Jess Mitchell Head of Group Investor Relations Mad dog Gulf of Mexico
Brian Gilvary Chief Financial Officer Khazzan Oman
Agenda Environment 1Q 2015 results US legal update Business progress Looking ahead Q&A
Environment Brent Henry Hub Refining Marker Margin $/bbl 2013 2014
1Q 2015 Summary Underlying earnings figures are adjusted for the costs associated with the Gulf of Mexico oil spill other non operating items and fair value $bn upstream downstream Other businesses and cooperate Underlying business…
Upstream excluding Russia Realisations Volume Underlying RCPBIT $/bbl $/mcf $bn Liquids Gas Non US US 1Q14 2Q14 3Q14 4Q14 1Q15
Rosneft Average Urals price BP share of underlying net income BP share of dividend $/bbl $bn 1Q14 2Q14 3Q14 4Q14 1Q15
Downstream BP average Refining Marker Margin Refining availability Underlying RCPBIT $/bbl % $bn 1Q14 2Q14 3Q14 4Q14 1Q15 Fuels Petrochemicals Lubricants Total RCPBIT
Gulf of Mexico oil spill costs and provisions pre-tax $bn Income statement To end 2014 1Q15 Cumulative to date Charge for the period Balance sheet Brought forward Charge to income statement Payments into Trust Fund Cash settlements…
Divestments $38bn divestment programme completed in 2013 $10bn of furtherdivestments planned by end 2015 7.1bn of divestments agreed to date package of assets on Alaskan North slope Oman-Khazzan farm-down North Sea Central Area…
Sources and uses of cash 1Q 2014 1Q 2015 $bn sources uses Disposals Underlying cash flow Gulf of Mexico oil spill share buybacks Dividends Inorganic capex Organic capex Sources Uses
Financial framework Financial outlook near term complete $10bn divestment programme $20bn capital expenditure in 2015 Resizing the cost base Longer term Financial framework rebalanaced to lower oil prices Gearing within 10 to 20% band…
US legal update MDL 2179 progress Phase 1 ruling received BP has appealed Phase 2 ruling assessed spill volume at 3.19 million barrels Penalty phase completed Ruling pending Staying the course Pursuing fair outcomes in all legal…
Upstream milestones and progress Access and exploration New partnership with Chevron in Paleogene assets Second significant gas discovery offshore Egypt Major Projects Progressing four major project start ups in 2015 Final investment…
Downstream milestones and progress Process and personal safety performance improvement Start up of new PTA plant in Zhuhai China Lubricants and Retail focus on growth markets Continued active portfolio management Realising savings from…
Looking ahead Focused business model Clear near term priorities Roadmap for the future Focused and adaptable Diverse integrated portfolio Robust capital allocation process Cost actions well underway Delivery: safe. reliable and…
Q & A Brian Gilvary Chief Financial Officer Jess Mitchell Head of Group Investor Relations
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