Annual Reports

 
Other

  • 6-K (Mar 6, 2018)
  • 6-K (Feb 22, 2018)
  • 6-K (Feb 13, 2018)
  • 6-K (Feb 6, 2018)
  • 6-K (Feb 5, 2018)
  • 6-K (Jan 16, 2018)
BP 6-K 2008

Documents found in this filing:

  1. 6-K
  2. Ex-99.1
  3. Ex-99.2
  4. Ex-99.2
6-K
Table of Contents

SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
Form 6-K
Report of Foreign Issuer
Pursuant to Rule 13a-16 or 15d-16 of
the Securities Exchange Act of 1934
for the period ended 30 September 2008
BP p.l.c.
(Translation of registrant’s name into English)
1 ST JAMES’S SQUARE, LONDON, SW1Y 4PD, ENGLAND
(Address of principal executive offices)
Indicate by check mark whether the registrant files or will file annual reports under cover Form 20-F or Form 40-F.
     
Form 20-F             ü
  Form 40-F  
Indicate by check mark whether the registrant by furnishing the information contained in this Form is also thereby furnishing the information to the Commission pursuant to Rule 12g3-2(b) under the Securities Exchange Act of 1934.
     
Yes               
  No                    ü
THIS REPORT ON FORM 6-K SHALL BE DEEMED TO BE INCORPORATED BY REFERENCE IN THE PROSPECTUS INCLUDED IN THE REGISTRATION STATEMENT ON FORM F-3 (FILE NO. 333-110203) OF BP CANADA FINANCE COMPANY, BP CAPITAL MARKETS p.l.c., BP CAPITAL MARKETS AMERICA, INC AND BP p.l.c.; THE PROSPECTUS INCLUDED IN THE REGISTRATION STATEMENT ON FORM F-3 (FILE NO. 333-9790) OF BP p.l.c., THE PROSPECTUS INCLUDED IN THE REGISTRATION STATEMENT ON FORM F-3 (FILE NO. 333-65996) OF BP p.l.c., THE PROSPECTUS INCLUDED IN THE REGISTRATION STATEMENT ON FORM F-3 (FILE NO. 333-83180) OF BP AUSTRALIA CAPITAL MARKETS LIMITED, BP CANADA FINANCE COMPANY, BP CAPITAL MARKETS p.l.c., BP CAPITAL MARKETS AMERICA INC. AND BP p.l.c., THE REGISTRATION STATEMENT ON FORM S-8 (FILE NO. 33-21868) OF BP p.l.c., THE REGISTRATION STATEMENT ON FORM S-8 (FILE NO. 333-9020) OF BP p.l.c., THE REGISTRATION STATEMENT ON FORM S-8 (FILE NO. 333-79399) OF BP p.l.c.,THE REGISTRATION STATEMENT ON FORM S-8 (FILE NO. 333 67206) OF BP P.L.C., THE REGISTRATION STATEMENT ON FORM S-8 (FILE NO. 333-103924) OF BP p.l.c., THE REGISTRATION STATEMENT ON FORM S-8 (FILE NO. 333-102583) OF BP p.l.c., THE REGISTRATION STATEMENT ON FORM S-8 (FILE NO. 333-103923) OF BP p.l.c., THE REGISTRATION STATEMENT ON FORM S-8 (FILE NO. 333-119934) OF BP p.l.c., THE REGISTRATION STATEMENT ON FORM S-8 (FILE NO. 333-123482) OF BP p.l.c., THE REGISTRATION STATEMENT ON FORM S-8 (FILE NO. 333-123483) OF BP p.l.c., THE REGISTRATION STATEMENT ON FORM S-8 (FILE NO. 333-131583) OF BP p.l.c., THE REGISTRATION STATEMENT ON FORM S-8 (FILE NO. 333-131584) OF BP p.l.c., THE REGISTRATION STATEMENT ON FORM S-8 (FILE NO 333-1326190) OF BP P.L.C., THE REGISTRATION STATEMENT ON FORM S-8 (FILE NO. 333-146868) OF BP p.l.c., THE REGISTRATION STATEMENT ON FORM S-8 (FILE NO. 333-146870) OF BP p.l.c., THE REGISTRATION STATEMENT ON FORM S-8 (FILE NO. 333-146873) OF BP p.l.c., THE REGISTRATION STATEMENT ON FORM S-8 (FILE NO. 333-149778) OF BP p.l.c.,AND TO BE A PART THEREOF FROM THE DATE ON WHICH THIS REPORT IS FURNISHED, TO THE EXTENT NOT SUPERSEDED BY DOCUMENTS OR REPORTS SUBSEQUENTLY FILED OR FURNISHED.
     
 

1


TABLE OF CONTENTS

EX-99.1
EX-99.2


Table of Contents

BP p.l.c. AND SUBSIDIARIES
FORM 6-K FOR THE PERIOD ENDED 30 SEPTEMBER 2008*
             
        Page  
 
           
 
           
1.
  Management’s Discussion and Analysis of Financial Condition and Results of
Operations for the period January-September 2008
    3 - 13, 21, 23  
 
           
 
           
2.
  Consolidated Financial Statements including Notes to Consolidated Financial
Statements for the period January-September 2008
    14 - 20, 24-31  
 
           
 
           
3.
  Environmental, Operating and Other Information     22  
 
           
 
           
  Signatures     32  
 
           
 
           
5.
  Exhibit 99.1: Computation of Ratio of Earnings to Fixed Charges     33  
 
           
 
  Exhibit 99.2: Capitalization and Indebtedness     34  
 
* In this Form 6-K, references to the nine months 2008 and nine months 2007 refer to the nine-month periods ended 30 September 2008 and 30 September 2007 respectively. References to third quarter 2008 and third quarter 2007 refer to the three-month periods ended 30 September 2008 and 30 September 2007 respectively.
 

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Table of Contents

Group results January – September 2008
 
                                 
  Third quarter         Nine months  
2007     2008     $ million   2008(b)     2007  
         
  4,406       8,049    
Profit for the period(a)
    24,501       16,446  
         
               
 
               
  11.33       24.59    
–    per ordinary share (pence)
    68.89       43.02  
  23.18       42.93    
–    per ordinary share (cents)
    130.21       85.61  
  1.39       2.58    
–    per ADS (dollars)
    7.81       5.14  
         
l   The following discussion should be read in conjunction with the consolidated financial statements and related notes provided elsewhere in this Form 6-K and with the information, including the consolidated financial statements and related notes, for the year ended 31 December 2007 in BP’s Annual Report on Form 20-F for the year ended 31 December 2007.
 
l   BP’s third-quarter profit was $8,049 million, compared with $4,406 million a year ago, an increase of 83%. For the nine months, profit was $24,501 million compared with $16,446 million a year ago, up 49%. The third-quarter profit included inventory holding losses of $1,980 million compared with gains of $363 million in the same quarter last year. For the nine months, inventory holding gains were $1,495 million compared with $1,471 million for the first nine months of 2007. See footnote (c) below for further information.
 
l   Non-operating items and fair value accounting effects for the third quarter had a net $1,147 million favourable impact compared to a net $448 million unfavourable impact for the third quarter of 2007. For the nine months, the respective amounts were $632 million unfavourable and $561 million favourable – see further details on page 4. The largest non-operating item for the third quarter was a fair value gain on embedded derivatives which amounted to $1,098 million on a pre-tax basis. For the nine months, the fair value loss on embedded derivatives amounted to $1,673 million on a pre-tax basis. See page 21 for further information.
 
l   Net cash provided by operating activities for the quarter and nine months was $14.9 billion and $32.5 billion compared with $6.4 billion and $20.4 billion respectively a year ago.
 
l   The effective tax rate on profit for the third quarter was 33% and for the nine months was 35%; a year ago, the rates were 33% and 32% respectively.
 
l   Net debt at the end of the quarter was $22.0 billion compared to $22.2 billion a year ago. The ratio of net debt to net debt plus equity was 17%, compared with 20% a year ago. Net debt is defined on page 6. Gross debt at the end of the quarter was $28.3 billion compared to $25.2 billion a year ago. The ratio of gross debt to gross debt plus equity was 21%, compared with 22% a year ago.
 
l   Total capital expenditure and acquisitions was $8.9 billion for the quarter and $23.7 billion for the nine months. Capital expenditure, excluding acquisitions and asset exchanges and excluding the accounting for our transactions with Husky (see page 28) and Chesapeake (see page 19), was $5.2 billion for the quarter, $14.9 billion for the nine months and is expected to be around $21-22 billion for the year. Disposal proceeds were $365 million for the quarter and $700 million for the nine months.
 
l   The quarterly dividend, to be paid in December, is 14 cents per share ($0.84 per ADS) compared with 10.825 cents per share a year ago. For the nine months, the dividend showed an increase of 30%. In sterling terms, the quarterly dividend is 8.705 pence per share, compared with 5.308 pence per share a year ago; for the nine months, the increase was 43%. During the quarter, the company repurchased 92.9 million of its own shares for cancellation at a cost of $911 million. For the nine months, share repurchases were 269.8 million at a cost of $2.9 billion.
(a)   Profit attributable to BP shareholders.
 
(b)   Previously reported first half 2008 data has been amended. See note 2(d) on page 26 for further details.
 
