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Form 20-F x Form 40-F ¨
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Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(1): ¨
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Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(7): ¨
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Page
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1.
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3-13, 26-32, 32-34
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2.
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14-25
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3.
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32
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4.
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35
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5.
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36
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6.
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37
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(a)
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In this Form 6-K, references to the first quarter 2020 and first quarter 2019 refer to the three-month periods ended 31 March 2020 and 31 March 2019 respectively.
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(b)
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This discussion should be read in conjunction with the consolidated financial statements and related notes provided elsewhere in this Form 6-K and with the information, including the consolidated financial statements and related notes, in BP’s Annual Report on Form 20-F for the year ended 31 December 2019.
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Group results first quarter 2020
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Bernard Looney – Chief executive officer:
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This extraordinary time for the world demands extraordinary responses. And thankfully we are seeing that just about everywhere we look around the world. Our industry has been hit by supply and demand shocks on a scale never seen before, but that is no excuse to turn inward. BP, like many other companies, is stepping up and extending a helping hand to those in need. We do it not because it is expected of us – but because we want to. That is consistent with our purpose.
We are focusing our efforts on protecting our people, supporting our communities and strengthening our finances. I am incredibly proud of the work that our people are doing in all three areas, particularly our colleagues in operations – from rigs to retail and everywhere in between – who are continuing to deliver energy and provide goods in the most difficult of circumstances. At the same time, we are taking decisive actions to strengthen our finances – reinforcing liquidity, rapidly reducing spending and costs, driving our cash balance point lower. We are determined to perform with purpose and remain committed to delivering our net zero ambition. |
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–
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Inventory holding losses of $3.7 billion, as a result of the dramatic drop in oil prices at the quarter end, were the main driver of the reported loss attributable to BP shareholders of $4.4 billion for the first quarter, compared with a profit of $2.9 billion for the same period a year earlier.
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–
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Replacement cost loss for the first quarter was $0.6 billion, compared with a profit of $2.1 billion for the same period a year earlier, including a $1.4 billion net adverse impact of non-operating items and fair value accounting effects.
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–
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Underlying replacement cost profit for the first quarter was $0.8 billion, compared with $2.4 billion for the same period a year earlier. The result reflected lower prices, demand destruction in the Downstream particularly in March, a lower estimated result from Rosneft and a lower contribution from oil trading. It was also impacted by $0.2 billion non-cash underlying foreign exchange (FX) effects in other businesses and corporate, including FX translation impacts of finance debt in the BP Bunge Bioenergia joint venture.
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–
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Operating cash flow for the quarter was $1.0 billion including the impact of Gulf of Mexico oil spill payments(a). Gulf of Mexico oil spill payments in the quarter were $0.3 billion on a post-tax basis.
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–
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Receipts from divestments and other proceeds were $0.7 billion in the first quarter.
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–
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Finance debt and finance debt ratio at 31 March 2020 was $69.1 billion and 43.3% respectively. Net debt at the end of the quarter was $51.4 billion, $6.0 billion higher than a quarter earlier. Also reflecting lower equity including FX impacts, gearing at quarter end was 36.2%.
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–
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At the end of the quarter BP had around $32 billion of liquidity available.
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–
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A dividend of 10.5 cents per share was announced for the quarter.
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(a)
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Operating cash flow excluding Gulf of Mexico oil spill payments is a measure used by management and BP believes it is useful as it allows for meaningful comparisons between reporting periods. It is not however disclosed in this SEC filing because SEC regulations do not permit the inclusion of this non-GAAP metric.
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Financial summary
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First
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First
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quarter
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quarter
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$ million
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2020
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2019
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Profit (loss) for the period attributable to BP shareholders
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(4,365
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)
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2,934
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Inventory holding (gains) losses, before tax
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4,884
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(1,088
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)
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Taxation charge (credit) on inventory holding gains and losses
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(1,147
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)
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249
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RC profit (loss)
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(628
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)
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2,095
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Net (favourable) adverse impact of non-operating items and fair value accounting effects, before tax
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1,364
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349
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Taxation charge (credit) on non-operating items and fair value accounting effects
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55
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(86
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)
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Underlying RC profit
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791
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2,358
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Profit (loss) per ordinary share (cents)
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(21.63
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)
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14.54
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Profit (loss) per ADS (dollars)
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(1.30
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)
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0.87
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RC profit (loss) per ordinary share (cents)
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(3.11
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)
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10.38
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RC profit (loss) per ADS (dollars)
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(0.19
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)
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0.62
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Underlying RC profit per ordinary share (cents)
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3.92
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11.69
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Underlying RC profit per ADS (dollars)
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0.24
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0.70
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The commentary above and following should be read in conjunction with the cautionary statement on page 35.
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–
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The economic impact of the COVID-19 pandemic coupled with pre-existing supply and demand factors have resulted in an exceptionally challenged commodity environment. Product demand has sharply reduced, notably for mobility, contributing sharp falls in refining margins and utilization. The resulting reduction in demand for crude oil has begun to put severe pressure on storage and logistics, with a substantial effect on prices and has promoted volatility. In April, OPEC and its partners agreed to significant supply cuts that are expected to help reduce the imbalance but are unlikely to prevent material supply shut ins by oil producers in the near-term, some of which may be difficult to reverse. Challenges in gas markets, following significant growth in supply over recent years, have been compounded by the pandemic, lowering LNG demand.
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In March, Brent crude marker prices and BP’s refining marker margin touched levels not seen for well over a decade, while Henry Hub gas price hit multi-year lows and prices and margins have continued to remain depressed.
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Looking forward, there remains an exceptional level of uncertainty regarding the near-term outlook for prices and product demand, particularly while many economies remain under lockdown. There is the risk of more sustained consequences depending on the efforts of governments and the public and private sectors to manage the health, economic and financial stability effects of the pandemic.
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Upstream second-quarter reported production is expected to be lower compared to the first quarter. There are significant uncertainties with regard to the implementation of OPEC+ restrictions, price impacts on entitlement volumes, divestments, market restrictions given lack of demand for oil and COVID-19 operational impacts.
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In Downstream, material impacts from COVID-19 are expected in the second quarter. Product demand in fuels marketing is expected to be significantly lower in BP’s key European and North America businesses. In refining, reduced utilization is expected due to the overall product demand declines, as well as significantly lower refining margins. In addition, a lower level of North American heavy crude discounts is expected.
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–
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During the second quarter BP also expects to make the annual payment of around $1.2 billion relating to the Gulf of Mexico spill settlement.
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Gearing is expected to remain above the 20 to 30% target range into 2021. It is expected to trend down over time reflecting receipt of divestment proceeds and reversal of first quarter working capital impacts, and as BP’s financial interventions take effect.
