Revised definition of net debt for BP (BP)

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BP » Topics » Revised definition of net debt

These excerpts taken from the BP 6-K filed Feb 3, 2009.

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.

	Year
	2007
As reported
$ million
Net debt	27,483
Equity	94,652

Ratio of net debt to net debt plus equity	23%

As amended
$ million
Net debt	26,817
Equity	94,652
Ratio of net debt to net debt plus equity	22%

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.

	Year
	2007
As reported
$ million
Net debt	27,483
Equity	94,652

Ratio of net debt to net debt plus equity	23%

As amended
$ million
Net debt	26,817
Equity	94,652
Ratio of net debt to net debt plus equity	22%

These excerpts taken from the BP 6-K filed Oct 28, 2008.

Revised definition of net debt

	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)

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)

These excerpts taken from the BP 6-K filed Jul 29, 2008.

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.

	First half
	and
	second
	quarter
	2007
As reported
$ million
Net debt	21,111
Equity	89,423

Ratio of net debt to net debt plus equity	19%

As amended
$ million
Net debt	20,732
Equity	89,423

Ratio of net debt to net debt plus equity	19%

(d)

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.

	First half
	and
	second
	quarter
	2007
As reported
$ million
Net debt	21,111
Equity	89,423

Ratio of net debt to net debt plus equity	19%

As amended
$ million
Net debt	20,732
Equity	89,423

Ratio of net debt to net debt plus equity	19%

(d)

EXCERPTS ON THIS PAGE:

6-K (2 sections)	Feb 3, 2009

6-K (2 sections)	Oct 28, 2008

6-K (2 sections)	Jul 29, 2008

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