BP 2014 Annual Report Download - page 17

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Our goal is to be a focused oil and gas company that
delivers value over volume.
Our strategy
An operator commissions a steam system at the
Whiting refinery in the US.
Technical operations onboard our floating
production, storage and offloading vessel in
Angola.
Distinctive capabilities
Our ability to deliver against our priorities and
build the right portfolio depends on our
distinctive capabilities. We apply advanced
technology across the hydrocarbon value chain,
from finding resources to developing energy-
efficient and high-performance products for
customers. We work to develop and maintain
strong relationships – with governments,
partners, civil society and others – to enhance
our operations in almost 80 countries across the
globe. And the proven expertise of our
employees comes to the fore in a wide range of
disciplines.
Our strategy in action
See how we are delivering our strategy
on page 14.
Our key performance indicators
See how we measure our progress
on page 18.
Risks
Find out how we manage the risks to our
strategy on page 46.
We prioritize value over volume by actively
managing a high-value upstream and
downstream portfolio and investing only where
we can apply the distinctive strengths,
capabilities and technologies we have built up
over decades.
Our objective is to create shareholder value by
growing sustainable free cash flow
over the long term. Our disciplined approach
enables us to grow distributions to our
shareholders over time.
We are pursuing our strategy by setting clear
priorities, actively managing a quality portfolio
and employing our distinctive capabilities.
Clear priorities
First, we aim to run safe, reliable and compliant
operations – leading to better operational
efficiency and safety performance. We also aim
to achieve competitive project execution, which
is about delivering projects efficiently so they are
on time and on budget. And we aim to make
disciplined financial choices in support of growth
in operating cash from our businesses,
disciplined allocation of capital and financial
resilience.
Quality portfolio
We undertake active portfolio management to
concentrate on areas where we can play to our
strengths. This means we continue to grow our
exploration position, reloading our upstream
pipeline. We focus on high-value upstream
assets in deep water, giant fields and selected
gas value chains. And, in our downstream
businesses, we plan to leverage our newly
upgraded assets, customer relationships and
technology to grow operating cash flow.
Our portfolio of projects and operations is
focused where we believe we can generate the
most value, and not necessarily the most
volume, through our production.
★ Defined on page 252. BP Annual Report and Form 20-F 2014 13
Strategic report