Blueprint
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
Form 6-K
Report of Foreign Issuer
Pursuant to Rule 13a-16 or 15d-16 of
the Securities Exchange Act of 1934
for the
period ended 10
April, 2018
BP p.l.c.
(Translation
of registrant's name into English)
1 ST JAMES'S SQUARE, LONDON, SW1Y 4PD, ENGLAND
(Address
of principal executive offices)
Indicate
by check mark whether the registrant files or will file
annual
reports
under cover Form 20-F or Form 40-F.
Form
20-F |X| Form 40-F
---------------
----------------
Indicate
by check mark whether the registrant by furnishing the
information
contained
in this Form is also thereby furnishing the information to
the
Commission
pursuant to Rule 12g3-2(b) under the Securities Exchange Act
of
1934.
Yes No
|X|
---------------
--------------
Exhibit
1.1
|
Director/PDMR
Shareholding dated 06 March 2018
|
Exhibit
1.2
|
Transaction
in Own Shares dated 08 March 2018
|
Exhibit
1.3
|
Transaction
in Own Shares dated 09 March 2018
|
Exhibit
1.4
|
Transaction
in Own Shares dated 13 March 2018
|
Exhibit
1.5
|
Director/PDMR
Shareholding dated 13 March 2018
|
Exhibit
1.6
|
Transaction
in Own Shares dated 14 March 2018
|
Exhibit
1.7
|
Transaction
in Own Shares dated 15 March 2018
|
Exhibit
1.8
|
Transaction
in Own Shares dated 20 March 2018
|
Exhibit
1.9
|
Transaction
in Own Shares dated 21 March 2018
|
Exhibit
1.10
|
Director/PDMR
Shareholding dated 22 March 2018
|
Exhibit
1.11
|
BP
Annual Report and Form 20-F 2017 dated 29 March 2018
|
Exhibit
1.12
|
Total
Voting Rights dated 03 April 2018
|
Exhibit
1.13
|
BP
p.l.c. Notice of Annual General Meeting 2018 dated 05 April
2018
|
Exhibit
1.14
|
Director/PDMR
Shareholding dated 05 April 2018
|
Exhibit
1.15
|
Director/PDMR
Shareholding dated 06 April 2018
|
Exhibit 1.1
BP p.l.c.
Notification of transactions of persons discharging managerial
responsibility or connected persons
1
|
Details of the person discharging managerial
responsibilities/person closely associated
|
a)
|
Name
|
Horace
Lamar McKay
|
2
|
Reason for the notification
|
a)
|
Position/status
|
Deputy
Chief Executive Officer / PDMR
|
b)
|
Initial
notification/Amendment
|
Initial
notification
|
3
|
Details of the issuer, emission allowance market participant,
auction platform, auctioneer or auction monitor
|
a)
|
Name
|
BP
p.l.c.
|
b)
|
LEI
|
213800LH1BZH3DI6G760
|
4
|
Details of the transaction(s): section to be repeated for (i) each
type of instrument; (ii) each type of transaction; (iii) each date;
and (iv) each place where transactions have been
conducted
|
a)
|
Description
of the financial instrument, type of instrument
Identification
code
|
American
Depositary Shares (each representing 6 ordinary shares of
$0.25)
US0556221044
|
b)
|
Nature
of the transaction
|
Vesting
of restricted share units awarded pursuant to the BP Restricted
Share Plan II in 2015 and the restricted shares awarded on a
matched basis are subject to a further three year retention
period.
|
c)
|
Price(s)
and volume(s)
|
Price(s)
|
Volume(s)
|
|
$38.84
|
13,255
|
Vested
shares
|
$38.84
|
13,263
|
Vested
shares
|
$38.84
|
13,255
|
Vested
and restricted shares
|
$38.84
|
13,255
|
Vested
and restricted shares
|
d)
|
Aggregated
information
-
Volume
-
Price
-
Total
|
53,028
$38.84
$2,059,607.52
|
e)
|
Date of
the transaction
|
2 March
2018
|
f)
|
Place
of the transaction
|
Outside
a trading venue
|
|
|
|
|
This
notice is given in fulfilment of the obligation under Article 19 of
the Market Abuse Regulation.
Exhibit 1.2
BP p.l.c.
Transaction in Own Shares
BP
p.l.c. (the "Company")
announces that it has purchased, in accordance with the authority
granted by shareholders at the 2017 Annual General Meeting of the
Company, the following number of its ordinary shares of $0.25 each
("Shares") on Exchange (as
defined in the Rules of the London Stock Exchange) as part of the
buyback programme announced on 15 November 2017 (the "Programme"):
Date of
purchase:
|
08 March 2018
|
Number
of Shares purchased:
|
1,000,000
|
Highest
price paid per Share (pence):
|
475.6500
|
Lowest
price paid per Share (pence):
|
471.3000
|
Volume
weighted average price paid per Share (pence):
|
473.3866
|
The
Company intends to cancel these Shares.
The
schedule below contains detailed information about the purchases
made by Barclays Capital Securities Limited (intermediary code:
BARCGBN1) on the Date of purchase as part of the
Programme.
For
further information, please contact:
BP p.l.c.
Craig Marshall
+44(0) 207 496 4962
Schedule of Purchases
Shares
purchased: BP p.l.c. (ISIN CODE: GB0007980591)
Aggregate information:
Venue
|
Volume-weighted
average price (pence)
|
Aggregated volume
|
London Stock Exchange
|
473.3866
|
1,000,000
|
Individual transactions:
To view
details of the individual transactions, please paste the following
URL into the address bar of your browser.
http://www.rns-pdf.londonstockexchange.com/rns/1906H_-2018-3-8.pdf
Exhibit 1.3
BP p.l.c.
Transaction in Own Shares
BP
p.l.c. (the "Company")
announces that it has purchased, in accordance with the authority
granted by shareholders at the 2017 Annual General Meeting of the
Company, the following number of its ordinary shares of $0.25 each
("Shares") on Exchange (as
defined in the Rules of the London Stock Exchange) as part of the
buyback programme announced on 15 November 2017 (the "Programme"):
Date of
purchase:
|
09 March 2018
|
Number
of Shares purchased:
|
1,500,000
|
Highest
price paid per Share (pence):
|
479.2000
|
Lowest
price paid per Share (pence):
|
474.9000
|
Volume
weighted average price paid per Share (pence):
|
476.8910
|
The
Company intends to cancel these Shares.
The
schedule below contains detailed information about the purchases
made by Barclays Capital Securities Limited (intermediary code:
BARCGBN1) on the Date of purchase as part of the
Programme.
For
further information, please contact:
BP p.l.c.
Craig Marshall
+44(0) 207 496 4962
Schedule of Purchases
Shares
purchased: BP p.l.c. (ISIN CODE: GB0007980591)
Aggregate information:
Venue
|
Volume-weighted
average price (pence)
|
Aggregated volume
|
London Stock Exchange
|
476.8910
|
1,500,000
|
Individual transactions:
To view
details of the individual transactions, please paste the following
URL into the address bar of your browser.
http://www.rns-pdf.londonstockexchange.com/rns/3284H_-2018-3-9.pdf
Exhibit
1.4
BP p.l.c.
Transaction in Own Shares
BP
p.l.c. (the "Company")
announces that it has purchased, in accordance with the authority
granted by shareholders at the 2017 Annual General Meeting of the
Company, the following number of its ordinary shares of $0.25 each
("Shares") on Exchange (as
defined in the Rules of the London Stock Exchange) as part of the
buyback programme announced on 15 November 2017 (the "Programme"):
Date of
purchase:
|
13 March 2018
|
Number
of Shares purchased:
|
1,000,000
|
Highest
price paid per Share (pence):
|
483.0000
|
Lowest
price paid per Share (pence):
|
473.3500
|
Volume
weighted average price paid per Share (pence):
|
478.7410
|
The
Company intends to cancel these Shares.
The
schedule below contains detailed information about the purchases
made by Barclays Capital Securities Limited (intermediary code:
BARCGBN1) on the Date of purchase as part of the
Programme.
For
further information, please contact:
BP p.l.c.
Craig Marshall
+44(0) 207 496 4962
Schedule of Purchases
Shares
purchased: BP p.l.c. (ISIN CODE: GB0007980591)
Aggregate information:
Venue
|
Volume-weighted
average price (pence)
|
Aggregated volume
|
London Stock Exchange
|
478.7410
|
1,000,000
|
Individual transactions:
To view
details of the individual transactions, please paste the following
URL into the address bar of your browser.
http://www.rns-pdf.londonstockexchange.com/rns/6194H_-2018-3-13.pdf
Exhibit
1.5
BP p.l.c.
Notification of transactions of persons discharging managerial
responsibility or persons closely associated
1
|
Details of the person discharging managerial
responsibilities/person closely associated
|
a)
|
Name
|
Brian
Gilvary
|
2
|
Reason for the notification
|
a)
|
Position/status
|
Chief
Financial Officer / Director
|
b)
|
Initial
notification/Amendment
|
Initial
notification
|
3
|
Details of the issuer, emission allowance market participant,
auction platform, auctioneer or auction monitor
|
a)
|
Name
|
BP
p.l.c.
|
b)
|
LEI
|
213800LH1BZH3DI6G760
|
4
|
Details of the transaction(s): section to be repeated for (i) each
type of instrument; (ii) each type of transaction; (iii) each date;
and (iv) each place where transactions have been
conducted
|
a)
|
Description
of the financial instrument, type of instrument
Identification
code
|
Ordinary
shares of $0.25
GB0007980591
|
b)
|
Nature
of the transaction
|
Shares
acquired through participation in the BP ShareMatch UK
Plan
|
c)
|
Price(s)
and volume(s)
|
Price(s)
|
Volume(s)
|
£4.782
|
65
|
d)
|
Aggregated
information
-
Volume
-
Price
-
Total
|
65
£4.782
£310.83
|
e)
|
Date of
the transaction
|
12
March 2018
|
f)
|
Place
of the transaction
|
Outside
a trading venue
|
1
|
Details of the person discharging managerial
responsibilities/person closely associated
|
a)
|
Name
|
Bernard
Looney
|
2
|
Reason for the notification
|
a)
|
Position/status
|
Chief
Executive Upstream / PDMR
|
b)
|
Initial
notification/Amendment
|
Initial
notification
|
3
|
Details of the issuer, emission allowance market participant,
auction platform, auctioneer or auction monitor
|
a)
|
Name
|
BP
p.l.c.
|
b)
|
LEI
|
213800LH1BZH3DI6G760
|
4
|
Details of the transaction(s): section to be repeated for (i) each
type of instrument; (ii) each type of transaction; (iii) each date;
and (iv) each place where transactions have been
conducted
|
a)
|
Description
of the financial instrument, type of instrument
Identification
code
|
Ordinary
shares of $0.25
GB0007980591
|
b)
|
Nature
of the transaction
|
Shares
acquired through participation in the BP ShareMatch UK
Plan
|
c)
|
Price(s)
and volume(s)
|
Price(s)
|
Volume(s)
|
£4.782
|
65
|
d)
|
Aggregated
information
-
Volume
-
Price
-
Total
|
65
£4.782
£310.83
|
e)
|
Date of
the transaction
|
12
March 2018
|
f)
|
Place
of the transaction
|
Outside
a trading venue
|
This
notice is given in fulfilment of the obligation under Article 19 of
the Market Abuse Regulation.
Exhibit 1.6
BP p.l.c.
