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  • BP Annual Report and Form 20f 2020

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    Bp Annual Report and Form 20f 2020

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    34 views1 page

    BP Annual Report and Form 20f 2020

    Uploaded by

    Hiền nguyễn thu

    Copyright:

    © All Rights Reserved
    Download as PDF or read online from Scribd
    Flag for inappropriate content
    of 1
    Upstream Sales and other operating revenues for 2020 were lover due o lower Kquids ond o8s realzations, lower gas marketing ard trading revenues and were “urtner impacted by wer ssl volumes, FC loss before interest and tax forthe segment included a ret non-operating charge of $15,768 millon. This primary relates to emparments evociated with revsons tothe anger price fassumptons. See Fnancal statements ~ Note 5 for further information Fai vale accounting ctfosts had an adverse impact cf $738 millon reloive to management's view of performance ‘The 2019 result included a net non-operating charge of $6,947 milion, pimly elated to imparment charges arising tom cisposal transactions, Far value accounting efocts hac 2 favourable impacto! $706 millon reatve to anagement’s vw af perfomence, Aor aqusting for non-operating toms and fir value accountng effects the undying RC result before interest an tax was kower in 2020 ‘compared with 2019. Ths pemarly reflected lower liquids ane gas ralzations and the impact cof witing down certen explrsion inangible carrying values. Downstream Sales ard other operating reverues in 2020 were ower than in 2018, mainly due to lower crude and product prices and the demara inmpact of COVID-19 RC profit befor intrest and tax for 2020 included ae: non-operaing gain of $479 millon Tre gan retlected a profitef $2.3 bllen on the sal of our peviochemicals business, which was partly offset by restructuring cass ard inmparments. In acon, fa value accounting fects for 2020 had an adverse impact of $149 millon, comaared with o favourable impact of $160 allan in 2078. ner acjusing for non-operatng tems anc fai value accountng effects, underlyng RC profit before intrest and tax forthe yee wes $3,088 milan ‘The fuels business reported a wer underlng FC profi before interest and tax compared with 2018, cue o an exceptionally weak retinng envionment, with COVID=9 ostations impacting refining utlzaton and fue values. “The 2020 resi so reflects higher eontroution from supply and vading (Our els marketng business demonstrated continued resilence, delivering significant profit in 2020, despite COVID-18 - which acversely inmpacted ret uel ane aviation volumes by 14% and 50% respectively. otining oss n 2020 reflects the continued impact of historically Iw industry margins Although refining avalbbilty® was sang 96%, utzatan was sound 6% wer than 2018, duo tothe impact cf COVID-18 on demand, These factors were portal offset by slower levelof turearound actity and lower costs. Inthe fourth quarter of 2020, we announced, plans to cease oroduction at our Kwvnana refinery fd conver 10 an import terminal helsing secure ongoing fuel supely fr Western Australia, \We continued to redefine convenience in 2020, elvering a 6% growth in conveniance gross margins We abo expanded our retail network by more than 1.400 sites, toa total of 20,200, inclusing more than 7,800 s:atege corwanence sites. Ard we competed te formation of siosbo, our Inian join vonture wth Reliance, Felping more than double the numberof rca sites in growth mareete™, se page 24 We elsa progresses our electieaton agenda growing eur networe to 10,100 bp and int Venture operated electri vehicle charge points see Our svategy on page 15 The lubreants business reported e kwer Lndelying RC prot befor interost and tax compared with 2079 and this rellecte significant CCOVID-18 domandimpaets, with volumes 15% lower forshe year. We continued a expand our service offer in 2020, growing the numberof Castrol branded indepencert workshops By roe than 4,000 to over 28,000 globally, ‘The petrochemicals business reported a lower Lundelying RC profit befor interest and tax ‘compared wth 2079 electing the impact of COVID-19 on demand and a sgn feantly weaker ‘margin environment. In Decerer we cormletec ‘he divestment of b's pevachercls business te INEOS fora otal consideration a $5 illon Final payments totaling $1 billion, were receved in February 2021, 35) For more information see Additional ‘sformaton for Dawnstream on page 218 Strategic report Rosneft RC toss before interast and tex fr 2020 ane RC profit befor interest ana tax for 2019 forthe sogment included a non-sperating charge of $205 millon fr 2020 and $103 milion for 2019, [Atoradjusting for ror-operating items, the Luncerying RC profit before interest and taxin 2020 primary reflected ower cllpices and Lntayourale foreign exchange and adverse outy big etfectscomasted with 2079 undeshing profi Financial and operating performance for 2020 also retested he mereasea average economic interest that op holds in Rasnet as a result cf Rosne!t's share buyoack programme and the ‘vansaction to sell Rosnei's usness Venezueh in exchange for its own shores, hich competed nApri'2020, ~¥D For more information see Adciional Informaton for Rosneft on page 320 Other businesses and corporate AC oss before interest and tax forthe year fenced 31 December 2070 was $883 millon {2018 $2,771 millon. Tne 2020 result incliod {net charge for non-opersing items of $318 millon, primatly relating wo Gull of Mexico il spill elated costs of $255 millon ana restructurng costs, party offset bya gainon lisposal non-operatng terns n 2019 $1,281 millon. Ie adsiton far vale accounting affects hed afavoureble impact of $875 millon ter adjusting for nor-ogerating items and ar ‘value accountng effects, the underving RC boss botore interest anata forthe yosr endod 231 December 2020 vias $1,040 millon (2018 $1,280 mio), Ths result mainly relected an pli in valuation of a venture investment of $284 millon Outlook for 2021 ‘= From the all supaly side, lnstec growth ‘om non-OPEC+ courtties coupled ‘vith activo market management ‘ram PECs means that for 2021 we ante pate ‘ rormalalon of te curently high inventory bevels '= Ol demands smicipated to recover in 2021. The speed and degree cf the rebound depends on governments’ policies ard individuals’ seltmposed actions as vaccine

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