BP 2015 Annual Report Download - page 177

Oil and natural gas exploration and production activities – continued
$ million
2014
Europe North
America
South
America
Africa Asia Australasia Total
UK
Rest of
Europe US
Rest of
North
America Russiaa
Rest of
Asia
Equity-accounted entities (BP share)
Capitalized costs at 31 Decemberbc
Gross capitalized costs
Proved properties – – – – 8,719 – 12,971 3,073 – 24,763
Unproved properties – – – – 5 – 376 25 – 406
– – – – 8,724 – 13,347 3,098 – 25,169
Accumulated depreciation – – – – 3,652 – 2,031 2,986 – 8,669
Net capitalized costs – – – – 5,072 – 11,316 112 – 16,500
Costs incurred for the year ended 31 Decemberbc
Acquisition of propertiesd
Proved – – – – – – (46) – – (46)
Unproved – – – – – – 87 – – 87
–––– ––41– –41
Exploration and appraisal costse– – – – 5 – 128 4 – 137
Developmentf– – – – 1,026 – 1,913 326 – 3,265
Total costs – – – – 1,031 – 2,082 330 – 3,443
Results of operations for the year ended 31 Decemberb
Sales and other operating revenuesg
Third parties – – – – 2,472 – – 1,257 – 3,729
Sales between businesses – – – – – – 10,972 19 – 10,991
– – – – 2,472 – 10,972 1,276 – 14,720
Exploration expenditure – – – – 4 – 62 1 – 67
Production costs – – – – 567 – 1,318 152 – 2,037
Production taxes – – – – 721 – 5,214 692 – 6,627
Other costs (income) – – – – 4 – 302 – – 306
Depreciation, depletion and
amortization – – – – 370 – 1,509 371 – 2,250
Net impairments and losses on sale of
businesses and fixed assets – – – – 25 – – – – 25
– – – – 1,691 – 8,405 1,216 – 11,312
Profit (loss) before taxation – – – – 781 – 2,567 60 – 3,408
Allocable taxes – – – – 402 – 637 29 – 1,068
Results of operations – – – – 379 – 1,930 31 – 2,340
Upstream and Rosneft segments replacement cost profit before interest and tax from equity-accounted entities
Exploration and production activities –
equity-accounted entities after tax
(as above) – – – – 379 – 1,930 31 – 2,340
Midstream and other activities after
taxh– 62 23 – 101 (33) 195 526 – 874
Total replacement cost profit after
interest and tax – 62 23 – 480 (33) 2,125 557 – 3,214
aAmounts reported for Russia include BP’s share of Rosneft’s worldwide activities, including insignificant amounts outside Russia.
bThese tables contain information relating to oil and natural gas exploration and production activities of equity-accounted entities. Amounts relating to the management and ownership of crude oil and
natural gas pipelines, LNG liquefaction and transportation operations as well as downstream activities of Rosneft are excluded. The amounts reported for equity-accounted entities exclude the
corresponding amounts for their equity-accounted entities.
cThe amounts shown reflect BP’s share of equity-accounted entities’ costs incurred, and not the costs incurred by BP in acquiring an interest in equity-accounted entities.
dDecommissioning assets are included in capitalized costs at 31 December but are excluded from costs incurred for the year.
eIncludes exploration and appraisal drilling expenditures, which are capitalized within intangible assets, and geological and geophysical exploration costs, which are charged to income as incurred.
fAn amendment has been made to the amount previously disclosed for the Rest of Asia region.
gPresented net of transportation costs and sales taxes.
hIncludes interest and adjustment for non-controlling interests. Excludes inventory holding gains and losses.
Financial statements
BP Annual Report and Form 20-F 2015 173