BP plc · LSE:BP.
BP — Q1 2009 Earnings Presentation
12 slides from BP's earnings presentation, Apr 28, 2009
Slide 1: BP 1Q 2009 Results
BP 1Q 2009 Results 28th April 2009
Slide 2: 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; refinery maintenance; costs; capital exp
Slide 3: Byron Grote, Chief Financial Officer
Byron Grote Chief Financial Officer
Slide 4: 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 1Q 2Q 3Q 4Q 1Q 2008 2009 2008 2009 $/bbl Refining indicator margin 18 15 Average realizations Change vs 1Q08 12 Liquids $/bbl (55)% 9 Natural gas $/mcf (38)% 6 Total hydrocarbons $
Slide 5: Financial results
Financial results Change vs. Results for the first quarter $bn 1Q08 • Replacement cost profit 2.4 (62)% • Profit after adjusting for fair value accounting 2.6 (59)% effects and non-operating items • Net cash provided by operating activities 5.6 (49)% ¢/ share • Dividend to be paid next quarter 14 4%
Slide 6: Exploration & Production
Exploration & Production $bn pre-tax 12 • Higher production 10 • Weaker environment 8 • Lower costs • Strong gas marketing and trading 6 contribution 4 • Non-operating items (NOI) − Embedded derivatives 2 0 1Q 08 FVAE/NOI Underlying 1Q 09 10,707 Underlying result $m 3,851 (259) Fair value accounting
Slide 7: Refining & Marketing
Refining & Marketing $bn pre-tax 1.4 • Improved refining operations 1.2 • Very strong supply and trading 1.0 contribution • Lower costs 0.8 • Lower actual refining margins 0.6 • Lower petrochemicals margins 0.4 and volumes 0.2 0.0 1Q 08 FVAE/NOI Underlying 1Q 09 539 Underlying result $m 1,549 101 Fa
Slide 8: Other businesses & corporate
Other businesses & corporate $bn pre-tax 0.2 • Lower costs 0.0 • Lower contribution from other businesses (0.2) • Additional retained overheads (0.4) • 2009 underlying quarterly charges expected to average (0.6) $400-$500 million (0.8) (1.0) 1Q 08 FVAE/NOI Underlying 1Q 09 (132) Underlying result $m
Slide 9: Sources & uses of cash
Sources & uses of cash $bn post tax 1Q 08 1Q 09 12 Disposals 10 8 Buybacks 6 Disposals Operations Organic Organic capex capex 4 Operations 2 Dividends Dividends 0 Sources Uses Sources Uses 9
Slide 10: Net debt ratio
Net debt ratio % 40 35 30 25 20 15 10 1Q 2Q 3Q 4Q 1Q 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 10
Slide 11: 2009 Outlook
2009 Outlook 2009 guidance 1Q09 Production* Growth More than 2% Refining availability* Higher More than 4% Cost reduction* At least $2bn More than $1bn Capex Below $20bn $4.6bn Divestments Around $2-3bn $0.3bn * Change versus 2008 11
Slide 12: Q&A
Q&A Byron Grote Chief Financial Officer Fergus MacLeod Head of Investor Relations 12