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Name | Symbol | Market | Type |
---|---|---|---|
BP Plc | NYSE:BP | NYSE | Depository Receipt |
Price Change | % Change | Price | High Price | Low Price | Open Price | Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|
-0.17 | -0.43% | 39.45 | 39.60 | 39.11 | 39.52 | 6,807,166 | 23:15:19 |
Exhibit
1.1
|
3Q20
Part 1 of 1 dated 27 October 2020
|
|
|
|
|
|
|
FOR IMMEDIATE RELEASE
|
|
London 27 October 2020
|
|
BP p.l.c. Group results
|
|
Third quarter and nine months 2020
|
Highlights
|
Performance improving despite difficult environment
|
Bernard Looney – chief
executive officer:
|
Having set out our new strategy in detail, our priority is
execution and, despite a challenging environment, we are doing just
that – performing while transforming. Major projects are
coming online, our consumer-facing businesses are really delivering
and we remain firmly focused on cost and capital discipline.
Importantly, net debt continues to fall. We are firmly committed to
our updated financial frame, including the dividend – the
first call on our funds.
|
Financial summary
|
|
Third
|
Second
|
Third
|
|
Nine
|
Nine
|
|||||
|
|
quarter
|
quarter
|
quarter
|
|
months
|
months
|
|||||
$ million
|
|
2020
|
2020
|
2019
|
|
2020
|
2019
|
|||||
Profit (loss) for the period attributable to BP
shareholders
|
|
(450)
|
|
(16,848)
|
|
(749)
|
|
|
(21,663)
|
|
4,007
|
|
Inventory holding (gains) losses, net of tax
|
|
(194)
|
|
(809)
|
|
398
|
|
|
2,734
|
|
(488)
|
|
RC profit (loss)
|
|
(644)
|
|
(17,657)
|
|
(351)
|
|
|
(18,929)
|
|
3,519
|
|
Net
(favourable) adverse impact of non-operating items and fair value
accounting effects, net of tax
|
|
730
|
|
10,975
|
|
2,605
|
|
|
13,124
|
|
3,904
|
|
Underlying RC profit (loss)
|
|
86
|
|
(6,682)
|
|
2,254
|
|
|
(5,805)
|
|
7,423
|
|
RC profit (loss) per ordinary share (cents)
|
|
(3.18)
|
|
(87.32)
|
|
(1.72)
|
|
|
(93.63)
|
|
17.33
|
|
RC profit (loss) per ADS (dollars)
|
|
(0.19)
|
|
(5.24)
|
|
(0.10)
|
|
|
(5.62)
|
|
1.04
|
|
Underlying RC profit (loss) per ordinary share (cents)
|
|
0.42
|
|
(33.05)
|
|
11.06
|
|
|
(28.72)
|
|
36.57
|
|
Underlying RC profit (loss) per ADS (dollars)
|
|
0.03
|
|
(1.98)
|
|
0.66
|
|
|
(1.72)
|
|
2.19
|
|
Murray Auchincloss –
chief financial officer:
|
The
underlying business performance in the quarter remained resilient and we made substantial
progress in strengthening our balance sheet. In the quarter, net debt reduced to around $40
billion and our cash balance point was around $42 Brent,
despite weak refining margins, low gas prices reduced product
demand and the payment to Reliance. Funding the dividend remains
our first priority and we are confident in moving towards our $35
billion net debt target, supported by value accretive
divestments.
|
The
commentary above and following should be read in conjunction with
the cautionary statement on page 36.
|
The commentary above contains forward-looking statements and should
be read in conjunction with the cautionary statement on page
36.
|
|
|
Third
|
Second
|
Third
|
|
Nine
|
Nine
|
|||||
|
|
quarter
|
quarter
|
quarter
|
|
months
|
months
|
|||||
$ million
|
|
2020
|
2020
|
2019
|
|
2020
|
2019
|
|||||
Underlying RC profit (loss) before interest and tax
|
|
|
|
|
|
|
|
|||||
Upstream
|
|
878
|
|
(8,487)
|
|
2,139
|
|
|
(5,738)
|
|
8,480
|
|
Downstream
|
|
636
|
|
1,405
|
|
1,883
|
|
|
2,962
|
|
4,981
|
|
Rosneft
|
|
(177)
|
|
(61)
|
|
802
|
|
|
(255)
|
|
2,007
|
|
Other
businesses and corporate
|
|
(130)
|
|
(260)
|
|
(322)
|
|
|
(951)
|
|
(1,030)
|
|
Consolidation
adjustment – UPII*
|
|
34
|
|
(46)
|
|
30
|
|
|
166
|
|
51
|
|
Underlying RC profit (loss) before interest and tax
|
|
1,241
|
|
(7,449)
|
|
4,532
|
|
|
(3,816)
|
|
14,489
|
|
Finance
costs and net finance expense relating to pensions and other
post-retirement benefits
|
|
(610)
|
|
(677)
|
|
(754)
|
|
|
(1,955)
|
|
(2,260)
|
|
Taxation on an underlying RC basis
|
|
(402)
|
|
770
|
|
(1,506)
|
|
|
(585)
|
|
(4,641)
|
|
Non-controlling interests
|
|
(143)
|
|
674
|
|
(18)
|
|
|
551
|
|
(165)
|
|
Underlying RC profit (loss) attributable to BP
shareholders
|
|
86
|
|
(6,682)
|
|
2,254
|
|
|
(5,805)
|
|
7,423
|
|
|
|
Third
|
Second
|
Third
|
|
Nine
|
Nine
|
|||||
|
|
quarter
|
quarter
|
quarter
|
|
months
|
months
|
|||||
$ million
|
|
2020
|
2020
|
2019
|
|
2020
|
2019
|
|||||
RC profit (loss) before interest and tax
|
|
|
|
|
|
|
|
|||||
Upstream
|
|
30
|
|
(22,008)
|
|
(1,050)
|
|
|
(20,955)
|
|
4,303
|
|
Downstream
|
|
915
|
|
594
|
|
2,016
|
|
|
2,173
|
|
5,069
|
|
Rosneft
|
|
(278)
|
|
(124)
|
|
802
|
|
|
(419)
|
|
1,813
|
|
Other
businesses and corporate
|
|
24
|
|
(317)
|
|
(412)
|
|
|
(991)
|
|
(1,339)
|
|
Consolidation
adjustment – UPII
|
|
34
|
|
(46)
|
|
30
|
|
|
166
|
|
51
|
|
RC profit (loss) before interest and tax
|
|
725
|
|
(21,901)
|
|
1,386
|
|
|
(20,026)
|
|
9,897
|
|
Finance
costs and net finance expense relating to pensions and other
post-retirement benefits
|
|
(808)
|
|
(791)
|
|
(899)
|
|
|
(2,389)
|
|
(2,649)
|
|
Taxation on a RC basis
|
|
(418)
|
|
4,361
|
|
(820)
|
|
|
2,935
|
|
(3,564)
|
|
Non-controlling interests
|
|
(143)
|
|
674
|
|
(18)
|
|
|
551
|
|
(165)
|
|
RC profit (loss) attributable to BP shareholders
|
|
(644)
|
|
(17,657)
|
|
(351)
|
|
|
(18,929)
|
|
3,519
|
|
Inventory holding gains (losses)*
|
|
233
|
|
1,088
|
|
(512)
|
|
|
(3,563)
|
|
657
|
|
Taxation (charge) credit on inventory holding gains and
losses
|
|
(39)
|
|
(279)
|
|
114
|
|
|
829
|
|
(169)
|
|
Profit (loss) for the period attributable to BP
shareholders
|
|
(450)
|
|
(16,848)
|
|
(749)
|
|
|
(21,663)
|
|
4,007
|
|
Operating metrics
|
|
Nine months 2020
|
|
Financial metrics
|
|
Nine months 2020
|
|
(vs. Nine months 2019)
|
|
|
(vs. Nine months 2019)
|
||
Tier 1 and tier 2 process safety events
|
|
66
|
|
Underlying RC profit (loss)*
|
|
$(5.8)bn
|
|
(-7)
|
|
|
(-$13.2bn)
|
||
Reported recordable injury frequency*
|
|
0.127
|
|
Operating cash flow excluding Gulf of Mexico oil spill payments
(post-tax)
|
|
$11.4bn
|
|
(-29.2%)
|
|
|
(-$9.2bn)
|
||
Group production
|
|
3,542mboe/d
|
|
Organic capital expenditure
|
|
$9.1bn
|
|
(-5.7%)
|
|
|
(-$2.2bn)
|
||
Upstream production (excludes Rosneft segment)
|
|
2,448mboe/d
|
|
Gulf of Mexico oil spill payments (post-tax)
|
|
$1.5bn
|
|
(-6.4%)
|
|
|
(-$1.0bn)
|
||
Upstream unit production costs(a)
|
|
$6.30/boe
|
|
Divestment proceeds*
|
|
$1.5bn
|
|
(-10.3%)
|
|
|
(+$0.1bn)
|
||
BP-operated Upstream plant reliability
|
|
93.8%
|
|
Gearing
|
|
33.0%
|
|
(-0.6)
|
|
|
(+1.3)
|
||
BP-operated refining availability*
|
|
96.0%
|
|
Dividend per ordinary share(b)
|
|
5.25 cents
|
|
(+1.4)
|
|
|
(-48.8%)
|
The commentary above contains forward-looking statements and should
be read in conjunction with the cautionary statement on page
36.
