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

Contents7 Business review: Group overview8 Chairman’s letter12 Board of directors14 Group chief executive’s letter18 Our market25 Our organization37 Our strategy42 Our management of risk47 Our performance55 Business review: BP in more depth56 Financial review59 Risk factors65 Safety69 Environmental and social responsibility73 Employees74 Technology76 Gulf of Mexico oil spill80 Exploration and Production94 Refining and Marketing101 Other businesses and corporate103 Liquidity and capital resources106 Regulation of the group’s business110 Certain definitions113 Directors and senior management114 Directors and senior management117 Directors’ interests119 Corporate governance120 Board performance report134 Corporate governance practices134 Code of ethics135 Controls and procedures136 Principal accountants’ fees and services136 Memorandum and Articles of Association139 Directors’ remuneration report140 Remuneration overview142 Executive directors’ remuneration151 Non-executive directors’ remuneration153 Additional information forshareholders154 Critical accounting policies157 Property, plant and equipment157 Share ownership158 Major shareholders159 Called-up share capital159 Dividends160 Legal proceedings167 Relationships with suppliers and contractors167 Share prices and listings168 Material contracts168 Exchange controls168 Taxation170 Documents on display170 Purchases of equity securities by the issuerand affiliated purchasers171 Fees and charges payable by a holder of ADSs171 Fees and payments made by the Depositaryto the issuer171 Related-party transactions172 Administration172 Annual general meeting172 Exhibits173 Financial statements174 Statement of directors’ responsibilities175 Consolidated financial statements of the BP group182 Notes on financial statements259 Supplementary information on oil and naturalgas (unaudited)PC1 Parent company financial statements of BP p.l.c.BP Annual Report and Form 20-F 2011 3