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SRI Annual Meeting Presentation

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SRI Annual Meeting Presentation SRI annual meeting 11th November 2013 Skarv FPSO, North Sea Biographies Dev Sanyal Executive Vice President and Group Chief of Staff Dev Sanyal is the accountable executive for all of BP’s corporate activities in strategy and long-term planning, risk, economics, competitor intelligence, government and political affairs, policy and group integration and governance. Dev Sanyal joined BP in 1989 and has held a variety of international roles in London, Athens, Istanbul, Vienna and Dubai. He was appointed chief executive, BP Eastern Mediterranean Fuels in 1999. In 2002, he moved to London as chief of staff of BP’s worldwide downstream businesses. In November 2003, he was appointed chief executive officer of Air BP. In June 2006, he was appointed head of the group chief executive’s office. He was appointed group vice president and group treasurer in 2007. During this period, he was also chairman of BP Investment Management Ltd and accountable for the group’s aluminium interests. In January 2012, he became executive vice president, and group chief of staff. Bob Fryar Executive Vice President, Safety and Operational Risk Bob is responsible for strengthening safety, operational risk management, and the systematic management of operations across the BP corporate group. He is Group Head of Safety and Operations, with accountability for group-level disciplines including projects, operations, engineering, health, safety, security, and environment. In this capacity, he looks after group-wide operating management, system implementation, capability programs and audit.. Bob Fryar has 27 years’ experience in the oil and gas industry having joined Amoco Production Company in 1985. Most recently Bob was chief executive officer for BP Angola and in his prior role vice president of operations performance unit for BP Trinidad. Prior to joining BP Trinidad in January 2003, Bob served in a variety of engineering and management positions in the onshore US and deepwater Gulf of Mexico including petroleum engineer, field manager, operations manager, resource manager, asset manager and delivery manager. In addition, he worked on the Vastar integration team. 2 Biographies Dr Mike Daly Executive Vice President, Exploration Dr Mike Daly is accountable for the leadership of BP’s access, exploration and resource appraisal activities and the long-term replacement of BP’s resource base. Dr Daly joined BP Exploration in 1986, working as a technical specialist in structural geology. In the early 1990’s he joined BP’s global basin analysis group that set the direction of BP’s exploration strategy. This work has underpinned BP’s exploration and reserves replacement performance for two decades. Following this strategic work he has occupied a series of exploration business and functional roles in South America, the North Sea and new business development globally. In 2000 he became the president for BP’s Middle East and South Asia businesses. In July 2006, Dr Daly was appointed BP’s Head of Exploration and New Business Development and in October 2010 was appointed executive vice president, exploration. Christina Verchere President and Chairman, BP Canada Christina Verchere was appointed President and Chairman, BP Canada Energy Group ULC, effective April 1, 2012. Ms. Verchere, a member of BP’s Exploration and Production Executive Team, was formerly VP Upstream Program Management Office in Houston where she successfully led the Upstream business through a major re-organization. Prior to this, Ms. Verchere held a number of key business roles, including leadership roles in North American Gas, executive office roles, commercial leadership roles in both North American Gas, the Gulf of Mexico, the North Sea and a range of economics and financial positions. 3 Cautionary statement Forward-looking statements - cautionary statement The presentations and the associated slides and discussion contain certain forecasts, projections and forward-looking statements – that is, statements related to future, not past events – with respect to the financial condition, results of operation and businesses of BP and certain of the plans and objectives of BP with respect to these items. In particular, among other statements, certain statements regarding expectations in respect of future global, OECD and non-OECD demographic and economic trends; expectations regarding future trends in global, OECD and non-OECD energy demand; BP’s prospects for growing value in the future; BP’s prospects for delivering the anticipated increase in operating cash flow by more than 50% by 2014 versus 2011 and expectations regarding material growth in BP’s operating cash flows beyond 2014; expectations regarding BP’s future distributions to shareholders; expectations regarding BP’s future level of capital investment; BP’s future per annum divestment plans, including plans to divest a further $10 billion of assets by the end of 2015; the expected number of exploration wells to be completed in 2013; the expected timing of start-ups of certain major projects; prospects for the level of operating cash margins of new upstream projects in the future; the expected timing of start-up of the remaining refinery upgrade units at the Whiting refinery; the expected timing for the completion of outstanding Bly Report recommendations; expectations regarding global trends in exploration; the expected amount of conventional hydrocarbons that could be discovered in the future; BP’s plans for a future seismic imaging campaign in Nova Scotia; prospects for certain seismic technology to sustain existing deepwater provinces and to assist in or lead to further discoveries; the number of major upstream projects expected to come onstream by the end of 2014; expectations regarding Project 20K™, including the timing of the definition and delivery of key systems and of Front End Engineering Design, the regions where BP may apply Project 20K™ technology and the expected volume of BP’s current and future resources globally that could be accessed by Project 20K™ technology; the prospects for, expected timing and composition of future projects including expected Final Investment Decisions, start up, completion, timing of production, level of production and margins; and expectations regarding the prospective use of process affected water at Sunrise; are all forward looking in nature. By their nature, forward-looking statements involve risk and uncertainty because they relate to events and depend on circumstances that will or may occur in the future. Actual results may differ from those expressed in such statements, depending on a variety of factors including the actions of regulators and the timing of the receipt of governmental and regulatory approvals; the timing of bringing new fields onstream and of project start-ups; the timing of and prospects for ramp up of major projects and higher margin assets; the timing and nature of maintenance outages and turnaround activity; the impact of reserves reviews; the timing and nature of divestments; future levels of industry product supply; demand and pricing; OPEC quota restrictions; PSA effects; operational problems; economic and financial conditions generally or in various countries and regions; political stability and economic growth in relevant areas of the world; changes in laws and governmental regulations; regulatory or legal actions including court decisions, the types of enforcement action pursued and the nature of remedies sought or imposed; the impact on our reputation following the Gulf of Mexico oil spill; exchange rate fluctuations; development and use of new technology and advances in technological efficiency; the success or otherwise of partnering; the actions of competitors, trading partners, creditors, rating agencies and others; natural disasters and adverse weather conditions; changes in public expectations and other changes to business conditions; wars and acts of terrorism, cyber-attacks or sabotage; and other factors discussed under “Principal risks and uncertainties” in our Stock Exchange Announcement for the period ended 30 June 2013 and under “Risk factors” in our Annual Report and Form 20-F 2012 as filed with the US Securities and Exchange Commission (SEC). Statement of Assumptions - The operating cash flow projection for 2014 in this presentation assumes an oil price of $100 per barrel and a Henry Hub gas price of $5/mmBtu in 2014. The projection has been adjusted to (i) remove TNK-BP dividends from 2011 operating cash flow and 2014 estimated operating cash flow; (ii) include BP’s estimate of Rosneft dividends in 2014; and (iii) include in 2014 estimated operating cash flow the impact of payments in respect of the settlement of all criminal and securities claims with the U.S. government. The projection does not reflect any cash flows relating to other liabilities, contingent liabilities, settlements or contingent assets arising from the Gulf of Mexico oil spill which may or may not arise at that time. As disclosed in the Stock Exchange Announcement for the period ended 30 September 2013, we are not today able to reliably estimate the amount or timing of a number of contingent liabilities. Cautionary note to US investors – This presentation uses terms, such as “net resources” and “resource base”, and contains references to non-proved resources and production outlooks based on non-proved resources that the SEC’s rules prohibit us from including in our filings with the SEC. U.S. investors are urged to consider closely the disclosures in our Form 20-F, SEC File No. 1-06262.
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