Second quarter 2010 results
Release date: 27 July 2010
Download the full version of our second quarter 2010 results using the link below.
(a)This results announcement also represents BP's half-yearly financial report for the purposes of the Disclosure and Transparency Rules made by the UK Financial Services Authority. In this context: (i) the condensed set of financial statements can be found on pages 15-20 and 24-32; (ii) pages 1-13, 21-23 and 33-43 comprise the interim management report; and (iii) the directors' responsibility statement and auditors' independent review report can be found on pages 13-14.
(b) Profit (loss) attributable to BP shareholders.
(c) Organic capital expenditure excludes acquisitions and asset exchanges and the accounting for our transaction with Value Creation Inc. (see page 19).
(d) Cash costs are a subset of production and manufacturing expenses plus distribution and administration expenses. They represent the substantial majority of the expenses in these line items but exclude associated non-operating items, and certain costs that are variable, primarily with volumes (such as freight costs). They are the principal operating and overhead costs that management considers to be most directly under their control although they include certain foreign exchange and commodity price effects.
Forward Looking Statements - Cautionary Statement:
This presentation and the associated slides and discussion contain forward-looking statements, particularly those regarding production and income; third quarter E&P turn-around activities and the effect on volumes, costs and margins; our refining and petrochemical margins; capital expenditure; divestment proceeds and timing and their impact on production and income in 2010, and planned disposals over 18 months; dividend payments; expected underlying quarterly charges for Other business & corporate; expected changes in foreign exchange effects; reduction in the net debt level within the next 18 months; R&M pre-tax performance opportunity; completion of OMS roll out; relief well operations; future costs arising from the Gulf of Mexico oil spill; partner recovery; financial compensation and environmental restoration; and the adjudication of claims arising out of the spill. By their nature, forward-looking statements involve risks and uncertainties because they relate to events and depend on circumstances that will or may occur in the future.
Actual results may differ from those expressed in such statements, depending on a variety of factors, including the timing of bringing new fields on stream; future levels of industry product supply; demand and pricing; OPEC quota restrictions; PSA effects; operational problems; general economic conditions; political stability and economic growth in relevant areas of the world; changes in laws and governmental regulations; regulatory or legal actions; exchange rate fluctuations; development and use of new technology; changes in public expectations and other changes in business conditions; the actions of competitors; natural disasters and adverse weather conditions; wars and acts of terrorism or sabotage; and other factors discussed elsewhere in this presentation. For more information you should refer to our Annual Report and Accounts 2009 and our 2009 Annual Report on Form 20-F filed with the US Securities and Exchange Commission.
Reconciliations to GAAP:
This presentation also contains financial information which is not presented in accordance with generally accepted accounting principles (GAAP). A quantitative reconciliation of this information to the most directly comparable financial measure calculated and presented in accordance with GAAP can be found on our website at www.bp.com.
Cautionary Note to US Investors:
We use certain terms in this presentation, such as “resources” and “non-proved reserves”, that the SEC’s rules prohibit us from including in our filings with the SEC. U.S. investors are urged to consider closely the disclosures in our Form 20-F, SEC File No. 1-06262. This form is available on our website at www.bp.com. You can also obtain this form from the SEC by calling 1-800-SEC-0330 or by logging on to their website at www.sec.gov.
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