table below. There is no significant impact on comparative information for profit before income and tax or earnings per share. In addition, as disclosed in the group's 2020 financial statements, in 2020 revenues from physically settled derivative contracts were reclassified as other operating revenues and were no longer presented together with revenues from contracts with customers. In these financial statements certain other similar contracts have been reclassified as other operating revenues and then been subject to net presentation as described above. Comparative information for natural gas, LNG and NGLs, and non-oil products and other revenue from contracts with customers in Note 5 has been amended to align with current period presentation as shown in the table below. Top of page 26 Note 1. Basis of preparation (continued)
Second Second First First quarter quarter half half 2020 2020 Impact of 2020 2020 Impact of net net presentation presentation USD million Restated [(a)] Restated [(a)] Sales and other operating revenues (Note 5) gas & low carbon energy 4,183 3,227 (956) 10,235 8,752 (1,483) oil production & operations 3,304 3,304 - 9,135 9,135 - customers & products 27,241 17,783 (9,458) 81,205 43,597 (37,608) other businesses & corporate 442 442 - 879 879 - 35,170 24,756 (10,414) 101,454 62,363 (39,091) Less: sales and other revenues between segments gas & low carbon energy 27 27 - 1,838 1,838 - oil production & operations 2,870 2,870 - 8,371 8,371 - customers & products 330 330 - (452) (452) - other businesses & corporate 267 267 - 371 371 - 3,494 3,494 - 10,128 10,128 - External sales and other operating revenues gas & low carbon energy 4,156 3,200 (956) 8,397 6,914 (1,483) oil production & operations 435 435 - 765 765 - customers & products 26,911 17,453 (9,458) 81,657 44,049 (37,608) other businesses & corporate 174 174 - 507 507 - Total sales and other operating revenues 31,676 21,262 (10,414) 91,326 52,235 (39,091) Sales and other operating revenues include the following in relation to revenues from contracts with customers: Crude oil 1,062 1,062 - 2,497 2,497 - Oil products 10,452 10,452 - 30,706 30,706 - Natural gas, LNG and NGLs 2,992 2,072 (920) 6,630 5,250 (1,379) Non-oil products and other revenues from contracts with customers 2,118 2,092 (26) 4,608 4,569 (39) Revenues from contracts with customers 16,624 15,678 (946) 44,441 43,022 (1,419) Other operating revenues 15,052 5,584 (9,468) 46,885 9,213 (37,672) Total sales and other operating revenues 31,676 21,262 (10,414) 91,326 52,235 (39,091) opposite amount as total sales and other operating revenues. Note 2. Non-current assets held for sale The carrying amount of assets classified as held for sale at 30 June 2021 is USD34 million, with associated liabilities of USD31 million. At 31 December 2020 the balance consists primarily of a 20% participating interest from BP's 60% participating interest in Block 61 in Oman, which is reported in the gas & low carbon energy segment. As announced on 1 February 2021, BP agreed to sell this interest to PTT Exploration and Production Public Company Limited (PTTEP) of Thailand for a total consideration of up to USD2.6 billion, subject to final adjustments. On 28 March, a royal decree was published approving the sale and USD2.4 billion was received in March 2021. Top of page 27 Note 3. Impairment and losses on sale of businesses and fixed assets[(a)] Impairment reversals net of losses on sale of businesses and fixed assets for the second quarter and first half 2021 were USD2,937 million and USD2,564 million respectively (charges of USD11,770 million and USD12,919 million for the comparative periods in 2020) and include net impairment reversals for the second quarter and first half 2021 of USD2,964 million and USD2,744 million respectively (charges of USD11,848 million and USD12,646 million for the comparative periods in 2020). Impairment charges included within the 2021 numbers are immaterial. gas & low carbon energy segment Net impairment reversals in the gas & low carbon energy segment were USD1,270 million and USD1,148 million for the second quarter and first half 2021 respectively (charges of USD6,111 million and USD6,112 million for the comparative periods in 2020). Impairment reversals for the second quarter and first half 2021 mainly relate to producing assets and principally arose as a result of changes to the group's oil and gas price assumptions. They include amounts in Azerbaijan, India and Trinidad. The recoverable amounts of the cash generating units within these businesses were based on value-in-use calculations. oil production & operations segment Net impairment reversals in the oil production & operations segment were USD1,756 million and USD1,657 million for the second quarter and first half 2021 (charges of USD5,008 million and USD5,792 million for the comparative periods in 2020). Impairment reversals for the second quarter and first half 2021 mainly relate to producing assets and principally arose as a result of changes to the group's oil and gas price assumptions. They include amounts in BPX Energy and the North Sea. The recoverable amounts of the cash generating units within these businesses were based on value-in-use calculations. (a) All disclosures are pre-tax. Note 4. Analysis of replacement cost profit (loss) before interest and tax and reconciliation to profit (loss) before taxation[(a)] Second First Second First First quarter quarter quarter half half USD million 2021 2021 2020 2021 2020 gas & low carbon energy 927 3,430 (7,752) 4,357 (6,682) oil production & operations 3,118 1,479 (14,314) 4,597 (14,493) customers & products 640 934 594 1,574 1,258 Rosneft 643 363 (124) 1,006 (141) other businesses & corporate (425) (678) (259) (1,103) (825) 4,903 5,528 (21,855) 10,431 (20,883) Consolidation adjustment - UPII* (31) 13 (46) (18) 132 RC profit (loss) before interest and tax* 4,872 5,541 (21,901) 10,413 (20,751) Inventory holding gains (losses)* gas & low carbon energy 4 22 11 26 2 oil production & operations (6) 15 46 9 (13) customers & products 887 1,605 978 2,492 (3,637) Rosneft (net of tax) 68 88 53 156 (148) Profit (loss) before interest and tax 5,825 7,271 (20,813) 13,096 (24,547) Finance costs 682 723 783 1,405 1,566 Net finance expense relating to pensions and other post-retirement benefits 5 6 8 11 15 Profit (loss) before taxation 5,138 6,542 (21,604) 11,680 (26,128) RC profit (loss) before interest and tax* US 955 1,907 (4,695) 2,862 (4,100) Non-US 3,917 3,634 (17,206) 7,551 (16,651) 4,872 5,541 (21,901) 10,413 (20,751) (a) Comparative information for 2020 has been restated to reflect the changes in reportable segments. For more information see Note 1 basis of preparation - Change in segmentation. Top of page 28 Note 5. Sales and other operating revenues[(a)]
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