2nd Quarter Results Pt 1 of 3
BP PLC
29 July 2003
BP p.l.c.
Group Results
Second Quarter and Half Year 2003
London 29 July 2003
FOR IMMEDIATE RELEASE
RESULT UP 42%; CONTINUING STRONG CASH GENERATION
---------------------------------------------------------------------------
Second First Second
Quarter Quarter Quarter First Half
2002 2003 2003 $ million 2003 2002 %
======================= ====================
Replacement cost profit
1,311 3,128 2,454 before exceptional items 5,582 2,235
351 (27) 32 Special items(a) 5 471
537 628 629 Acquisition amortization(b) 1,257 1,075
----------------------- --------------------
Pro forma result adjusted
2,199 3,729 3,115 for special items 6,844 3,781 81
======================= ====================
6.77 10.44 8.67 - per ordinary share (pence) 19.11 11.71 63
9.80 16.70 14.06 - per ordinary share (cents) 30.76 16.86 82
0.58 1.00 0.85 - per ADS (dollars) 1.85 1.00
======================= ====================
o BP's second quarter pro forma result, adjusted for special items, was
$3,115 million, compared with $2,199 million a year ago, an increase of
42%. For the half year, the result was $6,844 million compared with
$3,781 million, up 81%. Replacement cost profit, before exceptional
items, for the second quarter and half year was $2,454 million and
$5,582 million respectively, compared with $1,311 million and $2,235
million a year ago.
o The second quarter trading environment was more favourable than a year
ago.
o Improved operating performance generated additional income for the
quarter and half year. Non-cash costs were higher in both periods.
o Net cash inflow for the quarter and the first half was $2,377 million
and $5,605 million respectively, compared with an inflow of $1,891
million and an outflow of $532 million a year ago. Net cash flow from
operating activities for the quarter and half year was $7,346 million
and $13,307 million respectively compared with $5,133 million and
$8,769 million a year ago.
o The pro forma ratio of net debt to net debt plus equity was 22% at the
end of the quarter.
o Return on average capital employed for the quarter, on a pro forma
basis adjusted for special items, was 17%, compared with 13% a year
ago.
o The TNK-BP deal was signed in June. Subject to various consents, it is
expected to complete later this summer.
o The quarterly dividend increased from 6.25 cents to 6.50 cents per
share ($0.39 per ADS). This compares with 6.00 cents a year ago. For
the half year the dividend showed an increase of 8.5%. In sterling
terms, the quarterly dividend is 4.039 pence per share compared with
3.875 pence a year ago; for the half year the increase was 0.8%. The
company repurchased for cancellation 144 million of its own shares
during the quarter, at a cost of $1 billion. During the first half,
299 million shares have been repurchased and cancelled at a cost of
$2 billion.
BP Group Chief Executive, Lord Browne, said:
'This is another strong quarterly result. Strategy and performance
delivery are on track. Cash flow was robust, which has provided the
opportunity for a good shareholder return through dividends and share
buybacks.'
The pro forma result, adjusted for special items, has been derived from the
group's reported UK GAAP accounting information but is not in itself a
recognized UK or US GAAP measure. This financial performance information and
measures derived therefrom, shown above and elsewhere in the document, are
provided in order to enable investors to evaluate better both BP's current
performance, in the context of past performance, and its performance against
that of its competitors.
(a) The special items refer to non-recurring charges and credits. The
special items for the second quarter are restructuring costs in
Exploration and Production, Veba integration costs in Refining and
Marketing, and a reduction in the provision for costs associated with
closure of polypropylene capacity in Petrochemicals.
(b) Acquisition amortization is depreciation and amortization relating to
the fixed asset revaluation adjustments and goodwill consequent upon
the ARCO and Burmah Castrol acquisitions.
Summary Quarterly Results
Exploration and Production's second quarter result was up 24% on a year ago,
reflecting higher average realizations.
In Gas, Power and Renewables, the result reflects the absence of a contribution
from Ruhrgas following the sale of our interest last year, mostly offset by
improved performance.
