3rd Qrter & 9 Mths Rslts-Pt 1
BP Amoco PLC
7 November 2000
PART 1
BP Amoco p.l.c.
Group Results
3rd Quarter 2000
BP REPORTS RECORD PERFORMANCE - DIVIDEND INCREASED
---------------------------------------------------------------------------
Third Quarter Nine Months
1999 2000 % $ million 2000 1999 %
==================== ====================
Replacement cost
1,743 3,058 profit before exceptional items 8,601 3,646
212 289 Special items* 761 437
- 449 Acquisition amortization+ 751 -
-------------------- --------------------
Pro forma result adjusted
1,955 3,796 for special items 10,113 4,083
6.31 11.05 - per ordinary share (pence) 30.77 13.09
10.09 16.91 68% - per ordinary share (cents) 47.38 21.07 125%
0.61 1.01 - per ADS (dollars) 2.84 1.26
==================== ====================
- BP's pro forma result, adjusted for special items, for the third
quarter was $3,796 million compared to $1,955 million a year ago. The
result per share was 16.91 cents compared to 10.09 cents a year ago, an
increase of 68%. For the nine months the per share amount was up by
125%.
- Reductions in the combined cost structure of BP and ARCO are proceeding
according to plan with around three-quarters of the $2 billion year-on-
year target achieved at the end of the third quarter.
- Pro forma return on average capital employed is 23% for the third
quarter compared to 16% a year ago.
- The company purchased for cancellation $428 million of its own shares
during the quarter. Total purchases so far this year amount to $1,404
million.
- Excluding the effect of acquisitions and divestments, third quarter
upstream volumes decreased by 3% on a year ago. Reported volumes grew
by 6%. For the nine months the comparable numbers are a decrease of 2%
and an increase of 3% respectively.
- Quarterly dividend increased by 5% to 5.25 cents per share ($0.315 per
ADS).
BP today reported its third quarter 2000 results. BP Group Chief Executive,
Sir John Browne, commented:
'These record results arise from not only a very strong trading
environment but also continued performance improvement. These factors
have led to improved returns which, with capital discipline, have
allowed us to buy back shares and to increase the dividend.
Integration of recent acquisitions is on track.'
The financial performance information above and elsewhere in the document is
provided in order to enable investors to evaluate better both the company's
historical performance and its performance against that of its competitors.
The pro forma result, adjusted for special items, has been derived from the
company's reported UK GAAP accounting information but is not in itself a
recognized UK or US GAAP measure.
* The special items refer to non-recurring charges and credits reported in
the quarter. The special items in the quarter comprise principally ARCO,
Vastar and Burmah Castrol integration costs and rationalization costs
post the BP Amoco merger.
+ Depreciation and amortization in 2000 relating to the fixed asset
revaluation adjustment and goodwill consequent upon the ARCO and Burmah
Castrol acquisitions.
Quarterly Summary
Exploration and Production produced another record result. Reported production
increased by 6% (a 3% decline excluding the effect of acquisitions and
divestments). Compared to the same period last year, oil production was down
7% (a 5% decline excluding the effect of acquisitions and divestments), gas
production increased by 32% (no change excluding the effect of acquisitions
and divestments). New developments in the US Gulf of Mexico were approved by
BP, amounting to $1.2 billion in commitments. Government approval has been
sought for $630 million worth of development offshore UK. During the quarter,
there were further discoveries in Angola and Trinidad, with significant
estimated resource.
Gas sales volumes increased by 64% (a 28% increase excluding the effect of
acquisitions).
The strong refining and marketing results were due to higher refining margins,
continuing cost reductions and contributions from both ARCO and Burmah
Castrol. Marketing margins remained under strong competitive pressure from
high product prices, exacerbated by fuel tax protests in the UK and elsewhere
in Europe.
Chemicals' result reflected higher feedstock costs and the effect of
unscheduled plant shutdowns at Grangemouth, Scotland, offset by lower costs.
Interest expense reflected higher average debt levels during the quarter.