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BP's future financial performance, including cash flows, net debt and gearing, will be impacted by the extent and duration of the current market conditions and the effectiveness of the actions that it and others take, including its financial interventions. It is difficult to predict when current supply and demand imbalances will be resolved and what the ultimate impact of COVID-19 will be.
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–
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BP is taking a series of interventions to strengthen its finances.
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BP has strengthened its balance sheet, with around $32 billion of liquidity at quarter end, including a new $10 billion revolving credit facility. In April BP has issued around $7 billion of new bonds.
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2020 organic capital spending is expected to be around $12 billion, a reduction of around 25% on full-year guidance given in February. In the Upstream, most of the interventions are being made in areas not expected to have a significant impact on 2020 cash generation at lower prices. These include delaying exploration and appraisal activities and curtailing development activities in lower margin areas, as well as rephasing or minimizing spend on projects in the early phases of development. These interventions are expected to reduce 2020 underlying production by around 70mboe/d compared with 2019. In Downstream, the capital expenditure reduction contribution is expected to be around $1 billion in 2020. Interventions are primarily related to growth projects and are also not expected to have a significant impact on operating cash in the short term. BP expects to continue to invest around $500 million in low-carbon activities in 2020.
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BP plans to reduce cash costs by $2.5 billion by the end of 2021 relative to 2019. The reduction is expected to result both from cost-saving measures across BP’s business as well as an important contribution from actions including increased digitisation, further integration and removing duplication, and new ways of working. Some of these cost savings may have associated restructuring charges.
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The programme to deliver $15 billion of announced transactions by mid-2021 remains on track, although the current market environment remains challenging. BP has delivered $10.1 billion of announced transactions since the start of 2019. The phasing of receipt of $10 billion of divestment proceeds by the end of 2020 will be revised as transactions complete. BP has reconfirmed its commitment to completing the sale of its Alaska business to Hilcorp in 2020, subject to regulatory approvals. The total consideration of $5.6 billion is unchanged but the structure of the consideration and phasing of payments have been revised to respond to the current environment.
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BP will continue to review these actions, and any further actions that may be appropriate, in response to changes in prevailing market conditions.
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BP continues to monitor the impact of COVID-19 on our global operations and to date there has been no significant operational impact. This could change through the rest of the second quarter.
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Despite significant challenges of the environment, BP’s operations continued to perform safely and reliably in the quarter. BP-operated Upstream plant reliability was 93.0% and refining availability was strong at 96.1%.
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–
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BP is taking significant steps to protect and support its staff through the pandemic. These include reducing manning levels where possible and changing working patterns to support social distancing; introducing testing to reduce spread of virus in offshore installations; requesting all staff who are able to do so to work from home since mid-March; and deploying personal protective equipment (PPE), enhanced cleaning and social distancing measures in retail sites.
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–
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BP is also providing enhanced support and guidance on safety, health and hygiene, homeworking and mental health to all staff. In March BP informed staff that for three months no BP employees would lose their jobs as a result of virus-related cost reductions.
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–
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BP is offering support across the world to the communities in which it works in their response to the pandemic.
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–
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These actions include: providing free fuel and discounts to emergency services vehicles and workers in a number of countries; donating PPE to health services; donating access to our supercomputer in Houston to aid researchers investigating the pandemic; donating ethanol from our biofuels production for sanitizers; donating to MIND, the mental health charity, and the World Health Organization’s response fund; supporting all staff in volunteering efforts and matching employee donations to charities.
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Brian Gilvary – Chief financial officer:
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“We are dealing with an exceptionally challenging environment and the unprecedented effects of demand destruction and price impacts that can be seen in these results are expected to continue through the second quarter. Despite this our underlying businesses performed well in the first quarter, although our headline results were impacted by foreign exchange as well as price effects at the quarter end. We have developed a clear plan and are confident in increasing resilience in our financial framework through a set of interventions focused on building liquidity, strengthening our balance sheet and reducing expenditure to drive our cash balance point below $35 per barrel in 2021.”
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The commentary above contains forward-looking statements and should be read in conjunction with the cautionary statement on page 35.
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First
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First
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quarter
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quarter
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$ million
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2020
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2019
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Underlying RC profit before interest and tax
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Upstream
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1,871
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2,928
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Downstream
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921
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1,733
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Rosneft
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(17
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)
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567
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Other businesses and corporate
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(561
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)
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(418
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)
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Consolidation adjustment – UPII*
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178
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(13
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)
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Underlying RC profit before interest and tax
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2,392
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4,797
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Finance costs and net finance expense relating to pensions and other post-retirement benefits
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(668
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)
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(754
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)
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Taxation on an underlying RC basis
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(953
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)
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(1,620
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)
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Non-controlling interests
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20
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(65
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)
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Underlying RC profit attributable to BP shareholders
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791
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2,358
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|
|
|
First
|
|
First
|
|
|
|
|
quarter
|
|
quarter
|
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$ million
|
|
2020
|
|
2019
|
|
|
RC profit before interest and tax
|
|
|
|
||
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Upstream
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1,023
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|
2,884
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Downstream
|
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664
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1,765
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Rosneft
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(17
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)
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486
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Other businesses and corporate
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(698
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)
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(546
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)
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Consolidation adjustment – UPII
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178
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(13
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)
|
|
RC profit before interest and tax
|
|
1,150
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|
4,576
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|
|
Finance costs and net finance expense relating to pensions and other post-retirement benefits
|
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(790
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)
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(882
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)
|
|
Taxation on a RC basis
|
|
(1,008
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)
|
(1,534
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)
|
|
Non-controlling interests
|
|
20
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|
(65
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)
|
|
RC profit (loss) attributable to BP shareholders
|
|
(628
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)
|
2,095
|
|
|
Inventory holding gains (losses)*
|
|
(4,884
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)
|
1,088
|
|
|
Taxation (charge) credit on inventory holding gains and losses
|
|
1,147
|
|
(249
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)
|
|
Profit (loss) for the period attributable to BP shareholders
|
|
(4,365
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)
|
2,934
|
|
|
Operating metrics
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First quarter 2020
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Financial metrics
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First quarter 2020
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(vs. First quarter 2019)
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(vs. First quarter 2019)
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||
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Tier 1 and tier 2 process safety events
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|
21
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|
Underlying RC profit*i
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|
$0.8bn
|
|
|
(-7)
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|
(-$1.6bn)
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||
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Reported recordable injury frequency*
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|
0.152
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|
Operating cash flow excluding Gulf of Mexico oil spill payments (post-tax)
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(a)
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(-4.1%)
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|
|
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||
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Group production
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3,715mboe/d
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Organic capital expenditureii
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$3.5bn
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(-2.8%)
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(-$0.1bn)
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||
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Upstream production (excludes Rosneft segment)
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2,579mboe/d
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|
Gulf of Mexico oil spill payments (post-tax)
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$0.3bn
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(-2.9%)
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(-$0.4bn)
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||
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Upstream unit production costs*
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|
$7.07/boe
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|
Divestment proceeds*
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|
$0.7bn
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(-4.4%)
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|
(+$0.1bn)
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||
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BP-operated Upstream plant reliability*
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93.0%
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|
Gearingiii
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36.2%
|
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|
(-3.2)
|
|
|
(+5.8)
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||
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BP-operated refining availability*
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96.1%
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|
Dividend per ordinary share(b)
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10.50 cents
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(+1.8)
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(2.4%)
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||
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(a)
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SEC regulations do not permit inclusion of this non-GAAP metric in this SEC filing. Operating cash flow excluding Gulf of Mexico oil spill payments is calculated by excluding post-tax payments relating to the Gulf of Mexico oil spill from net cash provided by operating activities, as reported in the condensed group cash flow statement. For the first quarter, net cash provided by operating activities was $1.0 billion and post-tax Gulf of Mexico oil spill payments were $0.3 billion.
