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BP » Topics » Note 2 - Changes to comparatives

This excerpt taken from the BP 6-K filed Aug 9, 2007.

Note 2 – Changes to comparatives

In 2005 the basis of accounting for over-the-counter forward sale and purchase contracts for oil, natural gas, NGLs and power was changed. Certain transactions are now reported on a net basis in sales and other operating revenues, whereas previously they had been reported gross in sales and purchases. This change, while reducing sales and other operating revenues and purchases, had no impact on reported profit, profit per ordinary share, cash flow or the balance sheet.

During 2006, as part of a continuous process to review how individual contracts are accounted for, certain other minor adjustments were identified that should have been reflected in the restatement from gross to net presentation. Though these adjustments are not significant to the group income statement, the amendment has been made to bring the comparatives onto a consistent basis. The comparative figures have been amended to reflect these items as set out below.

    Amended   Reported  
   
 
 
    Three months 
ended 
30 June 
2006		   Six months 
ended 
30 June 
2006		   Three months 
ended 
30 June 
2006		   Six months 
ended 
30 June 
2006		  
   
 
 
 
 
    (Unaudited)  
    ($ million)  
Sales and other operating revenues                  
Exploration and Production   13,495   27,413   13,495   27,413  
Refining and Marketing   63,373   117,910   64,025   119,905  
Gas, Power and Renewables   6,091   12,644   5,735   12,714  
Other businesses and corporate   252   458   252   458  
   
 
 
 
 
Sales by continuing operations   83,211   158,425   83,507   160,490  
Less: sales between businesses   11,079   23,005   11,079   23,005  
   
 
 
 
 
Third party sales of continuing operations   72,132   135,420   72,428   137,485  
   
 
 
 
 
Purchases   50,427   94,246   50,723   96,311  
   
 
 
 
 

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BP p.l.c. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)

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