The pro forma effective tax rate on replacement cost profit, before
exceptional items, was 26%, the same as in the previous quarter.
Excluding the cost of acquisitions and spending by the acquisitions, capital
expenditure for the nine months was $5.6 billion, compared to $4.9 billion a
year ago, an increase of 14%. Disposal proceeds amounted to $10 billion
compared to $1.1 billion a year ago. Acquisitions in the nine months amounted
to $6.2 billion (nil a year ago). Net cash outflow for capital expenditure and
acquisitions, net of disposals, was $3.7 billion compared with $4.2 billion
for the nine months of 1999.
Net debt at the end of the quarter was $17.2 billion. The pro forma ratio of
net debt to net debt plus equity was 25%.
Net cash outflow for the quarter was $2.7 billion, compared with an inflow of
$0.4 billion a year ago. Significantly higher operating cash flow was more
than offset by higher payments for capital expenditure and acquisitions, net
of divestments, and higher tax payments relating to both tax on operations and
on disposals.
------
The commentaries above and following are based on the pro forma replacement
cost operating results for the quarter, before exceptional items, adjusted for
special items. The results of ARCO and Burmah Castrol have been included with
effect from 14 April and 7 July 2000 respectively. The European Fuels Joint
Venture has been consolidated with effect from 1 August 2000.
Income Adjusted for Special Items and Acquisition Amortization
Pro Forma Result Pro Forma Result
adjusted for ----- 3Q 2000 --------------- adjusted for
special items special items
-------------------
3Q 2Q 3Q Special Acq. Reported Nine Months
1999 2000 2000 Items* Amort+ Earnings $ million 2000 1999
=========================================== =============
Exploration and
2,325 3,627 4,156 192 312 3,652 Production 11,010 4,654
57 26 48 - - 48 Gas and Power 126 163
Refining and
662 1,482 1,343 110 170 1,063 Marketing 3,499 1,618
193 370 267 4 - 263 Chemicals 896 667
Other businesses
(95) (149) (130) 86 - (216)and corporate (490) (328)
------------------------------------------- -------------
RC operating
3,142 5,356 5,684 392 482 4,810 profit 15,041 6,774
------------------------------------------- -------------
(355) (403) (460) - - (460)Interest expense (1,159) (987)
(783)(1,306)(1,379) (103) - (1,276)Taxation (3,615) (1,619)
(49) (37) (49) - (33) (16)MSI (154) (85)
=========================================== =============
RC profit before
1,955 3,610 3,796 289 449 3,058 exceptional items10,113 4,083
------------------------------------------- -------------
Exceptional items
138 before tax
Taxation on
(278)exceptional items
-----
RC profit after
2,918 exceptional items
544 Stock holding gains (losses)
-----
3,462 HC profit
=====
* The special items refer to non-recurring charges and credits reported in
the quarter. The special items in the quarter comprise principally ARCO,
Vastar and Burmah Castrol integration costs and rationalization costs post
the BP Amoco merger.
+ Depreciation and amortization in 2000 relating to the fixed asset
revaluation adjustment and goodwill consequent upon the ARCO and Burmah
Castrol acquisitions.