|
|
|
Third
|
Second
|
Third
|
|
Nine
|
Nine
|
|||||
|
|
quarter
|
quarter
|
quarter
|
|
months
|
months
|
|||||
$ million
|
|
2020
|
2020
|
2019
|
|
2020
|
2019
|
|||||
Profit (loss) before interest and tax
|
|
38
|
|
(21,951)
|
|
(1,050)
|
|
|
(20,958)
|
|
4,295
|
|
Inventory holding (gains) losses*
|
|
(8)
|
|
(57)
|
|
—
|
|
|
3
|
|
8
|
|
RC profit (loss) before interest and tax
|
|
30
|
|
(22,008)
|
|
(1,050)
|
|
|
(20,955)
|
|
4,303
|
|
Net
(favourable) adverse impact of non-operating items* and fair value
accounting effects*
|
|
848
|
|
13,521
|
|
3,189
|
|
|
15,217
|
|
4,177
|
|
Underlying
RC profit (loss) before interest and tax*(a)
|
|
878
|
|
(8,487)
|
|
2,139
|
|
|
(5,738)
|
|
8,480
|
|
The commentary above contains forward-looking statements and should
be read in conjunction with the cautionary statement on page
36.
|
|
|
Third
|
Second
|
Third
|
|
Nine
|
Nine
|
|||||
|
|
quarter
|
quarter
|
quarter
|
|
months
|
months
|
|||||
$ million
|
|
2020
|
2020
|
2019
|
|
2020
|
2019
|
|||||
Underlying RC profit (loss) before interest and tax
|
|
|
|
|
|
|
|
|||||
US
|
|
125
|
|
(2,960)
|
|
552
|
|
|
(2,296)
|
|
2,025
|
|
Non-US
|
|
753
|
|
(5,527)
|
|
1,587
|
|
|
(3,442)
|
|
6,455
|
|
|
|
878
|
|
(8,487)
|
|
2,139
|
|
|
(5,738)
|
|
8,480
|
|
Non-operating items(a)(b)
|
|
|
|
|
|
|
|
|||||
US
|
|
(114)
|
|
(2,122)
|
|
(3,338)
|
|
|
(2,868)
|
|
(3,814)
|
|
Non-US
|
|
(517)
|
|
(11,332)
|
|
(116)
|
|
|
(12,288)
|
|
(410)
|
|
|
|
(631)
|
|
(13,454)
|
|
(3,454)
|
|
|
(15,156)
|
|
(4,224)
|
|
Fair value accounting effects
|
|
|
|
|
|
|
|
|||||
US
|
|
57
|
|
39
|
|
19
|
|
|
94
|
|
(299)
|
|
Non-US
|
|
(274)
|
|
(106)
|
|
246
|
|
|
(155)
|
|
346
|
|
|
|
(217)
|
|
(67)
|
|
265
|
|
|
(61)
|
|
47
|
|
RC profit (loss) before interest and tax
|
|
|
|
|
|
|
|
|||||
US
|
|
68
|
|
(5,043)
|
|
(2,767)
|
|
|
(5,070)
|
|
(2,088)
|
|
Non-US
|
|
(38)
|
|
(16,965)
|
|
1,717
|
|
|
(15,885)
|
|
6,391
|
|
|
|
30
|
|
(22,008)
|
|
(1,050)
|
|
|
(20,955)
|
|
4,303
|
|
Exploration expense
|
|
|
|
|
|
|
|
|||||
US
|
|
40
|
|
2,560
|
|
53
|
|
|
2,620
|
|
147
|
|
Non-US
|
|
150
|
|
7,114
|
|
132
|
|
|
7,446
|
|
551
|
|
|
|
190
|
|
9,674
|
|
185
|
|
|
10,066
|
|
698
|
|
Of
which: Exploration expenditure written off(b)
|
|
50
|
|
9,618
|
|
115
|
|
|
9,766
|
|
476
|
|
Production (net of
royalties)(c)(d)
|
|
|
|
|
|
|
|
|||||
Liquids* (mb/d)
|
|
|
|
|
|
|
|
|||||
US
|
|
363
|
|
472
|
|
449
|
|
|
446
|
|
470
|
|
Europe
|
|
143
|
|
166
|
|
118
|
|
|
152
|
|
138
|
|
Rest of World
|
|
623
|
|
728
|
|
657
|
|
|
668
|
|
667
|
|
|
|
1,129
|
|
1,366
|
|
1,224
|
|
|
1,266
|
|
1,274
|
|
Natural gas (mmcf/d)
|
|
|
|
|
|
|
|
|||||
US
|
|
1,419
|
|
1,549
|
|
2,396
|
|
|
1,671
|
|
2,372
|
|
Europe
|
|
265
|
|
298
|
|
188
|
|
|
269
|
|
155
|
|
Rest of World
|
|
4,774
|
|
4,878
|
|
5,211
|
|
|
4,915
|
|
5,254
|
|
|
|
6,457
|
|
6,725
|
|
7,795
|
|
|
6,855
|
|
7,782
|
|
Total hydrocarbons* (mboe/d)
|
|
|
|
|
|
|
|
|||||
US
|
|
608
|
|
739
|
|
862
|
|
|
735
|
|
879
|
|
Europe
|
|
188
|
|
217
|
|
151
|
|
|
198
|
|
165
|
|
Rest of World
|
|
1,446
|
|
1,569
|
|
1,555
|
|
|
1,516
|
|
1,573
|
|
|
|
2,243
|
|
2,525
|
|
2,568
|
|
|
2,448
|
|
2,616
|
|
Average realizations*(e)
|
|
|
|
|
|
|
|
|||||
Total
liquids(f)
($/bbl)
|
|
38.17
|
|
22.75
|
|
55.68
|
|
|
35.51
|
|
58.38
|
|
Natural gas ($/mcf)
|
|
2.56
|
|
2.53
|
|
3.11
|
|
|
2.65
|
|
3.49
|
|
Total hydrocarbons ($/boe)
|
|
26.42
|
|
19.06
|
|
35.48
|
|
|
25.68
|
|
38.55
|
|
|
|
Third
|
Second
|
Third
|
|
Nine
|
Nine
|
|||||
|
|
quarter
|
quarter
|
quarter
|
|
months
|
months
|
|||||
$ million
|
|
2020
|
2020
|
2019
|
|
2020
|
2019
|
|||||
Profit (loss) before interest and tax
|
|
1,106
|
|
1,572
|
|
1,583
|
|
|
(1,273)
|
|
5,775
|
|
Inventory holding (gains) losses*
|
|
(191)
|
|
(978)
|
|
433
|
|
|
3,446
|
|
(706)
|
|
RC profit before interest and tax
|
|
915
|
|
594
|
|
2,016
|
|
|
2,173
|
|
5,069
|
|
Net
(favourable) adverse impact of non-operating items* and fair value
accounting effects*
|
|
(279)
|
|
811
|
|
(133)
|
|
|
789
|
|
(88)
|
|
Underlying
RC profit before interest and tax*(a)
|
|
636
|
|
1,405
|
|
1,883
|
|
|
2,962
|
|
4,981
|
|
The commentary above contains forward-looking statements and should
be read in conjunction with the cautionary statement on page
36.
