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BP Reports Fourth Quarter Results
UK - BP's fourth-quarter replacement cost profit was $2,972 million, compared with $3,895 million a year ago, a decrease of 24 per cent. For the full year, replacement cost profit was $17,287 million compared with $22,253 million, down 22 per cent.
The fourth-quarter result included a net non-operating charge of $1,030 million, including pre-tax charges of $603 million for the impairment of US Convenience Retail and $338 million for restructuring, integration and rationalization costs associated with BP's Forward Agenda. This compares with a net non-operating charge of $152 million in the fourth quarter of 2006. For the full year, the net non-operating charge was $272 million compared with a net non-operating gain of $1,062 million in 2006.
Net cash provided by operating activities for the quarter and year was $4.3 billion and $24.7 billion respectively compared with $5.0 billion and $28.2 billion a year ago.
The effective tax rate on replacement cost profit from continuing operations for the fourth quarter was 45 per cent compared with 25 per cent a year ago. For the year, the rate was 37 per cent compared with 35 per cent a year ago. The increased rate in the fourth quarter reflects the effect of inventory holding gains and losses, which are eliminated in the replacement cost profit, while the tax charge remains unadjusted and includes the tax effect on inventory holding gains and losses. If this effect is excluded, the rate would have been 38 per cent in the fourth quarter compared to 31 per cent a year ago.
Net debt at the end of the quarter was $27.5 billion. The ratio of net debt to net debt plus equity was 23 per cent compared with 20 per cent a year ago.
Capital expenditure, excluding acquisitions and asset exchanges, was $6.6 billion for the quarter and for the year was $19.2 billion. Total capital expenditure and acquisitions was $6.6 billion for the quarter and $20.6 billion for the year. The year included $1.1 billion in respect of the acquisition of Chevron's Netherlands manufacturing company.
Disposal proceeds were $0.4 billion for the quarter and were $4.3 billion for the year.
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