Operating Results
Third Second Third
Quarter Quarter Quarter Nine Months
1999 2000 2000 2000 1999
======================= ==============
Replacement cost
2,848 4,439 4,810 operating profit ($m) 13,210 6,169
----------------------- --------------
Replacement cost profit
1,743 2,866 3,058 before exceptional items ($m) 8,601 3,646
----------------------- --------------
Profit after exceptional items ($m)
1,205 2,886 2,918 Replacement cost 8,357 2,085
1,848 3,099 3,462 Historical cost 9,646 3,307
----------------------- --------------
Per ordinary share (cents)
Pro forma result
10.09 16.54 16.91 adjusted for special items 47.38 21.07
RC profit before
8.99 12.96 13.55 exceptional items 40.29 18.81
HC profit after
9.53 13.95 15.36 exceptional items 45.19 17.06
Per ADS (cents)
Pro forma result
60.54 99.24 101.46 adjusted for special items 284.28 126.42
RC profit before
53.94 77.76 81.30 exceptional items 241.74 112.86
HC profit after
57.18 83.70 92.16 exceptional items 271.14 102.36
----------------------- --------------
Dividends per ordinary share
5.00 5.00 5.25 cents 15.25 15.00
3.03 3.352 3.602 pence 10.174 9.21
30.0 30.0 31.5 Dividends per ADS (cents) 91.5 90.0
----------------------- --------------
EBITDA* (cents)
21.59 30.27 36.03 per ordinary share 94.77 47.68
129.54 181.62 216.18 per ADS 568.62 286.08
----------------------- --------------
Adjusted EBITDA+ (cents)
22.37 31.46 34.64 per ordinary share 92.85 53.50
134.22 188.76 207.84 per ADS 557.10 321.00
======================= ==============
* Profit for the period before interest, tax, depreciation and amortization.
+ Replacement cost profit before exceptional items, adjusted for special
items, and before interest, tax, depreciation and amortization.
Operating Statistics
Third Second Third
Quarter Quarter Quarter Nine Months
1999 2000 2000 2000 1999
======================= =============
Crude oil and natural gas
liquids production (mb/d)
(Net of Royalties)
564 519 521 UK 540 572
100 88 86 Rest of Europe 89 101
791 705 691 USA 730 800
592 585 604 Rest of World 568 592
----------------------- -------------
Total crude oil and
2,047 1,897 1,902 liquids production 1,927 2,065
----------------------- -------------
Natural gas production (mmcf/d)
1,040 1,630 1,340 UK 1,571 1,219
112 99 104 Rest of Europe 129 166
2,359 3,188 3,362 USA 2,950 2,391
2,406 2,777 2,991 Rest of World 2,619 2,201
----------------------- -------------
5,917 7,694 7,797 Total natural gas production 7,269 5,977
----------------------- -------------
Gas sales volumes (mmcf/d)
1,326 2,424 2,289 UK 2,360 1,627
117 148 151 Rest of Europe 162 169
4,252 6,239 6,845 USA 5,960 3,848
3,353 4,878 5,575 Rest of World 4,916 3,010
----------------------- --------------
9,048 13,689 14,860 Total gas sales volumes 13,398 8,654
----------------------- --------------
Oil sales volumes (mb/d)
Refined products
236 227 276 UK* 242 235
787 781 981 Rest of Europe* 843 786
1,552 2,027 2,106 USA 1,868 1,536
576 584 647 Rest of World 627 601
----------------------- --------------
3,151 3,619 4,010 Total marketing sales 3,580 3,158
1,549 2,071 1,843 Trading/supply sales 1,845 1,751
----------------------- --------------
4,700 5,690 5,853 Total refined product sales 5,425 4,909
5,883 6,271 5,725 Crude oil 6,164 4,668
----------------------- --------------
10,583 11,961 11,578 Total oil sales 11,589 9,577
----------------------- --------------
Chemicals production+ (kte)
914 658 779 UK 2,304 2,830
1,475 1,692 1,680 Rest of Europe 5,012 4,391
2,487 2,562 2,438 USA 7,619 7,274
603 577 591 Rest of World 1,745 1,642
----------------------- --------------
5,479 5,489 5,488 Total production 16,680 16,137
======================= ==============
* Includes the total European fuels business with effect from 1 August 2000.
+ Includes BP share of associated undertakings and other interests in
production.
Exploration and Production
The pro forma results, adjusted for special items comprising ARCO and Vastar
integration costs and an asset writedown, for the third quarter and nine
months were a record $4,156 million and $11,010 million respectively. The
improved results, when compared with a year ago, reflected significantly
higher oil and gas prices, the ARCO acquisition and further operational
improvements. Movements in production are shown in the table below.
