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Q2-2015 Results – BP Plc

BP Plc · Jul 28, 2015 · 20 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. Q2-2015 Results – BP Plc – slide 1
  2. Q2-2015 Results – BP Plc – slide 2
    Agenda Overview 2Q 2015 results Russia Business Progress Looking ahead Q&A
  3. Q2-2015 Results – BP Plc – slide 3
    A clear set of near-term priorities Delivery Ongoing safe, reliable and efficient execution Divestments $7.4bn against $10bn programme Discipline Reset of capital and cost base Dividend Focus on rebalancing financial framework
  4. Q2-2015 Results – BP Plc – slide 4
    Resetting capital and cash costs Right-sizing the groups cost base well underway 2015 capital expenditure below $20 bn Deflation becoming evident in the sector Rest of cash costs delivering results - Across businesses and at a corporate…
  5. Q2-2015 Results – BP Plc – slide 5
    A business model for the future Rebalancing group financial framework over a 2 year period Refreshing our model for longer term shareholder value Value over volume Disciplined investment to grow our portfolio over time Sustaining activity…
  6. Q2-2015 Results – BP Plc – slide 6
    Environment Brent Henry Hub Refining Marker Margin 120 100 80 60 40 20 2013 2014 2015 $/bbl
  7. Q2-2015 Results – BP Plc – slide 7
    2Q 2015 Summary Underlying earnings figures are adjusted for the costs associated with the Gulf of Mexico spill, other non-operating items and fair value accounting effects. $bn Upstream Downstream Other businesses & Corporate…
  8. Q2-2015 Results – BP Plc – slide 8
    Upstream (excluding Russia) Realisations Volume Underlying RCPBIT $bn 2Q14 3Q14 4Q14 1Q15 2Q15 Liquids $/bbl Gas $/mcf $/mcf mboe/d Total production excluding Russia Non-US US Total RCPBIT
  9. Q2-2015 Results – BP Plc – slide 9
    Downstream Refining environment Refining availability Underlying RCPBIT 24 20 16 12 8 4 0 $/bbl 2Q14 3Q14 4Q14 1Q15 2Q15 .7 1.5 1.2 2.2 1.9 RMM WTI WCS spread Fuels Petrochemicals Lubricants Total RCPBIT
  10. Q2-2015 Results – BP Plc – slide 10
    Rosneft Average Urals price BP share of underlying net income BP share of dividend $bbl $bn $bn 2Q14 3Q14 4Q14 1Q15 2Q15
  11. Q2-2015 Results – BP Plc – slide 11
    Other items OB&C underlying RCPBIT 2Q14 3Q14 4Q14 1Q15 2Q15 $BN .5 .4 .3 .2 .1 0.0 Underlying effective tax rate 2Q14 3Q14 4Q14 1Q15 2Q15 0 5 10 15 20 25 30 35 40 45
  12. Q2-2015 Results – BP Plc – slide 12
    Gulf of Mexico oil spill costs and provisions pre-tax $bn Income statement To end 2014 1Q 2015 2Q 2015 Cumulative to date Income statement Charge (credit) for the period Balance sheet Brought forward Charge (credit) to income…
  13. Q2-2015 Results – BP Plc – slide 13
    Sources and uses of cash 1H 2014 1H 2015 $bn Disposals Underlying cash flow Gulf of Mexico oil spill Share buybacks Dividends Inorganic capex Organic capex Sources Uses
  14. Q2-2015 Results – BP Plc – slide 14
    Financial Framework Financial outlook Near term Complete $10bn divestment programme Capital expenditure below $20bn in 2015 Ongoing reset of the cash cost base Medium/long term Financial framework rebalanced to weaker environment Gearing…
  15. Q2-2015 Results – BP Plc – slide 15
    Russia Rosneft shareholding Rosneft AGM Dividend approved and paid Bob dudley re-elected to the Board Guillermo Quintero elected to the Board BP in Russia Agreements to purchase 20% of Taas Yuryakh Neftegazodobycha, in Eastern Siberia…
  16. Q2-2015 Results – BP Plc – slide 16
    Upstream - milestones and progress Access and exploration Two discoveries in Egypt Major projects Two major projects onstrream so far this year Two further start-ups on track for 2015 Future start-ups progressing well Operations and…
  17. Q2-2015 Results – BP Plc – slide 17
    Upstream - capital and cost reset Deflation and contract management Simplification and efficiency efforts Optimising activites and processes Right-sizing the organisation Capital discipline Quality through choice Scope optimisation US…
  18. Q2-2015 Results – BP Plc – slide 18
  19. Q2-2015 Results – BP Plc – slide 19
    Downstream - simplification and efficiency A simplified business model and portfolio Consolidation of Fuels businesses Simplification of Lubricants business structure Streaming our head office functions Manufacturing efficiency…
  20. Q2-2015 Results – BP Plc – slide 20
    Looking ahead Clear near-term priorities Delivery:safe, reliable and efficient execution Divestments: completion of $10bn programme Discipline: capital and cost reset Dividend: focus on rebalancing sources and uses of cash Developing…

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