BP 2015 Annual Report Download - page 167

37. 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. Non-current assets for BP p.l.c. includes 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. incorporates
subsidiaries of BP Exploration (Alaska) Inc. using the equity method of accounting 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 2015
Issuer Guarantor
BP
Exploration
(Alaska) Inc. BP p.l.c.
Other
subsidiaries
Eliminations and
reclassifications BP group
Sales and other operating revenues 3,438 – 222,881 (3,425) 222,894
Earnings from joint ventures – after interest and tax – – (28) – (28)
Earnings from associates – after interest and tax – – 1,839 – 1,839
Equity-accounted income of subsidiaries – after interest and tax – (5,404) – 5,404 –
Interest and other income 29 185 671 (274) 611
Gains on sale of businesses and fixed assets – 31 666 (31) 666
Total revenues and other income 3,467 (5,188) 226,029 1,674 225,982
Purchases 1,432 – 166,783 (3,425) 164,790
Production and manufacturing expenses 1,360 – 35,680 – 37,040
Production and similar taxes 140 – 896 – 1,036
Depreciation, depletion and amortization 569 – 14,650 – 15,219
Impairment and losses on sale of businesses and fixed assets 215 – 1,694 – 1,909
Exploration expense – – 2,353 – 2,353
Distribution and administration expenses 56 1,125 10,449 (77) 11,553
Profit (loss) before interest and taxation (305) (6,313) (6,476) 5,176 (7,918)
Finance costs 35 36 1,473 (197) 1,347
Net finance (income) expense relating to pensions and other post-retirement
benefits – 20 286 – 306
Profit (loss) before taxation (340) (6,369) (8,235) 5,373 (9,571)
Taxation (146) 82 (3,107) – (3,171)
Profit (loss) for the year (194) (6,451) (5,128) 5,373 (6,400)
Attributable to
BP shareholders (194) (6,451) (5,210) 5,373 (6,482)
Non-controlling interests – – 82 – 82
(194) (6,451) (5,128) 5,373 (6,400)
Statement of comprehensive income
$ million
For the year ended 31 December 2015
Issuer Guarantor
BP
Exploration
(Alaska) Inc. BP p.l.c.
Other
subsidiaries
Eliminations and
reclassifications BP group
Profit (loss) for the year (194) (6,451) (5,128) 5,373 (6,400)
Other comprehensive income – 1,863 (3,681) – (1,818)
Equity-accounted other comprehensive income of subsidiaries – (3,640) – 3,640 –
Total comprehensive income (194) (8,228) (8,809) 9,013 (8,218)
Attributable to
BP shareholders (194) (8,228) (8,850) 9,013 (8,259)
Non-controlling interests – – 41 – 41
(194) (8,228) (8,809) 9,013 (8,218)
Financial statements
BP Annual Report and Form 20-F 2015 163