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Annual Report and Form 20-F 2015 BP Annual Report and Form 20-F 2015 bp.com/annualreport Who we are We aim to create long-term value for shareholders by helping to meet growing demand for energy in a safe and responsible way. We strive to be a world-class operator, a responsible corporate citizen and a good employer. BP is one of the world’s leading Our proposition for value growth integrated oil and gas companies – For BP good business starts with a based on market capitalization, proved relentless focus on safe and reliable reserves and production. Through our operations. Our portfolio enables us to work we provide customers with fuel develop high-quality opportunities from for transportation, energy for heat and a broad set of options. We prioritize light, lubricants to keep engines moving value over volume and invest where and the petrochemicals products used we can apply our distinctive strengths, to make everyday items as diverse as capabilities and technologies. paints, clothes and packaging. Our objective is to create shareholder We believe a mix of fuels and value by growing sustainable free technologies is needed to meet cash flow and distributions over the growing energy demand, improve long term through capital and cost efficiency and support the transition to discipline. a lower-carbon economy. These are the reasons why our portfolio includes oil, gas and renewables. Our projects and operations help to generate employment, investment and tax revenues in countries and communities across the world. We have well-established operations in Europe, North and South America, Australasia, Asia and Africa and employ around 80,000 people. Front cover images Your feedback In Oman’s remote desert, we use our advanced We welcome your comments and feedback technology to unlock gas from hot sandstone on our reporting. You can provide this at almost three miles below the earth’s surface. bp.com/annualreportfeedback or by emailing the Construction work has started on the Khazzan corporate reporting team – details are on the field – one of the Middle East’s largest back cover. unconventional gas resources – and we expect Your views are important to us and help shape first gas in late 2017. our reporting for future years. BP Annual Report and Form 20-F 2015 Information about this report Strategic report BP in 2015 1 Strategic report 2 BP at a glance 28 Upstream 6 Chairman’s letter 34 Downstream It is a challenging time for our 8 Group chief executive’s letter 38 Rosneft industry but we are making the 10 Our market outlook 40 Other businesses and corporate 12 Our business model and strategy 41 Gulf of Mexico oil spill changes that are needed without 18 Lower oil and gas prices 43 Corporate responsibility compromising our longer-term 20 Our key performance indicators 51 Our management of risk 22 Strategy, performance and pay 53 Risk factors goals. 24 Our markets in 2015 26 Group performance 55 Corporate governance Corporate governance 56 Board of directors 71 Safety, ethics and environment 60 Executive team assurance committee 62 Introduction from the chairman 73 Gulf of Mexico committee 63 The board in 2015 74 Geopolitical committee 64 Board activity 74 Chairman’s committee 65 Shareholder engagement 75 Nomination committee 66 International advisory board 76 Directors’ remuneration report 66 How the board works 93 Directors’ statements 68 Audit committee Financial statements Glossary 95 Financial statements ★ Words with this symbol★ are defined 96 Consolidated financial statements 169 Supplementary information on oil and in the glossary on page 256. of the BP group natural gas (unaudited) 107 Notes on financial statements 196 Parent company financial statements of BP p.l.c. 215 Additional disclosures Additional disclosures 216 Selected financial information 243 Property, plant and equipment 219 Liquidity and capital resources 243 Related-party transactions 221 Upstream analysis by region 244 Corporate governance practices 225 Downstream plant capacity 244 Code of ethics 227 Oil and gas disclosures for the group 244 Controls and procedures 233 Environmental expenditure 245 Principal accountants’ fees and services 233 Regulation of the group’s business 245 Directors’ report information 237 Legal proceedings 246 Disclosures required under Listing 242 International trade sanctions Rule 9.8.4.R 243 Material contracts 246 Cautionary statement 247 Shareholder information Shareholder information 248 Share prices and listings 254 Fees and charges payable by 248 Dividends ADSs holders 249 UK foreign exchange controls on dividends 254 Fees and payments made by 249 Shareholder taxation information the Depositary to the issuer 251 Major shareholders 254 Documents on display 251 Annual general meeting 255 Shareholding administration 251 Memorandum and Articles of Association 255 Exhibits 253 Purchases of equity securities by the 255 