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Q4 2010 RESULTS AND INVESTOR UPDATE – BP Plc

BP Plc · Feb 1, 2011 · 83 slides

Investor presentation from the Shale Experts oil & gas presentation and slide database. Every page is imaged and its text indexed for search across operators, plays, basins and time.

Slides

  1. Q4 2010 RESULTS AND INVESTOR UPDATE – BP Plc – slide 1
    BP 2010 results and investor update London 1 February 2011
  2. Q4 2010 RESULTS AND INVESTOR UPDATE – BP Plc – slide 2
    Bob Dudley Group Chief Executive 2
  3. Q4 2010 RESULTS AND INVESTOR UPDATE – BP Plc – slide 3
    Agenda Introduction Bob Dudley 2010 results Byron Grote Safety & Operational Risk Bob Dudley Gulf of Mexico oil spill Exploration & Production Refining & Marketing Iain Conn Alternative Energy Bob Dudley Conclusion Q&A 4
  4. Q4 2010 RESULTS AND INVESTOR UPDATE – BP Plc – slide 4
    2010: Gulf of Mexico oil spill and response Deepwater Horizon incident 11 lives lost Response Unprecedented containment, well-capping and clean-up Dividend suspended 20bn Trust Fund established 30bn divestment programme initiated…
  5. Q4 2010 RESULTS AND INVESTOR UPDATE – BP Plc – slide 5
    2010: underlying performance Strong underlying financial performance(1) Underlying earnings of 20.5bn and operating cash flow of 29.6bn Business performance delivery 106% reserves and 470% resource replacement(2) Access and…
  6. Q4 2010 RESULTS AND INVESTOR UPDATE – BP Plc – slide 6
    Energy demand to 2030 18 15 12 Billion toe 9 6 3 0 1870 1910 1950 1990 2030 Renewables* Nuclear Hydro Gas Oil Coal * Includes biofuels Source: BP Energy Outlook 2030 7
  7. Q4 2010 RESULTS AND INVESTOR UPDATE – BP Plc – slide 7
    The challenge of meeting growing demand US EU(1) China 4 4 4 3 3 3 Billion toe 2 2 2 1 1 1 0 0 0 1990 2010 2030 1990 2010 2030 1990 2010 2030 Renewables* Hydro Nuclear Coal Gas Oil (1) Todays borders * Includes…
  8. Q4 2010 RESULTS AND INVESTOR UPDATE – BP Plc – slide 8
    Moving BP forward Our strategic agenda Putting Safety & Operational Risk management at the heart of the company A long term integrated approach How we manage risk How we operate How we partner with governments and contractors How we…
  9. Q4 2010 RESULTS AND INVESTOR UPDATE – BP Plc – slide 9
    The BP team 2011 BP investor roadshow team Bob Dudley Group Chief Executive Iain Conn Byron Grote Chief Executive Chief Financial Officer Refining & Marketing Andy Hopwood Mark Bly Brian Gilvary Rupert Bondy Executive…
  10. Q4 2010 RESULTS AND INVESTOR UPDATE – BP Plc – slide 10
    Byron Grote Chief Financial Officer 11
  11. Q4 2010 RESULTS AND INVESTOR UPDATE – BP Plc – slide 11
    Trading environment Liquids realization Gas realization 90 16 12 60 /mcf /bbl 8 30 4 0 0 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 2009 2010 2009 2010 Refining indicator margin Change vs 2009 8 Average…
  12. Q4 2010 RESULTS AND INVESTOR UPDATE – BP Plc – slide 12
    Financial results All 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 4Q09 4Q10 Replacement cost profit before interest and…
  13. Q4 2010 RESULTS AND INVESTOR UPDATE – BP Plc – slide 13
    Gulf of Mexico oil spill costs and provisions (pre-tax, pre partner recovery) bn 2Q10 3Q10 4Q10 FY10 Income statement Charge for the period 32.2 7.7 1.0 40.9 Balance sheet * Brought forward 30.1 27.7 Charge/ (credit) to income…
  14. Q4 2010 RESULTS AND INVESTOR UPDATE – BP Plc – slide 14
    Exploration & Production Replacement cost profit before interest and tax Stronger environment Adjusted for non-operating items and fair value accounting effects 10 60 Lower depreciation Average hydrocarbon realizations (/boe)…
  15. Q4 2010 RESULTS AND INVESTOR UPDATE – BP Plc – slide 15