(c)   Inventory holding gains and losses represent the difference between the cost of sales calculated using the average cost to BP of supplies incurred during the period and the cost of sales calculated on the first-in first-out (“FIFO”) method including any changes in provisions where the net realisable value of the inventory is lower than its cost. Under the FIFO method, which we use for IFRS reporting, the cost of inventory charged to the income statement is based upon the historic cost of acquisition or manufacture rather than the current replacement cost. In volatile energy markets, this can have a significant distorting effect on reported income. The amounts disclosed represent the difference between the charge to the income statement on a FIFO basis (and any related movements in net realisable value provisions) and the charge which would arise using average cost of supplies incurred during the period. For this purpose, average cost of supplies incurred during the period is calculated by dividing the total cost of inventory purchased in the period by the number of barrels acquired. The amounts disclosed are not separately reflected in the financial statements as a gain or loss.

Management believes this information is useful to illustrate to investors the fact that crude oil and product prices can vary significantly from period to period and that the impact on our reported result under IFRS can be significant. Inventory holding gains and losses vary from period to period due principally to changes in oil prices as well as changes to underlying inventory levels. In order for investors to understand the operating performance of the group excluding the impact of oil price changes on the replacement of inventories, and to make comparisons of operating performance between reporting periods, BP’s management believes it is helpful to disclose this information. Effective 1 January 2008, inventory holding gains and losses disclosed above include the associated tax effect. Previously the tax effect was not included. Comparative amounts have been amended to the new basis.
 
The commentaries above and following should be read in conjunction with the cautionary statement on page 13.
 
 

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Table of Contents

Non-operating items and fair value accounting effects
 
Non-operating items(a)
                                 
  Third quarter           Nine months  
2007     2008     $ million   2008     2007  
         
 
  10       1,118    
Exploration and Production
    (1,234 )     1,145  
  (344 )        
Refining and Marketing
    510       194  
  (201 )     (128 )  
Other businesses and corporate
    (332 )     (175 )
         
  (535 )     990    
 
    (1,056 )     1,164  
  174       (331 )  
Taxation(b)
    383       (365 )
         
  (361 )     659    
 
    (673 )     799  
         
Fair value accounting effects(c)
                                 
  Third quarter           Nine months  
2007     2008     $ million   2008     2007  
         
               
Exploration and Production
               
  198       739    
Unrecognized gains (losses) brought forward from previous period
    107       155  
  (234 )     (642 )  
Unrecognized (gains) losses carried forward
    (642 )     (234 )
         
  (36 )     97    
Favourable (unfavourable) impact relative to management’s measure of performance
    (535 )     (79 )
         
               
Refining and Marketing
               
  274       489    
Unrecognized gains (losses) brought forward from previous period
    429       72  
  (367 )     147    
Unrecognized (gains) losses carried forward
    147       (367 )
         
  (93 )     636    
Favourable (unfavourable) impact relative to management’s measure of performance
    576       (295 )
         
  (129 )     733    
 
    41       (374 )
  42       (245 )  
Taxation(b)
          136  
         
  (87 )     488    
 
    41       (238 )
         
         
Total of non-operating items and fair value accounting effects
                                 
  Third quarter           Nine months  
2007     2008     $ million   2008     2007  
         
 
  (26 )     1,215    
Exploration and Production
    (1,769 )     1,066  
  (437 )     636    
Refining and Marketing
    1,086       (101 )
  (201 )     (128 )  
Other businesses and corporate
    (332 )     (175 )
         
  (664 )     1,723    
 
    (1,015 )     790  
  216       (576 )  
Taxation(b)
    383       (229 )
         
  (448 )     1,147    
 
    (632 )     561  
         
 
(a)   Non-operating items are charges and credits that BP discloses separately because it considers such disclosures to be meaningful and relevant to investors. The main categories of non-operating items in the periods presented are: impairments; gains or losses on sale of fixed assets and the sale of businesses; environmental remediation; restructuring, integration and rationalisation costs; and changes in the fair value of embedded derivatives. These disclosures are provided in order to enable investors better to understand and evaluate the group’s financial performance. An analysis of non-operating items by type is provided on page 21 and a geographical analysis is shown on pages 8, 10 and 11.
 
(b)   The figure shown for taxation is calculated using the quarter’s effective tax rate on group profit.
 
(c)   Information on fair value accounting effects is non-GAAP. An explanation of fair value accounting effects is provided on page 12.
     
 

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Table of Contents

Per share amounts
 
                                 
          Third quarter         Nine months  
2007     2008         2008(c)     2007  
         
               
Results for the period ($ million)
               
  4,406       8,049    
Profit(a)
    24,501       16,446  
         
               
 
               
  19,019,579       18,725,073    
Shares in issue at period end (thousand)(b)
    18,725,073       19,019,579  
  3,169,930       3,120,846    
– ADS equivalent (thousand)(b)
    3,120,846       3,169,930  
  19,061,853       18,746,202    
Average number of shares outstanding
(thousand)(b)
    18,815,131       19,209,757  
  3,176,976       3,124,367    
– ADS equivalent (thousand)(b)
    3,135,855       3,201,626  
  128,253       92,861    
Shares repurchased in the period (thousand)
    269,757       541,975  
               
 
               
               
Per ordinary share (cents)
               
  23.18       42.93    
Profit for the period
    130.21       85.61  
               
 
               
               
Per ADS (cents)
               
  139.08       257.58    
Profit for the period
    781.26       513.66  
 
(a) Profit attributable to BP shareholders.
 
(b) Excludes treasury shares.
 
(c) Previously reported first half 2008 data has been amended. See note 2(d) on page 26 for further details.
Dividends
 
Dividends payable
BP today announced a dividend of 14 cents per ordinary share to be paid in December. Holders of ordinary shares will receive 8.705 pence per share and holders of American Depository Receipts (ADRs) $0.84 per ADS. The dividend is payable on 8 December to shareholders on the register on 14 November. Participants in the Dividend Reinvestment Plan (DRIP) or the DRIP facility in the US Direct Access Plan will receive the dividend in the form of shares, also on 8 December.
Dividends paid
                                 
Third quarter         Nine months  
2007     2008         2008     2007  
         
               
Dividends paid per ordinary share
               
  10.825       14.000    
cents
    41.050       31.475  
  5.278       7.039    
pence
    20.682       15.687  
  64.95       84.00    
Dividends paid per ADS (cents)
    246.30       188.85  
         
 

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Table of Contents

Net debt ratio – net debt: net debt + equity
 
                                 
Third quarter         Nine months  
2007     2008     $ million   2008(a)     2007  
         
  25,245       28,300    
Gross debt
    28,300       25,245  
  640       149    
Less: fair value asset (liability) of hedges
related to finance debt
    149       640  
         
  24,605       28,151    
 
    28,151       24,605  
  2,410       6,142    
Cash and cash equivalents
    6,142       2,410  
         
  22,195       22,009    
Net debt
    22,009       22,195  
         
  91,494       106,790    
Equity
    106,790       91,494  
  20 %     17 %  
Net debt ratio
    17 %     20 %
         
 
(a)   Previously reported first half 2008 data has been amended. See note 2(d) on page 26 for further details.
Net debt and net debt ratio are non-GAAP measures. We believe that these measures provide useful information to investors. Net debt enables investors to see the economic effect of gross debt, related hedges and cash and cash equivalents in total. The net debt ratio enables investors to see how significant net debt is relative to equity from shareholders. Net debt has been redefined to include the fair value of associated derivative financial instruments that are used to hedge foreign exchange and interest rate risks relating to finance debt, for which hedge accounting is claimed. The derivatives are reported on the balance sheet within the headings ‘Derivative financial instruments’. Amounts for comparative periods are presented on a consistent basis. See Note 2(c) on page 26 for further information.
 

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Table of Contents

Exploration and Production
 
                                 
Third quarter         Nine months  
2007     2008     $ million   2008     2007  
         
  6,297       12,545    
Profit before interest and tax(a)
    33,418       19,779  
         
               
By region:
               
  633       2,488    
UK
    3,287       2,860  
  227       424    
Rest of Europe
    1,050       1,137  
  1,774       3,677    
US
    10,406       5,718  
  3,663       5,956    
Rest of World
    18,675       10,064  
         
