tax inventory holding gains and losses. See Note 3 for further information. Comparative information for 2020 has been restated in Notes 3, 4 and 5 to reflect the changes in reportable segments. Voluntary change in accounting policy - Net presentation of revenues and purchases relating to physically settled derivative contracts bp routinely enters into transactions for the sale and purchase of commodities that are physically settled and meet the definition of a derivative financial instrument. These contracts are within the scope of IFRS 9 and as such, prior to settlement, changes in the fair value of these derivative contracts are presented as gains and losses within other operating revenues. The group previously presented revenues and purchases for such contracts on a gross basis in the income statement upon physical settlement. These transactions have historically represented a substantial portion of the revenues and purchases reported in the group's consolidated financial statements. The change in strategic direction of the group supported by organisational changes to implement the strategy from 1 January 2021, results in the group determining that the revenue and corresponding purchases relating to such transactions should be presented net, as gains or losses within other operating revenues, from that date. Additionally the group's trading activity has continued to evolve over time from one of capturing third-party physical trades to provide flow assurance to one with increasing levels of optimisation, taking advantage of price volatility and fluctuations in demand and supply, which will continue under the new strategy, further supporting the change in presentation. The new presentation provides reliable and more relevant information for users of the accounts as the group's revenue recognition is more closely aligned with its assessment of 'Scope 3' emissions from its products, its 'Net Zero' ambition and how management monitors and manages performance of such contracts. Comparative information for sales and other operating revenues and purchases for 2020 has been restated as shown in the table below. There is no significant impact on comparative information for profit before income and tax or earnings per share. Top of page 21 Note 1. Basis of preparation (continued) 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 first quarter 2021 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 4 has been amended to align with current period presentation as shown in the table below.
First First Fourth Fourth quarter quarter quarter quarter 2020 2020 Impact of 2020 2020 Impact of net net USD million presentation presentation Restated [(a)] Restated [(a)] Sales and other operating revenues (note 4) gas & low carbon energy 6,052 5,525 (527) 4,091 2,371 (1,720) oil production & operations 5,831 5,831 - 4,101 4,101 - customers & products 53,964 25,814 (28,150) 41,513 24,158 (17,355) other businesses & corporate 437 437 - 404 404 - 66,284 37,607 (28,677) 50,109 31,034 (19,075) Less: sales and other revenues between segments gas & low carbon energy 1,811 1,811 - 616 616 - oil production & operations 5,501 5,501 - 3,782 3,782 - customers & products (782) (782) - 486 486 - other businesses & corporate 104 104 - 436 436 - 6,634 6,634 - 5,320 5,320 - External sales and other operating revenues gas & low carbon energy 4,241 3,714 (527) 3,475 1,755 (1,720) oil production & operations 330 330 - 319 319 - customers & products 54,746 26,596 (28,150) 41,027 23,672 (17,355) other businesses & corporate 333 333 - (32) (32) - Total sales and other operating revenues 59,650 30,973 (28,677) 44,789 25,714 (19,075) Sales and other operating revenues include the following in relation to revenues from contracts with customers: Crude oil 1,435 1,435 - 1,185 1,185 - Oil products 20,254 20,254 - 16,216 16,216 - Natural gas, LNG and NGLs 3,638 3,178 (460) 3,252 1,369 (1,883) Non-oil products and other revenues from contracts with customers 2,490 2,477 (13) 2,608 2,546 (62) Revenues from contracts with customers 27,817 27,344 (473) 23,261 21,316 (1,945) Other operating revenues 31,833 3,629 (28,204) 21,528 4,398 (17,130) Total sales and other operating revenues 59,650 30,973 (28,677) 44,789 25,714 (19,075) amount as total sales and other operating revenues. Top of page 22 Note 2. Non-current assets held for sale The carrying amount of assets classified as held for sale at 31 March 2021 is USD31 million, with associated liabilities of USD34 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. Note 3. Analysis of replacement cost profit (loss) before interest and tax and reconciliation to profit (loss) before taxation[(a)] First Fourth First quarter quarter quarter USD million 2021 2020 2020 gas & low carbon energy 3,430 (638) 1,070 oil production & operations 1,479 66 (179) customers & products 934 1,245 664 Rosneft 363 270 (17) other businesses & corporate (678) 288 (566) 5,528 1,231 972 Consolidation adjustment - UPII* 13 (77) 178 RC profit (loss) before interest and tax* 5,541 1,154 1,150 Inventory holding gains (losses)* gas & low carbon energy 22 10 (9) oil production & operations 15 10 (59) customers & products 1,605 650 (4,615) Rosneft (net of tax) 88 25 (201) Profit (loss) before interest and tax 7,271 1,849 (3,734) Finance costs 723 749 783 Net finance expense relating to pensions and other post-retirement benefits 6 10 7 Profit (loss) before taxation 6,542 1,090 (4,524) RC profit (loss) before interest and tax* US 1,907 (21) 595 Non-US 3,634 1,175 555 5,541 1,154 1,150 (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 23 Note 4. Sales and other operating revenues[(a)] First Fourth First quarter quarter quarter
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