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

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Notes on financial statements19. DividendsThe quarterly dividend expected to be paid on 30 March 2012 in respect of the fourth quarter 2011 is 8 cents per ordinary share ($0.48 per AmericanDepositary Share (ADS)). The corresponding amount in sterling will be announced on 19 March 2012. A scrip dividend alternative is available, allowingshareholders to elect to receive their dividend in the form of new ordinary shares and ADS holders in the form of new ADSs.On 1 February 2011 BP announced the resumption of quarterly dividend payments with a fourth-quarter 2010 dividend of 7 cents per share. Theresumption came after the suspension of dividends for the first three quarters of 2010 in light of the Gulf of Mexico oil spill and commitments to fund the$20-billion Trust.Pence per share Cents per share $ million2011 2010 2009 2011 2010 2009 2011 2010 2009Dividends announced and paid in cashPreference shares 2 2 2Ordinary sharesMarch 4.3372 8.679 9.818 7 14 14 808 2,625 2,619June 4.2809 – 9.584 7 – 14 794 – 2,619September 4.3160 – 8.503 7 – 14 1,224 – 2,620December 4.4694 – 8.512 7 – 14 1,244 – 2,62317.4035 8.679 36.417 28 14 56 4,072 2,627 10,483Dividend announced, payable inMarch 2012 a 8 1,517aThe amount in sterling will be announced on 19 March 2012.The details of the scrip dividends issued are shown in the table below.2011 2010 2009Number of shares issued (thousand) 165,601 – –Value of shares issued ($ million) 1,219 – –The financial statements for the year ended 31 December 2011 do not reflect the dividend announced on 7 February 2012 and expected to be paid inMarch 2012; this will be treated as an appropriation of profit in the year ended 31 December 2012.20. Earnings per ordinary shareCents per share2011 2010 2009Basic earnings per share 135.93 (19.81) 88.49Diluted earnings per share 134.29 (19.81) 87.54Basic earnings per ordinary share amounts are calculated by dividing the profit or loss for the year attributable to ordinary shareholders by the weightedaverage number of ordinary shares outstanding during the year. The average number of shares outstanding excludes treasury shares and the shares heldby the Employee Share Ownership Plan Trusts (ESOPs) and includes certain shares that will be issuable in the future under employee share plans.For the diluted earnings per share calculation, the weighted average number of shares outstanding during the year is adjusted for the number ofshares that are potentially issuable in connection with employee share-based payment plans using the treasury stock method. If the inclusion of potentiallyissuable shares would decrease the loss per share, the potentially issuable shares are excluded from the diluted earnings per share calculation.$ million2011 2010 2009Profit (loss) attributable to BP shareholders 25,700 (3,719) 16,578Less: dividend requirements on preference shares 2 2 2Profit (loss) for the year attributable to BP ordinary shareholders 25,698 (3,721) 16,576Shares thousand2011 2010 2009Basic weighted average number of ordinary shares 18,904,812 18,785,912 18,732,459Potential dilutive effect of ordinary shares issuable under employee share schemes 231,388 211,895 203,23219,136,200 18,997,807 18,935,691The number of ordinary shares outstanding at 31 December 2011, excluding treasury shares and the shares held by the ESOPs, and including certainshares that will be issuable in the future under employee share plans was 18,977,213,826. Between 31 December 2011 and 17 February 2012, the latestpracticable date before the completion of these financial statements, there was a net increase of 379,374 in the number of ordinary shares outstandingas a result of share issues in relation to employee share plans. The number of potential ordinary shares issuable through the exercise of employeeshare plans was 254,106,576 at 31 December 2011. There has been a decrease of 53,225,107 in the number of potential ordinary shares between31 December 2011 and 17 February 2012.212 BP Annual Report and Form 20-F 2011
Notes on financial statementshttp://www.bp.com/downloads/ppe21. Property, plant and equipmentLand and landimprovementsOil and gaspropertiesPlant,machinery andequipmentFixtures,fittingsand officeequipment TransportationOil depots,storage tanksand servicestationsBuildingsTotalCostAt 1 January 2011 3,560 2,835 160,184 42,827 2,965 12,216 9,652 234,239Exchange adjustments (73) (73) – (294) (35) (12) (225) (712)Additions 39 46 18,515 3,782 370 655 512 23,919Acquisitions 62 134 2,100 567 4 – – 2,867Transfers – – 1,013 – – – – 1,013Reclassified as assets held for sale (325) – (832) (9,931) – – – (11,088)Deletions (164) (96) (5,106) (1,242) (209) (106) (1,328) (8,251)At 31 December 2011 3,099 2,846 175,874 35,709 3,095 12,753 8,611 241,987DepreciationAt 1 January 2011 572 1,384 88,047 19,183 1,876 7,940 5,074 124,076Exchange adjustments (10) (36) – (108) (34) (6) (113) (307)Charge for the year 36 111 8,116 1,411 278 252 567 10,771Impairment losses 133 4 1,239 245 – 42 46 1,709Impairment reversals – – (146) – – – – (146)Reclassified as assets held for sale (115) – (680) (5,761) – – – (6,556)Deletions (106) (91) (4,582) (704) (209) (79) (1,003) (6,774)At 31 December 2011 510 1,372 91,994 14,266 1,911 8,149 4,571 122,773Net book amount at 31 December 2011 2,589 1,474 83,880 21,443 1,184 4,604 4,040 119,214CostAt 1 January 2010 3,786 2,918 157,197 41,599 3,022 12,441 10,295 231,258Exchange adjustments (85) (68) 3 35 (41) 28 (72) (200)Additions 39 96 11,980 3,354 279 152 610 16,510Acquisitions 2 3 1,931 41 5 15 – 1,997Transfers – – 2,633 – – – – 2,633Reclassified as