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BP Strategic Report 2015 Strategic 2 BP at a Glance 6 Chairman’S Letter Report 8 Group Chief Executive’S Letter

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BP Strategic Report 2015 Strategic 2 BP at a Glance 6 Chairman’S Letter Report 8 Group Chief Executive’S Letter Strategic Report 2015 bp.com/annualreport Who we are 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. BP is one of the world’s leading Our proposition for value growth integrated oil and gas companies – For BP good business starts with a based on market capitalization, proved relentless focus on safe and reliable reserves and production. Through our operations. Our portfolio enables us to work we provide customers with fuel develop high-quality opportunities from for transportation, energy for heat and a broad set of options. We prioritize light, lubricants to keep engines moving value over volume and invest where and the petrochemicals products used we can apply our distinctive strengths, to make everyday items as diverse as capabilities and technologies. paints, clothes and packaging. Our objective is to create shareholder We believe a mix of fuels and value by growing sustainable free technologies is needed to meet cash flow and distributions over the growing energy demand, improve long term through capital and cost efficiency and support the transition to discipline. a lower-carbon economy. These are the reasons why our portfolio includes oil, gas and renewables. Our projects and operations help to generate employment, investment and tax revenues in countries and communities across the world. We have well-established operations in Europe, North and South America, Australasia, Asia and Africa and employ around 80,000 people. Front cover images Your feedback Castrol has been present in India for more than We welcome your comments and feedback 100 years and is the country’s leading automotive on our reporting. You can provide this at and industrial lubricant manufacturing business. bp.com/annualreportfeedback or by emailing the Its three manufacturing plants are located in corporate reporting team – details are on the Silvassa, Patalganga and Paharpur, and its back cover. distribution network reaches more than 150,000 Your views are important to us and help shape customers. our reporting for future years. BP Strategic Report 2015 Strategic 2 BP at a glance 6 Chairman’s letter report 8 Group chief executive’s letter It is a challenging time for our 10 Our market outlook industry but we are making the changes that are needed without 12 Our business model and strategy compromising our longer-term goals. 18 Lower oil and gas prices 20 Our key performance indicators About this report 22 Strategy, performance and pay BP Strategic Report 2015 comprises 22 Annual statement by the remuneration committee chair the Strategic report as included in the BP Annual Report and Form 20-F 2015 and supplementary information. BP Strategic 24 Our markets in 2015 Report 2015 does not contain sufficient information as to allow as full an understanding of the results and the state 26 Group performance of affairs of BP as BP Annual Report and Form 20-F 2015. Please refer to Information 28 Upstream about this report on page 65. AR Page references relating to content 34 Downstream outside of this report but which appear in the full BP Annual Report and Form 20-F 2015. 38 Rosneft 40 Other businesses and corporate 40 Renewable energy Glossary 41 Gulf of Mexico oil spill ★ Words with this symbol★ are defined in the glossary on page 61. 43 Corporate responsibility 43 Safety Cautionary statement 46 Environment and society This document should be read in 48 Business ethics and transparency conjunction with the cautionary statement on page 64. 49 Employees 51 Our management of risk 53 Risk factors 55 Board of directors Supplementary 56 Remuneration summary 2015 information 57 Summary consolidated financial statements 59 Five-year record 60 Shareholder information 61 Abbreviations 61 Glossary and trade marks 64 Cautionary statement 65 Information about this report BP Strategic Report 2015 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 onshore wind. We also have a 19.75% shareholding in Rosneft, that we report as a separate segment. Business model For more information on our business model see page 12. Our group key performance indicators (KPIs) are shown on page 20. 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 20. See Upstream page 28. Upstream proved $(6.5)bn $5.9bn reservesb (mmboe) $(0.9)bn $1.2bn loss attributable to underlying replacement 4 1 replacement cost loss underlying replacement cost profit BP shareholders cost profit★ before interest and tax before interest and tax 2014: $3.8bn profit 2014: $12.1bn 2014: $8.9bn profit 2014: $15.2bn 21.6% $19.1bn 2.3 8,000km2 2 gearing (net operating cash 3 million barrels of oil new exploration access debt ratio)★ flow★ equivalent per dayb 2014: 47,000km2 Liquids 2014: 16.7% 2014: $32.8bn 2014: 2.1mmboe/d 1. Subsidiaries# 3,982 2. Equity-accounted entities 707 Total 4,689 20 3.3 Natural gas 3 tier 1 process million barrels of oil 3. Subsidiaries 5,269 upstream major project★ a 4. Equity-accounted entities 425 safety events★ equivalent per day Total 5,694 start-ups 2014: 28 2014: 3.2mmboe/d 2014: 7 major projects b Excludes BP’s share of Rosneft. a See footnote a on page 15. See Rosneft on page 38. 2 BP Strategic Report 2015 Strategic report Data provided on pages 2-5 is at or for the year ended 31 December 2015, unless otherwise indicated. 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 use our trading hydrocarbons to make fuels, lubricants transportation, energy for heat and light, capability to capture value across the and petrochemicals. lubricants to keep engines moving and the supply chain. petrochemicals required to make a variety of everyday items. Fuels Lubricants Petrochemicals Generating renewable energy International oil and gas markets We operate a biofuels business in Brazil and an onshore wind business in the US. Renewables Downstream Our Downstream segment operates hydrocarbon value chains covering three main businesses – fuels, lubricants and petrochemicals. See Downstream page 34. See Renewable energy page 40. Operating capital c employed $7.1bn $7.5bn 795 1 replacement cost profit underlying replacement cost million litres of ethanol equivalent 3 2 before interest and tax profit before interest and tax produced at our three mills in Brazil 2014: $3.7bn 2014: $4.4bn 2014: 542 million litres 1.7 14.8 4,424 million barrels of oil refined million tonnes of petrochemicals gigawatt hours of electricity generated per day produced in the year at our 16 US wind farms 1. Fuels $29.2bn 2014: 1.7mmb/d 2014: 14.0mmte 2014: 4,617GWh 2. Lubricants $1.3bn 3. Petrochemicals $4.4bn 42% of our lubricants sales were premium grades 2014: 41% c See AR page 218. ★ Defined on page 61. BP Strategic Report 2015 3 BP around the world BP has operations in more Gulf of Mexico Fuels than 70 countries. Over the past decade, no oil and gas company Our fuels business is made up of regionally has invested more in its operations in the based integrated fuels value chains, that deepwater Gulf than BP. We are a leading include refineries and fuels marketing acreage holder and producer of oil and natural businesses, together with global oil supply Countries where we have operations or interests are shaded green. gas in the region. Our production comes and trading activities. We supply fuel and from more than 10 fields and includes four related convenience services to consumers BP-operated hubs. at around 17,200 retail sites under a BP brand Upstream and market our products in more than 50 countries. Primarily (>75%) liquids★. Primarily (>75%) natural gas. Liquids and natural gas. Exploration site. Locations are categorized as liquids or natural gas based on 2015 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 2015. Upstream see page 28. Downstream Refinery. Petrochemicals site(s). Downstream see page 34. Renewable energy Operational assets. Renewable energy see page 40. BP group employees by region 1. Europe 33,100 5 6 1 2. US and Canada 16,600 4 3. Asia Pacific 14,700 4. South and Central 3 America 7,200 5. Middle East and North Africa 5,900 6. Sub-Saharan Africa 2,300 2 Total 79,800 Employee figures include 15,600 service station staff and 4,800 agricultural, operational and seasonal workers in Brazil. Lower 48 Renewable energy The US Lower 48 onshore business produces BP has the largest operated renewables Employees see page 49.
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