Transaction in Own Shares
BP
p.l.c. (the "Company")
announces that it has purchased, in accordance with the authority
granted by shareholders at the 2017 Annual General Meeting of the
Company, the following number of its ordinary shares of $0.25 each
("Shares") on Exchange (as
defined in the Rules of the London Stock Exchange) as part of the
buyback programme announced on 15 November 2017 (the "Programme"):
Date of
purchase:
|
14 March 2018
|
Number
of Shares purchased:
|
500,000
|
Highest
price paid per Share (pence):
|
474.6500
|
Lowest
price paid per Share (pence):
|
464.1000
|
Volume
weighted average price paid per Share (pence):
|
469.9986
|
The
Company intends to cancel these Shares.
The
schedule below contains detailed information about the purchases
made by Barclays Capital Securities Limited (intermediary code:
BARCGBN1) on the Date of purchase as part of the
Programme.
For
further information, please contact:
BP p.l.c.
Craig Marshall
+44(0) 207 496 4962
Schedule of Purchases
Shares
purchased: BP p.l.c. (ISIN CODE: GB0007980591)
Aggregate information:
Venue
|
Volume-weighted
average price (pence)
|
Aggregated volume
|
London Stock Exchange
|
469.9986
|
500,000
|
Individual transactions:
To view
details of the individual transactions, please paste the following
URL into the address bar of your browser.
http://www.rns-pdf.londonstockexchange.com/rns/7630H_-2018-3-14.pdf
Exhibit 1.7
BP p.l.c.
Transaction in Own Shares
BP
p.l.c. (the "Company")
announces that it has purchased, in accordance with the authority
granted by shareholders at the 2017 Annual General Meeting of the
Company, the following number of its ordinary shares of $0.25 each
("Shares") on Exchange (as
defined in the Rules of the London Stock Exchange) as part of the
buyback programme announced on 15 November 2017 (the "Programme"):
Date of
purchase:
|
15 March 2018
|
Number
of Shares purchased:
|
500,000
|
Highest
price paid per Share (pence):
|
467.3000
|
Lowest
price paid per Share (pence):
|
463.6000
|
Volume
weighted average price paid per Share (pence):
|
465.4936
|
The
Company intends to cancel these Shares.
The
schedule below contains detailed information about the purchases
made by Barclays Capital Securities Limited (intermediary code:
BARCGBN1) on the Date of purchase as part of the
Programme.
For
further information, please contact:
BP p.l.c.
Craig Marshall
+44(0) 207 496 4962
Schedule of Purchases
Shares
purchased: BP p.l.c. (ISIN CODE: GB0007980591)
Aggregate information:
Venue
|
Volume-weighted
average price (pence)
|
Aggregated volume
|
London Stock Exchange
|
465.4936
|
500,000
|
Individual transactions:
To view
details of the individual transactions, please paste the following
URL into the address bar of your browser.
http://www.rns-pdf.londonstockexchange.com/rns/9052H_-2018-3-15.pdf
Exhibit 1.8
BP p.l.c.
Transaction in Own Shares
BP
p.l.c. (the "Company")
announces that it has purchased, in accordance with the authority
granted by shareholders at the 2017 Annual General Meeting of the
Company, the following number of its ordinary shares of $0.25 each
("Shares") on Exchange (as
defined in the Rules of the London Stock Exchange) as part of the
buyback programme announced on 15 November 2017 (the "Programme"):
Date of
purchase:
|
20 March 2018
|
Number
of Shares purchased:
|
500,000
|
Highest
price paid per Share (pence):
|
465.4500
|
Lowest
price paid per Share (pence):
|
456.7000
|
Volume
weighted average price paid per Share (pence):
|
461.6009
|
The
Company intends to cancel these Shares.
The
schedule below contains detailed information about the purchases
made by Barclays Capital Securities Limited (intermediary code:
BARCGBN1) on the Date of purchase as part of the
Programme.
For
further information, please contact:
BP p.l.c.
Craig Marshall
+44(0) 207 496 4962
Schedule of Purchases
Shares
purchased: BP p.l.c. (ISIN CODE: GB0007980591)
Aggregate information:
Venue
|
Volume-weighted
average price (pence)
|
Aggregated volume
|
London Stock Exchange
|
461.6009
|
500,000
|
Individual transactions:
To view
details of the individual transactions, please paste the following
URL into the address bar of your browser.
http://www.rns-pdf.londonstockexchange.com/rns/3573I_-2018-3-20.pdf
Exhibit 1.9
BP p.l.c.
Transaction in Own Shares
BP
p.l.c. (the "Company")
announces that it has purchased, in accordance with the authority
granted by shareholders at the 2017 Annual General Meeting of the
Company, the following number of its ordinary shares of $0.25 each
("Shares") on Exchange (as
defined in the Rules of the London Stock Exchange) as part of the
buyback programme announced on 15 November 2017 (the "Programme"):
Date of
purchase:
|
21 March 2018
|
Number
of Shares purchased:
|
500,000
|
Highest
price paid per Share (pence):
|
473.0500
|
Lowest
price paid per Share (pence):
|
460.4500
|
Volume
weighted average price paid per Share (pence):
|
465.5455
|
The
Company intends to cancel these Shares.
The
schedule below contains detailed information about the purchases
made by Barclays Capital Securities Limited (intermediary code:
BARCGBN1) on the Date of purchase as part of the
Programme.
For
further information, please contact:
BP p.l.c.
Craig Marshall
+44(0) 207 496 4962
Schedule of Purchases
Shares
purchased: BP p.l.c. (ISIN CODE: GB0007980591)
Aggregate information:
Venue
|
Volume-weighted
average price (pence)
|
Aggregated volume
|
London Stock Exchange
|
465.5455
|
500,000
|
Individual transactions:
To view
details of the individual transactions, please paste the following
URL into the address bar of your browser.
http://www.rns-pdf.londonstockexchange.com/rns/5126I_-2018-3-21.pdf
Exhibit 1.10
BP p.l.c.
Notification of transactions of persons discharging managerial
responsibility or connected persons
1
|
Details of the person discharging managerial
responsibilities/person closely associated
|
a)
|
Name
|
Mehmet
Tufan Erginbilgic
|
2
|
Reason for the notification
|
a)
|
Position/status
|
Chief
Executive Downstream / PDMR
|
b)
|
Initial
notification/Amendment
|
Initial
notification
|
3
|
Details of the issuer, emission allowance market participant,
auction platform, auctioneer or auction monitor
|
a)
|
Name
|
BP
p.l.c.
|
b)
|
LEI
|
213800LH1BZH3DI6G760
|
4
|
Details of the transaction(s): section to be repeated for (i) each
type of instrument; (ii) each type of transaction; (iii) each date;
and (iv) each place where transactions have been
conducted
|
a)
|
Description
of the financial instrument, type of instrument
Identification
code
|
Ordinary
shares of $0.25
GB0007980591
|
b)
|
Nature
of the transaction
|
Restricted
share units acquired pursuant to the BP Share Value Plan.A
proportion of this award is subject to performance conditions over
a three year performance period, after which the restricted share
units are expected to vest.
|
c)
|
Price(s)
and volume(s)
|
Price(s)
|
Volume(s)
|
£5.0004
|
308,030
|
d)
|
Aggregated
information
-
Volume
-
Price
-
Total
|
308,030
£5.0004
£1,540,273.21
|
e)
|
Date of
the transaction
|
20
March 2018
|
f)
|
Place
of the transaction
|
Outside
a trading venue
|
1
|
Details of the person discharging managerial
responsibilities/person closely associated
|
a)
|
Name
|
Bernard
Looney
|
2
|
Reason for the notification
|
a)
|
Position/status
|
Chief
Executive Upstream / PDMR
|
b)
|
Initial
notification/Amendment
|
Initial
notification
|
3
|
Details of the issuer, emission allowance market participant,
auction platform, auctioneer or auction monitor
|
a)
|
Name
|
BP
p.l.c.
|
b)
|
LEI
|
213800LH1BZH3DI6G760
|
4
|
Details of the transaction(s): section to be repeated for (i) each
type of instrument; (ii) each type of transaction; (iii) each date;
and (iv) each place where transactions have been
conducted
|
a)
|
Description
of the financial instrument, type of instrument
Identification
code
|
Ordinary
shares of $0.25
GB0007980591
|
b)
|
Nature
of the transaction
|
Restricted
share units acquired pursuant to the BP Share Value Plan.A
proportion of this award is subject to performance conditions over
a three year performance period, after which the restricted share
units are expected to vest.
|
c)
|
Price(s)
and volume(s)
|
Price(s)
|
Volume(s)
|
£5.0004
|
296,680
|
d)
|
Aggregated
information
-
Volume
-
Price
-
Total
|
296,680
£5.0004
£1,483,518.67
|
e)
|
Date of
the transaction
|
20
March 2018
|
f)
|
Place
of the transaction
|
Outside
a trading venue
|
1
|
Details of the person discharging managerial
responsibilities/person closely associated
|
a)
|
Name
|
Bernard
Looney
|
2
|
Reason for the notification
|
a)
|
Position/status
|
Chief
Executive Upstream / PDMR
|
b)
|
Initial
notification/Amendment
|
Initial
notification
|
3
|
Details of the issuer, emission allowance market participant,
auction platform, auctioneer or auction monitor
|
a)
|
Name
|
BP
p.l.c.
|
b)
|
LEI
|
213800LH1BZH3DI6G760
|
4
|
Details of the transaction(s): section to be repeated for (i) each
type of instrument; (ii) each type of transaction; (iii) each date;
and (iv) each place where transactions have been
conducted
|
a)
|
Description
of the financial instrument, type of instrument
Identification
code
|
Ordinary
shares of $0.25
GB0007980591
|
b)
|
Nature
of the transaction
|
Restricted
share units acquired pursuant to the BP Restricted Share Plan II.
50% of this award vests after 2 years with the remaining 50%
vesting after 4 years.
|
c)
|
Price(s)
and volume(s)
|
Price(s)
|
Volume(s)
|
£4.7812
|
209,154
|
d)
|
Aggregated
information
-
Volume
-
Price
-
Total
|
209,154
£4.7812
£1,000,007.10
|
e)
|
Date of
the transaction
|
20
March 2018
|
f)
|
Place
of the transaction
|
Outside
a trading venue
|
1
|
Details of the person discharging managerial
responsibilities/person closely associated
|
a)
|
Name
|
Horace
Lamar McKay
|
2
|
Reason for the notification
|
a)
|
Position/status
|
Deputy
Chief Executive Officer / PDMR
|
b)
|
Initial
notification/Amendment
|
Initial
notification
|
3
|
Details of the issuer, emission allowance market participant,
auction platform, auctioneer or auction monitor
|
a)
|
Name
|
BP
p.l.c.
|
b)
|
LEI
|
213800LH1BZH3DI6G760
|
4
|
Details of the transaction(s): section to be repeated for (i) each
type of instrument; (ii) each type of transaction; (iii) each date;
and (iv) each place where transactions have been
conducted
|
a)
|
Description
of the financial instrument, type of instrument
Identification
code
|
American
Depositary Shares (each representing 6 ordinary shares of
$0.25)
US0556221044
|
b)
|
Nature
of the transaction
|
Restricted
share units acquired pursuant to the BP Share Value Plan.A
proportion of this award is subject to performance conditions over
a three year performance period, after which the restricted share
units are expected to vest.
|
c)
|
Price(s)
and volume(s)
|
Price(s)
|
Volume(s)
|
$39.8322
|
71,195
|
d)
|
Aggregated
information
-
Volume
-
Price
-
Total
|
71,195
$39.8322
$2,835,853.48
|
e)
|
Date of
the transaction
|
20
March 2018
|
f)
|
Place
of the transaction
|
Outside
a trading venue
|
1
|
Details of the person discharging managerial
responsibilities/person closely associated
|
a)
|
Name
|
Horace
Lamar McKay
|
2
|
Reason for the notification
|
a)
|
Position/status
|
Deputy
Chief Executive Officer / PDMR
|
b)
|
Initial
notification/Amendment
|
Initial
notification
|
3
|
Details of the issuer, emission allowance market participant,
auction platform, auctioneer or auction monitor
|
a)
|
Name
|
BP
p.l.c.
|
b)
|
LEI
|
213800LH1BZH3DI6G760
|
4
|
Details of the transaction(s): section to be repeated for (i) each
type of instrument; (ii) each type of transaction; (iii) each date;
and (iv) each place where transactions have been
conducted
|
a)
|
Description
of the financial instrument, type of instrument
Identification
code
|
American
Depositary Shares (each representing 6 ordinary shares of
$0.25)
US0556221044
|
b)
|
Nature
of the transaction
|
Restricted
share units acquired pursuant to the BP Restricted Share Plan II.
