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Annual Report and Accounts 2006

Information about this report
This document constitutes the Annual Report and Accounts of BP p.l.c. for the year ended 31 December 2006 in accordance with UK requirements and is dated 23 February 2007. This document also contains information set out within the company’s Annual Report on Form 20-F in accordance with the requirements of the US Securities and Exchange Commission (SEC). Such information will be supplemented and may be updated at the time of filing that document with the SEC, or later amended, if necessary. The financial information for 2005 and 2004 has been restated to reflect the following, all with effect from 1 January 2006: (a) the transfer of three equity-accounted entities from Other businesses and corporate to Refining and Marketing following the sale of Innovene; (b) the transfer of certain mid-stream assets and activities from Refining and Marketing and Exploration and Production to Gas, Power and Renewables; (c) the transfer of Hydrogen for Transport activities from Gas, Power and Renewables to Refining and Marketing; and (d) a change to the basis of accounting for certain over-the-counter forward sale and purchase contracts for oil, natural gas, natural gas liquids and power. (See Financial statements – Note 2 on page 109 for further details.) On pages 4-9, references within BP Annual Report and Accounts 2006 to ‘profits’, ‘results’ and ‘return on average capital employed’ are to those measures on a replacement cost basis unless otherwise indicated.

Reconciliation of profit for the year to replacement cost profit
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