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

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Our performanceIn the UK North Sea, we announced plans for investments totalling approximately$14 billion – with our partners – in major new project developments.In Iraq, working with our partners in the Rumaila Operating Organization,we met a major milestone in reaching initial production targets agreed for theRumaila field.Refining and MarketingReplacement cost profitbefore interest & tax aFuelsLubricantsPetrochemicalsBP average refining marker margin ($/bbl)$ billion $/bbl1086420-22007 2008 2009 2010 2011aSee Financial statements – Note 6 on page 200.See also Financial and operating performance onpage 94.201612840Refining and MarketingReplacement cost profit before interest and tax for 2011 was $5,474 millioncompared with $5,555 million in 2010. Strong refinery operations enabled us tocapture the benefits of BP’s location advantage in accessing WTI-based crudegrades and, compared with 2010, the result also benefited from a higher refiningmargin environment and a stronger supply and trading contribution. Thesebenefits were partly offset by a significantly higher level of turnarounds in 2011than 2010 and negative impacts from the increased relative sweet crude prices inEurope and Australia, primarily caused by the loss of Libyan production, and theweather-related power outages in the second quarter. See Refining and Marketingon page 94 for further information on the segment’s financial results.Operating performance was strong, with Solomon refining availability of94.8% and utilization rates above the industry average. We made significantprogress on the modernization of our Whiting refinery in the US, which is expectedto come onstream in the second half of 2013. This project will significantly increasethe capability of the refinery to process heavy crude and provide it with access tocrude from the Gulf of Mexico, the mid-continent US and Canada.We achieved strong performance in our lubricants business, despitea difficult marketing environment and increasing base oil prices. In ourpetrochemicals business we received local government approval for our proposed1.25 million tonnes per annum purified terephthalic acid (PTA) plant in Zhuhai,China, and are now seeking final central governmental approval.Left Air BP is one ofthe world’s largest andbest‐known aviationfuels suppliers.Above The SECCOfacility is BP’s singlelargest investment inChina and has a capacityof 3.2 million tonnesof petrochemicalsper year.50 BP Annual Report and Form 20-F 2011
We continued to sell non-core assets, and we are progressing with our intentionto divest about half of our US refining capacity. We completed the divestment ofnon-strategic terminals and pipelines in the US East of Rockies and West Coast,and of our fuels marketing businesses in several African countries.In addition, in February 2012 we announced our intent to sell our bulk andbottled LPG marketing businesses in nine countries.Looking aheadWe believe our actions and achievements in 2011 brought BP to a turning point.As we move into 2012, our operations are regaining momentum and we have aclear strategy for value creation. Maintaining our absolute commitment to safety,our intention is to build on our strengths so we can grow operating cash flows,invest for future growth and increase returns to shareholders.Business review: Group overviewBP Annual Report and Form 20-F 2011 51
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
Page 8 and 9: 6 BP Annual Report and Form 20-F 20
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
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Page 26 and 27: Our market: Longer-term outlookThe
Page 29 and 30: BP’s distinctive capabilities and
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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 and 42: What you can measure6 Active portfo
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Page 45 and 46: Our risk management systemOur enhan
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Business reviewOther businesses and
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Business reviewLiquidity and capita
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Business reviewFrequently, work (in
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Business reviewpart of a larger por
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Corporate governanceCorporate gover
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Corporate governanceAntony Burgmans
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Corporate governanceBoard oversight
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Corporate governanceCommittee’s r
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Corporate governanceThe Act require
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Directors’ remuneration reportRem
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Directors’ remuneration reportSum
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Directors’ remuneration reportNon
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Financial statements174 Statement 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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