BP 2009 Annual Report Download - page 126

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2. Acquisitions
Acquisitions in 2009
BP made no significant acquisitions in 2009.
Acquisitions in 2008
BP made a number of acquisitions in 2008 for a total consideration of $403 million. These business combinations were in the Exploration and
Production segment and Other businesses and corporate and the most significant was the acquisition of Whiting Clean Energy, a cogeneration
power plant. Fair value adjustments were made to the acquired assets and liabilities.
Acquisitions in 2007
BP made a number of acquisitions in 2007 for a total consideration of $1,200 million. These business combinations were predominantly in the Refining
and Marketing segment, the most significant of which was the acquisition of Chevron’s Netherlands manufacturing company, Texaco Raffiniderij Pernis
B.V. The acquisition included Chevron’s 31% minority shareholding in Nerefco, its 31% shareholding in the 22.5MW wind farm co-located at the
refinery as well as a 22.8% shareholding in the TEAM joint venture terminal and shareholdings in two local pipelines linking the TEAM terminal to the
refinery. Fair value adjustments were made to the acquired assets and liabilities. Goodwill of $270 million arose on these acquisitions.
3. Disposals and impairment
–
BP Annual Report and Accounts 2009
Notes on financial statements
124
$ million
2009 2008 2007
Proceeds from disposal of businesses, net of cash disposed of 966 11 2,518
Proceeds from disposal of fixed assets 1,715 918 1,749
2,681 929 4,267
By business
Exploration and Production 940 19 1,280
Refining and Marketing 1,294 813 2,953
Other businesses and corporate 447 97 34
2,681 929 4,267
Deferred consideration relating to disposals of businesses and fixed assets at 31 December 2009 amounted to $807 million receivable within one year
(2008 $15 million and 2007 $22 million) and $691 million receivable after one year (2008 $64 million and 2007 $84 million).
$ million
2009 2008 2007
Gains on sale of businesses and fixed assets
Exploration and Production 1,717 34 954
Refining and Marketing 384 1,258 1,464
Other businesses and corporate 72 61 69
2,173 1,353 2,487
$ million
2009 2008 2007
Losses on sale of businesses and fixed assets
Exploration and Production 28 18 42
Refining and Marketing 154 297 313
Other businesses and corporate 21 1 –
203 316 355
Impairment losses
Exploration and Production 118 1,186 292
Refining and Marketing 1,834 159 1,186
Other businesses and corporate 189 227 83
2,141 1,572 1,561
Impairment reversals
Exploration and Production (3) (155) (237)
Other businesses and corporate (8) –
(11) (155) (237)
Impairment and losses on sale of businesses and fixed assets 2,333 1,733 1,679