2010 Performance review Strong financial performance Balanced and robust business model Rising commodity and non-commodity costs
British Gas Competitive energy prices and improved customer service Marked growth in customer numbers Continued support for our most vulnerable customers
Upstream and North America Strong operational performance upstream Organic growth and acquisitions in North America
Global challenges Political tension in North Africa and the Middle East Accelerated rise in oil and gas prices Learning the lessons from Fukushima
UK challenges UK oil and gas taxes among the highest in the world Leads to reduced investment in UK North Sea Climate for 200bn investment impacted
May 2011 Interim Management Statement Challenging business environment Upstream: Higher commodity prices offset by rising taxes Downstream: Margins squeezed by higher wholesale prices More modest growth but still in line with…
Sam Laidlaw Chief Executive
2010 Overview Profit growth across all businesses Measurable progress against strategic priorities Distinctive and integrated structure
2010 Performance 2.4bn operating profit Oil and gas production up 43% British Gas profits up 20% to 1.2bn Higher tax rate of 37% Post tax earnings per share - 25.2p Dividend up 12% to 14.3p per share
Global challenges Nuclear safety Volatile energy prices Growing importance of LNG
Securing our energy supplies North Sea remains core to UK energy security Oil and gas tax of up to 81% Less UK investment than prior plans
Policy climate Carbon floor price set Electricity Market Reform under way Ofgem Retail Market Review
Energy efficiency Enormous potential for transformation Commitment to Go Early on the Green Deal Key source of future earnings growth
1 Grow British Gas. leading the transition to low carbon homes and businesses 267,000 additional residential customer accounts 265,000 new services customers Fixed up to 35,000 boilers a day in December
1 Grow British Gas. leading the transition to low carbon homes and businesses More than 300,000 smart meters installed since 2009 250,000 homes insulated in the past 12 months 80m of help for vulnerable customers
2 Deliver value from our growing upstream business. securing sustainable energy for our customers Integration of Venture boosts production First full year contribution from British Energy Statfjord and Trinidad & Tobago…
3 Build a more integrated North America business. with leading positions in deregulated markets Clockwork and Wildcat Hills acquisitions Further acquisition opportunities at attractive prices Growing residential and business…
4 Deliver superior financial returns. through our operating performance and careful investment choices 2010 total shareholder return 23% Strengthened balance sheet 300m of costs removed in the past three years Strict investment…
Centrica 2011 Downstream - lower consumption and higher costs Customer gains - British Gas cheapest supplier on average for electricity and dual fuel Upstream - strong production and enhanced profitability from nuclear and…
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