% change 3Q 2000 v 3Q 1999 Reported Excluding Acquisitions
and Divestments
Oil (7) (5)
Gas 32 -
Total 6 (3)
A detailed volume reconciliation schedule can be found in the Investor
Relations supplement. Third quarter 2000 production, excluding acquisitions
and divestments, reflects the reduced 1999 capital programme. Capital
expenditure for the current quarter increased to $1.9 billion ($1.4 billion,
excluding ARCO ongoing capital expenditure) from the $0.8 billion spent in the
third quarter of 1999. The corresponding amounts for the nine month periods
are $4.3 billion ($3.3 billion) and $2.8 billion.
In the US Gulf of Mexico, the developments of NaKika (BP 50%), Horn Mountain
(BP 67% and operator) and Kings Peak (BP 100% and operator) and, offshore UK,
the second phase of Foinaven, have all been approved by BP. UK government
approval has been sought for the Magnus enhanced oil recovery project that
will take gas from Foinaven and Schiehallion for reinjection in the Magnus
reservoir.
In September, BP announced the completion of the purchase of the publicly held
minority stock holding in Vastar Resources Inc. BP had acquired 81.8% of
Vastar through the ARCO acquisition. Because of the close operational
alignment with the existing BP upstream US operations, the Vastar operations
have been rapidly integrated with the BP operations.
During the quarter, offshore Angola, discoveries at Saxi-1, in Block 15 (BP
26.67%) and Perpetua-1, in Block 17 (BP 16.67%) and, offshore Trinidad and
Tobago, a major new natural gas discovery were announced. The initial well on
the Red Mango field (BP 100%) indicated gas volumes of some three trillion
cubic feet and 90 million barrels of oil condensate, making it the largest
discovery yet made in Trinidad and Tobago. This is BP's second major gas find
in this area this year.
Exploration and Production (continued)
3Q 2Q 3Q Nine Months
1999 2000 2000 $ million 2000 1999
================= =============
2,183 3,115 3,652 Replacement cost operating profit 9,970 4,398
142 259 192 Special items 475 256
- 253 312 Acquisition amortization 565 -
----------------- -------------
Pro forma operating result
2,325 3,627 4,156 adjusted for special items 11,010 4,654
----------------- -------------
Results include:
141 168 143 Exploration expense 442 437
----------------- -------------
19.17 24.98 27.84 BP Average oil realizations* ($/bbl) 26.13 14.68
----------------- -------------
BP Average
1.99 2.51 3.01 natural gas realizations ($/mcf) 2.57 1.87
================= =============
* Crude oil and natural gas liquids.
Gas and Power
The pro forma result for the third quarter was $48 million compared with $57
million a year ago and $26 million during the second quarter. The nine months
result was $126 million compared to $163 million for 1999. The 2000 results
reflect improved performance from higher gas sales volumes, more than offset
by increased business development costs and lower Ruhrgas income.
During the quarter regulatory approval was received for the purchase of IGI
Resources, a US natural gas and power trading and transportation business.
In the UK, BP became the first company to provide an emissions credits
management service to a major energy user - Imerys (formerly English China
Clay), as part of a wider energy management relationship.
In Spain, we established a leading new entrant position in the recently
liberalized market by winning some 5% share of the eligible industrial market.
We launched an integrated energy offer 'Energia', in combination with BP's oil
marketing business.
In Texas, plans were announced to construct a major gas-fired co-generation
plant at Texas City, BP's largest refining and petrochemicals complex. Gas
will be supplied by BP with options for power marketing and trading. The
refinery and chemicals operations will benefit from greater efficiency with
resultant lower costs and significantly reduced emissions of nitrogen oxides
in the Houston area.