|
|
|
Third
|
Second
|
Third
|
|
Nine
|
Nine
|
|||||
|
|
quarter
|
quarter
|
quarter
|
|
months
|
months
|
|||||
$ million
|
|
2020
|
2020
|
2019
|
|
2020
|
2019
|
|||||
Underlying RC profit before interest and tax - by
region
|
|
|
|
|
|
|
|
|||||
US
|
|
96
|
|
719
|
|
537
|
|
|
1,372
|
|
1,634
|
|
Non-US
|
|
540
|
|
686
|
|
1,346
|
|
|
1,590
|
|
3,347
|
|
|
|
636
|
|
1,405
|
|
1,883
|
|
|
2,962
|
|
4,981
|
|
Non-operating items
|
|
|
|
|
|
|
|
|||||
US
|
|
(27)
|
|
(69)
|
|
(5)
|
|
|
(90)
|
|
(2)
|
|
Non-US
|
|
(119)
|
|
(711)
|
|
(9)
|
|
|
(834)
|
|
(47)
|
|
|
|
(146)
|
|
(780)
|
|
(14)
|
|
|
(924)
|
|
(49)
|
|
Fair value accounting
effects(a)
|
|
|
|
|
|
|
|
|||||
US
|
|
78
|
|
(71)
|
|
116
|
|
|
152
|
|
185
|
|
Non-US
|
|
347
|
|
40
|
|
31
|
|
|
(17)
|
|
(48)
|
|
|
|
425
|
|
(31)
|
|
147
|
|
|
135
|
|
137
|
|
RC profit before interest and tax
|
|
|
|
|
|
|
|
|||||
US
|
|
147
|
|
579
|
|
648
|
|
|
1,434
|
|
1,817
|
|
Non-US
|
|
768
|
|
15
|
|
1,368
|
|
|
739
|
|
3,252
|
|
|
|
915
|
|
594
|
|
2,016
|
|
|
2,173
|
|
5,069
|
|
Underlying RC profit before interest and tax - by
business(b)(c)
|
|
|
|
|
|
|
|
|||||
Fuels
|
|
222
|
|
1,295
|
|
1,438
|
|
|
2,206
|
|
3,691
|
|
Lubricants
|
|
326
|
|
63
|
|
332
|
|
|
556
|
|
925
|
|
Petrochemicals
|
|
88
|
|
47
|
|
113
|
|
|
200
|
|
365
|
|
|
|
636
|
|
1,405
|
|
1,883
|
|
|
2,962
|
|
4,981
|
|
Non-operating items and fair value accounting
effects(a)
|
|
|
|
|
|
|
|
|||||
Fuels
|
|
288
|
|
(748)
|
|
135
|
|
|
(717)
|
|
73
|
|
Lubricants
|
|
(7)
|
|
(51)
|
|
—
|
|
|
(58)
|
|
18
|
|
Petrochemicals
|
|
(2)
|
|
(12)
|
|
(2)
|
|
|
(14)
|
|
(3)
|
|
|
|
279
|
|
(811)
|
|
133
|
|
|
(789)
|
|
88
|
|
RC profit before interest and tax(b)(c)
|
|
|
|
|
|
|
|
|||||
Fuels
|
|
510
|
|
547
|
|
1,573
|
|
|
1,489
|
|
3,764
|
|
Lubricants
|
|
319
|
|
12
|
|
332
|
|
|
498
|
|
943
|
|
Petrochemicals
|
|
86
|
|
35
|
|
111
|
|
|
186
|
|
362
|
|
|
|
915
|
|
594
|
|
2,016
|
|
|
2,173
|
|
5,069
|
|
|
|
|
|
|
|
|
|
|||||
BP average refining marker margin (RMM)* ($/bbl)
|
|
6.2
|
|
5.9
|
|
14.7
|
|
|
7.0
|
|
13.4
|
|
|
|
|
|
|
|
|
|
|||||
Refinery throughputs (mb/d)
|
|
|
|
|
|
|
|
|||||
US
|
|
701
|
|
614
|
|
781
|
|
|
687
|
|
730
|
|
Europe
|
|
699
|
|
716
|
|
815
|
|
|
750
|
|
766
|
|
Rest of World
|
|
187
|
|
157
|
|
217
|
|
|
189
|
|
221
|
|
|
|
1,587
|
|
1,487
|
|
1,813
|
|
|
1,626
|
|
1,717
|
|
BP-operated refining availability* (%)
|
|
96.2
|
|
95.6
|
|
96.1
|
|
|
96.0
|
|
94.6
|
|
|
|
|
|
|
|
|
|
|||||
Marketing sales of refined products (mb/d)
|
|
|
|
|
|
|
|
|||||
US
|
|
1,083
|
|
872
|
|
1,172
|
|
|
997
|
|
1,141
|
|
Europe
|
|
849
|
|
685
|
|
1,157
|
|
|
830
|
|
1,081
|
|
Rest of World
|
|
422
|
|
364
|
|
459
|
|
|
435
|
|
500
|
|
|
|
2,354
|
|
1,921
|
|
2,788
|
|
|
2,262
|
|
2,722
|
|
Trading/supply sales of refined products
|
|
2,618
|
|
3,172
|
|
3,157
|
|
|
3,054
|
|
3,183
|
|
Total sales volumes of refined products
|
|
4,972
|
|
5,093
|
|
5,945
|
|
|
5,316
|
|
5,905
|
|
|
|
|
|
|
|
|
|
|||||
Petrochemicals production (kte)
|
|
|
|
|
|
|
|
|||||
US
|
|
541
|
|
410
|
|
564
|
|
|
1,562
|
|
1,749
|
|
Europe
|
|
1,325
|
|
1,246
|
|
1,187
|
|
|
3,942
|
|
3,573
|
|
Rest of World
|
|
1,211
|
|
1,271
|
|
1,325
|
|
|
3,635
|
|
3,780
|
|
|
|
3,077
|
|
2,927
|
|
3,076
|
|
|
9,139
|
|
9,102
|
|
|
|
Third
|
Second
|
Third
|
|
Nine
|
Nine
|
|||||
|
|
quarter
|
quarter
|
quarter
|
|
months
|
months
|
|||||
$ million
|
|
2020(a)
|
2020
|
2019
|
|
2020(a)
|
2019
|
|||||
Profit
(loss) before interest and tax(b)(c)
|
|
(244)
|
|
(71)
|
|
723
|
|
|
(533)
|
|
1,772
|
|
Inventory holding (gains) losses*
|
|
(34)
|
|
(53)
|
|
79
|
|
|
114
|
|
41
|
|
RC profit (loss) before interest and tax
|
|
(278)
|
|
(124)
|
|
802
|
|
|
(419)
|
|
1,813
|
|
Net charge (credit) for non-operating items*
|
|
101
|
|
63
|
|
—
|
|
|
164
|
|
194
|
|
Underlying RC profit (loss) before interest and tax*
|
|
(177)
|
|
(61)
|
|
802
|
|
|
(255)
|
|
2,007
|
|
|
|
Third
|
Second
|
Third
|
|
Nine
|
Nine
|
|||||
|
|
quarter
|
quarter
|
quarter
|
|
months
|
months
|
|||||
|
|
2020(a)
|
2020
|
2019
|
|
2020(a)
|
2019
|
|||||
Production (net of royalties) (BP share)
|
|
|
|
|
|
|
|
|||||
Liquids* (mb/d)
|
|
858
|
|
856
|
|
920
|
|
|
877
|
|
923
|
|
Natural gas (mmcf/d)
|
|
1,260
|
|
1,248
|
|
1,236
|
|
|
1,261
|
|
1,271
|
|
Total hydrocarbons* (mboe/d)
|
|
1,075
|
|
1,071
|
|
1,133
|
|
|
1,094
|
|
1,142
|
|
|
|
Third
|
Second
|
Third
|
|
Nine
|
Nine
|
|||||
|
|
quarter
|
quarter
|
quarter
|
|
months
|
months
|
|||||
$ million
|
|
2020
|
2020
|
2019
|
|
2020
|
2019
|
|||||
Profit (loss) before interest and tax
|
|
24
|
|
(317)
|
|
(412)
|
|
|
(991)
|
|
(1,339)
|
|
Inventory holding (gains) losses*
|
|
—
|
|
—
|
|
—
|
|
|
—
|
|
—
|
|
RC profit (loss) before interest and tax
|
|
24
|
|
(317)
|
|
(412)
|
|
|
(991)
|
|
(1,339)
|
|
Net
(favourable) adverse impact of non-operating items* and fair value
accounting effects*
|
|
(154)
|
|
57
|
|
90
|
|
|
40
|
|
309
|
|
Underlying RC profit (loss) before interest and tax*
|
|
(130)
|
|
(260)
|
|
(322)
|
|
|
(951)
|
|
(1,030)
|
|
Underlying RC profit (loss) before interest and tax
|
|
|
|
|
|
|
|
|||||
US
|
|
(65)
|
|
(129)
|
|
(249)
|
|
|
(318)
|
|
(628)
|
|
Non-US
|
|
(65)
|
|
(131)
|
|
(73)
|
|
|
(633)
|
|
(402)
|
|
|
|
(130)
|
|
(260)
|
|
(322)
|
|
|
(951)
|
|
(1,030)
|
|
Non-operating items
|
|
|
|
|
|
|
|
|||||
US
|
|
(62)
|
|
(62)
|
|
(85)
|
|
|
(172)
|
|
(291)
|
|
Non-US
|
|
(50)
|
|
46
|
|
(5)
|
|
|
(93)
|
|
(18)
|
|
|
|
(112)
|
|
(16)
|
|
(90)
|
|
|
(265)
|
|
(309)
|
|
Fair value accounting effects
|
|
|
|
|
|
|
|
|||||
US
|
|
—
|
|
—
|
|
—
|
|
|
—
|
|
—
|
|
Non-US
|
|
266
|
|
(41)
|
|
—
|
|
|
225
|
|
—
|
|
|
|
266
|
|
(41)
|
|
—
|
|
|
225
|
|
—
|
|
RC profit (loss) before interest and tax
|
|
|
|
|
|
|
|
|||||
US
|
|
(127)
|
|
(191)
|
|
(334)
|
|
|
(490)
|
|
(919)
|
|
Non-US
|
|
151
|
|
(126)
|
|
(78)
|
|
|
(501)
|
|
(420)
|
|
|
|
24
|
|
(317)
|
|
(412)
|
|
|
(991)
|
|
(1,339)
|
|
The commentary above contains forward-looking statements and should
be read in conjunction with the cautionary statement on page
36.