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(b)
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Represents dividend announced in the quarter (vs. prior year quarter).
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Nearest GAAP equivalent measures
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i
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(Loss) for the period att. to BP shareholders:
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$(4.4)bn
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ii
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Capital expenditure*:
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$3.9bn
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iii
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Finance debt ratio*:
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43.3%
|
|
The commentary above contains forward-looking statements and should be read in conjunction with the cautionary statement on page 35.
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|
|
First
|
|
First
|
|
|
|
|
quarter
|
|
quarter
|
|
|
$ million
|
|
2020
|
|
2019
|
|
|
Profit before interest and tax
|
|
955
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|
2,886
|
|
|
Inventory holding (gains) losses*
|
|
68
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|
(2
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)
|
|
RC profit before interest and tax
|
|
1,023
|
|
2,884
|
|
|
Net (favourable) adverse impact of non-operating items* and fair value accounting effects*
|
|
848
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|
44
|
|
|
Underlying RC profit before interest and tax*(a)
|
|
1,871
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|
2,928
|
|
|
(a)
|
See page 9 for a reconciliation to segment RC profit before interest and tax by region.
|
|
The commentary above contains forward-looking statements and should be read in conjunction with the cautionary statement on page 35.
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|
|
First
|
|
First
|
|
|
|
|
quarter
|
|
quarter
|
|
|
$ million
|
|
2020
|
|
2019
|
|
|
Underlying RC profit before interest and tax
|
|
|
|
||
|
US
|
|
539
|
|
612
|
|
|
Non-US
|
|
1,332
|
|
2,316
|
|
|
|
|
1,871
|
|
2,928
|
|
|
Non-operating items(a)
|
|
|
|
||
|
US
|
|
(632
|
)
|
(30
|
)
|
|
Non-US
|
|
(439
|
)
|
26
|
|
|
|
|
(1,071
|
)
|
(4
|
)
|
|
Fair value accounting effects
|
|
|
|
||
|
US
|
|
(2
|
)
|
(93
|
)
|
|
Non-US
|
|
225
|
|
53
|
|
|
|
|
223
|
|
(40
|
)
|
|
RC profit (loss) before interest and tax
|
|
|
|
||
|
US
|
|
(95
|
)
|
489
|
|
|
Non-US
|
|
1,118
|
|
2,395
|
|
|
|
|
1,023
|
|
2,884
|
|
|
Exploration expense
|
|
|
|
||
|
US
|
|
20
|
|
25
|
|
|
Non-US
|
|
182
|
|
342
|
|
|
|
|
202
|
|
367
|
|
|
Of which: Exploration expenditure written off
|
|
98
|
|
284
|
|
|
Production (net of royalties)(b)(c)
|
|
|
|
||
|
Liquids* (mb/d)
|
|
|
|
||
|
US
|
|
505
|
|
455
|
|
|
Europe
|
|
147
|
|
159
|
|
|
Rest of World
|
|
655
|
|
685
|
|
|
|
|
1,306
|
|
1,299
|
|
|
Of which equity-accounted entities
|
|
146
|
|
137
|
|
|
Natural gas (mmcf/d)
|
|
|
|
||
|
US
|
|
2,050
|
|
2,310
|
|
|
Europe
|
|
244
|
|
145
|
|
|
Rest of World
|
|
5,093
|
|
5,417
|
|
|
|
|
7,387
|
|
7,872
|
|
|
Of which equity-accounted entities
|
|
489
|
|
459
|
|
|
Total hydrocarbons* (mboe/d)
|
|
|
|
||
|
US
|
|
858
|
|
853
|
|
|
Europe
|
|
189
|
|
184
|
|
|
Rest of World
|
|
1,533
|
|
1,619
|
|
|
|
|
2,579
|
|
2,656
|
|
|
Of which equity-accounted entities
|
|
230
|
|
216
|
|
|
Average realizations*(d)
|
|
|
|
||
|
Total liquids(e) ($/bbl)
|
|
47.47
|
|
56.47
|
|
|
Natural gas ($/mcf)
|
|
2.83
|
|
4.02
|
|
|
Total hydrocarbons ($/boe)
|
|
31.80
|
|
39.37
|
|
|
(a)
|
First quarter 2020 includes impairment charges and loss principally related to the disposal of our Alaska business, BPX Energy assets and oil price impacts in the UK North Sea. See Note 3 for further information.
|
|
(b)
|
Includes BP’s share of production of equity-accounted entities in the Upstream segment.
|
|
(c)
|
Because of rounding, some totals may not agree exactly with the sum of their component parts.
|
|
(d)
|
Realizations are based on sales by consolidated subsidiaries only – this excludes equity-accounted entities.
|
|
(e)
|
Includes condensate, natural gas liquids and bitumen.
|
|
|
|
First
|
|
First
|
|
|
|
|
quarter
|
|
quarter
|
|
|
$ million
|
|
2020
|
|
2019
|
|
|
Profit (loss) before interest and tax
|
|
(3,951
|
)
|
2,811
|
|
|
Inventory holding (gains) losses*
|
|
4,615
|
|
(1,046
|
)
|
|
RC profit before interest and tax
|
|
664
|
|
1,765
|
|
|
Net (favourable) adverse impact of non-operating items* and fair value accounting effects*
|
|
257
|
|
(32
|
)
|
|
Underlying RC profit before interest and tax*(a)
|
|
921
|
|
1,733
|
|
|
(a)
|
See page 11 for a reconciliation to segment RC profit before interest and tax by region and by business.
|
|
The commentary above contains forward-looking statements and should be read in conjunction with the cautionary statement on page 35.
