2006 reporting changes
Restatement of historical results following 2006 resegmentation
Following the launch of BP Alternative Energy in November 2005 and the sale of Innovene to INEOS in December 2005, certain assets have been transferred between segments to reflect the operational structure of the Group. These transfers are effective from 1 January 2006. Financial information for 2005 and 2004 has been restated to reflect these transfers. An Excel version is also provided which shows quarterly data for both 2004 and 2005.
Summary of the 2006 asset transfers:
Summary of the 2006 asset transfers:
- following the sale of Innovene to INEOS, the SECCO and Malaysia JV interests, previously held in other businesses and corporate (OB&C) are transferred to refining and marketing (R&M)
- the formation of BP alternative energy has resulted in the transfer of certain mid-stream assets and activities to gas, power and renewables (GP&R):
- South Houston green power (SHGP) cogeneration facility (Cogen) (in Texas City refinery) from R&M
- Watson Cogen (in Carson refinery) from R&M
- Phu My phase 3 in Vietnam from exploration and production (E&P)
- transfer of hydrogen for transport from GP&R to R&M
These three transfers are illustrated below:
Descriptions of the transferred assets:
- Shanghai Ethylene Cracker Complex (SECCO) is an integrated olefins and derivatives site with a 900kte Ethylene cracker and a number of downstream derivative facilities. It is a JV between BP (50%), Sinopec (30%) and Sinopec Shanghai Petrochemical Company (20%). The site commenced operation in 2005
- Malaysia Interests comprise:
- a 430 kte Ethylene cracker through the Ethylene Malaysia Sdn. Bhd. (EMSB) associated undertaking between BP (15%), Petronas (72.5%) and Indemitsu (12.5%); and
- a 310 kte Polyethylene cracker through the Polyethylene Malaysia Sdn. Bhd. (PEMSB) associated undertaking between BP (60%) and Petronas (40%)
- Watson Cogen in the Carson refinery is a 410MW cogeneration facility providing steam and power to BP's Carson refinery in Los Angeles, CA. (and to third parties). The cogen plant is jointly owned by BP (51%) and Edison-Mission (49%) and first entered operation in the mid-1980s
- South Houston Green Power (SHGP) Cogen in the Texas City refinery is a 700MW cogeneration facility supplying steam and power to BP's Texas City refinery in Texas (and to third parties). The cogen plant is a JV between BP (50%) and Cinergy (50%) and first entered commercial operation in 2004
- Phu My phase 3 is a 720MW gas-fired CCGT located in Vietnam. The plant is an Equity Accounted associated undertaking between BP (33.3%), Semcorp (33.3%) and Kyushu Electric (33.3%). The plant began commercial operation in 2003
- the Hydrogen for Transport team participates in demonstration projects across Europe, Asia and the US, in partnership with both governments and auto manufacturers. BP provides the infrastructure for these projects through hydrogen refuelling stations
