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

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Notes on financial statements39. Capital and reserves continuedShare capitalThe balance on the share capital account represents the aggregate nominal value of all ordinary and preference shares in issue, including treasury shares.Share premium accountThe balance on the share premium account represents the amounts received in excess of the nominal value of the ordinary and preference shares.Capital redemption reserveThe balance on the capital redemption reserve represents the aggregate nominal value of all the ordinary shares repurchased and cancelled.Merger reserveThe balance on the merger reserve represents the fair value of the consideration given in excess of the nominal value of the ordinary shares issued in anacquisition made by the issue of shares.Own sharesOwn shares represent BP shares held in Employee Share Ownership Plan Trusts (ESOPs) to meet the future requirements of the employee share-basedpayment plans, as discussed in Note 40. At 31 December 2011, a further 21,420,000 ordinary share equivalents were held by the group in the form ofADSs to meet the requirements of employee share-based payment plans in the US.Treasury sharesTreasury shares represent BP shares repurchased and available for re-issue.Foreign currency translation reserveThe foreign currency translation reserve is used to record exchange differences arising from the translation of the financial statements of foreignoperations. Upon disposal of foreign operations, the related accumulated exchange differences are recycled to the income statement. This reserve is alsoused to record the effect of hedging net investments in foreign operations.Available-for-sale investmentsThis reserve records the changes in fair value of available-for-sale investments. On disposal or impairment, the cumulative changes in fair value arerecycled to the income statement.Cash flow hedgesThis reserve records the portion of the gain or loss on a hedging instrument in a cash flow hedge that is determined to be an effective hedge. When thehedged transaction occurs, the gain or loss on the hedging instrument is transferred out of equity to either profit or loss or the carrying value of assets, asappropriate. If the forecast transaction is no longer expected to occur the gain or loss recognized in equity is transferred to profit or loss.Share-based payment reserveThis reserve represents cumulative amounts charged to profit in respect of employee share-based payment plans where the scheme has not yet beensettled by means of an award of shares to an individual.Profit and loss accountThe balance held on this reserve is the accumulated retained profits of the group.244 BP Annual Report and Form 20-F 2011
Notes on financial statements39. Capital and reserves continuedThe pre-tax amounts of each component of other comprehensive income, and the related amounts of tax, are shown in the table below.$ million2011Pre-tax Tax Net of taxCurrency translation differences (including recycling) (512) (14) (526)Actuarial loss relating to pensions and other post-retirement benefits (5,960) 1,636 (4,324)Available-for-sale investments (including recycling) (74) – (74)Cash flow hedges (including recycling) (164) 37 (127)Share of equity-accounted entities’ other comprehensive income (57) – (57)Other comprehensive income (6,767) 1,659 (5,108)$ million2010Pre-tax Tax Net of taxCurrency translation differences (including recycling) 239 (108) 131Actuarial loss relating to pensions and other post-retirement benefits (320) (98) (418)Available-for-sale investments (including recycling) (341) 50 (291)Cash flow hedges (including recycling) (37) 19 (18)Other comprehensive income (459) (137) (596)$ million2009Pre-tax Tax Net of taxCurrency translation differences (including recycling) 1,799 564 2,363Actuarial loss relating to pensions and other post-retirement benefits (682) 204 (478)Available-for-sale investments (including recycling) 707 (14) 693Cash flow hedges (including recycling) 1,154 (229) 925Other comprehensive income 2,978 525 3,503Financial statementsBP Annual Report and Form 20-F 2011 245
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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 reviewThe primary addition
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Business reviewRisk factorsWe urge
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Business review2010. Similar action
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Business reviewBusiness continuity
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Business reviewSafetyOver the past
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Business reviewour review of all th
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Business reviewGreenhouse gas regul
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Business reviewresources such as dr
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Business reviewExploration and Prod
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Business reviewCompleting the respo
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Business reviewgrants, which were s
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Business reviewOur performanceKey s
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Business reviewwere in Russia (Oren
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Business reviewCanadaIn Canada, BP
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Business review• In March 2011, T
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Business reviewaccess advantageous
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Business reviewBP’s vice presiden
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Business reviewhttp://www.bp.com/do
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Business reviewbalance of participa
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Business reviewAcquisitions and dis
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Business reviewLPGOur global LPG ma
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Business reviewOther businesses and
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Business reviewLiquidity and capita
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Business reviewThe group expects it
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Business reviewFrequently, work (in
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Business reviewHazardous and Noxiou
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Business reviewpart of a larger por
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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 reportSaf
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Directors’ remuneration reportRem
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Directors’ remuneration reportThe
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Directors’ remuneration reportSha
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Directors’ remuneration reportNon
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Additional informationfor sharehold
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Additional information for sharehol
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Financial statements174 Statement o
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Consolidated financial statements o
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Notes on financial statements1. Sig
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Notes on financial statementshttp:/
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Parent company financial statements
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Parent company financial statements
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BP Annual Report and Form 20-F 2011 - Company Reporting

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