Our business strategy

BP is following a 10 point plan to grow value for shareholders - ten things you can expect and measure as we work to rebuild the company

The plan starts with a relentless focus on safety and centres on playing to BP’s strengths. These are: exploration, giant fields, deepwater, gas value chains, a world-class downstream, technology and relationships. The plan was discussed in detail by CEO Bob Dudley and other business leaders when BP presented its 2011 results in February 2012.

What you can expect

			A relentless focus on safety and managing risk
			Playing to our strengths
			A stronger and more focused BP
			A simpler and more standardized BP
			More visibility and transparency to value

What you can measure

			Active portfolio management to continue
			New upstream projects onstream with unit operating cash margins^a double the 2011 average^b
			Generate around 50% more annually in operating cash flow by 2014 versus 2011 at $100/bbl^c
			Half of incremental operating cash for re-investment, half for other purposes including distribution
			Strong balance sheet, with gearing^d in the lower half of the 10-20% range over time

Webcast

Bob Dudley, Group Chief Executive, Brian Gilvary, Chief Financial Officer and Iain Conn, Chief Executive Refining and Marketing, discussed BP's fourth quarter and full year 2011 results and BP’s strategy. This was followed by three break-out sessions.

Watch the on-demand replay of the webcast

			Materials

	Plenary materials		Presentation materials (pdf, 1654KB) Supplementary information (pdf, 106KB) Video: 20K^TM the next challenge in deepwater

	Break-out materials		Upstream: Longer term investments play to our strengths (pdf, 1045KB)

			Upstream: Operating model: improving execution capability (pdf, 647KB)

			Refining & Marketing: Delivering a world class downstream business (pdf, 347KB)

Key assumptions
^a Unit cash margin is net cash provided by operating activities for the relevant projects in our Exploration and Production segment, divided by the total number of barrels of oil and gas equivalent produced for the relevant projects. It excludes dividends and production for TNK-BP.
^b Assuming a constant oil price of $100 per barrel.
^c Assuming an oil price of $100 per barrel in 2014. The projection reflects our expectation that all required payments into the $20-billion trust fund will have been completed by the end of 2012. It does not reflect any cash flows relating to other liabilities, contingent liabilities, settlements or contingent assets arising from the Gulf of Mexico oil spill which may or may not arise at that time. We are not able to reliably estimate the amount or timing of a number of contingent liabilities. See Financial statements – Note 43 on page 249 of the 2011 Annual Report and Form 20-F for further information.
^d Gearing refers to the ratio of the group’s net debt to net debt plus equity and is a non-GAAP measure. See Financial statements – Note 35 on page 230 of the 2011 Annual Report and Form 20-F for further information including a reconciliation to gross debt, which is the nearest equivalent measure on an IFRS basis.