Jessica Mitchell Head of Investor Relations 2 Shah Deniz Alpha platform Hello and welcome to BPs third-quarter 2012 results webcast and conference call. Im Jessica Mitchell, BPs Head of Investor Relations and joining me today…
Bob Dudley Group Chief Executive 4 Lubricants, Gemlik Turkey Thank you Jess. 4
Agenda 3Q 2012 Results Russia US legal proceedings Our future: growing sustainable free cash flow Q&A 5 Today is the presentation of our third-quarter results. It is also a quarter during which a great deal has happened…
Brian Gilvary Chief Financial Officer 6 Thanks Bob. 6
3Q 2012 Summary Underlying earnings figures are adjusted for the costs associated with the Gulf of Mexico oil spill, other non-operating items and fair value accounting effects bn 3Q11 2Q12 3Q12 % Y-o-Y Upstream 6.3 4.4 4.4 (1)…
progress we have made with the significant divestments announced this year and our future confidence in the underpinning of the 10-point plan. We will continue to review the dividend level on an annual cycle and adjust it in line with…
offset by seasonal maintenance activity in the North Sea and Alaska, and the impact of Hurricane Isaac in the Gulf of Mexico. We expect fourth-quarter reported production to be higher than the third quarter as we exit the maintenance…
TNK-BP BP share of underlying Average oil marker prices net income(1) BP share of dividend 140 1.4 1.8 1.2 1.6 120 1.4 100 1.0 1.2 /bbl 0.8 bn 80 bn 1.0 60 0.6 0.8 0.6 40 0.4 0.4 20 0.2 0.2 0 0.0 0.0…
Downstream BP average Underlying replacement cost Refining Marker Margin Refining availability % profit before interest and tax(1) 20 98 3.5 3.0 18 3.0 96 16 2.5 14 94 2.0 1.7 12 /bbl bn 10 92 1.5 1.1 8 0.9 1.0…
for the start-up of the project in the second half of 2013. In addition, we expect to carry out major turnarounds at two of our refineries in the fourth quarter. The lubricants business delivered an underlying replacement cost profit of…
Gulf of Mexico oil spill costs and provisions pre-tax(1) Cumulative bn To end 2011 1H 2012 3Q 2012 to date Income statement Charge / (credit) for the period 37.2 0.8 0.1 38.1 Balance sheet (2) Brought forward 10.6 8.0 Charge /…
Divestments Wytch Farm US Midstream Britannia and Alba assets* Natural Gas Liquids Canada Draugen interest* Western Canada Gas Southern Gas assets* Permian assets Aluminium Egypt Western Desert LukArco Jonah and Pinedale…
Net debt ratio 35 30 25 20 to 30% 20 % 15 10 to 20% 10 5 0 2008 2009 2010 2011 2012 2013 Net debt ratio = net debt / (net debt + equity) Net debt includes the fair value of associated derivative financial instruments…
Bob Dudley Group Chief Executive 16 Lubicants, Turkey Thanks Brian. Now, lets turn to the future Id like to start to outline with you today our thinking about the longer-term direction of BP, ahead of a more detailed Investor…
A different and exciting future in Russia Rosneft transaction summary Heads of terms agreed for: Sale of BPs 50% interest in TNK-BP to Rosneft for 27bn(1) 17.1bn in cash plus shares representing 12.84% of Rosneft 4.8bn cash to be…
Rosneft transaction reserves comparison 30 Rosneft plus 100% TNK-BP 25 BP including 19.75% of Rosneft with 100% TNK-BP BP including 50% of TNK-BP BP including 19.75% of Rosneft with 50% TNK-BP 20 Bn boe 15 10 5…
Rosneft and TNK-BP combined TNK-BP assets: Rosneft assets: Russia Source: Rosneft Investor Presentation 19 Through this transaction, Rosneft will not only be able to count itself among the largest listed NOCs in the world but…
US legal proceedings 8.8bn of claims and government payments to the end of 3Q 2012 19.1bn paid into the Trust Fund, payments to end in 4Q 2012 Settlement announced with Plaintiffs Steering Committee in 1Q 2012 Subject to Court…
