BP PLC (BP) | Equity Method Investments

Selected Financial Data

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BP PLC's selected financial data

USD $ in millions

	Dec 31, 2010	Dec 31, 2009	Dec 31, 2008	Dec 31, 2007	Dec 31, 2006
Earnings from jointly controlled entities and associates
Group share of net assets of jointly controlled entities and associates

ROA (equity method investments only)¹	%	%	%	%	%

Source: Based on data from BP PLC Annual Reports

2010 Calculations

¹ ROA (equity method investments only) = 100 × Earnings from jointly controlled entities and associates ÷ Group share of net assets of jointly controlled entities and associates
= 100 × ÷ = %

Item	Description	The company
Earnings from jointly controlled entities and associates	This item represents the entity's proportionate share for the period of the net income (loss) of its investee (such as unconsolidated subsidiaries and joint ventures) to which the equity method of accounting is applied. Such amount typically reflects adjustments similar to those made in preparing consolidated statements, including adjustments to eliminate intercompany gains and losses, and to amortize, if appropriate, any difference between cost and underlying equity in net assets of the investee at the date of investment.	BP PLC's earnings from jointly controlled entities and associates increased from 2008 to 2009 and from 2009 to 2010.
Group share of net assets of jointly controlled entities and associates	This item represents the carrying amount on the entity's balance sheet of its investment in common stock of an equity method investee. This is not an indicator of the fair value of the investment, rather it is the initial cost adjusted for the entity's share of earnings and losses of the investee, adjusted for any distributions (dividends) and other than temporary impairment losses recognized.	BP PLC's group share of net assets of jointly controlled entities and associates increased from 2008 to 2009 but then declined significantly from 2009 to 2010.
ROA (equity method investments only)	A profitability ratio calculated as earnings from jointly controlled entities and associates divided by group share of net assets of jointly controlled entities and associates.	BP PLC's ROA of equity method investments deteriorated from 2008 to 2009 but then improved from 2009 to 2010 exceeding 2008 level.

Summarized Financial Information

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Summarized financial information for BP PLC's affiliates, subsidiaries, associates, and joint ventures

USD $ in millions

		Dec 31, 2010	Dec 31, 2009	Dec 31, 2008	Dec 31, 2007	Dec 31, 2006
	TNK-BP
	Jointly controlled entities
	Associates
	Non-current assets
	TNK-BP
	Jointly controlled entities
	Associates
	Current assets
	Total assets
	TNK-BP
	Jointly controlled entities
	Associates
	Current liabilities
	TNK-BP
	Jointly controlled entities
	Associates
	Non-current liabilities
	Total liabilities
	TNK-BP
	Jointly controlled entities
	Associates
	Equity
	TNK-BP
	Minority interest
	Total liabilities and equity
	TNK-BP
	Jointly controlled entities
	Associates
	Sales and other operating revenues
	TNK-BP
	Jointly controlled entities
	Associates
	Profit before interest and taxation
	TNK-BP
	Jointly controlled entities
	Associates
	Finance costs
	Profit before taxation
	TNK-BP
	Jointly controlled entities
	Associates
	Taxation
	TNK-BP
	Minority interest
	Profit for the year

Source: Based on data from BP PLC Annual Reports

Item	Description	The company
Equity	This item represents the disclosure of summarized financial information for unconsolidated subsidiaries and 50 percent-or-less owned entities accounted for using the equity method of accounting. If investments in common stock of corporate joint ventures or other investments accounted for under the equity method are, in the aggregate, material in relation to the financial position or results of operations of an investor, it may be necessary to present summarized information as to assets, liabilities, and results of operations of the investee, or group of investments for which combined disclosure is appropriate, either by individual financial statement caption or in groups, as appropriate. Such summarized financial information may include total equity or capital (as applicable).	Equity of BP PLC's affiliates, subsidiaries, associates, and joint ventures increased from 2008 to 2009 but then declined significantly from 2009 to 2010.
Profit for the year	This item represents the disclosure of summarized financial information for unconsolidated subsidiaries and 50 percent-or-less owned entities accounted for using the equity method of accounting. If investments in common stock of corporate joint ventures or other investments accounted for under the equity method are, in the aggregate, material in relation to the financial position or results of operations of an investor, it may be necessary to present summarized information as to assets of the investee, or group of investments for which combined disclosure is appropriate, either by individual financial statement caption or in groups, as appropriate. Such summarized financial information may, at a minimum, include net income or loss.	Profit for the year of BP PLC's affiliates, subsidiaries, associates, and joint ventures increased from 2008 to 2009 and from 2009 to 2010.

