BP Review David Eyton, Group Head of Research & Technology
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BP ReviewDavid Eyton, Group Head of Research & Technology
Princeton, 9th Feb 2010
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Agenda
• Reflections on the past year
• What’s going on in BP
• Looking forward for the CMI
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Personal Reflections
• A shifting energy landscape• COP15 – the end of the beginning• Re-emergence of gas• Climate scientists under scrutiny
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2009 results: BP and other IOCs
Underlying Net Income ($bn) 14.6 19.4 11.6 9.6 5.5 Year on Year % -44% -56% -59% -58% -67%
Cash from Operations ($bn) 27.7 28.5 21.0 na 12.5 Year on Year % -27% -52% -52% na -45%
Reported Volumes 3998 3932 3152 2704 2288 Year on Year % 4.2% 0.3% -3.0% 6.9% 2.4%
Market Capitalisation ($bn) 173 315 174 147 74 Year on Year % 18% -22% 7% -2% -4%
Capital Expenditure as disclosed ($bn) 20.3 27.1 27.6 22.2 10.9 Year on Year % -34% 4% 4% 4% 4%
* ExxonMobil, Chevron and ConocoPhillips shown pre-Lifo adjustment.
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Energy Pathways
Oil
Gas
Nuclear, Hydro/Wind/Sol, Fossil/CCS
Battery Electric Vehicles-
Electricity from Coal
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BP’s Group-level Core Universities
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Looking forward in 2010
1. Retain the CMI’s climate science and modelling credibility
2. Continue to engage at the political interface3. Seriously focus on gas4. Mitigation versus Adaptation