BP 2013 Annual Report Download - page 198

39. Condensed consolidating information on certain US subsidiaries
BP p.l.c. fully and unconditionally guarantees the payment obligations of its 100%-owned subsidiary BP Exploration (Alaska) Inc. under the BP Prudhoe
Bay Royalty Trust. The following financial information for BP p.l.c., BP Exploration (Alaska) Inc. and all other subsidiaries on a condensed consolidating
basis is intended to provide investors with meaningful and comparable financial information about BP p.l.c. and its subsidiary issuers of registered
securities and is provided pursuant to Rule 3-10 of Regulation S-X in lieu of the separate financial statements of each subsidiary issuer of public debt
securities. Investments include the investments in subsidiaries recorded under the equity method for the purposes of the condensed consolidating
financial information. Equity accounted income of subsidiaries is the group’s share of profit related to such investments. The eliminations and
reclassifications column includes the necessary amounts to eliminate the intercompany balances and transactions between BP p.l.c., BP Exploration
(Alaska) Inc. and other subsidiaries. The financial information presented in the following tables for BP Exploration (Alaska) Inc. for all years includes
equity income arising from subsidiaries of BP Exploration (Alaska) Inc. some of which operate outside of Alaska and excludes the BP group’s
midstream operations in Alaska that are reported through different legal entities and that are included within the ‘other subsidiaries’ column in these
tables. BP p.l.c. also fully and unconditionally guarantees securities issued by BP Capital Markets p.l.c. and BP Capital Markets America Inc. These
companies are 100%- owned finance subsidiaries of BP p.l.c.
Income statement
$ million
For the year ended 31 December 2013
Issuer Guarantor
BP
Exploration
(Alaska) Inc. BP p.l.c.
Other
subsidiaries
Eliminations and
reclassifications BP group
Sales and other operating revenues 5,397 – 379,136 (5,397) 379,136
Earnings from joint ventures – after interest and tax – – 447 – 447
Earnings from associates – after interest and tax – – 2,742 – 2,742
Equity-accounted income of subsidiaries – after interest and tax – 24,693 – (24,693) –
Interest and other income 7 118 841 (189) 777
Gains on sale of businesses and fixed assets – – 13,115 – 13,115
Total revenues and other income 5,404 24,811 396,281 (30,279) 396,217
Purchases 861 – 302,887 (5,397) 298,351
Production and manufacturing expenses 1,473 – 26,054 – 27,527
Production and similar taxes 1,010 – 6,037 – 7,047
Depreciation, depletion and amortization 616 – 12,894 – 13,510
Impairment and losses on sale of businesses and fixed assets (68) – 2,029 – 1,961
Exploration expense – – 3,441 – 3,441
Distribution and administration expenses 108 1,234 11,728 – 13,070
Fair value gain on embedded derivatives – – (459) – (459)
Profit before interest and taxation 1,404 23,577 31,670 (24,882) 31,769
Finance costs 42 43 1,172 (189) 1,068
Net finance (income) expense relating to pensions and other post-retirement
benefits – 81 399 – 480
Profit before taxation 1,362 23,453 30,099 (24,693) 30,221
Taxation 522 2 5,939 – 6,463
Profit for the year 840 23,451 24,160 (24,693) 23,758
Attributable to
BP shareholders 840 23,451 23,853 (24,693) 23,451
Non-controlling interests – – 307 – 307
840 23,451 24,160 (24,693) 23,758
Statement of comprehensive income
$ million
For the year ended 31 December 2013
Issuer Guarantor
BP
Exploration
(Alaska) Inc. BP p.l.c.
Other
subsidiaries
Eliminations and
reclassifications BP group
Profit for the year 840 23,451 24,160 (24,693) 23,758
Other comprehensive income – 2,819 (3,711) – (892)
Total comprehensive income 840 26,270 20,449 (24,693) 22,866
Attributable to
BP shareholders 840 26,270 20,157 (24,693) 22,574
Non-controlling interests – – 292 – 292
840 26,270 20,449 (24,693) 22,866
194 BP Annual Report and Form 20-F 2013