This award vests after 3 years.
|
c)
|
Price(s)
and volume(s)
|
Price(s)
|
Volume(s)
|
$39.9621
|
45,043
|
d)
|
Aggregated
information
-
Volume
-
Price
-
Total
|
45,043
$39.9621
$1,800,012.87
|
e)
|
Date of
the transaction
|
20
March 2018
|
f)
|
Place
of the transaction
|
Outside
a trading venue
|
This
notice is given in fulfilment of the obligation under Article 19 of
the Market Abuse Regulation.
Exhibit 1.11
BP P.L.C. ANNUAL FINANCIAL REPORT - DTR 6.3.5
DISCLOSURE
BP
p.l.c. ('the Company')
The Company announces that the BP Annual Report and Form 20-F 2017
has been published. This document is publicly available via a
direct link at www.bp.com/annualreport.
This follows the release on 6 February 2018 of the Company's
unaudited Fourth Quarter and Full Year 2017 results announcement
(the 'Preliminary Announcement').
In
compliance with 9.6.1 of the Listing Rules, on 29 March 2018 the
Company submitted a copy of the BP Annual Report and Form 20-F
2017
to the
National Storage Mechanism.
This document will shortly be available for inspection at
http://www.morningstar.co.uk/uk/NSM
The BP
Annual Report and Form 20-F 2017 will be delivered to the Registrar
of Companies in due course and copies of this document may also be
obtained from:
The
Company Secretary's Office
BP
p.l.c.
1 St
James's Square
London
SW1Y
4PD
Tel:
+44 (0)20 7496 4000
The
Disclosure Guidance and Transparency Rules (DTR) require that an
announcement of the publication of an Annual Report should include
the disclosure of such information from the Annual Report as is of
a type that would be required to be disseminated in a Half-yearly
Report in compliance with the DTR 6.3.5(2) disclosure requirement.
Accordingly the following disclosures are made in the Appendices
below. References to page numbers and notes to the accounts made in
the following Appendices, refer to page numbers and notes to the
accounts in the BP Annual Report and Form 20-F 2017. This
announcement should be read in conjunction with, and is not a
substitute for reading, the full BP Annual Report and Form 20-F
2017.
The extracts from BP Annual Report and Form 20-F 2017 included in
this announcement contain certain forecasts, projections and
forward-looking statements - that is, statements related to future,
not past events and circumstances - with respect to the
financial condition, results of operations and businesses of BP and
certain of the plans and objectives of BP with respect to these
items. These statements may generally, but not always, be
identified by the use of words such as 'will', 'expects', 'is
expected to', 'aims', 'should', 'may', 'objective', 'is likely to',
'intends', 'believes', 'anticipates', 'plans', 'we see' or similar
expressions. By their nature, forward-looking statements involve
risk and uncertainty because they relate to events and depend on
circumstances that will or may occur in the future and are outside
of the control of BP. Actual results may differ materially from
those expressed in such statements, depending on a variety of
factors, including the specific factors identified in the
discussions accompanying such forward-looking statements and other
factors discussed elsewhere in BP Annual Report and Form 20-F
2017.
APPENDIX A - AUDIT REPORTS
Audited
financial statements for 2017 are contained in the BP Annual Report
and Form 20-F 2017. The Independent Auditor's Report on the
consolidated financial statements is set out in full on pages
116-122 of the BP Annual Report and Form 20-F 2017. The Independent
Auditor's Report on the consolidated financial statements is
unqualified and does not contain any statements under section
498(2) or section 498(3) of the Companies Act 2006.
APPENDIX B - DIRECTORS' RESPONSIBILITY STATEMENT
The
following statement is extracted in full and is unedited text from
page 113 of the BP Annual Report and Form 20-F 2017. This statement
relates solely to the BP Annual Report and Form 20-F 2017 and is
not connected to the extracted information set out in this
announcement or the Preliminary Announcement.
Directors' responsibility statement
The
directors confirm that to the best of their knowledge:
●
The consolidated financial
statements, prepared in accordance with IFRS as issued by the IASB,
IFRS as adopted by the EU and in accordance with the provisions of
the Companies Act 2006, give a true and fair view of the assets,
liabilities, financial position and profit or loss of the
group.
●
The parent company financial
statements, prepared in accordance with United Kingdom generally
accepted accounting practice, give a true and fair view of the
assets, liabilities, financial position, performance and cash flows
of the company.
●
The management report, which is
incorporated in the strategic report and directors' report,
includes a fair review of the development and performance of the
business and the position of the group, together with a description
of the principal risks and uncertainties that they
face.
C-H
Svanberg
Chairman
29 March 2018
APPENDIX C - RISKS AND UNCERTAINITIES
The
principal risks and uncertainties relating to the Company are set
out on pages 57-58 of the BP Annual Report and Form 20-F 2017. The
following is extracted in full and unedited text from the BP Annual
Report and Form 20-F 2017:
Risk factors
The
risks discussed below, separately or in combination, could have a
material adverse effect on the implementation of our strategy, our
business, financial performance, results of operations, cash flows,
liquidity, prospects, shareholder value and returns and
reputation.
Strategic and commercial risks
Prices and markets - our
financial performance is impacted by fluctuating prices of oil,
gas, refined products, technological change, exchange rate
fluctuations, and the general macroeconomic
outlook.
Oil,
gas and product prices are subject to international supply and
demand and margins can be volatile. Political developments,
increased supply from new oil and gas sources, technological
change, global economic conditions and the influence of OPEC can
impact supply and demand and prices for our products. Decreases in
oil, gas or product prices could have an adverse effect on revenue,
margins, profitability and cash flows. If significant or for a
prolonged period, we may have to write down assets and re-assess
the viability of certain projects, which may impact future cash
flows, profit, capital expenditure ★
and ability to maintain our long-term investment programme.
Conversely, an increase in oil, gas and product prices may not
improve margin performance as there could be increased fiscal take,
cost inflation and more onerous terms for access to resources. The
profitability of our refining and petrochemicals activities can be
volatile, with periodic over-supply or supply tightness in regional
markets and fluctuations in demand.
Exchange
rate fluctuations can create currency exposures and impact
underlying costs and revenues. Crude oil prices are generally set
in US dollars, while products vary in currency. Many of our major
project ★
development costs are denominated in local currencies, which may be
subject to fluctuations against the US dollar.
Access, renewal and reserves progression - our inability to access, renew and progress
upstream resources in a timely manner could adversely affect our
long-term replacement of reserves.
Delivering
our group strategy depends on our ability to continually replenish
a strong exploration pipeline of future opportunities to access and
produce oil and natural gas. Competition for access to investment
opportunities, heightened political and economic risks in certain
countries where significant hydrocarbon basins are located and
increasing technical challenges and capital commitments may
adversely affect our strategic progress. This, and our ability to
progress upstream resources and sustain long-term reserves
replacement, could impact our future production and financial
performance.
Major project delivery -
failure to invest in the best opportunities or deliver major
projects successfully could adversely affect our financial
performance.
We face
challenges in developing major projects, particularly in
geographically and technically challenging areas. Operational
challenges and poor investment choice, efficiency or delivery at
any major project that underpins production or production growth
could adversely affect our financial performance.
Geopolitical - exposure to a
range of political developments and consequent changes to the
operating and regulatory environment could cause business
disruption.
We
operate and may seek new opportunities in countries and regions
where political, economic and social transition may take place.
Political instability, changes to the regulatory environment or
taxation, international sanctions, expropriation or nationalization
of property, civil strife, strikes, insurrections, acts of
terrorism and acts of war may disrupt or curtail our operations or
development activities. These may in turn cause production to
decline, limit our ability to pursue new opportunities, affect the
recoverability of our assets or cause us to incur additional costs,
particularly due to the long-term nature of many of our projects
and significant capital expenditure required.
Events
in or relating to Russia, including trade restrictions and other
sanctions, could adversely impact our income and investment in or
relating to Russia. Our ability to pursue business objectives and
to recognize production and reserves relating to these investments
could also be adversely impacted.
Liquidity, financial capacity and financial, including credit,
exposure - failure to work
within our financial framework could impact our ability to operate
and result in financial loss.
Failure
to accurately forecast or work within our financial framework could
impact our ability to operate and result in financial loss. Trade
and other receivables, including overdue receivables, may not be
recovered and a substantial and unexpected cash call or funding
request could disrupt our financial framework or overwhelm our
ability to meet our obligations.
An
event such as a significant operational incident, legal proceedings
or a geopolitical event in an area where we have significant
activities, could reduce our credit ratings. This could potentially
increase financing costs and limit access to financing or
engagement in our trading activities on acceptable terms, which
could put pressure on the group's liquidity. Credit rating
downgrades could also trigger a requirement for the company to
review its funding arrangements with the BP pension trustees and
may cause other impacts on financial performance. In the event of
extended constraints on our ability to obtain financing, we could
be required to reduce capital expenditure or increase asset
disposals in order to provide additional liquidity. See Liquidity
and capital resources on page 251 and Financial statements - Note
27.
Joint arrangements and contractors - varying levels of control over the standards,
operations and compliance of our partners, contractors and
sub-contractors could result in legal liability and reputational
damage.
We
conduct many of our activities through joint arrangements
★
, associates ★
or with contractors and sub-contractors where we may have limited
influence and control over the performance of such operations. Our
partners and contractors are responsible for the adequacy of the
resources and capabilities they bring to a project. If these are
found to be lacking, there may be financial, operational or safety
risks for BP. Should an incident occur in an operation that BP
participates in, our partners and contractors may be unable or
unwilling to fully compensate us against costs we may incur on
their behalf or on behalf of the arrangement. Where we do not have
operational control of a venture, we may still be pursued by
regulators or claimants in the event of an incident.
Digital infrastructure and cyber security - breach of our digital security or failure of our
digital infrastructure including loss or misuse of sensitive
information could damage our operations, increase costs and damage
our reputation.
The oil
and gas industry is subject to fast-evolving risks from cyber
threat actors, including nation states, criminals, terrorists,
hacktivists and insiders. A breach or failure of our digital
infrastructure - including control systems - due to breaches of our
cyber defences, or those of third parties, negligence, intentional
misconduct or other reasons, could seriously disrupt our
operations. This could result in the loss or misuse of data or
sensitive information, injury to people, disruption to our
business, harm to the environment or our assets, legal or
regulatory breaches and legal liability. Furthermore, the rapid
detection of attempts to gain unauthorized access to our digital
infrastructure, often through the use of sophisticated and
co-ordinated means, is a challenge and any delay or failure to
detect could compound these potential harms. These could result in
significant costs including the cost of remediation or reputational
consequences.
Climate change and the transition to a lower carbon economy
- policy, legal, regulatory,
technology and market change related to the issue of climate change
could increase costs, reduce demand for our products, reduce
revenue and limit certain growth opportunities.
