BP 2011 Annual Report Download - page 267

Financial statements
BP Annual Report and Form 20-F 2011 265
Supplementary information on oil and natural gas (unaudited)
Oil and natural gas exploration and production activities continued
$ million
2009
Europe North
America
South
America
Africa Asia Australasia Total
UK
Rest of
Europe US
Rest of
North
America Russia
Rest of
Asia
Equity-accounted entities (BP share)a
Capitalized costs at 31 Decemberb
Gross capitalized costs
Proved properties ––––5,789 –13,266 2,259 –21,314
Unproved properties –––1,378 197 –737 – – 2,312
–––1,378 5,986 –14,003 2,259 –23,626
Accumulated depreciation ––––2,084 –5,550 1,739 –9,373
Net capitalized costs –––1,378 3,902 –8,453 520 –14,253
Costs incurred for the year ended 31 Decemberb
Acquisition of propertiesc
Proved ––––––––––
Unproved ––––31 –10 – – 41
––––31 –10 – – 41
Exploration and appraisal costsd––––21 –77 3 – 101
Development –––30 538 –1,182 246 –1,996
Total costs –––30 590 –1,269 249 –2,138
Results of operations for the year ended 31 December
Sales and other operating revenuese
Third parties ––––1,977 –4,919 1,874 –8,770
Sales between businesses ––––––2,838 – – 2,838
––––1,977 –7,757 1,874 –11,608
Exploration expenditure ––––23 –37 – – 60
Production costs ––––354 –1,428 159 –1,941
Production taxes ––––702 –2,597 1,523 –4,822
Other costs (income) ––––(69) –12 (2) –(59)
Depreciation, depletion and amortization ––––281 –1,073 274 –1,628
Impairments and losses on sale of
businesses and fixed assets ––––––72 – – 72
––––1,291 –5,219 1,954 –8,464
Profit (loss) before taxation ––––686 –2,538 (80) –3,144
Allocable taxes ––––270 –501 – – 771
Results of operations ––––416 –2,037 (80) –2,373
Exploration and production activities –
equity-accounted entities after
tax (as above) ––––416 –2,037 (80) –2,373
Midstream and other activities after taxf– 5 29 134 214 56 (113) 611 –936
Total replacement cost profit
after interest and tax – 5 29 134 630 56 1,924 531 –3,309
a These tables contain information relating to oil and natural gas exploration and production activities of equity-accounted entities. 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 TNK-BP are excluded. The amounts reported for equity-accounted
entities exclude the corresponding amounts for their equity-accounted entities.
b Decommissioning assets are included in capitalized costs at 31 December but are excluded from costs incurred for the year.
c Includes costs capitalized as a result of asset exchanges.
d Includes exploration and appraisal drilling expenditures, which are capitalized within intangible assets, and geological and geophysical exploration costs, which are charged to income as incurred.
e Presented net of transportation costs, purchases and sales taxes.
f Includes interest, minority interest and the net results of equity-accounted entities of equity-accounted entities.