The Refining and Marketing result increased significantly compared with a year
ago due to higher worldwide refining margins and improved retail margins,
particularly in the USA and Europe, with some offset from utility costs.
The Petrochemicals result reflected higher margins from lower feedstock costs,
with flat demand conditions prevailing.
Interest expense for the quarter was $191 million compared with $220 million for
the prior quarter, primarily reflecting lower average debt levels.
The pro forma effective tax rate on replacement cost profit, before exceptional
items, and adjusted for special items, was 34% compared with 36% a year ago.
Capital expenditure, excluding acquisitions, was $3.2 billion for the quarter.
Total capital expenditure and acquisitions was $3.3 billion. Disposal proceeds
were $1.7 billion.
Net cash inflow was $2,377 million compared with $1,891 million a year ago;
higher cash flow from operating activities was partly offset by higher tax
payments and lower disposal proceeds.
Net debt at the end of the quarter was $16.2 billion. The pro forma ratio of net
debt to net debt plus equity was 22%.
---------
The commentaries above and following are based on the pro forma replacement cost
operating results, before exceptional items, adjusted for special items.
To reflect BP's increased focus on chemical products derived from oil and gas,
the Chemicals segment has been renamed Petrochemicals.
Reconciliation of Reported Results to
Pro Forma Results Adjusted for Special Items
Pro Forma Result Pro Forma Result
adjusted for ----- 2Q 2003 --------------- adjusted for
special items special items
-------------------
2Q 1Q 2Q Special Acq. Reported First Half
2002 2003 2003 Items* Amort+ Earnings $ million 2003 2002
=========================================== ==============
Exploration and
2,889 4,888 3,589 12 424 3,153 Production 8,477 5,289
Gas, Power
114 194 103 - - 103 and Renewables 297 225
Refining and
685 854 1,135 41 205 889 Marketing 1,989 972
246 139 308 (5) - 313 Petrochemicals 447 354
Other businesses
(128) (165) (134) - - (134) and corporate (299) (253)
------------------------------------------- --------------
RC operating
3,806 5,910 5,001 48 629 4,324 profit 10,911 6,587
------------------------------------------- --------------
(314) (220) (191) - - (191)Interest expense (411) (647)
(1,243)(1,935)(1,635) (16) - (1,619)Taxation (3,570) (2,100)
(50) (26) (60) - - (60)MSI (86) (59)
------------------------------------------- --------------
RC profit before
2,199 3,729 3,115 32 629 2,454 exceptional items 6,844 3,781
------------------------------------------- --------------
280 Exceptional items before tax
(149)Taxation on exceptional items
-----
2,585 RC profit after exceptional items
(951)Stock holding losses
-----
1,634 HC profit
=====
* The special items refer to non-recurring charges and credits. The special
items for the second quarter are restructuring costs in Exploration and
Production, Veba integration costs in Refining and Marketing, and a
reduction in the provision for costs associated with closure of
polypropylene capacity in Petrochemicals.
+ Acquisition amortization is depreciation and amortization relating to the
fixed asset revaluation adjustments and goodwill consequent upon the ARCO
and Burmah Castrol acquisitions.
