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BP Strategic Report 2014

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BP Strategic Report 2014 Strategic Report 2014 bp.com/annualreport Building a stronger, safer BP Who we are BP is one of the world’s leading integrated oil and gas companies.a We aim to create long-term value for shareholders by helping to meet growing demand for energy in a safe and responsible way. We strive to be a world-class operator, a responsible corporate citizen and a good employer. Through our work we provide BP proposition customers with fuel for transportation, We prioritize value over volume energy for heat and light, lubricants by actively managing a high-value to keep engines moving and the upstream and downstream portfolio petrochemicals products used to make and investing only where we can everyday items as diverse as paints, apply the distinctive strengths, clothes and packaging. Our projects capabilities and technologies that we and operations help to generate have built up over decades. employment, investment and tax revenues in countries and communities Our objective is to create shareholder across the world. We employ around value by growing sustainable free 85,000 people. cash flow over the long term. Our disciplined approach enables us to As a global group, our interests grow distributions to our shareholders and activities are held or operated over time. through subsidiaries, branches, joint arrangements or associates established in – and subject to the laws and See bp.com/bpproposition regulations of – many different jurisdictions. The UK is a centre for trading, legal, finance, research and technology and other business functions. We have well-established operations in Europe, North and South America, Australasia, Asia and Africa. a On the basis of market capitalization, proved reserves and production. Strategic Report Your feedback 2014 bp.com/annualreport Front cover imagery Staff at our recently updated BP Connect filling We welcome your comments and feedback on station in Twyford offer customers a premium our reporting. Your views are important to us convenience experience to suit their needs and and help us shape our reporting for future years. lifestyles, whatever their schedule. BP and You can provide this at Marks & Spencer have worked in partnership bp.com/annualreportfeedback or by emailing since 2005 and we now have around 200 BP the corporate reporting team. Details are on forecourts with an M&S Simply Food® stores in the back cover. the UK. With 24/7 access to a combination of M&S Simply Food and Wild Bean Cafe, customers have the choice of a full range of ‘food for now’ and ‘food for later’, setting BP Building a stronger, safer BP apart from other forecourt providers. BP Strategic Report 2014 Strategic 2 BP at a glance report 6 Chairman’s letter 8 Group chief executive’s letter An overview of the key activities, events and results 10 Our market outlook in 2014, together with commentary on BP’s 12 Our business model performance and our priorities as we move forward. 13 Our strategy 14 Strategy in action 16 Distinctive capabilities About this report BP Strategic Report 2014 comprises 18 Our key performance indicators the Strategic report as included in the BP Annual Report and Form 20-F 2014 and supplementary information. BP Strategic 20 Our markets in 2014 Report 2014 does not contain sufficient information as to allow as full an understanding of the results and the state 21 Group performance of affairs of BP as BP Annual Report and 21 10-point plan performance Form 20-F 2014. Please refer to Information 22 Financial and operating performance about this report on page 63. For further information consult the BP Annual 24 Upstream Report and Form 20-F 2014 which is available online at bp.com/annualreport or by ordering a copy free of charge (see back cover). 29 Downstream AR Page references relating to content outside of this report but which 33 Rosneft appear in the full BP Annual Report and Form 20-F 2014. 35 Other businesses and corporate ★ Glossary Words with this symbol★ are defined 36 Gulf of Mexico oil spill in the glossary on page 61. 39 Corporate responsibility Cautionary statement 39 Safety This document should be read in 42 Environment and society conjunction with the cautionary 44 Employees statement on page 64. 