3Q 2Q 3Q Nine Months
1999 2000 2000 $ million 2000 1999
=================== ==============
57 26 48 Replacement cost operating profit 126 163
- - - Special items - -
- - - Acquisition amortization - -
------------------- --------------
Pro forma operating result
57 26 48 adjusted for special items 126 163
------------------- --------------
9,048 13,689 14,860 Total gas sales volumes 13,398 8,654
=================== ==============
Refining and Marketing
The pro forma result, after adjusting for special items, for the third quarter
was $1,343 million and for the nine months $3,499 million, both significantly
up on a year ago. The special items comprised rationalization costs post the
BP Amoco merger, ARCO and Burmah Castrol integration costs and litigation
costs. The main reasons for the improved results compared to last year were
higher refining margins, continuing cost reductions and contributions from
ARCO and Burmah Castrol. Refining margins were stronger in all regions.
Marketing margins remained under pressure due to the inability to pass through
high product prices in fiercely competitive markets. This was exacerbated by
fuel tax protests in the UK and elsewhere in Europe. Excluding ARCO and the
Mobil European Fuels JV acquisition effects, shop sales in the quarter were
10% higher than a year ago. The quarter on quarter comparison also benefited
from higher refinery throughputs, mainly driven by fewer turnarounds.
The Burmah Castrol acquisition was completed on 7th July. In addition, the
final agreement on the acquisition of the Mobil European Fuels JV share was
completed in August. These changes are reflected in reported volumes. Burmah
Castrol contributed an additional 34mb/d. Consolidation of the European Fuels
JV led to an increase of 179mb/d in refining and 208mb/d in marketing.
The sale to Tosco Corporation of the Alliance refinery, located in Belle
Chasse, Louisiana, was completed in September.
Refining and Marketing (continued)
3Q 2Q 3Q Nine Months
1999 2000 2000 $ million 2000 1999
================= =============
641 1,277 1,063 Replacement cost operating profit 3,014 1,547
21 141 110 Special items 251 71
- 64 170 Acquisition amortization 234 -
----------------- -------------
Pro forma operating result
662 1,482 1,343 adjusted for special items 3,499 1,618
----------------- -------------
1.99 4.69 4.83 Global Indicator Refining Margin*($/bbl) 3.99 1.42
----------------- -------------
Refinery throughputs (mb/d)
245 265 359 UK+ 302 268
532 535 627 Rest of Europe+ 560 538
1,376 1,853 1,765 USA 1,637 1,345
353 368 362 Rest of World 359 373
----------------- -------------
2,506 3,021 3,113 Total throughput 2,858 2,524
================= =============
* The Global Indicator Refining Margin (GIM) is the average of seven
regional indicator margins weighted for BP's crude refining capacity in
each region. Each regional indicator margin is based on a single
representative crude with product yields characteristic of the typical
level of upgrading complexity.
+ Includes the total European fuels business with effect from 1 August.2000.
Chemicals
Chemicals' pro forma result, after adjusting for special items, for the third
quarter was $267 million, down from $370 million in the second quarter. This
reflected margin pressure from higher feedstock costs and unscheduled plant
shutdowns at Grangemouth, Scotland. The third quarter and nine months results
were up on a year ago, with generally better margins, despite the euro being
some 15% weaker and lower costs.
Chemicals' production was 5,488 ktes in the third quarter. This was similar to
the previous quarter and third quarter last year.
In September, BP signed a memorandum of understanding for a joint venture
purified terephthalic acid (PTA) plant in China. The unit is expected to be
built at the Caojing chemical industry park near Shanghai, where BP and
Sinopec subsidiary Shanghai Petrochemical (SPC) are planning an olefins
complex.
3Q 2Q 3Q Nine Months
1999 2000 2000 $ million 2000 1999
================= =============
143 320 263 Replacement cost operating profit 842 547
50 50 4 Special items 54 120
- - - Acquisition amortization - -
----------------- -------------
Pro forma operating result
193 370 267 adjusted for special items 896 667
----------------- -------------
108 140 137 Chemicals Indicator Margin ($/te)* 130 108
================= =============
* The Chemicals Indicator Margin (CIM) is a weighted average of externally-
based product margins. It is based on market data collected by Chem
Systems in their quarterly market analyses, then weighted based on BP's
product portfolio. While it does not cover our entire portfolio, it
includes a broader range of products than our previous indicator. Among
the products and businesses covered in the CIM are the olefins and
derivatives, the aromatics and derivatives, linear alpha-olefins, acetic
acid, vinyl acetate monomer and nitriles. Not included are Fabrics and
Fibres, plastic fabrications, poly alpha-olefins, anhydrides, Engineering
Polymers and Carbon Fibres, speciality intermediates, and the remaining
parts of the solvents and acetyls businesses.
