BP plc · LSE:BP.
BP — Q1 2006 Earnings Presentation
9 slides from BP's earnings presentation, Apr 25, 2006
Slide 1: 1Q 2006 Results
1Q 2006 Results Tuesday 25th April 2006 Lord Browne Group Chief Executive
Slide 2: Cautionary statement
Cautionary statement Forward-looking Statements This presentation and the associated slides and discussion contain forward looking statements, particularly those regarding oil and gas prices; growth in the UK’s gas import capacity; refining margins; the expected pick- up of production growth in 2006
Slide 3: 1Q 06 Financial results
1Q 06 Financial results • Underlying replacement cost profit $5.3bn, up by 7%, per share up 12% • Operating cash flow $8.9bn • Dividend 9.375 cents per share, up by 10% or 18% in sterling • Buybacks of $4bn • Gearing 16% 3
Slide 4: Crude oil prices
Crude oil prices Dated Brent $ per bbl 80 70 60 50 40 30 20 2004 2005 2006 Daily prices Source: USGC Platts quotes 4
Slide 5: Exploration & Production: Production
Exploration & production Production • $7.2bn underlying − Up 26% year-on-year • 4.0 mmboe/d, 1Q ‘06 − 2% lower year-on-year due to weather related impacts − Expected 4.1 – 4.2 mmboe/d for the year, adjusting for divestments and price effects from PSCs • Alaska 5
Slide 6: Refining & Marketing
Exploration & production Refining & Marketing • $1.0bn underlying − Down 27%, year-on-year, but up $1.3bn from 4Q ‘05 − Commercial optimisation and costs − Texas City shut-down • Texas City − Producing 200,000 bbls/d now 6
Slide 7: Strategic Progress
Strategic Progress • Cannonball gas field start up • First cargo from Atlantic LNG Train 4 • New licences in Gulf of Mexico deepwater and Pakistan • Disposal of North Sea and Gulf of Mexico shelf assets • European efficiency programme on track • Announced Hydrogen fuelled power plant in California 7
Slide 8: Cash flow
Exploration Cash flow & production • Operating cash flow $8.9bn • Proceeds from divestments $0.7bn • Capital expenditure of $3.4bn • 1Q net distributions of $5.8bn 8
Slide 9: Forward plan
Exploration Forward plan& production • Capex around $15bn – on target • Divestments $3bn – on target • Gearing 20-30% • Share buybacks to continue 9