|
|
|
|
First
|
|
First
|
|
|
|
|
quarter
|
|
quarter
|
|
|
$ million
|
|
2020
|
|
2019
|
|
|
Underlying RC profit before interest and tax - by region
|
|
|
|
||
|
US
|
|
557
|
|
531
|
|
|
Non-US
|
|
364
|
|
1,202
|
|
|
|
|
921
|
|
1,733
|
|
|
Non-operating items
|
|
|
|
||
|
US
|
|
6
|
|
1
|
|
|
Non-US
|
|
(4
|
)
|
(5
|
)
|
|
|
|
2
|
|
(4
|
)
|
|
Fair value accounting effects(a)
|
|
|
|
||
|
US
|
|
145
|
|
61
|
|
|
Non-US
|
|
(404
|
)
|
(25
|
)
|
|
|
|
(259
|
)
|
36
|
|
|
RC profit before interest and tax
|
|
|
|
||
|
US
|
|
708
|
|
593
|
|
|
Non-US
|
|
(44
|
)
|
1,172
|
|
|
|
|
664
|
|
1,765
|
|
|
Underlying RC profit before interest and tax - by business(b)(c)
|
|
|
|
||
|
Fuels
|
|
689
|
|
1,292
|
|
|
Lubricants
|
|
167
|
|
272
|
|
|
Petrochemicals
|
|
65
|
|
169
|
|
|
|
|
921
|
|
1,733
|
|
|
Non-operating items and fair value accounting effects(a)
|
|
|
|
||
|
Fuels
|
|
(257
|
)
|
37
|
|
|
Lubricants
|
|
—
|
|
(4
|
)
|
|
Petrochemicals
|
|
—
|
|
(1
|
)
|
|
|
|
(257
|
)
|
32
|
|
|
RC profit before interest and tax(b)(c)
|
|
|
|
||
|
Fuels
|
|
432
|
|
1,329
|
|
|
Lubricants
|
|
167
|
|
268
|
|
|
Petrochemicals
|
|
65
|
|
168
|
|
|
|
|
664
|
|
1,765
|
|
|
|
|
|
|
||
|
BP average refining marker margin (RMM)* ($/bbl)
|
|
8.8
|
|
10.2
|
|
|
|
|
|
|
||
|
Refinery throughputs (mb/d)
|
|
|
|
||
|
US
|
|
748
|
|
735
|
|
|
Europe
|
|
835
|
|
767
|
|
|
Rest of World
|
|
223
|
|
237
|
|
|
|
|
1,806
|
|
1,739
|
|
|
BP-operated refining availability* (%)
|
|
96.1
|
|
94.3
|
|
|
|
|
|
|
||
|
Marketing sales of refined products (mb/d)
|
|
|
|
||
|
US
|
|
1,038
|
|
1,077
|
|
|
Europe
|
|
954
|
|
993
|
|
|
Rest of World
|
|
519
|
|
520
|
|
|
|
|
2,511
|
|
2,590
|
|
|
Trading/supply sales of refined products
|
|
3,377
|
|
3,296
|
|
|
Total sales volumes of refined products
|
|
5,888
|
|
5,886
|
|
|
|
|
|
|
||
|
Petrochemicals production (kte)
|
|
|
|
||
|
US
|
|
611
|
|
601
|
|
|
Europe
|
|
1,371
|
|
1,160
|
|
|
Rest of World
|
|
1,153
|
|
1,299
|
|
|
|
|
3,135
|
|
3,060
|
|
|
(a)
|
For Downstream, fair value accounting effects arise solely in the fuels business. See page 28 for further information.
|
|
(b)
|
Segment-level overhead expenses are included in the fuels business result.
|
|
(c)
|
Results from petrochemicals at our Gelsenkirchen and Mülheim sites in Germany are reported in the fuels business.
|
|
|
|
First
|
|
First
|
|
|
|
|
quarter
|
|
quarter
|
|
|
$ million
|
|
2020(a)
|
|
2019
|
|
|
Profit (loss) before interest and tax(b)(c)
|
|
(218
|
)
|
526
|
|
|
Inventory holding (gains) losses*
|
|
201
|
|
(40
|
)
|
|
RC profit (loss) before interest and tax
|
|
(17
|
)
|
486
|
|
|
Net charge (credit) for non-operating items*
|
|
—
|
|
81
|
|
|
Underlying RC profit (loss) before interest and tax*
|
|
(17
|
)
|
567
|
|
|
|
|
First
|
|
First
|
|
|
|
|
quarter
|
|
quarter
|
|
|
|
|
2020(a)
|
|
2019
|
|
|
Production (net of royalties) (BP share)
|
|
|
|
||
|
Liquids* (mb/d)
|
|
916
|
|
937
|
|
|
Natural gas (mmcf/d)
|
|
1,275
|
|
1,327
|
|
|
Total hydrocarbons* (mboe/d)
|
|
1,136
|
|
1,166
|
|
|
(a)
|
The operational and financial information of the Rosneft segment for the first quarter is based on preliminary operational and financial results of Rosneft for January and February 2020, and estimated results for March 2020. Actual results may differ from these amounts and adjustments will be made as necessary in our second-quarter reporting.
|
|
(b)
|
The Rosneft segment result includes equity-accounted earnings arising from BP’s 19.75% economic interest in Rosneft for the first quarter 2020 as adjusted for accounting required under IFRS relating to BP’s purchase of its interest in Rosneft and the amortization of the deferred gain relating to the divestment of BP’s interest in TNK-BP. These adjustments increase the segment's reported profit before interest and tax, as shown in the table above, compared with the amounts reported in Rosneft’s IFRS financial statements.
|
|
(c)
|
BP’s adjusted share of Rosneft’s earnings after Rosneft's own finance costs, taxation and non-controlling interests is included in the BP group income statement within profit before interest and taxation. For each year-to-date period it is calculated by translating the amounts reported in Russian roubles into US dollars using the average exchange rate for the year to date.
|
|
|
|
First
|
|
First
|
|
|
|
|
quarter
|
|
quarter
|
|
|
$ million
|
|
2020
|
|
2019
|
|
|
Profit (loss) before interest and tax
|
|
(698
|
)
|
(546
|
)
|
|
Inventory holding (gains) losses*
|
|
—
|
|
—
|
|
|
RC profit (loss) before interest and tax
|
|
(698
|
)
|
(546
|
)
|
|
Net charge (credit) for non-operating items*
|
|
137
|
|
128
|
|
|
Underlying RC profit (loss) before interest and tax*
|
|
(561
|
)
|
(418
|
)
|
|
Underlying RC profit (loss) before interest and tax
|
|
|
|
||
|
US
|
|
(124
|
)
|
(155
|
)
|
|
Non-US
|
|
(437
|
)
|
(263
|
)
|
|
|
|
(561
|
)
|
(418
|
)
|
|
Non-operating items
|
|
|
|
||
|
US
|
|
(48
|
)
|
(128
|
)
|
|
Non-US
|
|
(89
|
)
|
—
|
|
|
|
|
(137
|
)
|
(128
|
)
|
|
RC profit (loss) before interest and tax
|
|
|
|
||
|
US
|
|
(172
|
)
|
(283
|
)
|
|
Non-US
|
|
(526
|
)
|
(263
|
)
|
|
|
|
(698
|
)
|
(546
|
)
|
|
The commentary above contains forward-looking statements and should be read in conjunction with the cautionary statement on page 35.