  6,297       12,545    
 
    33,418       19,779  
         
 
(a)   Includes profit after interest and tax of equity-accounted entities
The profit before interest and tax for the third quarter and first nine months of 2008 was $12,545 million and $33,418 million respectively, increases of 99% and 69% over the same periods of 2007. These figures included inventory holding losses of $164 million and $134 million respectively compared with inventory holding losses of $10 million in the third quarter and inventory holding gains of $47 million for the first nine months of 2007. The increases in both periods were primarily due to higher oil and gas realizations. Additionally, the results reflected a higher contribution from the gas marketing and trading business, but were impacted by higher production taxes and higher depreciation. Costs were higher, driven by sector-specific inflation, but this was substantially mitigated by reductions resulting from our focus on cost control. The results also included higher earnings from equity-accounted entities, primarily from TNK-BP. The third-quarter result benefited from gains from non-operating items (see below).
The net non-operating gain of $1,118 million in the third quarter primarily comprises fair value gains on embedded derivatives. In the first nine months, the net non-operating charge was $1,234 million with the most significant item being fair value losses on embedded derivatives partly offset by the reversal of certain provisions and of a previous impairment charge. The corresponding periods in 2007 contained net non-operating gains of $10 million and $1,145 million respectively. Additionally, in the third quarter, fair value accounting effects had a favourable impact of $97 million compared with an unfavourable impact of $36 million a year ago. For the first nine months, the unfavourable effect was $535 million compared with an unfavourable effect of $79 million a year ago. Information on fair value accounting effects is set out on page 12.
Reported production for the quarter was 2,322mboe/d for subsidiaries and 1,342mboe/d for equity-accounted entities, compared with 2,381mboe/d and 1,270mboed in the third quarter of 2007. Total production, after adjusting for the impact of lower entitlement in our production-sharing agreements (PSAs), was around 5% higher than the third quarter of 2007. The continued ramp-up of production following the start-up of major projects in late 2007 and the first half of 2008 more than offset the impacts of hurricanes in the Gulf of Mexico and other operational events in the third quarter.
Reported production for the first nine months was 2,486mboe/d, for subsidiaries and 1,316mboe/d for equity-accounted entities, compared with 2,519mboed and 1,269mboed in the same period of the previous year. Total production for the first nine months, after adjusting for the effect of entitlement changes in our PSAs, was around 6% higher than the same period of 2007.
In the Gulf of Mexico, we progressed the commissioning of Thunder Horse (BP 75% and operator) with the start-up of the second well. In Australia, the North West Shelf Venture’s fifth LNG processing train became fully operational and, shortly after the end of the quarter, its third major offshore gas production facility (Angel) began producing. BP is one of six equal participants in the North West Shelf Project.
Also during the quarter, Sonatrach announced exploration success in Algeria with the Tin Zaouatene-1 (TZN-1) discovery in the Bourarhet Sud Blocks 230 & 231 (BP 49% and operator). Shortly after the end of the quarter, we announced a discovery in the Freedom prospect in the deepwater Gulf of Mexico (BP 25% and operator) and, jointly with Sonangol, we announced Dione, our sixteenth discovery in ultra-deepwater Block 31, offshore Angola (BP 26.67% and operator).
In August, we completed the acquisition of Chesapeake Energy Corporation’s interests in approximately 90,000 net acres of leasehold and producing natural gas properties in the Arkoma Basin Woodford Shale play for $1.75 billion. In addition, in September, we acquired a 25% interest in Chesapeake’s Fayetteville Shale assets in Arkansas for $1.9 billion. As a result of this transaction, BP acquired approximately 135,000 net acres of leasehold.
In the fourth quarter, we expect increased production reflecting normal seasonal patterns, continuing project ramp-ups and recovery from the hurricanes in the Gulf of Mexico and other operational events in the third quarter.
 

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Table of Contents

Exploration and Production
 
                                 
Third quarter         Nine months  
2007     2008     $ million   2008     2007  
         
               
 
               
               
Non-operating items
               
  21       1,093    
UK
    (1,683 )     337  
  7          
Rest of Europe
          538  
  (15 )     3    
US
    (13 )     156  
  (3 )     22    
Rest of World
    462       114  
         
  10       1,118    
 
    (1,234 )     1,145  
         
               
Fair value accounting effects(a)
               
  (22 )     11    
UK
    (119 )     12  
           
Rest of Europe
           
  (19 )     136    
US
    (242 )     (96 )
  5       (50 )  
Rest of World
    (174 )     5  
         
  (36 )     97    
 
    (535 )     (79 )
         
               
Exploration expense
               
  2       5    
UK
    105       29  
           
Rest of Europe
           
  60       59    
US
    178       191  
  182       168    
Rest of World
    360       335  
         
  244       232    
 
    643       555  
         
               
 
               
               
Liquids(b)
               
  71.12       111.47    
Average prices realized by BP(c)($/bbl)
    103.96       62.00  
  1,170       1,128    
Production for subsidiaries (mb/d) (net of royalties)
    1,245       1,285  
  1,123       1,155    
Production for equity-accounted entities (mb/d) (net of
royalties)
    1,136       1,110  
               
 
               
               
Natural gas
               
  3.93       6.49    
Average prices realized by BP(c)($/mcf)
    6.32       4.42  
  7,026       6,929    
Production for subsidiaries (mmcf/d) (net of royalties)
    7,196       7,157  
  853       1,082    
Production for equity-accounted entities (mmcf/d) (net
of royalties)
    1,044       920  
               
 
               
               
Total hydrocarbons(d)
               
  46.36       73.49    
Average prices realized by BP(c)($/boe)
    70.31       44.05  
  2,381       2,322    
Production for subsidiaries (mboe/d)
    2,486       2,519  
  1,270       1,342    
Production for equity-accounted entities (mboe/d)
    1,316       1,269  
 
(a)   These effects represent the favourable (unfavourable) impact relative to management’s measure of performance. Further information on fair value accounting effects is provided on pages 4 and 12.
 
(b)   Crude oil and natural gas liquids.
 
(c)   Based on sales of consolidated subsidiaries only - this excludes equity-accounted entities.
 
(d)   Natural gas is converted to oil equivalent at 5.8 billion cubic feet = 1 million barrels.
 
(e)   Additional operating information is provided on pages 19, 22 and 23
Because of rounding, some totals may not agree exactly with the sum of their component parts.
 

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Refining and Marketing
 
                                 
Third quarter         Nine months  
2007     2008     $ million   2008     2007  
         
  931       (823 )  
Profit before interest and tax(a)
    6,180       6,009  
         
               
By region:
               
  (13 )     30    
UK
    223       893  
  623       172    
Rest of Europe
    2,838       2,133  
  (131 )     (1,343 )  
US
    1,502       1,798  
  452       318    
Rest of World
    1,617       1,185  
         
  931       (823 )  
 
    6,180       6,009  
         
 
(a)   Includes profit after interest and tax of equity-accounted entities.
The loss before interest and tax for the third quarter was $823 million compared with a profit of $931 million a year ago. For the nine months, profit before interest and tax was $6,180 million compared with $6,009 million a year ago. This included inventory holding losses of $2,795 million for the third quarter and inventory holding gains of $2,420 million for the first nine months, compared with inventory holding gains of $560 million and $2,092 million for the third quarter and first nine months of 2007. The net impact of non-operating items, which is included in the results, was nil in the quarter and was a gain of $510 million in the nine months. A year ago, the results included a net non-operating charge of $344 million for the quarter and a net non-operating gain of $194 million for the nine months. Fair value accounting effects had favourable impacts of $636 million for the current quarter and $576 million for the nine months. A year ago, the impacts were unfavourable by $93 million for the quarter and $295 million for the nine months. Information on fair value accounting effects is set out on page 12.
We continue to make good progress with the turnaround of the segment, delivering underlying year-on-year performance improvement in both Fuels Value Chains (FVCs) and International Businesses, against a weaker external business environment. Compared with 2007, the third-quarter result benefited from stronger commercial refining, supply and trading performance in the FVCs and improved marketing performance, partially offset by a negative foreign exchange effect caused by the strengthening of the US dollar. For the nine months, in addition to these factors, improved refinery operations have in part mitigated the impact of a considerably lower refining margin environment. The International Businesses continued to deliver a strong performance in the third quarter. Progress on our efficiency improvements has helped to offset the effects of inflation and higher energy costs.
Refining throughputs for the quarter and nine months were 2,185mb/d and 2,197mb/d respectively, compared with 2,148mb/d and 2,169mb/d for the same periods last year, the increases being primarily driven by the recoveries at the Texas City and Whiting refineries, partially offset by the net loss of throughput from previous disposals and acquisitions. Solomon availability was 4.3 percentage points higher than a year ago. Relative to the second quarter of 2008, it was slightly lower, as a result of the disruption at the Texas City refinery in September caused by Hurricane Ike. Most of the refinery units were restarted within two weeks after the hurricane shutdown. In addition, we successfully started up the second residue hydrotreater train on 1 October and have completed mechanical work on ultraformer number 3. This unit is expected to start production during the fourth quarter, completing the restoration of the economic capability of Texas City refinery.
On 29 August 2008, BP announced an agreement with Enbridge Inc. to develop a new delivery system to transport Canadian heavy crude oil from Flanagan, Illinois, to Houston and Texas City, Texas. The system is expected to be in service by late 2012 with an initial capacity of 250,000 barrels per day. The joint investment of the phased capacity additions is expected to be in the range of $1-2 billion.
Refinery turnaround activities are expected to be higher in the fourth quarter than in the third. The slowing of global economies, exacerbated by the current instability in global financial markets, remains a key risk to our marketing and supply businesses.
 

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Refining and Marketing
 
                             
          Third quarter       Nine months
2007   2008     $ million   2008     2007  
         
 
                           
 
          Non-operating items                
 (4)
    9     UK     (50 )     677  
 (16)
    (10 )   Rest of Europe     (127 )     (72 )
 (316)
    13     US     771       (204 )
 (8)
    (12 )   Rest of World     (84 )     (207 )
         
 (344)
              510       194  
         
 
                           
 
          Fair value accounting effects(a)                
45
    270     UK     89       (53 )
2
    122     Rest of Europe     99       (115 )
 (142
) 174     US     322       (133 )
2
    70     Rest of World     66       6  
         
 (93)
    636           576       (295 )
         
 
                           
 
          Refinery throughputs (mb/d)                
        UK           90  
735
    730     Rest of Europe     753       691  
1,109
    1,158     US     1,141       1,086  
304
    297     Rest of World     303       302  
         
2,148
    2,185     Total throughput     2,197       2,169  
         
83.4
    87.7     Refining availability (%)(b)     88.0       82.6  
         
 
                           
 
          Oil sales volumes (mb/d)                
 
          Refined products                
350
    303     UK     313       343  
1,329
    1,281     Rest of Europe     1,254       1,282  
1,535
    1,453     US     1,468       1,559  
641
    662     Rest of World     690       627  
         
3,855
    3,699     Total marketing sales     3,725       3,811  
1,687
    2,107     Trading/supply sales     2,057       1,860  
         
5,542
    5,806     Total refined product sales     5,782       5,671  
1,709
    1,511     Crude oil     1,739       1,964  
         
7,251
    7,317     Total oil sales     7,521       7,635  
         
 
                           
 
          Global Indicator Refining Margin ($/bbl)(c)                
3.82
    7.13     NWE     6.46       5.03  
12.58
    9.87     USGC     8.22       15.74  
14.31
    10.47     Midwest     6.04       16.02  
6.90
    7.07     USWC     7.64       17.22  
4.52
    5.90     Singapore     6.69       5.12  
8.05
    8.03     Average     6.93       11.38  
         
 
                           
 
          Chemicals production (kte)                
237
    144     UK     569       739  
587
    711     Rest of Europe     2,076       1,990  
1,117
    850     US     2,908       3,240  
1,569
    1,358     Rest of World     4,487       4,586  
         
3,510
    3,063     Total production     10,040       10,555  
         
 
 
(a)   These effects represent the favourable (unfavourable) impact relative to management’s measure of performance. Further information on fair value accounting effects is provided on pages 4 and 12.
 
