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

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Notes on financial statements22. Goodwill$ million2011 2010CostAt 1 January 10,177 10,199Exchange adjustments (26) (154)Acquisitions 3,602 335Reclassified as assets held for sale (50) (87)Deletions – (116)At 31 December 13,703 10,177Impairment lossesAt 1 January (1,579) (1,579)Impairment losses for the year (66) –Reclassified as assets held for sale 42 –At 31 December (1,603) (1,579)Net book amount at 31 December 12,100 8,598Net book amount at 1 January 8,598 8,62023. Intangible assetsExplorationand appraisalexpenditureOtherintangibles$ million2011 2010Explorationand appraisal OtherTotal expenditure intangiblesTotalCostAt 1 January 13,476 3,403 16,879 10,713 3,284 13,997Exchange adjustments – (21) (21) 6 (29) (23)Acquisitions 5,563 176 5,739 982 118 1,100Additions 3,348 352 3,700 5,440 297 5,737Transfers (1,013) – (1,013) (2,633) – (2,633)Reclassified as assets held for sale – (66) (66) (134) (4) (138)Deletions (704) (370) (1,074) (898) (263) (1,161)At 31 December 20,670 3,474 24,144 13,476 3,403 16,879AmortizationAt 1 January 350 2,231 2,581 325 2,124 2,449Exchange adjustments – (11) (11) – (11) (11)Charge for the year 1,024 364 1,388 375 367 742Impairment losses 7 79 86 – – –Reclassified as assets held for sale – (46) (46) – (3) (3)Deletions (598) (358) (956) (350) (246) (596)At 31 December 783 2,259 3,042 350 2,231 2,581Net book amount at 31 December 19,887 1,215 21,102 13,126 1,172 14,298Net book amount at 1 January 13,126 1,172 14,298 10,388 1,160 11,548214 BP Annual Report and Form 20-F 2011
Notes on financial statementshttp://www.bp.com/downloads/investments24. Investments in jointly controlled entitiesThe significant jointly controlled entities of the BP group at 31 December 2011 are shown in Note 45. Summarized financial information for the group’sshare of jointly controlled entities is shown below. Balance sheet information shown below excludes data relating to jointly controlled entities reclassifiedas assets held for sale as at the end of the period. Income statement information shown below includes data relating to jointly controlled entitiesreclassified as assets held for sale for the period up until their date of reclassification as held for sale.$ million2011 2010 a 2009Sales and other operating revenues 15,720 11,679 9,396Profit before interest and taxation 1,918 1,730 1,815Finance costs 134 122 155Profit before taxation 1,784 1,608 1,660Taxation 480 433 374Profit for the year 1,304 1,175 1,286Non-current assets 16,495 16,035Current assets 4,613 4,167Total assets 21,108 20,202Current liabilities 2,553 2,101Non-current liabilities 3,980 4,131Total liabilities 6,533 6,23214,575 13,970Group investment in jointly controlled entitiesGroup share of net assets (as above) 14,575 13,970Loans made by group companies to jointly controlled entities 943 95715,518 14,927a2010 information has been adjusted following the termination of the Pan American Energy LLC sale agreement. See Note 4 for further information.Transactions between the group and its jointly controlled entities are summarized below.$ millionSales to jointly controlled entities 2011 2010 2009ProductSalesAmountreceivable at31 December SalesAmountreceivable at31 December SalesAmountreceivable at31 DecemberLNG, crude oil and oil products, natural gas, employee services 5,095 1,616 3,804 1,352 2,182 1,328$ millionPurchases from jointly controlled entities 2011 2010 2009ProductPurchasesAmountpayable at31 December a PurchasesAmountpayable at31 December a PurchasesAmountpayable at31 December aLNG, crude oil and oil products, natural gas, refinery operating costs,plant processing fees 7,798 369 8,063 683 5,377 214aIn addition to the amounts shown above, there are amounts payable to jointly controlled entities of $2,256 million (2010 $2,583 million and 2009 $2,509 million) relating to BP’s contribution on theestablishment of the Sunrise Oil Sands joint venture.The terms of the outstanding balances receivable from jointly controlled entities are typically 30 to 45 days, except for a receivable from Ruhr Oel of$605 million (2010 $585 million), part of which is a reimbursement balance relating to pensions that will be received over several years. The balancesare unsecured and will be settled in cash. There are no significant provisions for doubtful debts relating to these balances and no significant expenserecognized in the income statement in respect of bad or doubtful debts. Dividends receivable are not included in the above balances.BP has commitments amounting to $4,155 million (2010 $3,389 million) in relation to contracts with jointly controlled entities for the purchase ofLNG, crude oil and oil products, refinery operating costs and storage and handling services. See Note 44 for further information on capital commitmentsrelating to BP’s investments in jointly controlled entities.Financial statementsBP Annual Report and Form 20-F 2011 215
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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 reviewBP’s vice presiden
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Business reviewbalance of participa
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Directors andsenior management114 D
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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 reportNon
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Additional informationfor sharehold
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SignaturesThe registrant hereby cer
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