Changes
in laws, regulations, policies, obligations, social attitudes and
customer preferences relating to the transition to a lower carbon
economy could have a cost impact on our business, including
increasing compliance and litigation costs, and could impact our
strategy. Such changes could lead to constraints on production and
supply and access to new reserves. Technological improvements or
innovations that support the transition to a lower carbon economy,
and customer preferences or regulatory incentives related to such
changes that alter fuel or power choices, such as towards low
emission energy sources, could impact demand for oil and gas.
Depending on the nature and speed of any such changes and our
response, this could adversely affect the demand for our products,
investor sentiment, our financial performance and our
competitiveness. See Climate change on page 50.
Competition - inability to
remain efficient, maintain a high quality portfolio of assets,
innovate and retain an appropriately skilled workforce could
negatively impact delivery of our strategy in a highly competitive
market.
Our
strategic progress and performance could be impeded if we are
unable to control our development and operating costs and margins,
or to sustain, develop and operate a high-quality portfolio of
assets efficiently. We could be adversely affected if competitors
offer superior terms for access rights or licences, or if our
innovation in areas such as exploration, production, refining,
manufacturing, renewable energy or new technologies lags the
industry. Our performance could also be negatively impacted if we
fail to protect our intellectual property.
Our
industry faces increasing challenge to recruit and retain skilled
and experienced people in the fields of science, technology,
engineering and mathematics. Successful recruitment, development
and retention of specialist staff is essential to our
plans.
Crisis management and business continuity - failure to address an incident effectively could
potentially disrupt our business.
Our
business activities could be disrupted if we do not respond, or are
perceived not to respond, in an appropriate manner to any major
crisis or if we are not able to restore or replace critical
operational capacity.
Insurance - our insurance
strategy could expose the group to material uninsured
losses.
BP
generally purchases insurance only in situations where this is
legally and contractually required. Some risks are insured with
third parties and reinsured by group insurance companies. Uninsured
losses could have a material adverse effect on our financial
position, particularly if they arise at a time when we are facing
material costs as a result of a significant operational event which
could put pressure on our liquidity and cash flows.
Safety and operational risks
Process safety, personal safety, and environmental risks
- exposure to a wide range of health,
safety, security and environmental risks could result in regulatory
action, legal liability, business interruption, increased costs,
damage to our reputation and potentially denial of our licence to
operate.
Technical
integrity failure, natural disasters, extreme weather or a change
in its frequency or severity, human error and other adverse events
or conditions could lead to loss of containment of hydrocarbons or
other hazardous materials or constrained availability of resources
used in our operating activities, as well as fires, explosions or
other personal and process safety incidents, including when
drilling wells, operating facilities and those associated with
transportation by road, sea or pipeline.
There
can be no certainty that our operating management system
★
or other policies and procedures will adequately identify all
process safety, personal safety and environmental risks or that all
our operating activities will be conducted in conformance with
these systems. See Safety and security on page 47.
Such
events or conditions, including a marine incident, or inability to
provide safe environments for our workforce and the public while at
our facilities, premises or during transportation, could lead to
injuries, loss of life or environmental damage. As a result we
could face regulatory action and legal liability, including
penalties and remediation obligations, increased costs and
potentially denial of our licence to operate. Our activities are
sometimes conducted in hazardous, remote or environmentally
sensitive locations, where the consequences of such events or
conditions could be greater than in other locations.
Drilling and production -
challenging operational environments and other uncertainties could
impact drilling and production activities.
Our
activities require high levels of investment and are sometimes
conducted in challenging environments such as those prone to
natural disasters and extreme weather, which heightens the risks of
technical integrity failure. The physical characteristics of an oil
or natural gas field, and cost of drilling, completing or operating
wells is often uncertain. We may be required to curtail, delay or
cancel drilling operations because of a variety of factors,
including unexpected drilling conditions, pressure or
irregularities in geological formations, equipment failures or
accidents, adverse weather conditions and compliance with
governmental requirements.
Security - hostile acts against
our staff and activities could cause harm to people and disrupt our
operations.
Acts of
terrorism, piracy, sabotage and similar activities directed against
our operations and facilities, pipelines, transportation or digital
infrastructure could cause harm to people and severely disrupt
operations. Our activities could also be severely affected by
conflict, civil strife or political unrest.
Product quality - supplying
customers with off-specification products could damage our
reputation, lead to regulatory action and legal liability, and
impact our financial performance.
Failure
to meet product quality standards could cause harm to people and
the environment, damage our reputation, result in regulatory action
and legal liability, and impact financial performance.
Compliance and control risks
US government settlements -
failure to comply with the terms of our settlements with the US
Environmental Protection Agency related to the Gulf of Mexico oil
spill may expose us to further penalties or liabilities or could
result in suspension or debarment of certain BP
entities.
Failure
to satisfy the requirements or comply with the terms of the
administrative agreement with the US Environmental Protection
Agency (EPA), under which BP agreed to a set of safety and
operations, ethics and compliance and corporate governance
requirements, could result in suspension or debarment of certain BP
entities.
Regulation - changes in the
regulatory and legislative environment could increase the cost of
compliance, affect our provisions and limit our access to new
growth opportunities.
Governments
that award exploration and production interests may impose specific
drilling obligations, environmental, health and safety controls,
controls over the development and decommissioning of a field and
possibly, nationalization, expropriation, cancellation or
non-renewal of contract rights. Royalties and taxes tend to be high
compared with those imposed on similar commercial activities, and
in certain jurisdictions there is a degree of uncertainty relating
to tax law interpretation and changes. Governments may change their
fiscal and regulatory frameworks in response to public pressure on
finances, resulting in increased amounts payable to them or their
agencies.
Such
factors could increase the cost of compliance, reduce our
profitability in certain jurisdictions, limit our opportunities for
new access, require us to divest or write down certain assets or
curtail or cease certain operations, or affect the adequacy of our
provisions for pensions, tax, decommissioning, environmental and
legal liabilities. Potential changes to pension or financial market
regulation could also impact funding requirements of the group.
Following the Gulf of Mexico oil spill, we may be subjected to a
higher level of fines or penalties imposed in relation to any
alleged breaches of laws or regulations, which could result in
increased costs.
Ethical misconduct and non-compliance - ethical misconduct or breaches of applicable
laws by our businesses or our employees could be damaging to our
reputation, and could result in litigation, regulatory action and
penalties.
Incidents
of ethical misconduct or non-compliance with applicable laws and
regulations, including anti-bribery and corruption and anti-fraud
laws, trade restrictions or other sanctions, or non-compliance with
the recommendations of the ethics monitor appointed under the terms
of the EPA settlements, could damage our reputation, result in
litigation, regulatory action and penalties.
Treasury and trading activities - ineffective oversight of treasury and trading
activities could lead to business disruption, financial loss,
regulatory intervention or damage to our
reputation.
We are
subject to operational risk around our treasury and trading
activities in financial and commodity markets, some of which are
regulated. Failure to process, manage and monitor a large number of
complex transactions across many markets and currencies while
complying with all regulatory requirements could hinder profitable
trading opportunities. There is a risk that a single trader or a
group of traders could act outside of our delegations and controls,
leading to regulatory intervention and resulting in financial loss,
fines and potentially damaging our reputation. See Financial
statements - Note 27.
Reporting - failure to
accurately report our data could lead to regulatory action, legal
liability and reputational damage.
External
reporting of financial and non-financial data, including reserves
estimates, relies on the integrity of systems and people. Failure
to report data accurately and in compliance with applicable
standards could result in regulatory action, legal liability and
damage to our reputation.
APPENDIX D - RELATED PARTY TRANSACTIONS
Disclosures
in relation to the related party transactions are set out on pages
158-160 and page 274 of the BP Annual Report and Form 20-F 2017.
The following is extracted in full and unedited text from the BP
Annual Report and Form 20-F 2017:
Extract
from Note 14 Investments in joint ventures, BP Annual Report and
Form 20-F 2017, page 158:
Transactions
between the group and its joint ventures are summarized
below.
|
|
|
|
|
|
|
$
million
|
Sales to joint ventures
|
|
|
2017
|
|
2016
|
|
2015
|
Product
|
|
Sales
|
Amount receivable at
31 December
|
Sales
|
Amount
receivable at
31
December
|
Sales
|
Amount receivable at31 December
|
LNG, crude oil and oil products, natural gas
|
|
2,929
|
|
352
|
|
2,760
|
|
291
|
|
2,841
|
|
245
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$
million
|
Purchases from joint ventures
|
|
|
2017
|
|
2016
|
|
2015
|
Product
|
|
Purchases
|
Amount payable at
31 December
|
Purchases
|
Amount
payable
at
31
December
|
Purchases
|
Amountpayable at 31 December
|
LNG,
crude oil and oil products, natural gas, refinery operating costs,
plant processing fees
|
|
1,257
|
|
176
|
|
943
|
|
120
|
|
861
|
|
104
|
|
The
terms of the outstanding balances receivable from joint ventures
are typically 30 to 45 days. The balances are unsecured and will be
settled in cash. There are no significant provisions for doubtful
debts relating to these balances and no significant expense
recognized in the income statement in respect of bad or doubtful
debts. Dividends receivable are not included in the table
above.
Extract
from Note 15 Investments in associates, BP Annual Report and Form
20-F 2017, page 160:
Transactions
between the group and its associates are summarized
below.
|
|
|
|
|
|
|
$
million
|
Sales to associates
|
|
|
2017
|
|
2016
|
|
2015
|
Product
|
|
Sales
|
Amount receivable at31 December
|
Sales
|
Amount receivable at31 December
|
Sales
|
Amount receivable at31 December
|
LNG,
crude oil and oil products, natural gas
|
|
2,261
|
|
216
|
|
4,210
|
|
765
|
|
5,302
|
|
1,058
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$
million
|
Purchases from associates
|
|
|
2017
|
|
2016
|
|
2015
|
Product
|
|
Purchases
|
Amount payable at31 December
|
Purchases
|
Amount
payable
at31 December
|
Purchases
|
Amount
payable
at31 December
|
Crude
oil and oil products, natural gas, transportation
tariff
|
|
11,613
|
|
1,681
|
|
8,873
|
|
2,000
|
|
11,619
|
|
2,026
|
|
In
addition to the transactions shown in the table above, in 2016 the
group completed the dissolution of its German refining joint
operation with Rosneft. In 2015, the group acquired a 20%
participatory interest in Taas-Yuryakh Neftegazodobycha, a Rosneft
subsidiary.
The
terms of the outstanding balances receivable from associates are
typically 30 to 45 days. The balances are unsecured and will be
settled in cash. There are no significant provisions for doubtful
debts relating to these balances and no significant expense
recognized in the income statement in respect of bad or doubtful
debts. Dividends receivable are not included in the table
above.
The
majority of the sales to and purchases from associates relate to
crude oil and oil products transactions with Rosneft.
BP has
commitments amounting to $13,932 million (2016 $15,344 million),
primarily in relation to contracts with its associates for the
purchase of transportation capacity.
Extract
from BP Annual Report and Form 20-F 2017, page 274:
Related-party transactions
Transactions
between the group and its significant joint ventures and associates
are summarized in Financial statements - Note 14 and Note 15. In
the ordinary course of its business, the group enters into
transactions with various organizations with which some of its
directors or executive officers are associated. Except as described
in this report, the group did not have any material transactions or
transactions of an unusual nature with, and did not make loans to,
related parties in the period commencing 1 January 2017 to 14
March 2018.
