Final Results - Part 3 of 3
BP Amoco PLC
13 February 2001
Part 3 of 3
BP Amoco p.l.c.
Group Results
4th Quarter and Full Year 2000
London 13 February 2001
INVESTOR RELATIONS SUPPLEMENT
REPLACEMENT COST OPERATING PROFIT ADJUSTED FOR SPECIAL ITEMS(a) AND
ACQUISITION AMORTIZATION(b) BY SEGMENT
Fourth Third Fourth
Quarter Quarter Quarter Year
1999 2000 2000 2000 1999
======================= =============
$ million
Exploration and Production
861 1,068 1,117 UK 4,245 2,371
176 221 232 Rest of Europe 826 497
947 1,754 2,076 USA 6,484 2,338
644 1,113 1,275 Rest of World 4,155 2,076
----------------------- --------------
2,628 4,156 4,700 15,710 7,282
----------------------- --------------
Gas and Power
2 14 1 UK 14 14
46 28 54 Rest of Europe 148 171
(2) 5 3 USA 18 7
2 1 2 Rest of World 6 19
----------------------- --------------
48 48 60 186 211
----------------------- --------------
Refining and Marketing
86 181 92 UK 454 250
48 255 392 Rest of Europe 842 297
210 748 683 USA 2,887 1,008
120 159 277 Rest of World 760 527
----------------------- --------------
464 1,343 1,444 4,943 2,082
----------------------- --------------
Chemicals
(9) (15) 11 UK (65) 48
76 76 33 Rest of Europe 306 207
147 162 74 USA 646 565
52 44 22 Rest of World 149 113
----------------------- --------------
266 267 140 1,036 933
----------------------- --------------
Other businesses and corporate
(72) (21) (125) UK (267) (206)
1 21 (47) Rest of Europe - 50
(28) (117) 48 USA (345) (268)
(1) (13) (8) Rest of World (10) (4)
----------------------- --------------
(100) (130) (132) (622) (428)
----------------------- --------------
3,306 5,684 6,212 21,253 10,080
======================= ==============
(a) The special items refer to non-recurring charges and credits. The
special items for the quarter and year comprise principally ARCO, Vastar
and Burmah Castrol integration costs, rationalization costs post the
BP Amoco merger, environmental charges and asset writedowns.
(b) Depreciation and amortization in 2000 relating to the fixed asset
revaluation adjustment and goodwill consequent upon the ARCO and Burmah
Castrol acquisitions.
ACQUISITION AMORTIZATION BY SEGMENT
Fourth Third Fourth
Quarter Quarter Quarter Year
1999 2000 2000 2000 1999
======================= =============
$ million
Exploration and Production
- 29 30 UK 85 -
- 372 373 USA 1,058 -
- 11 10 Rest of World 31 -
----------------------- -------------
- 412 413 1,174 -
----------------------- -------------
Refining and Marketing
- 104 104 UK 208 -
- 81 81 USA 232 -
----------------------- -------------
- 185 185 440 -
----------------------- -------------
- 597 598 1,614 -
======================= =============
Following the recent completion of the fair value exercises for the ARCO and
Burmah Castrol acquisitions, the charges for depreciation and goodwill
amortization for the second and third quarters have been increased. The
results for those two periods have been restated to reflect these higher
charges. The pro forma results, adjusted for special items, are unaffected.