(b)   Solomon refining availability is defined as the ratio of units which are available for processing, regardless of whether they are actually being used, to total capacity. Where there is planned maintenance, such capacity is not regarded as being available.
 
(c)   The Global Indicator Refining Margin (GIM) is the average of regional indicator margins weighted for BP’s crude refining capacity in each region. Each regional indicator margin is based on a single representative crude with product yields characteristic of the typical level of upgrading complexity. The regional indicator margins may not be representative of the actual margins achieved by BP in any period because of BP’s particular refinery configurations and crude and product slate.
 

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Other businesses and corporate
 
                             
          Third quarter       Nine months
2007   2008     $ million   2008     2007  
         
(522)
    (35 )   Profit (loss) before interest and tax(a)     (529 )     (790 )
         
 
                           
 
          By region:                
112 
    385     UK     147       57  
(121)
    (78 )   Rest of Europe     (107 )     (108 )
(373)
    (307 )   US     (611 )     (632 )
(140)
    (35 )   Rest of World     42       (107 )
         
(522)
    (35 )         (529 )     (790 )
         
 
          Results include:                
 
          Non-operating items                
    (20 )   UK     (67 )     (14 )
(11)
    (2 )   Rest of Europe     (62 )     17  
(195)
    (105 )   US     (187 )     (182 )
    (1 )   Rest of World     (16 )     4  
         
(201)
    (128 )         (332 )     (175 )
         
 
(a)   Includes profit after interest and tax of equity-accounted entities.
Other businesses and corporate comprises the Alternative Energy business, Shipping, the group’s aluminium asset, Treasury (which includes interest income on the group’s cash and cash equivalents) and corporate activities worldwide.
The profit before interest and tax for the third quarter was a loss of $35 million, compared with a loss of $522 million a year ago. This included inventory holding losses of $19 million and $11 million respectively. This result reflects a higher contribution from the operating businesses and lower corporate costs. For the nine months, the loss before interest and tax was $529 million in 2008 compared with a loss of $790 million a year ago. This included inventory holding gains of $14 million for the nine months 2008 compared with inventory holding losses of $8 million for the first nine months of 2007.
The net non-operating charge was $128 million for the third quarter and $332 million for the nine months. The third-quarter result included a $30 million restructuring charge, a $76 million net charge in relation to new, and revisions to existing, environmental and other provisions and a net charge of $22 million for impairment and other provisions. The prior year included a net non-operating charge of $201 million in the third quarter and $175 million for the nine months.
On 15 September, Alternative Energy announced BP’s first bioethanol production from its Brazilian biofuels joint venture, Tropical BioEnergia, a significant milestone in the implementation of BP’s biofuels strategy. Tropical BioEnergia farms sugar cane and refines it into fuel in a new 435 million litres per year (115 million US gallons per year) refinery. BP’s investment in Tropical BioEnergia is the largest made by any international oil company into Brazil’s ethanol market.
In August, BP and Verenium Corporation announced the creation of a strategic partnership to accelerate the development and commercialization of cellulosic ethanol. Under the initial phase of the strategic alliance, Verenium is to receive $90 million in funding from BP over 18 months in exchange for rights to current and future technology held within the partnership.
Also in August, BP started commercial operations at its Silver Star wind farm in Texas, a 60MW gross capacity installation in partnership with Clipper Windpower, Inc. and at Edom Hills, California, a 20MW wholly-owned wind farm. On 20 October, BP started commercial operations of phase 1 of the Sherbino wind farm in Texas. The first 150MW of the project, which has a potential capacity of 750MW, has been built through a 50:50 joint venture with Padoma Wind Power LLC, a wholly owned subsidiary of NRG Energy, Inc.
                 
    Third quarter  
    2008     2007  
     
 
Wind – net rated capacity as at period end (megawatts)(a)
    243       32  
Solar – cell production capacity as at period end (megawatts)(b)
    277       201  
     
 
(a)   Net wind capacity is the sum of the rated capacities of the assets/turbines that have entered into commercial operation, including BP’s share of equity-accounted entities. The equivalent capacities on a gross-JV basis (which includes 100% of the capacity of equity-accounted entities where BP has partial ownership) are 453MW as at the third quarter of 2008, 373MW as at the second quarter of 2008 and 32MW as at the third quarter last year.
 
(b)   Solar capacity is the theoretical cell production capacity per annum of in-house manufacturing facilities.
 

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Non-GAAP information on fair value accounting effects
 
BP uses derivative instruments to manage the economic exposure relating to inventories above normal operating requirements of crude oil, natural gas and petroleum products as well as certain contracts to supply physical volumes at future dates. Under IFRS, these inventories and contracts are recorded at historic cost and on an accruals basis, respectively. The related derivative instruments, however, are required to be recorded at fair value with gains and losses recognized in income because hedge accounting is either not permitted or not followed, principally due to the impracticality of effectiveness testing requirements. Therefore, measurement differences in relation to recognition of gains and losses occur. Gains and losses on these inventories and contracts are not recognized until the commodity is sold in a subsequent accounting period. Gains and losses on the related derivative commodity contracts are recognized in the income statement from the time the derivative commodity contract is entered into on a fair value basis using forward prices consistent with the contract maturity.
IFRS requires that inventory held for trading be recorded at its fair value using period end spot prices whereas any related derivative commodity instruments are required to be recorded at values based on forward prices consistent with the contract maturity. Depending on market conditions, these forward prices can be either higher or lower than spot prices resulting in measurement differences.
BP enters into contracts for pipelines and storage capacity which, under IFRS, are recorded on an accruals basis. These contracts are risk managed using a variety of derivative instruments which are fair valued under IFRS. This results in measurement differences in relation to recognition of gains and losses.
The way that BP manages the economic exposures described above, and measures performance internally, differs from the way these activities are measured under IFRS. BP calculates this difference by comparing the IFRS result with management’s internal measure of performance, under which the inventory and the supply and capacity contracts in question are valued based on fair value using relevant forward prices prevailing at the end of the period. We believe that disclosing management’s estimate of this difference provides useful information for investors because it enables investors to see the economic effect of these activities as a whole. The impacts of fair value accounting effects, relative to management’s internal measure of performance, are shown in the table on page 4 and are non-GAAP. A reconciliation to GAAP information is set out below.
Reconciliation of non-GAAP information
                             
           Third quarter       Nine months
2007   2008     $ million   2008     2007  
         
 
          Exploration and Production                
6,333 
    12,448    
Profit before interest and tax adjusted for fair value accounting effects
    33,953       19,858  
(36)
    97     Impact of fair value accounting effects     (535 )     (79 )
         
6,297 
    12,545     Profit before interest and tax     33,418       19,779  
         
 
                           
 
          Refining and Marketing                
1,024 
    (1,459 )  
Profit before interest and tax adjusted for fair value accounting effects
    5,604       6,304  
(93)
    636     Impact of fair value accounting effects     576       (295 )
         
931 
    (823 )   Profit before interest and tax     6,180       6,009  
         
 

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FORWARD-LOOKING STATEMENTS
In order to utilize the ‘Safe Harbour’ provisions of the United States Private Securities Litigation Reform Act of 1995, BP is providing the following cautionary statement. This report on Form 6-K contains certain forward-looking statements with respect to capital expenditure, expected phasing of underlying production, results of simplification and cost efficiency measures, refinery turnaround activities, the continuing impact of higher energy costs on refining earnings, of slowing OECD economies and high and rising wholesale prices on the marketing businesses as well as the impact of a volatile pricing environment on supply optimization activities. These statements may generally, but not always, be identified by the use of words such as ‘will’, ‘expects’, ‘is expected to’, ‘may’, ‘objective’, ‘believes’ or similar expressions. By their nature, forward looking statements involve risk and uncertainty and actual results may differ from those expressed in such statements depending on a variety of factors including the following: the timing of bringing new fields on stream; industry product supply; demand and pricing; operational problems; general economic conditions (including inflation); political stability and economic growth in relevant areas of the world; changes in laws and governmental regulations; exchange rate fluctuations; development and use of new technology; the success or otherwise non-success of partnering; the actions of competitors; natural disasters and severe adverse weather conditions; changes in public expectations and other changes to business conditions; wars and acts of terrorism or sabotage; and other factors discussed in this report. In addition to factors set forth elsewhere in this report, those set out above are important factors, although not exhaustive, that may cause actual results and developments to differ materially from those expressed or implied by these forward-looking statements. For more information you should refer to our Annual Report and Accounts 2007 and our 2007 Annual Report on Form 20-F filed with the US Securities and Exchange Commission.
 