|
|
|
|
First
|
|
First
|
|
|
|
|
quarter
|
|
quarter
|
|
|
$ million
|
|
2020
|
|
2019
|
|
|
|
|
|
|
||
|
Sales and other operating revenues (Note 5)
|
|
59,650
|
|
66,321
|
|
|
Earnings from joint ventures – after interest and tax
|
|
(22
|
)
|
185
|
|
|
Earnings from associates – after interest and tax(a)
|
|
(244
|
)
|
649
|
|
|
Interest and other income
|
|
140
|
|
163
|
|
|
Gains on sale of businesses and fixed assets
|
|
16
|
|
89
|
|
|
Total revenues and other income
|
|
59,540
|
|
67,407
|
|
|
Purchases
|
|
48,878
|
|
48,272
|
|
|
Production and manufacturing expenses
|
|
6,099
|
|
5,356
|
|
|
Production and similar taxes (Note 7)
|
|
203
|
|
424
|
|
|
Depreciation, depletion and amortization (Note 6)
|
|
4,059
|
|
4,461
|
|
|
Impairment and losses on sale of businesses and fixed assets (Note 3)
|
|
1,149
|
|
96
|
|
|
Exploration expense
|
|
202
|
|
367
|
|
|
Distribution and administration expenses
|
|
2,684
|
|
2,767
|
|
|
Profit (loss) before interest and taxation
|
|
(3,734
|
)
|
5,664
|
|
|
Finance costs
|
|
783
|
|
867
|
|
|
Net finance expense relating to pensions and other post-retirement benefits
|
|
7
|
|
15
|
|
|
Profit (loss) before taxation
|
|
(4,524
|
)
|
4,782
|
|
|
Taxation
|
|
(139
|
)
|
1,783
|
|
|
Profit (loss) for the period
|
|
(4,385
|
)
|
2,999
|
|
|
Attributable to
|
|
|
|
||
|
BP shareholders
|
|
(4,365
|
)
|
2,934
|
|
|
Non-controlling interests
|
|
(20
|
)
|
65
|
|
|
|
|
(4,385
|
)
|
2,999
|
|
|
|
|
|
|
||
|
Earnings per share (Note 8)
|
|
|
|
||
|
Profit (loss) for the period attributable to BP shareholders
|
|
|
|
||
|
Per ordinary share (cents)
|
|
|
|
||
|
Basic
|
|
(21.63
|
)
|
14.54
|
|
|
Diluted
|
|
(21.63
|
)
|
14.47
|
|
|
Per ADS (dollars)
|
|
|
|
||
|
Basic
|
|
(1.30
|
)
|
0.87
|
|
|
Diluted
|
|
(1.30
|
)
|
0.87
|
|
|
(a)
|
The financial information of the Rosneft segment for the first quarter is based on preliminary financial results of Rosneft for January and February 2020, and estimated results for March 2020. Actual results may differ from these amounts and adjustments will be made as necessary in our second-quarter reporting.
|
|
|
|
First
|
|
First
|
|
|
|
|
quarter
|
|
quarter
|
|
|
$ million
|
|
2020
|
|
2019
|
|
|
|
|
|
|
||
|
Profit (loss) for the period
|
|
(4,385
|
)
|
2,999
|
|
|
Other comprehensive income
|
|
|
|
||
|
Items that may be reclassified subsequently to profit or loss
|
|
|
|
||
|
Currency translation differences(a)
|
|
(4,642
|
)
|
989
|
|
|
Exchange (gains) losses on translation of foreign operations reclassified to gain or loss on sale of businesses and fixed assets
|
|
1
|
|
—
|
|
|
Cash flow hedges and costs of hedging
|
|
85
|
|
19
|
|
|
Share of items relating to equity-accounted entities, net of tax
|
|
442
|
|
(50
|
)
|
|
Income tax relating to items that may be reclassified
|
|
117
|
|
(34
|
)
|
|
|
|
(3,997
|
)
|
924
|
|
|
Items that will not be reclassified to profit or loss
|
|
|
|
||
|
Remeasurements of the net pension and other post-retirement benefit liability or asset(b)
|
|
1,719
|
|
(853
|
)
|
|
Cash flow hedges that will subsequently be transferred to the balance sheet
|
|
(8
|
)
|
8
|
|
|
Income tax relating to items that will not be reclassified
|
|
(623
|
)
|
273
|
|
|
|
|
1,088
|
|
(572
|
)
|
|
Other comprehensive income
|
|
(2,909
|
)
|
352
|
|
|
Total comprehensive income
|
|
(7,294
|
)
|
3,351
|
|
|
Attributable to
|
|
|
|
||
|
BP shareholders
|
|
(7,217
|
)
|
3,281
|
|
|
Non-controlling interests
|
|
(77
|
)
|
70
|
|
|
|
|
(7,294
|
)
|
3,351
|
|
|
(a)
|
First quarter 2020 was principally affected by the weakening of the Russian rouble against the US Dollar.
|
|
(b)
|
See Note 1 for further information.