Operating Results
Second First Second
Quarter Quarter Quarter First Half
2002 2003 2003 2003 2002
======================= ==============
Replacement cost
3,250 5,125 4,324 operating profit ($m) 9,449 5,308
----------------------- --------------
Replacement cost profit
1,311 3,128 2,454 before exceptional items ($m) 5,582 2,235
----------------------- --------------
Profit after exceptional items ($m)
1,527 3,468 2,585 Replacement cost 6,053 2,381
2,058 4,267 1,634 Historical cost 5,901 3,354
----------------------- --------------
Per ordinary share (cents)
Pro forma result
9.80 16.70 14.06 adjusted for special items 30.76 16.86
RC profit before
5.85 14.01 11.08 exceptional items 25.09 9.97
9.18 19.11 7.41 HC profit after exceptional items 26.52 14.96
Per ADS (cents)
Pro forma result
58.80 100.20 84.36 adjusted for special items 184.56 101.16
RC profit before
35.10 84.06 66.48 exceptional items 150.54 59.82
55.08 114.66 44.46 HC profit after exceptional items 159.12 89.76
----------------------- --------------
Exploration and Production
2Q 1Q 2Q First Half
2002 2003 2003 $ million 2003 2002
================= ==============
2,458 4,326 3,153 Replacement cost operating profit 7,479 4,386
90 139 12 Special items 151 217
341 423 424 Acquisition amortization 847 686
----------------- --------------
Pro forma operating result
2,889 4,888 3,589 adjusted for special items 8,477 5,289
================= ==============
Results include:
222 112 101 Exploration expense 213 346
Of which:
147 50 43 Exploration expenditure written off 93 206
----------------- --------------
Production (Net of Royalties)
1,808 1,830 1,712 Crude oil (mb/d) 1,771 1,781
244 233 199 Natural gas liquids (mb/d) 216 239
2,052 2,063 1,911 Total liquids (mb/d)(a) 1,987 2,020
8,667 9,017 8,439 Natural gas (mmcf/d) 8,727 8,706
3,546 3,618 3,366 Total hydrocarbons(b) 3,492 3,521
================= ==============
Average realizations
24.27 31.07 25.73 Crude oil ($/bbl) 28.50 22.07
12.40 19.82 17.49 Natural gas liquids ($/bbl) 18.76 11.77
22.81 29.82 24.90 Total liquids ($/bbl) 27.47 20.81
2.45 3.87 3.39 Natural gas ($/mcf) 3.64 2.36
19.01 26.39 22.43 Total hydrocarbons 24.49 17.63
================= ==============
Average oil marker prices
($/bbl)
25.07 31.47 26.03 Brent 28.77 23.12
26.30 34.00 29.02 West Texas Intermediate 31.53 23.94
25.04 33.16 27.04 Alaska North Slope US West Coast 30.13 22.42
================= ==============
3.38 6.53 5.40 Henry Hub gas price(c) ($/mmBtu) 5.96 2.87
UK Gas - National
12.10 21.28 17.44 Balancing Point (p/therm) 19.35 15.63
================= ==============
(a) Crude oil and natural gas liquids.
(b) Natural gas is converted to oil equivalent at 5.8 billion cubic feet
= 1 million barrels.
(c) Henry Hub First of the Month Index.
Exploration and Production
The pro forma result for the second quarter, adjusted for special items, was
$3,589 million, up 24% from the second quarter of 2002. Special charges were $12
million in respect of our ongoing restructuring activities in the UK. The
acquisition amortization charge included accelerated amortization of $108
million as a result of the impairment of the Kepadong field in Indonesia.
The result for the quarter reflected higher realizations, with liquids up $2.09/
bbl and natural gas up $0.94/mcf on a year ago. North American basin
differentials to the Henry Hub marker price narrowed over the quarter following
the opening of pipeline expansion routes. The result includes a credit of $106
million, reflecting a reduction in the provision for Unrealized Profit in Stock
(UPIS), which removes the upstream margin from downstream inventories, following
a decrease in the Alaska North Slope oil price. This compares with a charge of
$83 million in the equivalent quarter last year.
The half year result also reflected the impact of higher realizations, with
liquids up $6.66/bbl and gas up $1.28/mcf.
During the quarter we had two exploration successes in Angola: Saturno in Block
31 and Clochas in Block 15; along with Saqqara in the Gulf of Suez in Egypt.
Atlantic LNG Train 3 started up ahead of schedule in April and the government of
Trinidad and Tobago approved the Atlantic Train 4 project in June. Construction
of the Baku-Tbilisi-Ceyhan pipeline began in May. Progress in Angola continued
with the approval of the Dalia development by Sonangol in April.
Second quarter production was down 5% (2% after adjusting for divestments). The
decrease, which follows an increase of over 3% in the first quarter, reflects
the pattern of planned quarterly maintenance, the impact of higher prices on
production sharing contract volumes and lower NGL production owing to strong US
gas prices. For the half year, production was down 1% (up 1% after adjusting for
divestments). Declines in existing profit centres were as expected and more than
offset by growth from new profit centres, particularly Trinidad and Deepwater
Gulf of Mexico.
