BP » Topics » Loss on sale of fixed assets

This excerpt taken from the BP 20-F filed Jun 13, 2006.

Loss on sale of fixed assets

        Exploration and Production $227 million (2003 $678 million and 2002 $1,257 million). The Group divested interests in a number of oil and natural gas properties in all three years. For 2004, this included interests in oil and natural gas properties in Indonesia and the Gulf of Mexico. In 2003, this included losses on exploration and production properties in China, Norway and the US and the

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provision for losses on sale in early 2004 of exploration and production properties in Canada and Venezuela. In respect of Venezuela, the sales agreement for our interests in the DZO and Boqueron fields lapsed in early 2004, and the fields have been retained. The provision for a loss on disposal of $217 million recognized in 2003 was reversed in 2004 and an impairment charge of $186 million was recognized. The major element of the loss on sale of fixed assets for 2002 relates to provisions for losses on the sale of oil and natural gas properties in the US announced in early 2003.

        Refining and Marketing $92 million (2003 $274 million and 2002 $67 million). The divestment of the Singapore refinery and retail churn. For 2003, retail churn and the sale of refinery and retail interests in Germany and Central Europe.

        Gas, Power and Renewables nil (2003 $17 million and 2002 nil).

        Petrochemicals nil (2003 $17 million and 2002 $136 million). For 2002, the closure of our polypropylene production facility at Cedar Bayou, Texas, a high density polyethylene unit at Deer Park, Texas, and one of four polypropylene units at Chocolate Bayou, Texas.

        Other businesses and corporate nil (2003 $49 million and 2002 $77 million). For 2003 and 2002 the divestment of a number of minor investments.

        Additional information on the sale of businesses and fixed assets is given in Note 20 — Disposals.

This excerpt taken from the BP 20-F filed Jun 30, 2005.

Loss on sale of fixed assets

        Exploration and Production $227 million (2003 $678 million and 2002 $1,257 million). The Group divested interests in a number of oil and natural gas properties in all three years. For 2004, this included interests in oil and natural gas properties in Indonesia and the Gulf of Mexico. In 2003, this included losses on exploration and production properties in China, Norway and the US and the provision for losses on sale in early 2004 of exploration and production properties in Canada and Venezuela. In respect of Venezuela, the sales agreement for our interests in the DZO and Boqueron fields lapsed in early 2004, and the fields have been retained. The provision for a loss on disposal of $217 million recognized in 2003 was reversed in 2004 and an impairment charge of $186 million was

F - 21



recognized. The major element of the loss on sale of fixed assets for 2002 relates to provisions for losses on the sale of oil and natural gas properties in the US announced in early 2003.

        Refining and Marketing $92 million (2003 $274 million and 2002 $67 million). The divestment of the Singapore refinery and retail churn. For 2003, retail churn and the sale of refinery and retail interests in Germany and Central Europe.

        Gas, Power and Renewables nil (2003 $17 million and 2002 nil).

        Petrochemicals nil (2003 $17 million and 2002 $136 million). For 2002, the closure of our polypropylene production facility at Cedar Bayou, Texas, a high density polyethylene unit at Deer Park, Texas, and one of four polypropylene units at Chocolate Bayou, Texas.

        Other businesses and corporate nil (2003 $49 million and 2002 $77 million). For 2003 and 2002 the divestment of a number of minor investments.

        Additional information on the sale of businesses and fixed assets is given in Note 20 — Disposals.

EXCERPTS ON THIS PAGE:

20-F
Jun 13, 2006
20-F
Jun 30, 2005
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