1st Quarter Results-Part 3

BP PLC 8 May 2001 PART 3 BP p.l.c. Group Results 1st Quarter 2001 London 8 May 2001 INVESTOR RELATIONS SUPPLEMENT REPLACEMENT COST OPERATING PROFIT ADJUSTED FOR SPECIAL ITEMS(a) AND ACQUISITION AMORTIZATION(b) BY SEGMENT First Fourth First Quarter Quarter Quarter 2001 2000 2000 ======================= $ million Exploration and Production UK 1,183 1,117 1,088 Rest of Europe 226 232 188 USA 2,517 2,076 1,191 Rest of World 1,210 1,275 760 ----------------------- 5,136 4,700 3,227 ----------------------- Gas and Power UK 12 1 (5) Rest of Europe 62 54 55 USA 35 29 14 Rest of World 3 99 78 ----------------------- 112 183 142 ----------------------- Refining and Marketing UK 8 92 33 Rest of Europe 162 392 36 USA 695 657 409 Rest of World 129 180 106 ----------------------- 994 1,321 584 ----------------------- Chemicals UK (50) 11 (31) Rest of Europe 80 33 78 USA 13 74 168 Rest of World 38 22 44 ----------------------- 81 140 259 ----------------------- Other businesses and corporate UK (78) (125) (111) Rest of Europe (19) (47) 9 USA (68) 48 (114) Rest of World 38 (8) 5 ----------------------- (127) (132) (211) ----------------------- 6,196 6,212 4,001 ======================= (a) The special items refer to non-recurring charges and credits. The special items for the quarter comprise Burmah Castrol integration costs, rationalization costs in the North European commercial and industrial business in Refining and Marketing and a bond redemption charge. (b) Acquisition amortization refers to depreciation and amortization relating to the fixed asset revaluation adjustment and goodwill consequent upon the ARCO and Burmah Castrol acquisitions. There was no acquisition amortization in the first quarter of 2000. ACQUISITION AMORTIZATION BY SEGMENT First Fourth First Quarter Quarter Quarter 2001 2000 2000 ======================= $ million Exploration and Production UK 29 30 - USA 392 373 - Rest of World 35 10 - ----------------------- 456 413 - ----------------------- Refining and Marketing UK 104 104 - USA 84 81 - ----------------------- 188 185 - ----------------------- 644 598 - ======================= SPECIAL ITEMS BY SEGMENT (PRE-TAX) First Fourth First Quarter Quarter Quarter 2001 2000 2000 ======================= $ million Exploration and Production UK - 5 - Rest of Europe - - - USA - 25 - Rest of World - 19 24 ----------------------- - 49 24 ----------------------- Gas and Power UK - - - Rest of Europe - - - USA - - - Rest of World - - - ----------------------- - - - ----------------------- Refining and Marketing UK 15 59 - Rest of Europe 26 38 - USA 4 188 - Rest of World 8 59 - ----------------------- 53 344 - ----------------------- Chemicals UK - 1 - Rest of Europe - 18 - USA - 18 - Rest of World - 185 - ----------------------- - 222 - ----------------------- Other Businesses and Corporate UK - 63 - Rest of Europe - - - USA - 173 16 Rest of World - - - ----------------------- - 236 16 ----------------------- Total special items before interest 53 851 40 Interest - bond redemption charges 10 111 - ----------------------- Total 63 962 40 ======================= ENVIRONMENTAL INDICATORS First Fourth First Quarter Quarter Quarter 2001 2000 2000 ======================= Average oil realizations(a) ($/bbl) UK 25.04 28.55 26.23 USA 24.79 28.02 24.52 Rest of World 23.52 27.48 26.26 BP Average 24.80 28.08 25.59 ======================= Brent oil price 25.75 29.56 26.90 West Texas Intermediate oil price 28.71 31.99 28.86 ======================= Average natural gas realizations ($/mcf) UK 3.53 3.03 2.23 USA 7.13 5.15 2.34 Rest of World 3.37 2.63 1.90 BP Average 4.96 3.76 2.18 ======================= Henry Hub gas price(b) ($/mmBtu) 7.08 5.28 2.52 ======================= Global Indicator Refining Margin(c) ($/bbl) NWE 2.35 3.63 2.07 USGC 6.69 3.78 2.68 USWC 10.94 10.21 n/a Singapore 0.70 2.18 2.42 BP Average 4.25 4.46 2.44 ======================= Chemicals Indicator Margin(d) ($/te) 93(e) 98 113 ======================= (a) Crude oil and natural gas liquids. (b) Henry Hub First of Month Index. (c) The Global Indicator Refining Margin (GIM) is the average of seven regional indicator margins weighted for BP's crude refining capacity in each region. Each regional indicator margin is based on a single representative crude with product yields characteristic of the typical level of upgrading complexity. (d) The Chemicals Indicator Margin (CIM) is a weighted average of externally-based product margins. It is based on market data collected by Chem Systems in their quarterly market analyses, then weighted based on BP's product portfolio. While it does not cover our entire portfolio, it includes a broader range of products than our previous indicator. Among the products and businesses covered in the CIM are the olefins and derivatives, the aromatics and derivatives, linear alpha olefins, acetic acid, vinyl acetate monomer and nitriles. Not included are fabrics and fibres, plastic fabrications, poly alpha olefins, anhydrides, engineering polymers and carbon fibres, speciality intermediates, and the remaining parts of the solvents and acetyls businesses. (e) Provisional. The data for the quarter is based on two months' actual and one month of provisional data. PER SHARE AMOUNTS First Fourth First Quarter Quarter Quarter 2001 2000 2000 ======================= Ordinary shares outstanding at period end (million) 22,484 22,529 19,493 - ADS equivalent (million) 3,747 3,755 3,249 Average ordinary shares (million) 22,474 + 19,427 - ADS equivalent (million) 3,746 + 3,238 ----------------------- Replacement cost profit after exceptional items ($m) 3,542 2,971 2,553 cents/ordinary share 15.76 13.20 13.14 dollars/ADS 0.95 0.79 0.79 ----------------------- Replacement cost profit before exceptional items ($m) 3,437 2,799 2,677 cents/ordinary share 15.29 12.40 13.78 dollars/ADS 0.92 0.74 0.83 ----------------------- Pro forma result adjusted for special items ($m) 4,126 4,090 2,707 cents/ordinary share 18.36 18.25 13.93 dollars/ADS 1.10 1.10 0.84 ----------------------- + Discrete quarterly per share amounts are calculated using the cumulative average shares. EARNINGS ADJUSTED ON A QUASI CASH BASIS (PRE-EXCEPTIONAL ITEMS) First Fourth First Quarter Quarter Quarter 2001 2000 2000 ======================= $ million Replacement cost operating profit 5,499 4,763 3,961 Earnings from joint ventures and associates (331) (352) (354) Dividends from joint ventures and associated undertakings 122 120 226 Depreciation and amounts provided(a) 2,140 2,228 1,195 Exploration expense 169 157 131 Interest paid (361) (471) (224) Tax paid(b) (139) (1,525) (537) Dividends paid to minority shareholders - (4) (2) ----------------------- 7,099 4,916 4,396 ======================= cents/ordinary share 31.59 21.78 22.60 dollars/ADS 1.90 1.31 1.36 ======================= Includes post tax charges for special items (cents per share) 0.16 2.78 0.15 (a) Includes acquisition amortization of $664 million and $598 million in the first quarter of 2001 and fourth quarter of 2000 respectively. (b) Tax paid in the fourth quarter 2000 has been adjusted to exclude payments relating to major dispositions and other exceptional items. RETURN ON AVERAGE CAPITAL EMPLOYED First Fourth First Quarter Quarter Quarter 2001 2000 2000 ======================= $ million Replacement cost basis RC profit before exceptional items 3,437 2,799 2,677 Interest 446 611 296 Minority shareholders' interest 11 17 68 ----------------------- 3,894 3,427 3,041 ======================= Average Capital Employed 94,343 94,402 59,571 ROACE 17% 15% 20% ----------------------- Pro forma and special items adjustments Acquistion amortization 644 598 - Special items (post tax) 37 613 30 Average capital employed acquisition adjustment 20,953 21,574 - ROACE - Pro forma