BP Annual Report and Form 20-F 2011 - Company Reporting

Consolidated financial statements of the BP groupReport of Independent Registered Public Accounting Firm on theAnnual Report on Form 20-FThe Board of Directors and Shareholders of BP p.l.c.We have audited the accompanying group balance sheets of BP p.l.c. as of 31 December 2011 and 2010, and the related group income statement, groupstatement of comprehensive income, group statement of changes in equity and group cash flow statement for each of the three years in the periodended 31 December 2011. These financial statements are the responsibility of the company’s management. Our responsibility is to express an opinionon these financial statements based on our audits.We conducted our audits in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standardsrequire that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. Anaudit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessingthe accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. Webelieve that our audits provide a reasonable basis for our opinion.In our opinion, the financial statements referred to above present fairly, in all material respects, the group financial position of BP p.l.c. at 31 December2011 and 2010, and the group results of operations and cash flows for each of the three years in the period ended 31 December 2011, in accordance withInternational Financial Reporting Standards as adopted by the European Union and International Financial Reporting Standards as issued by the InternationalAccounting Standards Board.In forming our opinion we have considered the adequacy of the disclosures made in Notes 2, 36 and 43 to the financial statements concerningthe provisions, future expenditures for which reliable estimates cannot be made and other contingencies related to the Gulf of Mexico oil spill significantevent. The total amounts that will ultimately be paid by BP in relation to all obligations relating to the incident are subject to significant uncertainty and theultimate exposure and cost to BP will be dependent on many factors, including any determination of BP’s culpability based on any findings of negligence,gross negligence or wilful misconduct. Actual costs could ultimately be significantly higher or lower than those recorded in relation to all obligationsrelating to the oil spill. Our opinion is not qualified in respect of these matters.We also have audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States), BP p.l.c.’s internalcontrol over financial reporting as of 31 December 2011, based on criteria established in the Internal Control: Revised Guidance for Directors on theCombined Code (Turnbull) as issued by the Institute of Chartered Accountants in England and Wales (the Turnbull criteria) and our report dated 6 March2012 expressed an unqualified opinion thereon./s/ERNST & YOUNG LLPErnst & Young LLPLondon, England6 March 2012The maintenance and integrity of the BP p.l.c. website are the responsibility of the directors; the work carried out by the auditors does not involveconsideration of these matters and, accordingly, the auditors accept no responsibility for any changes that may have occurred to the financial statementssince they were initially presented on the website. Legislation in the United Kingdom governing the preparation and dissemination of financial statementsmay differ from legislation in other jurisdictions.176 BP Annual Report and Form 20-F 2011