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Second quarter 2009 results
Release date:
28 July 2009
Download the full version of our second quarter 2009 results using the link below.
Webcast: 2Q 2009 results presentation
Tony Hayward, Chief Executive Officer, and Byron Grote, Chief Financial Officer, discussed BP’s second quarter results.
Tony Hayward, Chief Executive Officer, and Byron Grote, Chief Financial Officer, discussed BP’s second quarter results.
| Second quarter | First quarter | Second quarter | $ million | First
half |
||
|---|---|---|---|---|---|---|
| 2008 | 2009 | 2009 | 2009 | 2008 | % | |
| 9,358 | 2,562 | 4,385 | Profit for the period(b) | 6,947 | 16,452 | |
| (2,612) | (175) | (1,245) | Inventory holding (gains) losses, net of tax | (1,420) | (3,475) | |
| 6,746 | 2,387 | 3,140 | Replacement cost profit | 5,527 | 12,977 | (57)% |
| 35.83 | 12.75 | 16.76 | - per ordinary share (cents) | 29.51 | 68.84 | (57)% | 2.15 | 0.77 | 1.01 | - per ADS (dollars) | 1.77 | 4.13 |
- BP’s second quarter replacement cost profit was $3,140 million,
compared with $6,746 million a year ago, a decrease of 53%. For the half
year, replacement cost profit was $5,527 million compared with $12,977 million
a year ago, down 57%.
- Non-operating items and fair value accounting effects for the second quarter
had a net $202 million favourable impact compared to a net $1,775 million
unfavourable impact in the second quarter of 2008. For the half year, the
respective amounts were $8 million favourable and $1,779 million unfavourable
- see further details on page 2.
- Finance costs and net finance income or expense relating to pensions and
other post-retirement benefits were $321 million for the second quarter,
compared to $221 million for the same period last year. For the half year,the
respective amounts were $689 million and $467 million. The net increase
in cost was primarily due to a reduction in the expected return on pension
plan assets.
- The effective tax rate on replacement cost profit for the second quarter
and half year was 35% and 36% respectively, the same as a year ago.
- Net cash provided by operating activities for the quarter and half year
was $6.8 billion and $12.3 billion compared with $6.7 billion and $17.6
billion respectively a year ago.
- Net debt at the end of the quarter was $27.1 billion. The ratio of net
debt to net debt plus equity was 22% compared with 20% a year ago.
- Total capital expenditure for the second quarter and half year was $4.8
billion and $9.4 billion respectively. Capital expenditure, excluding acquisitions
and asset exchanges, is expected to be less than $20 billion for the year.
Disposal proceeds were $0.7 billion for the quarter and $1.0 billion for
the half year.
- The quarterly dividend, to be paid in September, is 14 cents per share
($0.84 per ADS), the same as a year ago. In sterling terms, the quarterly
dividend is 8.503 pence per share, compared with 7.039 pence per share a
year ago, an increase of 21%.
(a) This results
announcement also represents BP’s half-yearly financial report for the
purposes of the Disclosure and Transparency Rules made by the UK Financial
Services Authority. In this context: (i) the condensed set of financial statements
can be found on pages 10 – 15 and 19 – 23; (ii) pages 1 –
8, 16 – 18 and 24 – 26 comprise the interim management report;
and (iii) the directors’ responsibility statement and auditors’
independent review report can be found on page 9.
(b) Profit attributable
to BP shareholders.
Forward Looking Statements - Cautionary Statement:
This presentation and the associated slides and discussion contain forward looking statements, particularly those regarding global economic recovery; GDP growth; effective tax rate; improved efficiency and effectiveness across the Fuels Value Chains; expected quarterly charges; production growth and impact of seasonal turnarounds; costs; capital expenditure; disposal proceeds; capital efficiency in the upstream; continuing downstream turnaround; refocus and simplification of Alternative Energy; continuing corporate efficiency; dividend payments; investments and use of balance sheet capacity. 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 from those expressed in such statements, depending on a variety of factors, including the timing of bringing new fields on stream; future levels of industry product supply; demand and pricing; operational problems; general economic conditions; political stability and economic growth in relevant areas of the world; changes in laws and governmental regulations; exchange rate fluctuations; development and use of new technology; changes in public expectations and other changes in business conditions; the actions of competitors; natural disasters and adverse weather conditions; wars and acts of terrorism or sabotage; and other factors discussed elsewhere in this presentation.
This presentation and the associated slides and discussion contain forward looking statements, particularly those regarding global economic recovery; GDP growth; effective tax rate; improved efficiency and effectiveness across the Fuels Value Chains; expected quarterly charges; production growth and impact of seasonal turnarounds; costs; capital expenditure; disposal proceeds; capital efficiency in the upstream; continuing downstream turnaround; refocus and simplification of Alternative Energy; continuing corporate efficiency; dividend payments; investments and use of balance sheet capacity. 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 from those expressed in such statements, depending on a variety of factors, including the timing of bringing new fields on stream; future levels of industry product supply; demand and pricing; operational problems; general economic conditions; political stability and economic growth in relevant areas of the world; changes in laws and governmental regulations; exchange rate fluctuations; development and use of new technology; changes in public expectations and other changes in business conditions; the actions of competitors; natural disasters and adverse weather conditions; wars and acts of terrorism or sabotage; and other factors discussed elsewhere in this presentation.
Reconciliations to GAAP:
This presentation also contains financial information which is not presented in accordance with generally accepted accounting principles (GAAP). A quantitative reconciliation of this information to the most directly comparable financial measure calculated and presented in accordance with GAAP can be found on our website at www.bp.com
This presentation also contains financial information which is not presented in accordance with generally accepted accounting principles (GAAP). A quantitative reconciliation of this information to the most directly comparable financial measure calculated and presented in accordance with GAAP can be found on our website at www.bp.com
Cautionary Note to US Investors:
The United States Securities and Exchange Commission permits oil and gas companies, in their filings with the SEC, to disclose only proved reserves that a company has demonstrated by actual production or formation tests to be economically and legally producible under existing economic and operating conditions. We use certain terms in this presentation, such as “resources” and “non-proved reserves”, that the SEC’s guidelines strictly prohibit us from including in our filings with the SEC. U.S. investors are urged to consider closely the disclosures in our Form 20-F, SEC File No. 1-06262, available from us at 1 St James’s Square, London SW1Y 4PD. You can also obtain this form from the SEC by calling 1-800-SEC-0330.
The United States Securities and Exchange Commission permits oil and gas companies, in their filings with the SEC, to disclose only proved reserves that a company has demonstrated by actual production or formation tests to be economically and legally producible under existing economic and operating conditions. We use certain terms in this presentation, such as “resources” and “non-proved reserves”, that the SEC’s guidelines strictly prohibit us from including in our filings with the SEC. U.S. investors are urged to consider closely the disclosures in our Form 20-F, SEC File No. 1-06262, available from us at 1 St James’s Square, London SW1Y 4PD. You can also obtain this form from the SEC by calling 1-800-SEC-0330.
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