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

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Our strategyA stronger, safer BPWe have set out a series of milestones by whichour progress can be tracked. These milestonesmark our aspirations, plans and intended progressover the next three years.At the Cherry Point refinery,BP is investing in a cleandiesel project to producecleaner burning fuels thatwill comply with new lowersulphurspecifications.40 BP Annual Report and Form 20-F 2011
Business review: Group overview20122013-14We see the full benefits of our 2011turnarounds as high-margin productioncomes back onstream in Angola, theNorth Sea and elsewhere.Exploration drilling activity increasesto 12 wells.Six major upstream project start-ups.Eight rigs expected to be operating inthe Gulf of Mexico.Completion of our payments into theDeepwater Horizon Oil Spill Trust.$2 billion of financial performanceimprovement a in Refining andMarketing since 2009.Organic capital expenditure b increasesto around $22 billion.aRefining and Marketing’s ‘performanceimprovement’ is a non-GAAP measure.See footnote a on page 95 for further information.bOrganic capital expenditure excludes acquisitionsand asset exchanges.Drilling up to 25 wells per year.A further nine major upstream projectstart-ups.Unit operating cash margins c from newupstream projects in 2014 expected tobe double the 2011 average. dWe bring onstream the major upgradeto the Whiting refinery in the secondhalf of 2013.We complete our $38-billiondivestment programme by the endof 2013.We have a high value, focused portfoliothat plays to our strengths.Overall operating cash flow in 2014 toincrease by 50% compared with 2011. eWe expect to use around half of theextra cash for increased investmentand around half for other purposes,including increased distributions toshareholders.cSee footnote a on page 39.dSee footnote b on page 39.eSee footnote c on page 39.BP Annual Report and Form 20-F 2011 41
Page 2 and 3: Cover imagePhotograph of DeepseaSta
Page 4 and 5: Cross reference to Form 20-FPageIte
Page 6 and 7: Miscellaneous termsIn this document
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Page 10: Chairman’s letterCarl-Henric Svan
Page 13 and 14: During the year, the remuneration c
Page 15 and 16: Business review: Group overviewBP A
Page 17 and 18: SafetyDuring the year, we reorganiz
Page 19 and 20: In Refining and Marketing, our worl
Page 21 and 22: Crude oil and gas prices,and refini
Page 23: In detailFor more information, seeR
Page 26 and 27: Our market: Longer-term outlookThe
Page 29 and 30: BP’s distinctive capabilities and
Page 31 and 32: Technology will continue to play a
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Page 35 and 36: In detailFind out more online.bp.co
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Page 39 and 40: Below BP has asignificant presencei
Page 41: What you can measure6 Active portfo
Page 45 and 46: Our risk management systemOur enhan
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Page 49 and 50: Our performance2011 was a year of f
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Business reviewBP’s vice presiden
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Business reviewbalance of participa
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Corporate governanceCorporate gover
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Corporate governanceAntony Burgmans
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Corporate governanceThe Act require
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Directors’ remuneration reportRem
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Directors’ remuneration reportNon
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Financial statements174 Statement o
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Consolidated financial statements o
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SignaturesThe registrant hereby cer
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Parent company financial statements
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BP Annual Report and Form 20-F 2011 - Company Reporting

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