BP 2011 Annual Report Download - page 43

Business review: Group overview
BP Annual Report and Form 20-F 2011 41
Business review: Group overview
2012
We see the full benefits of our 2011
turnarounds as high-margin production
comes back onstream in Angola, the
North Sea and elsewhere.
Exploration drilling activity increases
to 12 wells.
Six major upstream project start-ups.
Eight rigs expected to be operating in
the Gulf of Mexico.
Completion of our payments into the
Deepwater Horizon Oil Spill Trust.
$2 billion of financial performance
improvementa in Refining and
Marketing since 2009.
Organic capital expenditureb increases
to around $22 billion.
a Refining and Marketing’s ‘performance
improvement’ is a non-GAAP measure.
See footnote a on page 95 for further information.
b Organic capital expenditure excludes acquisitions
and asset exchanges.
2013 -14
Drilling up to 25 wells per year.
A further nine major upstream project
start-ups.
Unit operating cash marginsc from new
upstream projects in 2014 expected to
be double the 2011 average.d
We bring onstream the major upgrade
to the Whiting refinery in the second
half of 2013.
We complete our $38-billion
divestment programme by the end
of 2013.
We have a high value, focused portfolio
that plays to our strengths.
Overall operating cash flow in 2014 to
increase by 50% compared with 2011.e
We expect to use around half of the
extra cash for increased investment
and around half for other purposes,
including increased distributions to
shareholders.
c See footnote a on page 39.
d See footnote b on page 39.
e See footnote c on page 39.