Annual Report And Form 20-F 2012 - BP
Annual Report andForm 20-F 2012bp.com/annualreportBuilding a stronger,safer BP
Annual Report andForm 20-F 2012bp.com/annualreportBuilding a stronger,safer BPFront cover imageryThe Petroleum Geo-Services (PGS)Ramform Sterling seismic vessel,which conducts seismic surveysfor BP.Left image: the vessel working inthe Ceduna Basin, Australia.Centre image: the vessel tows 12streamers (pictured) behind it, each8km long and equipped withhydrophones to pick up echoesfrom the rocks below the seabed.Right image: seismic data is pickedup by vessel’s onboard computersystem.BP Annual Report and Form 20-F 2012
6372808284909498UpstreamDownstreamTNK-BPOther businesses and corporateOil and gas disclosures for the groupLiquidity and capital resourcesRegulation of the group’s businessCertain definitions122Safety, ethics and environmentassurance committeeGulf of Mexico committeeNomination committeeChairman’s committeeUK Corporate Governance CodecomplianceDirectors’ remuneration reportRegulatory information101 Corporate governance102104109112114116117120Governance overviewBoard of directorsExecutive teamHow the board worksBoard effectivenessShareholder engagementRisk in BPAudit committee124125126126127147153 Shareholder information154154155155155157158Called-up share capitalShare prices and listingsDividendsUK foreign exchange controls on dividendsShareholder taxation informationMajor shareholdersPurchases of equity securities by theissuer and affiliated purchasers158159159159159Fees and charges payable by ADSs holdersFees and payments made by theDepositary to the issuerDocuments on displayAdministrationAnnual general meeting174175175Material contractsRelated-party transactionsExhibits263Supplementary information on oil andnatural gas (unaudited)Parent company financial statementsof BP p.l.c.161 Additional disclosures162171174Legal proceedingsCritical accounting policiesRelationships with suppliersand contractors177 Financial statements178179186Statement of directors’ responsibilitiesConsolidated financial statements ofthe BP groupNotes on financial statementsPC1Pages 177 – PC11Financial reviewRisk factorsSafetyEnvironmental and social responsibilityEmployeesTechnologyGulf of Mexico oil spillFinancial statements34384651555759Pages 161 – 17633 Business review: BP in more depthAdditional disclosuresOur strategyOur performanceOur key performance indicatorsOur management of riskCautionary statementPages 153 – 1602022283032Shareholder informationBP at a glanceChairman’s letterGroup chief executive’s letterEnergy outlookOur business modelPages 101 – 15248101215Corporate governanceBusiness review: Group overviewPages 33 – 1003Business review: BP in more depthInformation about this reportPages 35 – 3200The group made good progressthis year. We workedto enhance safety and riskmanagement. We continued tomeet our commitments in theGulf of Mexico. We sold assetsand reduced complexity. Andwe focused investment on areaswhere we see higher margins.Over the following pages, wereport on the actions taken tobuild a stronger, safer BP.2Business review: Group overviewBP in 201220F Cross reference to Form 20-FIntroduction and contentsBP Annual Report and Form 20-F 20121
Information about this reportFrequent abbreviationsADRAmerican depositary receipt.ADSAmerican depositary share.Barrel (bbl)159 litres, 42 US gallons.b/dBarrels per day.boeBarrels of oil equivalent.GAAPGenerally accepted accounting practice.GasNatural gas.HydrocarbonsCrude oil and natural gas.IFRSInternational Financial Reporting Standards.LiquidsCrude oil, condensate and natural gas liquids.LNGLiquefied natural gas.LPGLiquefied petroleum gas.mb/dThousand barrels per day.mboe/dThousand barrels of oil equivalent per day.mmboeMillion barrels of oil equivalent.mmBtuMillion British thermal units.MWMegawatt.NGLsNatural gas