|
|
|
|
BP shareholders’
|
|
Non-controlling
|
|
Total
|
|
|
$ million
|
|
equity
|
|
interests
|
|
equity
|
|
|
At 1 January 2020
|
|
98,412
|
|
2,296
|
|
100,708
|
|
|
|
|
|
|
|
|||
|
Total comprehensive income
|
|
(7,217
|
)
|
(77
|
)
|
(7,294
|
)
|
|
Dividends
|
|
(2,120
|
)
|
(31
|
)
|
(2,151
|
)
|
|
Cash flow hedges transferred to the balance sheet, net of tax
|
|
3
|
|
—
|
|
3
|
|
|
Repurchase of ordinary share capital
|
|
(776
|
)
|
—
|
|
(776
|
)
|
|
Share-based payments, net of tax
|
|
(15
|
)
|
—
|
|
(15
|
)
|
|
Share of equity-accounted entities’ changes in equity, net of tax
|
|
(5
|
)
|
—
|
|
(5
|
)
|
|
Transactions involving non-controlling interests, net of tax
|
|
4
|
|
6
|
|
10
|
|
|
At 31 March 2020
|
|
88,286
|
|
2,194
|
|
90,480
|
|
|
|
|
|
|
|
|||
|
|
|
BP shareholders’
|
|
Non-controlling
|
|
Total
|
|
|
$ million
|
|
equity
|
|
interests
|
|
equity
|
|
|
At 31 December 2018
|
|
99,444
|
|
2,104
|
|
101,548
|
|
|
Adjustment on adoption of IFRS 16, net of tax(a)
|
|
(329
|
)
|
(1
|
)
|
(330
|
)
|
|
At 1 January 2019
|
|
99,115
|
|
2,103
|
|
101,218
|
|
|
|
|
|
|
|
|||
|
Total comprehensive income
|
|
3,281
|
|
70
|
|
3,351
|
|
|
Dividends
|
|
(1,435
|
)
|
(36
|
)
|
(1,471
|
)
|
|
Cash flow hedges transferred to the balance sheet, net of tax
|
|
5
|
|
—
|
|
5
|
|
|
Repurchase of ordinary share capital
|
|
(50
|
)
|
—
|
|
(50
|
)
|
|
Share-based payments, net of tax
|
|
280
|
|
—
|
|
280
|
|
|
Share of equity-accounted entities’ changes in equity, net of tax
|
|
3
|
|
—
|
|
3
|
|
|
At 31 March 2019
|
|
101,199
|
|
2,137
|
|
103,336
|
|
|
(a)
|
See Note 1 in BP Annual Report and Form 20-F 2019 for further information.
|
|
|
|
31 March
|
|
31 December
|
|
|
$ million
|
|
2020
|
|
2019
|
|
|
Non-current assets
|
|
|
|
||
|
Property, plant and equipment
|
|
130,226
|
|
132,642
|
|
|
Goodwill
|
|
11,692
|
|
11,868
|
|
|
Intangible assets
|
|
15,555
|
|
15,539
|
|
|
Investments in joint ventures
|
|
9,655
|
|
9,991
|
|
|
Investments in associates
|
|
17,319
|
|
20,334
|
|
|
Other investments
|
|
1,084
|
|
1,276
|
|
|
Fixed assets
|
|
185,531
|
|
191,650
|
|
|
Loans
|
|
619
|
|
630
|
|
|
Trade and other receivables
|
|
2,074
|
|
2,147
|
|
|
Derivative financial instruments
|
|
7,836
|
|
6,314
|
|
|
Prepayments
|
|
793
|
|
781
|
|
|
Deferred tax assets
|
|
4,693
|
|
4,560
|
|
|
Defined benefit pension plan surpluses
|
|
8,014
|
|
7,053
|
|
|
|
|
209,560
|
|
213,135
|
|
|
Current assets
|
|
|
|
||
|
Loans
|
|
356
|
|
339
|
|
|
Inventories
|
|
11,641
|
|
20,880
|
|
|
Trade and other receivables
|
|
17,210
|
|
24,442
|
|
|
Derivative financial instruments
|
|
8,224
|
|
4,153
|
|
|
Prepayments
|
|
834
|
|
857
|
|
|
Current tax receivable
|
|
1,600
|
|
1,282
|
|
|
Other investments
|
|
88
|
|
169
|
|
|
Cash and cash equivalents
|
|
18,139
|
|
22,472
|
|
|
|
|
58,092
|
|
74,594
|
|
|
Assets classified as held for sale (Note 2)
|
|
6,212
|
|
7,465
|
|
|
|
|
64,304
|
|
82,059
|
|
|
Total assets
|
|
273,864
|
|
295,194
|
|
|
Current liabilities
|
|
|
|
||
|
Trade and other payables
|
|
34,420
|
|
46,829
|
|
|
Derivative financial instruments
|
|
5,846
|
|
3,261
|
|
|
Accruals
|
|
3,854
|
|
5,066
|
|
|
Lease liabilities
|
|
2,097
|
|
2,067
|
|
|
Finance debt
|
|
12,376
|
|
10,487
|
|
|
Current tax payable
|
|
1,673
|
|
2,039
|
|
|
Provisions
|
|
2,414
|
|
2,453
|
|
|
|
|
62,680
|
|
72,202
|
|
|
Liabilities directly associated with assets classified as held for sale (Note 2)
|
|
1,018
|
|
1,393
|
|
|
|
|
63,698
|
|
73,595
|
|
|
Non-current liabilities
|
|
|
|
||
|
Other payables
|
|
12,323
|
|
12,626
|
|
|
Derivative financial instruments
|
|
6,470
|
|
5,537
|
|
|
Accruals
|
|
954
|
|
996
|
|
|
Lease liabilities
|
|
7,276
|
|
7,655
|
|
|
Finance debt
|
|
56,741
|
|
57,237
|
|
|
Deferred tax liabilities
|
|
9,771
|
|
9,750
|
|
|
Provisions
|
|
18,057
|
|
18,498
|
|
|
Defined benefit pension plan and other post-retirement benefit plan deficits
|
|
8,094
|
|
8,592
|
|
|
|
|
119,686
|
|
120,891
|
|
|
Total liabilities
|
|
183,384
|
|
194,486
|
|
|
Net assets
|
|
90,480
|
|
100,708
|
|
|
Equity
|
|
|
|
||
|
BP shareholders’ equity
|
|
88,286
|
|
98,412
|
|
|
Non-controlling interests
|
|
2,194
|
|
2,296
|
|
|
Total equity
|
|
90,480
|
|
100,708
|
|
|
|
|
First
|
|
First
|
|
|
|
|
quarter
|
|
quarter
|
|
|
$ million
|
|
2020
|
|
2019
|
|
|
Operating activities
|
|
|
|
||
|
Profit (loss) before taxation
|
|
(4,524
|
)
|
4,782
|
|
|
Adjustments to reconcile profit (loss) before taxation to net cash provided by operating activities
|
|
|
|
||
|
Depreciation, depletion and amortization and exploration expenditure written off
|
|
4,157
|
|
4,745
|
|
|
Impairment and (gain) loss on sale of businesses and fixed assets
|
|
1,133
|
|
7
|
|
|
Earnings from equity-accounted entities, less dividends received
|
|
505
|
|
(589
|
)
|
|
Net charge for interest and other finance expense, less net interest paid
|
|
137
|
|
88
|
|
|
Share-based payments
|
|
(6
|
)
|
297
|
|
|
Net operating charge for pensions and other post-retirement benefits, less contributions and benefit payments for unfunded plans
|
|
(20
|
)
|
(77
|
)
|
|
Net charge for provisions, less payments
|
|
(59
|
)
|
(116
|
)
|
|
Movements in inventories and other current and non-current assets and liabilities
|
|
683
|
|
(2,695
|
)
|
|
Income taxes paid
|
|
(1,054
|
)
|
(1,146
|
)
|
|
Net cash provided by operating activities
|