Adjustments to Financial Data: Proportionate Consolidation

Recognition of BP PLC's proportionate share of affiliates, subsidiaries, associates, and joint ventures assets and liabilities instead of net equity.

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BP PLC, adjustments to financial data

USD $ in millions

	Dec 31, 2010	Dec 31, 2009	Dec 31, 2008	Dec 31, 2007	Dec 31, 2006
Weighted average percentage interest in affiliates	%	%	%	%	%
Adjustment to Current Assets
Current assets (as reported)
Add: Current assets of affiliates (adjustment)
Current assets (adjusted)
Adjustment to Total Assets
Total assets (as reported)
Less: Group share of net assets of jointly controlled entities and associates (adjustment)
Add: Total assets of affiliates (adjustment)
Total assets (adjusted)
Adjustment to Current Liabilities
Current liabilities (as reported)
Add: Current liabilities of affiliates (adjustment)
Current liabilities (adjusted)
Adjustment to Total Liabilities
Total liabilities (as reported)
Add: Total liabilities of affiliates (adjustment)
Total liabilities (adjusted)
Adjustment to Minority Interest
Minority interest (as reported)
Add: Minority interest of affiliates (adjustment)
Minority interest (adjusted)
Adjustment to Sales And Other Operating Revenues
Sales and other operating revenues (as reported)
Add: Sales and other operating revenues of affiliates (adjustment)
Sales and other operating revenues (adjusted)

Adjusted Ratios: Proportionate Consolidation (Summary)

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BP PLC, adjusted ratios

	Dec 31, 2010	Dec 31, 2009	Dec 31, 2008	Dec 31, 2007	Dec 31, 2006
Current Ratio
Reported current ratio
Adjusted current ratio
Net Profit Margin
Reported net profit margin	%	%	%	%	%
Adjusted net profit margin	%	%	%	%	%
Total Asset Turnover
Reported total asset turnover
Adjusted total asset turnover
Financial Leverage
Reported financial leverage
Adjusted financial leverage
Return on Assets (ROA)
Reported ROA	%	%	%	%	%
Adjusted ROA	%	%	%	%	%

Ratio	Description	The company
Adjusted current ratio	A liquidity ratio calculated as adjusted current assets divided by adjusted current liabilities.	BP PLC's adjusted current ratio improved from 2008 to 2009 and from 2009 to 2010.
Adjusted net profit margin	An indicator of profitability, calculated as net income divided by adjusted revenue.	BP PLC's adjusted net profit margin improved from 2008 to 2009 but then deteriorated significantly from 2009 to 2010.
Adjusted total asset turnover	An activity ratio calculated as adjusted total revenue divided by adjusted total assets.	BP PLC's adjusted total asset turnover deteriorated from 2008 to 2009 but then slightly improved from 2009 to 2010.
Adjusted financial leverage	A measure of financial leverage calculated as adjusted total assets divided by total equity. Financial leverage is the extent to which a company can effect, through the use of debt, a proportional change in the return on common equity that is greater than a given proportional change in operating income.	BP PLC's adjusted financial leverage declined from 2008 to 2009 but then increased from 2009 to 2010 exceeding 2008 level.
Adjusted ROA	A profitability ratio calculated as net income divided by adjusted total assets.	BP PLC's adjusted ROA deteriorated from 2008 to 2009 and from 2009 to 2010.

Adjusted Current Ratio

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		Dec 31, 2010	Dec 31, 2009	Dec 31, 2008	Dec 31, 2007	Dec 31, 2006
	As Reported
	Current assets (USD $ in millions)
	Current liabilities (USD $ in millions)

	Current ratio¹
	Adjusted: from Equity Method to Proportionate Consolidation
	Adjusted current assets (USD $ in millions)
	Adjusted current liabilities (USD $ in millions)

	Adjusted current ratio²

2010 Calculations

¹ Current ratio = Current assets ÷ Current liabilities
= ÷ =

² Adjusted current ratio = Adjusted current assets ÷ Adjusted current liabilities
= ÷ =

Ratio	Description	The company
Adjusted current ratio	A liquidity ratio calculated as adjusted current assets divided by adjusted current liabilities.	BP PLC's adjusted current ratio improved from 2008 to 2009 and from 2009 to 2010.