liquids.PSAProduction-sharing agreement.RCReplacement cost.SECThe United States Securities andExchange Commission.Tonne2,204.6 pounds.Certain definitionsFor definitions of certain financial andcontractual terms see pages 98-99.Key performance indicatorsDefinitions for our group KPIs areprovided on pages 28-29.2 Business review: Group overviewBP Annual Report and Form 20-F 2012Cautionary statementThis document should be read inconjunction with the cautionarystatement on page 32.This document constitutes the Annual Report and Accounts in accordance with UK requirementsand the Annual Report on Form 20-F in accordance with the US Securities Exchange Act of 1934,for BP p.l.c. for the year ended 31 December 2012. A cross reference to Form 20-F requirementsis on page 20F.This document contains the Directors’ Report, including the Business Review and ManagementReport, on pages 3-126 and 147-175, and 178. The Directors’ Remuneration Report is on pages127-145. The consolidated financial statements of the group are on pages 177-286 and thecorresponding reports of the auditor are on pages 179-181. The parent company financialstatements of BP p.l.c. and corresponding auditor’s report are on pages PC2-PC11 and page PC1respectively.The statement of directors’ responsibilities, the independent auditor’s report on the annual reportand accounts to the members of BP p.l.c. and the parent company financial statements of BP p.l.c.and corresponding auditor’s report do not form part of BP’s Annual Report on Form 20-F as filedwith the SEC.BP Annual Report and Form 20-F 2012 and BP Summary Review 2012 may be downloaded frombp.com/annualreport. No material on the BP website, other than the items identified as BP AnnualReport and Form 20-F 2012 or BP Summary Review 2012, forms any part of those documents.BP p.l.c. is the parent company of the BP group of companies. The company was incorporated in1909 in England and Wales and changed its name to BP p.l.c. in 2001. Where we refer to thecompany, we mean BP p.l.c. Unless otherwise stated, the text does not distinguish between theactivities and operations of the parent company and those of its subsidiaries, and information in thisdocument reflects 100% of the assets and operations of the company and its subsidiaries that wereconsolidated at the date or for the periods indicated, including minority interests. BP’s primary sharelisting is the London Stock Exchange. Ordinary shares are also traded on the Frankfurt StockExchange in Germany and, in the US, the company’s securities are traded on the New York StockExchange in the form of ADSs (see page 154 for more details).The term ‘shareholder’ in this report means, unless the context otherwise requires, investors in theequity capital of BP p.l.c., both direct and indirect. As BP shares, in the form of ADSs, are listed onthe New York Stock Exchange (NYSE), an Annual Report on Form 20-F is filed with the USSecurities and Exchange Commission (SEC). Ordinary shares are ordinary fully paid shares in BPp.l.c. of 25 cents each. Preference shares are cumulative first preference shares and cumulativesecond preference shares in BP p.l.c. of 1 each.Trade marks of the BP group appear throughout this Annual Report and Form 20-F in italics.They include:ampmAralARCOBPBP UltimateCastrolCastrol CRBCastrol EDGECastrol MagnatecDesigner WaterField of the FutureLoSalProject 20KPushing Reservoir LimitsVeba Combi-Cracking (VCC)EcoBoost is a trade mark of Ford Motor Company.SkyMine is a trade mark of Skyonic Corporation.Permasense is a trade mark of Permasense Limited.Registered office and our worldwideheadquarters:Our agent in the US:BP p.l.c.1 St James’s SquareLondon SW1Y 4PDUKTel 44 (0)20 7496 4000BP America Inc.501 Westlake Park BoulevardHouston, Texas 77079USTel 1 281 366 2000Registered in England and Wales No. 102498.Stock exchange symbol ‘BP’.