Our future Now that I have updated you on Russia and the US uncertainties, and our work to resolve them, I would like to turn to discuss the progress we have made in repositioning our core business. First of all, Id like to refresh…
Our Group process safety track record is improving Loss of primary containment(1) Process safety event(2) 700 400 600 350 300 500 250 400 200 300 150 200 100 100 50 0 0 2008 2009 2010 2011 2012 2010 2011 2012 YTD YTD…
Strong operational performance underpinned by improving process safety Refining availability % Downstream process safety 98 1.2 Performance versus 2008 96 Deterioration Performance Indexed to 2008 1.0 94 Improvement 92 0.8…
Upstream reliability interventions showing results Unplanned production outages from facilities with 2011 TARs(1) (mboed) Systematic execution of turnarounds showing early results Greater than 60% reduction in unplanned production…
Reducing operational complexity Divested Upstream assets Upstream country exit Divested Downstream assets Downstream Fuels Value Chains exit Total Upstream % Reduction Total Downstream % Reduction Installations(1) 50…
Significant recent new Upstream access UK North Sea 2010 26th UKCS round 7 leases Azerbaijan China 2010 Shafag-Asiman lease South China Sea 2010 1 lease (42/05) Gulf of Mexico 2012 1 lease (43/11) Ohio 2010 lease sale 23 Leases…
Pics top to bottom - Zhuhai PTA China, British Kestral Ceyhan Turkey, British Kestral Ceyhan Turkey A distinctive platform for growth More focused footprint with strengthened incumbent positions A leading position in…
Moving BP Forward 10 - point plan What you can expect What you can measure 1. Relentless focus on safety and managing 6. Active portfolio management to continue risk 7. New upstream projects onstream with unit 2. Play to our…
Our major projects are progressing well PSVM Location Project 2012 2013 /2014 Angola Angola LNG Block 31 PSVM Clochas-Mavacola CLOV Asia Pacific North Rankin 2 Galapagos Azerbaijan Chirag Oil Canada Sunrise Gulf of…
Picture: Na Kika Beyond 2014 A focused oil and gas company that creates value by growing long-term sustainable free cash flow through: Safe and reliable operations A disciplined and prudent financial framework A portfolio…
Growing volumes in higher margin areas Total Project and Wells capex Production from higher margin areas (mboed): 2013 2017 Angola, Azerbaijan, Gulf of Mexico, and North Sea 1,000 Gas Liquids 750 Gulf of Mexico mboed Other…
You can see from the chart that the Gulf of Mexico remains one of our important sources of medium and long-term growth. The recent sale of the package of non-core assets demonstrated the value of our position which is now concentrated on…
New exploration portfolio to sustain higher exploration pace Portfolio balanced New play tests with higher risk/reward exposure New plays Proven plays in known basins Existing plays Infrastructure-led exploration Material…
We have begun to test our new portfolio and expect to complete nine wells this year including wells in Angola, Brazil, the North Sea and Namibia. We expect the number of wells to increase to 15 25 wells per year going forward. 38
World class Downstream - cash flow momentum World class hydrocarbon value chain businesses Focus on quality Exposure to growth Leading technologies Repositioning of portfolio complete by 2014 Sale of Carson and US South West…
Moving BP Forward Growing sustainable free cash flow Safety is our continuing priority What we have achieved Priorities to 2014 Strategic direction post-2014 Improving process safety & Maintain focus on risk reduction Playing to…
Q&A Bob Dudley Group Chief Executive Brian Gilvary Chief Financial Officer Jessica Mitchell Head of Investor Relations 36 That concludes my remarks, and now Brian, Jess and I will be happy to take your…
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