BP Annual Report and Form 20-F 2011 - Company Reporting

Our strategy: Strategic prioritiesOur 10-point planOur 10-point plan is how we intend to build a stronger, safer BP. The first five pointsare things you can expect from us; the second five are things you can measure.What you can expect from us1 We will keep a relentless focus on safety and managing riskWe are determined that BP will deliver world-class performance in safety, riskmanagement and operational discipline. We will be a company that systematicallyapplies our global standards as a single team.2 We will play to our strengthsWe have had major successes at finding oil and gas at scale. We are also amongthe real pioneers of deepwater exploration. We have decades of experiencemanaging giant fields and developing valuable gas value chains. We have builta world-class downstream business. Underpinning these strengths are deepcapabilities in building relationships and in developing technologies.Left BP moves gasfrom 6,000 metresbelow the Shah Denizfield in Azerbaijan tomarkets in WesternEurope, 3,000kilometres away.Right As part of a$1.2 billion investmentannounced in 2011,the Kinnoull reservoir,UK North Sea, will beconnected to BP’sAndrew platform.3 We will be stronger and more focusedWe intend to be a stronger and more focused BP, with a base of assets that ishigh graded and high performing.4 We will be simpler and more standardizedOur organization is already much more standardized than it was before theDeepwater Horizon oil spill. The transformation of our Exploration and Productionsegment from a regional business to one that is managed along lines of functionalexpertise is an example of this. Our footprint is smaller, with fewer assets andoperations in fewer countries. Our internal reward and performance processes aremore streamlined. This should drive better and more sustainable performance insafety, quality and efficiency, with less variation.5 We will improve transparency through our reportingWe will improve transparency in the reporting of our business segments. We nowbreak out the numbers of certain parts of our businesses, such as lubricants andpetrochemicals in the downstream. From the first quarter of 2012, the group’sinvestment in TNK-BP will be reported as a separate operating segment.38 BP Annual Report and Form 20-F 2011