SPECIAL ITEMS BY SEGMENT (PRE-TAX)
Fourth Third Fourth
Quarter Quarter Quarter Year
1999 2000 2000 2000 1999
======================= =============
$ million
Exploration and Production
- 42 5 UK 117 61
1 - - Rest of Europe - 10
25 135 25 USA 312 202
17 15 19 Rest of World 95 26
----------------------- -------------
43 192 49 524 299
----------------------- -------------
Gas and Power
- - - UK - -
- - - Rest of Europe - -
- - - USA - -
- - - Rest of World - -
----------------------- -------------
- - - - -
----------------------- -------------
Refining and Marketing
35 14 59 UK 73 52
2 22 38 Rest of Europe 89 2
96 58 188 USA 358 144
38 16 59 Rest of World 75 44
----------------------- -------------
171 110 344 595 242
----------------------- -------------
Chemicals
67 2 1 UK 6 109
- 1 18 Rest of Europe 20 41
20 1 18 USA 65 52
40 - 185 Rest of World 185 45
----------------------- -------------
127 4 222 276 247
----------------------- -------------
Other businesses and corporate
67 37 63 UK 119 144
- - - Rest of Europe - 2
173 49 173 USA 369 251
- - - Rest of World - 1
----------------------- -------------
240 86 236 488 398
----------------------- -------------
581 392 851 Total special items before interest 1,883 1,186
24 - 111 Interest - bond redemption charges 111 24
----------------------- -------------
605 392 962 Total 1,994 1,210
======================= =============
ENVIRONMENTAL INDICATORS
Fourth Third Fourth
Quarter Quarter Quarter Year
1999 2000 2000 2000 1999
======================= =============
Average oil realizations(a)($/bbl)
23.35 28.46 28.55 UK 27.38 17.35
21.64 27.44 28.02 USA 25.94 15.94
23.20 27.54 27.48 Rest of World 26.49 17.76
22.70 27.84 28.08 BP Average 26.63 16.74
======================= =============
Average natural gas realizations ($/mcf)
2.22 2.33 3.03 UK 2.42 2.20
2.35 3.87 5.15 USA 3.72 2.06
1.69 2.29 2.63 Rest of World 2.25 1.58
2.08 3.01 3.76 BP Average 2.91 1.92
======================= =============
2.58 4.27 5.28 Henry Hub gas price(b)($/mcf) 3.90 2.27
======================= =============
Global Indicator Refining Margin(c) ($/bbl)
1.32 3.44 3.63 NWE 3.35 1.04
0.22 3.62 3.78 USGC 3.99 1.21
4.06 12.54 10.21 USWC 8.77 1.99
0.17 3.19 2.18 Singapore 2.11 0.99
0.99 4.83 4.46 BP Average 4.22 1.31
======================= =============
128 128 110(e)Chemicals Indicator Margin(d) ($/te) 121(e) 114
======================= =============
(a) Crude oil and natural gas liquids.
(b) Henry Hub First of Month Index.
(c) The Global Indicator Refining Margin (GIM) is the average of seven
regional indicator margins weighted for BP's crude refining capacity in
each region. Each regional indicator margin is based on a single
representative crude with product yields characteristic of the typical
level of upgrading complexity.
(d) The Chemicals Indicator Margin (CIM) is a weighted average of
externally-based product margins. It is based on market data collected
by Chem Systems in their quarterly market analyses, then weighted based
on BP's product portfolio. While it does not cover our entire portfolio,
it includes a broader range of products than our previous indicator.
Among the products and businesses covered in the CIM are the olefins and
derivatives, the aromatics and derivatives, linear alpha-olefins, acetic
acid, vinyl acetate monomer and nitriles. Not included are fabrics and
fibres, plastic fabrications, poly alpha-olefins, anhydrides,
engineering polymers and carbon fibres, speciality intermediates, and
the remaining parts of the solvents and acetyls businesses.
(e) Provisional. The data for the current quarter and year is based on two
months' and eleven months' actuals respectively.
PER SHARE AMOUNTS
Fourth Third Fourth
Quarter Quarter Quarter Year
1999 2000 2000 2000 1999
======================= =============
Ordinary shares outstanding at
19,484 22,597 22,529 period end (million) 22,529 19,484
3,247 3,766 3,755 - ADS equivalent (million) 3,755 3,247
* * * Average ordinary shares (million) 21,638 19,386
* * * - ADS equivalent (million) 3,606 3,231
----------------------- -------------
Replacement cost profit after
1,195 2,807 2,971 exceptional items ($m) 11,142 3,280
6.16 12.41 13.20 cents/ordinary share 51.48 16.91
0.37 0.75 0.79 dollars/ADS 3.09 1.01
----------------------- -------------
Replacement cost profit before
1,684 2,947 2,799 exceptional items ($m) 11,214 5,330
8.67 13.04 12.40 cents/ordinary share 51.82 27.48
0.52 0.78 0.74 dollars/ADS 3.11 1.65
----------------------- -------------
Pro forma result adjusted
2,123 3,796 4,090 for special items 14,203 6,206
10.94 16.91 18.25 cents/ordinary share 65.63 32.00
0.66 1.01 1.10 dollars/ADS 3.94 1.92
----------------------- -------------
* Discrete quarterly per share amounts are calculated using the cumulative
average shares.