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Group income statement
 
                                 
Third quarter         Nine months  
2007     2008         2008(a)     2007  
$ million         $ million  
  71,334       103,174    
Sales and other operating revenues
    299,666       204,513  
  900       1,172    
Earnings from jointly controlled entities - after
interest and tax
    3,899       2,143  
  204       155    
Earnings from associates - after interest and tax
    631       540  
  172       135    
Interest and other revenues
    566       533  
         
  72,610       104,636    
Total revenues (Note 4)
    304,762       207,729  
  228       193    
Gains on sale of businesses and fixed assets
    1,197       2,217  
         
  72,838       104,829    
Total revenues and other income
    305,959       209,946  
               
 
               
  51,810       77,234    
Purchases
    217,122       144,453  
  6,297       7,549    
Production and manufacturing expenses
    21,756       18,325  
  921       1,886    
Production and similar taxes (Note 5)
    5,794       2,495  
  2,505       2,653    
Depreciation, depletion and amortization
    8,285       7,559  
  129       54    
Impairment and losses on sale of businesses and fixed assets
    117       807  
  244       232    
Exploration expense
    643       555  
  4,137       3,794    
Distribution and administration expenses
    11,667       11,159  
  (14 )     (1,098 )  
Fair value (gain) loss on embedded derivatives
    1,673       (452 )
         
  6,809       12,525    
Profit before interest and taxation
    38,902       25,045  
  337       391    
Finance costs (Note 6)
    1,178       985  
  (164 )     (153 )  
Net finance income relating to pensions and other
post-retirement benefits (Note 7)
    (473 )     (486 )
         
  6,636       12,287    
Profit before taxation
    38,197       24,546  
  2,158       4,101    
Taxation
    13,329       7,881  
         
  4,478       8,186    
Profit for the period
    24,868       16,665  
         
               
Attributable to:
               
  4,406       8,049    
BP shareholders
    24,501       16,446  
  72       137    
Minority interest
    367       219  
         
  4,478       8,186    
 
    24,868       16,665  
         
               
Earnings per share – cents
               
               
Profit for the period attributable to BP shareholders
               
  23.18       42.93    
Basic
    130.21       85.61  
  23.07       42.56    
Diluted
    129.04       85.19  
(a)   Previously reported first half 2008 data has been amended. See note 2(d) on page 26 for further details
 

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Group balance sheet
 
                 
    30 September     31 December  
    2008     2007  
    $ million  
Non-current assets
               
Property, plant and equipment
    102,889       97,989  
Goodwill
    10,566       11,006  
Intangible assets
    10,040       6,652  
Investments in jointly controlled entities
    24,862       18,113  
Investments in associates
    4,199       4,579  
Other investments
    1,250       1,830  
     
Fixed assets
    153,806       140,169  
Loans
    1,151       999  
Other receivables
    896       968  
Derivative financial instruments
    5,309       3,741  
Prepayments
    1,194       1,083  
Defined benefit pension plan surplus
    8,494       8,914  
     
 
    170,850       155,874  
     
Current assets
               
Loans
    167       165  
Inventories
    27,277       26,554  
Trade and other receivables
    39,201       38,020  
Derivative financial instruments
    8,384       6,321  
Prepayments
    3,769       3,589  
Current tax receivable
    332       705  
Cash and cash equivalents
    6,142       3,562  
     
 
    85,272       78,916  
Assets classified as held for sale
          1,286  
     
 
    85,272       80,202  
     
Total assets
    256,122       236,076  
     
Current liabilities
               
Trade and other payables
    43,948       43,152  
Derivative financial instruments
    9,187       6,405  
Accruals
    6,825       6,640  
Finance debt
    14,258       15,394  
Current tax payable
    4,013       3,282  
Provisions
    2,074       2,195  
     
 
    80,305       77,068  
Liabilities directly associated with the assets classified as held for sale
          163  
     
 
    80,305       77,231  
     
Non-current liabilities
               
Other payables
    2,809       1,251  
Derivative financial instruments
    7,915       5,002  
Accruals
    863       959  
Finance debt
    14,042       15,651  
Deferred tax liabilities
    21,573       19,215  
Provisions
    12,744       12,900  
Defined benefit pension plan and other post-retirement benefit plan deficits
    9,081       9,215  
     
 
    69,027       64,193  
     
Total liabilities
    149,332       141,424  
     
Net assets
    106,790       94,652  
     
Equity
               
BP shareholders’ equity
    105,704       93,690  
Minority interest
    1,086       962  
     
 
    106,790       94,652  
     
 

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Group statement of recognized income and expense
 
                                 
Third quarter         Nine months  
2007     2008         2008(a)     2007  
$ million         $ million  
  788       (3,125 )  
Currency translation differences
    (2,092 )     1,583  
           
Exchange gain on translation of foreign operations
transferred to gain on sale of businesses and
fixed assets
          (147 )
  (13 )     (703 )  
Available-for-sale investments marked to market
    (572 )     (116 )
        (15 )  
Available-for-sale investments - recycled to the
income statement
    (20 )      
  139       (594 )  
Cash flow hedges marked to market
    (471 )     180  
  (5 )     16    
Cash flow hedges - recycled to the income statement
    15       (86 )
  (2 )     (20 )  
Cash flow hedges - recycled to the balance sheet
    (61 )     (9 )
  90       203    
Taxation
    192       118  
         
  997       (4,238 )  
Net income (expense) recognized directly in equity
    (3,009 )     1,523  
  4,478       8,186    
Profit for the period
    24,868       16,665  
         
  5,475       3,948    
Total recognized income and expense for the period
    21,859       18,188  
         
               
Attributable to:
               
  5,372       3,825    
BP shareholders
    21,503       17,917  
  103       123    
Minority interest
    356       271  
         
  5,475       3,948    
 
    21,859       18,188  
         
(a)   Previously reported first half 2008 data has been amended. See Note 2(d) on page 26 for further details.
Movement in shareholders’ equity
 
                         
    BP              
    shareholders’     Minority     Total  
    equity     interest     equity  
$ million                        
At 31 December 2007
    93,690       962       94,652  
     
 
                       
Currency translation differences (net of tax)
    (1,822 )     (11 )     (1,833 )
Available-for-sale investments (net of tax)
    (542 )           (542 )
Cash flow hedges (net of tax)
    (441 )           (441 )
Tax on share-based payments
    (193 )           (193 )
Profit for the period
    24,501       367       24,868  
     
Total recognized income and expense for the period
    21,503       356       21,859  
     
 
                       
Dividends
    (7,723 )     (232 )     (7,955 )
Repurchase of ordinary share capital
    (2,414 )           (2,414 )
Share-based payments
    648             648  
     
 
                       
At 30 September 2008
    105,704       1,086       106,790  
     
 

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Group cash flow statement
 
                                 
Third quarter         Nine months  
2007     2008         2008(a)     2007  
$ million         $ million  
               
Operating activities
               
  6,636       12,287    
Profit before taxation
    38,197       24,546  
               
Adjustments to reconcile profits before tax to net
cash provided by operating activities
               
  146       98    
Exploration expenditure written off
    326       261  
  2,505       2,653    
Depreciation, depletion and amortization
    8,285       7,559  
  (99 )     (139 )  
Impairment and (gain) loss on sale of businesses
and fixed assets
    (1,080 )     (1,410 )
  (1,104 )     (1,327 )  
Earnings from jointly controlled entities and associates
    (4,530 )     (2,683 )
  1,060       759    
Dividends received from jointly controlled entities and associates
    2,658       2,102  
  (2,788 )     533    
Working capital and other movements
    (11,380 )     (9,955 )
         
  6,356       14,864    
Net cash provided by operating activities
    32,476       20,420  
         
               
Investing activities
               
  (4,336 )     (7,748 )  
Capital expenditure
    (16,896 )     (12,315 )
  (27 )        
Acquisitions, net of cash acquired
    (209 )     (1,225 )
  (122 )     (194 )  
Investment in jointly controlled entities
    (807 )     (143 )
  (37 )     (14 )  
Investment in associates
    (21 )     (146 )
  211       365    
Proceeds from disposal of fixed assets
    700       1,357  
           
Proceeds from disposal of businesses, net of cash
disposed
          2,513  
  45       150    
Proceeds from loan repayments
    484       123  
        (200 )  
Other
    (200 )     374  
         
  (4,266 )     (7,641 )  
Net cash (used in) provided by investing
activities
    (16,949 )     (9,462 )
         
               
Financing activities
               
  (1,441 )     (814 )  
Net repurchase of shares
    (2,631 )     (5,761 )
  107       397    
Proceeds from long-term financing
    3,229       2,978  
  (369 )     (65 )  
Repayments of long-term financing
    (2,256 )     (1,596 )
  1,426       (1,380 )  
Net increase (decrease) in short-term debt
    (3,288 )     (631 )
  (2,066 )     (2,624 )  
Dividends paid - BP shareholders
    (7,723 )     (6,050 )
  (24 )     (110 )  
- Minority interest
    (232 )     (159 )
         
  (2,367 )     (4,596 )  
Net cash (used in) provided by financing
activities
    (12,901 )     (11,219 )
         
  44       (78 )  
Currency translation differences relating to cash
and cash equivalents
    (46 )     81  
         
  (233 )     2,549    
Increase (decrease) in cash and cash
equivalents
    2,580       (180 )
  2,643       3,593    
Cash and cash equivalents at beginning of period
    3,562       2,590  
         
  2,410       6,142    
Cash and cash equivalents at end of period
    6,142       2,410  
         
(a)   Previously reported first half 2008 data has been amended. See Note 2(d) on page 26 for further details.
 