    Refining & Marketing Replacement cost profit before interest and tax Adjusted for non-operating items and fair value accounting effects 2.0 12.0 Refining indicator margin (/bbl) 10.0 Stronger refining margins 1.5 8.0 Strong…
  16. Q4 2010 RESULTS AND INVESTOR UPDATE – BP Plc – slide 16
    Other businesses & corporate Replacement cost profit before interest and tax Adjusted for non-operating items and fair value accounting effects 0.2 0 (0.2) bn Adverse foreign exchange effects (0.4) (0.6) (0.8)…
  17. Q4 2010 RESULTS AND INVESTOR UPDATE – BP Plc – slide 17
    Sources & uses of cash 2009 2010 45 40 Trust Fund Disposal proceeds of 6.2 billion 35 Disposals Other Gulf for deals closed in 4Q 30 Disposals of Mexico oil spill Additional 6.2 billion of cash 25 payments deposits held at…
  18. Q4 2010 RESULTS AND INVESTOR UPDATE – BP Plc – slide 18
    Net debt ratio 40 30 20 to 30% % 20 10 to 20% 10 0 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 Net debt ratio = net debt / (net debt + equity) Net debt includes the fair value of associated derivative…
  19. Q4 2010 RESULTS AND INVESTOR UPDATE – BP Plc – slide 19
    2011 guidance 2010 2011 guidance Organic capital expenditure 18bn 20bn Cash from disposals* 17bn 13bn Payments into Trust Fund 5bn 5bn DD&A 11bn 500m higher Cash costs** (year-on-year change) Slightly lower Slightly higher…
  20. Q4 2010 RESULTS AND INVESTOR UPDATE – BP Plc – slide 20
    Financial framework Increased investment to grow the firm Resumption of the quarterly dividend supported by: Continued success in the disposal program Improving business environment balanced by: The need to retain significant…
  21. Q4 2010 RESULTS AND INVESTOR UPDATE – BP Plc – slide 21
    Bob Dudley Group Chief Executive 22
  22. Q4 2010 RESULTS AND INVESTOR UPDATE – BP Plc – slide 22
    Safety track record Recordable Injury Frequency (RIF) 2.0 1.6 1.2 0.8 0.4 0.0 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 Group excluding response contribution API US benchmark Gulf of Mexico oil spill…
  23. Q4 2010 RESULTS AND INVESTOR UPDATE – BP Plc – slide 23
    Putting Safety and Operational Risk management at the heart of BP Resetting the focus on safe, reliable operating activity to achieve long term value creation Leadership priorities Process safety and operating risk reduction Embedding…
  24. Q4 2010 RESULTS AND INVESTOR UPDATE – BP Plc – slide 24
    Implementing lessons globally Building on our learnings and sharing them around the world Internal changes to strengthen BP Centralized global wells organization Broadening areas of expertise Enhancing our standards and practices…
  25. Q4 2010 RESULTS AND INVESTOR UPDATE – BP Plc – slide 25
    Living up to our commitments and earning back trust Gulf Coast Restoration Organization Economic & environmental impact 5bn of claims & government payments to date Natural Resource Damages Assessment Understanding the incidents…
  26. Q4 2010 RESULTS AND INVESTOR UPDATE – BP Plc – slide 26
    Gulf of Mexico oil spill Expected milestones Indicated dates* Investigations Presidential Commission final report March 2011 Marine Board investigation final report Spring 2011 Chemical Safety Board report to be determined National…
  27. Q4 2010 RESULTS AND INVESTOR UPDATE – BP Plc – slide 27
    Gulf of Mexico oil spill Financial impacts 20bn Trust Fund Claims by individuals and businesses Government claims Natural Resource Damages claims 41bn charge taken against income Partner recovery not included Final 1.25bn cash…
  28. Q4 2010 RESULTS AND INVESTOR UPDATE – BP Plc – slide 28
    Upstream: Exploration, Developments and Production 29
  29. Q4 2010 RESULTS AND INVESTOR UPDATE – BP Plc – slide 29
