BP plc · LSE:BP.
BP — Merger or Acquisition (February 2023)
15 slides from BP's merger presentation, Feb 16, 2023
Slide 1: Leaning into the US convenience and mobility sector
16 February 2023 Leaning into the US convenience bp acquisition of TA and mobility sector Our strategy in action
Slide 2: Craig Marshall, SVP investor relations
Craig Marshall SVP investor relations
Slide 3: Cautionary statement
Cautionary statement In order to utilize the ‘safe harbor’ provisions of the United States Private Securities Litigation Reform Act of 1995 (the ‘PSLRA’) and the general doctrine of cautionary statements, bp is providing the following cautionary statement. This presentation contains certain forecast
Slide 4: Bernard Looney, Chief executive officer
Bernard Looney Chief executive officer
Slide 5: Leaning into the US convenience and mobility sector
Our strategy in action Leaning into the US convenience and mobility sector Delivering value today Growing a distinctive network through disciplined to advance our transition investment and integration growth engines tomorrow Resilient Growing Decarbonising 5
Slide 6: Acquiring a leading nationwide highway network
Our strategy in action Acquiring a leading nationwide highway network Strategically-located network along Industry-leading customer offer Deal terms US interstate highway corridors1 for fleet and highway travellers The world’s largest road energy market #3 US travel centre operator $1.3bn Cash tra
Slide 7: Growing value through disciplined investment and integration
Our strategy in action Growing value through disciplined investment and integration Material near-term EBITDA* uplift Underpinned by clear value drivers Organic growth ~$800m Site and franchise growth ~$600m Biofuel and fuel supply Optimised and doubling of biofuels blending EV/EBITDA ~6x Inte
Slide 8: A distinctive network to advance our transition growth engines
Our strategy in action A distinctive network to advance our transition growth engines hydrogen Strategically located Strategically located highway network off-highway network Established Extensive food offers convenience brands diesel Established fleet Growing relationships biogas and biofuels suppl
Slide 9: bp and TA – accelerating growth
Our strategy in action bp and TA – accelerating growth Leading adding advancing convenience and mobility network Acquiring #3 US travel centre operator Servicing the largest US trucking fleets in the + distinctive value Delivering value through integration Supported by supply and refining footprint
Slide 10: Q&A
Our strategy in action Q&A Bernard Looney Chief executive officer Emma Delaney Murray EVP, customers & products Auchincloss Chief financial officer 10
Slide 11: Appendix
Appendix 11
Slide 12: EBITDA and EV multiples reconciliation
Our strategy in action EBITDA and EV multiples reconciliation 2022 Including Excluding capitalised leases capitalised leases Equity value: $86/share (~15m shares) 1.3 1.3 Net debt*1 0.1 0.1 Brand purchase 0.1 0.1 Lease obligations2 2.1 - Enterprise value 3.5 1.4 LTM EBITDA*3 0.3 0.3 Add lease paymen
Slide 13: Glossary
Glossary 13
Slide 14: Glossary - abbreviations
Glossary - abbreviations DD&A Depreciation, depletion and amortisation. EV Electric vehicle. EV Enterprise value. EVP Executive vice president. FCF Free cash flow. IRR Internal rate of return. LTM Last twelve months. mbd Thousand barrels per day. SVP Senior vice president. 14
Slide 15: Glossary
Glossary Capital Total cash capital expenditure as stated in the condensed group cash flow expenditure statement. Capital expenditure for the operating segments and customers & products businesses is presented on the same basis. EBITDA / adjusted Replacement cost (RC) profit before interest and tax,