BP 2014 Annual Report Download - page 165

36. 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-accounted 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 2014
Issuer Guarantor
BP
Exploration
(Alaska) Inc. BP p.l.c.
Other
subsidiaries
Eliminations and
reclassifications BP group
Sales and other operating revenues 6,227 – 353,529 (6,188) 353,568
Earnings from joint ventures – after interest and tax – – 570 – 570
Earnings from associates – after interest and tax – – 2,802 – 2,802
Equity-accounted income of subsidiaries – after interest and tax – 4,531 – (4,531) –
Interest and other income 2 193 910 (262) 843
Gains on sale of businesses and fixed assets 19 – 876 – 895
Total revenues and other income 6,248 4,724 358,687 (10,981) 358,678
Purchases 2,375 – 285,720 (6,188) 281,907
Production and manufacturing expenses 1,779 – 25,596 – 27,375
Production and similar taxes 554 – 2,404 – 2,958
Depreciation, depletion and amortization 545 – 14,618 – 15,163
Impairment and losses on sale of businesses and fixed assets 153 – 8,812 – 8,965
Exploration expense – – 3,632 – 3,632
Distribution and administration expenses 48 929 11,794 (75) 12,696
Fair value gain on embedded derivatives – – (430) – (430)
Profit before interest and taxation 794 3,795 6,541 (4,718) 6,412
Finance costs 57 23 1,255 (187) 1,148
Net finance (income) expense relating to pensions and other post-retirement
benefits – (50) 364 – 314
Profit before taxation 737 3,822 4,922 (4,531) 4,950
Taxation 279 42 626 – 947
Profit for the year 458 3,780 4,296 (4,531) 4,003
Attributable to
BP shareholders 458 3,780 4,073 (4,531) 3,780
Non-controlling interests – – 223 – 223
458 3,780 4,296 (4,531) 4,003
Statement of comprehensive income
$ million
For the year ended 31 December 2014
Issuer Guarantor
BP
Exploration
(Alaska) Inc. BP p.l.c.
Other
subsidiaries
Eliminations and
reclassifications BP group
Profit for the year 458 3,780 4,296 (4,531) 4,003
Other comprehensive income – (1,840) (10,875) – (12,715)
Equity-accounted other comprehensive income of subsidiaries – (10,843) – 10,843 –
Total comprehensive income 458 (8,903) (6,579) 6,312 (8,712)
Attributable to
BP shareholders 458 (8,903) (6,770) 6,312 (8,903)
Non-controlling interests – – 191 – 191
458 (8,903) (6,579) 6,312 (8,712)
Financial statements
BP Annual Report and Form 20-F 2014 161