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Group cash flow statement
 
                                 
Third quarter         Nine months  
2007     2008         2008(a)     2007  
$ million         $ million  
               
Working capital and other movements
               
  (154 )     (96 )  
Interest receivable
    (311 )     (342 )
  152       89    
Interest received
    298       340  
  337       391    
Finance costs
    1,178       985  
  (300 )     (206 )  
Interest paid
    (968 )     (968 )
  (164 )     (153 )  
Net finance income relating to pensions and other
post-retirement benefits
    (473 )     (486 )
  129       128    
Share-based payments
    366       311  
  (61 )     (14 )  
Net operating charge for pensions and other
post-retirement benefits, less contributions and
benefit payments for unfunded plans
    149       (179 )
  362       92    
Net charge for provisions, less payments
    (113 )     (52 )
  (803 )     6,096    
(Increase) decrease in inventories
    (1,075 )     (2,134 )
               
(Increase) decrease in other current and
               
  956       22,470    
non-current assets
    (6,000 )     3,474  
               
Increase (decrease) in other current and
               
  (104 )     (23,736 )  
non-current liabilities
    5,478       (4,533 )
  (3,138 )     (4,528 )  
Income taxes paid
    (9,909 )     (6,371 )
         
  (2,788 )     533    
 
    (11,380 )     (9,955 )
     
(a)   Previously reported first half 2008 data has been amended. See Note 2(d) on page 26 for further details.
 

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Capital expenditure and acquisitions
 
                                 
Third quarter         Nine months  
2007     2008         2008     2007  
$ million         $ million  
               
By business
               
               
 
               
               
Exploration and Production
               
  279       323    
UK
    804       699  
  124       173    
Rest of Europe
    506       319  
  1,176       5,252    
US(a)
    8,268       3,785  
  1,721       1,682    
Rest of World(b)
    7,803       5,254  
           
 
           
  3,300       7,430    
 
    17,381       10,057  
           
 
           
               
Refining and Marketing
               
  127       77    
UK
    207       287  
  379       323    
Rest of Europe(c)
    918       1,855  
  466       564    
US(b)
    3,523       1,115  
  155       152    
Rest of World
    380       353  
           
 
           
  1,127       1,116    
 
    5,028       3,610  
           
 
           
               
Other businesses and corporate
               
  35       55    
UK
    171       113  
  6       8    
Rest of Europe
    33       18  
  81       228    
US
    958       195  
  23       21    
Rest of World
    134       35  
           
 
           
  145       312    
 
    1,296       361  
           
 
           
  4,572       8,858    
 
    23,705       14,028  
           
 
           
               
By geographical area
               
  441       455    
UK
    1,182       1,099  
  509       504    
Rest of Europe
    1,457       2,192  
  1,723       6,044    
US
    12,749       5,095  
  1,899       1,855    
Rest of World
    8,317       5,642  
           
 
           
  4,572       8,858    
 
    23,705       14,028  
           
 
           
               
Included above:
               
  2          
Acquisitions and asset exchanges(b)(c)
    2,288       1,447  
           
 
           
Capital expenditure, excluding acquisitions and asset exchanges and excluding the accounting for our transactions with Husky (see page 28) and Chesapeake (see note (a) below), was $5,229 million for the quarter and $14,940 million for the nine months.
  (a)   Third quarter 2008 includes capital expenditure of $3,652 million in Exploration and Production relating to the purchase of all of Chesapeake Energy Corporation’s interest in the Arkoma Basin Woodford Shale assets and the purchase of a 25% interest in Chesapeake’s Fayetteville Shale assets.
 
  (b)   During the first quarter 2008 there was capital expenditure of $2,848 million in Exploration and Production and an asset exchange of $1,793 million in Refining and Marketing relating to the formation of an integrated North American oil sands business with Husky Energy, Inc. Second quarter 2008 includes a further $111 million in Refining and Marketing reflecting closing adjustments relating to this transaction. Third quarter 2008 includes a reduction of $23 million in Exploration and Production reflecting closing adjustments relating to this transaction. For further information see Note 3.
 
  (c)   Nine months ended 30 September 2007 includes $1,132 million for the acquisition of Chevron’s Netherlands manufacturing company.
Exchange rates
 
                                 
Third quarter         Nine months  
2007     2008         2008     2007  
               
 
               
  2.02       1.89    
US dollar/sterling average rate for the period
    1.95       1.99  
  2.02       1.81    
US dollar/sterling period-end rate
    1.81       2.02  
  1.37       1.50    
US dollar/euro average rate for the period
    1.52       1.34  
  1.42       1.44    
US dollar/euro period-end rate
    1.44       1.42  
           
 
           
 

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Analysis of profit before interest and tax
 
                                 
Third quarter         Nine months  
2007     2008         2008(a)     2007  
$ million         $ million  
               
By business
               
               
 
               
               
Exploration and Production
               
  633       2,488    
UK
    3,287       2,860  
  227       424    
Rest of Europe
    1,050       1,137  
  1,774       3,677    
US
    10,406       5,718  
  3,663       5,956    
Rest of World
    18,675       10,064  
           
 
           
  6,297       12,545    
 
    33,418       19,779  
           
 
           
               
 
               
               
Refining and Marketing
               
  (13 )     30    
UK
    223       893  
  623       172    
Rest of Europe
    2,838       2,133  
  (131 )     (1,343 )  
US
    1,502       1,798  
  452       318    
Rest of World
    1,617       1,185  
           
 
           
  931       (823 )  
 
    6,180       6,009  
           
 
           
               
 
               
               
Other businesses and corporate
               
  112       385    
UK
    147       57  
  (121 )     (78 )  
Rest of Europe
    (107 )     (108 )
  (373 )     (307 )  
US
    (611 )     (632 )
  (140 )     (35 )  
Rest of World
    42       (107 )
           
 
           
  (522 )     (35 )  
 
    (529 )     (790 )
           
 
           
  6,706       11,687    
 
    39,069       24,998  
  103       838    
Consolidation adjustment
    (167 )     47  
           
 
           
  6,809       12,525    
Total for period
    38,902       25,045  
           
 
           
               
 
               
               
By geographical area
               
  731       2,904    
UK
    3,657       3,809  
  718       807    
Rest of Europe
    3,281       3,176  
  1,364       2,657    
US
    11,713       6,918  
  3,996       6,157    
Rest of World
    20,251       11,142  
           
 
           
  6,809       12,525    
Total for period
    38,902       25,045  
           
 
           
(a)   Previously reported first half 2008 data has been amended. See Note 2(d) on page 26 for further details.
 

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Analysis of non–operating items
 
                                 
Third quarter         Nine months  
2007     2008         2008     2007  
$ million         $ million  
               
By business
               
               
 
               
               
Exploration and Production
               
  1       33    
Impairment and gain (loss) on sale of businesses
and fixed assets
    165       708  
  (12 )     (7 )  
Environmental and other provisions
    (12 )     (12 )
        (6 )  
Restructuring, integration and rationalization costs
    (50 )      
  21       1,098    
Fair value gain (loss) on embedded derivatives
    (1,668 )     449  
           
Other
    331        
           
 
           
  10       1,118    
 
    (1,234 )     1,145  
           
 
           
               
Refining and Marketing
               
  105       114    
Impairment and gain (loss) on sale of businesses
and fixed assets
    915       693  
  (138 )     (62 )  
Environmental and other provisions
    (62 )     (138 )
        (52 )  
Restructuring, integration and rationalization costs
    (343 )      
           
Fair value gain (loss) on embedded derivatives
           
  (311 )        
Other
          (361 )
           
 
           
  (344 )        
 
    510       194  
           
 
           
               
Other businesses and corporate
               
  (7 )     (8 )  
Impairment and gain (loss) on sale of businesses
and fixed assets
          9  
  (35 )     (76 )  
Environmental and other provisions
    (76 )     (35 )
        (30 )  
Restructuring, integration and rationalization costs
    (163 )      
  (7 )        
Fair value gain (loss) on embedded derivatives
    (5 )     3  
  (152 )     (14 )  
Other
    (88 )     (152 )
           
 
           
  (201 )     (128 )  
 
    (332 )     (175 )
           
 
           
               
 
               
  (535 )     990    
Total before taxation
    (1,056 )     1,164  
  174       (331 )  
Taxation credit (charge)(a)
    383       (365 )
           
 
           
  (361 )     659    
Total after taxation for period
    (673 )     799  
           
 
           
(a)   The figure shown for taxation on non-operating items is calculated using the quarter’s effective tax rate on group profit.
 

