BP 2010 Annual Report Download - page 166
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Please find page 166 of the 2010 BP annual report below. You can navigate through the pages in the report by either clicking on the pages listed below, or by using the keyword search tool below to find specific information within the annual report.Notesonnancialstatements
5.Disposalsandimpairment
$million
2010 2009 2008
Proceedsfromdisposalofbusinesses,netofcashdisposed 9,462 966 11
Proceedsfromdisposalofxedassets 7,492 1,715 918
16,954 2,681 929
Bybusiness
ExplorationandProduction 14,392 940 19
ReningandMarketing 1,840 1,294 813
Otherbusinessesandcorporate 722 447 97
16,954 2,681 929
Includedinproceedsfromdisposalaredepositsof$6,197millionreceivedfromcounterpartiesinrespectofdisposaltransactionsintheExplorationand
Productionsegmentnotcompletedat31December2010(2009and2008nil).Forfurtherinformationondisposaltransactionsnotyetcompleted
seeNote4.
Deferredconsiderationrelatingtodisposalsofbusinessesandxedassetsat31December2010amountedto$562millionreceivablewithinone
year(2009$807millionand2008$15million)and$271millionreceivableafteroneyear(2009$691millionand2008$64million).
$million
2010 2009 2008
Gainsonsaleofbusinessesandxedassets
ExplorationandProduction 5,267 1,717 34
ReningandMarketing 999 384 1,258
Otherbusinessesandcorporate 117 72 61
6,383 2,173 1,353
$million
2010 2009 2008
Lossesonsaleofbusinessesandxedassets
ExplorationandProduction 196 28 18
ReningandMarketing 119 154 297
Otherbusinessesandcorporate 6 21 1
321 203 316
Impairmentlosses
ExplorationandProduction 1,259 118 1,186
ReningandMarketing 144 1,834 159
Otherbusinessesandcorporate 113 189 227
1,516 2,141 1,572
Impairmentreversals
ExplorationandProduction – (3) (155)
ReningandMarketing (141) – –
Otherbusinessesandcorporate (7) (8) –
(148) (11) (155)
Impairmentandlossesonsaleofbusinessesandxedassets 1,689 2,333 1,733
Disposals
AspartoftheresponsetotheconsequencesoftheGulfofMexicooilspill,thegroupannouncedplanstodeliverupto$30billionofdisposalproceeds
bytheendof2011.Priortothis,inthenormalcourseofbusiness,thegrouphassoldinterestsinexplorationandproductionproperties,servicestations
andpipelineinterestsaswellasnon-corebusinesses.Thegrouphasalsodisposedofotherassetsinthepast,suchasreneries,whenthishasmet
strategicobjectives.
SeeNote4forfurtherinformationrelatingtoassetsandassociatedliabilitiesheldforsaleat31December2010.
ExplorationandProduction
In2010,themajortransactionswerethesaletoApacheCorporationofPermianBasinassetsintheUS,Canadianupstreamgasassetsandexploration
concessionsinEgyptandthesaletoDevonEnergy,aspartofanacquisitiontransactiondescribedinNote3,of50%ofourinterestsinKirbyoilsandsin
Canada.Allofthesetransactionsresultedingains.
In2009,themajortransactionswerethesaleofBPWestJavaLimitedinIndonesia,thesaleofour49.9%interestinKazakhstanPipelineVentures
LLCandthesaleofour46%stakeinLukArco,allofwhichresultedingains.WealsoexchangedinterestsinanumberofeldsintheNorthSeawith
BGGroupplc.
Therewerenosignicantdisposalsin2008.
164BPAnnualReportandForm20-F2010