4BP at a glanceGroup overview8Chairman’s letterAn overview of the key actions,events and results in 2012,together with commentaryon BP’s performance in theyear and our priorities as wemove forward.Business review: Group overviewBusiness reviewCarl-Henric Svanberg sets out the board’s prioritiesin 2012 and BP’s prospects moving forward.10Group chief executive’s letterBob Dudley reviews the company’s progress as we workto build a stronger, safer BP.12Energy outlookOur views on the factors likely to shape energy demand and supply, frompopulation and the energy mix, to policy, prices and access.15Our business modelAn overview of how we are organized, the ways in whichwe create value, and our distinctive strengths.20 Our strategyOur priorities as we work to create a distinctiveplatform for growth.22 Our performanceFrom progress in Russia to new exploration access; areview of important actions and events during the year.28 Our key performance indicatorsHow we performed as measured by our key financialand non-financial indicators.30 Our management of riskA summary of the risks we face in our business.32 Cautionary statementBusiness review: Group overviewBP Annual Report and Form 20-F 20123
BP at a glanceWho we areWe aim to create value forshareholders by helping tomeet growing demand forenergy in a responsible way.Business modelFor more information on our businessmodel see pages 15 -19.Our business modelFindingDeveloping and extractingoil and gasoil and gasFirst, we acquire exploration rights,then we search for hydrocarbonsbeneath the earth’s surface.Once we have found hydrocarbons,we work to bring them to the surface.Our activities also generate jobs, investment,infrastructure and revenues for governmentsand local communities. We operate in over80 countries.Our priorities are to enhance safety andrisk management, earn back trust and growvalue. We strive to be a safety leader in ourindustry, a world-class operator, a responsiblecorporate citizen and a good employer.We are working to build a stronger, saferBP that plays to its distinctive strengths andcapabilities: exploration, operations in deepwater, the managing of giant fields and gasvalue chains, and our downstream business.Innovative technology and strong relationshipswith governments, partners and communitiesaround the world underpin our activities.The key performance indicators (KPIs) forBP are shown on pages 28-29. Some of thefinancial KPIs are not recognized GAAPmeasures, but are provided for investorsbecause they are closely tracked bymanagement to evaluate BP’s operatingperformance and to make financial, strategicand operating decisions.GroupUpstreamBP p.l.c. is the parent company of theBP group of companies. Our worldwideheadquarters is in London.Our Upstream segment manages its exploration, development and production activitiesthrough global functions with specialist areas of expertise.Employees by business segmentProved reservesb1. Downstream*2. Upstream3. Other businessesand corporateand Gulf CoastRestorationOrganizationTotal1311.6 bn profit attributable toBP shareholders18.7%gearing(net debt ratio)a 85,70020.4 bn operating cash flow1922.5 bn4 1*Including service stationstaff.2a51,30024,00010,400%reduction in loss ofprimary containment324 BP at a glanceBP Annual Report and Form 20-F 20122replacement cost profitbefore interest and taxnew exploration access285countries of operationmajor project start-upscLiquids1. Subsidiaries4,4772. Equity-accounted entities 1,033Total5,510Natural gas3. Subsidiaries5,7364. Equity-accounted entities439Total6,175bNet debt is not a recognized GAAP measure,see Financial statements Note 35.See KPIs pages 28-29.67,900kmcSee Upstream pages 63-71.Million barrels of oil equivalent. Natural gas is converted to oil equivalent at5.8 billion cubic feet (bcf) 1 million barrels.Liquids comprise crude oil, condensate, natural gas liquids and bitumen.
