Company Report
BP corporate report
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Report summary
BP is in the midst of an unprecedented phase of growth. Three years of bold, countercyclical business development – project sanctions, discovered resource access, M&A – have transformed the portfolio and the outlook. The company now sits poised to become the world's largest IOC by production, underpinned by a wave of new projects that we see generating a weighted average IRR of 25%. This is a compelling turn-around story. Four years ago, we said that BP needed to take action to strengthen a (then) weak development pipeline, and to sharpen the message to investors. The journey has been challenging, but there is a sense now that BP is back where it should be – at the top table with Shell and ExxonMobil.
Table of contents
- Reinvention
-
Delivery
- Guidance to 2021
- Capacity from 2021 to 2025
- Market rating
- Financial framework
-
Upstream
- Current strategic positioning
- Production outlook
- New project returns
- Portfolio renewal
- LNG
-
Downstream
- Fuels
- Refining
- International Maritime Organisation (IMO) regulation impact on refining
- Marketing
- Lubricants
- Chemicals
-
New energies
- Wood Mackenzie base case valuation metrics
- Wood Mackenzie base case investment and cost metrics
- Wood Mackenzie base case production metrics
- Wood Mackenzie base case reserves and resources metrics
- Economic assumptions
Tables and charts
This report includes 41 images and tables including:
- Benchmarking: share price performance
- Market premium / discount to WoodMac NPV10
- BP reported earnings by segment
- BP reported Downstream earnings by business
- Strategic fit of upstream regions
- Benchmarking: NPV10 by resource theme
- BP production guidance vs. WoodMac forecasts
- Benchmarking: WoodMac production forecast
- BP new project returns (pre-sanction)
- New project returns (pre-sanction)
- Gas into LNG
- Contracted LNG volumes
- BP 2017 average regional NCM & CDU capacity
- Refining benchmark: BP vs. peers
- Refining EBITDA* 2017-2020 forecast: BP vs. peers
- Refining EBITDA 2017-2020 uplift: BP vs. peers
- Refining and retail network: BP versus peers
- BP global branded retail fuel sites
- BP regional retail network: Europe and US
- BP regional retail network: Rest of world
- Upstream EV vs. Upstream NPV,10
- Upstream portfolio sensitivities vs. NPV,10
- Current NPV,10 vs. Future NPV,10
- Base case upstream NPV,10
- Forecast development expenditure (nominal)
- Forecast operating expenditure (nominal)
- Reported and WM forecasted production
- Oil vs. Gas
- Liquid production
- Gas production
- Total reserves; Wood Mackenzie commercial
- Total reserves: reported vs. Wood Mackenzie
- Total reserves: reported vs Wood Mackenzie
- Reserve life: reported vs Wood Mackenzie
- Base price assumptions (nominal terms)
- Base price assumptions (nominal terms)
- Base, high and low Brent (nominal terms)
- High price assumptions
- Low price assumptions
- Value assumptions
- Foreign exchange rate assumptions
What's included
This report contains:
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