APPENDIX E - IMPORTANT EVENTS DURING THE YEAR
For a
full glossary of terms, see BP Annual Report and Form 20-F 2017,
pages 289-293.
1.
Extracted in full and unedited text from the Chairman's letter, BP
Annual Report and Form 20-F 2017, pages 6-7:
Dear fellow shareholder,
In
2017, the global economy continued to be strong and to grow while
concerns around the geopolitical environment increased. For BP, as
a global business, this was the backdrop to our
operations.
Against
this background we have had a strong year. A year in which there
was delivery and growth across all our businesses as Bob describes
later in his letter. This was achieved with continued strong focus
on safety. It's an impressive performance from a great team. They
are now fully into their stride and are performing very
well.
All of
this gave us confidence to continue the dividend at 10 cents per
ordinary share through 2017 and shareholders can still take
dividends in shares rather than cash. In the fourth quarter we
restarted share buybacks to offset the dilutive effects of the
scrip shares.
It
remains the board's policy to grow sustainable free cash flow and
distributions to shareholders.
So, a
strong year and an important first year in the delivery of the
commitment we made in 2016 to shareholders. So, I'd like to take
stock and reflect on where BP is now and the progress that we've
made over the past eight years.
BP's path
We were
faced with a crisis in 2010 that could have threatened the very
being of the company. A crisis that should never have happened. It
required resolute action on many fronts to see us through and it is
a great tribute to everyone in BP that the foundations were laid
for our recovery.
This
involved doing things differently and thinking differently. We had
to act simultaneously on many fronts. We had to address the issues
in the US while restructuring our investments in Russia - and all
the while ensuring that we had a clear strategy for delivering
value for our shareholders. All of this in a world that is looking
towards a transition to lower carbon.
In
addressing these challenges, BP showed a deep resilience. With the
leadership of Bob and his team the whole organization was engaged
with the board playing a full role.
It is
from this resilience that we have been able to set a clear strategy
with goals out to 2021. A strategy which will grow BP and be
responsive to the many changes that are happening in the world
around us.
Our challenge for the future
Our
goals aim to balance society's need for more energy with our clear
ambition of playing our part in the transition to a lower carbon
world. We are investing for the future in both hydrocarbons and in
technologies which will be important in that transition. The world
is changing quickly, quicker than we have seen before. There is no
one solution and no one right way ahead. Our approach is clearly
aimed at being flexible and responsive.
Whatever
scenario we look at, whether from BP or the IEA, there will need to
be investment to ensure that sufficient hydrocarbons are available
during the transition for the years to come. The world will
continue to need supplies of hydrocarbons. We need the
understanding and trust of society to make these investments to
meet this global demand. Renewables cannot be developed quickly
enough to meet the increasing need for energy.
This is
not a choice between two investment approaches, both are needed for
the world to be able to grow. Our strategic priorities address
this. We are committed and we demonstrate that commitment in
reports that we will soon publish.
Remuneration
Executive
remuneration remains a clear issue of focus for shareholders and
society. I would like to thank our shareholders for the support
which you gave to our new remuneration report at the 2017 AGM. This
was an important step forward in regaining your confidence. As is
clear from Dame Ann Dowling's letter later in this report, we are
implementing this policy in a considered way. As is the case with
the way remuneration works, there are awards maturing which are
governed by our previous policy. We have carefully considered the
impact of these. Working with the executives, the committee has
exercised appropriate discretion to reflect your experience as
shareholders over the past three years.
Ann
will be standing down from this committee at the AGM after three
years in the chair. I would like to thank her for all the work that
she has done in leading the committee through some very difficult
times. Paula Reynolds will take the chair of this
committee.
The board
The
board has continued to work with Bob and his team on many issues
relating to our strategy, our oversight of the risks that BP faces
and our understanding of the evolving challenges of the lower
carbon transition.
Our
oversight of these risks is principally carried out through the
work of our committees. However there are certain risks, such as
cyber security, where it is important that it is considered by the
board.
As a
board we know that we can only bring long-term value to our
shareholders if we understand the needs of and serve the
communities in which we work. We need to listen to and be
responsive to the voices of those communities and of our own
employees.
Membership
of the board continues to evolve. Paul Anderson will be retiring at
the AGM in May. Paul joined the board two months before the
Deepwater Horizon accident. He has very deep experience of the
energy industry and has been a major source of advice and counsel
to me and to the board over these years. Paul has made a great
contribution to the board and its committees over some difficult
times. I thank him on my own behalf and on behalf of the
board.
Melody
Meyer was elected to the board at the 2017 AGM. Melody has an
extensive career in global oil and gas at Chevron. The board is
proposing that Dame Alison Carnwath be elected as a director at the
2018 AGM. Alison has extensive financial experience both as
anexecutive and non-executive. She has worked with global
organizations and will bring a broad range of skills to the BP
board and to the audit committee which she will join upon
appointment. Both these appointments emphasize the board's
commitment to diversity. This will continue to enhance independent
thinking and healthy challenge.
Our purpose
BP has
a clear purpose. Our role is to produce energy which can power
economic growth and lift people out of poverty. We need to do this
in a way that responds to the ambition of a world for a low carbon
future. We have made considerable progress in 2017. It has been a
great year, but we must not be complacent. We are in a competitive
environment in a quickly changing world and our business needs to
be ready to meet those demands.
Bob and
his team have once again done an excellent job in steering BP
through this year and setting a course for the future. Thank you to
Bob and the team, to my colleagues on the board and to all our
employees for all their work during the year. My thanks also go to
you our shareholders for your support of BP.
I will
be standing down during 2018 at some time after the May AGM and as
I look back I feel good about the company. It's in a great position
to grow. I am sure that I will have the opportunity to thank you
for the support you have given me in due course.
Carl-Henric Svanberg
Chairman
29 March 2018
2.
Extracted in full and unedited text from the Group chief
executive's letter, BP Annual Report and Form 20-F 2017, pages
8-9:
Dear fellow shareholder,
In this
report last year, BP set out a five-year strategy and promised a
story of growth. One year into that five-year plan I am pleased to
report that your company has just delivered a significant year of
both disciplined execution and exciting growth.
In many
ways it was an extraordinary year for BP. Here are some of the
headlines:
● Underlying profit $6.2
billion.
● Upstream production up 12%.
● Record earnings in
Downstream.
● Our most successful year for exploration since
2004.
● Group reserves replacement ratio the highest in
10 years.
Of
course, we were helped by an improving oil price. But that only
tells part of the story. 2017 was a year where we again maintained
our improved trend in safety performance for most of our main
personal and process safety metrics, although we have seen a slight
increase in our tier 1 events. Better safety and improved
operational reliability, combined with strong discipline in our
cash and capital costs, fed through into our financial
performance.
In a
complex and uncertain world this may seem like a simple equation -
safe and reliable operations plus cost discipline is good for the
bottom line. But it works and the numbers prove this.
We plan
for the long term and we also measure our progress year on year and
quarter by quarter.
We were
disappointed that we had to increase the provision relating to
claims associated with the Gulf of Mexico spill, although we made
real progress during the year in our efforts to close out the
remaining claims. The claims facility is now winding down although
a number of claims remain to be resolved.
Our five-year plan
As I
said, last year we set out our strategic priorities. Simply put,
these are designed to meet the dual challenge: to produce more of
the affordable energy that the world needs while producing and
delivering it in new ways, with fewer emissions, that society
wants.
The key
to this dual challenge is to recognize that this is not just a race
to renewables, it's a race to lower greenhouse gas emissions. So,
while we are fully committed to the energy transition that is
underway, we also see a lot of uncertainty around the pace and path
of how this will unfold.
Our aim
is to build a strong and flexible strategy with a high-quality
portfolio and the ability to adapt quickly as the pace and path
become clearer.
That
means in the Upstream we are focused on growing oil and gas in a
way that offers us advantages in terms of margin and value, with
the reduced emissions in mind.
In the
Downstream we continue to develop advantaged manufacturing and
marketing businesses that can create value from existing, new and
emerging markets.
We are
preparing for a low carbon future by investing in new companies and
technologies across BP while also leveraging knowledge from the
development of our existing Alternative Energy
businesses.
And we
are modernizing how BP works, using technology and data to work
more efficiently and digitizing our processes.
Disciplined execution in 2017
We said
that 2017 would be a very important year for BP. We set out
ambitious plans for the year and we delivered on them.
We
promised to start up seven major projects in the Upstream. We
brought these online and under budget for the portfolio as a whole.
These projects, along with the six we brought online in 2016, have
contributed to a 12% increase in our production. That helps to put
us on track to deliver 900,000 barrels of new production per day by
2021. We also strengthened our portfolio with our most successful
year of exploration since 2004, sanctioned three exciting new
projects in Trinidad, India and the Gulf of Mexico and added 143%
reserves replacement for the group.
In the
Downstream we promised to grow earnings. In fact, we had our best
ever year, with a replacement cost profit of $7.2 billion, driven
by strong earnings growth in our marketing and manufacturing
businesses. This came from volume growth in our premium fuels and
lubricants, the growth of our successful convenience retail
partnerships around the world and strong performance in
manufacturing.
Exciting growth opportunities
This is
a time of transformational change for our industry. An era of
abundant resources and a changing fuel mix mean that we must be
competitive today and adapt fast to change for tomorrow. So, we
must modernize how we work, embrace new advanced technologies and
maintain our downward pressure on costs. We are already in action
across BP.
In the
Upstream we are growing gas and advantaged oil on many fronts:
signing a 25-year extension to our ACG production-sharing agreement
★
in Azerbaijan; strengthening our relationship with Petrobras and
accessing the prolific Santos basin in Brazil; extending our
innovative alliance with Kosmos in West Africa; growing in Norway
though our Aker BP joint venture; and adding production from
onshore Abu Dhabi following the deepening of our long-term
strategic relationship with the Abu Dhabi National Oil Company
(ADNOC) at the end of 2016.
In the
Downstream we are building competitively advantaged businesses;
extending our differentiated retail fuels offer in material new
markets such as Mexico, India, Indonesia and China; entering into a
new joint venture with DongMing Petrochemical as part of a focused
growth strategy in China; renewing and creating new partnerships in
lubricants with Renault Nissan, Ford, VW and Volvo.
At the
same time, we must look to produce and deliver energy in new ways,
with fewer emissions, to help meet the world's climate goals. At BP
we have been working on this challenge for over two decades and
that has informed our approach today: working to reduce emissions
in our operations; improving the products our customers use to help
them reduce their emissions; creating new low carbon businesses and
offers that complement our existing portfolio.
In the
low carbon space, we entered into a new partnership with
Lightsource a global leader in the development, acquisition and
long-term management of large-scale solar projects. In new
ventures, we have a pipeline of more than 40 active investments
with more than 200 partners looking to exploit opportunities in
advanced mobility, bio products, carbon management and low carbon
power and storage.
These
are a few examples that I believe show we are in great shape to act
where we see opportunity to make a real difference to this
transition and, at the same time, create value for our
shareholders.
Strength in relationships
The
world is changing fast and there is a lot of uncertainty of what
the future will actually look like. To stay competitive a company
needs to be in tune with society. While we are making progress with
issues such as gender and ethnicity representation, we recognize we
still have more to do. Beyond having the right strategy, to succeed
and thrive in uncertainty requires strong and trusting
relationships. I am grateful to our partners, host governments and
other stakeholders who have stood by us in hard times and continue
to work with us to help shape our future and the future energy
landscape.
I am
also grateful to you, our shareholders who have shown great
patience while we stabilized BP and built up our resilience. I hope
you see our recent performance as signs that this patience is being
rewarded.