Transporting and tradingManufacturingMarketingoil and gasfuels and productsfuels and productsWe move hydrocarbons usingpipelines, ships, trucks and trainsand capture value across the supplychain.We refine, process and blendhydrocarbons to make fuels,lubricants and petrochemicals.We supply our customers with fuel fortransportation, energy for heat and light, lubricantsto keep engines moving and the petrochemicalsrequired to make a variety of everyday items.Business review: Group overviewAll data provided on pages 4 and 5 is as at, or forthe year ended, 31 December 2012.FuelsLubricantsPetrochemicalsInternational oil andgas marketsBiofuelsDownstreamOur Downstream segment operates hydrocarbon value chains covering three mainbusinesses – fuels, lubricants and petrochemicals.Operating capital employedd232.8 bn11. Fuels2. Lubricants3. PetrochemicalsInvestingin renewable energy 14.7 million tonnesreplacement cost profitbefore interest and taxof petrochemicals produced inthe yearWe develop and invest in biofuels and wind.BP’s lower-carbon businesses and investmentsin future options are operated through ourAlternative Energy business.2.4 million barrels 39%7.2 million tonnesof oil refined per daybiofuels – total sugar cane crushcapacity per annum 42.7bn 1.9bn 5.3bnof our lubricants sales werepremium grades1,558MWenet wind generation capacitydOperating capital employed is total assets (excluding goodwill) less total liabilities,excluding finance debt and current and deferred taxation.See Downstream pages 72-79.eExcludes 32MW of capacity in the Netherlands, which ismanaged by our Downstream segment.See Alternative Energy pages 82-83.BP at a glanceBP Annual Report and Form 20-F 20125
BP at a glance – continuedWhere we operateBP is active in over 80 countries.This map shows our keyoperating sites across the world.AlaskaWe opened our Alaska office in 1959 andacquired our first federal licences that year.We now operate 13 oilfields and four pipelines.We also own a significant interest in six otherproducing fields.The shaded areas indicate countrieswhere we have operations.UpstreamaFuels value chainsUS: North West, South West, East of Rockies.Primarily ( 75%) liquids.Primarily ( 75%) natural gas.Liquids and natural gas.Exploration site.aFuelsThe fuels business is made up of sevenregionally based fuels value chains (FVCs), anumber of regionally focused fuels marketingbusinesses, a global aviation fuels marketingbusiness that markets products in more than45 countries and the global oil supply andtrading activities. These businesses sell refinedpetroleum products including gasoline, diesel,aviation fuel and LPG.Europe: Rhine, Iberia.Rest of world: Australia and New Zealand,Southern Africa.Locations are categorized as liquids or natural gas based on2012 production. Where production is yet to commencematerially, categorization is based on proved reserves.Exploration sites have no significant proved reserves orproduction as at 31 December 2012.Upstream see pages 63-71.DownstreamBP refinery.Petrochemicals site(s).Asset held for sale.Downstream see pages 72-79.Alternative EnergyOperational assets.Technology assets.We have interests in 16 wind farms in the US,and operate four ethanol production facilities –three in Brazil and one in the UK.Alternative Energy see pages 82-83.TNK-BPTNK-BP upstream assets (wholly orpartly owned by TNK-BP).TNK-BP refineries (wholly or partlyowned by TNK-BP).BP’s investment in TNK-BP is classified as anasset held for sale in the group balance sheetat 31 December 2012.TNK-BP see pages 80-81.BP group headcount by region(including 14,700 service station staff)Gulf of Mexico75 6 14321. Europe2. US and Canada3. Asia4. South and CentralAmerica5. Middle East,North Africa6. Sub-SaharanAfrica7. Russia6 Business review: Group overviewBP Annual Report and Form 20-F 201231,60023,80016,4005,8005,5002,300300We are one of the largest lease holders andproducers of oil and gas in the region’s deepwater. In 2011 we resumed drilling in the region.We now produce oil and gas from four operatedhubs and three non-operated hubs.Trinidad & TobagoBP has been exploring in Trinidad since 1939.Today we hold exploration and productionlicences covering more than 1,800,000 acres.We operate 13 offshore platforms and anonshore processing facility.