EARNINGS ADJUSTED ON TO A QUASI CASH BASIS (PRE-EXCEPTIONAL ITEMS)
Fourth Third Fourth
Quarter Quarter Quarter Year
1999 2000 2000 2000 1999
======================= =============
$ million
2,725 4,695 4,763 Replacement cost operating profit 17,756 8,894
Earnings from joint ventures
(256) (478) (352) and associates (1,624) (1,157)
Dividends from joint ventures
187 218 120 and associated undertakings 1,039 1,168
1,372 2,093 2,228 Depreciation and amounts provided 7,449 4,965
111 143 157 Exploration expense 599 548
(259) (315) (471) Interest paid (1,354) (1,065)
(619) (1,330) (1,525) Tax paid(a) (4,345) (1,260)
Dividends paid to
(6) (12) (4) minority shareholders (24) (151)
----------------------- --------------
3,255 5,014 4,916 19,496 11,942
----------------------- --------------
15.64 22.16 21.78 cents/ordinary share 90.09 60.47
0.94 1.33 1.31 dollars/ADS 5.41 3.63
======================= ==============
Includes post tax charges for
2.14 1.29 2.64 special items (cents per share) 6.20 4.39
======================= ==============
(a) Tax paid in the third and fourth quarter and year 2000 has been adjusted
to exclude payments relating to major dispositions and other exceptional
items.
BP Amoco p.l.c.
Group Results
4th Quarter and Full Year 2000
London 13 February 2001
INVESTOR RELATIONS SUPPLEMENT
REPLACEMENT COST OPERATING PROFIT ADJUSTED FOR SPECIAL ITEMS(a) AND ACQUISITION
AMORTIZATION(b) BY SEGMENT
Fourth Third Fourth
Quarter Quarter Quarter Year
1999 2000 2000 2000 1999
======================= =============
$ million
Exploration and Production
861 1,068 1,117 UK 4,245 2,371
176 221 232 Rest of Europe 826 497
947 1,754 2,076 USA 6,484 2,338
644 1,113 1,275 Rest of World 4,155 2,076
----------------------- --------------
2,628 4,156 4,700 15,710 7,282
----------------------- --------------
Gas and Power
2 14 1 UK 14 14
46 28 54 Rest of Europe 148 171
(2) 5 3 USA 18 7
2 1 2 Rest of World 6 19
----------------------- --------------
48 48 60 186 211
----------------------- --------------
Refining and Marketing
86 181 92 UK 454 250
48 255 392 Rest of Europe 842 297
210 748 683 USA 2,887 1,008
120 159 277 Rest of World 760 527
----------------------- --------------
464 1,343 1,444 4,943 2,082
----------------------- --------------
Chemicals
(9) (15) 11 UK (65) 48
76 76 33 Rest of Europe 306 207
147 162 74 USA 646 565
52 44 22 Rest of World 149 113
----------------------- --------------
266 267 140 1,036 933
----------------------- --------------
Other businesses and corporate
(72) (21) (125) UK (267) (206)
1 21 (47) Rest of Europe - 50
(28) (117) 48 USA (345) (268)
(1) (13) (8) Rest of World (10) (4)
----------------------- --------------
(100) (130) (132) (622) (428)
----------------------- --------------
3,306 5,684 6,212 21,253 10,080
======================= ==============
(a) The special items refer to non-recurring charges and credits. The
special items for the quarter and year comprise principally ARCO, Vastar
and Burmah Castrol integration costs, rationalization costs post the
BP Amoco merger, environmental charges and asset writedowns.
(b) Depreciation and amortization in 2000 relating to the fixed asset
revaluation adjustment and goodwill consequent upon the ARCO and Burmah
Castrol acquisitions.
ACQUISITION AMORTIZATION BY SEGMENT
Fourth Third Fourth
Quarter Quarter Quarter Year
1999 2000 2000 2000 1999
======================= =============
$ million
Exploration and Production
- 29 30 UK 85 -
- 372 373 USA 1,058 -
- 11 10 Rest of World 31 -
----------------------- -------------
- 412 413 1,174 -
----------------------- -------------
Refining and Marketing
- 104 104 UK 208 -
- 81 81 USA 232 -
----------------------- -------------
- 185 185 440 -
----------------------- -------------
- 597 598 1,614 -
======================= =============
Following the recent completion of the fair value exercises for the ARCO and
Burmah Castrol acquisitions, the charges for depreciation and goodwill
amortization for the second and third quarters have been increased. The results
for those two periods have been restated to reflect these higher charges. The
pro forma results, adjusted for special items, are unaffected.