    Upstream agenda Focus on value growth Risk reduction New forms of relationships Increased investment in exploration Active portfolio management: divestments / acquisitions Build technology and capability 2010 delivery 2011…
  30. Q4 2010 RESULTS AND INVESTOR UPDATE – BP Plc – slide 30
    Divestment update Divestment program success Total headline proceeds of more than 21bn Reserves and non-proved resources of 1.7bn boe and 3.2bn boe, with 0.4bn boe and 1.8bn boe closed in 2010 Financial impact of 1.5bn pre-tax…
  31. Q4 2010 RESULTS AND INVESTOR UPDATE – BP Plc – slide 31
    Net asset value distribution: Focused portfolio with potential for growth North Azerbaijan North Angola Alaska Asia Trinidad PAE North Middle Canada Brazil US Colombia Canada Vietnam Venezuela Pakistan Sea America Pacific Africa East…
  32. Q4 2010 RESULTS AND INVESTOR UPDATE – BP Plc – slide 32
    Resources to reserves to production Exploration and Access Prospect inventory Exploration Discovered Field extensions and improved Impact of discoveries resource access recovery End 2009 End 2010 2010 disposals 45.3 bn boe…
  33. Q4 2010 RESULTS AND INVESTOR UPDATE – BP Plc – slide 33
    Resource and reserve distribution 2010 resource base 2010 reserves additions % Proved: 18.1 bn boe TNK-BP Conventional oil 13 years North America Onshore Deepwater oil North Africa, Middle East, Water-flood viscous Caspian and…
  34. Q4 2010 RESULTS AND INVESTOR UPDATE – BP Plc – slide 34
    Recent access North Sea Russian Arctic Valhall deepening South Kara Sea UKCS 26th licensing round Strategic alliance with Rosneft Canada Terre de Grace 750km2 Azerbaijan PSA for 1100km2 Shafag-Asiman block US shale gas China…
  35. Q4 2010 RESULTS AND INVESTOR UPDATE – BP Plc – slide 35
    Project Final Investment Decisions Final Investment Decisions made Tubular Bells Gulf of Mexico 9 on 15 projects Mars B Gulf of Mexico 9 Atlantis Phase 2 Gulf of Mexico 9 Galapagos Gulf of Mexico 9 20bn of total BP net…
  36. Q4 2010 RESULTS AND INVESTOR UPDATE – BP Plc – slide 36
    2011 increased turnaround activity Number of turnarounds 51 50% increase in turnaround activity Major investment programs to manage 35 34 safety and operational risk Short-term production impact with long-term reliability…
  37. Q4 2010 RESULTS AND INVESTOR UPDATE – BP Plc – slide 37
    Deepwater: Gulf of Mexico Resource base remains unchanged Production, mmboed Industry-wide production reduced in 2010 3.0 2011 focus on safely bringing back rig activity 2.5 Our restart criteria will cover: Regulatory requirements…
  38. Q4 2010 RESULTS AND INVESTOR UPDATE – BP Plc – slide 38
    Production 20062011 Production, mmboed 2011 year of consolidation 4.5 Increased turnaround activity and 4.0 planned losses Key drivers of uncertainty: 3.5 Gulf of Mexico restart 3.0 Divestment timing Oil price and PSA effects…
  39. Q4 2010 RESULTS AND INVESTOR UPDATE – BP Plc – slide 39
    Capital investment 2006-2011 Organic capital expenditure, bn Increasing investment in line with 20 priorities: Safety and operational risk activity, including an increased number of 15 turnarounds Exploration Increased…
  40. Q4 2010 RESULTS AND INVESTOR UPDATE – BP Plc – slide 40
    Long term value growth Portfolio choice Deepwater Gas Giant fields Enduring presence in key basins Relationships Basin knowledge Technology Capturing value across life cycle Exploration Developments Production 41
  41. Q4 2010 RESULTS AND INVESTOR UPDATE – BP Plc – slide 41
    Value growth in the life cycle of a basin: Azerbaijan example Value creation Shafag-Asiman Shah Deniz FFD Shah Deniz / SCP Azeri / BTC Resources Proven Chirag Explore Develop Produce 1990 1995 2000 2005 2010 2015…
  42. Q4 2010 RESULTS AND INVESTOR UPDATE – BP Plc – slide 42