BP was the first company to findhydrocarbons in the North Sea region, in1965. We now have one of the largest assetbases in the region, operating around 30 oiland gas fields, two major terminals and anextensive network of pipelines.AngolaWe have been involved in Angola since the1970s. We now hold a position in nine majordeepwater licences, along with equity in theAngola LNG project. We achieved two majorproject start-ups in 2012.AzerbaijanOur major projects include the Azeri-ChiragGunashli oil field; the Shah Deniz gas field;three major terminals; and a number of longdistance pipelines, including the 1,768kmBaku-Tbilisi-Ceyhan pipeline, which carries oilacross Azerbaijan, Georgia and Turkey.LubricantsOur lubricants business manufactures andmarkets lubricants and related products andservices. It is a global business marketingproducts in more than 70 countries leveragingbrand, technology and relationships. We focusour resources on core and growth marketssuch as Brazil, Russia, India and China.Business review: Group overviewNorth Sea regionPetrochemicalsOur petrochemicals business producespetrochemicals products at manufacturingunits around the world that, for the mostpart, use proprietary BP technology. At theend of the year the business comprised15 manufacturing sites with approximately40% of our capacity in Asia, and 30% in eachof Europe and the US. We sell our productsto customers in more than 40 countries.Business review: Group overviewBP Annual Report and Form 20-F 20127
Chairman’s letterOur plans, priorities anddirections are clear. I seegreat opportunities ahead.Carl-Henric SvanbergDear fellow shareholder10-year dividend historyUK (pence per ordinary share)In 2012 the board had three priorities. First, to address uncertainty from ongoing litigation inthe US and our partnership in Russia. Second, to reinforce the strategic direction of thegroup. Third, to accelerate the company’s momentum and build confidence. All of thesewere pursued in the context of the board’s active monitoring of safety and risk 25015.661019.152036.4229.39300809101112US (cents per 0809The pursuit of energy will always involve risk, so it is essential that safety remains front ofmind. From safe and reliable operations comes trust, and we need that trust if BP is tocreate value for you and to help meet the world’s energy needs.Looking ahead, your board sees strong prospects for BP in a world that requires a growingsupply of energy. We are aware that we still have some way to go. We continue to face anumber of uncertainties in the US, for example. The board thanks you for your continuedpatience and support as we work to address these issues.400300Substantial progress has been made in meeting these priorities. This progress gave theboard confidence to raise the quarterly dividend by 14% in February 2012 and by 12.5% inOctober. The increased dividend represents an important milestone on the road toimproved shareholder value. We are maintaining a progressive dividend policy, increasingreturns to you, in line with financial performance and outlook.10111 ADS represents six 25 cent ordinary shares.12In working to resolve uncertainty, two matters demanded the close attention ofyour board.In the US, the company has faced legal proceedings related to the Deepwater Horizonaccident. Our settlements with the US government, the Securities and ExchangeCommission and others were each important steps forward in reducing uncertainty.In Russia, the agreed sale of our 50% shareholding in TNK-BP to Rosneft, and thesettlement with our partners, have brought clarity. The disposal agreement will provide uswith an increased stake in Rosneft, such that on completion, BP will have a 19.75% shareof the biggest publicly traded oil company in the world in terms of oil production andreserves. In due course BP expects to have two seats on its nine-person board. BP hasworked with Rosneft for some 15 years. Our joint ambition is that BP’s people, processesand technologies will help to significantly enhance Rosneft’s valu
The statement of directors’ responsibilities, the independent auditor’s report on the annual report and accounts to the members of BP p.l.c. and the parent company financial statements of BP p.l.c. and corresponding auditor’s report do not form part of BP’s Annual Report on Form 20-F as filed with the SEC.
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Consolidated financial statements of the BP group This page does not form part of BP's Annual Report on Form 20-F as filed with the SEC. 114 BP Annual Report and Form 20-F 2018 Independent auditor’s report on the Annual Report and Accounts to the members of BP
Annual Report 2020 compared to our 2019 Annual Report. The total carbon footprint for printing CIMB Annual Report 2020 was 11,588kgCO2e, compared to 14,987kgCO2e for our 2019 annual report. The carbon footprint for the 3 books of CIMB Annual Report 2020 is 14.485kgCO2e. We are committed to reducing the environmental impact of our annual report .
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