
|
$
|
1,224,348
|
$
|
-
|
$
|
-
|
$
|
1,224,348
|
||||||||
Investments measured at NAV:
|
||||||||||||||||
Short term investment fund (a)
|
$
|
435,069
|
||||||||||||||
U.S. equity funds (b)
|
2,416,869
|
|||||||||||||||
Non-U.S. equity funds (b)
|
453,855
|
|||||||||||||||
U.S. bond funds (c)
|
422,064
|
|||||||||||||||
Non-U.S. bond funds (d)
|
28,948
|
|||||||||||||||
Target date funds (e)
|
2,587,249
|
|||||||||||||||
Other (f)
|
10,619
|
|||||||||||||||
Total investments, at NAV
|
6,354,673
|
|||||||||||||||
Total
|
$
|
7,579,021
|
6.
|
FAIR VALUE MEASUREMENTS (continued)
|
Prices in
Active
Markets for
Identical
Assets
(Level 1)
|
Observable
(Level 2)
|
Unobservable
(Level 3)
|
Total
|
|||||||||||||
BP ADS
|
$
|
1,137,288
|
$
|
-
|
$
|
-
|
$
|
1,137,288
|
||||||||
Money market fund
|
51,587
|
-
|
-
|
51,587
|
||||||||||||
Total investments, at fair value
|
$
|
1,188,875
|
$
|
-
|
$
|
-
|
$
|
1,188,875
|
||||||||
Investments measured at NAV:
|
||||||||||||||||
Short term investment fund (a)
|
$
|
485,949
|
||||||||||||||
U.S. equity funds (b)
|
2,091,532
|
|||||||||||||||
Non-U.S. equity funds (b)
|
317,415
|
|||||||||||||||
U.S. bond funds (c)
|
444,437
|
|||||||||||||||
Non-U.S. bond funds (d)
|
28,999
|
|||||||||||||||
Target date funds (e)
|
2,245,759
|
|||||||||||||||
Total investments, at NAV
|
5,614,091
|
|||||||||||||||
Total
|
$
|
6,802,966
|
(a) |
Short-term investment funds invest in short-term fixed-income securities and
other securities with debt-like characteristics emphasizing short-term maturities and high quality. Under normal circumstances, there are no redemption restrictions;
redemptions can be made daily with no notice period required. Plan sponsor-initiated activity may require 15 days prior written notice for the short-term investment fund.
|
(b) |
Equity common/collective trust funds seek to maintain portfolio diversification and approximate the risk and return characterized by certain equity indices.
Under normal circumstances, redemptions for participant activity may be made daily with no notice period required. Plan sponsor-initiated activity may require prior written notice of 3 to 15 days.
|
(c) |
U.S. bond common/collective trust funds seek to maintain an overall diversified portfolio whose investment return matches the performance of certain bond
indices. Under normal circumstances, redemptions for participant activity may be made daily with no notice period required. Plan sponsor-initiated activity may require prior written notice of 15 days.
|
(d) |
Non-U.S. bond common/collective trust funds seek to provide investment returns of a
diversified portfolio of international government bonds and match the performance of an index. Under normal circumstances, redemptions for participant activity may be made daily with no notice period required. Plan
sponsor-initiated activity may require prior written notice of 15 days.
|
6. |
FAIR VALUE MEASUREMENTS (continued)
|
(e) |
Target date common/collective trust funds are pre-mixed portfolios of diversified
assets (stocks, bonds and other investments). They are designed for participants who expect to retire in or close to the target year stated in each option’s name. With the exception of the Target Date Retirement Fund, over time,
the portfolio mix of each fund will gradually shift to more fixed income securities as the target year approaches. Upon reaching the target year, the fund will be blended into the Target Date Retirement Fund, which is designed to
provide those participants who are withdrawing money from the Plan with an appropriate blend of growth, income and inflation protection. Under normal circumstances, redemptions for participant activity may be made daily with
no notice period required. Plan sponsor-initiated activity may require prior written notice of 3 days.
|
(f) |
Other common/collective trust funds seek to offer a diversified exposure to inflation-sensitive securities including U.S. Treasury Inflation Protected
Securities (“TIPS”), commodities and global real estate to help hedge against inflation. Under normal circumstances, redemptions for participant activity may be made daily with no notice period required. Plan sponsor-initiated
activity may require prior written notice of 15 days.