|
|
|
Third
|
Second
|
Third
|
|
Nine
|
Nine
|
|||||
|
|
quarter
|
quarter
|
quarter
|
|
months
|
months
|
|||||
$ million
|
|
2020
|
2020
|
2019
|
|
2020
|
2019
|
|||||
|
|
|
|
|
|
|
|
|||||
Sales and other operating revenues (Note 6)
|
|
44,251
|
|
31,676
|
|
68,291
|
|
|
135,577
|
|
207,288
|
|
Earnings from joint ventures – after interest and
tax
|
|
73
|
|
(567)
|
|
90
|
|
|
(516)
|
|
413
|
|
Earnings from associates – after interest and
tax
|
|
(332)
|
|
(100)
|
|
784
|
|
|
(676)
|
|
2,041
|
|
Interest and other income
|
|
183
|
|
107
|
|
126
|
|
|
430
|
|
559
|
|
Gains on sale of businesses and fixed assets
|
|
27
|
|
74
|
|
1
|
|
|
117
|
|
145
|
|
Total revenues and other income
|
|
44,202
|
|
31,190
|
|
69,292
|
|
|
134,932
|
|
210,446
|
|
Purchases
|
|
31,645
|
|
18,778
|
|
52,273
|
|
|
99,301
|
|
156,228
|
|
Production and manufacturing expenses
|
|
5,073
|
|
5,211
|
|
5,259
|
|
|
16,383
|
|
16,006
|
|
Production and similar taxes (Note 8)
|
|
140
|
|
124
|
|
340
|
|
|
467
|
|
1,135
|
|
Depreciation, depletion and amortization (Note 7)
|
|
3,467
|
|
3,937
|
|
4,297
|
|
|
11,463
|
|
13,346
|
|
Impairment and losses on sale of businesses and fixed assets (Note
3)
|
|
294
|
|
11,770
|
|
3,416
|
|
|
13,213
|
|
4,418
|
|
Exploration expense (Note 4)
|
|
190
|
|
9,674
|
|
185
|
|
|
10,066
|
|
698
|
|
Distribution and administration expenses
|
|
2,435
|
|
2,509
|
|
2,648
|
|
|
7,628
|
|
8,061
|
|
Profit (loss) before interest and taxation
|
|
958
|
|
(20,813)
|
|
874
|
|
|
(23,589)
|
|
10,554
|
|
Finance costs
|
|
800
|
|
783
|
|
883
|
|
|
2,366
|
|
2,603
|
|
Net
finance expense relating to pensions and other post-retirement
benefits
|
|
8
|
|
8
|
|
16
|
|
|
23
|
|
46
|
|
Profit (loss) before taxation
|
|
150
|
|
(21,604)
|
|
(25)
|
|
|
(25,978)
|
|
7,905
|
|
Taxation
|
|
457
|
|
(4,082)
|
|
706
|
|
|
(3,764)
|
|
3,733
|
|
Profit (loss) for the period
|
|
(307)
|
|
(17,522)
|
|
(731)
|
|
|
(22,214)
|
|
4,172
|
|
Attributable to
|
|
|
|
|
|
|
|
|||||
BP
shareholders
|
|
(450)
|
|
(16,848)
|
|
(749)
|
|
|
(21,663)
|
|
4,007
|
|
Non-controlling
interests
|
|
143
|
|
(674)
|
|
18
|
|
|
(551)
|
|
165
|
|
|
|
(307)
|
|
(17,522)
|
|
(731)
|
|
|
(22,214)
|
|
4,172
|
|
|
|
|
|
|
|
|
|
|||||
Earnings per share (Note 9)
|
|
|
|
|
|
|
|
|||||
Profit (loss) for the period attributable to BP
shareholders
|
|
|
|
|
|
|
|
|||||
Per
ordinary share (cents)
|
|
|
|
|
|
|
|
|||||
Basic
|
|
(2.22)
|
|
(83.32)
|
|
(3.68)
|
|
|
(107.15)
|
|
19.74
|
|
Diluted
|
|
(2.22)
|
|
(83.32)
|
|
(3.68)
|
|
|
(107.15)
|
|
19.63
|
|
Per
ADS (dollars)
|
|
|
|
|
|
|
|
|||||
Basic
|
|
(0.13)
|
|
(5.00)
|
|
(0.22)
|
|
|
(6.43)
|
|
1.18
|
|
Diluted
|
|
(0.13)
|
|
(5.00)
|
|
(0.22)
|
|
|
(6.43)
|
|
1.18
|
|
|
|
Third
|
Second
|
Third
|
|
Nine
|
Nine
|
|||||
|
|
quarter
|
quarter
|
quarter
|
|
months
|
months
|
|||||
$ million
|
|
2020
|
2020
|
2019
|
|
2020
|
2019
|
|||||
|
|
|
|
|
|
|
|
|||||
Profit (loss) for the period
|
|
(307)
|
|
(17,522)
|
|
(731)
|
|
|
(22,214)
|
|
4,172
|
|
Other comprehensive income
|
|
|
|
|
|
|
|
|||||
Items that may be reclassified subsequently to profit or
loss
|
|
|
|
|
|
|
|
|||||
Currency
translation differences(a)
|
|
(166)
|
|
1,371
|
|
(986)
|
|
|
(3,437)
|
|
134
|
|
Exchange (gains)
losses on translation of foreign operations reclassified to gain or
loss on sale of businesses and fixed assets
|
|
—
|
|
3
|
|
—
|
|
|
4
|
|
—
|
|
Cash
flow hedges and costs of hedging
|
|
(90)
|
|
68
|
|
(17)
|
|
|
63
|
|
135
|
|
Share
of items relating to equity-accounted entities, net of
tax
|
|
308
|
|
(333)
|
|
119
|
|
|
417
|
|
39
|
|
Income
tax relating to items that may be reclassified
|
|
(16)
|
|
(37)
|
|
12
|
|
|
64
|
|
(31)
|
|
|
|
36
|
|
1,072
|
|
(872)
|
|
|
(2,889)
|
|
277
|
|
Items that will not be reclassified to profit or loss
|
|
|
|
|
|
|
|
|||||
Remeasurements of
the net pension and other post-retirement benefit liability or
asset(b)
|
|
78
|
|
(1,960)
|
|
(260)
|
|
|
(163)
|
|
(1,152)
|
|
Cash
flow hedges that will subsequently be transferred to the balance
sheet
|
|
8
|
|
(2)
|
|
(10)
|
|
|
(2)
|
|
(9)
|
|
Income
tax relating to items that will not be reclassified
|
|
(16)
|
|
623
|
|
27
|
|
|
(16)
|
|
302
|
|
|
|
70
|
|
(1,339)
|
|
(243)
|
|
|
(181)
|
|
(859)
|
|
Other comprehensive income
|
|
106
|
|
(267)
|
|
(1,115)
|
|
|
(3,070)
|
|
(582)
|
|
Total comprehensive income
|
|
(201)
|
|
(17,789)
|
|
(1,846)
|
|
|
(25,284)
|
|
3,590
|
|
Attributable to
|
|
|
|
|
|
|
|
|||||
BP
shareholders
|
|
(364)
|
|
(17,142)
|
|
(1,848)
|
|
|
(24,723)
|
|
3,434
|
|
Non-controlling
interests
|
|
163
|
|
(647)
|
|
2
|
|
|
(561)
|
|
156
|
|
|
|
(201)
|
|
(17,789)
|
|
(1,846)
|
|
|
(25,284)
|
|
3,590
|
|
|
|
BP shareholders’
|
Non-controlling interests
|
Total
|
|||||
$ million
|
|
equity
|
Hybrid bonds
|
Other interest
|
equity
|
||||
At 1 January 2020
|
|
98,412
|
|
—
|
|
2,296
|
|
100,708
|
|
|
|
|
|
|
|
||||
Total comprehensive income
|
|
(24,723)
|
|
133
|
|
(694)
|
|
(25,284)
|
|
Dividends
|
|
(5,305)
|
|
—
|
|
(163)
|
|
(5,468)
|
|
Cash
flow hedges transferred to the balance sheet, net of
tax
|
|
7
|
|
—
|
|
—
|
|
7
|
|
Repurchase of ordinary share capital
|
|
(776)
|
|
—
|
|
—
|
|
(776)
|
|
Share-based payments, net of tax
|
|
547
|
|
—
|
|
—
|
|
547
|
|
Share
of equity-accounted entities’ changes in equity, net of
tax
|
|
—
|
|
—
|
|
—
|
|
—
|
|
Issue of perpetual hybrid bonds
|
|
(48)
|
|
11,909
|
|
—
|
|
11,861
|
|
Payments on perpetual hybrid bonds
|
|
—
|
|
(27)
|
|
—
|
|
(27)
|
|
Tax on issue of perpetual hybrid bonds
|
|
1
|
|
—
|
|
—
|
|
1
|
|
Transactions
involving non-controlling interests, net of tax
|
|
(160)
|
|
—
|
|
746
|
|
586
|
|
At 30 September 2020
|
|
67,955
|
|
12,015
|
|
2,185
|
|
82,155
|
|
|
|
|
|
|
|
||||
|
|
BP shareholders’
|
Non-controlling interests
|
Total
|
|||||
$ million
|
|
equity
|
Hybrid bonds
|
Other interest
|
equity
|
||||
At 31 December 2018
|
|
99,444
|
|
—
|
|
2,104
|
|
101,548
|
|
Adjustment
on adoption of IFRS 16, net of tax(a)
|
|
(329)
|
|
—
|
|
(1)
|
|
(330)
|
|
At 1 January 2019
|
|
99,115
|
|
—
|
|
2,103
|
|
101,218
|
|
|