Other Businesses and Corporate
Other Businesses and Corporate comprises Finance, BP Solar, the group's coal
and aluminium assets, its investment in PetroChina, interest income and costs
relating to corporate activities worldwide. BP Solar production and shipments
in the quarter were 30% higher than a year ago. The special items comprised
rationalization costs post the BP Amoco merger and ARCO integration costs.
3Q 2Q 3Q Nine Months
1999 2000 2000 $ million 2000 1999
================= =============
(176) (299) (216) Replacement cost operating loss (742) (486)
81 150 86 Special items 252 158
- - - Acquisition amortization - -
----------------- -------------
Pro forma operating result
(95) (149) (130) adjusted for special items (490) (328)
================= =============
Exceptional Items
Exceptional items for the third quarter include the profit on sale of the
Alliance Refinery.
3Q 2Q 3Q Nine Months
1999 2000 2000 $ million 2000 1999
================= =============
Profit (loss) on sale of fixed assets and
(317) 161 138 businesses and termination of operations 142 (58)
(184) - - Restructuring costs - (1,687)
(37) (141) (278) Taxation credit (charge) (386) 184
----------------- -------------
(538) 20 (140) Exceptional items after taxation (244) (1,561)
================= =============
2000 Dividends
BP today announced a third quarterly dividend for 2000 of 5.25 cents per
ordinary share. Holders of ordinary shares will receive 3.602 pence per share
and holders of American Depository Receipts (ADRs) $0.315 per ADS share. The
dividend is payable on 11 December 2000 to shareholders on the register on 17
November 2000. Participants in the Dividend Reinvestment Plan (DRIP) or the
DRIP facility in the US Direct Access Plan will receive the dividend in the
form of shares, also on 11 December 2000. The fourth quarter 2000 results and
dividend will be announced on 13 February 2001.
Outlook
BP Group Chief Executive, Sir John Browne, concluded:
'Overall, the outlook for the rest of the year continues to be broadly
positive. Crude prices reflect robust demand, though are likely to be
volatile on market sentiment. Low stocks are likely to continue to
support the market. Natural gas prices remain strong and are likely to
be underpinned by seasonal demand. Low product stocks are likely to
continue to underpin refining margins, though marketing margins may
remain under pressure. Underlying demand for chemicals remains unchanged
but margins are likely to come under pressure due to increasing supply,
with continuing high oil prices and euro weakness.
'Implementation of our strategy continues. Disciplined investment will
lead to top-line growth. Cost reductions and portfolio improvements
continue to improve underlying returns.'
----------------------------------------------------------------------
The foregoing discussion, in particular the statements under 'Outlook',
focuses on certain trends and general market and economic conditions
and outlook on production levels or rates, prices, margins and currency
exchange rates and, as such, are forward-looking statements that
involve risk and uncertainty that could cause actual results and
developments to differ materially from those expressed or implied by
this discussion. By their nature, trends and outlook on production,
price, margin and currency exchange rates are difficult to forecast
with any precision, and there are a number of factors that could cause
actual results and developments to differ materially from those
expressed or implied by these forward-looking statements,including
future levels of industry product supply, demand and pricing; currency
exchange rates; political stability and economic growth in relevant
areas of the world; development and use of new technology and
successful partnering; the actions of competitors, natural disasters
and other changes to business conditions. Additional information,
including information on factors which may affect BP's business, is
contained in BP's Annual Report and Accounts for 1999 and in the Annual
Report on Form 20-F filed with the US Securities and Exchange
Commission.
