First Quarter 2012 Results (Stock Exchange Announcement)
Release date: 01 May 2012
Download the full version of our first quarter 2012 results using the link below.
Forward-looking statements - cautionary statement
This presentation and the associated slides and discussion contain forward-looking statements, particularly those regarding: the quarterly dividend payment; the expected levels of production and upstream costs in the second quarter of 2012; the expected levels of full-year underlying and reported production in 2012; the expected level of refining margins, the prospects for the fuels marketing environment and the prospects for the petrochemicals margin environment in the second quarter of 2012; the expected timing for the resumption of operations at the Cherry Point refinery; the expected underlying average quarterly charge from Other businesses and corporate; the expected full-year effective tax rate; prospects for BP’s $38-billion divestment programme, and the intention to make $38 billion of disposals by the end of 2013; prospects for the completion of planned and announced divestments, including the planned disposals of the Texas City refinery and the southern part of the US West Coast fuels value chain; the level of full-year organic capital expenditure for 2012;
the expected future levels of gearing and net debt; the timing of future MDL 2179 proceedings; the expected timing for the commencement of certain BP-funded early restoration projects; the prospects for the approval of the settlement agreements with the Plaintiffs’ Steering Committee (PSC), and the timing of the fairness hearings in connection therewith; the expected cost of the settlement agreements with the PSC, the source of funding thereof and the expected impact thereof on the $37.2 billion charge taken in respect of the Gulf of Mexico oil spill; expectations regarding the ‘10-point plan’; the anticipated increase in operating cash flow and margins; the timing and composition of future projects including expected start up, completion, timing of production, level of production and margins; BP’s plans for utilizing anticipated additional operating cash flow; the prospects for BP’s balance sheet; expectations for drilling and rig activity in the Gulf of Mexico; the expected timing for the completion of payments to the Trust fund; and prospects for financial momentum in 2013 and 2014.
By their nature, forward-looking statements involve risk and uncertainty 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 onstream; future levels of industry product supply; demand and pricing; OPEC quota restrictions; Production Sharing Agreement effects; operational problems; general economic conditions; political stability and economic growth in relevant areas of the world; changes in laws and governmental regulations; changes in taxation or regulation; regulatory or legal actions including the types of enforcement action pursued and the nature of remedies sought; the actions of prosecutors, regulatory authorities, the Gulf Coast Claims Facility and the courts; the actions of all parties to the Gulf of Mexico oil spill-related litigation at various phases of the litigation; exchange rate fluctuations; development and use of new technology; the success or otherwise of partnering; the successful completion of certain disposals; the actions of competitors, trading partners, creditors, rating agencies and others; natural disasters and adverse weather conditions; changes in public expectations and other changes to business conditions; wars and acts of terrorism or sabotage; and other factors discussed under “Risk factors” in our Annual Report and Form 20-F 2011 as filed with the US Securities and Exchange Commission (SEC).
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.
Statement of Assumptions
The operating cash flow projection stated on slides 15 and 16 reflects our expectation that all required payments into the $20 billion US Trust Fund will have been completed prior to 2014. The projection does not reflect any cash flows relating to other liabilities, contingent liabilities, settlements or contingent assets arising from the Deepwater Horizon oil spill which may or may not arise at that time. As disclosed in our Annual Report and Form 20-F 2011, we are not today able to reliably estimate the amount or timing of a number of contingent liabilities.
Cautionary note to US investors
We use certain terms in this presentation, such as “resources”, “non-proved resources” and references to projections in relation to such that the SEC’s rules 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. This form is available on our website at www.bp.com. You can also obtain this form from the SEC by calling 1-800-SEC-0330 or by logging on to their website at www.sec.gov. Tables and projections in this presentation are BP projections unless otherwise stated.
Stock Exchange Announcement dated 1 May 2012
For further information on BP’s results announced today, please see the First Quarter Results Stock Exchange Announcement dated 1 May 2012.
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