BP - annual data

BP performance versus comparatives: Reserves replacement
This clustered bar chart shows BP’s reserves replacement percentage compared with the maximum and minimum reserves replacement percentage of other major oil companies.

Image with a graph of BP performance versus comparatives: Reserves replacement

	Units	2004	2005	2006	2007	2008
Cost of supply - BP (14)	$/boe	9.54	10.44	12.51	14.81	15.46
Reserves replacement - select from menu
Reserves replacement - BP subsidiaries and equity-accounted entities (15,16)	%	110	100	113	112	121
Reserves replacement - other oil majors (max)	%	125	129	128	119	139
Reserves replacement - other oil majors (min)	%	35	13	20	15	29

The group adopted International Financial Reporting Standards (IFRS) with effect from 1 January 2005. Financial information for 2004 has been restated to reflect the adoption of IFRS. BP chose not to adopt International Accounting Standard No. 39 'Financial Instruments: Recognition and Measurement' (IAS 39) until 1 January 2005, and so financial assets and liabilities, including derivatives, are reported on the basis of UK generally accepted accounting practice (UK GAAP) for 2004. The balance sheet at 1 January 2005 is also presented to show the effect of adopting IAS 39.

(15) Reserves replacement for 2006, 2007 and 2008 calculated on an SEC basis.
(16) Under current SEC rules, BP’s proved reserves estimates are based on prices and costs as of the date the estimate is made. There was a rapid and substantial decline in oil prices in the fourth quarter of 2008 that was not matched by a similar reduction in operating costs by the end of the year. BP does not expect that these economic conditions will continue. However, our 2008 reserves are calculated on the basis of operating activities that would be undertaken were year-end prices and costs to persist.

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BP Annual data 2004 - 2008