    Increasing investment in exploration Post-merger Net discovered volume drill-out Portfolio rebuild The future Net accessed volume 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 Direct resource access…
  43. Q4 2010 RESULTS AND INVESTOR UPDATE – BP Plc – slide 43
    Future exploration focus Canadian Arctic Russian Arctic Azerbaijan Gulf of South Libya Mexico Jordan China Sea Egypt Indonesia Angola Brazil Australia New / untested positions Existing positions 44
  44. Q4 2010 RESULTS AND INVESTOR UPDATE – BP Plc – slide 44
    Developments: project portfolio Po st FID Pre FID 1bn 1bn Gross Gross Locat ion Project BP Net Ty pe WI % Locat ion Project BP Net Ty pe WI % Capacit y Capacit y Inv est m ent Inv est m ent Alaska Liberty* 9 z 100 40 mboed Angola…
  45. Q4 2010 RESULTS AND INVESTOR UPDATE – BP Plc – slide 45
    Developments: deepwater projects Angola Gulf of Mexico Brazil Block 31 PSVM Atlantis Phase 2 Itaipu Clochas-Mavacola Galapagos Wahoo CLOV Mars B Pazflor Na Kika Phase 3 Block 18 West Tubular Bells Kizomba Satellites Phase 2…
  46. Q4 2010 RESULTS AND INVESTOR UPDATE – BP Plc – slide 46
    Developments: gas projects Azerbaijan Oman Shah Deniz Full Field Development Khazzan-Makarem Full Field Development Egypt Asia Pacific West Nile Delta Tangguh expansion 47
  47. Q4 2010 RESULTS AND INVESTOR UPDATE – BP Plc – slide 47
    Developments: new start-ups North Sea Skarv * Russia (TNK-BP) Alaska Devenick * Canada Verkhnechonskoye FFD Liberty * Kinnoull * Sunrise Suzun WoS Q204 * Uvat Central Expansion Clair Ridge * Russkoye Gulf of Mexico Azerbaijan…
  48. Q4 2010 RESULTS AND INVESTOR UPDATE – BP Plc – slide 48
    Production: Iraq 2010 2011-2012 2013+ Set up the business Cost recovery starts Brownfield project underway Achieved Improved Rehabilitation; inspection, Deliver plateau target end Production Target (IPT) maintenance, commence FEED…
  49. Q4 2010 RESULTS AND INVESTOR UPDATE – BP Plc – slide 49
    BP has a unique growth-oriented position in Russia 2010 production, mmboed 9.0 8.5 3.0 2.5 2.0 1.5 1.0 0.5 BP BP 0.0 Hess MOL Total Chevron Gazprom TNK-BP ONGC COP Rosneft E.ON Sinopec…
  50. Q4 2010 RESULTS AND INVESTOR UPDATE – BP Plc – slide 50
    TNK-BP Yamal projects Moscow Suzun Tagul Russkoye Nyagan Rospan Kamennoye Samotlor Uvat Orenburg Novosibirsk Verkhnechonskoye Core production areas Project areas 51
  51. Q4 2010 RESULTS AND INVESTOR UPDATE – BP Plc – slide 51
    BP is forming a global strategic alliance with Rosneft A unique alliance unlocking future growth potential for both BP and Rosneft International upstream collaboration Significant share swap Arctic exploration agreement Wider Arctic…
  52. Q4 2010 RESULTS AND INVESTOR UPDATE – BP Plc – slide 52
    Leveraging technology to reduce risk and underpin long term reliability and value Inherently Reliable Facilities Unconventional Oil Managing and reducing Technologies for UO integrity risk resource progression Unconventional Gas…
  53. Q4 2010 RESULTS AND INVESTOR UPDATE – BP Plc – slide 53
    Upstream value growth 2010 Gulf of Mexico incident Strategic and operational progress 2011 year of consolidation: Increased turnaround activity Uncertainty on Gulf of Mexico timing Increasing investment for growth Long-term…
  54. Q4 2010 RESULTS AND INVESTOR UPDATE – BP Plc – slide 54
    Iain Conn Chief Executive, Refining & Marketing 55
  55. Q4 2010 RESULTS AND INVESTOR UPDATE – BP Plc – slide 55
    Refining & Marketing agenda R&M turnaround and 2010 performance Strategy and portfolio Outlook and what you can expect 56
  56. Q4 2010 RESULTS AND INVESTOR UPDATE – BP Plc – slide 56
    Refining & Marketing turnaround The five priorities Safe operations and OMS(1) Behaviours and core processes Restoring missing revenues and earnings momentum Business simplification Repositioning cost efficiency (1)…
