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BP » Topics » Note 3 - Sale of Olefins and Derivatives business

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

Note 3 – Sale of Olefins and Derivatives business

The sale of Innovene, BP’s olefins, derivatives and refining group, to INEOS, was completed on 16 December 2005. The second quarter and first half of 2006 include a loss on remeasurement to fair value of $88 million and $184 million respectively.

    Three months ended
30 June
(Unaudited)		   Six months ended
30 June
(Unaudited)		  
    2007   2006   2007   2006  
   
 
 
    ($ million)  
Loss recognized on the remeasurement to fair value   –   (88 ) –   (184 )
Taxation                  
   Related to profit before tax   –   166   –   166  
   Related to remeasurement to fair value   –   –   –   (7 )
   
 
 
 
 
Profit (loss) from Innovene operations   –   78   –   (25 )
   
 
 
 
 
Earnings (loss) per share from Innovene
   operations – cents		                  
Basic   –   0.37   –   (0.13 )
Diluted   –   0.38   –   (0.12 )
   
 
 
 
 

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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)

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