assets held for sale (6) (10) (6,610) (1,083) (87) (212) – (8,008)Deletions (176) (104) (6,950) (1,119) (213) (208) (1,181) (9,951)At 31 December 2010 3,560 2,835 160,184 42,827 2,965 12,216 9,652 234,239DepreciationAt 1 January 2010 571 1,389 86,975 18,903 1,893 7,852 5,400 122,983Exchange adjustments 1 (46) – (19) (25) 16 (13) (86)Charge for the year 34 82 8,024 1,492 291 268 606 10,797Impairment losses 57 5 918 117 1 – 21 1,119Reclassified as assets held for sale – (8) (4,342) (514) (76) (97) – (5,037)Deletions (91) (38) (3,528) (796) (208) (99) (940) (5,700)At 31 December 2010 572 1,384 88,047 19,183 1,876 7,940 5,074 124,076Net book amount at 31 December 2010 2,988 1,451 72,137 23,644 1,089 4,276 4,578 110,163Net book amount at 1 January 2010 3,215 1,529 70,222 22,696 1,129 4,589 4,895 108,275$ millionAssets held under finance leases at net book amountincluded aboveAt 31 December 2011 – 10 213 326 – 7 18 574At 31 December 2010 – 14 236 386 – 7 18 661Assets under construction included aboveAt 31 December 2011 26,443At 31 December 2010 23,055Financial statementsBP Annual Report and Form 20-F 2011 213
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Cover imagePhotograph of DeepseaSta
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Cross reference to Form 20-FPageIte
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Miscellaneous termsIn this document
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6 BP Annual Report and Form 20-F 20
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Chairman’s letterCarl-Henric Svan
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During the year, the remuneration c
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Business review: Group overviewBP A
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SafetyDuring the year, we reorganiz
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In Refining and Marketing, our worl
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Crude oil and gas prices,and refini
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In detailFor more information, seeR
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Our market: Longer-term outlookThe
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BP’s distinctive capabilities and
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Technology will continue to play a
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In detailFor more information,see C
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In detailFind out more online.bp.co
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BP Annual Report and Form 20-F 2011
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Below BP has asignificant presencei
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What you can measure6 Active portfo
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Business review: Group overview2012
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Our risk management systemOur enhan
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Our current strategic priorities ar
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Our performance2011 was a year of f
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Left BP employeesat work in Prudhoe
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We continued to sell non-core asset
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Reported recordableinjury frequency
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Business reviewBP in more depth56 F
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Business reviewBusiness continuity
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Business reviewBP’s vice presiden
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Business reviewbalance of participa
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Business reviewAcquisitions and dis
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Business reviewThe group expects it
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Directors andsenior management114 D
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Directors and senior managementDire
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Directors and senior managementH L
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Corporate governanceCorporate gover
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Corporate governanceAntony Burgmans
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Corporate governanceBoard oversight
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Corporate governanceBoard and commi
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Corporate governancefinancial repor
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Corporate governancechairs and secr
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Corporate governance• Oversee GCR
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Corporate governanceCommittee’s r
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Corporate governanceControls and pr
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Corporate governanceThe Act require
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Directors’ remuneration reportRem
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Directors’ remuneration reportSum
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Directors’ remuneration reportRem
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Directors’ remuneration reportNon
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Additional informationfor sharehold
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SignaturesThe registrant hereby cer
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