  57. Q4 2010 RESULTS AND INVESTOR UPDATE – BP Plc – slide 57
    Delivering competitive performance Underlying ROACE % (post tax)(1) Underlying net income /bbl(3) Rolling 4-quarter data 30 6 25 5 20 4 15 3 10 2 5 1 0 0 2003 2004 2005 2006 2007 2008 2009 2010 2003 2004 2005 2006…
  58. Q4 2010 RESULTS AND INVESTOR UPDATE – BP Plc – slide 58
    Performance momentum 20072010 0.9 BPs Global Indicator Margin (GIM) Pre-tax underlying RC profit bn 0.4 2.1 4.9 (1.8) (3.3) 3.9 2.7 3.6 3.3 2007 Environt Performance 2008 Environt Performance 2009 Environt…
  59. Q4 2010 RESULTS AND INVESTOR UPDATE – BP Plc – slide 59
    Our portfolio and performance 20072010 2010 average operating Pre-tax underlying RC capital employed (pre tax) bn profit bn Fuels Value Chains 2007 2008 2009 2010 Convenience 14 Fuels Marketing 1.2 2.0 3.1 1.7 and Supply 24…
  60. Q4 2010 RESULTS AND INVESTOR UPDATE – BP Plc – slide 60
    2010 performance delivery 2007 2009 2010 2011 2012 Repositioning cost Repositioning 0.6bn 1.5bn efficiency cost efficiency 1.4bn Portfolio quality & Simplification 0.5bn integration Restoring revenues & Up to 2.8bn…
  61. Q4 2010 RESULTS AND INVESTOR UPDATE – BP Plc – slide 61
    Improving efficiency Refining Refining performance 100 09 10 2012 95 2010 2004 2009 Solomon availability % 90 85 80 75 2007 70 140 130 120 110 100 90 Refining cost efficiency(1) Year BP portfolio average Top 3…
  62. Q4 2010 RESULTS AND INVESTOR UPDATE – BP Plc – slide 62
    Repositioning cost efficiency BP Refining & Marketing cash cost index TAR costs(2) 130 Adjusted for energy & forex(1) Normalized for energy, forex, 120 TAR(2) & manufacturing variable costs(3) 110 100 90 80 70 60 50 2004 2005…
  63. Q4 2010 RESULTS AND INVESTOR UPDATE – BP Plc – slide 63
    Refining Marker Margin 19902010 Refining Marker Margin adjusted to 2010 20 18 16 14 12 /bbl 10 8 6 4 2 0 2007 2008 2009 2010 1990 1993 1994 1995 1998 1999 2001 2003 2004…
  64. Q4 2010 RESULTS AND INVESTOR UPDATE – BP Plc – slide 64
    2010 performance progression 10 2bn earnings growth by 2012 9 Pre-tax underlying RC profit / bbl 8 7 5bn recovery 6 20072009 2005 2006 0.9bn delivered 5 2010 2004 in 2010 4 2009 2007 3 2008 2 1 0 0 4 8 12 16…
  65. Q4 2010 RESULTS AND INVESTOR UPDATE – BP Plc – slide 65
    Net investment 5 4 3 2 Organic capex Depreciation 1 Total net investment bn 0 (1) (6) (7) 2005(1) 2006 2007 2008 2009 2010 2011(2) (1) Includes 8.3bn proceeds for Innovene sale (2) 2011 BP projections 66
  66. Q4 2010 RESULTS AND INVESTOR UPDATE – BP Plc – slide 66
    Portfolio performance 20082010 Fuels Value Chains & International Businesses progression 4 Pre-tax underlying RC EH FVC(3) 3 2008 IBs(4) 2010 profit bn 2 EH FVC IBs 2010 2008 1 US FVC(2) (10)% 2010 10% 20% 30% 40% (1)…
  67. Q4 2010 RESULTS AND INVESTOR UPDATE – BP Plc – slide 67
    Strategy and portfolio 1 Reposition US Fuels Value Chains and halve US refining capacity Divest Texas City refinery(1) Divest Southern West Coast Fuels Value Chain(1) Transform Whiting refinery capability Improve Cherry Point and…
  68. Q4 2010 RESULTS AND INVESTOR UPDATE – BP Plc – slide 68
    Divest Texas City refinery 3rd largest US refinery, highly complex(1) Significant improvement in safety and operations 2.5bn p.a. improvement in profit(2) Plan to complete before end 2012(3) BPs obligations will be fulfilled…
  69. Q4 2010 RESULTS AND INVESTOR UPDATE – BP Plc – slide 69
    Divest Southern West Coast Fuels Value Chain Cherry Point refinery Retain Northern Fuels Value Chain Seattle Seattle Pipelines High quality modern refinery BP refinery Portland Feedstock flexibility and location BP terminal…
  70. Q4 2010 RESULTS AND INVESTOR UPDATE – BP Plc – slide 70