We have continued our programme to improve returns and enhance value by
high-grading our portfolio. We have completed the divestment of several US
onshore and Gulf of Mexico shelf properties and agreed the sale of the Liuhua
and QHD fields in China to the China National Offshore Oil Corporation. On 19
May, the sale of our interest in the Gyda field in Norway to Talisman was
announced. We also announced an agreement in principle to sell 50% of the In
Amenas gas condensate project and 49% of our interest in In Salah gas in Algeria
to Statoil.
Progress continues in the establishment of our new joint venture TNK-BP with the
signing of the agreement with the Alfa Group and Access-Renova on 26 June. The
completion of the deal is subject to various consents.
Gas, Power and Renewables
2Q 1Q 2Q First Half
2002 2003 2003 $ million 2003 2002
====================== ==============
114 194 103 Replacement cost operating profit 297 225
- - - Special items - -
- - - Acquisition amortization - -
---------------------- --------------
Pro forma operating result
114 194 103 adjusted for special items 297 225
====================== ==============
Gas sales volumes (mmcf/d)
2,349 3,215 2,581 UK 2,896 2,483
390 473 421 Rest of Europe 447 402
8,451 11,734 10,441 USA 11,084 8,591
8,618 11,553 10,839 Rest of World 11,194 8,952
----------------------- --------------
19,808 26,975 24,282 Total gas sales volumes 25,621 20,428
======================= ==============
NGL sales volumes (mb/d)
- - - UK - -
- - - Rest of Europe - -
189 126 136 USA 131 171
196 232 124 Rest of World 178 214
----------------------- --------------
385 358 260 Total NGL sales volumes 309 385
======================= ==============
Gas, Power and Renewables
The pro forma result for the second quarter and half year was $103 million and
$297 million, respectively, compared with $114 million and $225 million a year
ago. The reduction in the second quarter result is due to the absence of a $40
million contribution from Ruhrgas following the sale of our interest last year,
mostly offset by improved performance. The half year result increased due to
improved performance which more than offset the loss of the $96 million Ruhrgas
contribution.
The second quarter and half year results reflected an increase in gas sales
volumes and strong performance from the global LNG business. Second quarter gas
sales volumes were up 23%, and equity LNG sales up 58%. During the quarter, the
first cargo of LNG was sold from the newly commissioned Train 3 of Atlantic
LNG's facility in Trinidad and Tobago. On 1 July, BP took delivery of the LNG
ship, the British Merchant, which is the third and final ship to be delivered
under the initial phase of the global LNG strategy. Also during the quarter, BP
and Oman LNG signed a memorandum of understanding for the supply of up to 4
million tonnes of LNG over a six-year period to strengthen BP's gas marketing
position in Spain.
Higher gas prices relative to liquids prices in North America in the second
quarter have led to lower production and sales volumes in the natural gas
liquids business and a lower result compared with a year ago. The half year
result was flat.
