BP 2007 Annual Report Download - page 3

Information about this report
This document constitutes the Annual Report and Accounts of BP p.l.c.
for the year ended 31 December 2007 in accordance with UK
requirements and is dated 22 February 2008. This document also
contains information that will be included in the company’s Annual
Report on Form 20-F in accordance with the requirements of the US
Securities and Exchange Commission (SEC). Such information will be
supplemented and may be updated at the time of filing that document
with the SEC, or later amended, if necessary.
On pages 2-6, references within BP Annual Report and Accounts 2007
to ‘profits’, ‘results’ and ‘return on average capital employed’ are to those
measures on a replacement cost basis unless otherwise indicated.
Reconciliation of profit for the year to replacement cost profit
For the year ended 31 December $ million
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2007 2006 2005
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Profit before interest and taxation from continuing operations 32,352 35,158 32,682
Finance costs and other finance income/expense (741) (516) (761)
Taxation (10,442) (12,331) (9,473)
Minority interest (324) (286) (291)
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Profit for the year from continuing operations attributable to BP shareholders 20,845 22,025 22,157
Profit (loss) for the year from Innovene operations –(25) 184
Inventory holding (gains) losses (3,558) 253 (3,027)
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Replacement cost profita17,287 22,253 19,314
Replacement cost profit from continuing operations attributable to BP shareholders 17,287 22,278 19,513
Replacement cost profit (loss) from Innovene operations –(25) (199)
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Replacement cost profit 17,287 22,253 19,314
Exploration and Production 26,927 29,647 25,485
Refining and Marketing 2,617 5,283 4,394
Gas, Power and Renewables 558 1,376 1,077
Other businesses and corporate (1,104) (947) (1,237)
Consolidation adjustments
Unrealized profit in inventory (204) 52 (208)
Net profit on transactions between continuing operations and Innovene operations ––5
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Replacement cost profit before interest and taxation 28,794 35,411 30,038
Finance costs and other finance income/expense (741) (516) (761)
Taxation (10,442) (12,331) (9,473)
Minority interest (324) (286) (291)
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Replacement cost profit from continuing operations attributable to BP shareholders 17,287 22,278 19,513
Per ordinary share – cents
Profit for the year attributable to BP shareholders 108.76 109.84 105.74
Replacement cost profit 90.20 111.10 91.41
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Dividends paid per ordinary share – cents 42.30 38.40 34.85
–pence 20.995 21.104 19.152
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Dividends paid per American depositary share (ADS) – dollars 2.538 2.304 2.091
aReplacement cost profit reflects the current cost of supplies. The replacement cost profit for the year is determined by excluding from profit inventory holding gains and
losses. BP uses this measure to assist investors to assess BP’s performance from period to period.
The Annual Report and Accounts for the year ended 31 December 2007
contains the Directors’ Report, including the Business Review, on pages
4-62, 82-92 and 94 and 186. The Directors’ Remuneration Report is on
pages 63-73. The consolidated financial statements are on pages 93-171.
The report of the auditor is on page 95 for the group and page 187 for
the company.
BP p.l.c. is the parent company of the BP group of companies. Unless
otherwise stated, the text does not distinguish between the activities
and operations of the parent company and those of its subsidiaries.
The term ‘shareholder’ in the Annual Report and Accounts means,
unless the context otherwise requires, investors in the equity capital of
BP p.l.c., both direct and/or indirect.
BP Annual Report and Accounts 2007 and BP Annual Review 2007
maybedownloadedfromwww.bp.com/annualreport. No material on the
BP website, other than the items identified as BP Annual Report and
Accounts 2007 and BP Annual Review 2007, forms any part of those
documents.
As BP shares, in the form of ADSs, are listed on the New York Stock
Exchange (NYSE), an Annual Report on Form 20-F will be filed with the
SEC in accordance with the US Securities Exchange Act of 1934. When
filed, copies may be obtained, free of charge (see page 90). BP discloses
on its website at www.bp.com/NYSEcorporategovernancerules
significant ways (if any) in which its corporate governance practices differ
from those mandated for US companies under NYSE listing standards.
Cautionary statement
BP Annual Report and Accounts 2007 contains certain forward-looking
statements within the meaning of the US Private Securities Litigation
Reform Act of 1995 with respect to the financial condition, results of
operations and businesses of BP and certain of the plans and objectives
of BP with respect to these items. For further details, please see
Forward-looking statements on page 11.
The registered office of BP p.l.c. is 1 St James’s Square, London
SW1Y 4PD, UK. Tel: [phone].
Registered in England and Wales No. 102498.
Stock exchange symbol ‘BP’.
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BP ANNUAL REPORT AND ACCOUNTS 2007 1