An overview of the key activities, events and results in 2013, together with commentary on BP’s performance in the year and our priorities as we move forward
BP in 2013
Our actions continue to make BP stronger and safer. We are growing shareholder returns through operational efficiency and financial discipline.
Performance highlights in 2013:
- We completed 17 exploration wells and made seven potentially commercial discoveries in 2013. It was our most successful year for exploration drilling in almost a decade.
- Three major projects were started up in 2013 and another three in January and February 2014. We expect a further four major upstream projects to start up in 2014.
- We completed the commissioning of all major units for the Whiting refinery upgrade, transforming it into one of our advantaged downstream assets in our portfolio.
- Our divestments have removed complexity, strengthened the balance sheet and left us with a more distinctive set of assets that play to our strengths – deep water, gas value chains, giant fields and high-quality downstream businesses.
Information for shareholders
|The BP Annual Report and 20-F 2013 contains the Strategic report on pages 1-58 and the inside cover (Who we are section) and the Directors’ report on pages 1-80, 109-114, 116, 200-223 and 235-280. The Strategic report and the Directors’ report together include the management report required by DTR 4.1 of the UK Financial Conduct Authority’s Disclosure and Transparency Rules. The Directors’ remuneration report is on pages 81-108. The consolidated financial statements of the group are on pages 117-199 and the corresponding reports of the auditor are on pages 117-121. The parent company financial statements of BP p.l.c. and corresponding auditor’s report are on pages 224-234 and page 224 respectively. The statement of directors’ responsibilities, the independent auditor’s report on the annual report and accounts to the members of BP p.l.c. and the parent company financial statements of BP p.l.c. and corresponding auditor’s report do not form part of BP’s Annual Report on Form 20-F as filed with the SEC.
Shareholders may obtain a copy of the BP Annual Report and 20-F 2013 on request, free of charge from www.bp.com/papercopies
The BP Annual Report and 20-F 2013 reflects a number of significant changes in regulations in the UK. The most significant change is the requirement to produce a new strategic report that replaces the previous business review. The regulations require certain new disclosures to be included in the strategic report including a description of company’s strategy and business model – we have included a more focused and graphical presentation of BP’s strategy and business model in the BP Annual Report and 20-F 2013, compared with the 2012 report.
The BP Strategic Report 2013, which may be downloaded from this page, constitutes the Strategic report, as included in the BP Annual Report and Form 20-F 2013, and supplementary information including the information that BP is required to include by law. The Strategic report is only part of the BP Annual Report and Form 20-F 2013 and does not contain sufficient information to allow as full an understanding of the results and the state of affairs of BP and of its policies and arrangements concerning directors’ remuneration as the BP Annual Report and Form 20-F 2013.
BP p.l.c. is the parent company of the BP group of companies. Unless otherwise stated, the text of BP Annual Report and Form 20-F 2013 and BP Strategic Report 2013 does not distinguish between the activities and operations of the parent company and those of its subsidiaries.
The term ‘shareholders’ in BP Annual Report and Form 20-F 2013 and BP Strategic Report 2013 means, unless the context otherwise requires, investors in the equity capital of BP p.l.c., both direct and/or indirect.
As BP shares, in the form of ADSs, are listed on the New York Stock Exchange (NYSE), the Annual Report on Form 20-F 2013 will be filed with the US Securities and Exchange Commission (SEC) in accordance with the US Securities Exchange Act of 1934. When filed, copies may be obtained, free of charge from www.bp.com/papercopies. BP discloses in its Annual Report and Form 20-F 2013 and on its website (see NYSE corporate governance rules) significant ways (if any) in which its corporate governance practices differ from those mandated for US companies under NYSE listing standards.
NYSE corporate governance rules
Legal notice in relation to the material on this page
|The material on this BP Annual Reporting 2013 webpage (the Material) relates to the year ended 31 December 2013 and is provided for general information only. The Material does not (i) form part of the BP Annual Report and Form 20-F 2013 or the BP Strategic Report; or (ii) contain sufficient information to allow as full an understanding of the results and the state of affairs of BP as BP Annual Report and Form 20-F 2013. As such this Material should not be relied upon or used as the basis for making voting or investment decisions without consulting the full BP Annual Report and Form 20-F 2013 and other more complete or up-to-date sources of information. Information relating to BP’s results for current and prior periods do not necessarily reflect future trends, nor do they provide indicators of results for like periods. This Material is not intended to be and shall not be deemed to be an invitation or inducement to invest in or otherwise deal in any securities of BP p.l.c. or in any other investment, nor to provide or constitute any advice or recommendation in connection with any investment decision, nor to constitute an offer to provide services in any jurisdiction in which BP p.l.c. is not permitted to do so under any applicable law or regulation.|
|The Material may contain certain forward-looking statements, forecasts or projections with respect to the financial condition, results of operations and businesses of BP and certain of the plans and objectives of BP with respect to these items. By their nature, forward-looking statements involve risks and uncertainties because they relate to events and depend on circumstances that will or may occur in the future. Actual results may differ materially from those expressed in such statements depending on a variety of factors.
Please refer to the Cautionary statement on page 271 of the full BP Annual Report and Form 20-F 2013 for further information on forward-looking statements.