BP 2014 Annual Report Download - page 3

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BP in 2014
We have reshaped and
repositioned the business
for the future, with a clear
strategy that has put us on
course to grow value for
shareholders.
Corporate governance Financial statements Shareholder informationAdditional disclosures
1 Strategic report
2 BP at a glance
6 Chairman’s letter
8 Group chief executive’s letter
10 Our market outlook
12 Our business model
13 Our strategy
18 Our key performance indicators
20 Our markets in 2014
21 Group performance
24 Upstream
29 Downstream
33 Rosneft
35 Other businesses and corporate
36 Gulf of Mexico oil spill
39 Corporate responsibility
46 Our management of risk
48 Risk factors
51 Corporate governance
52 Board of directors
56 Executive team
58 Governance overview
59 How the board works
61 Board effectiveness
62 Shareholder engagement
63 International advisory board
63 Internal control revised guidance
for directors (Turnbull)
64 Audit committee
68 Safety, ethics and environment
assurance committee
69 Gulf of Mexico committee
71 Nomination committee
71 Chairman’s committee
72 Directors’ remuneration report
89 Financial statements
90 Statement of directors’ responsibilities
91 Consolidated financial statements
of the BP group
100 Notes on financial statements
167 Supplementary information on oil and
natural gas (unaudited)
197 Parent company financial statements
of BP p.l.c.
207 Additional disclosures
208 Selected financial information
211 Liquidity and capital resources
213 Upstream analysis by region
217 Downstream plant capacity
219 Oil and gas disclosures for the group
225 Environmental expenditure
225 Regulation of the group’s business
228 Legal proceedings
238 International trade sanctions
239 Material contracts
239 Property, plant and equipment
239 Related-party transactions
239 Corporate governance practices
240 Code of ethics
240 Controls and procedures
241 Principal accountants’ fees and services
241 Directors’ report information
241 Disclosures required under Listing
Rule 9.8.4.R
241 Cautionary statement
243 Shareholder information
244 Share prices and listings
244 Dividends
245 UK foreign exchange controls on dividends
245 Shareholder taxation information
247 Major shareholders
247 Annual general meeting
247 Memorandum and Articles of Association
250 Purchases of equity securities by the
issuer and affiliated purchasers
251 Fees and charges payable by
ADSs holders
251 Fees and payments made by
the Depositary to the issuer
251 Documents on display
252 Shareholding administration
252 Exhibits
252 Abbreviations, glossary and trade marks
256 Signatures
257 Cross reference to Form 20-F
Information about this report
★ Glossary
Words with this symbol★ are defined
in the glossary on page 252.
BP Annual Report and Form 20-F 2014 i
Strategic report