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

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Notes on financial statements45. Subsidiaries, jointly controlled entities and associates continuedJointly controlled entities %Country ofincorporationPrincipal activitiesAngolaAngola LNG Supply Services 14 US LNG processing and transportationArgentinaPan American Energy a 60 US Exploration and productionCanadaSunrise Oil Sands 50 Canada Exploration and productionChinaShanghai SECCO Petrochemical Company 50 China PetrochemicalsGermanyRuhr Oel 50 Germany Refining and petrochemicalsTrinidad & TobagoAtlantic 4 Holdings 38 US LNG manufactureAtlantic LNG 2/3 Company of Trinidad and Tobago 43 Trinidad & Tobago LNG manufactureTaiwanChina American Petrochemical Company a 61 Taiwan PetrochemicalsUKVivergo Fuels 46 England & Wales BiofuelsUSBP-Husky Refining 50 US RefiningWatson Cogeneration a b 51 US Power generationaThe entity is not controlled by BP as certain key business decisions require joint approval of both BP and the minority partner. It is therefore classified as a jointly controlled entity rather than a subsidiary.bAs at 31 December 2011 the group’s interests in Watson Cogeneration have been classified as assets held for sale. See Note 4 for further information.Associates % Country of incorporation Principal activitiesAbu DhabiAbu Dhabi Gas Liquefaction Company 10 United Arab Emirates Crude oil productionAbu Dhabi Marine Areas 33 England & Wales Crude oil productionAbu Dhabi Petroleum Company 24 England & Wales Crude oil productionAzerbaijanThe Baku-Tbilisi-Ceyhan Pipeline Company 30 Cayman Islands PipelinesSouth Caucasus Pipeline Company 26 Cayman Islands PipelinesRussiaTNK-BP 50 British Virgin Islands Integrated oil operations252 BP Annual Report and Form 20-F 2011
Notes on financial statements46. Condensed consolidating information on certain US subsidiariesBP p.l.c. fully and unconditionally guarantees the payment obligations of its 100%-owned subsidiary BP Exploration (Alaska) Inc. under the BP PrudhoeBay Royalty Trust. The following financial information for BP p.l.c., BP Exploration (Alaska) Inc. and all other subsidiaries on a condensed consolidatingbasis is intended to provide investors with meaningful and comparable financial information about BP p.l.c. and its subsidiary issuers of registeredsecurities and is provided pursuant to Rule 3-10 of Regulation S-X in lieu of the separate financial statements of each subsidiary issuer of public debtsecurities. Investments include the investments in subsidiaries recorded under the equity method for the purposes of the condensed consolidatingfinancial information. Equity income of subsidiaries is the group’s share of profit related to such investments. The eliminations and reclassificationscolumn includes the necessary amounts to eliminate the intercompany balances and transactions between BP p.l.c., BP Exploration (Alaska) Inc. and othersubsidiaries. The financial information presented in the following tables for BP Exploration (Alaska) Inc. for all years includes equity income arising fromsubsidiaries of BP Exploration (Alaska) Inc., some of which operate outside of Alaska and excludes the BP group’s midstream operations in Alaska that arereported through different legal entities and that are included within the ‘other subsidiaries’ column in these tables. BP p.l.c. also fully and unconditionallyguarantees securities issued by BP Capital Markets p.l.c. and BP Capital Markets America Inc. These companies are 100%-owned finance subsidiaries ofBP p.l.c.Income statement$ millionFor the year ended 31 December 2011Issuer GuarantorBPExploration(Alaska) Inc. BP p.l.c.OthersubsidiariesEliminationsandreclassifications BP groupSales and other operating revenues 6,159 – 375,517 (6,159) 375,517Earnings from jointly controlled entities – after interest and tax – – 1,304 – 1,304Earnings from associates – after interest and tax – – 4,916 – 4,916Equity-accounted income of subsidiaries – after interest and tax 313 26,158 – (26,471) –Interest and other revenues 10 242 664 (320) 596Gains on sale of businesses and fixed assets – 1 4,129 – 4,130Total revenues and other income 6,482 26,401 386,530 (32,950) 386,463Purchases 978 – 290,799 (6,159) 285,618Production and manufacturing expenses 1,280 – 22,865 – 24,145Production and similar taxes 1,684 – 6,596 – 8,280Depreciation, depletion and amortization 335 – 10,800 – 11,135Impairment and losses on sale of businesses and fixed assets – – 2,058 – 2,058Exploration expense 4 – 1,516 – 1,520Distribution and administration expenses 27 1,048 12,992 (109) 13,958Fair value gain on embedded derivatives – – (68) – (68)Profit before interest and taxation 2,174 25,353 38,972 (26,682) 39,817Finance costs 32 47 1,378 (211) 1,246Net finance (income) expense relating to pensions andother post-retirement benefits – (533) 270 – (263)Profit before taxation 2,142 25,839 37,324 (26,471) 38,834Taxation 729 139 11,869 – 12,737Profit for the year 1,413 25,700 25,455 (26,471) 26,097Attributable toBP shareholders 1,413 25,700 25,058 (26,471) 25,700Minority interest – – 397 – 3971,413 25,700 25,455 (26,471) 26,097Financial statementsBP Annual Report and Form 20-F 2011 253
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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 reviewExploration and Prod
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Business reviewCompleting the respo
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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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Financial statements174 Statement o
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Consolidated financial statements o
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