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What's Inside? Annual Report and Accounts beyond petroleum® 2008 bp.com/annualreport What’s inside? 2 Chairman’s letter 89 A dditional information for shareholders 4 Group chief executive’s review 90 Share ownership 91 Major shareholders and related party transactions 92 Dividends 6 Our performance 92 Legal proceedings 93 The offer and listing 95 Memorandum and Articles of Association 9 Performance review 10 Selected financial and operating information 96 Exchange controls 12 Risk factors 96 Taxation 14 Forward-looking statements 98 Documents on display 14 Statements regarding competitive position 99 Purchases of equity securities by the issuer and 15 Information on the company affiliated purchasers 17 Exploration and Production 100 Called-up share capital 31 Refining and Marketing 100 Annual general meeting 37 Other businesses and corporate 100 Administration 40 Research and technology 41 Regulation of the group’s business 101 Financial statements 41 Safety 102 Consolidated financial statements of the BP group 43 Environment 108 Notes on financial statements 48 Employees 180 Additional information for US reporting 49 Social and community issues 182 Supplementary information on oil and natural gas 49 Essential contracts 191 Parent company financial statements of BP p.l.c. 49 Property, plants and equipment 49 Organizational structure 50 Financial and operating performance 58 Liquidity and capital resources 61 Critical accounting policies 65 Board performance and biographies 66 Directors and senior management 69 BP board performance report 77 Directors’ remuneration report 78 Part 1 Summary 80 Part 2 Executive directors’ remuneration 86 Part 3 Non-executive directors’ remuneration WorldReginfo - 82a55799-e736-4453-97dc-d64bf179c3e9 BP Annual Report and Accounts 2008 Information about this report This document constitutes the Annual Report and Accounts of BP p.l.c. for the year ended 31 December 2008 in accordance with UK requirements and is dated 24 February 2009. This document also contains information that will be included in the company’s Annual Report on Form 20-F 2008 in accordance with the requirements of the US Securities and Exchange Commission (SEC). Such information will be supplemented and may be updated at the time of filing that document with the SEC, or later amended, if necessary. The Annual Report and Accounts for the year ended 31 December 2008 contains the Directors’ Report, including the Business Reviewand Management Report, on pages 2-76 and 89-100, 102 and 191. The Directors’ Remun eration Report is on pages 77-87. The consolidated financial statements are on pages 101-190. The report of the auditor is on page 103 for the group and page 192 for the company. BP Annual Report and Accounts 2008 and BP Annual Review 2008 may be downloaded from www.bp.com/annualreport. No material on the BP website, other than the items identified as BP Annual Report and Accounts 2008 and BP Annual Review 2008, forms any part of those documents. Reconciliation of profit for the year to replacement cost profit For the year ended 31 December $ million 2008 2007 2006 Profit before interest and taxation from continuing operations 35,239 32,352 35,158 Finance costs and net finance income relating to pensions and other post-retirement benefits (956) (741) (516) Taxation (12,617) (10,442) (12,331) Minority interest (509) (324) (286) Profit for the year from continuing operations attributable to BP shareholders 21,157 20,845 22,025 Profit (loss) for the year from Innovene operations – – (25) Inventory holding (gains) losses, net of tax 4,436 (2,475) 222 Replacement cost profita b 25,593 18,370 22,222 Replacement cost profit from continuing operations attributable to BP shareholders 25,593 18,370 22,247 Replacement cost profit (loss) from Innovene operations – – (25) Replacement cost profit 25,593 18,370 22,222 Exploration and Production 38,308 27,602 31,026 Refining and Marketing 4,176 2,621 5,161 Other businesses and corporate (1,223) (1,209) (841) Consolidation adjustments – Unrealized profit in inventory 466 (220) 65 Replacement cost profit before interest and taxation 41,727 28,794 35,411 Finance costs and net finance income relating to pensions and other post-retirement benefits (956) (741) (516) Taxation on a replacement cost basis (14,669) (9,359) (12,362) Minority interest (509) (324) (286) Replacement cost profit from continuing operations attributable to BP shareholders 25,593 18,370 22,247 Per ordinary share – cents Profit for the year attributable to BP shareholders 112.59 108.76 109.84 Replacement cost profit 136.20 95.85 110.95 Dividends paid per ordinary share – cents 55.05 42.30 38.40 – pence 29.387 20.995 21.104 Dividends paid per American depositary share (ADS) – dollars 3.303 2.538 2.304 aReplacement cost profit reflects the replacement cost of