BP plc · LSE:BP.
BP — Q1 2011 Earnings Presentation
15 slides from BP's earnings presentation, Apr 27, 2011
Slide 1: 1Q 2011 Results Presentation
1Q 2011 Results Presentation 27th April 2011
Slide 2: Fergus MacLeod, Head of Investor Relations
Fergus MacLeod Head of Investor Relations 2
Slide 3: Cautionary statement
Cautionary statement Forward-looking statements - cautionary statement This presentation and the associated slides and discussion contain forward-looking statements particularly those regarding the expected total effective tax rate for 2011 and the impact in 2012 of an announced change in UK tax rel
Slide 4: Byron Grote, Chief Financial Officer
Byron Grote Chief Financial Officer 4
Slide 5: Trading environment
Trading environment Liquids realization Gas realization 100 16 80 12 60 $/mcf $/bbl 8 40 4 20 0 0 1Q 2Q 3Q 4Q 1Q 1Q 2Q 3Q 4Q 1Q 2010 2011 2010 2011 Refining marker margin Average realizations Change vs 1Q10 12 Liquids $/bbl 31% 10 Natural gas $/mcf (1)% 8 $/bbl 6 Total hydrocarbons $/boe 20% 4 Refin
Slide 6: Financial results
Financial results All earnings figures are adjusted for the costs associated with the Gulf of Mexico oil spill, other non-operating items and fair value accounting effects. Replacement cost profit before interest and tax $bn 1Q10 1Q11 1Q11 vs 1Q10 ($bn) Exploration & Production 8.2 7.7 11 Refining &
Slide 7: Exploration & Production
Exploration & Production Replacement cost profit before interest and tax Adjusted for non-operating items and fair value accounting effects Average hydrocarbon realizations ($/boe) 10 60 • Stronger environment 8 50 • Production 11% lower Adjusting for PSA entitlement 40 6 effects and A&D, production
Slide 8: Refining & Marketing
Refining & Marketing Replacement cost profit before interest and tax Adjusted for non-operating items and fair value accounting effects 2.5 12.5 • Improved refining margins Refining marker margin ($/bbl) 2.0 10.0 • Very strong supply and trading 1.5 7.5 contribution 1.0 5.0 • Refining feedstock opti
Slide 9: Other businesses & corporate
Other businesses & corporate Replacement cost profit before interest and tax Adjusted for non-operating items and fair value accounting effects 0.2 • Lower income following business restructuring 0 • Guidance remains at $400 million average underlying quarterly (0.2) charge $bn (0.4) (0.6) (0.8) 1Q1
Slide 10: Gulf of Mexico oil spill costs and provisions
Gulf of Mexico oil spill costs and provisions (pre-tax, pre-partner recovery) $bn FY10 1Q11 • Income statement – Charge for the period 40.9 0.4 • Balance sheet * 23.3 – Brought forward – Charge / (credit) to income statement 40.9 0.4 – Payments into Trust Fund (5.0) (1.3) – Other related payments in
Slide 11: Sources & uses of cash
Sources & uses of cash 1Q10 1Q11 10 9 Trust fund 8 Disposals Other Gulf of • $2.6 billion of disposals completed Mexico oil during 1Q spill 7 Inorganic payments Capex Disposals 6 • Additional $4.6 billion of cash Inorganic Capex* deposits held at the end of the $bn 5 quarter for disposals expected t
Slide 12: Net debt ratio
Net debt ratio 40 30 20 to 30% % 20 10 to 20% 10 0 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 Net debt ratio = net debt / (net debt + equity) Net debt includes the fair value of associated derivative financial instruments used to hedge finance debt Cash of $4.6bn received as deposits for
Slide 13: 2011 acquisitions and disposals
2011 acquisitions and disposals Acquisitions Acquisitions Disposals Disposals Announced in 1Q Completed in 1Q • India Reliance Industries alliance • Colombia • Brazil CNAA ethanol • Gulf of Mexico Devon assets Awaiting completion Announced in 1Q • Brazil Devon assets • Package of fuel storage and pi
Slide 14: Strategic progress
Strategic progress Putting Safety & Operational Risk management at the heart of the company • Safety & Operational Risk organization in operation • Upstream organization defined and key roles appointed • Reward framework launched Re-building trust • $5.6 billion of claims and government payments to
Slide 15: Q&A
Q&A Byron Grote Chief Financial Officer Fergus MacLeod Head of Investor Relations 15