|
|
|
|
|
||||
Total comprehensive income
|
|
3,434
|
|
—
|
|
156
|
|
3,590
|
|
Dividends
|
|
(4,857)
|
|
—
|
|
(166)
|
|
(5,023)
|
|
Cash
flow hedges transferred to the balance sheet, net of
tax
|
|
18
|
|
—
|
|
—
|
|
18
|
|
Repurchase of ordinary share capital
|
|
(340)
|
|
—
|
|
—
|
|
(340)
|
|
Share-based payments, net of tax
|
|
544
|
|
—
|
|
—
|
|
544
|
|
Share
of equity-accounted entities’ changes in equity, net of
tax
|
|
8
|
|
—
|
|
—
|
|
8
|
|
At 30 September 2019
|
|
97,922
|
|
—
|
|
2,093
|
|
100,015
|
|
|
|
30 September
|
31 December
|
||
$ million
|
|
2020
|
2019
|
||
Non-current assets
|
|
|
|
||
Property, plant and equipment
|
|
116,580
|
|
132,642
|
|
Goodwill
|
|
12,457
|
|
11,868
|
|
Intangible assets
|
|
6,293
|
|
15,539
|
|
Investments in joint ventures
|
|
7,953
|
|
9,991
|
|
Investments in associates
|
|
16,929
|
|
20,334
|
|
Other investments
|
|
2,439
|
|
1,276
|
|
Fixed assets
|
|
162,651
|
|
191,650
|
|
Loans
|
|
711
|
|
630
|
|
Trade and other receivables
|
|
4,239
|
|
2,147
|
|
Derivative financial instruments
|
|
7,705
|
|
6,314
|
|
Prepayments
|
|
497
|
|
781
|
|
Deferred tax assets
|
|
6,816
|
|
4,560
|
|
Defined benefit pension plan surpluses
|
|
6,806
|
|
7,053
|
|
|
|
189,425
|
|
213,135
|
|
Current assets
|
|
|
|
||
Loans
|
|
555
|
|
339
|
|
Inventories
|
|
13,840
|
|
20,880
|
|
Trade and other receivables
|
|
15,954
|
|
24,442
|
|
Derivative financial instruments
|
|
3,562
|
|
4,153
|
|
Prepayments
|
|
645
|
|
857
|
|
Current tax receivable
|
|
681
|
|
1,282
|
|
Other investments
|
|
298
|
|
169
|
|
Cash and cash equivalents
|
|
30,749
|
|
22,472
|
|
|
|
66,284
|
|
74,594
|
|
Assets classified as held for sale (Note 2)
|
|
4,541
|
|
7,465
|
|
|
|
70,825
|
|
82,059
|
|
Total assets
|
|
260,250
|
|
295,194
|
|
Current liabilities
|
|
|
|
||
Trade and other payables
|
|
33,823
|
|
46,829
|
|
Derivative financial instruments
|
|
3,088
|
|
3,261
|
|
Accruals
|
|
3,822
|
|
5,066
|
|
Lease liabilities
|
|
1,907
|
|
2,067
|
|
Finance debt
|
|
11,013
|
|
10,487
|
|
Current tax payable
|
|
804
|
|
2,039
|
|
Provisions
|
|
2,563
|
|
2,453
|
|
|
|
57,020
|
|
72,202
|
|
Liabilities directly associated with assets classified as held for
sale (Note 2)
|
|
1,057
|
|
1,393
|
|
|
|
58,077
|
|
73,595
|
|
Non-current liabilities
|
|
|
|
||
Other payables
|
|
11,908
|
|
12,626
|
|
Derivative financial instruments
|
|
4,761
|
|
5,537
|
|
Accruals
|
|
908
|
|
996
|
|
Lease liabilities
|
|
7,375
|
|
7,655
|
|
Finance debt
|
|
61,796
|
|
57,237
|
|
Deferred tax liabilities
|
|
6,634
|
|
9,750
|
|
Provisions
|
|
17,892
|
|
18,498
|
|
Defined benefit pension plan and other post-retirement benefit plan
deficits
|
|
8,744
|
|
8,592
|
|
|
|
120,018
|
|
120,891
|
|
Total liabilities
|
|
178,095
|
|
194,486
|
|
Net assets
|
|
82,155
|
|
100,708
|
|
Equity
|
|
|
|
||
BP shareholders’ equity
|
|
67,955
|
|
98,412
|
|
Non-controlling interests
|
|
14,200
|
|
2,296
|
|
Total equity
|
|
82,155
|
|
100,708
|
|
|
|
Third
|
Second
|
Third
|
|
Nine
|
Nine
|
|||||
|
|
quarter
|
quarter
|
quarter
|
|
months
|
months
|
|||||
$ million
|
|
2020
|
2020
|
2019
|
|
2020
|
2019
|
|||||
Operating activities
|
|
|
|
|
|
|
|
|||||
Profit (loss) before taxation
|
|
150
|
|
(21,604)
|
|
(25)
|
|
|
(25,978)
|
|
7,905
|
|
Adjustments to
reconcile profit (loss) before taxation to net cash provided by
operating activities
|
|
|
|
|
|
|
|
|||||
Depreciation,
depletion and amortization and exploration expenditure written
off
|
|
3,517
|
|
13,555
|
|
4,412
|
|
|
21,229
|
|
13,822
|
|
Impairment and
(gain) loss on sale of businesses and fixed assets
|
|
267
|
|
11,696
|
|
3,415
|
|
|
13,096
|
|
4,273
|
|
Earnings from
equity-accounted entities, less dividends received
|
|
1,018
|
|
860
|
|
(236)
|
|
|
2,383
|
|
(1,220)
|
|
Net
charge for interest and other finance expense, less net interest
paid
|
|
60
|
|
17
|
|
257
|
|
|
214
|
|
407
|
|
Share-based
payments
|
|
199
|
|
351
|
|
149
|
|
|
544
|
|
563
|
|
Net
operating charge for pensions and other post-retirement benefits,
less contributions and benefit payments for unfunded
plans
|
|
(46)
|
|
(34)
|
|
(50)
|
|
|
(100)
|
|
(195)
|
|
Net
charge for provisions, less payments
|
|
293
|
|
(365)
|
|
(132)
|
|
|
(131)
|
|
(446)
|
|
Movements in
inventories and other current and non-current assets and
liabilities
|
|
556
|
|
(609)
|
|
141
|
|
|
630
|
|
(2,612)
|
|
Income
taxes paid
|
|
(810)
|
|
(130)
|
|
(1,875)
|
|
|
(1,994)
|
|
(4,330)
|
|
Net cash provided by operating activities
|
|
5,204
|
|
3,737
|
|
6,056
|
|
|
9,893
|
|
18,167
|
|
Investing activities
|
|
|
|
|
|
|
|
|||||
Expenditure on
property, plant and equipment, intangible and other
assets
|
|
(2,577)
|
|
(3,018)
|
|
(3,954)
|
|
|
(9,384)
|
|
(11,482)
|
|
Acquisitions, net of cash acquired
|
|
(10)
|
|
—
|
|
13
|
|
|
(27)
|
|
(3,529)
|
|
Investment in joint ventures
|
|
(12)
|
|
(8)
|
|
(60)
|
|
|
(38)
|
|
(80)
|
|
Investment in associates
|
|
(1,037)
|
|
(41)
|
|
(22)
|
|
|
(1,115)
|
|
(221)
|
|
Total cash capital expenditure
|
|
(3,636)
|
|
(3,067)
|
|
(4,023)
|
|
|
(10,564)
|
|
(15,312)
|
|
Proceeds from disposal of fixed assets
|
|
32
|
|
10
|
|
171
|
|
|
52
|
|
476
|
|
Proceeds from disposal of businesses, net of cash
disposed
|
|
84
|
|
670
|
|
536
|
|
|
1,425
|
|
909
|
|
Proceeds from loan repayments
|
|
50
|
|
543
|
|
63
|
|
|
656
|
|
182
|
|
Net cash used in investing activities
|
|
(3,470)
|
|
(1,844)
|
|
(3,253)
|
|
|
(8,431)
|
|
(13,745)
|
|
Financing activities
|
|
|
|
|
|
|
|
|||||
Net issue (repurchase) of shares (Note 9)
|
|
—
|
|
—
|
|
(215)
|
|
|
(776)
|
|
(340)
|
|
Lease liability payments
|
|
(578)
|
|
(664)
|
|
(594)
|
|
|
(1,811)
|
|
(1,806)
|
|
Proceeds from long-term financing
|
|
2,587
|
|
6,846
|
|
213
|
|
|
12,117
|
|
6,718
|
|
Repayments of long-term financing
|
|
(4,307)
|
|
(964)
|
|
(516)
|
|
|
(8,988)
|
|
(6,758)
|
|
Net increase (decrease) in short-term debt
|
|
(2,630)
|
|
(215)
|
|
(852)
|
|
|
(328)
|
|
118
|
|
Issue of perpetual hybrid bonds
|
|
—
|
|
11,861
|
|
—
|
|
|
11,861
|
|
—
|
|
Payments on perpetual hybrid bonds
|
|
(27)
|
|
—
|
|
—
|
|
