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28. Derivative financial instruments – continued
Derivative liabilities held for trading have the following fair values and maturities.
$ million
2014
Less than
1 year 1-2 years 2-3 years 3-4 years 4-5 years
Over
5 years Total
Currency derivatives (69) (180) (1) (1) (192) (459) (902)
Oil price derivatives (1,714) (186) (61) (8) (6) (1) (1,976)
Natural gas price derivatives (1,310) (292) (144) (117) (99) (556) (2,518)
Power price derivatives (217) (127) (39) (10) (4) (7) (404)
(3,310) (785) (245) (136) (301) (1,023) (5,800)
$ million
2013
Less than
1 year 1-2 years 2-3 years 3-4 years 4-5 years
Over
5 years Total
Currency derivatives (111) –––––(111)
Oil price derivatives (620) (100) (42) (31) (13) – (806)
Natural gas price derivatives (778) (319) (157) (110) (102) (563) (2,029)
Power price derivatives (400) (99) (48) (13) – – (560)
(1,909) (518) (247) (154) (115) (563) (3,506)
The following table shows the fair value of derivative assets and derivative liabilities held for trading, analysed by maturity period and by methodology
of fair value estimation. This information is presented on a gross basis, that is, before netting by counterparty.
$ million
2014
Less than
1 year 1-2 years 2-3 years 3-4 years 4-5 years
Over
5 years Total
Fair value of derivative assets
Level 1 170–––––170
Level 2 6,388 1,353 354 130 71 20 8,316
Level 3 483 374 409 255 159 642 2,322
7,041 1,727 763 385 230 662 10,808
Less: netting by counterparty (1,938) (367) (67) (9) – (2) (2,383)
5,103 1,360 696 376 230 660 8,425
Fair value of derivative liabilities
Level 1 (37) –––––(37)
Level 2 (4,905) (1,017) (197) (45) (202) (488) (6,854)
Level 3 (306) (135) (115) (100) (99) (537) (1,292)
(5,248) (1,152) (312) (145) (301) (1,025) (8,183)
Less: netting by counterparty 1,938 367 67 9 – 2 2,383
(3,310) (785) (245) (136) (301) (1,023) (5,800)
Net fair value 1,793 575 451 240 (71) (363) 2,625
$ million
2013
Less than
1 year 1-2 years 2-3 years 3-4 years 4-5 years
Over
5 years Total
Fair value of derivative assets
Level 1 100 –––––100
Level 2 3,118 981 399 83 20 30 4,631
Level 3 389 183 252 291 210 695 2,020
3,607 1,164 651 374 230 725 6,751
Less: netting by counterparty (1,106) (358) (99) – – – (1,563)
2,501 806 552 374 230 725 5,188
Fair value of derivative liabilities
Level 1 (87) –––––(87)
Level 2 (2,790) (733) (215) (36) (15) (31) (3,820)
Level 3 (138) (143) (131) (118) (100) (532) (1,162)
(3,015) (876) (346) (154) (115) (563) (5,069)
Less: netting by counterparty 1,106 358 99 – – – 1,563
(1,909) (518) (247) (154) (115) (563) (3,506)
Net fair value 592 288 305 220 115 162 1,682
Financial statements
BP Annual Report and Form 20-F 2014 149