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Financial Statements Financial 116 Consolidated financial statements of the BP group Independent auditor’s Group statement of statements reports 116 changes in equity 127 Group income statement 125 Group balance sheet 128 Group statement of Group cash flow statement 129 comprehensive income 126 130 Notes on financial statements 1. Significant accounting 22. Pensions and other post- policies 130 retirement benefits 162 2. Significant event – Gulf of 23. Cash and cash equivalents 168 Mexico oil spill 143 24. Finance debt 168 3. Disposals and impairment 145 25. Capital disclosures and 4. Segmental analysis 147 analysis of changes in 5. Income statement analysis 150 net debt 169 6. Exploration expenditure 150 26. Operating leases 169 7. Taxation 151 27. Financial instruments and 8. Dividends 153 financial risk factors 170 9. Earnings per share 153 28. Derivative financial 10. Property, plant and instruments 173 equipment 155 29. Called-up share capital 177 11. Capital commitments 155 30. Capital and reserves 178 12. Goodwill 156 31. Contingent liabilities 181 13. Intangible assets 157 32. Remuneration of senior 14. Investments in joint ventures 158 management and non- 15. Investments in executive directors 182 associates 158 33. Employee costs and 16. Other investments 160 numbers 183 17. Inventories 160 34. Auditor’s remuneration 183 18. Trade and other 35. Subsidiaries, joint Financial statements receivables 161 arrangements and 19. Valuation and qualifying associates 184 accounts 161 36. Condensed consolidating 20. Trade and other payables 161 information on certain US 21. Provisions 162 subsidiaries 185 191 Supplementary information on oil and natural gas (unaudited) Oil and natural gas Standardized measure of exploration and production discounted future net cash activities 192 flows and changes therein Movements in estimated relating to proved oil and net proved reserves 198 gas reserves 213 Operational and statistical information 216 219 Parent company financial statements of BP p.l.c. Company balance sheet 219 6. Taxation 228 Company statement of 7. Called-up share capital 228 changes in equity 220 8. Capital and reserves 229 Notes on financial 9. Financial guarantees 229 statements 221 10. Share-based payments 230 11. Auditor’s remuneration 230 1. Significant 12. Directors’ remuneration 230 accounting policies 221 13. Employee costs and 2. Investments 223 numbers 230 3. Receivables 224 14. Related undertakings 231 4. Pensions 224 5. Payables 227 BP Annual Report and Form 20-F 2017 115 Consolidated financial statements of the BP group Independent auditor’s report on the Annual Report and Accounts to the members of BP p.l.c. Opinion In our opinion: • the financial statements give a true and fair view of the state of the group’s and of the parent company’s affairs as at 31 December 2017 and of the group’s profit for the year then ended; • the group financial statements have been properly prepared in accordance with IFRS as adopted by the European Union; • the parent company financial statements have been properly prepared in accordance with United Kingdom generally accepted accounting practice including FRS 101 ‘Reduced Disclosure Framework’; and • the financial statements have been prepared in accordance with the requirements of the Companies Act 2006 and, as regards the group financial statements, Article 4 of the IAS Regulation. Separate opinion in relation to IFRS as issued by the International Accounting Standards Board As explained in Note 1 to the consolidated financial statements, the group in addition to applying IFRS as adopted by the European Union, has also applied IFRS as issued by the International Accounting Standards Board (IASB). In our opinion the consolidated financial statements comply with IFRS as issued by the IASB. What we have audited We have audited the financial statements of BP p.l.c. which comprise: Group Parent company Group balance sheet as at 31 December 2017. Balance sheet as at 31 December 2017. Group income statement for the year then ended. Statement of changes in equity for the year then ended. Group statement of comprehensive income for the year then ended. Related Notes 1 to 14 to the financial statements, including a summary of significant accounting policies. Group statement of changes in equity for the year then ended. Group cash flow statement for the year then ended. Related Notes 1 to 36 to the financial statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in the preparation of the group financial statements is applicable law and International Financial Reporting Standards (IFRS) as adopted by the European Union. The financial reporting framework that has been applied in the preparation of the parent company financial statements is applicable law and United Kingdom accounting standards including FRS 101 (United Kingdom generally accepted accounting practice). Basis for opinion We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor’s responsibilities for the audit of the financial statements section of our report below. We are independent of the group and parent company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard as applied to listed public interest entities, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. Use of our report This report is made solely to the company’s members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company’s members those matters we are required to state to them in an auditor’s report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company’s members as a body, for our audit work, for this report, or for the opinions we have formed. Conclusions relating to principal risks, going concern and viability statement We have nothing to report in respect of the following information in the annual report, in relation to which the ISAs (UK) require us to report to you whether we have anything material to add or draw attention to: • the disclosures in the annual report set out on page 57 that describe the principal risks and explain how they are being managed or mitigated; • the directors’ confirmation set out on page 113 in the annual report that they have carried out a robust assessment of the principal risks facing the entity, including those that would threaten its business model, future performance, solvency or liquidity; • the directors’ statement set out on page 114 in the annual report about whether they considered it appropriate to adopt the going concern basis of accounting in preparing the financial statements, and their identification of any material uncertainties to the entity’s ability to continue to do so over a period of at least twelve months from the date of approval of the financial statements; • whether the directors’ statement in relation to going concern required under the Listing Rules in accordance with Listing Rule 9.8.6R(3) is materially inconsistent with our knowledge obtained in the audit; or • the directors’ explanation set out on page 114 in the annual report as to how they have assessed the prospects of the entity, over what period they have done so and why they consider that period to be appropriate, and their statement as to whether they have a reasonable expectation that the entity will be able to continue in operation and meet its liabilities as they fall due over the period of their assessment, including any related disclosures drawing attention to any necessary qualifications or assumptions. This page does not form part of BP's Annual Report on Form 20-F as filed with the SEC. 116 BP Annual Report and Form 20-F 2017 Key audit matters Key audit matters are those matters that, in our professional judgement, were of most significance in our audit of the financial statements of the current period and include the most significant assessed risks of material misstatement (whether or not due to fraud) that we identified. These matters included those which had the greatest effect on the overall audit strategy, the allocation of resources in the audit and in directing the efforts of the engagement team. These matters were addressed in the context of our audit of the financial statements as a whole, and in our opinion thereon, and we do not provide a separate opinion on these matters. Key observations communicated to the Audit Risk Our response to the risk Committee The determination of the liabilities, contingent For the liabilities and contingent liabilities related to There remains liabilities and disclosures arising from the Gulf of the Gulf of Mexico oil spill the primary audit uncertainty around the Mexico oil spill (as described on page 79 of the report engagement team performed the following audit BEL provision, in of the audit committee and Note 2 of the financial procedures. particular the unresolved statements). claims and claims under • We walked through and tested the controls appeal, as the amounts There is particular uncertainty around estimating and designed and operated by the group relating to the valuing the remaining outstanding business economic payable may differ from provisions and payables for the Gulf of Mexico oil those provided. loss claims. The determination of the liability is subject spill. to judgement as to the amount that each remaining • We met with the group’s legal team to understand Based on our procedures claim will be settled at.
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