|
952
|
|
5,296
|
|
|
Investing activities
|
|
|
|
||
|
Expenditure on property, plant and equipment, intangible and other assets
|
|
(3,789
|
)
|
(3,695
|
)
|
|
Acquisitions, net of cash acquired
|
|
(17
|
)
|
(1,795
|
)
|
|
Investment in joint ventures
|
|
(18
|
)
|
—
|
|
|
Investment in associates
|
|
(37
|
)
|
(145
|
)
|
|
Total cash capital expenditure
|
|
(3,861
|
)
|
(5,635
|
)
|
|
Proceeds from disposal of fixed assets
|
|
10
|
|
235
|
|
|
Proceeds from disposal of businesses, net of cash disposed
|
|
671
|
|
365
|
|
|
Proceeds from loan repayments
|
|
63
|
|
55
|
|
|
Net cash used in investing activities
|
|
(3,117
|
)
|
(4,980
|
)
|
|
Financing activities
|
|
|
|
||
|
Net issue (repurchase) of shares (Note 8)
|
|
(776
|
)
|
(45
|
)
|
|
Lease liability payments
|
|
(569
|
)
|
(617
|
)
|
|
Proceeds from long-term financing
|
|
2,684
|
|
2,124
|
|
|
Repayments of long-term financing
|
|
(3,717
|
)
|
(2,640
|
)
|
|
Net increase (decrease) in short-term debt
|
|
2,517
|
|
1,089
|
|
|
Net increase (decrease) in non-controlling interests
|
|
9
|
|
—
|
|
|
Dividends paid - BP shareholders
|
|
(2,102
|
)
|
(1,435
|
)
|
|
- non-controlling interests
|
|
(31
|
)
|
(36
|
)
|
|
Net cash provided by (used in) financing activities
|
|
(1,985
|
)
|
(1,560
|
)
|
|
Currency translation differences relating to cash and cash equivalents
|
|
(183
|
)
|
32
|
|
|
Increase (decrease) in cash and cash equivalents
|
|
(4,333
|
)
|
(1,212
|
)
|
|
Cash and cash equivalents at beginning of period
|
|
22,472
|
|
22,468
|
|
|
Cash and cash equivalents at end of period
|
|
18,139
|
|
21,256
|
|
|
–
|
the interest rate benchmark component at initial designation of fair value hedges is separately identifiable; and
|
|
–
|
the interest rate benchmark is not altered for the purposes of assessing the economic relationship between the hedged item and the hedging instrument for fair value hedges.
|
|
–
|
Revenues and purchases from such contracts will be measured at the contractual transaction price plus the carrying amount of the related derivative at the date of settlement. Realized derivative gains and losses on physically settled derivative contracts will be included in other revenues.
|
|
–
|
It is expected there will be no significant effect on comparative information for ‘Sales and other operating revenues’ and ‘Purchases’ as presented in the group income statement.
|
|
–
|
There will be no significant effect on net assets or on comparative information for ‘Profit before taxation’ or ‘Profit after taxation’ as presented in the group income statement.
|
|
|
|
First
|
|
First
|
|
|
|
|
quarter
|
|
quarter
|
|
|
$ million
|
|
2020
|
|
2019
|
|
|
Upstream
|
|
1,023
|
|
2,884
|
|
|
Downstream
|
|
664
|
|
1,765
|
|
|
Rosneft
|
|
(17
|
)
|
486
|
|
|
Other businesses and corporate
|
|
(698
|
)
|
(546
|
)
|
|
|
|
972
|
|
4,589
|
|
|
Consolidation adjustment – UPII*
|
|
178
|
|
(13
|
)
|
|
RC profit (loss) before interest and tax*
|
|
1,150
|
|
4,576
|
|
|
Inventory holding gains (losses)*
|
|
|
|
||
|
Upstream
|
|
(68
|
)
|
2
|
|
|
Downstream
|
|
(4,615
|
)
|
1,046
|
|
|
Rosneft (net of tax)
|
|
(201
|
)
|
40
|
|
|
Profit (loss) before interest and tax
|
|
(3,734
|
)
|
5,664
|
|
|
Finance costs
|
|
783
|
|
867
|
|
|
Net finance expense relating to pensions and other post-retirement benefits
|
|
7
|
|
15
|
|
|
Profit (loss) before taxation
|
|
(4,524
|
)
|
4,782
|
|
|
|
|
|
|
||
|
RC profit (loss) before interest and tax*
|
|
|
|
||
|
US
|
|
595
|
|
771
|
|
|
Non-US
|
|
555
|
|
3,805
|
|
|
|
|
1,150
|
|
4,576
|
|
|
|
|
First
|
|
First
|
|
|
|
|
quarter
|
|
quarter
|
|
|
$ million
|
|
2020
|
|
2019
|
|
|
By segment
|
|
|
|
||
|
Upstream
|
|
11,464
|
|
14,594
|
|
|
Downstream
|
|
53,964
|
|
58,416
|
|
|
Other businesses and corporate
|
|
453
|
|
356
|
|
|
|
|
65,881
|
|
73,366
|
|
|
|
|
|
|
||
|
Less: sales and other operating revenues between segments
|
|
|
|
||
|
Upstream
|
|
6,907
|
|
6,324
|
|
|
Downstream
|
|
(782
|
)
|
586
|
|
|
Other businesses and corporate
|
|
106
|
|
135
|
|
|
|
|
6,231
|
|
7,045
|
|
|
|
|
|
|
||
|
Third party sales and other operating revenues
|
|
|
|
||
|
Upstream
|
|
4,557
|
|
8,270
|
|
|
Downstream
|
|
54,746
|
|
57,830
|
|
|
Other businesses and corporate
|
|
347
|
|
221
|
|
|
Total sales and other operating revenues
|
|
59,650
|
|
66,321
|
|
|
|
|
|
|
||
|
By geographical area
|
|
|
|
||
|
US
|
|
21,219
|
|
21,848
|
|
|
Non-US
|
|
43,955
|
|
49,618
|
|
|
|
|
65,174
|
|
71,466
|
|
|
Less: sales and other operating revenues between areas
|
|
5,524
|
|
5,145
|
|
|
|
|
59,650
|
|
66,321
|
|
|
|
|
|
|
||
|
Revenues from contracts with customers(a)
|
|
|
|
||
|
Sales and other operating revenues include the following in relation to revenues from contracts with customers:
|
|
|
|
||
|
Crude oil
|
|
1,435
|
|
2,490
|
|
|
Oil products
|
|
20,254
|
|
22,705
|
|
|
Natural gas, LNG and NGLs
|
|
3,638
|
|
5,357
|
|
|
Non-oil products and other revenues from contracts with customers
|
|
2,853
|
|
3,236
|
|
|
Revenue from contracts with customers
|
|
28,180
|
|
33,788
|
|
|
Other operating revenues(b)
|
|
31,470
|
|
32,533
|
|
|
Total sales and other operating revenues
|
|
59,650
|
|
66,321
|
|
|
(a)
|
Comparative information for revenue from contracts with customers and other operating revenues has been represented to align with the current period. See Note 1 for further information.
