BP 2011 Annual Report Download - page 6

4 BP Annual Report and Form 20-F 2011
Miscellaneous terms
In this document, unless the context
otherwise requires, the following terms
shall have the meaning set out below.
ADR
American depositary receipt.
ADS
American depositary share.
AGM
Annual general meeting.
Amoco
The former Amoco Corporation and its
subsidiaries.
Atlantic Richfield
Atlantic Richfield Company and its
subsidiaries.
Associate
An entity, including an unincorporated
entity such as a partnership, over which
the group has significant influence and
that is neither a subsidiary nor a joint
venture. Significant influence is the
power to participate in the financial and
operating policy decisions of an entity
but is not control or joint control over
those policies.
Barrel (bbl)
159 litres, 42 US gallons.
b/d
barrels per day.
boe
barrels of oil equivalent.
BP, BP group or the group
BP p.l.c. and its subsidiaries.
Burmah Castrol
Burmah Castrol PLC and its subsidiaries.
Cent or c
One-hundredth of the US dollar.
The company
BP p.l.c.
Dollar or $
The US dollar.
EU
European Union.
GAAP
Generally accepted accounting practice.
Gas
Natural gas.
GCRO
Gulf Coast Restoration Organization.
Hydrocarbons
Crude oil and natural gas.
IFRS
International Financial Reporting
Standards.
Joint control
Joint control is the contractually agreed
sharing of control over an economic
activity, and exists only when the
strategic financial and operating
decisions relating to the activity require
the unanimous consent of the parties
sharing control (the venturers).
Joint venture
A contractual arrangement whereby two
or more parties undertake an economic
activity that is subject to joint control.
Jointly controlled asset
A joint venture where the venturers
jointly control, and often have a direct
ownership interest in the assets of the
venture. The assets are used to obtain
benefits for the venturers. Each venturer
may take a share of the output from the
assets and each bears an agreed share
of the expenses incurred.
Jointly controlled entity
A joint venture that involves the
establishment of a corporation,
partnership or other entity in which each
venturer has an interest. A contractual
arrangement between the venturers
establishes joint control over the
economic activity of the entity.
Liquids
Crude oil, condensate and natural gas
liquids.
LNG
Liquefied natural gas.
London Stock Exchange or LSE
London Stock Exchange plc.
LPG
Liquefied petroleum gas.
MDL 2179
Multi-District Litigation proceedings
pending in New Orleans.
MDL 2185
Multi-District Litigation proceedings
pending in Houston.
mb/d
thousand barrels per day.
mboe/d
thousand barrels of oil equivalent per
day.
mmBtu
million British thermal units.
mmboe
million barrels of oil equivalent.
mmcf
million cubic feet.
mmcf/d
million cubic feet per day.
MW
Megawatt.
NGLs
Natural gas liquids.
OECD
Organization for Economic Co-operation
and Development.
OPEC
Organization of Petroleum Exporting
Countries.
Ordinary shares
Ordinary fully paid shares in BP p.l.c. of
25c each.
Pence or p
One-hundredth of a pound sterling.
Pound, sterling or £
The pound sterling.
Preference shares
Cumulative First Preference Shares and
Cumulative Second Preference Shares in
BP p.l.c. of £1 each.
PSA
A production-sharing agreement (PSA) is
an arrangement through which an oil
company bears the risks and costs of
exploration, development and
production. In return, if exploration is
successful, the oil company receives
entitlement to variable physical volumes
of hydrocarbons, representing recovery
of the costs incurred and a stipulated
share of the production remaining after
such cost recovery.
SEC
The United States Securities and
Exchange Commission.
Subsidiary
An entity that is controlled by the BP
group. Control is the power to govern
the financial and operating policies of an
entity so as to obtain the benefits from
its activities.
Tonne
2,204.6 pounds.
Trust
Deepwater Horizon Oil Spill Trust.
UK
United Kingdom of Great Britain and
Northern Ireland.
US
United States of America.