BP (BP)

Note 49 — Business and geographical analysis

        BP has four reportable operating segments — Exploration and Production; Refining and Marketing; Petrochemicals and Gas, Power and Renewables. Exploration and Production's activities include oil and natural gas exploration and field development and production (upstream activities), together with pipeline transportation and natural gas processing (midstream activities). The activities of Refining and Marketing include oil supply and trading as well as refining and marketing (downstream activities). Petrochemicals activities include petrochemicals manufacturing and marketing. Gas, Power and Renewables activities include marketing and trading of natural gas, natural gas liquids, new market development, LNG and solar and renewables.

        The Group is managed on a unified basis. Reportable segments are differentiated by the activities that each undertakes and the products they manufacture and market.

        The accounting policies of operating segments are the same as those described in Note 1 — Accounting Policies.

        Sales between segments are made at prices that approximate market prices, taking into account the volumes involved.

F - 99

Note 49 — Business and geographical analysis

        BP has four reportable operating segments — Exploration and Production; Refining and Marketing; Petrochemicals and Gas, Power and Renewables. Exploration and Production's activities include oil and natural gas exploration and field development and production (upstream activities), together with pipeline transportation and natural gas processing (midstream activities). The activities of Refining and Marketing include oil supply and trading as well as refining and marketing (downstream activities). Petrochemicals activities include petrochemicals manufacturing and marketing. Gas, Power and Renewables activities include marketing and trading of natural gas, natural gas liquids, new market development, LNG and solar and renewables.

        The Group is managed on a unified basis. Reportable segments are differentiated by the activities that each undertakes and the products they manufacture and market.

        The accounting policies of operating segments are the same as those described in Note 1 — Accounting Policies.

        Sales between segments are made at prices that approximate market prices, taking into account the volumes involved.

F - 100