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Realizations and marker prices
 
                                 
Third quarter         Nine months  
2007     2008         2008     2007  
         
               
 
               
               
Average realizations(a)
               
               
Liquids ($/bbl)(b)
               
  72.99       99.80    
UK
    108.21       62.88  
  67.47       112.03    
US
    100.36       59.30  
  73.56       114.59    
Rest of World
    105.62       63.88  
  71.12       111.47    
BP Average
    103.96       62.00  
         
               
Natural gas ($/mcf)
               
  4.89       8.28    
UK
    8.23       5.84  
  4.64       7.88    
US
    7.79       5.44  
  3.42       5.61    
Rest of World
    5.28       3.63  
  3.93       6.49    
BP Average
    6.32       4.42  
         
               
 
               
               
Average oil marker prices ($/bbl)
               
  74.74       115.09    
Brent
    111.11       67.12  
  75.24       118.07    
West Texas Intermediate
    113.49       66.15  
  76.31       117.16    
Alaska North Slope US West Coast
    112.68       66.06  
  69.37       112.85    
Mars
    107.11       61.67  
  71.98       113.32    
Urals (NWE - cif)
    108.18       63.82  
  41.95       52.94    
Russian domestic oil
    54.31       36.33  
         
               
Average natural gas marker prices
               
  6.16       10.25    
Henry Hub gas price ($/mmbtu)(c)
    9.74       6.83  
  30.58       61.48    
UK Gas - National Balancing Point (p/therm)
    58.44       24.45  
         
(a)   Based on sales of consolidated subsidiaries only - this excludes equity-accounted entities.
 
(b)   Crude oil and natural gas liquids.
 
(c)   Henry Hub First of Month Index.
 

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Operating information
 
                                 
Third quarter         Nine months  
2007     2008         2008     2007  
         
               
 
               
               
Liquids production for subsidiaries(a)(c) (mb/d)
(net of royalties)
               
  151       146    
UK
    174       202  
  52       44    
Rest of Europe
    42       52  
  475       473    
US
    520       510  
  492       465    
Rest of World
    509       521  
         
  1,170       1,128    
 
    1,245       1,285  
         
               
 
               
               
Natural gas production for subsidiaries(c) (mmcf/d)
(net of royalties)
               
  582       504    
UK
    732       739  
  26       23    
Rest of Europe
    23       30  
  2,186       2,094    
US
    2,127       2,171  
  4,232       4,308    
Rest of World
    4,314       4,217  
         
  7,026       6,929    
 
    7,196       7,157  
         
               
 
               
               
Total production for subsidiaries(b)(c) (mboe/d)
(net of royalties)
               
  251       233    
UK
    300       329  
  57       47    
Rest of Europe
    46       57  
  851       834    
US
    887       885  
  1,222       1,208    
Rest of World
    1,253       1,248  
         
  2,381       2,322    
 
    2,486       2,519  
         
               
 
               
               
Equity-accounted entities (BP share)
               
  1,270       1,342    
Total production(b) (mboe/d)
(net of royalties)
    1,316       1,269  
         
(a)   Crude oil and natural gas liquids.
 
(b)   Expressed in thousand barrels of oil equivalent per day (mboe/d). Natural gas is converted to oil equivalent at 5.8 billion cubic feet: 1 million barrels.
 
(c)   Because of rounding, some totals may not agree exactly with the sum of their component parts.
 

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Notes
 
1.   Basis of preparation
 
    The interim financial information included in this report has been prepared in accordance with IAS 34 ‘Interim Financial Reporting’.
 
    The results for the interim periods are unaudited and in the opinion of management include all adjustments necessary for a fair presentation of the results for the periods presented. All such adjustments are of a normal recurring nature. The interim financial statements and notes included in this report should be read in conjunction with the consolidated financial statements and related notes for the year ended 31 December 2007 included in BP’s Annual Report on Form 20-F filed with the Securities and Exchange Commission.
 
    BP prepares its consolidated financial statements included within its Annual Report on Form 20-F in accordance with International Financial Reporting Standards (IFRS) as issued by the International Accounting Standards Board (IASB) and IFRS as adopted by the European Union (EU). IFRS as adopted by the EU differs in certain respects from IFRS as issued by the IASB, however, the differences have no impact on the group’s consolidated financial statements for the periods presented. The financial information presented herein has been prepared in accordance with the accounting policies expected to be used in preparing the Annual Report on Form 20-F for the year ended 31 December 2008, which do not differ significantly from those used in the Annual Report on Form 20-F for the year ended 31 December 2007.
2.   Resegmentation and other changes to comparatives
 
(a)   Resegmentation
On 11 October 2007, we announced our intention to simplify the organizational structure of BP. From 1 January 2008, there are only two business segments – Exploration and Production and Refining and Marketing. A separate business, Alternative Energy, handles BP’s low-carbon businesses and future growth options outside oil and gas. This includes solar, wind, gas-fired power, hydrogen, biofuels and coal conversion.
 
    As a result, and with effect from 1 January 2008:
  -   The Gas, Power and Renewables segment ceased to report separately.
 
  -   The natural gas liquids (NGLs), liquefied natural gas and gas and power marketing and trading businesses were transferred from the Gas, Power and Renewables segment to the Exploration and Production segment.
 
  -   The Alternative Energy business was transferred from the Gas, Power and Renewables segment to Other businesses and corporate.
 
  -   The Emerging Consumers Marketing Unit was transferred from Refining and Marketing to Alternative Energy.
 
  -   The Biofuels business was transferred from Refining and Marketing to Alternative Energy.
 
  -   The Shipping business was transferred from Refining and Marketing to Other businesses and corporate.
As a result of the transfers identified above, Other businesses and corporate has been redefined. It now consists of the Alternative Energy business, Shipping, the group’s aluminium asset, Treasury (which includes interest income on the group’s cash and cash equivalents) and corporate activities worldwide.
 

24     


Table of Contents

Notes
 
2.   Resegmentation and other changes to comparatives (continued)
                                 
    Resegmented     As reported  
    Nine     Third     Nine     Third  
    months     quarter     months     quarter  
    2007     2007     2007     2007  
     
$ million
                               
Total revenues
                               
Exploration and Production
    26,584       8,414       13,442       4,532  
Refining and Marketing
    179,251       63,516       179,653       63,640  
Gas, Power and Renewables
                13,910       4,164  
Other businesses and corporate
    1,894       680       724       274  
     
Total third party revenues
    207,729       72,610       207,729       72,610  
     
 
                               
Profit before interest and tax
                               
Exploration and Production
    19,779       6,297       19,295       6,347  
Refining and Marketing
    6,009       931       6,046       936  
Gas, Power and Renewables
                370       (71 )
Other businesses and corporate
    (790 )     (522 )     (739 )     (462 )
     
 
    24,998       6,706       24,972       6,750  
Consolidation adjustment
    47       103       73       59  
     
Profit before interest and tax
    25,045       6,809       25,045       6,809  
     
(b)   Revised income statement presentation
We have implemented a minor change in the presentation of the group income statement whereby the unwinding of the discount on provisions and on other payables is now included within finance costs. Previously, this was included within other finance income or expense. This line item has now been renamed net finance income or expense relating to pensions and other post-retirement benefits. This change does not affect profit before interest and taxation, profit before taxation or profit for the period. The financial information for comparative periods shows the revised presentation, as set out below.
                 
    Nine     Third  
    months     quarter  
    2007     2007  
     
As reported
               
$ million
               
Profit before interest and taxation
    25,045       6,809  
Finance costs
    777       262  
Other finance income
    (278 )     (89 )
     
Profit before taxation
    24,546       6,636  
     
 
               
As amended
               
$ million
               
Profit before interest and taxation
    25,045       6,809  
Finance costs
    985       337  
Net finance income relating to pensions and other post-retirement benefits
    (486 )     (164 )
     
Profit before taxation
    24,546       6,636  
     
 

25     


Table of Contents

Notes
 
2.   Resegmentation and other changes to comparatives (continued)
 
(c)   Revised definition of net debt
    Net debt has been redefined to include the fair value of associated derivative financial instruments that are used to hedge foreign exchange and interest rate risks relating to finance debt, for which hedge accounting is claimed. The derivatives are reported on the balance sheet within the headings ‘Derivative financial instruments’. Amounts for comparative periods are presented on a consistent basis.
         
    Nine  
    months  
    and  
    third  
    quarter  
    2007  
As reported
       
$ million
       
Net debt
    22,835  
Equity
    91,494  
 
       
 
   
Ratio of net debt to net debt plus equity
    20 %
 
   
 
       
As amended
       
$ million
       
Net debt
    22,195  
Equity
    91,494  
 
       
 
   
Ratio of net debt to net debt plus equity
    20 %
 
   
(d)   Amendment to first and second quarter 2008 consolidation adjustment
The consolidation adjustment for the nine months amounts to $167 million. The consolidation adjustments for the first and second quarters of 2008 have been amended from the amounts previously reported to correct for an error in the calculation for the elimination of unrealised profit arising on transfers of inventory between business segments. The amounts as previously reported and as amended are set out below. The impact of these errors was immaterial for 2007 and so comparative data for 2007 has not been amended.
                         
    First     Second     First  
    quarter     quarter     half  
    2008     2008     2008  
   
Consolidation adjustment
                       
$ million
                       
As previously reported
    (195 )     (39 )     (234 )
As amended
    (784 )     (221 )     (1,005 )
    Profit for the period attributable to BP shareholders has been reduced by $357 million and $107 million after tax, for the first and second quarters respectively. The error had no impact on the results of the Exploration and Production and Refining and Marketing segments or Other businesses and corporate, which are unchanged.
 
    Further details of the main income statement and balance sheet items impacted by this change are shown in the following tables.
 
