Jessica Mitchell Head of Investor Relations Hello and welcome to BPs second-quarter 2012 results webcast and conference call. Im Jessica Mitchell, BPs Head of Investor Relations and joining me today are Bob Dudley, our Group Chief…
Bob Dudley Group Chief Executive Thank you Jess. 4
Agenda 2Q 2012 results Progress in the US TNK-BP Reliance Industries alliance 10-point plan: progress and milestones Q&A 5 Our call today proves that not everything in London stops for the Olympics We are operating our…
Our agenda will start with Brian taking you through the second-quarter results. I will then give you an update on legal proceedings in the US, take a few moments to share some thoughts about our recently announced intentions for TNK-BP…
Brian Gilvary Chief Financial Officer Thanks Bob. 7
Environment Brent oil /bbl(1) Natural gas /mmbtu(1) Refining Marker Margin /bbl(2) 130 20 5 125 120 15 4 115 110 105 3 10 100 95 2 5 90 85 80 1 0 Jan 11 Jun 11 Dec 12 Jun 12 Jan 11 Jun 11 Dec 12 Jun 12 Jan 11 Jun…
2Q 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 2Q11 1Q12 2Q12 % Y-o-Y Upstream 6.3 6.3 4.4…
on the seabed at Atlantis which resulted in a shutdown of the facility for the entire quarter. Tropical Storm Debby at the end of the quarter also contributed to the drop in production. During the third quarter we will bring both Mad Dog,…
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 80 0.8 1.0 /bbl bn bn 60 0.6 0.8 0.6 40 0.4 0.4 20 0.2 0.2 0 0.0 0.0 2Q11…
Downstream BP average Underlying replacement cost Refining Marker Margin Refining availability % profit before interest and tax(1) 20 98 1.8 1.7 18 1.6 96 1.4 16 1.4 14 1.2 1.1 94 12 0.9 1.0 /bbl 10 92 0.8 bn 0.8…
deliver resilient profitability both year-on-year and compared with last quarter despite weaker demand, higher base oil prices and adverse foreign exchange effects. The petrochemicals business delivered an underlying replacement cost…
Gulf of Mexico oil spill costs and provisions pre-tax(1) Cumulative bn To end 2011 1Q12 2Q12 to date Income statement Charge / (credit) for the period 37.2 (0.0) 0.8 38.0 Balance sheet (2) Brought forw ard 10.6 8.9 Charge /…
Divestments Wytch Farm US Midstream Britannia and Alba assets* Natural Gas Liquids Canada Aluminium Southern Gas assets* Western Canada Gas Egypt Western Desert Permian assets LukArco Jonah and Pinedale interests* Wattenberg…
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…
2012 Guidance Full year 2012 1H 2012 guidance Organic capital expenditure 10.6bn 22bn 1.4bn higher DD&A(1) 6.1bn than FY 2011 Production (excluding TNK-BP) 2,364 mboed flat, underlying(2) Other businesses and corporate:…
Bob Dudley Group Chief Executive Thank you Brian. Following that outline of the second-quarter results, I would now like to turn our attention to the longer term, and the work to reset the company and create the platform to grow…
US legal proceedings 8.8bn of claims and government payments to end 2Q 17.9bn paid into the Trust Fund, payments to end in 4Q Settlement announced with Plaintiffs Steering Committee in 1Q 2012 Subject to Court proceedings and…
TNK-BP A successful joint venture for the shareholders and for Russia Both BP and Alfa Access Renova (AAR) now seek long-term clarity Unsolicited expressions of interest received to acquire BPs shareholding BP notified AAR of its…
Reliance Industries alliance Long-term strategic acquisition Medium-term restoration of KG-D6 Delhi development of already discovered resource Kolkata Significant exploration opportunities Hazira Mumbai Mahanadi Kakinada…
Recognizing that a transparent, arms-length & competitive pricing framework is essential for India to enhance exploration and production activity and develop its own energy security we see considerable potential for a more market-linked…
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…
Playing to our strengths: focus on exploration 0 100 Km 0 100 Km Brazil Equatorial Margin Entered four blocks (2,100km2) Angola Kwanza / Benguela First well currently drilling Entered into five blocks (24,200km2)…
Active portfolio management continues Portfolio focus Value not volume Cumulative divestments proceeds(1) 25 Focus where we have distinctive capabilities 20 Reduce footprint in non-core areas of high operational risk 15 bn…
Progress and milestones in the Gulf of Mexico Exploration & Appraisal June lease sale extending our leadership position 43 new leases in June New Orleans Next steps in Paleogene 0 150 Drilling activity 6 rigs operating 8 in…
In exploration I have already mentioned our participation in the June lease sale. And we continue to appraise and test our Paleogene portfolio through the drilling of Kaskida and expect to spud an appraisal well on the Moccasin discovery…
Increasing operating cash flow Around 50% growth in operating cash flow by 2014 at 100/bbl(1) Key enablers: Restoration of high-value production Growth from new projects Whiting refinery upgrade coming onstream Completion of…
Moving BP Forward Safety is our continuing priority Progress on reducing uncertainties US legal proceedings Seeking new direction for TNK-BP 2012 is a year of significant milestones 2013/14 brings financial momentum Around 50%…
Q&A Bob Dudley Group Chief Executive Brian Gilvary Chief Financial Officer Jessica Mitchell Head of Investor Relations 29 That concludes my remarks, and now Brian, Jess and I will be happy to take your…
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