supplies. The replacement cost profit for the year is arrived at by excluding from profit inventory holding gains and losses and their associated tax effect. Inventory holding gains and losses, for this purpose, are calculated for all inventories except for those that are held as part of a trading position and certain other temporary inventory positions. BP uses this measure to assist investors in assessing BP’s performance from period to period. Replacement cost profit is not a recognized GAAP measure. bEffective 1 January 2008, replacement cost profit for the year is determined by excluding from profit inventory holding gains and losses as well as their associated tax effect. Previously, replacement cost profit excluded inventory holding gains and losses while the tax charge remained unadjusted and included the tax effect on inventory holding gains and losses. Comparative amounts have been amended to the new basis and the impact of the change is shown in the table below. There is no impact on profit for the year. For the year ended 31 December $ million 2007 2006 Replacement cost profit – as previously reported 17,287 22,253 – tax effect on inventory holding gains and losses 1,083 (31) – as amended 18,370 22,222 Comparative information presented in the ’Reconciliation of profit for the year to replacement cost profit’ table above has been restated, where appropriate, to reflect the resegmentation, following transfers of businesses between segments, that was effective from 1 January 2008. See page 16 for more details. On pages 2-7, references within BP Annual Report and Accounts 2008 to ‘profits’, ‘results’ and ‘return on average capital employed’ are to those measures on a replacement cost basis unless otherwise indicated. BP p.l.c. is the parent company of the BP group of companies. Unless otherwise stated, the text does not distinguish between the activities and operations of the parent company and those of its subsidiaries. The term ‘shareholder’ in this Annual Report and Accounts means, unless the context otherwise requires, investors in the equity capital of BP p.l.c., both direct and/or indirect. As BP shares, in the form of ADSs, are listed on the New York Stock Exchange (NYSE), an Annual Report on Form 20-F will be filed with the SEC in accordance with the US Securities Exchange Act of 1934. When filed, copies may be obtained, free of charge (see page 98). Cautionary statement BP Annual Report and Accounts 2008 contains certain forward-looking statements within the meaning of the US Private Securities Litigation Reform Act of 1995 with respect to the financial condition, results of operations and businesses of BP and certain of the plans and objectives of BP with respect to these items. For more details, please see forward-looking statements on page 14. The registered office of BP p.l.c. is 1 St James’s Square, London SW1Y 4PD, UK. Tel +44 (0)20 7496 4000. Registered in England and Wales No. 102498. Stock exchange symbol ‘BP’. 1 WorldReginfo - 82a55799-e736-4453-97dc-d64bf179c3e9 BP Annual Report and Accounts 2008 2008 was a year we will all remember. There are few precedents in history for such a rapid and dramatic Chairman’s letter change in the business environment. In the space of a few months we went from a record oil price of more than $140 per barrel, and BP reporting two consecutive quarters of record profi ts for the group, to a recession in most of our major markets. Despite this changing environment, I am glad to say that BP is in an enviably strong position in terms of its balance sheet, its assets and its people. That strength is in no small part due to the period of critical self-examination the group has undergone since 2005. The resulting strategy, devised by Tony Hayward and his team and endorsed by the board, is already bearing fruit and has put us in a much better position to weather the savage economic storms we now face. The price of oil ended the year at its lowest level for more than four years. That has obviously affected our fi nancial performance. The board understands the importance of the dividend to investors in these diffi cult times and, despite the weaker environment, we have held the quarterly dividend to be paid in March at 14 cents per share, compared with 13.525 cents per share for the same quarter of 2007. In sterling terms, the quarterly dividend is 9.818 pence per share, compared with 6.813 pence per share for the same quarter of 2007. During the year $2.9 billion of shares were repurchased for cancellation, compared with $7.5 billion in 2007. In response to feedback from investors we are now weighting shareholder returns Gathering towards dividends, as opposed to buybacks. The search for my successor has unfortunately taken longer than originally expected, in part due to pace the turbulent business environment.
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