SPECIAL ITEMS BY SEGMENT (PRE-TAX)
Fourth Third Fourth
Quarter Quarter Quarter Year
1999 2000 2000 2000 1999
======================= =============
$ million
Exploration and Production
- 42 5 UK 117 61
1 - - Rest of Europe - 10
25 135 25 USA 312 202
17 15 19 Rest of World 95 26
----------------------- -------------
43 192 49 524 299
----------------------- -------------
Gas and Power
- - - UK - -
- - - Rest of Europe - -
- - - USA - -
- - - Rest of World - -
----------------------- -------------
- - - - -
----------------------- -------------
Refining and Marketing
35 14 59 UK 73 52
2 22 38 Rest of Europe 89 2
96 58 188 USA 358 144
38 16 59 Rest of World 75 44
----------------------- -------------
171 110 344 595 242
----------------------- -------------
Chemicals
67 2 1 UK 6 109
- 1 18 Rest of Europe 20 41
20 1 18 USA 65 52
40 - 185 Rest of World 185 45
----------------------- -------------
127 4 222 276 247
----------------------- -------------
Other businesses and corporate
67 37 63 UK 119 144
- - - Rest of Europe - 2
173 49 173 USA 369 251
- - - Rest of World - 1
----------------------- -------------
240 86 236 488 398
----------------------- -------------
581 392 851 Total special items before interest 1,883 1,186
24 - 111 Interest - bond redemption charges 111 24
----------------------- -------------
605 392 962 Total 1,994 1,210
======================= =============
ENVIRONMENTAL INDICATORS
Fourth Third Fourth
Quarter Quarter Quarter Year
1999 2000 2000 2000 1999
======================= =============
Average oil realizations(a)($/bbl)
23.35 28.46 28.55 UK 27.38 17.35
21.64 27.44 28.02 USA 25.94 15.94
23.20 27.54 27.48 Rest of World 26.49 17.76
22.70 27.84 28.08 BP Average 26.63 16.74
======================= =============
Average natural gas realizations ($/mcf)
2.22 2.33 3.03 UK 2.42 2.20
2.35 3.87 5.15 USA 3.72 2.06
1.69 2.29 2.63 Rest of World 2.25 1.58
2.08 3.01 3.76 BP Average 2.91 1.92
======================= =============
2.58 4.27 5.28 Henry Hub gas price(b)($/mcf) 3.90 2.27
======================= =============
Global Indicator Refining Margin(c) ($/bbl)
1.32 3.44 3.63 NWE 3.35 1.04
0.22 3.62 3.78 USGC 3.99 1.21
4.06 12.54 10.21 USWC 8.77 1.99
0.17 3.19 2.18 Singapore 2.11 0.99
0.99 4.83 4.46 BP Average 4.22 1.31
======================= =============
128 128 110(e)Chemicals Indicator Margin(d) ($/te) 121(e) 114
======================= =============
(a) Crude oil and natural gas liquids.
(b) Henry Hub First of Month Index.
(c) The Global Indicator Refining Margin (GIM) is the average of seven
regional indicator margins weighted for BP's crude refining capacity in
each region. Each regional indicator margin is based on a single
representative crude with product yields characteristic of the typical
level of upgrading complexity.
(d) The Chemicals Indicator Margin (CIM) is a weighted average of
externally-based product margins. It is based on market data collected
by Chem Systems in their quarterly market analyses, then weighted based
on BP's product portfolio. While it does not cover our entire portfolio,
it includes a broader range of products than our previous indicator.
Among the products and businesses covered in the CIM are the olefins and
derivatives, the aromatics and derivatives, linear alpha-olefins, acetic
acid, vinyl acetate monomer and nitriles. Not included are fabrics and
fibres, plastic fabrications, poly alpha-olefins, anhydrides,
engineering polymers and carbon fibres, speciality intermediates, and
the remaining parts of the solvents and acetyls businesses.
