BP plc · LSE:BP.
BP — Q3 2009 Earnings Presentation
13 slides from BP's earnings presentation, Oct 27, 2009
Slide 1: BP 3Q 2009 Results
BP 3Q 2009 Results 27th October 2009
Slide 2: Fergus MacLeod, Head of Investor Relations
Fergus MacLeod Head of Investor Relations
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 production growth; phasing of production; refining availability; petrochemicals and refining margins; ref
Slide 4: Byron Grote, Chief Financial Officer
Byron Grote Chief Financial Officer
Slide 5: Trading environment
Trading environment $/bbl Liquids realization $/mcf Gas realization 120 20 100 16 80 12 60 8 40 20 4 0 0 1Q 2Q 3Q 4Q 1Q 2Q 3Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 2008 2009 2008 2009 $/bbl Refining indicator margin 12 Change vs 2008 Average realizations 3Q 9 Months 9 Liquids $/bbl (44)% (50)% 6 Natural gas $/mcf (5
Slide 6: Financial highlights
Financial highlights All earnings figures are adjusted for non-operating items and fair value accounting effects ($bn) 3Q08 3Q09 Replacement cost profit before interest and tax 3Q09 vs 3Q08 ($bn) Exploration & Production 11.5 6.3 14 Refining & Marketing 1.3 1.1 Other businesses & corporate 0.1 (0.5)
Slide 7: Exploration & Production
Exploration & Production Pre-tax replacement cost profit Production growth YoY Adjusted for non-operating items and fair value accounting effects (4 quarter rolling average) Average hydrocarbon ($bn) realizations ($/boe) % 14 80 4 12 70 10 60 3 8 50 6 40 2 4 30 2 20 1 0 10 (2) 0 0 3Q08 4Q08 1Q09 2Q0
Slide 8: Refining & Marketing
Refining & Marketing Pre-tax replacement cost profit Refining availability Adjusted for non-operating items and fair value accounting effects Refining indicator Solomon ($bn) margin ($/bbl) availability (%) 2.0 12.0 96 10.0 1.5 8.0 92 1.0 6.0 4.0 0.5 88 2.0 0 0 84 (0.5) (1.0) 80 3Q08 4Q08 1Q09 2Q09
Slide 9: Other businesses & corporate
Other businesses & corporate Pre-tax replacement cost profit Adjusted for non-operating items and fair value accounting effects ($bn) 0.2 • Adverse foreign exchange effects 0 • Weaker margin environment in Shipping and Solar (0.2) • Underlying quarterly charge in 4Q expected to be in the range of (0
Slide 10: Sources & uses of cash
Sources & uses of cash $bn post tax 9 months 08 9 months 09 35 Disposals 30 Buybacks 25 Disposals 20 Operations 32.5 Capex Capex 15 Operations 10 20.4 5 Dividends Dividends 0 Sources Uses Sources Uses 10
Slide 11: Net debt ratio
Net debt ratio % 40 35 30 25 20 15 10 2001 2002 2003 2004 2005 2006 2007 2008 2009 Net debt ratio = net debt / (net debt + equity) Net debt includes the fair value of associated derivative financial instruments used to hedge finance debt 11
Slide 12: 2009 Outlook
2009 Outlook 2009 guidance 9 months 09 Production* Growth More than 4% Refining availability* Higher More than 5% Cash cost reduction* Around $4bn More than $3bn Divestments Around $2-3bn $1.6bn Capex** Around $20bn $14.1bn * Change versus 2008 ** Organic capital expenditure, excluding acquisitions
Slide 13: Q&A
Q&A Byron Grote Chief Financial Officer Fergus MacLeod Head of Investor Relations 13