And
last, but not least, I want to thank the global BP team. I don't
believe there is another company of our size and scale that can
adapt and manage change better than we can. This spirit of
invention and purpose has been alive across BP for over a century
and will carry us forward into what, I believe, is a very bright
future.
Bob Dudley
Group chief executive
29 March 2018
3.
Extracted in full and unedited text from "Group performance", BP
Annual Report and Form 20-F 2017, pages 21-24:
Financial
and operating performance
|
|
$ million except per share amounts
|
|
|
2017
|
2016
|
2015
|
Profit (loss) before interest and taxation
|
|
9,474
|
|
(430
|
)
|
(7,918
|
)
|
Finance
costs and net finance expense relating to pensions and other
post-retirement benefits
|
|
(2,294
|
)
|
(1,865
|
)
|
(1,653
|
)
|
Taxation
|
|
(3,712
|
)
|
2,467
|
|
3,171
|
|
Non-controlling interests
|
|
(79
|
)
|
(57
|
)
|
(82
|
)
|
Profit
(loss) for the yearb
|
|
3,389
|
|
115
|
|
(6,482
|
)
|
Inventory
holding (gains) losses ★
, before tax
|
|
(853
|
)
|
(1,597
|
)
|
1,889
|
|
Taxation
charge (credit) on inventory holding gains and losses
|
|
225
|
|
483
|
|
(569
|
)
|
Replacement
cost profit (loss) ★
|
|
2,761
|
|
(999
|
)
|
(5,162
|
)
|
Net
(favourable) adverse impact of non-operating items ★
and fair value accounting effects ★
, before tax
|
|
3,730
|
|
6,746
|
|
15,067
|
|
Taxation
charge (credit) on non-operating items and fair value accounting
effects
|
|
(325
|
)
|
(3,162
|
)
|
(4,000
|
)
|
Underlying replacement cost profit
|
|
6,166
|
|
2,585
|
|
5,905
|
|
Dividends paid per share - cents
|
|
40.00
|
|
40.00
|
|
40.00
|
|
-
pence
|
|
30.979
|
|
29.418
|
|
26.383
|
|
a This
does not form part of BP's Annual Report on Form 20-F as filed with
the SEC.
b Profit
attributable to BP shareholders.
Results
Profit
for the year ended 31 December 2017 was $3.4 billion, compared with
$115 million in 2016. Excluding inventory holding gains,
replacement cost (RC) profit was $2.8 billion, compared with a loss
of $1.0 billion in 2016. After adjusting for non-operating items of
$3.3 billion and net adverse fair value accounting effects of $96
million (both on a post-tax basis), underlying RC profit for the
year ended 31 December 2017 was $6.2 billion, an increase of $3.6
billion compared with 2016. The increase was predominantly due to
higher results in both Upstream and Downstream segments. The
Upstream result reflected higher oil and gas prices and increased
production. The Downstream result reflected strong refining
performance, including an improved margin environment and growth in
fuels marketing.
The
profit for the year ended 31 December 2016 was $115 million,
compared with a loss of $6.5 billion in 2015. Excluding inventory
holding gains, RC loss was $1.0 billion, compared with a loss of
$5.2 billion in 2015. After adjusting for non-operating items of
$2.8 billion and net adverse fair value accounting effects of $0.8
billion (both on a post-tax basis), underlying RC profit for the
year ended 31 December 2016 was $2.6 billion, a decrease of $3.3
billion compared with 2015. The reduction was predominantly due to
lower results in both the Upstream and Downstream segments
reflecting lower oil and gas prices and the weaker refining
environment.
Non-operating items
The net
charge for non-operating items was $3.6 billion pre-tax and $3.3
billion post tax in 2017. The post-tax non-operating charge
includes a charge of $1.7 billion recognized in the fourth quarter
relating to business economic loss and other claims associated with
the Gulf of Mexico oil spill and a $0.9 billion deferred tax charge
following the change in the US tax rate enacted in December 2017.
In addition, the net charge also reflects an impairment charge in
relation to upstream assets.
The net
charge for non-operating items of $5.7 billion pre-tax and $2.8
billion post tax in 2016 mainly related to additional charges for
the Gulf of Mexico oil spill which were partially offset by net
impairment reversals. Non-operating items in 2016 also included a
restructuring charge of $0.8 billion (2015 $1.1
billion).
More
information on non-operating items and fair value accounting
effects can be found on pages 250 and 294. See Financial statements
- Note 2 for further information on the impact of the Gulf of
Mexico oil spill on BP's financial results.
Taxation
The
charge for corporate income taxes in 2017 includes a one-off
deferred tax charge of $0.9 billion in respect of the revaluation
of deferred tax assets and liabilities following the reduction in
the US federal corporate income tax rate from 35% to 21% enacted in
December 2017. The effective tax rate (ETR) on the profit or loss
for the year was 52% in 2017, 107% in 2016 and 33% in 2015. The ETR
for all three years was impacted by various one-off
items.
Adjusting
for inventory holding impacts, non-operating items which include
the impact of the US tax rate change, fair value accounting effects
and the deferred tax adjustments as a result of the reductions in
the UK North Sea supplementary charge in 2016 and 2015, the
adjusted ETR ★
on RC profit was 38% in 2017 (2016 23%, 2015 31%). The adjusted ETR
for 2017 is higher than 2016 predominantly due to changes in the
geographical mix of profits, notably the impact of the renewal of
our interest in the Abu Dhabi onshore oil concession. The adjusted
ETR for 2016 was lower than 2015 predominantly due to changes in
the geographical mix of profits as a result of the lower oil price
and the absence of foreign exchange impacts from the strengthening
of the US dollar in 2015.
In the
current environment, the adjusted ETR in 2018 is expected to be
above 40%.
Cash flow and net debt information
|
|
|
|
$ million
|
|
|
2017
|
2016
|
2015
|
Operating
cash flow excluding Gulf of Mexico oil spill paymentsa
|
|
24,098
|
|
17,583
|
|
20,263
|
|
Operating cash flow
|
|
18,931
|
|
10,691
|
|
19,133
|
|
Net cash used in investing activities
|
|
(14,077
|
)
|
(14,753
|
)
|
(17,300
|
)
|
Net cash provided by (used in) financing activities
|
|
(3,296
|
)
|
1,977
|
|
(4,535
|
)
|
Cash and cash equivalents at end of year
|
|
25,586
|
|
23,484
|
|
26,389
|
|
Capital expenditure
★
b
|
|
|
|
|
Organic
capital expenditure ★
|
|
(16,501
|
)
|
(16,675
|
)
|
N/A
|
Inorganic
capital expenditure ★
|
|
(1,339
|
)
|
(777
|
)
|
N/A
|
|
|
(17,840
|
)
|
(17,452
|
)
|
(20,202
|
)
|
Gross debt
|
|
63,230
|
|
58,300
|
|
53,168
|
|
Net
debt ★
|
|
37,819
|
|
35,513
|
|
27,158
|
|
Gross
debt ratio ★
(%)
|
|
38.6%
|
37.6%
|
35.1%
|
Nebt
debt ratio★
(%)
|
|
27.4%
|
26.8%
|
21.6%
|
a This does not form
part of BP's Annual Report on Form 20-F as filed with the
SEC.
b From 2017 onwards we
are reporting organic, inorganic and total capital expenditure on a
cash basis which were previously reported on an accruals basis.
This aligns with BP's
financial framework
and is now consistent with other financial metrics used when
comparing sources and uses of cash. An analysis of capital
expenditure on a cash basis for 2015 is not available.
Operating cash flow
Net
cash provided by operating activities for the year ended 31
December 2017 was $18.9 billion, $8.2 billion higher than the $10.7
billion reported in 2016. Operating cash flow in 2017 reflects $5.3
billion of pre-tax cash outflows related to the Gulf of Mexico oil
spill (2016 $7.1 billion). Compared with 2016, operating cash flows
in 2017 were impacted by improved business results, including a
more favourable price environment and higher production, working
capital effects, and a $2.5 billion increase in income taxes
paid.
Movements
in inventories and other current and non-current assets and
liabilities adversely impacted cash flow in the year by $3.4
billion. There was an adverse impact on working capital from the
Gulf of Mexico oil spill of $5.2 billion. Other working capital
effects, arising from a variety of different factors had a
favourable effect of $1.8 billion. Receivables and inventories
increased during the year principally due to higher oil prices. The
effect of this on operating cash flow was more than offset by a
corresponding increase in payables. BP actively manages its working
capital balances to optimize cash flow.
There
was a decrease in net cash provided by operating activities of $8.4
billion in 2016 compared with 2015, of which $6.0 billion related
to higher pre-tax cash outflows associated with the Gulf of Mexico
oil spill. Cash flows were impacted by the continuing low oil price
environment, with a lower average oil price in 2016 compared with
2015, working capital effects, and a reduction of $0.7 billion in
income taxes paid.
Movements
in inventories and other current and non-current assets and
liabilities adversely impacted cash flow in 2016 by $3.2 billion.
There was an adverse impact from the Gulf of Mexico oil spill of
$4.8 billion. Other working capital effects, arising from a variety
of different factors, had a favourable impact of $1.6 billion.
Inventories increased during 2016 because volumes were increased in
our trading business to benefit from market opportunities, and due
to higher prices towards the end of the year. The increase in
inventory was largely offset by a corresponding increase in
payables, limiting the increase in working capital.
Net cash used in investing activities
Net
cash used in investing activities for the year ended 31 December
2017 decreased by $0.7 billion compared with 2016.
The
decrease mainly reflected an increase of $0.8 billion in disposal
proceeds.
The
decrease of $2.5 billion in 2016 compared with 2015 reflected a
reduction in cash outflow in respect of capital expenditure,
including investment in joint ventures ★
and associates ★
, of $2.8 billion. The reduction in cash capital expenditure in
2016 reflected the group's response to the lower oil price
environment.
There
were no significant cash flows in respect of acquisitions in 2017,
2016 and 2015.
The
group has had significant levels of capital investment for many
years. Total capital expenditure for 2017 was $17.8 billion (2016
$17.5 billion), of which organic capital expenditure was $16.5
billion (2016 $16.7 billion). Sources of funding are fungible, but
the majority of the group's funding requirements for new investment
comes from cash generated by existing operations. We expect organic
capital expenditure to be in the range of $15-16 billion in
2018.
Disposal
proceeds for 2017 were $3.4 billion (2016 $2.6 billion, 2015 $2.8
billion), including amounts received for the disposal of our
interest in the SECCO joint venture. In addition, we received $0.8
billion in relation to the initial public offering of BP Midstream
Partners LP's common units, shown within financing activities in
the cash flow statement, and total proceeds for the year were $4.3
billion. In 2016 disposal proceeds included amounts received for
the sale of certain midstream assets in the Downstream fuels
business and our Decatur petrochemicals complex. In addition, we
received $0.6 billion in relation to the sale of 20% from our
shareholding in Castrol India Limited, shown within financing
activities in the cash flow statement, giving total proceeds of
$3.2 billion for the year. We expect disposal proceeds to be in the
range of $2-3 billion in 2018.
Net cash used in financing activities
Net
cash used in financing activities for the year ended 31 December
2017 was $3.3 billion, compared with $2.0 billion provided by
financing activities in 2016. This was mainly the result of a
reduction of $3.5 billion in net proceeds from financing. The total
dividend paid in cash in 2017 was $1.5 billion higher than in 2016,
see below for further information.
In 2016
the net cash provided by financing activities reflected higher net
proceeds from financing of $3.6 billion ($4.0 billion higher net
proceeds from long-term debt offset by a decrease of $0.4 billion
in short-term debt). In addition, there was a cash inflow of $0.9
billion relating to increases in non-controlling interests,
including the sale of 20% from our shareholding in Castrol India
Limited described above. The total dividend paid in cash in 2016
was $2.1 billion lower than in 2015 - see below for further
information.
