BP 2014 Annual Report Download - page 173

Oil and natural gas exploration and production activities – continued
$ million
2014
Europe North
America
South
America
Africa Asia Australasia Total
UK
Rest of
Europe US
Rest of
North
America Russiaa
Rest of
Asia
Equity-accounted entities (BP share)b
Capitalized costs at 31 Decemberc
Gross capitalized costs
Proved properties – – – – 8,719 – 12,971 3,073 – 24,763
Unproved properties – – – – 5 – 376 25 – 406
– – – – 8,724 – 13,347 3,098 – 25,169
Accumulated depreciation – – – – 3,652 – 2,031 2,986 – 8,669
Net capitalized costs – – – – 5,072 – 11,316 112 – 16,500
Costs incurred for the year ended 31 Decemberd
Acquisition of propertiesc
Proved – – – – – – (46) – – (46)
Unproved –––– ––87– –87
–––– ––41– –41
Exploration and appraisal costsd– – – – 5 – 128 4 – 137
Development – – – – 1,026 – 1,913 669 – 3,608
Total costs – – – – 1,031 – 2,082 673 – 3,786
Results of operations for the year ended 31 December
Sales and other operating revenuese
Third parties – – – – 2,472 – – 1,257 – 3,729
Sales between businesses – – – – – – 10,972 19 – 10,991
– – – – 2,472 – 10,972 1,276 – 14,720
Exploration expenditure – – – – 4 – 62 1 – 67
Production costs – – – – 567 – 1,318 152 – 2,037
Production taxes – – – – 721 – 5,214 692 – 6,627
Other costs (income) –––– 4–302– –306
Depreciation, depletion and
amortization – – – – 370 – 1,509 371 – 2,250
Impairments and losses on sale of
businesses and fixed assets ––––25––– –25
– – – – 1,691 – 8,405 1,216 – 11,312
Profit (loss) before taxation – – – – 781 – 2,567 60 – 3,408
Allocable taxes – – – – 402 – 637 29 – 1,068
Results of operations – – – – 379 – 1,930 31 – 2,340
Exploration and production activities –
equity-accounted entities after tax
(as above) – – – – 379 – 1,930 31 – 2,340
Midstream and other activities after
taxf– 62 23 – 101 (33) 195 526 – 874
Total replacement cost profit after
interest and tax – 62 23 – 480 (33) 2,125 557 – 3,214
aAmounts reported for Russia in this table include BP’s share of Rosneft’s worldwide activities, including insignificant amounts outside Russia.
bThese tables contain information relating to oil and natural gas exploration and production activities of equity-accounted entities. They do not include amounts relating to assets held for sale. Midstream
activities relating to the management and ownership of crude oil and natural gas pipelines, processing and export terminals and LNG processing facilities and transportation as well as downstream
activities of Rosneft are excluded. The amounts reported for equity-accounted entities exclude the corresponding amounts for their equity-accounted entities.
cDecommissioning assets are included in capitalized costs at 31 December but are excluded from costs incurred for the year.
dIncludes exploration and appraisal drilling expenditures, which are capitalized within intangible assets, and geological and geophysical exploration costs, which are charged to income as incurred.
ePresented net of transportation costs and sales taxes.
fIncludes interest, non-controlling interests and excludes inventory holding gains and losses.
Financial statements
BP Annual Report and Form 20-F 2014 169