|
(27)
|
|
—
|
|
Payments relating to transactions involving non-controlling
interests (other)
|
|
—
|
|
(8)
|
|
—
|
|
|
(8)
|
|
—
|
|
Receipts relating to transactions involving non-controlling
interests (other)
|
|
483
|
|
—
|
|
—
|
|
|
492
|
|
—
|
|
Dividends paid - BP shareholders
|
|
(1,060)
|
|
(2,119)
|
|
(1,656)
|
|
|
(5,281)
|
|
(4,870)
|
|
-
non-controlling interests
|
|
(58)
|
|
(74)
|
|
(47)
|
|
|
(163)
|
|
(166)
|
|
Net cash provided by (used in) financing activities
|
|
(5,590)
|
|
14,663
|
|
(3,667)
|
|
|
7,088
|
|
(7,104)
|
|
Currency translation differences relating to cash and cash
equivalents
|
|
268
|
|
(42)
|
|
(118)
|
|
|
43
|
|
(94)
|
|
Increase (decrease) in cash and cash equivalents
|
|
(3,588)
|
|
16,514
|
|
(982)
|
|
|
8,593
|
|
(2,776)
|
|
Cash and cash equivalents at beginning of period
|
|
34,653
|
|
18,139
|
|
20,674
|
|
|
22,472
|
|
22,468
|
|
Cash
and cash equivalents at end of period(a)
|
|
31,065
|
|
34,653
|
|
19,692
|
|
|
31,065
|
|
19,692
|
|
|
|
4Q20
|
2021
|
2025
|
2030
|
2040
|
2050
|
Brent oil ($/bbl)
|
|
40
|
50
|
50
|
60
|
60
|
50
|
Henry Hub gas ($/mmBtu)
|
|
2.75
|
3.00
|
3.00
|
3.00
|
3.00
|
2.75
|
|
|
Third
|
Second
|
Third
|
|
Nine
|
Nine
|
|||||
|
|
quarter
|
quarter
|
quarter
|
|
months
|
months
|
|||||
$ million
|
|
2020
|
2020
|
2019
|
|
2020
|
2019
|
|||||
Upstream
|
|
30
|
|
(22,008)
|
|
(1,050)
|
|
|
(20,955)
|
|
4,303
|
|
Downstream
|
|
915
|
|
594
|
|
2,016
|
|
|
2,173
|
|
5,069
|
|
Rosneft
|
|
(278)
|
|
(124)
|
|
802
|
|
|
(419)
|
|
1,813
|
|
Other businesses and corporate
|
|
24
|
|
(317)
|
|
(412)
|
|
|
(991)
|
|
(1,339)
|
|
|
|
691
|
|
(21,855)
|
|
1,356
|
|
|
(20,192)
|
|
9,846
|
|
Consolidation adjustment – UPII*
|
|
34
|
|
(46)
|
|
30
|
|
|
166
|
|
51
|
|
RC profit (loss) before interest and tax*
|
|
725
|
|
(21,901)
|
|
1,386
|
|
|
(20,026)
|
|
9,897
|
|
Inventory holding gains (losses)*
|
|
|
|
|
|
|
|
|||||
Upstream
|
|
8
|
|
57
|
|
—
|
|
|
(3)
|
|
(8)
|
|
Downstream
|
|
191
|
|
978
|
|
(433)
|
|
|
(3,446)
|
|
706
|
|
Rosneft
(net of tax)
|
|
34
|
|
53
|
|
(79)
|
|
|
(114)
|
|
(41)
|
|
Profit (loss) before interest and tax
|
|
958
|
|
(20,813)
|
|
874
|
|
|
(23,589)
|
|
10,554
|
|
Finance costs
|
|
800
|
|
783
|
|
883
|
|
|
2,366
|
|
2,603
|
|
Net
finance expense relating to pensions and other post-retirement
benefits
|
|
8
|
|
8
|
|
16
|
|
|
23
|
|
46
|
|
Profit (loss) before taxation
|
|
150
|
|
(21,604)
|
|
(25)
|
|
|
(25,978)
|
|
7,905
|
|
|
|
|
|
|
|
|
|
|||||
RC profit (loss) before interest and tax*
|
|
|
|
|
|
|
|
|||||
US
|
|
105
|
|
(4,695)
|
|
(2,425)
|
|
|
(3,995)
|
|
(1,156)
|
|
Non-US
|
|
620
|
|
(17,206)
|
|
3,811
|
|
|
(16,031)
|
|
11,053
|
|
|
|
725
|
|
(21,901)
|
|
1,386
|
|
|
(20,026)
|
|
9,897
|
|
|
|
Third
|
Second
|
Third
|
|
Nine
|
Nine
|
|||||
|
|
quarter
|
quarter
|
quarter
|
|
months
|
months
|
|||||
$ million
|
|
2020
|
2020
|
2019
|
|
2020
|
2019
|
|||||
By segment
|
|
|
|
|
|
|
|
|||||
Upstream
|
|
7,797
|
|
7,194
|
|
12,396
|
|
|
26,455
|
|
40,546
|
|
Downstream
|
|
40,256
|
|
27,241
|
|
61,834
|
|
|
121,461
|
|
186,646
|
|
Other businesses and corporate
|
|
391
|
|
450
|
|
461
|
|
|
1,294
|
|
1,250
|
|
|
|
48,444
|
|
34,885
|
|
74,691
|
|
|
149,210
|
|
228,442
|
|
|
|
|
|
|
|
|
|
|||||
Less: sales and other operating revenues between
segments
|
|
|
|
|
|
|
|
|||||
Upstream
|
|
3,647
|
|
2,613
|
|
6,406
|
|
|
13,167
|
|
20,211
|
|
Downstream
|
|
124
|
|
330
|
|
(59)
|
|
|
(328)
|
|
589
|
|
Other businesses and corporate
|
|
422
|
|
266
|
|
53
|
|
|
794
|
|
354
|
|
|
|
4,193
|
|
3,209
|
|
6,400
|
|
|
13,633
|
|
21,154
|
|
|
|
|
|
|
|
|
|
|||||
Third party sales and other operating revenues
|
|
|
|
|
|
|
|
|||||
Upstream
|
|
4,150
|
|
4,581
|
|
5,990
|
|
|
13,288
|
|
20,335
|
|
Downstream
|
|
40,132
|
|
26,911
|
|
61,893
|
|
|
121,789
|
|
186,057
|
|
Other businesses and corporate
|
|
(31)
|
|
184
|
|
408
|
|
|
500
|
|
896
|
|
Total sales and other operating revenues
|
|
44,251
|
|
31,676
|
|
68,291
|
|
|
135,577
|
|
207,288
|
|
|
|
|
|
|
|
|
|
|||||
By geographical area
|
|
|
|
|
|
|
|
|||||
US
|
|
16,513
|
|
10,117
|
|
23,413
|
|
|
47,849
|
|
71,347
|
|
Non-US
|
|
32,328
|
|
24,776
|
|
51,030
|
|
|
101,059
|
|
153,581
|
|
|
|
48,841
|
|
34,893
|
|
74,443
|
|
|
148,908
|
|
224,928
|
|
Less: sales and other operating revenues between areas
|
|
4,590
|
|
3,217
|
|
6,152
|
|
|
13,331
|
|
17,640
|
|
|
|
44,251
|
|
31,676
|
|
68,291
|
|
|
135,577
|
|
207,288
|
|
|
|
|
|
|
|
|
|
|||||
Revenues from contracts with
customers(a)
|
|
|
|
|
|
|
|
|||||
Sales and other operating revenues include the following in
relation to revenues from contracts with customers:
|
|
|
|
|
|
|
|
|||||
Crude oil
|
|
1,366
|
|
1,062
|
|
2,194
|
|
|
3,863
|
|
7,261
|
|
Oil products
|
|
16,301
|
|
10,452
|
|
26,547
|
|
|
47,007
|
|
76,462
|
|
Natural gas, LNG and NGLs
|
|
2,844
|
|
2,992
|
|
4,387
|
|
|
9,474
|
|
14,038
|
|
Non-oil products and other revenues from contracts with
customers
|
|
2,965
|
|
2,118
|
|
2,970
|
|
|
7,573
|
|
9,291
|
|
Revenue from contracts with customers
|
|
23,476
|
|
16,624
|
|
36,098
|
|
|
67,917
|
|
107,052
|
|
Other
operating revenues(b)
|
|
20,775
|
|
15,052
|
|
32,193
|
|
|
67,660
|
|
100,236
|
|
Total sales and other operating revenues
|
|
44,251
|
|
31,676
|
|
68,291
|
|
|
135,577
|
|
207,288
|
|
|
|
Third
|
Second
|
Third
|
|
Nine
|
Nine
|
|||||
|
|
quarter
|
quarter
|
quarter
|
|
months
|
months
|
|||||
$ million
|
|
2020
|
2020
|
2019
|
|
2020
|
2019
|
|||||
Upstream
|
|
|
|
|
|
|
|
|||||
US
|
|
842
|
|
1,044
|
|
1,121
|
|
|
2,954
|
|
3,522
|
|
Non-US
|
|
1,713
|
|
1,973
|
|
2,295
|
|
|
5,768
|
|
7,189
|
|
|
|
2,555
|
|
3,017
|
|
3,416
|
|
|
8,722
|
|
10,711
|
|
Downstream
|
|
|
|
|
|
|
|
|||||
US
|
|
336
|
|
344
|
|
336
|
|
|
1,022
|
|
992
|
|
Non-US
|
|
407
|
|
408
|
|
394
|
|
|
1,220
|
|
1,169
|
|
|
|
743
|
|
752
|
|
730
|
|
|
2,242
|
|
2,161
|
|
Other businesses and corporate
|
|
|
|
|
|
|
|
|||||
US
|
|
13
|
|
16
|
|
14
|
|
|
44
|
|
41
|
|
Non-US
|
|
156
|
|
152
|
|
137
|
|
|
455
|
|
433
|
|
|
|
169
|
|
168
|
|
151
|
|
|
499
|
|
474
|
|
Total group
|
|
3,467
