BP 2011 Annual Report Download - page 255

Financial statements
BP Annual Report and Form 20-F 2011 253
Notes on financial statements
46. 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 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 2011
Issuer Guarantor
BP
Exploration
(Alaska) Inc. BP p.l.c.
Other
subsidiaries
Eliminations
and
reclassifications BP group
Sales and other operating revenues 6,159 –375,517 (6,159) 375,517
Earnings from jointly controlled entities – after interest and tax – – 1,304 –1,304
Earnings from associates – after interest and tax – – 4,916 –4,916
Equity-accounted income of subsidiaries – after interest and tax 313 26,158 –(26,471) –
Interest and other revenues 10 242 664 (320) 596
Gains on sale of businesses and fixed assets – 1 4,129 –4,130
Total revenues and other income 6,482 26,401 386,530 (32,950) 386,463
Purchases 978 –290,799 (6,159) 285,618
Production and manufacturing expenses 1,280 –22,865 –24,145
Production and similar taxes 1,684 –6,596 –8,280
Depreciation, depletion and amortization 335 –10,800 –11,135
Impairment and losses on sale of businesses and fixed assets – – 2,058 –2,058
Exploration expense 4 – 1,516 –1,520
Distribution and administration expenses 27 1,048 12,992 (109) 13,958
Fair value gain on embedded derivatives – – (68) –(68)
Profit before interest and taxation 2,174 25,353 38,972 (26,682) 39,817
Finance costs 32 47 1,378 (211) 1,246
Net finance (income) expense relating to pensions and
other post-retirement benefits –(533) 270 –(263)
Profit before taxation 2,142 25,839 37,324 (26,471) 38,834
Taxation 729 139 11,869 –12,737
Profit for the year 1,413 25,700 25,455 (26,471) 26,097
Attributable to
BP shareholders 1,413 25,700 25,058 (26,471) 25,700
Minority interest – – 397 –397
1,413 25,700 25,455 (26,471) 26,097