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

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SignaturesThe registrant hereby certifies that it meets all of the requirements for filing on Form 20-F and that it has duly caused and authorized the undersigned tosign this annual report on its behalf.BP p.l.c.(Registrant)/s/D.J. JACKSOND.J. JacksonCompany SecretaryDated 6 March 2012282 BP Annual Report and Form 20-F 2011
Parent company financial statements of BP p.l.c.Independent auditor’s report to the members of BP p.l.c.Parent company financial statements of BP p.l.c.We have audited the parent company financial statements of BP p.l.c. for the year ended 31 December 2011 which comprise the company balance sheet,the company cash flow statement, the company statement of total recognized gains and losses and the related notes 1 to 13. The financial reportingframework that has been applied in their preparation is applicable law and United Kingdom accounting standards (United Kingdom generally acceptedaccounting practice).This report is made solely to the company’s members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our auditwork has been undertaken so that we might state to the company’s members those matters we are required to state to them in an auditor’s reportand for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and thecompany’s members as a body, for our audit work, for this report, or for the opinions we have formed.Respective responsibilities of directors and auditorsAs explained more fully in the Statement of directors’ responsibilities set out on page 174, the directors are responsible for the preparation of the parentcompany financial statements and for being satisfied that they give a true and fair view. Our responsibility is to audit the parent company financialstatements in accordance with applicable law and International Standards on Auditing (UK and Ireland). Those standards require us to comply with theAuditing Practices Board’s Ethical Standards for Auditors.Scope of the audit of the financial statementsAn audit involves obtaining evidence about the amounts and disclosures in the financial statements sufficient to give reasonable assurance that thefinancial statements are free from material misstatement, whether caused by fraud or error. This includes an assessment of: whether the accountingpolicies are appropriate to the parent company’s circumstances and have been consistently applied and adequately disclosed; the reasonableness ofsignificant accounting estimates made by the directors; and the overall presentation of the financial statements.Opinion on financial statementsIn our opinion the parent company financial statements:• give a true and fair view of the state of the company’s affairs as at 31 December 2011;• have been properly prepared in accordance with United Kingdom generally accepted accounting practice; and• have been prepared in accordance with the requirements of the Companies Act 2006.Opinion on other matters prescribed by the Companies Act 2006In our opinion:• the part of the Directors’ remuneration report to be audited has been properly prepared in accordance with the Companies Act 2006; and• the information given in the Directors’ Report for the financial year for which the parent company financial statements are prepared is consistent withthe parent company financial statements.Matters on which we are required to report by exceptionWe have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:• adequate accounting records have not been kept by the parent company, or returns adequate for our audit have not been received from branches notvisited by us; or• the parent company financial statements and the part of the Directors’ remuneration report to be audited are not in agreement with the accountingrecords and returns; or• certain disclosures of directors’ remuneration specified by law are not made; or• we have not received all the information and explanations we require for our audit.Other matterWe have reported separately on the consolidated financial statements of BP p.l.c. for the year ended 31 December 2011. That report includes anemphasis of matter on the significant uncertainty over provisions and contingencies related to the Gulf of Mexico oil spill.Ernst & Young LLPAllister Wilson (Senior statutory auditor)for and on behalf of Ernst & Young LLP, Statutory AuditorLondon6 March 2012Financial statementsThe maintenance and integrity of the BP p.l.c. website are the responsibility of the directors; the work carried out by the auditors does not involveconsideration of these matters and, accordingly, the auditors accept no responsibility for any changes that may have occurred to the financial statementssince they were initially presented on the website. Legislation in the United Kingdom governing the preparation and dissemination of financial statementsmay differ from legislation in other jurisdictions.The parent company financial statements of BP p.l.c. on pages PC1 – PC14 do not form part of BP’s Annual Report on Form 20-F as filed with the SEC.BP Annual Report and Form 20-F 2011 PC1
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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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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 statements3. Bus
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Notes on financial statements5. Dis
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Notes on financial statements7. Int
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Notes on financial statements10. Im
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Notes on financial statements15. Ex
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Notes on financial statements26. Fi
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Notes on financial statements29. Tr
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BP Annual Report and Form 20-F 2011 - Company Reporting

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