    Whiting Refinery Modernization Project Major rebuild of CDU(1) to process heavy crude World scale 100kbd state of the art 6 drum coker New world scale sulphur removal and gas oil hydro-treating units Refinery infrastructure upgrade…
  71. Q4 2010 RESULTS AND INVESTOR UPDATE – BP Plc – slide 71
    Whiting Refinery Modernization Project Sources of value 600 Mid West post project performance for a range Indexed pre tax underlying RC profit 500 of WTI Lloydminster differentials 400 /bbl of capacity 300 Mid West…
  72. Q4 2010 RESULTS AND INVESTOR UPDATE – BP Plc – slide 72
    Repositioned US Fuels Value Chains US refining capacity halved Repositioned configurations ANS Edmonton Advantaged feedstock and flexibility Crude Canadian Hardisty ANS crude adv Crude + 1-2/bbl Cherry Point Canadian crude…
  73. Q4 2010 RESULTS AND INVESTOR UPDATE – BP Plc – slide 73
    Improve Eastern Hemisphere Fuels Value Chains, access market growth Margin growth options Rotterdam hydrocracker Gelsenkirchen yield Market growth improvement Fuels: China, Australasia, Turkey, South Africa, Poland, Iberia…
  74. Q4 2010 RESULTS AND INVESTOR UPDATE – BP Plc – slide 74
    Impact of portfolio choices refining Global refining quality 250 Current BP divestment plans 11-12 Texas City Post 2013 Carson BP divestments 00-10 Average refinery size (kbd) Alliance Mombasa 200 Coryton Reichstett…
  75. Q4 2010 RESULTS AND INVESTOR UPDATE – BP Plc – slide 75
    Lubricants high returns, high growth Return on sales(1) Profit growth(3) 2007 2010 Top Quartile Midpoint(2) Consumer Sector Companies ROW OECD BRICs Median(2) Synthetic/premium lubricants sales(4) Consumer Sector Companies…
  76. Q4 2010 RESULTS AND INVESTOR UPDATE – BP Plc – slide 76
    Petrochemicals high quality, Asia growth KEY PET co-location Acetyls growth PTA growth PTA sites Decatur Middle East East China Acetyls sites Geel India Zhuhai 2 DB Zhuhai China Zhuhai 3 PX sites India O&D Taiwan Indonesia SECCO…
  77. Q4 2010 RESULTS AND INVESTOR UPDATE – BP Plc – slide 77
    Portfolio performance outlook ) (2 rn VC 4 ste re F Ea he 3+ Pre-tax underlying RC isp 201 nal + 3 m a ti 013 o He 3+ t ern ses 2 profit bn 1 n I es 0 in ) 2 (2 B us 2 C FV S U 1 (10)% 10% 20% 30% 40% (1)…
  78. Q4 2010 RESULTS AND INVESTOR UPDATE – BP Plc – slide 78
    Refining & Marketing growth and returns 12 18% Competitive Differential Growth Sustainable 11 Recovery Growth and 15-20% CAGR Attractive 16% 50% CAGR(1) Pre-tax underlying RC profit (bn) 10 Returns 14% 9 Pre-tax Returns…
  79. Q4 2010 RESULTS AND INVESTOR UPDATE – BP Plc – slide 79
    Refining & Marketing Summary and what to expect Safe and reliable operations remains 1 priority On track to deliver 2bn pa of pre-tax underlying RC profit improvement by 2012 Costs: efficiency improved, returning to 2004 levels…
  80. Q4 2010 RESULTS AND INVESTOR UPDATE – BP Plc – slide 80
    Bob Dudley Group Chief Executive 81
  81. Q4 2010 RESULTS AND INVESTOR UPDATE – BP Plc – slide 81
    Alternative Energy Shares of world primary energy 50% Oil 40% 30% Coal Sugar cane harvesting in Brazil 20% Gas 10% Hydro Nuclear Goshen wind farm, Idaho, USA Renewables 0% 1970 1990 2010 2030 Alternative Energy is the…
  82. Q4 2010 RESULTS AND INVESTOR UPDATE – BP Plc – slide 82
    Moving BP forward Putting Safety & Operational Risk management at the heart of the company Re-building trust Value growth Dividend resumed Quarterly dividend level of 7 cents/share Intention to grow over time in line with improving…
  83. Q4 2010 RESULTS AND INVESTOR UPDATE – BP Plc – slide 83
    Q&A Mike Daly Bob Dudley Executive Vice President, Group Chief Executive Exploration Bernard Looney Byron Grote Executive Vice President, Chief Financial Officer Developments Iain Conn Bob Fryar Chief Executive Executive…

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