basis adjusted for special items 25% 25% 21% ----------------------- Historical cost basis Historical cost profit after exceptional items 3,304 2,410 3,085 Interest 446 611 296 Minority shareholders' interest 11 17 68 ----------------------- 3,761 3,038 3,449 ======================= ROACE 16% 13% 23% NET DEBT RATIO - NET DEBT: NET DEBT + EQUITY First Fourth First Quarter Quarter Quarter 2001 2000 2000 ======================= $ million Gross debt 18,788 21,190 14,357 Cash and current asset investments 2,147 1,831 736 ----------------------- Net debt 16,641 19,359 13,621 ======================= Equity 74,707 74,001 45,899 Net debt ratio 18% 21% 23% ----------------------- Acquisition adjustment 20,631 21,275 - Net debt ratio - pro forma basis 24% 27% 23% RESTATEMENT OF 2000 SEGMENT INFORMATION On 1 January 2001, the natural gas liquids (NGL) operations, located in the USA and Canada, were moved to the Gas and Power business from Refining and Marketing. Comparative information has been restated as shown below. REPLACEMENT COST OPERATING PROFIT 1Q 2Q 3Q 4Q Year ================================= $ million Previously reported Refining and Marketing total 674 1,271 1,048 915 3,908 Previously reported Gas and Power total 52 26 48 60 186 ================================= Restated as: Refining and Marketing UK 33 148 63 (71) 173 Rest of Europe 36 130 233 354 753 USA 409 814 600 388 2,211 Rest of World 106 91 68 121 386 --------------------------------- 584 1,183 964 792 3,523 ================================= Gas and Power UK (5) 4 14 1 14 Rest of Europe 55 11 28 54 148 USA 14 47 14 29 104 Rest of World 78 52 76 99 305 --------------------------------- 142 114 132 183 571 ================================= TURNOVER 1Q 2Q 3Q 4Q Year =================================== $ million By business Exploration and Production 6,504 7,278 8,195 8,965 30,942 Gas and Power 3,255 3,724 5,481 8,553 21,013 Refining and Marketing 19,696 24,168 31,311 32,708 107,883 Chemicals 2,781 2,914 2,798 2,754 11,247 Other businesses and corporate 41 51 106 51 249 ----------------------------------- 32,277 38,135 47,891 53,031 171,334 Less: sales between businesses 4,566 4,977 5,260 8,469 23,272 ----------------------------------- Group excluding JVs 27,711 33,158 42,631 44,562 148,062 Sales of joint ventures 5,380 5,869 2,231 284 13,764 ----------------------------------- 33,091 39,027 44,862 44,846 161,826 =================================== RESTATEMENT OF 2000 SEGMENT INFORMATION EXCEPTIONAL ITEMS 1Q 2Q 3Q 4Q Year ================================= $ million Previously reported Refining and Marketing total 19 5 160 (85) 99 Previously reported Gas and Power total - - - - - ================================= Restated as: Refining and Marketing 19 5 161 (87) 98 Gas and Power - - (1) 2 1 ================================= CAPITAL EXPENDITURE AND ACQUISITIONS 1Q 2Q 3Q 4Q Year ================================= $ million Previously reported Refining and Marketing total 1,102 518 5,504 1,626 8,750 Previously reported Gas and Power total 7 57 114 101 279 ================================= Restated as: Refining and Marketing UK 889 29 4,098 393 5,409 Rest of Europe 44 65 1,275 328 1,712 USA 76 334 30 652 1,092 Rest of World 87 76 90 227 480 --------------------------------- 1,096 504 5,493 1,600 8,693 ================================= Gas and Power UK 2 28 78 86 194 Rest of Europe 1 1 1 13 16 USA 1 30 37 5 73 Rest of World 9 12 9 23 53 --------------------------------- 13 71 125 127 336 =================================

Companies

BP (BP.)

Friday, 1st November 2024

COMPANIES COVERED:

AML BOO RKT

Reckitt Benckiser shares jump notably on a US legal ruling in favour of a subsidiary company, Boohoo appoints a new CEO – likely to the chagrin of Frasers Group – and Aston Martin gives back some of its recent gains.

Full Archive

UK 100

Latest directors dealings

All directors dealings today