|
|
3,937
|
|
4,297
|
|
|
11,463
|
|
13,346
|
|
|
|
Third
|
Second
|
Third
|
|
Nine
|
Nine
|
|||||
|
|
quarter
|
quarter
|
quarter
|
|
months
|
months
|
|||||
$ million
|
|
2020
|
2020
|
2019
|
|
2020
|
2019
|
|||||
US
|
|
14
|
|
13
|
|
66
|
|
|
40
|
|
226
|
|
Non-US
|
|
126
|
|
111
|
|
274
|
|
|
427
|
|
909
|
|
|
|
140
|
|
124
|
|
340
|
|
|
467
|
|
1,135
|
|
|
|
Third
|
Second
|
Third
|
|
Nine
|
Nine
|
|||||
|
|
quarter
|
quarter
|
quarter
|
|
months
|
months
|
|||||
$ million
|
|
2020
|
2020
|
2019
|
|
2020
|
2019
|
|||||
Results for the period
|
|
|
|
|
|
|
|
|||||
Profit (loss) for the period attributable to BP
shareholders
|
|
(450)
|
|
(16,848)
|
|
(749)
|
|
|
(21,663)
|
|
4,007
|
|
Less: preference dividend
|
|
—
|
|
1
|
|
—
|
|
|
1
|
|
1
|
|
Profit
(loss) attributable to BP ordinary shareholders
|
|
(450)
|
|
(16,849)
|
|
(749)
|
|
|
(21,664)
|
|
4,006
|
|
|
|
|
|
|
|
|
|
|||||
Number of shares (thousand)(a)(b)
|
|
|
|
|
|
|
|
|||||
Basic
weighted average number of shares outstanding
|
|
20,251,199
|
|
20,222,575
|
|
20,371,728
|
|
|
20,217,559
|
|
20,295,078
|
|
ADS equivalent
|
|
3,375,199
|
|
3,370,429
|
|
3,395,288
|
|
|
3,369,593
|
|
3,382,513
|
|
|
|
|
|
|
|
|
|
|||||
Weighted average
number of shares outstanding used to calculate diluted earnings per
share
|
|
20,251,199
|
|
20,222,575
|
|
20,371,728
|
|
|
20,217,559
|
|
20,411,739
|
|
ADS equivalent
|
|
3,375,199
|
|
3,370,429
|
|
3,395,288
|
|
|
3,369,593
|
|
3,401,957
|
|
|
|
|
|
|
|
|
|
|||||
Shares in issue at period-end
|
|
20,254,417
|
|
20,249,046
|
|
20,417,220
|
|
|
20,254,417
|
|
20,417,220
|
|
ADS equivalent
|
|
3,375,736
|
|
3,374,841
|
|
3,402,870
|
|
|
3,375,736
|
|
3,402,870
|
|
|
|
Third
|
Second
|
Third
|
|
Nine
|
Nine
|
|||||
|
|
quarter
|
quarter
|
quarter
|
|
months
|
months
|
|||||
|
|
2020
|
2020
|
2019
|
|
2020
|
2019
|
|||||
Dividends paid per ordinary share
|
|
|
|
|
|
|
|
|||||
cents
|
|
5.250
|
|
10.500
|
|
10.250
|
|
|
26.250
|
|
30.750
|
|
pence
|
|
4.043
|
|
8.342
|
|
8.348
|
|
|
20.541
|
|
24.152
|
|
Dividends paid per ADS (cents)
|
|
31.50
|
|
63.00
|
|
61.50
|
|
|
157.50
|
|
184.50
|
|
Scrip dividends
|
|
|
|
|
|
|
|
|||||
Number of shares issued (millions)
|
|
—
|
|
—
|
|
72.5
|
|
|
—
|
|
208.9
|
|
Value of shares issued ($ million)
|
|
—
|
|
—
|
|
440
|
|
|
—
|
|
1,387
|
|
Net debt*
|
|
Third
|
Second
|
Third
|
|
Nine
|
Nine
|
|||||
|
|
quarter
|
quarter
|
quarter
|
|
months
|
months
|
|||||
$ million
|
|
2020
|
2020
|
2019
|
|
2020
|
2019
|
|||||
Finance
debt(a)(b)
|
|
72,828
|
|
76,003
|
|
65,867
|
|
|
72,828
|
|
65,867
|
|
Fair
value (asset) liability of hedges related to finance
debt(c)
|
|
(1,384)
|
|
(430)
|
|
319
|
|
|
(1,384)
|
|
319
|
|
|
|
71,444
|
|
75,573
|
|
66,186
|
|
|
71,444
|
|
66,186
|
|
Less:
cash and cash equivalents(b)
|
|
31,065
|
|
34,653
|
|
19,692
|
|
|
31,065
|
|
19,692
|
|
Net debt
|
|
40,379
|
|
40,920
|
|
46,494
|
|
|
40,379
|
|
46,494
|
|
Total equity
|
|
82,155
|
|
82,811
|
|
100,015
|
|
|
82,155
|
|
100,015
|
|
Gearing*
|
|
33.0%
|
33.1%
|
31.7%
|
|
33.0%
|
31.7%
|
|
|
Third
|
Second
|
Third
|
|
Nine
|
Nine
|
|||||
|
|
quarter
|
quarter
|
quarter
|
|
months
|
months
|
|||||
$ million
|
|
2020
|
2020
|
2019
|
|
2020
|
2019
|
|||||
Capital expenditure on a cash basis
|
|
|
|
|
|
|
|
|||||
Organic capital expenditure*
|
|
2,512
|
|
3,034
|
|
3,946
|
|
|
9,085
|
|
11,280
|
|
Inorganic
capital expenditure*(a)(b)
|
|
1,124
|
|
33
|
|
77
|
|
|
1,479
|
|
4,032
|
|
|
|
3,636
|
|
3,067
|
|
4,023
|
|
|
10,564
|
|
15,312
|
|
|
|
Third
|
Second
|
Third
|
|
Nine
|
Nine
|
|||||
|
|
quarter
|
quarter
|
quarter
|
|
months
|
months
|
|||||
$ million
|
|
2020
|
2020
|
2019
|
|
2020
|
2019
|
|||||
Organic capital expenditure by segment
|
|
|
|
|
|
|
|
|||||
Upstream
|
|
|
|
|
|
|
|
|||||
US
|
|
589
|
|
1,018
|
|
1,036
|
|
|
2,775
|
|
2,990
|
|
Non-US
|
|
1,367
|
|
1,517
|
|
2,110
|
|
|
4,546
|
|
5,856
|
|
|
|
1,956
|
|
2,535
|
|
3,146
|
|
|
7,321
|
|
8,846
|
|
Downstream
|
|
|
|
|
|
|
|
|||||
US
|
|
139
|
|
135
|
|
197
|
|
|
395
|
|
655
|
|
Non-US
|
|
345
|
|
295
|
|
558
|
|
|
1,171
|
|
1,562
|
|
|
|
484
|
|
430
|
|
755
|
|
|
1,566
|
|
2,217
|
|
Other businesses and corporate
|
|
|
|
|
|
|
|
|||||
US
|
|
13
|
|
21
|
|
8
|
|
|
66
|
|
32
|
|
Non-US
|
|
59
|
|
48
|
|
37
|
|
|
132
|
|
185
|
|
|
|
72
|
|
69
|
|
45
|
|
|
198
|
|
217
|
|
|
|
2,512
|
|
3,034
|
|
3,946
|
|
|
9,085
|
|
11,280
|
|
Organic capital expenditure by geographical area
|
|
|
|
|
|
|
|
|||||
US
|
|
741
|
|
1,174
|
|
1,241
|
|
|
3,236
|
|
3,677
|
|
Non-US
|
|
1,771
|
|
1,860
|
|
2,705
|
|
|
5,849
|
|
7,603
|
|
|
|
2,512
|
|
3,034
|
|
3,946
|
|
|
9,085
|
|
11,280
|
|
|
|
Third
|
Second
|
Third
|
|
Nine
|
Nine
|
|||||
|
|
quarter
|
quarter
|
quarter
|
|
months
|
months
|
|||||
$ million
|
|
2020
|
2020
|
2019
|
|
2020
|
2019
|
|||||
Upstream
|
|
|
|
|
|
|
|
|||||
Gains on sale of businesses and fixed assets
|
|
10
|
|
87
|
|
—
|
|
|
104
|
|
105
|
|
Impairment
and losses on sale of businesses and fixed assets(a)
|
|
(274)
|
|
(10,953)
|
|
(3,406)
|
|
|
(12,358)
|
|
(4,318)
|
|
Environmental and other provisions
|
|
(9)
|
|
—
|
|
—
|
|
|
(22)
|
|
—
|
|
Restructuring,
integration and rationalization costs(b)
|
|
(164)
|
|
(24)
|
|
(24)
|
|
|
(192)
|
|
(76)
|
|
Other(c)(d)
|
|
(194)
|
|
(2,564)
|
|
(24)
|
|
|
(2,688)
|
|
65
|
|
|
|
(631)
|
|
(13,454)
|
|
(3,454)
|
|
|
(15,156)
|
|
(4,224)
|
|
Downstream
|
|
|
|
|
|
|
|
|||||
Gains on sale of businesses and fixed assets
|
|
16
|
|
(13)
|
|
2
|
|
|
10
|
|
44
|
|
Impairment
and losses on sale of businesses and fixed assets(a)
|
|
(20)
|
|
(798)
|
|
(11)
|
|
|
(823)
|
|
(100)
|
|
Environmental and other provisions
|
|
—
|
|
—
|
|
(1)
|
|
|
—
|
|
(1)
|
|
Restructuring,
integration and rationalization costs(b)
|
|
(142)
|
|
31
|
|
(4)
|
|
|
(111)
|
|
14
|
|
Other
|
|
—
|
|
—
|
|
—
|
|
|
—
|
|
(6)
|
|
|
|
(146)
|
|
(780)
|
|
(14)
|
|
|
(924)
|
|
(49)
|
|
Rosneft
|
|
|
|
|
|
|
|
|||||
Other
|
|
(101)
|
|
(63)
|
|
—
|
|
|
(164)
|
|
(194)
|
|
|
|
(101)
|
|
(63)
|
|
—
|
|
|
(164)
|
|
(194)
|
|
Other businesses and corporate
|
|
|
|
|
|
|
|
|||||