(e) Provisional. The data for the current quarter and year is based on two
months' and eleven months' actuals respectively.
PER SHARE AMOUNTS
Fourth Third Fourth
Quarter Quarter Quarter Year
1999 2000 2000 2000 1999
======================= =============
Ordinary shares outstanding at
19,484 22,597 22,529 period end (million) 22,529 19,484
3,247 3,766 3,755 - ADS equivalent (million) 3,755 3,247
* * * Average ordinary shares (million) 21,638 19,386
* * * - ADS equivalent (million) 3,606 3,231
----------------------- -------------
Replacement cost profit after
1,195 2,807 2,971 exceptional items ($m) 11,142 3,280
6.16 12.41 13.20 cents/ordinary share 51.48 16.91
0.37 0.75 0.79 dollars/ADS 3.09 1.01
----------------------- -------------
Replacement cost profit before
1,684 2,947 2,799 exceptional items ($m) 11,214 5,330
8.67 13.04 12.40 cents/ordinary share 51.82 27.48
0.52 0.78 0.74 dollars/ADS 3.11 1.65
----------------------- -------------
Pro forma result adjusted
2,123 3,796 4,090 for special items 14,203 6,206
10.94 16.91 18.25 cents/ordinary share 65.63 32.00
0.66 1.01 1.10 dollars/ADS 3.94 1.92
----------------------- -------------
* Discrete quarterly per share amounts are calculated using the cumulative
average shares.
EARNINGS ADJUSTED ON TO A QUASI CASH BASIS (PRE-EXCEPTIONAL ITEMS)
Fourth Third Fourth
Quarter Quarter Quarter Year
1999 2000 2000 2000 1999
======================= =============
$ million
2,725 4,695 4,763 Replacement cost operating profit 17,756 8,894
Earnings from joint ventures
(256) (478) (352) and associates (1,624) (1,157)
Dividends from joint ventures
187 218 120 and associated undertakings 1,039 1,168
1,372 2,093 2,228 Depreciation and amounts provided 7,449 4,965
111 143 157 Exploration expense 599 548
(259) (315) (471) Interest paid (1,354) (1,065)
(619) (1,330) (1,525) Tax paid(a) (4,345) (1,260)
Dividends paid to
(6) (12) (4) minority shareholders (24) (151)
----------------------- --------------
3,255 5,014 4,916 19,496 11,942
----------------------- --------------
15.64 22.16 21.78 cents/ordinary share 90.09 60.47
0.94 1.33 1.31 dollars/ADS 5.41 3.63
======================= ==============
Includes post tax charges for
2.14 1.29 2.64 special items (cents per share) 6.20 4.39
======================= ==============
(a) Tax paid in the third and fourth quarter and year 2000 has been adjusted
to exclude payments relating to major dispositions and other exceptional
items.
RETURN ON AVERAGE CAPITAL EMPLOYED
Fourth Third Fourth
Quarter Quarter Quarter Year
1999 2000 2000 2000 1999
======================= =============
$ million
Replacement cost basis
1,684 2,947 2,799 RC profit before exceptional items 11,214 5,330
329 460 611 Interest 1,770 1,316
53 12 17 Minority shareholders' interest 92 138
----------------------- --------------
2,066 3,419 3,427 13,076 6,784
59,538 96,333 94,402 Average Capital Employed * 58,107
----------------------- -------------
14% 14% 15% ROACE 16% 12%
----------------------- -------------
Pro forma and special items adjustments
- 597 598 Acquisition amortization 1,614 -
415 289 582 Special items (post tax) 1,343 876
Average capital employed
- 22,172 21,574 acquisition adjustment * -
----------------------- ------------
ROACE - Pro forma basis
17% 23% 25% adjusted for special items 23% 13%
----------------------- ------------
Historical cost basis
Historical cost profit
1,701 3,351 2,410 after exceptional items 11,870 5,008
329 460 611 Interest 1,770 1,316
53 12 17 Minority shareholders' interest 92 138
----------------------- --------------
2,083 3,823 3,038 13,732 6,462
14% 16% 13% ROACE 17% 11%
======================= ============
* As the acquisition of ARCO was completed in April and of Burmah Castrol
in July, it is not meaningful to show an average capital employed for
2000. The ROACE for 2000 has been calculated as the average of the four
discrete quarterly ROACEs.
