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4Q and Full Year 2017 Results and Strategy Update Brian Gilvary Chief Financial Officer – BP Plc

BP Plc · Feb 6, 2018 · 11 slides

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  1. 4Q and Full Year 2017 Results and Strategy Update Brian Gilvary Chief Financial Officer – BP Plc – slide 1
  2. 4Q and Full Year 2017 Results and Strategy Update Brian Gilvary Chief Financial Officer – BP Plc – slide 2
    Environment (1) Source: Factset (2) Refining Marker Margin (RMM) based on BP’s portfolio All data 1 October 2016 to 2 February 2018 Brent oil price1 $/bbl Henry Hub gas price $/mmbtu Refining Marker Margin2 $/bbl 4 1 2 3 4 1 4 1…
  3. 4Q and Full Year 2017 Results and Strategy Update Brian Gilvary Chief Financial Officer – BP Plc – slide 3
    4Q 2017 summary (1) Replacement cost profit before interest and tax (RCPBIT), adjusted for non-operating items and fair value accounting effects (2) BP estimate of Rosneft earnings after interest, tax and minority interest (3) Finance…
  4. 4Q and Full Year 2017 Results and Strategy Update Brian Gilvary Chief Financial Officer – BP Plc – slide 4
    Upstream (1) Realisations based on sales of consolidated subsidiaries only, excluding equity-accounted entities (2) Group reported oil and gas production including Rosneft estimate (3) Replacement cost profit (loss) before interest and…
  5. 4Q and Full Year 2017 Results and Strategy Update Brian Gilvary Chief Financial Officer – BP Plc – slide 5
    Downstream (1) Source: Platts (CMA: Calendar Month Average); lagged by one month (2) Replacement cost profit before interest and tax (RCPBIT), adjusted for non-operating items and fair value accounting effects 0 4 8 12 16 20 24…
  6. 4Q and Full Year 2017 Results and Strategy Update Brian Gilvary Chief Financial Officer – BP Plc – slide 6
    BP share of underlying net income1 $bn Average Urals price $/bbl BP share of Rosneft dividend $bn (1) On a replacement cost basis and adjusted for non-operating items; 4Q17 represents BP estimate (2) Half yearly dividend declared…
  7. 4Q and Full Year 2017 Results and Strategy Update Brian Gilvary Chief Financial Officer – BP Plc – slide 7
    Other items OB&C underlying RCPBIT1 $bn Adjusted effective tax rate2 % (1) Other businesses and corporate replacement cost profit before interest and tax (RCPBIT), adjusted for non-operating items (2) Effective tax rate on…
  8. 4Q and Full Year 2017 Results and Strategy Update Brian Gilvary Chief Financial Officer – BP Plc – slide 8
    Sources and uses of cash 2016 organic cash inflows/outflows $bn Other inflows/outflows $bn 2017 organic cash inflows/outflows $bn Other inflows/outflows $bn (1) Underlying operating cash flow is net cash provided by/(used in)…
  9. 4Q and Full Year 2017 Results and Strategy Update Brian Gilvary Chief Financial Officer – BP Plc – slide 9
    2018 guidance Full year 2018 guidance (1) Underlying production. The actual reported number will depend on divestments, OPEC quotas, and entitlement impacts in production-sharing agreements (2) DD&A: depreciation, depletion and…
  10. 4Q and Full Year 2017 Results and Strategy Update Brian Gilvary Chief Financial Officer – BP Plc – slide 10
    Growing free cash flow Organic free cash flow per share1 ? Rebalanced organic sources and uses of cash ? Share buybacks offset impact of dilution from scrip over time ? Growth in operating cash flow delivered across our businesses…
  11. 4Q and Full Year 2017 Results and Strategy Update Brian Gilvary Chief Financial Officer – BP Plc – slide 11
    Financial frame (1) Including full dividend, excluding pre-tax Gulf of Mexico oil spill payments (2) Brent oil prices 2017 real 2018 2019 to 2021 Organic free cash flow1 Material growth, balance point falls steadily Balancing at…

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