Blog

Glossary

Capital expenditure is total cash capital expenditure as stated in the condensed group cash flow statement. Capital expenditure for the operating segments, gas & low carbon energy businesses and customers & products businesses is presented on the same basis.

Replacement cost (RC) profit or loss reflects the replacement cost of inventories sold in the period and is calculated as profit or loss attributable to bp shareholders, adjusting for inventory holding gains and losses (net of tax). RC profit or loss for the group is a non-IFRS measure. The nearest equivalent measure on an IFRS basis is profit or loss attributable to bp shareholders.

Refining indicator margin (RIM) is a simple indicator of the weighted average of bp’s crude slate and product yield as deemed representative for each refinery. Actual margins realized by bp may vary due to a variety of factors, including the actual mix of a crude and product for a given quarter.

Technical service contract (TSC) – Technical service contract is an arrangement through which an oil and gas company bears the risks and costs of exploration, development and production. In return, the oil and gas company receives entitlement to variable physical volumes of hydrocarbons, representing recovery of the costs incurred and a profit margin which reflects incremental production added to the oilfield.

Underlying production – 2025 underlying production, when compared with 2024, is production after adjusting for acquisitions and divestments, curtailments, and entitlement impacts in our production-sharing agreements/contracts and technical service contract*.

Underlying RC profit or loss before interest and tax for the operating segments or customers & products businesses is a non-IFRS measure and is calculated as RC profit or loss including profit or loss attributable to non-controlling interests before interest and tax for the operating segments and excluding net adjusting items for the respective operating segment or business. The nearest equivalent measure on an IFRS basis for segments and businesses is RC profit or loss before interest and taxation.

Underlying effective tax rate (ETR) is a non-IFRS measure. The underlying ETR is calculated by dividing taxation on an underlying replacement cost (RC) basis by underlying RC profit or loss before tax. Taxation on an underlying RC basis for the group is calculated as taxation as stated on the group income statement adjusted for taxation on inventory holding gains and losses and total taxation on adjusting items. Information on underlying RC profit or loss is provided below. Taxation on an underlying RC basis presented for the operating segments is calculated through an allocation of taxation on an underlying RC basis to each segment. bp believes it is helpful to disclose the underlying ETR because this measure may help investors to understand and evaluate, in the same manner as management, the underlying trends in bp’s operational performance on a comparable basis, period on period. Taxation on an underlying RC basis and underlying ETR are non-IFRS measures. The nearest equivalent measure on an IFRS basis is the ETR on profit or loss for the period.

Our MG5 electric car became dangerously out of control, but MG won’t do anything about it.

The car suffered a power system malfunction after we had used a charger at a motorway service station.

It wouldn’t respond to any controls, including the off button, so we called the AA. The patrolman managed to get it started, then decided to give it a test drive. My family was onboard as it was pouring.

When he put the car into reverse, it shot forward and failed to stop when he applied the brake. It rammed into the AA van and its wheels began spinning and smoking as it tried to accelerate.

We all managed to exit the car, and the patrolman eventually succeeded in turning it off from the outside. We were told it was not safe to drive.

The AA arranged a transporter to take it to a dealership and paid for the repairs, which cost £2,500. The patrol van was also damaged.

The dealer has investigated the fault, for which we are to be charged £500, but has found nothing. MG has closed the case, and insists we request a further investigation at our own expense.

Six weeks on, the car is still with the dealership. We don’t want to drive it until we know it is safe, but can’t afford to keep paying for investigations.

AB, East Lothian

You are not the only MG owner whose car has seemingly gone rogue. One man was forced to drive his car into a police van after his brakes failed.

I asked the AA to send me its technician report, which confirms that the car “surged forward” when put into reverse.

It’s unsurprising that you are reluctant to get behind the wheel until you know what’s wrong and, since the car is still under warranty you are reluctant to throw your own money at the problem.

MG Motor UK seems remarkably unperturbed given the harm that could be caused by an out-of-control EV. Although the dealership had recommended that MG’s technical department review the case and issue guidance, MG, instead, closed it.

MG, when you complained, merely apologised for the “inconvenience”.

It ignored my questions about whether the review requested by the dealer was conducted before the case was closed, and how many incidents involving power surges or loss it is aware of.

However, it speedily commissioned another, more detailed, investigation of the vehicle and conducted a 25-mile test drive after using a range of public charging points. You were not charged for this test and will not now be billed for the previous one.

It says: “MG treats all issues where a malfunction may have potentially occurred as a priority. No malfunctions with any of the relevant in-vehicle equipment, or the ability to charge the vehicle using various systems, were detected on the car.

“MG, and the authorised dealership, having carefully examined the vehicle, have concluded that an error occurred not related to the car. We will continue to support the customer with information and advice.”

This leaves you in a difficult position. Your car has been given a clean bill of health, but you have lost confidence in it. You have therefore decided that your best option is to sell.

We welcome letters but cannot answer individually. Email us at consumer.champions@theguardian.com or write to Consumer Champions, Money, the Guardian, 90 York Way, London N1 9GU. Please include a daytime phone number. Submission and publication of all letters is subject to our terms and conditions.