May 2002
outline
• Upstream growth strategy • Angola context • BP in Angola • Technology implementation • Conclusion
strategic delivery since 1999
costs returns disposals Arco + Veba
Unless otherwise made clear, references to forward measures are to such measures calculated on a pro forma basis. These and past performance measures, unless otherwise stated, have been adjusted for special items.
4
4000
5.5%
3
Base
3000
2
Total
2000
1
Growth
0
'96 '97 '98 '99 '00 '01 '02 '03 '04 '05
Base New Projects Like for Like adjustment
As of February 2001
Source: BP Data
Trin. Atlas Methanol
Trinidad T1
In Salah In Amenas
Karous/Temsah Ha’py
Trin. T2&3
Girassol
Terang Sirasun
CMA
Kizomba Plutonio
Cerro Dragon Gas
down 20% ~_ 15% $10 bn + Alaska+ accretive
sustainable profitability
$7.7 to 8.5 bn at mid-cycle in 2001
delivering group strategy
organic investment high grade portfolio capital efficiency operating efficiency
BP in Angola
Greg Coleman
Vice-President, Investor Relations
Paris, 30 May 2002
This presentation and the associated slides and discussion contain statements, particularly those regarding capital employed, capital expenditure, cashflows, costs, savings, debt, demand, disposals, dividends, earnings, efficiency, gearing, growth, investment, margins, performance, prices, production, productivity, profits, reserves, returns, sales, strategy, synergies, tax rates, trends, value, volumes, the effects of BP merger and acquisition activity, which are or may be forward looking statements. Actual results may differ from those expressed in such statements, depending on a variety of factors including future levels of industry product supply, demand and pricing; political stability and economic growth; development and use of new technology; actions of competitors; and natural disasters, wars and acts of terrorism.
increase mid-cycle returns grow capital employed grow dividend …within a disciplined financial framework
future outlook
Production (mboed)
5000
Production cost ($/boe)
0 '98 '99 '00 '01 '02 '03 '04 '05
Ss
No exploration required No technology step-out All teams in place
Northstar
Horn Mtn. Princess King’s Peak
King
Europa Marlin Diana/Hoover Ursa Crosby
Nile Mica
Mad Dog Holstein Na Kika Atlantis Thunder Horse
Shearwater Tambar
Alligin Rhum Skarv Clair Devenick
ACG Shah Deniz
Statements and data contained in this presentation and the associated slides and discussions, which relate to the performance of BP in this and future years, represent plans, targets or projections.