Total
dividends distributed to shareholders in 2017 were 40.00 cents per
share, the same as 2016. This amounted to a total distribution to
shareholders of $7.9 billion (2016 $7.5 billion, 2015 $7.3
billion), of which shareholders elected to receive $1.7 billion
(2016 $2.9 billion, 2015 $0.6 billion) in shares under the scrip
dividend programme. The total amount distributed in cash amounted
to $6.2 billion during the year (2016 $4.6 billion, 2015 $6.7
billion).
Debt
Gross
debt at the end of 2017 increased by $4.9 billion from the end of
2016. The gross debt ratio ★
at the end of 2017 increased by 1%. Net debt at the end of 2017
increased by $2.3 billion from the 2016 year-end position. The net
debt ratio ★
at the end of 2017 increased by 0.6%.
We
continue to target a net debt ratio in the range of 20-30%. Net
debt and the net debt ratio are non-GAAP measures. See Financial
statements - Note 25 for gross debt, which is the nearest
equivalent measure on an IFRS basis, and for further information on
net debt.
Cash
and cash equivalents at the end of 2017 were $2.1 billion higher
than 2016.
For
information on financing the group's activities, see Financial
statements - Note 27 and Liquidity and capital resources on page
251.
4.
Extracted in full and unedited text from "Upstream", BP Annual
Report and Form 20-F 2017, pages 28-29:
Upstream
Financial performance
|
|
$ million
|
|
|
2017
|
2016
|
2015
|
Sales
and other operating revenuesa
|
|
45,440
|
|
33,188
|
|
43,325
|
|
RC profit (loss) before interest and tax
|
|
5,221
|
|
574
|
|
(937
|
)
|
Net
(favourable) adverse impact of non-operating items ★
and fair value accounting effects ★
|
|
644
|
|
(1,116
|
)
|
2,130
|
|
Underlying RC profit (loss) before interest and tax
|
|
5,865
|
|
(542
|
)
|
1,193
|
|
Organic
capital expenditure ★
b
|
|
13,763
|
|
14,344
|
|
N/A
|
a Includes sales
to other segments.
b A reconciliation to
GAAP information at the group level is provided on page 249.
Organic capital expenditure on a cash basis in 2015 is not
available.
Financial results
Sales
and other operating revenues for 2017 increased compared with 2016,
primarily reflecting higher liquids realizations, higher production
and higher gas marketing and trading revenues. The decrease in 2016
compared with 2015 primarily reflected lower liquids and gas
realizations and lower gas marketing and trading
revenues.
Replacement
cost profit before interest and tax for the segment included a net
non-operating charge of $671 million. This primarily relates to
impairment charges associated with a number of assets, following
changes in reserves estimates, and the decision to dispose of
certain assets. See Financial statements - Note 4 for further
information. Fair value accounting effects had a favourable impact
of $27 million relative to management's view of
performance.
The
2016 result included a net non-operating gain of $1,753 million,
primarily related to the reversal of impairment charges associated
with a number of assets, following a reduction in the discount rate
applied and changes to future price assumptions. Fair value
accounting effects had an adverse impact of $637 million. The 2015
result included a net non-operating charge of $2,235 million,
primarily related to a net impairment charge associated with a
number of assets, following a further fall in oil and gas prices
and changes to other assumptions. Fair value accounting effects had
a favourable impact of $105 million relative to management's view
of performance.
After
adjusting for non-operating items and fair value accounting
effects, the underlying replacement cost result before interest and
tax was a profit, compared with a loss in 2016. This improved
result primarily reflected higher liquids realizations, and higher
production including the impact of the Abu Dhabi onshore concession
renewal and major projects start-ups, partly offset by higher
depreciation, depletion and amortization, and higher exploration
write-offs.
Compared
with 2015 the 2016 result reflected significantly lower liquids and
gas realizations, as well as adverse foreign exchange impacts and
lower gas marketing and trading results. This was partly offset by
lower costs including benefits from simplification and efficiency
activities, lower exploration write-offs, lower depreciation,
depletion and amortization expense and lower rig cancellation
charges.
Organic
capital expenditure on a cash basis was $13.8 billion.
In
total, disposal transactions generated $1.2 billion in proceeds in
2017, with a corresponding reduction in net proved reserves of
10.6mmboe within our subsidiaries. The major disposal transactions
during 2017 were the disposal of 25% of our interest in the Magnus
field in the UK and a portion of our interests in the Perdido
offshore hub in the US. More information on disposals is provided
in Upstream analysis by region on page 253 and Financial statements
- Note 3.
5.
Extracted in full and unedited text from "Downstream", BP Annual
Report and Form 20-F 2017, pages 34-37:
Downstream
Extract
from BP Annual Report and Form 20-F 2017, page 34:
Financial performance
|
|
$ million
|
|
|
2017
|
2016
|
2015
|
Sale of crude oil through spot and term contracts
|
|
47,702
|
|
31,569
|
|
38,386
|
|
Marketing, spot and term sales of refined products
|
|
159,475
|
|
126,419
|
|
148,925
|
|
Other sales and operating revenues
|
|
12,676
|
|
9,695
|
|
13,258
|
|
Sales
and other operating revenuesa
|
|
219,853
|
|
167,683
|
|
200,569
|
|
RC
profit before interest and taxb
|
|
|
|
|
Fuels
|
|
4,679
|
|
3,337
|
|
5,858
|
|
Lubricants
|
|
1,457
|
|
1,439
|
|
1,241
|
|
Petrochemicals
|
|
1,085
|
|
386
|
|
12
|
|
|
|
7,221
|
|
5,162
|
|
7,111
|
|
Net
(favourable) adverse impact of non-operating items ★
and fair value accounting effects ★
|
|
|
|
|
Fuels
|
|
193
|
|
390
|
|
137
|
|
Lubricants
|
|
22
|
|
84
|
|
143
|
|
Petrochemicals
|
|
(469
|
)
|
(2
|
)
|
154
|
|
|
|
(254
|
)
|
472
|
|
434
|
|
Underlying
RC profit before interest and taxb
|
|
|
|
|
Fuels
|
|
4,872
|
|
3,727
|
|
5,995
|
|
Lubricants
|
|
1,479
|
|
1,523
|
|
1,384
|
|
Petrochemicals
|
|
616
|
|
384
|
|
166
|
|
|
|
6,967
|
|
5,634
|
|
7,545
|
|
Organic
capital expenditure ★
c
|
|
2,399
|
|
2,102
|
|
N/A
|
a Includes sales
to other segments.
b Income from
petrochemicals produced at our Gelsenkirchen and Mulheim sites in
German is reported in the fules business. Segement-level overhead
expenses are included in the fuels business
result.
c A reconciliation to
GAAP information at the group level is provided on page 249.
Organic capital expenditure on a cash basis in 2015 is not
available.
Financial results
Sales
and other operating revenues in 2017 were higher due to higher
crude and product prices as well as higher sales volumes. Sales and
other operating revenues in 2016 were lower than 2015 due to
lower crude and product prices.
Replacement
cost (RC) profit before interest and tax for the year ended 31
December 2017 included a net non-operating gain of $389 million,
primarily reflecting the gain on disposal of our share in the SECCO
joint venture ★
in petrochemicals. The 2016 result included a net non-operating
charge of $24 million, mainly relating to a gain on disposal in our
fuels business which was more than offset by restructuring and
other charges, while the 2015 result included a net non-operating
charge of $590 million, mainly relating to restructuring charges.
In addition, fair value accounting effects had an adverse impact of
$135 million, compared with an adverse impact of $448 million in
2016 and a favourable impact of $156 million in 2015.
After
adjusting for non-operating items and fair value accounting
effects, underlying RC profit before interest and tax in 2017 was
$6,967 million.
Our fuels business
Underlying
RC profit before interest and tax for our fuels business was higher
compared with 2016, reflecting stronger refining performance and
growth in fuels marketing, partially offset by a weaker
contribution from supply and trading. Compared with 2015, the 2016
result was lower, reflecting a significantly weaker refining
environment and the impact from a particularly large turnaround at
our Whiting refinery. This was partially offset by lower costs,
reflecting the benefits from our simplification and efficiency
programmes, an increased fuels marketing performance driven by
retail growth and higher refining margin capture in our
operations.
Extract
from BP Annual Report and Form 20-F 2017, page 37:
Our lubricants business
The
lubricants business delivered an underlying RC profit before
interest and tax that was similar compared with 2016 - which in
turn was higher compared with 2015. The 2017 results reflected
growth in premium brands and growth markets, offset by the adverse
lag impact of increasing base oil prices. The 2016 results also
reflected continued strong performance in growth markets and
premium brands as well as lower costs achieved through
simplification and efficiency programmes.
Extract
from BP Annual Report and Form 20-F 2017, page 37:
Our petrochemicals business
In 2017
the petrochemicals business delivered a higher underlying RC profit
before interest and tax compared with 2016 - which in turn was
higher than 2015. The 2017 result reflected an improved margin
environment, stronger margin optimization, the benefits from our
efficiency programmes and a lower level of turnaround activity.
This was partially offset by the impact of the divestment of our
interest in the SECCO joint venture, which completed in the fourth
quarter of 2017 and was classified as held for sale in the group
balance sheet at 30 September. In 2017 we reduced our cash
breakeven by more than 40% compared with 2014, making our business
more resilient to volatility in the environment. Compared with
2015, the higher result in 2016 reflected strong operations and
margin capture supported by the continued rollout of our latest
advanced technology, as well as benefits from a slightly improved
environment particularly in olefins and derivatives.
6.
Extracted in full and unedited text from "Rosneft", BP Annual
Report and Form 20-F 2017, page 40:
Rosneft
Rosneft segment performance
BP's
investment in Rosneft is managed and reported as a separate segment
under IFRS. The segment result includes equity-accounted earnings,
representing BP's 19.75% share of the profit or loss of Rosneft, as
adjusted for the accounting required under IFRS relating to BP's
purchase of its interest in Rosneft and the amortization of the
deferred gain relating to the disposal of BP's interest in TNK-BP.
See Financial statements - Note 15 for further
information.
|
|
$ million
|
|
|
2017
|
2016
|
2015
|
Profit
before interest and taxa b
|
|
923
|
|
643
|
|
1,314
|
|
Inventory
holding (gains) losses ★
|
|
(87
|
)
|
(53
|
)
|
(4
|
)
|
RC
profit before interest and tax ★
|
|
836
|
|
590
|
|
1,310
|
|
Net
change (credit) for non-operating items ★
|
|
-
|
(23
|
)
|
-
|
Underlying
RC profit before interest and tax ★
|
|
836
|
|
567
|
|
1,310
|
|
a BP's share of
Rosneft's earnings after finance costs, taxation and
non-controlling interests is included in the BP group income
statement within profit before interest and taxation.
b Includes $(2)
million (2016 $3 million, 2015 $16 million) of foreign exchange
(gain)/losses arising on the dividend received.
Financial results
Replacement
cost (RC) profit before interest and tax for the segment for 2016
included a non-operating gain of $23 million, whereas the 2017 and
2015 results did not include any non-operating items.
After
adjusting for non-operating items, the increase in the underlying
RC profit before interest and tax compared with 2016 primarily
reflected higher oil prices. The result also benefited from a
$163-million gain representing the BP share of a voluntary
out-of-court settlement between Sistema, Sistema-Invest and the
Rosneft subsidiary, Bashneft. These positive effects were partially
offset by adverse foreign exchange effects. Compared with 2015, the
2016 result was primarily affected by lower oil prices and
increased government take, partially offset by favourable duty lag
effects. See also Financial statements - Notes 15 and 30 for other
foreign exchange effects.