NET DEBT RATIO - NET DEBT: NET DEBT + EQUITY
Fourth Third Fourth
Quarter Quarter Quarter Year
1999 2000 2000 2000 1999
======================= =============
$ million
14,544 19,688 21,190 Gross debt 21,190 14,544
1,551 2,469 1,831 Cash and current asset investments 1,831 1,551
----------------------- --------------
12,993 17,219 19,359 Net debt 19,359 12,993
44,342 73,925 74,001 Equity 74,001 44,342
----------------------- --------------
23% 19% 21% Net debt ratio 21% 23%
- 21,873 21,275 Acquisition adjustment 21,275 -
----------------------- --------------
23% 25% 27% Net debt ratio - pro forma basis 27% 23%
======================= ==============
CRUDE OIL AND NATURAL GAS PRODUCTION MOVEMENTS
Oil Gas Gas Total
=================================
(mb/d) (mmcf/d) (mboe/d) (mboe/d)
BP 4Q 1999 as reported (A) 2,050 6,339 1,093 3,143
Net acquisitions and divestments (B)
UK Scott/Telford, others (16) (12) (2) (18)
Rest of Europe - - - - -
USA Crescendo, Altura, PBU
realignment, Western Gas (215) (128) (22) (237)
Rest of World Venezuela, others (11) 24 4 (7)
---------------------------------
(242) (116) (20) (262)
---------------------------------
BP 4Q 1999 adjusted for
divestments and acquisitions (C)(C=A-B) 1,808 6,223 1,073 2,881
=================================
BP 4Q 2000 as reported (D) 1,931 8,621 1,486 3,417
Less: ARCO contribution 4Q 2000 (E) (247) (2,424) (418) (665)
---------------------------------
BP 4Q 2000 adjusted for
divestments and acquisitions (F)(F=D-E) 1,684 6,197 1,068 2,752
=================================
Variance 4Q 2000 vs 4Q 1999 (F-C) (124) (26) (5) (129)
=================================
% decrease (7)% - (4)%
ARCO RECONCILIATION
Oil Gas Gas Total
================================
(mb/d) (mmcf/d) (mboe/d) (mboe/d)
ARCO 4Q 1999 as reported (A) 611 2,349 405 1,016
Less: divestments (B)
UK North Sea 4th Round (17) - - (17)
Rest of Europe - - - - -
USA Alaska, Long Beach (351) (35) (6) (357)
Rest of World Tunisia, Ecuador, Algeria (20) - - (20)
--------------------------------
(388) (35) (6) (394)
--------------------------------
ARCO 4Q 1999 adjusted for
divestments (C) (C=A-B) 223 2,314 399 622
================================
ARCO 4Q 2000 as reported (D) 247 2,424 418 665
================================
Variance 4Q 2000 vs 4Q 1999 (D-C) 24 110 19 43
================================
% increase 11% 5% 7%
CRUDE OIL AND NATURAL GAS PRODUCTION MOVEMENTS
Oil Gas Gas Total
=================================
(mb/d) (mmcf/d) (mboe/d) (mboe/d)
BP 1999 as reported (A) 2,061 6,067 1,046 3,107
Net acquisitions and divestments (B)
UK Scott/Telford, others (14) (11) (2) (16)
Rest of Europe - - - - -
USA Crescendo, Altura, PBU
realignment, Western Gas (211) (93) (16) (227)
Rest of World Venezuela, others (54) (41) (7) (61)
---------------------------------
(279) (145) (25) (304)
---------------------------------
BP 1999 adjusted for
divestments and acquisitions (C)(C=A-B) 1,782 5,922 1,021 2,803
=================================
BP 2000 as reported (D) 1,928 7,609 1,312 3,240
Net acquisitions and divestments (E)
ARCO contribution
14 April - 31 December 2000 (182) (1,578) (272) (454)
Altura, others (43) (35) (6) (49)
---------------------------------
(225) (1,613) (278) (503)
---------------------------------
BP 2000 adjusted for
divestments and acquisitions (F)(F=D-E) 1,703 5,996 1,034 2,737
=================================
Variance 2000 vs 1999 (F-C) (79) 74 13 (66)
=================================
% increase (decrease) (4)% 1% (2)%
ARCO RECONCILIATION
Oil Gas Gas Total
================================
(mb/d) (mmcf/d) (mboe/d) (mboe/d)
ARCO 1999 as reported (A) 623 2,378 410 1,033
Less: divestments (B)