46 Our management of risk 48 Risk factors 51 Board of directors Supplementary 52 Summary directors’ remuneration report information 56 Summary consolidated financial statements 59 Five-year record 60 Shareholder information 61 Abbreviations, glossary and trade marks 63 Information about this report 64 Cautionary statement BP Strategic Report 2014 1 BP at a glance BP delivers energy products Finding Developing and extracting and services to people around oil and gas oil and gas the world. First, we acquire exploration rights, Once we have found then we search for hydrocarbons beneath hydrocarbons, we work to bring Through our two main operating segments, the earth’s surface. them to the surface. Upstream and Downstream, we find, develop and produce essential sources of energy, turning them into products that people need. We also buy and sell at each stage of the hydrocarbon value chain. In renewable energy, our activities are focused on biofuels and wind. We also have a 19.75% shareholding in Rosneft. Business model For more information on our business model see page 12. Our group key performance indicators (KPIs) are shown on page 18. Some financial KPIs are not recognized GAAP measures, but are provided for investors because they are closely tracked by management to evaluate BP’s operating performance and to make financial, strategic and operating decisions. Group Upstream Our Upstream segment manages exploration, development and production activities. BP p.l.c. is the parent company of the BP group of companies. Our worldwide headquarters is in London. See KPIs page 18. See Upstream page 24. Upstream proved b 2 $3.8bn $32.8bn reserves (mmboe) $8.9bn 47,000km profit attributable to operating cash 4 1 replacement cost profit new exploration access BP shareholders flow★ before interest and tax 2013: 43,000km2 2013: $23.5bn 2013: $21.1bn 2013: $16.7bn 16.7% 3.2 2.1 7 gearing (net million barrels of oil 2 million barrels of oil upstream major project★ 3 debt ratio)★ equivalent per daya equivalent per dayb start-ups 2013: 16.2% 2013: 3.2mmboe/d Liquids 2013: 2.3mmboe/d 2013: 3 major projects 1. Subsidiaries★ 4,092 2. Equity-accounted entities 717 28 Total 4,809 Natural gas tier 1 process 3. Subsidiaries 5,603 safety events★ 4. Equity-accounted entities 409 Total 6,012 2013: 20 b Excludes BP’s share of Rosneft. a See footnote e on page 23. See Rosneft on page 33. 2 BP Strategic Report 2014 Strategic report All data provided on pages 2-5 is at or for the year ended 31 December 2014. Transporting and trading Manufacturing Marketing oil and gas fuels and products fuels and products We move hydrocarbons using pipelines, We refine, process and blend We supply our customers with fuel for ships, trucks and trains and we capture hydrocarbons to make fuels, lubricants transportation, energy for heat and light, value across the supply chain. and petrochemicals. lubricants to keep engines moving and the petrochemicals required to make a variety of everyday items. Fuels Lubricants Petrochemicals Investing in renewable energy International oil and gas markets We develop and invest in biofuels and operate a wind business. Biofuels Downstream Our Downstream segment operates hydrocarbon value chains covering three main businesses – fuels, lubricants and petrochemicals. See Downstream page 29. Shareholder value Operating capital employed c $3.7bn 1.7 $5.9bn replacement cost profit million barrels of oil refined dividends paid 1 3 before interest and tax per day 2 2013: $2.9bn 2013: 1.8mmb/d 14.0 41% 6.0% million tonnes of petrochemicals of our lubricants sales were ordinary shareholders produced in the year premium grades annual dividend yield★ 2013: 13.9mmte 2013: 40% 1. Fuels $32.8bn 2. Lubricants $1.5bn 3. Petrochemicals $4.6bn 6.2% c This is a non-GAAP measure, but is provided for investors as it is used by ADS shareholders BP management to make financial annual dividend yield★ and strategic decisions. See AR page 210. ★ Defined on page 61 BP Strategic Report 2014 3 BP around the world BP has operations in almost Gulf of Mexico Fuels 80 countries. We have been exploring in the deepwater Gulf Our fuels business is made up of regionally of Mexico for more than 25 years and are one of based integrated fuels value chains. These the region’s largest investors. With 10 rigs in include refineries and fuels marketing operation, we are engaged in a range of businesses together with global oil supply activities including exploration, appraisal and and trading activities. We supply fuel and The shaded areas indicate countries development and production. related convenience services to consumers where we have operations or interests. at around 17,200 BP-branded retail sites and Upstreama market our products in over 50 countries. Primarily (>75%) liquids★. Primarily (>75%) natural gas. Liquids and natural gas. Exploration site. a Locations are categorized as liquids or natural gas based on 2014 production. Where production is yet to commence, categorization is based on proved reserves. Exploration sites have no significant proved reserves or production as at 31 December 2014. Upstream see page 24. Downstream Refinery. Petrochemicals site(s). Downstream see page 29. Alternative energies Operational assets. Technology assets. Alternative energies see page 35. BP group headcount by region (including 14,400 service station staff) 1. Europe 33,400 5 6 1 2. US and Canada 18,800 4 3. Asia Pacific 15,800 4. South and Central 3 America 8,000 5.
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