7.
Extracted in full and unedited text from "Other business and
corporate", BP Annual Report and Form 20-F 2017, page
41:
Other businesses and corporate
Financial performance
|
|
$ million
|
|
|
2017
|
2016
|
2015
|
Sales
and other operating revenuesa
|
|
1,469
|
|
1,667
|
|
2,048
|
|
RC
profit before interest and tax ★
|
|
|
|
|
Gulf of Mexico oil spill
|
|
(2,687
|
)
|
(6,640
|
)
|
(11,709
|
)
|
Other
|
|
(1,758
|
)
|
(1,517
|
)
|
(1,768
|
)
|
RC profit (loss) before interest and tax
|
|
(4,445
|
)
|
(8,157
|
)
|
(13,477
|
)
|
Net
adverse impact of non-operating items ★
|
|
|
|
|
Gulf of Mexico oil spill
|
|
2,687
|
|
6,640
|
|
11,709
|
|
Other
|
|
160
|
|
279
|
|
547
|
|
Net charge (credit) for non-operating items
|
|
2,847
|
|
6,919
|
|
12,256
|
|
Underlying
RC profit (loss) before interest and tax ★
|
|
(1,598
|
)
|
(1,238
|
)
|
(1,221
|
)
|
Organic
capital expenditure ★
b
|
|
339
|
|
229
|
|
N/A
|
a Includes sales to
other segments.
b A reconciliation to
GAAP information at the group level is provided on page 249.
Organic capital expenditure on a cash basis in 2015 is not
available.
The
replacement cost (RC) loss before interest and tax for the year
ended 31 December 2017 was $4,445 million (2016 $8,157 million,
2015 $13,477 million). The 2017 result included a net charge for
non-operating items of $2,847 million, primarily relating to costs
for the Gulf of Mexico oil spill (2016 $6,919 million, 2015 $12,256
million). For further information, see Financial statements - Note
2.
After
adjusting for these non-operating items, the underlying RC loss
before interest and tax for the year ended 31 December 2017 was
$1,598 million, higher than 2016 due to weaker business results,
higher corporate costs and adverse foreign exchange effects which
had a favourable effect in 2016. The underlying RC loss before
interest and tax in 2016 was $1,238 million, similar to the loss of
$1,221 million in 2015.
8.
Extracted in full and unedited text from "Gulf of Mexico oil
spill", BP Annual Report and Form 20-F 2017, page 41:
Gulf of Mexico Oil Spill
Further
significant progress was made in 2017 toward resolving outstanding
matters related to the 2010 Gulf of Mexico oil spill. The court
supervised settlement programme's determination of business
economic claims was substantially completed, although a significant
number of individual claims determined have been and continue to be
appealed by BP and/or the claimants. Determinations with respect to
remaining business economic loss claims are expected to be issued
in the first half of 2018.
The
process safety monitor's term of appointment came to an end in
January 2018. The ethics monitor's term of appointment will come to
an end in 2019 and we continue to work with him to review ongoing
progress.
A
further $2.7 billion pre-tax charge was recorded in 2017 and the
cumulative pre-tax income statement charge since the incident in
April 2010 amounted to $65.8 billion as at 31 December 2017. For
further information, see Financial statements - Note
2.
Exhibit
1.12
BP p.l.c.
Total voting rights and share capital
As at
29 March 2018, the issued share capital of BP p.l.c. comprised
19,952,919,228 ordinary shares (excluding treasury shares) par
value US$0.25 per share, each with one vote; and 12,706,252
preference shares par value £1 per share with two votes for
every £5 in nominal capital held.
The
number of ordinary shares which have been bought back and are held
in treasury by BP p.l.c. is 1,382,765,252. These treasury shares
are not taken into consideration in relation to the payment of
dividends and voting at shareholder meetings.
The
total number of voting rights in BP p.l.c. is 19,958,001,728. This
information may be used by shareholders for the calculations by
which they will determine if they are required to notify their
interest in, or a change to their interest in, BP p.l.c. under the
FCA's Disclosure Guidance and Transparency
Rules.
This
announcement is made in accordance with the requirements of
Disclosure Guidance and Transparency Rule 5.6.
Exhibit
1.13
BP P.L.C. NOTICE OF ANNUAL GENERAL MEETING
BP p.l.c. ('the Company') announces that the Notice of Annual
General Meeting for the 2018 Annual General Meeting has been
published along with the proxy card and notification of
availability. The BP Notice of Annual General Meeting is publicly
available via a direct link at www.bp.com/notice.
Copies of the documents have been submitted to the National Storage
Mechanism and will shortly be available for inspection at
www.morningstar.co.uk/uk/nsm.
Copies
of all of these documents may also be obtained from:
The
Company Secretary's Office
BP
p.l.c.
1 St
James's Square
London
SW1Y
4PD
Tel:
+44 (0)20 7496 4000
The
Annual General Meeting will take place at Manchester Central
Convention Complex on Monday 21 May 2018 and will start at 11.30am.
The total of the votes cast by shareholders for or against or
withheld on each resolution to be put to the meeting will be
published on www.bp.com on or shortly before 22 May
2018.
Exhibit
1.14
BP p.l.c.
Notification of transactions of persons discharging managerial
responsibility or connected persons
1
|
Details of the person discharging managerial
responsibilities/person closely associated
|
a)
|
Name
|
Mehmet
Tufan Erginbilgic
|
2
|
Reason for the notification
|
a)
|
Position/status
|
Chief
Executive Downstream / PDMR
|
b)
|
Initial
notification/Amendment
|
Initial
notification
|
3
|
Details of the issuer, emission allowance market participant,
auction platform, auctioneer or auction monitor
|
a)
|
Name
|
BP
p.l.c.
|
b)
|
LEI
|
213800LH1BZH3DI6G760
|
4
|
Details of the transaction(s): section to be repeated for (i) each
type of instrument; (ii) each type of transaction; (iii) each date;
and (iv) each place where transactions have been
conducted
|
a)
|
Description
of the financial instrument, type of instrument
Identification
code
|
Ordinary
shares of $0.25
GB0007980591
|
b)
|
Nature
of the transaction
|
Shares
acquired through participation in the BP Scrip Dividend Programme,
in relation to his ordinary shareholding in his vested share
account
|
c)
|
Price(s)
and volume(s)
|
Price(s)
|
Volume(s)
|
£4.779
|
1,194
|
d)
|
Aggregated
information
-
Volume
-
Price
-
Total
|
1,194
£4.779
£5,706.13
|
e)
|
Date of
the transaction
|
29
March 2018
|
f)
|
Place
of the transaction
|
Outside
a trading venue
|
1
|
Details of the person discharging managerial
responsibilities/person closely associated
|
a)
|
Name
|
Mehmet
Tufan Erginbilgic
|
2
|
Reason for the notification
|
a)
|
Position/status
|
Chief
Executive Downstream / PDMR
|
b)
|
Initial
notification/Amendment
|
Initial
notification
|
3
|
Details of the issuer, emission allowance market participant,
auction platform, auctioneer or auction monitor
|
a)
|
Name
|
BP
p.l.c.
|
b)
|
LEI
|
213800LH1BZH3DI6G760
|
4
|
Details of the transaction(s): section to be repeated for (i) each
type of instrument; (ii) each type of transaction; (iii) each date;
and (iv) each place where transactions have been
conducted
|
a)
|
Description
of the financial instrument, type of instrument
Identification
code
|
Ordinary
shares of $0.25
GB0007980591
|
b)
|
Nature
of the transaction
|
Shares
acquired through participation in the BP Scrip Dividend Programme,
in relation to his Global ShareMatch holding
|
c)
|
Price(s)
and volume(s)
|
Price(s)
|
Volume(s)
|
£4.7925
|
38
|
d)
|
Aggregated
information
-
Volume
-
Price
-
Total
|
38
£4.7925
£182.12
|
e)
|
Date of
the transaction
|
29
March 2018
|
f)
|
Place
of the transaction
|
Outside
a trading venue
|
This
notice is given in fulfilment of the obligation under Article 19 of
the Market Abuse Regulation.
Exhibit
1.15
BP p.l.c.
Notification of transactions of persons discharging managerial
responsibility or connected persons
1
|
Details of the person discharging managerial
responsibilities/person closely associated
|
a)
|
Name
|
Ian
Davis
|
2
|
Reason for the notification
|
a)
|
Position/status
|
Non-Executive
Director
|
b)
|
Initial
notification/Amendment
|
Initial
notification
|
3
|
Details of the issuer, emission allowance market participant,
auction platform, auctioneer or auction monitor
|
a)
|
Name
|
BP
p.l.c.
|
b)
|
LEI
|
213800LH1BZH3DI6G760
|
4
|
Details of the transaction(s): section to be repeated for (i) each
type of instrument; (ii) each type of transaction; (iii) each date;
and (iv) each place where transactions have been
conducted
|
a)
|
Description
of the financial instrument, type of instrument
Identification
code
|
Ordinary
shares of $0.25
GB0007980591
|
b)
|
Nature
of the transaction
|
Shares
acquired through participation in the BP Scrip Dividend
Programme
|
c)
|
Price(s)
and volume(s)
|
Price(s)
|
Volume(s)
|
$6.627
|
717
|
d)
|
Aggregated
information
-
Volume
-
Price
-
Total
|
717
$6.627
$4,751.56
|
e)
|
Date of
the transaction
|
29
March 2018
|
f)
|
Place
of the transaction
|
Outside
a trading venue
|
1
|
Details of the person discharging managerial
responsibilities/person closely associated
|
a)
|
Name
|
Horace
Lamar McKay
|
2
|
Reason for the notification
|
a)
|
Position/status
|
Deputy
Chief Executive Officer / PDMR
|
b)
|
Initial
notification/Amendment
|
Initial
notification
|
3
|
Details of the issuer, emission allowance market participant,
auction platform, auctioneer or auction monitor
|
a)
|
Name
|
BP
p.l.c.
|
b)
|
LEI
|
213800LH1BZH3DI6G760
|
4
|
Details of the transaction(s): section to be repeated for (i) each
type of instrument; (ii) each type of transaction; (iii) each date;
and (iv) each place where transactions have been
conducted
|
a)
|
Description
of the financial instrument, type of instrument
Identification
code
|
American
Depositary Shares (each representing 6 ordinary shares of
$0.25)
US0556221044
|
b)
|
Nature
of the transaction
|
Additional
dividends received on the vested award under the 2015 BP Restricted
Share Plan II which vested on 2 March 2018. The dividends
awarded on the matched element are restricted and subject to a
further three year retention period.
|
c)
|
Price(s)
and volume(s)
|
Price(s)
|
Volume(s)
|
$40.54
|
195.891
|
$40.54
|
195.891
|
$40.54
|
195.891
(restricted shares)
|
$40.54
|
195.891
(restricted shares)
|
d)
|
Aggregated
information
-
Volume
-
Price
-
Total
|
783.564
$40.54
$31,765.68
|
e)
|
Date of
the transaction
|
5 April
2018
|
f)
|
Place
of the transaction
|
Outside
a trading venue
|
This
notice is given in fulfilment of the obligation under Article 19 of
the Market Abuse Regulation.
SIGNATURES
Pursuant
to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf
by the undersigned, thereunto duly authorized.
|
BP
p.l.c.
|
|
(Registrant)
|
|
|
Dated:
12 April 2018
|
|
|
/s/ D.
J. JACKSON
|
|
------------------------
|
|
D. J.
JACKSON
|
|
Company
Secretary
|