UK North Sea 4th Round (18) - - (18)
Rest of Europe - - - - -
USA Alaska, Long Beach (350) (35) (6) (356)
Rest of World Tunisia, Ecuador, Algeria (19) - - (19)
--------------------------------
(387) (35) (6) (393)
--------------------------------
ARCO 1999 adjusted for
divestments (C) (C=A-B) 236 2,343 404 640
================================
ARCO 2000 adjusted for divestments (D) 242 2,285 394 636
================================
Variance 2000 vs 1999 (D-C) 6 (58) (10) (4)
=================================
% increase (decrease) 3% (2)% -
REFINING AND MARKETING VOLUME MOVEMENTS
Refining Marketing
throughputs sales
===============================
(mb/d) (mb/d)
BP 4Q 1999 as reported (A) 2,508 3,271
Alliance divestment (B) (235) -
-------------------------------
BP 4Q 1999 adjusted for divestments (C)(C=A-B) 2,273 3,271
===============================
BP 4Q 2000 as reported (D) 3,085 4,280
Net acquisitions and divestments (E)
ARCO (461) (487)
Mobil share of European Fuels JV (273) (325)
Burmah Castrol - (30)
-------------------------------
(734) (842)
-------------------------------
BP 4Q 2000 adjusted for acquisitions (F)(F=D-E) 2,351 3,438
===============================
Variance 4Q 2000 vs 4Q 1999 (F-C) 78 167
===============================
% increase 3% 5%
Refining Marketing
throughputs sales
===============================
(mb/d) (mb/d)
BP 1999 as reported (A) 2,522 3,186
Alliance divestment (B) (250) -
-------------------------------
BP 1999 adjusted for divestments (C)(C=A-B) 2,272 3,186
===============================
BP 2000 as reported (D) 2,916 3,756
Net acquisitions and divestments (E)
ARCO (334) (352)
Mobil share of European Fuels JV (113) (133)
Burmah Castrol - (16)
Alliance (228) -
-------------------------------
(675) (501)
-------------------------------
BP 2000 adjusted for acquisitions (F)(F=D-E) 2,241 3,255
===============================
Variance 2000 vs 1999 (F-C) (31) 69
===============================
% increase (decrease) (1)% 2%
GAS SALES VOLUME MOVEMENTS
Fourth
Quarter Year
===================
(mmcf/d)
BP 1999 as reported (A) 9,751 8,930
====================
BP 2000 as reported (B) 17,456 14,471
Less: acquisitions (C)
ARCO (2,578) (2,194)
Progas (1,211) (1,236)
--------------------
(3,789) (3,430)
--------------------
BP 2000 adjusted for acquisitions (D) (D=B-C) 13,667 11,041
====================
Variance 2000 vs 1999 (D-A) 3,916 2,111
====================
% increase 40% 24%
CAPITAL EXPENDITURE MOVEMENTS
Fourth
Quarter Year
===================
$ million
BP 1999 as reported (A) 2,426 7,345
Less Crescendo acquisition (B) 400 400
-------------------
BP 1999 adjusted for acquisitions (C)(C=A-B) 2,026 6,945
===================
BP 2000 as reported (D) 4,960 20,107
Less significant acquisitions: (E)
Purchase of Burmah Castrol issued share capital - (4,686)
Purchase of Mobil share of European Fuels JV - (1,450)
Acquisition of a 2.2% interest in PetroChina - (578)
Acquisition of a 2.2% interest in Sinopec (416) (416)
Purchase of minority interest in Vastar - (1,688)
Purchase of Exxon's aviation lubricants business (70) (70)
ARCO capital expenditure (668) (1,751)
Burmah Castrol capital expenditure (223) (240)
Additional capital expenditure due to the full
consolidation of European Fuels JV
(from 1 August 2000) (103) (133)
Additional capital expenditure due to the full
consolidation of the Olympic pipeline (110) (110)
-------------------
(1,590) (11,122)
===================
BP 2000 adjusted for acquisitions (F)(F=D-E) 3,370 8,985
===================
Variance 2000 vs 1999 (F-C) 1,344 2,040
===================
% increase 66% 29%
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