BP corporate report
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Report summary
BP is firmly back in growth mode. Two years of bold, countercyclical business development – project sanctions, discovered resource access, M&A – has left the company with more production under development than any other Major. And as a measure of confidence in its portfolio, BP has gone further than its peers in committing to aggressive growth targets: 5% CAGR to 2021, which, if delivered, would push production to record levels. But while the emphasis is on volume growth, BP has stressed that it will not sacrifice capital discipline and returns. On the contrary, the company expects new projects to deliver better margins than its legacy position, and has been refreshingly transparent on its strict investment criteria.
What's included
This report contains
Table of contents
- Other BP research
- Executive summary
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Strategy
- Portfolio snapshot
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Strategic priorities
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1. Getting back to growth
- 1.1. New production
- 1.2. Base business decline
- 1.3. Longer-term upsides to our base modelling
- 2. Portfolio shift to integrated gas
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3. The financial framework
- 3.1 Capital discipline
- 3.2 Balance sheet strength
- 4. Returns focus
- 5. A differentiated global gas strategy
- 6. Exploration
- 7. Positioning for a low carbon future
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1. Getting back to growth
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Resources, reserves and production
- Production
- Resources and reserves
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Global upstream portfolio
- Overview
- Future focus
- Upsides
- Risks
- Timeline
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Africa
- Overview
- Future focus
- Upsides
- Risks
- Timeline
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Latin America and the Caribbean
- Overview
- Future focus
- Upsides
- Timeline
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Russia and the Caspian
- Overview
- Future focus
- Risks
- Timeline
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Europe
- Overview
- Future focus
- Upsides
- Risks
- Timeline
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Oceania
- Overview
- Future focus
- Upsides
- Risks
- Timeline
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Asia
- Overview
- Future focus
- Upsides
- Timeline
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Middle East
- Overview
- Future focus
- Upsides
- Risks
- Timeline
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Economic assumptions
- Economic assumptions
Tables and charts
This report includes 42 images and tables including:
Images
- Benchmarking: share price performance
- Benchmarking: market premium / discount to WoodMac NPV,10
- Top upstream assets by value
- Greenfield upstream project IRR versus associated capital investment
- Chart1 title goes here
- Chart2 title goes here
- Strategic fit of upstream regions
- Benchmarking: NPV,10 by resource theme
- Benchmarking: NPV,10 by region
- Benchmarking: production CAGR
- Benchmarking: indexed production outlook
- Resources, reserves and production: Image 3
- Resources and reserves detail (including Rosneft and PAE)
- Benchmarking: reserves and resources detail
- Benchmarking: reserves and resources life
- BP production guidance vs. WoodMac forecasts
- Benchmarking: WoodMac production forecast
- Production outlook; key gas growth projects
- Benchmarking: gas % of total production
- Gas into LNG
- Liquefaction capacity
- WoodMac forecast for new production
- WoodMac forecast for new production
- Base production from producing assets
- Benchmarking: base production decline (boe/d)
- Production upsides by country
- Benchmarking: production upsides
- Benchmarking: capital investment (2017 to 2021)
- Capital investment (2017 to 2021)
- Capital investment; top 15 assets by annual net spend (US$ million)
- Brent price required for cash flow neutrality
- Benchmarking: Brent price required for cash flow neutrality
- Strategy: Image 21
- Strategy: Image 22
Tables
- SWOT analysis
- Base price assumptions (nominal terms)
- High price assumptions
- Low price assumptions
- Value assumptions
- Economic assumptions: Table 5
- Key growth projects; investment and returns
- Cash flow projection (US$ million, post-tax)
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Questions about this report?
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Asia Pacific:+61 2 8224 8898