Abbreviations, glossary and trade marks issuer and affiliated purchasers 259 Signatures 260 Cross reference to Form 20-F BP Annual Report and Form 20-F 2015 i Information about this report This document constitutes the Annual Report and Accounts in accordance with UK requirements Cautionary statement and the Annual Report on Form 20-F in accordance with the US Securities Exchange Act of 1934, This document should be read in for BP p.l.c. for the year ended 31 December 2015. A cross reference to Form 20-F requirements conjunction with the cautionary is included on page 260. statement on page 246. This document contains the Strategic report on pages 1-54 and the inside cover (Who we are) and the Directors’ report on pages 55-75, 93-94, 169-195 and 215-258. The Strategic report and the Directors’ report together include the management report required by DTR 4.1 of the UK Financial Conduct Authority’s Disclosure and Transparency Rules. The Directors’ remuneration report is on pages 22-23 and 76-92. The consolidated financial statements of the group are on pages 95-168 and the corresponding reports of the auditor are on pages 96-102. The parent company financial statements of BP p.l.c. are on pages 196-213. The Directors’ statements (comprising the Statement of directors’ responsibilities; Risk management and internal control; Going concern; Longer-term viability; and Fair balanced and understandable), 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. Frequently used abbreviations, terms BP Annual Report and Form 20-F 2015 and BP Strategic Report 2015 (comprising the Strategic report and BP and third-party trade marks are and supplementary information) may be downloaded from bp.com/annualreport. No material on the described on page 255. BP website, other than the items identified as BP Annual Report and Form 20-F 2015 or BP Strategic Report 2015 (comprising the Strategic report and supplementary information), forms any part of those documents. References in this document to other documents on the BP website, such as BP Energy Outlook, BP Sustainability Report, BP Statistical Review of World Energy and BP Technology Outlook are included as an aid to their location and are not incorporated by reference into this document. BP p.l.c. is the parent company of the BP group of companies. The company was incorporated in 1909 in England and Wales and changed its name to BP p.l.c. in 2001. Where we refer to the company, we mean BP p.l.c. Unless otherwise stated, the text does not distinguish between the activities and operations of the parent company and those of its subsidiaries★, and information in this document reflects 100% of the assets and operations of the company and its subsidiaries that were consolidated at the date or for the periods indicated, including non-controlling interests. BP’s primary share listing is the London Stock Exchange. Ordinary shares are also traded on the Frankfurt Stock Exchange in Germany and, in the US, the company’s securities are traded on the New York Stock Exchange (NYSE) in the form of ADSs (see page 248 for more details). The term ‘shareholder’ in this report means, unless the context otherwise requires, investors in the equity capital of BP p.l.c., both direct and indirect. As BP shares, in the form of ADSs, are listed on the NYSE, an Annual Report on Form 20-F is filed with the SEC. Ordinary shares are ordinary fully paid shares in BP p.l.c. of 25 cents each. Preference shares are cumulative first preference shares and cumulative second preference shares in BP p.l.c. of £1 each. ★ Defined on page 256. Registered office and our worldwide Our agent in the US: headquarters: BP p.l.c. BP America Inc. 1 St James’s Square 501 Westlake Park Boulevard London SW1Y 4PD Houston, Texas 77079 UK US Tel +44 (0)20 7496 4000 Tel +1 281 366 2000 Registered in England and Wales No. 102498. London Stock Exchange symbol ‘BP.’ ii BP Annual Report and Form 20-F 2015 Strategic 2 BP at a glance Strategic report report 6 Chairman’s letter 8 Group chief executive’s letter An overview of the key activities, events and results 10 Our market outlook in 2015, together with commentary on our 12 Our business model and strategy performance and priorities as we move forward. 18 Lower oil and gas prices 20 Our key performance indicators 22 Strategy, performance and pay 22 Annual statement by the remuneration committee chair 24 Our markets in 2015 26 Group performance 28 Upstream 34 Downstream 38 Rosneft 40 Other businesses and corporate 40 Renewable energy 41 Gulf of Mexico oil spill 43 Corporate responsibility 43 Safety 46 Environment and society 48 Business ethics and transparency 49 Employees 51 Our management of risk 53 Risk factors BP Annual Report and Form 20-F 2015 1 BP at a glance BP delivers energy products Finding Developing and extracting and services to people around oil and gas oil and gas the world.
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