----------------------------------------------------------------------
BP Amoco p.l.c. and Subsidiaries
Summarized Group Results
Third Second Third
Quarter Quarter Quarter Nine Months
1999 2000 2000 2000 1999
======================= =============
$ million $ million
2,183 3,115 3,652 Exploration and Production 9,970 4,398
57 26 48 Gas and Power 126 163
641 1,277 1,063 Refining and Marketing 3,014 1,547
143 320 263 Chemicals 842 547
(176) (299) (216) Other businesses and corporate (742) (486)
----------------------- -------------
Total replacement cost
2,848 4,439 4,810 operating profit 13,210 6,169
Profit (loss) on sale of
fixed assets and businesses and
(317) 161 138 termination of operations (Note 3) 142 (58)
(184) - - Restructuring costs (Note 3) - (1,687)
----------------------- -------------
Replacement cost profit before
2,347 4,600 4,948 interest and tax 13,352 4,424
643 213 544 Stock holding gains (losses)(Note 5) 1,289 1,222
----------------------- -------------
Historical cost profit before
2,990 4,813 5,492 interest and tax 14,641 5,646
355 403 460 Interest expense (Note 6) 1,159 987
----------------------- -------------
2,635 4,410 5,032 Profit before taxation 13,482 4,659
738 1,289 1,554 Taxation (Note 7) 3,730 1,267
----------------------- -------------
1,897 3,121 3,478 Profit after taxation 9,752 3,392
49 22 16 Minority shareholders' interest 106 85
----------------------- -------------
1,848 3,099 3,462 Profit for the period 9,646 3,307
----------------------- -------------
972 1,129 1,185 Distribution to shareholders 3,447 2,912
======================= =============
Earnings per ordinary share - cents
9.53 13.95 15.36 Basic 45.19 17.06
9.48 13.85 15.26 Diluted 44.88 16.97
======================= =============
Replacement Cost Results
Third Second Third
Quarter Quarter Quarter Nine Months
1999 2000 2000 2000 1999
======================= =============
$ million $ million
Historical cost profit
1,848 3,099 3,462 for the period 9,646 3,307
(643) (213) (544) Stock holding (gains) losses (1,289) (1,222)
----------------------- -------------
Replacement cost profit
1,205 2,886 2,918 for the period 8,357 2,085
538 (20) 140 Exceptional items, net of tax 244 1,561
----------------------- -------------
Replacement cost profit before
1,743 2,866 3,058 exceptional items 8,601 3,646
======================= =============
Earnings per ordinary share - cents
On replacement cost profit before
8.99 12.96 13.55 exceptional items 40.29 18.81
======================= =============
Summarized Group Balance Sheet
30 September 31 December
2000 1999
---------------------
$ million
Fixed assets
Intangible assets 19,045 3,344
Tangible assets 70,792 52,631
Investments 11,722 10,109
---------------------
101,559 66,084
---------------------
Current assets
Stocks 9,444 5,124
Debtors 24,754 16,802
Business held for disposal 805 -
Investments 862 220
Cash at bank and in hand 1,607 1,331
---------------------
37,472 23,477
Creditors - amounts falling due within one year
Finance debt 3,586 4,900
Other creditors 31,131 18,375
---------------------
Net current assets 2,755 202
---------------------
Total assets less current liabilities 104,314 66,286
Creditors - amounts falling due
after more than one year
Finance debt 16,102 9,644
Other creditors 2,365 2,245
Provisions for liabilities and charges 12,174 10,055
---------------------
Net assets 73,673 44,342
Minority shareholders' interest 597 1,061
---------------------
BP Amoco shareholders' interest 73,076 43,281
=====================
Movement in BP Amoco shareholders' interest: $ million
At 31 December 1999 43,281
Profit for the period 9,646
Distribution to shareholders (3,447)
Currency translation differences (2,379)
Employee share schemes 247
Share buy-back (1,404)
ARCO acquisition 27,427
Share premium (295)
------
At 30 September 2000 73,076
======
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