BP » Topics » Inventories

This excerpt taken from the BP 20-F filed Mar 4, 2008.

30 Inventories

      $ million  

  2007   2006  

Crude oil 8,157   5,357  
Natural gas 160   127  
Refined petroleum and petrochemical products 14,723   10,817  

  23,040   16,301  
Supplies 1,517   1,222  

  24,557   17,523  
Trading inventories 1,997   1,392  

  26,554   18,915  

Cost of inventories expensed in the income statement 200,766   187,183  

This excerpt taken from the BP 20-F filed Mar 6, 2007.
Inventories
Inventories, other than inventory held for trading purposes, are stated at the lower of cost and net realizable value. Cost is determined by the first-in first-out method and comprises direct purchase costs, cost of production, transportation and manufacturing expenses.
     Inventories held for trading purposes are stated at fair value less costs to sell and any changes in net realizable value are recognized in the income statement.
     Supplies are valued at cost to the group mainly using the average method or net realizable value, whichever is the lower.

This excerpt taken from the BP 6-K filed Mar 13, 2006.

Inventories

 

Inventories, other than inventory held for trading purposes, are stated at the lower of cost and net realizable value. Cost is determined by the first-in first-out method and comprises direct purchase costs, cost of production, transportation and manufacturing expenses.

 

Inventories held for trading purposes are stated at fair value less costs to sell and any changes in net realizable value are recognized in the income statement.

 

Supplies are valued at cost to the Group mainly using the average method or net realizable value, whichever is the lower.

 

 

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BP p.l.c. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS - continued

 

Note 1 - Significant accounting policies - continued

 

This excerpt taken from the BP 6-K filed Nov 17, 2005.

Inventories

 

Inventories, other than inventory held for trading purposes, are stated at the lower of cost and net realizable value. Cost is determined by the first-in first-out method and comprises direct purchase costs, cost of production, transportation and manufacturing expenses.

 

Inventories held for trading purposes are stated at net realizable value and any changes in net realizable value are recognized in the income statement rather than the statement of recognized income and expenses.

 

Supplies are valued at cost to the Group mainly using the average method or net realizable value, whichever is the lower.

 

This excerpt taken from the BP 6-K filed Sep 7, 2005.

Inventories

 

Inventories, other than inventory held for trading purposes, are stated at the lower of cost and net realizable value. Cost is determined by the first-in first-out method and comprises direct purchase costs, cost of production, transportation and manufacturing expenses.

 

Inventories held for trading purposes are stated at net realizable value and any changes in net realizable value are recognized in the income statement rather than the statement of recognized income and expenses.

 

Supplies are valued at cost to the Group mainly using the average method or net realizable value, whichever is the lower.

 

This excerpt taken from the BP 6-K filed Sep 7, 2005.

Inventories

 

Inventories, other than inventory held for trading purposes, are stated at the lower of cost and net realizable value. Cost is determined by the first-in first-out method and comprises direct purchase costs, cost of production, transportation and manufacturing expenses.

 

Inventories held for trading purposes are stated at net realizable value and any changes in net realizable value are recognized in the income statement rather than the statement of recognized income and expenses.

 

Supplies are valued at cost to the Group mainly using the average method or net realizable value, whichever is the lower.

 

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