Adjusted Net Profit Margin

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	Dec 31, 2010	Dec 31, 2009	Dec 31, 2008	Dec 31, 2007	Dec 31, 2006
As Reported
Profit (loss) for the year attributable to BP shareholders (USD $ in millions)
Sales and other operating revenues (USD $ in millions)

Net profit margin¹	%	%	%	%	%
Adjusted: from Equity Method to Proportionate Consolidation
Profit (loss) for the year attributable to BP shareholders (USD $ in millions)
Adjusted sales and other operating revenues (USD $ in millions)

Adjusted net profit margin²	%	%	%	%	%

2010 Calculations

¹ Net profit margin = 100 × Profit (loss) for the year attributable to BP shareholders ÷ Sales and other operating revenues
= 100 × ÷ = %

² Adjusted net profit margin = 100 × Profit (loss) for the year attributable to BP shareholders ÷ Adjusted sales and other operating revenues
= 100 × ÷ = %

Ratio	Description	The company
Adjusted net profit margin	An indicator of profitability, calculated as net income divided by adjusted revenue.	BP PLC's adjusted net profit margin improved from 2008 to 2009 but then deteriorated significantly from 2009 to 2010.

Adjusted Total Asset Turnover

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		Dec 31, 2010	Dec 31, 2009	Dec 31, 2008	Dec 31, 2007	Dec 31, 2006
	As Reported
	Sales and other operating revenues (USD $ in millions)
	Total assets (USD $ in millions)

	Total asset turnover¹
	Adjusted: from Equity Method to Proportionate Consolidation
	Adjusted sales and other operating revenues (USD $ in millions)
	Adjusted total assets (USD $ in millions)

	Adjusted total asset turnover²

2010 Calculations

¹ Total asset turnover = Sales and other operating revenues ÷ Total assets
= ÷ =

² Adjusted total asset turnover = Adjusted sales and other operating revenues ÷ Adjusted total assets
= ÷ =

Ratio	Description	The company
Adjusted total asset turnover	An activity ratio calculated as adjusted total revenue divided by adjusted total assets.	BP PLC's adjusted total asset turnover deteriorated from 2008 to 2009 but then slightly improved from 2009 to 2010.

Adjusted Financial Leverage

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		Dec 31, 2010	Dec 31, 2009	Dec 31, 2008	Dec 31, 2007	Dec 31, 2006
	As Reported
	Total assets (USD $ in millions)
	BP shareholders’ equity (USD $ in millions)

	Financial leverage¹
	Adjusted: from Equity Method to Proportionate Consolidation
	Adjusted total assets (USD $ in millions)
	BP shareholders’ equity (USD $ in millions)

	Adjusted financial leverage²

2010 Calculations

¹ Financial leverage = Total assets ÷ BP shareholders’ equity
= ÷ =

² Adjusted financial leverage = Adjusted total assets ÷ BP shareholders’ equity
= ÷ =

Ratio	Description	The company
Adjusted financial leverage	A measure of financial leverage calculated as adjusted total assets divided by total equity. Financial leverage is the extent to which a company can effect, through the use of debt, a proportional change in the return on common equity that is greater than a given proportional change in operating income.	BP PLC's adjusted financial leverage declined from 2008 to 2009 but then increased from 2009 to 2010 exceeding 2008 level.

Adjusted Return On Assets (ROA)

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	Dec 31, 2010	Dec 31, 2009	Dec 31, 2008	Dec 31, 2007	Dec 31, 2006
As Reported
Profit (loss) for the year attributable to BP shareholders (USD $ in millions)
Total assets (USD $ in millions)

ROA¹	%	%	%	%	%
Adjusted: from Equity Method to Proportionate Consolidation
Profit (loss) for the year attributable to BP shareholders (USD $ in millions)
Adjusted total assets (USD $ in millions)

Adjusted ROA²	%	%	%	%	%

¹ ROA = 100 × Profit (loss) for the year attributable to BP shareholders ÷ Total assets
= 100 × ÷ = %

² Adjusted ROA = 100 × Profit (loss) for the year attributable to BP shareholders ÷ Adjusted total assets
= 100 × ÷ = %

Ratio	Description	The company
Adjusted ROA	A profitability ratio calculated as net income divided by adjusted total assets.	BP PLC's adjusted ROA deteriorated from 2008 to 2009 and from 2009 to 2010.

BP PLC (BP) | Analysis of Equity Method Investment

Selected Financial Data

Summarized Financial Information

Adjustments to Financial Data: Proportionate Consolidation

Adjusted Ratios: Proportionate Consolidation (Summary)

Adjusted Current Ratio

Adjusted Net Profit Margin

Adjusted Total Asset Turnover

Adjusted Financial Leverage

Adjusted Return On Assets (ROA)

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