|
|
(b)
|
Principally relates to physically settled derivative sales contracts.
|
|
|
|
First
|
|
First
|
|
|
|
|
quarter
|
|
quarter
|
|
|
$ million
|
|
2020
|
|
2019
|
|
|
Upstream
|
|
|
|
||
|
US
|
|
1,068
|
|
1,113
|
|
|
Non-US
|
|
2,082
|
|
2,498
|
|
|
|
|
3,150
|
|
3,611
|
|
|
Downstream
|
|
|
|
||
|
US
|
|
342
|
|
323
|
|
|
Non-US
|
|
405
|
|
383
|
|
|
|
|
747
|
|
706
|
|
|
Other businesses and corporate
|
|
|
|
||
|
US
|
|
15
|
|
13
|
|
|
Non-US
|
|
147
|
|
131
|
|
|
|
|
162
|
|
144
|
|
|
Total group
|
|
4,059
|
|
4,461
|
|
|
|
|
First
|
|
First
|
|
|
|
|
quarter
|
|
quarter
|
|
|
$ million
|
|
2020
|
|
2019
|
|
|
US
|
|
13
|
|
81
|
|
|
Non-US
|
|
190
|
|
343
|
|
|
|
|
203
|
|
424
|
|
|
|
|
First
|
|
First
|
|
|
|
|
quarter
|
|
quarter
|
|
|
$ million
|
|
2020
|
|
2019
|
|
|
Results for the period
|
|
|
|
||
|
Profit (loss) for the period attributable to BP shareholders
|
|
(4,365
|
)
|
2,934
|
|
|
Less: preference dividend
|
|
—
|
|
—
|
|
|
Profit (loss) attributable to BP ordinary shareholders
|
|
(4,365
|
)
|
2,934
|
|
|
|
|
|
|
||
|
Number of shares (thousand)(a)(b)
|
|
|
|
||
|
Basic weighted average number of shares outstanding
|
|
20,178,803
|
|
20,175,634
|
|
|
ADS equivalent
|
|
3,363,133
|
|
3,362,605
|
|
|
|
|
|
|
||
|
Weighted average number of shares outstanding used to calculate diluted earnings per share
|
|
20,178,803
|
|
20,281,773
|
|
|
ADS equivalent
|
|
3,363,133
|
|
3,380,295
|
|
|
|
|
|
|
||
|
Shares in issue at period-end
|
|
20,197,527
|
|
20,330,597
|
|
|
ADS equivalent
|
|
3,366,254
|
|
3,388,432
|
|
|
(a)
|
Excludes treasury shares and includes certain shares that will be issued in the future under employee share-based payment plans.
|
|
(b)
|
If the inclusion of potentially issuable shares would decrease loss per share, the potentially issuable shares are excluded from the weighted average number of shares outstanding used to calculate diluted earnings per share. The number of potentially issuable shares that have been excluded from the calculation for the first quarter 2020 is 74,240 thousand (ADS equivalent 12,374 thousand).
|
|
|
|
First
|
|
First
|
|
|
|
|
quarter
|
|
quarter
|
|
|
|
|
2020
|
|
2019
|
|
|
Dividends paid per ordinary share
|
|
|
|
||
|
cents
|
|
10.500
|
|
10.250
|
|
|
pence
|
|
8.156
|
|
7.738
|
|
|
Dividends paid per ADS (cents)
|
|
63.00
|
|
61.50
|
|
|
Scrip dividends
|
|
|
|
||
|
Number of shares issued (millions)
|
|
—
|
|
90.1
|
|
|
Value of shares issued ($ million)
|
|
—
|
|
629
|
|
|
Net debt*
|
|
First
|
|
Fourth
|
|
First
|
|
|
|
|
quarter
|
|
quarter
|
|
quarter
|
|
|
$ million
|
|
2020
|
|
2019
|
|
2019
|
|
|
Finance debt(a)
|
|
69,117
|
|
67,724
|
|
65,990
|
|
|
Fair value (asset) liability of hedges related to finance debt(b)
|
|
426
|
|
190
|
|
350
|
|
|
|
|
69,543
|
|
67,914
|
|
66,340
|
|
|
Less: cash and cash equivalents
|
|
18,139
|
|
22,472
|
|
21,256
|
|
|
Net debt
|
|
51,404
|
|
45,442
|
|
45,084
|
|
|
Total equity
|
|
90,480
|
|
100,708
|
|
103,336
|
|
|
Gearing*
|
|
36.2%
|
31.1%
|
30.4%
|
|||
|
(a)
|
The fair value of finance debt at 31 March 2020 was $67,500 million (31 December 2019 $69,376 million).
|
|
(b)
|
Derivative financial instruments entered into for the purpose of managing interest rate and foreign currency exchange risk associated with net debt with a fair value liability position of $663 million (fourth quarter 2019 liability of $601 million and first quarter 2019 liability of $609 million) are not included in the calculation of net debt shown above as hedge accounting is not applied for these instruments.
|
|
Net debt including leases*
|
|
First
|
|
Fourth
|
|
First
|
|
|
|
|
quarter
|
|
quarter
|
|
quarter
|
|
|
$ million
|
|
2020
|
|
2019
|
|
2019
|
|
|
Net debt
|
|
51,404
|
|
45,442
|
|
45,084
|
|
|
Lease liabilities
|
|
9,373
|
|
9,722
|
|
10,294
|
|
|
Net partner (receivable) payable for leases entered into on behalf of joint operations
|
|
(159
|
)
|
(158
|
)
|
(303
|
)
|
|
Net debt including leases
|
|
60,618
|
|
55,006
|
|
55,075
|
|
|
|
|
First
|
|
First
|
|
|
|
|
quarter
|
|
quarter
|
|
|
$ million
|
|
2020
|
|
2019
|
|
|
Capital expenditure on a cash basis
|
|
|
|
||
|
Organic capital expenditure*
|
|
3,539
|
|
3,648
|
|
|
Inorganic capital expenditure*(a)
|
|
322
|
|
1,987
|
|
|
|
|
3,861
|
|
5,635
|
|