|
7. |
RELATED PARTY TRANSACTIONS
|
8. |
RECONCILIATION OF FINANCIAL STATEMENTS TO FORM 5500
|
ESP
|
CAP
|
PSP
|
DSP
|
L48
|
||||||||||||||||
December 31, 2017
|
||||||||||||||||||||
Net assets available for benefits as stated in the financial statements
|
$
|
7,866,438
|
$
|
-
|
$
|
29,580
|
$
|
1,130
|
$
|
124,054
|
||||||||||
Adjustment from contract value to fair
value for fully benefit responsive investment contracts
|
563
|
-
|
1
|
-
|
2
|
|||||||||||||||
Net assets available for benefits as stated in the Form 5500
|
$
|
7,867,001
|
$
|
-
|
$
|
29,581
|
$
|
1,130
|
$
|
124,056
|
8.
|
RECONCILIATION OF FINANCIAL STATEMENTS TO FORM 5500 (continued)
|
ESP
|
CAP
|
PSP
|
DSP
|
L48
|
||||||||||||||||
December 31, 2016
|
||||||||||||||||||||
Net assets available for benefits as stated in the financial statements
|
$
|
7,134,305
|
$
|
26,969
|
$
|
24,347
|
$
|
1,184
|
$
|
79,439
|
||||||||||
Adjustment from contract value to fair
value for fully benefit responsive investment contracts
|
2,279
|
-
|
6
|
2
|
6
|
|||||||||||||||
Net assets available for benefits as stated in the Form 5500
|
$
|
7,136,584
|
$
|
26,969
|
$
|
24,353
|
$
|
1,186
|
$
|
79,445
|
ESP
|
CAP
|
PSP
|
DSP
|
L48
|
||||||||||||||||
Year End December 31, 2017
|
||||||||||||||||||||
Net increase (decrease) in net assets per the financial statements
|
$
|
732,133
|
$
|
(26,969
|
)
|
$
|
5,233
|
$
|
(54
|
)
|
$
|
44,615
|
||||||||
Adjustment from contract value to fair value for fully benefit responsive investment contracts at
December 31, 2017
|
563
|
-
|
1
|
-
|
2
|
|||||||||||||||
Adjustment from contract value to fair value for fully benefit responsive investment contracts at
December 31, 2016
|
(2,279
|
)
|
-
|
(6
|
)
|
(2
|
)
|
(6
|
)
|
|||||||||||
Net income (loss) per the Form 5500
|
$
|
730,417
|
$
|
(26,969
|
)
|
$
|
5,228
|
$
|
(56
|
)
|
$
|
44,611
|
Identity of Issue, Borrower,
Lessor, Similar Party
|
Description of
Investment Including
Maturity Date, Rate of
Interest, Collateral, Par,
Maturity Value
|
Cost
|
Current Value
|
|||||||||
BP Employee Savings Plan
(Plan No.001)
|
||||||||||||
* Participant loans
|
3.25% - 10.5%
|
|
N/A
|
$
|
69,233,713
|
|||||||
BP Partnership Savings Plan
(Plan No.051)
|
||||||||||||
* Participant loans
|
4.25% - 5.25%
|
|
N/A
|
$
|
462,285
|
|||||||
BP Lower 48 Employee Savings Plan
(Plan No.100)
|
||||||||||||
* Participant loans
|
4.25% - 5.25%
|
|
N/A
|
$
|
1,380,619
|
BP EMPLOYEE SAVINGS PLAN
|
|
By Plan Administrator
|
|
Date: June 7, 2018
|
/s/ Clifford E. York
|
Clifford E. York
|
|
Head of Pensions and Benefits, Americas
|
|
BP Corporation North America Inc.
|
BP CAPITAL ACCUMULATION PLAN
|
|
By Plan Administrator
|
Date: June 7, 2018
|
/s/ Clifford E. York
|
Clifford E. York
|
|
Head of Pensions and Benefits, Americas
|
|
BP Corporation North America Inc.
|
BP PARTNERSHIP SAVINGS PLAN
|
|
By Plan Administrator
|
Date: June 7, 2018
|
/s/ Clifford E. York
|
Clifford E. York
|
|
Head of Pensions and Benefits, Americas
|
|
BP Corporation North America Inc.
|
BP DIRECTSAVE PLAN
|
|
By Plan Administrator
|
Date: June 7, 2018
|
/s/ Clifford E. York
|
Clifford E. York
|
|
Head of Pensions and Benefits, Americas
|
|
BP Corporation North America Inc.
|
BP LOWER 48 EMPLOYEE SAVINGS PLAN
|
|
By Plan Administrator
|
|
Date: June 7, 2018
|
/s/ Clifford E. York
|
Clifford E. York
|
|
Head of Pensions and Benefits, Americas
|
|
BP Corporation North America Inc.
|