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These excerpts taken from the BP 6-K filed Jul 31, 2009. Balance sheet |
2009 | 2008 | ||||||
Investments in jointly controlled entities |
— | 8,939 | ||||||
Investments in associates |
9,104 | — | ||||||
| (a) | Natural gas is converted to oil equivalent at 5.8 billion cubic feet = 1 million barrels. |
| 6. | Inventory valuation | |
| Due to falling oil prices a provision of $1,412 million was held at 31 December 2008 to write inventories down to their net realizable value. The net movement in the provision during the second quarter of 2009 was an increase of $92 million (first quarter of 2009 was a decrease of $1,163 million). | ||
| 7. | Statutory accounts | |
| The financial information shown in this publication, which was approved by the Board of Directors on 27 July 2009, is unaudited and does not constitute statutory financial statements. | ||
| 8. | Condensed consolidating information | |
| BP p.l.c. fully and unconditionally guarantees the payment obligations of its 100% owned subsidiary BP Exploration (Alaska) Inc. under the BP Prudhoe Bay Royalty Trust. The following financial information for BP p.l.c., and BP Exploration (Alaska) Inc. and all other subsidiaries on a condensed consolidating basis is intended to provide investors with meaningful and comparable financial information about BP p.l.c. and its subsidiary issuers of registered securities 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 debt securities. Investments include the investments in subsidiaries recorded under the equity method for the purposes of the condensed consolidating financial information. Equity income of subsidiaries is the group’s share of profit related to such investments. The eliminations and reclassifications column includes the necessary amounts to eliminate the intercompany balances and transactions between BP p.l.c., BP Exploration (Alaska) Inc. and other subsidiaries. BP p.l.c. also fully and unconditionally guarantees securities issued by BP Capital Markets p.l.c. and BP Capital Markets America Inc. These companies are 100%-owned finance subsidiaries of BP p.l.c. |
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| 8. | Condensed consolidating information (continued) |
| Issuer | Guarantor | |||||||||||||||||||
| BP | Eliminations | |||||||||||||||||||
| Exploration | Other | and | ||||||||||||||||||
Balance sheet | 2009 | 2008 | ||||||||||||||||||
Investments in jointly controlled entities | — | 8,939 | ||||||||||||||||||
Investments in associates | 9,104 | — | ||||||||||||||||||
| (a) | Natural gas is converted to oil equivalent at 5.8 billion cubic feet = 1 million barrels. |
| 6. | Inventory valuation | |
| Due to falling oil prices a provision of $1,412 million was held at 31 December 2008 to write inventories down to their net realizable value. The net movement in the provision during the second quarter of 2009 was an increase of $92 million (first quarter of 2009 was a decrease of $1,163 million). | ||
| 7. | Statutory accounts | |
| The financial information shown in this publication, which was approved by the Board of Directors on 27 July 2009, is unaudited and does not constitute statutory financial statements. | ||
| 8. | Condensed consolidating information | |
| BP p.l.c. fully and unconditionally guarantees the payment obligations of its 100% owned subsidiary BP Exploration (Alaska) Inc. under the BP Prudhoe Bay Royalty Trust. The following financial information for BP p.l.c., and BP Exploration (Alaska) Inc. and all other subsidiaries on a condensed consolidating basis is intended to provide investors with meaningful and comparable financial information about BP p.l.c. and its subsidiary issuers of registered securities 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 debt securities. Investments include the investments in subsidiaries recorded under the equity method for the purposes of the condensed consolidating financial information. Equity income of subsidiaries is the group’s share of profit related to such investments. The eliminations and reclassifications column includes the necessary amounts to eliminate the intercompany balances and transactions between BP p.l.c., BP Exploration (Alaska) Inc. and other subsidiaries. BP p.l.c. also fully and unconditionally guarantees securities issued by BP Capital Markets p.l.c. and BP Capital Markets America Inc. These companies are 100%-owned finance subsidiaries of BP p.l.c. |
23
Table of Contents
| 8. | Condensed consolidating information (continued) |
| Issuer | Guarantor | |||||||||||||||||||
| BP | Eliminations | |||||||||||||||||||
| Exploration | Other | and | ||||||||||||||||||
This excerpt taken from the BP 20-F filed Jun 13, 2006. (r) Balance sheet Under US GAAP Other receivables due after one year of $2,301 million at December 31, 2004 ($2,518 million at December 31, 2003), included within current assets, would have been classified as noncurrent assets. Borrowing under US Industrial Revenue/Municipal Bonds of $2,487 million ($2,503 million at December 31, 2003) included within Current Liabilities — falling due within one year would, under US GAAP, have been classified as noncurrent liabilities. The provision for deferred taxation is primarily in respect of noncurrent items. This excerpt taken from the BP 20-F filed Jun 30, 2005. (r) Balance sheet Under US GAAP Other receivables due after one year of $2,301 million at December 31, 2004 ($2,518 million at December 31, 2003), included within current assets, would have been classified as noncurrent assets. Borrowing under US Industrial Revenue/Municipal Bonds of $2,487 million ($2,503 million at December 31, 2003) included within Current Liabilities — falling due within one year would, under US GAAP, have been classified as noncurrent liabilities. The provision for deferred taxation is primarily in respect of noncurrent items. F - 121 The following is a summary of the adjustments to profit for the year and to BP shareholders' interest which would be required if generally accepted accounting principles in the United States (US GAAP) had been applied instead of those generally accepted in the United Kingdom (UK GAAP). These results are stated using the first-in first-out method of inventory valuation. | EXCERPTS ON THIS PAGE:
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