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1Q 2019 Earnings Presentation – BP Plc

BP Plc · Apr 30, 2019 · 20 slides

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Slides

  1. 1Q 2019 Earnings Presentation – BP Plc – slide 1
  2. 1Q 2019 Earnings Presentation – BP Plc – slide 2
  3. 1Q 2019 Earnings Presentation – BP Plc – slide 3
  4. 1Q 2019 Earnings Presentation – BP Plc – slide 4
    1Q 2019 highlights $2.4 billion underlying replacement cost profit $5.9 billion underlying operating cash flow1 Resilient earnings and cash flow Solid operational performance 3.8 mmboed group production2 Upstream major…
  5. 1Q 2019 Earnings Presentation – BP Plc – slide 5
    Environment Brent oil price1 $/bbl Refining Marker Margin2 $/bbl 45 50 55 60 65 70 75 80 Jan Feb Mar Apr Henry Hub gas price1 $/mmbtu 6 8 10 12 14 16 18 Jan Feb Mar Apr 2.0 3.0 4.0 5.0 6.0 Jan Feb Mar Apr (1)…
  6. 1Q 2019 Earnings Presentation – BP Plc – slide 6
    1Q18 4Q18 1Q19 Underlying replacement cost profit 2.6 3.5 2.4 Underlying operating cash flow1 5.4 7.1 5.9 Underlying RCPBIT2 Upstream 3.2 3.9 2.9 Downstream 1.8 2.2 1.7 Rosneft3 0.2 0.4 0.6 Other businesses and corporate (0.4)…
  7. 1Q 2019 Earnings Presentation – BP Plc – slide 7
    Sources and uses of cash 1Q 2018 organic cash inflows/outflows1 $bn Other inflows/outflows1 $bn 1Q 2019 organic cash inflows/outflows $bn Other inflows/outflows $bn (1) 1Q 2018 has not been restated following the adoption of IFRS 16…
  8. 1Q 2019 Earnings Presentation – BP Plc – slide 8
    Operational highlights Major project Final Investment Decisions ? Atlantis Phase 3 ? Seagull ? Azeri Central East Carbon reduction initiatives $100m Upstream Carbon Fund Three year commitment to US Environmental Defense Fund…
  9. 1Q 2019 Earnings Presentation – BP Plc – slide 9
    2019 guidance Upstream ? Production broadly flat – reflecting rampup of major projects offset by ongoing seasonal turnaround and maintenance activities in high margin regions Downstream ? Higher industry refining margins, similar…
  10. 1Q 2019 Earnings Presentation – BP Plc – slide 10
    Medium term financial frame Cost and capital discipline $15-17bn p.a. organic capital expenditure Divestments >$10bn over next 2 years Gearing 20-30% Returns >10% ROACE by 2021 at $55/bbl1 Distributions Progressive dividend and…
  11. 1Q 2019 Earnings Presentation – BP Plc – slide 11
    The BP proposition Growing sustainable free cash flow and distributions to shareholders over the long-term A distinctive portfolio fit for a changing world Value based, disciplined investment and cost focus Safer Focused on…
  12. 1Q 2019 Earnings Presentation – BP Plc – slide 12
  13. 1Q 2019 Earnings Presentation – BP Plc – slide 13
  14. 1Q 2019 Earnings Presentation – BP Plc – slide 14
    1Q 2019 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…
  15. 1Q 2019 Earnings Presentation – BP Plc – slide 15
    Upstream Underlying RCPBIT3 $bn (1) Group reported oil and gas production including Rosneft (2) Realisations based on sales of consolidated subsidiaries only, excluding equity-accounted entities (3) Replacement cost profit before…
  16. 1Q 2019 Earnings Presentation – BP Plc – slide 16
    Downstream Underlying RCPBIT2 $bn 1.8 1.5 2.1 2.2 1.7 0.0 0.5 1.0 1.5 2.0 2.5 1Q18 2Q18 3Q18 4Q18 1Q19 Fuels Lubricants Petrochemicals Total (1) BP-operated refining availability (2) Replacement cost profit before interest…
  17. 1Q 2019 Earnings Presentation – BP Plc – slide 17
    Rosneft (1) On a replacement cost basis and adjusted for non-operating items; 1Q19 represents BP estimate (2) From 2018, represents BP’s share of 50% of Rosneft’s IFRS net income, 2017 includes full year 2016 dividend and dividend…
  18. 1Q 2019 Earnings Presentation – BP Plc – slide 18
    IFRS 16 – leases Upstream Downstream OB&C Rigs Midstream & Retail Vessels ? Accounting impact but does not change how the business is run ? Operating leases brought onto the balance sheet ? included in extended net debt…
  19. 1Q 2019 Earnings Presentation – BP Plc – slide 19
    IFRS 16 – 1Q19 impact Balance sheet1 Right-of-use assets $9.6bn Lease liabilities $10.3bn Income statement Operating lease expenses ~$0.6bn DD&A $0.5bn Interest charge $0.1bn Negligible impact on replacement cost profit…
  20. 1Q 2019 Earnings Presentation – BP Plc – slide 20

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