     
 

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Table of Contents

Notes
 
                                                 
    First quarter 2008     Second quarter 2008     First half 2008  
    As     As     As     As     As     As  
    reported     amended     reported     amended     reported     amended  
     
            $ million (except per share amounts)                  
Group income statement
                                               
Profit before taxation
    11,993       11,404       14,688       14,506       26,681       25,910  
Taxation
    4,410       4,192       5,100       5,036       9,510       9,228  
     
Profit for the period
    7,583       7,212       9,588       9,470       17,171       16,682  
     
Profit for the period attributable to BP shareholders
    7,451       7,094       9,465       9,358       16,916       16,452  
     
 
                                               
Earnings per ordinary share - cents
                                               
Profit for the period attributable to BP shareholders
    39.47       37.58       50.27       49.70       89.74       87.28  
     
 
                                               
Group balance sheet
                                               
Inventories
    26,588       25,999       35,182       34,411       35,182       34,411  
Deferred tax liabilities
    20,165       19,947       20,935       20,653       20,935       20,653  
Net assets
    99,536       99,165       106,454       105,965       106,454       105,965  
BP shareholders’ equity
    98,474       98,117       105,356       104,892       105,356       104,892  
 
                                               
 

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Table of Contents

Notes
 
3.   Significant transaction in the nine months
 
    In December 2007, BP signed a memorandum of understanding with Husky Energy Inc. to form an integrated North American oil sands business. The transaction was completed on 31 March 2008, with BP contributing its Toledo refinery to a US jointly controlled entity to which Husky contributed $250 million cash and a payable of $2,590 million. In Canada, Husky contributed its Sunrise field to a second jointly controlled entity, with BP contributing $250 million in cash and a payable of $2,267 million. The Toledo refinery assets and associated liabilities were classified as a disposal group held for sale at 31 December 2007.
 
    Both jointly controlled entities are owned 50:50 by BP and Husky and are accounted for using the equity method.
 
    The amounts set out below reflect the initial recording of the transaction at 31 March 2008 and subsequent closing adjustments.
         
    $ million  
Income statement
       
Gains on sale of businesses and fixed assets
    806  
 
   
Profit before taxation
    806  
Taxation
    345  
 
   
Profit for the period
    461  
 
   
 
       
Balance sheet
       
Non-current assets - investments in jointly controlled entities
    4,729  
Current liabilities - trade and other payables
    266  
Non-current liabilities
       
Other payables
    2,001  
Deferred tax liabilities
    653  
 
   
 
    2,654  
 
   
Total liabilities
    2,920  
 
   
Net assets
    1,809  
 
   
 
       
Cash flow statement
       
Investment in jointly controlled entities
    (250 )
 
   
 
       
Capital expenditure and acquisitions
       
Exploration and Production
    2,825  
Refining and Marketing
    1,904  
 
   
 
    4,729  
 
   
Including acquisitions and asset exchanges:
    1,904  
 
   
    During the nine months, equity-accounted earnings from these jointly controlled entities amounted to $154 million.
 
    BP purchased refined products from the Toledo jointly controlled entity during the nine months amounting to $2,710 million. In addition, BP purchased crude oil from third parties which it sold to the Toledo jointly controlled entity under an agency agreement. The fees earned by BP for this service, and the total amounts receivable and payable at 30 September 2008 under these arrangements, were not significant. BP will also purchase refinery feedstocks from the Sunrise jointly controlled entity once production commences, which is expected in 2012.
 

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Notes
 
4.   Total revenues
                           
                                 Third quarter         Nine months  
2007   2008         2008     2007  
$ million         $ million  
 
          By business              
14,769
    24,694     Exploration and Production     75,053       48,118  
63,743
    92,458     Refining and Marketing     267,527       180,867  
1,002
    1,494     Other businesses and corporate     3,941       2,870  
             
79,514
    118,646           346,521       231,855  
             
 
                           
 
          Less: sales between businesses                
6,355
    13,043     Exploration and Production     38,747       21,534  
227
    403     Refining and Marketing     1,632       1,616  
322
    564     Other businesses and corporate     1,380       976  
             
6,904
    14,010           41,759       24,126  
             
 
                           
 
          Third party revenues                
8,414
    11,651     Exploration and Production     36,306       26,584  
63,516
    92,055     Refining and Marketing     265,895       179,251  
680
    930     Other businesses and corporate     2,561       1,894  
             
72,610
    104,636     Total third party revenues     304,762       207,729  
             
 
                           
 
          By geographical area                
25,218
    40,830     UK     125,929       76,948  
19,686
    27,230     Rest of Europe     78,693       55,561  
26,533
    37,714     US     108,602       76,606  
19,456
    31,889     Rest of World     92,009       56,114  
             
90,893
    137,663           405,233       265,229  
18,283
    33,027     Less: sales between areas     100,471       57,500  
             
72,610
    104,636           304,762       207,729  
             
5.   Production and similar taxes
                           
                                 Third quarter         Nine months  
2007   2008         2008     2007  
$ million       $ million
(34 )   57     UK     282       33  
955
    1,829     Overseas     5,512       2,462  
             
921
    1,886           5,794       2,495  
             
6.   Finance costs
                           
                      Third quarter       Nine months
2007   2008         2008     2007
$ million         $ million
348
    314     Interest payable     1,012       1,040  
(86 )   (31 )   Capitalized     (120 )     (263 )
75
    75     Unwinding of discount on provisions     218       208  
    33     Unwinding of discount on other payables     68    
             
337
    391           1,178       985  
             
 

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Table of Contents

Notes
 
7.   Net finance income relating to pensions and other post-retirement benefits
                                 
Third quarter         Nine months  
2007     2008         2008     2007  
$ million         $ million  
  555       594    
Interest on pension and other post-
retirement benefit plan liabilities
    1,818       1,639  
  (719 )     (747 )  
Expected return on pension and other
post-retirement benefit plan assets
    (2,291 )     (2,125 )
         
  (164 )     (153 )  
 
    (473 )     (486 )
         
8.   Analysis of changes in net debt
                                 
Third quarter         Nine months  
2007     2008         2008     2007  
$ million         $ million  
               
Opening balance
               
  23,754       30,189    
Finance debt
    31,045       24,010  
  2,643       3,593    
Less: Cash and cash equivalents
    3,562       2,590  
  379       900    
Less: FV asset (liability) of hedges
related to finance debt
    666       298  
         
  20,732       25,696    
Opening net debt
    26,817       21,122  
         
               
 
               
               
Closing balance
               
  25,245       28,300    
Finance debt
    28,300       25,245  
  2,410       6,142    
Less: Cash and cash equivalents
    6,142       2,410  
  640       149    
Less: FV asset (liability) of hedges
related to finance debt
    149       640  
         
  22,195       22,009    
Closing net debt
    22,009       22,195  
         
  (1,463 )     3,687    
Decrease (increase) in net debt
    4,808       (1,073 )
         
               
 
               
  (277 )     2,627    
Movement in cash and cash equivalents
excluding (exchange adjustments)
    2,626       (261 )
  (1,164 )     1,048    
Net cash outflow (inflow) from financing
(excluding share capital)
    2,315       (751 )
  (21 )     (8 )  
Other movements
    (129 )     (45 )
         
  (1,462 )     3,667    
Movement in net debt before exchange effects
    4,812       (1,057 )
  (1 )     20    
Exchange adjustments
    (4 )     (16 )
         
  (1,463 )     3,687    
Decrease (increase) in net debt
    4,808       (1,073 )
         
          Net debt has been redefined, for further information see Note 2. Amounts for comparative periods are presented on a consistent basis.
 

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Table of Contents

Notes
 
9.   TNK-BP operational and financial information
                                 
Third quarter         Nine months  
2007     2008         2008     2007  
         
               
 
               
               
Production (Net of royalties) (BP share)
               
  830       833    
Crude oil (mb/d)
    825       833  
  364       579    
Natural gas (mmcf/d)
    546       456  
  892       932    
Total hydrocarbons (mboe/d)(a)
    919       912  
         
               
 
               
$ million       $ million
               
 
               
               
Income statement (BP share)
               
  1,094       1,345    
Profit before interest and tax
    4,580       2,466  
  (67 )     (71 )  
Finance costs
    (203 )     (193 )
  (289 )     (369 )  
Taxation
    (1,224 )     (580 )
  (66 )     (56 )  
Minority interest
    (209 )     (173 )
         
  672       849    
Net income
    2,944       1,520  
         
               
Cash flow
               
  800       300    
Dividends received
    1,500       1,300  
         
                 
Balance Sheet   30 September     31 December  
    2008     2007  
     
Investments in jointly controlled entities
    9,621       8,817  
Trade and other receivables - Dividends receivable
    640        
     
 
(a)   Natural gas is converted to oil equivalent at 5.8 billion cubic feet = 1 million barrels.
As previously announced on 4 September 2008, BP and Alfa Access-Renova signed a Memorandum of Understanding. The Memorandum of Understanding sets out the parties’ agreement in principle, subject to execution of definitive agreements, to new commercial principles relating to the governance of TNK-BP, to the potential future sale, at an appropriate time and subject to certain conditions, of up to 20% of a subsidiary of TNK-BP through an initial public offering, and to address the claims between them. Negotiations continue between the parties to reach agreement on definitive documentation.
10.   Inventory valuation
Due to falling oil prices, an expense of $1,217 million has been recognized in the third quarter 2008 and $1,127 million in the nine months ended 30 September 2008 representing the write-down of inventories to their net realisable value.
 

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Table of Contents

Signatures
 
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
BP p.l.c.
(Registrant)
         
     
Dated: 31 October 2008  /s/ D J Pearl    
  D J PEARL   
  Deputy Company Secretary   
 
 

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