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

Notes on financial statements46. Condensed consolidating information on certain US subsidiaries continuedIncome statement continued$ millionFor the year ended 31 December 2010Issuer GuarantorBPExploration(Alaska) Inc. BP p.l.c.OthersubsidiariesEliminationsandreclassifications BP groupSales and other operating revenues 4,793 – 297,107 (4,793) 297,107Earnings from jointly controlled entities – after interest and tax – – 1,175 – 1,175Earnings from associates – after interest and tax – – 3,582 – 3,582Equity-accounted income of subsidiaries – after interest and tax 620 (3,567) – 2,947 –Interest and other revenues – 188 714 (221) 681Gains on sale of businesses and fixed assets – 260 6,376 (253) 6,383Total revenues and other income 5,413 (3,119) 308,954 (2,320) 308,928Purchases 637 – 220,367 (4,793) 216,211Production and manufacturing expenses 966 – 63,649 – 64,615Production and similar taxes 998 – 4,246 – 5,244Depreciation, depletion and amortization 351 – 10,813 – 11,164Impairment and losses on sale of businesses and fixed assets 1,524 – 1,689 (1,524) 1,689Exploration expense – – 843 – 843Distribution and administration expenses 16 673 11,975 (109) 12,555Fair value loss on embedded derivatives – – 309 – 309Profit (loss) before interest and taxation 921 (3,792) (4,937) 4,106 (3,702)Finance costs 2 31 1,249 (112) 1,170Net finance (income) expense relating to pensions andother post-retirement benefits 4 (388) 337 – (47)Profit (loss) before taxation 915 (3,435) (6,523) 4,218 (4,825)Taxation 143 31 (1,675) – (1,501)Profit (loss) for the year 772 (3,466) (4,848) 4,218 (3,324)Attributable toBP shareholders 772 (3,466) (5,243) 4,218 (3,719)Minority interest – – 395 – 395772 (3,466) (4,848) 4,218 (3,324)254 BP Annual Report and Form 20-F 2011