Gains on sale of businesses and fixed assets
|
|
1
|
|
—
|
|
—
|
|
|
3
|
|
(4)
|
|
Impairment and losses on sale of businesses and fixed
assets
|
|
—
|
|
(19)
|
|
—
|
|
|
(21)
|
|
—
|
|
Environmental and other provisions
|
|
(32)
|
|
—
|
|
—
|
|
|
(55)
|
|
(28)
|
|
Restructuring,
integration and rationalization costs(b)
|
|
(156)
|
|
(33)
|
|
—
|
|
|
(202)
|
|
7
|
|
Gulf of Mexico oil spill
|
|
(63)
|
|
(31)
|
|
(84)
|
|
|
(115)
|
|
(256)
|
|
Other(e)
|
|
138
|
|
67
|
|
(6)
|
|
|
125
|
|
(28)
|
|
|
|
(112)
|
|
(16)
|
|
(90)
|
|
|
(265)
|
|
(309)
|
|
Total before interest and taxation
|
|
(990)
|
|
(14,313)
|
|
(3,558)
|
|
|
(16,509)
|
|
(4,776)
|
|
Finance
costs(f)
|
|
(198)
|
|
(114)
|
|
(145)
|
|
|
(434)
|
|
(389)
|
|
Total before taxation
|
|
(1,188)
|
|
(14,427)
|
|
(3,703)
|
|
|
(16,943)
|
|
(5,165)
|
|
Taxation credit (charge) on non-operating items
|
|
(6)
|
|
3,456
|
|
772
|
|
|
3,752
|
|
1,121
|
|
Taxation
– impact of foreign exchange(g)
|
|
85
|
|
114
|
|
—
|
|
|
(166)
|
|
—
|
|
Total after taxation for period
|
|
(1,109)
|
|
(10,857)
|
|
(2,931)
|
|
|
(13,357)
|
|
(4,044)
|
|
|
|
Third
|
Second
|
Third
|
|
Nine
|
Nine
|
|||||
|
|
quarter
|
quarter
|
quarter
|
|
months
|
months
|
|||||
$ million
|
|
2020
|
2020
|
2019
|
|
2020
|
2019
|
|||||
Favourable (adverse) impact relative to management’s measure
of performance
|
|
|
|
|
|
|
|
|||||
Upstream
|
|
(217)
|
|
(67)
|
|
265
|
|
|
(61)
|
|
47
|
|
Downstream
|
|
425
|
|
(31)
|
|
147
|
|
|
135
|
|
137
|
|
Other businesses and corporate
|
|
266
|
|
(41)
|
|
—
|
|
|
225
|
|
—
|
|
|
|
474
|
|
(139)
|
|
412
|
|
|
299
|
|
184
|
|
Taxation credit (charge)
|
|
(95)
|
|
21
|
|
(86)
|
|
|
(66)
|
|
(44)
|
|
|
|
379
|
|
(118)
|
|
326
|
|
|
233
|
|
140
|
|
Net debt including leases*
|
|
Third
|
Second
|
Third
|
|
Nine
|
Nine
|
|||||
|
|
quarter
|
quarter
|
quarter
|
|
months
|
months
|
|||||
$ million
|
|
2020
|
2020
|
2019
|
|
2020
|
2019
|
|||||
Net debt
|
|
40,379
|
|
40,920
|
|
46,494
|
|
|
40,379
|
|
46,494
|
|
Lease liabilities
|
|
9,282
|
|
9,331
|
|
9,639
|
|
|
9,282
|
|
9,639
|
|
Net
partner (receivable) payable for leases entered into on behalf of
joint operations
|
|
(41)
|
|
(90)
|
|
(197)
|
|
|
(41)
|
|
(197)
|
|
Net debt including leases
|
|
49,620
|
|
50,161
|
|
55,936
|
|
|
49,620
|
|
55,936
|
|
Total
equity
|
|
82,155
|
|
82,811
|
|
100,015
|
|
|
82,155
|
|
100,015
|
|
Gearing including leases*
|
|
37.7%
|
37.7%
|
35.9%
|
|
37.7%
|
35.9%
|
|
|
30 September
|
31 December
|
||
$ million
|
|
2020
|
2019
|
||
RMI at fair value*
|
|
4,506
|
|
6,837
|
|
Paid-up RMI*
|
|
1,474
|
|
3,217
|
|
|
|
30 September
|
31 December
|
||
$ million
|
|
2020
|
2019
|
||
Reconciliation of total inventory to paid-up RMI
|
|
|
|
||
Inventories as reported on the group balance sheet under
IFRS
|
|
13,840
|
|
20,880
|
|
Less:
(a) inventories that are not oil and oil products and (b) oil and
oil product inventories that are not risk-managed by
IST
|
|
(9,474)
|
|
(14,280)
|
|
|
|
4,366
|
|
6,600
|
|
Plus: difference between RMI at fair value and RMI on an IFRS
basis
|
|
140
|
|
237
|
|
RMI at fair value
|
|
4,506
|
|
6,837
|
|
Less: unpaid RMI* at fair value
|
|
(3,032)
|
|
(3,620)
|
|
Paid-up RMI
|
|
1,474
|
|
3,217
|
|
|
|
Third
|
Second
|
Third
|
|
Nine
|
Nine
|
|||||
|
|
quarter
|
quarter
|
quarter
|
|
months
|
months
|
|||||
$ million
|
|
2020
|
2020
|
2019
|
|
2020
|
2019
|
|||||
Net
cash provided by operating activities as per condensed group cash
flow statement
|
|
5,204
|
|
3,737
|
|
6,056
|
|
|
9,893
|
|
18,167
|
|
Exclude
net cash from operating activities relating to the Gulf of Mexico
oil spill on a post-tax basis
|
|
142
|
|
1,097
|
|
409
|
|
|
1,520
|
|
2,471
|
|
Operating cash flow, excluding Gulf of Mexico oil spill
payments*
|
|
5,346
|
|
4,834
|
|
6,465
|
|
|
11,413
|
|
20,638
|
|
|
|
30 September
|
31 December
|
||
$ million
|
|
2020
|
2019
|
||
Trade and other payables
|
|
(11,298)
|
|
(12,480)
|
|
Provisions
|
|
(23)
|
|
(189)
|
|
Gulf of Mexico oil spill payables and provisions
|
|
(11,321)
|
|
(12,669)
|
|
Of
which - current
|
|
(1,427)
|
|
(1,800)
|
|
|
|
|
|
||
Deferred tax asset
|
|
5,449
|
|
5,526
|
|
|
|
Third
|
Second
|
Third
|
|
Nine
|
Nine
|
|||||
|
|
quarter
|
quarter
|
quarter
|
|
months
|
months
|
|||||
$ million
|
|
2020
|
2020
|
2019
|
|
2020
|
2019
|
|||||
Movements in
inventories and other current and non-current assets and
liabilities as per condensed group cash flow statement
|
|
556
|
|
(609)
|
|
141
|
|
|
630
|
|
(2,612)
|
|
Adjustments to
exclude movements in inventories and other current and non-current
assets and liabilities for the Gulf of Mexico oil
spill
|
|
165
|
|
1,120
|
|
413
|
|
|
1,539
|
|
2,495
|
|
Adjusted for Inventory holding gains (losses)* (Note
5)
|
|
|
|
|
|
|
|
|||||
Upstream
|
|
8
|
|
57
|
|
—
|
|
|
(3)
|
|
(8)
|
|
Downstream
|
|
191
|
|
978
|
|
(433)
|
|
|
(3,446)
|
|
706
|
|
Working capital release (build)
|
|
920
|
|
1,546
|
|
121
|
|
|
(1,280)
|
|
581
|
|
|
|
Third
|
Second
|
Third
|
|
Nine
|
Nine
|
|||||
|
|
quarter
|
quarter
|
quarter
|
|
months
|
months
|
|||||
|
|
2020
|
2020
|
2019
|
|
2020
|
2019
|
|||||
$/£ average rate for the period
|
|
1.29
|
|
1.24
|
|
1.23
|
|
|
1.27
|
|
1.27
|
|
$/£ period-end rate
|
|
1.28
|
|
1.23
|
|
1.23
|
|
|
1.28
|
|
1.23
|
|
|
|
|
|
|
|
|
|
|||||
$/€ average rate for the period
|
|
1.17
|
|
1.10
|
|
1.11
|
|
|
1.12
|
|
1.12
|
|
$/€ period-end rate
|
|
1.17
|
|
1.12
|
|
1.09
|
|
|
1.17
|
|
1.09
|
|
|
|
|
|
|
|
|
|
|||||
Rouble/$ average rate for the period
|
|
73.74
|
|
72.40
|
|
64.64
|
|
|
71.00
|
|
65.06
|
|
Rouble/$ period-end rate
|
|
77.57
|
|
71.25
|
|
64.32
|
|
|
77.57
|
|
64.32
|
|
|
|
London
|
Houston
|
|
|
|
Press Office
|
David Nicholas
|
Brett Clanton
|
|
+44 (0)20 7496 4708
|
+1 281 366 8346
|
|
|
|
Investor Relations
|
Craig Marshall
|
Brian Sullivan
|
bp.com/investors
|
+44 (0)20 7496 4962
|
+1 281 892 3421
|
|
BP
p.l.c.
|
|
(Registrant)
|
|
|
Dated: 27
October 2020
|
|
|
/s/ Ben
J. S. Mathews
|
|
------------------------
|
|
Ben J.
S. Mathews
|
|
Company
Secretary
|
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