Refining and Marketing
2Q 1Q 2Q First Half
2002 2003 2003 $ million 2003 2002
======================= =============
603 631 889 Replacement cost operating profit 1,520 671
(114) 18 41 Special items 59 (88)
196 205 205 Acquisition amortization 410 389
----------------------- -------------
Pro forma operating result
685 854 1,135 adjusted for special items 1,989 972
======================= =============
Refinery throughputs (mb/d)
376 377 416 UK 397 384
924 954 991 Rest of Europe 973 879
1,464 1,302 1,465 USA 1,384 1,429
339 391 393 Rest of World 392 357
----------------------- -------------
3,103 3,024 3,265 Total throughput 3,146 3,049
======================= =============
95.8 94.2 96.7 Refining availability(a)(%) 95.4 95.8
======================= =============
Oil sales volumes (mb/d)
Refined products
230 279 279 UK 279 243
1,444 1,318 1,358 Rest of Europe 1,338 1,360
1,941 1,751 1,822 USA 1,787 1,888
522 645 607 Rest of World 626 561
----------------------- --------------
4,137 3,993 4,066 Total marketing sales 4,030 4,052
2,342 2,811 2,957 Trading/supply sales 2,884 2,439
----------------------- --------------
6,479 6,804 7,023 Total refined product sales 6,914 6,491
4,915 4,529 5,679 Crude oil 5,104 4,862
----------------------- --------------
11,394 11,333 12,702 Total oil sales 12,018 11,353
======================= ==============
Global Indicator Refining Margin(b)
($/bbl)
0.59 3.70 2.15 NWE 2.92 0.34
2.62 6.14 3.59 USGC 4.86 2.33
3.76 4.14 4.73 Midwest 4.44 2.91
4.46 6.77 6.34 USWC 6.55 4.95
0.18 2.98 0.66 Singapore 1.81 0.20
2.06 4.52 3.27 BP Average 3.89 1.85
======================= ==============
(a) Refining availability is the weighted average percentage of the period
that refinery units are available for processing, after accounting for
downtime such as turnarounds.
(b) The Global Indicator Refining Margin (GIM) is the average of six
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. The regional indicator margins may not be
representative of the margins achieved by BP in any period because of
BP's particular refinery configurations and crude and product slate.
Refining and Marketing
The pro forma result for the second quarter, adjusted for special items, was
$1,135 million, compared with $685 million for the same period last year. The
special charge of $41 million for the quarter relates to ongoing Veba
integration costs. The half year result is up $1,017 million compared with the
first half of last year.
The results for the quarter and half year reflect improved worldwide refining
margins and higher marketing margins, particularly retail margins in the USA and
Europe, with some offset from higher utility costs. Improved operating
performance also contributed to the results in the marketing businesses.
Refining throughputs increased by 5%, compared with a year ago, with
availability at 96.7%. Marketing volumes were 2% lower than a year ago.
An additional 760 sites were reimaged, bringing the total number of sites with
the BP Helios to some 12,000 worldwide.
Petrochemicals
2Q 1Q 2Q First Half
2002 2003 2003 $ million 2003 2002
======================= =============
203 139 313 Replacement cost operating profit 452 279
43 - (5) Special items (5) 75
- - - Acquisition amortization - -
----------------------- -------------
Pro forma operating result
246 139 308 adjusted for special items 447 354
======================= =============
109 96 120(b)Chemicals Indicator Margin(a)($/te) 108(b) 95
======================= =============
Petrochemicals production (kte)
837 869 714 UK 1,583 1,666
2,595 2,763 2,681 Rest of Europe 5,444 5,178
2,695 2,536 2,503 USA 5,039 5,184
762 812 872 Rest of World 1,684 1,472
----------------------- --------------
6,889 6,980 6,770 Total production 13,750 13,500
======================= ==============
(a) The Chemicals Indicator Margin (CIM) is a weighted average of
externally-based product margins. It is based on market data collected
by Nexant (formerly Chem Systems) in their quarterly market analyses,
then weighted based on BP's product portfolio. It does not cover our
entire portfolio of products, and consequently is only indicative rather
than representative of the margins achieved by BP in any particular
period. Amongst the products and businesses covered in the CIM are
olefins and derivatives, the aromatics and derivatives, linear alpha-
olefins (LAOs), acetic acid, vinyl acetate monomers and nitriles. Not
included are fabrics and fibres, plastic fabrications, poly alpha-
olefins (PAOs), anhydrides, speciality intermediates, and the remaining
parts of the solvents and acetyls businesses.
(b) Provisional. The data for the second quarter is based on two months'
actuals and one month of provisional data.
Petrochemicals
Petrochemicals' pro forma result for the second quarter, after adjusting for
special items, was $308 million, up from $139 million in the first quarter, due
primarily to lower feedstock costs and improved margins in several businesses.
This was the highest quarterly result for the segment since the second quarter
of 2000. Production of 6,770 thousand tonnes in the second quarter was 3% below
the first quarter. Although demand in Europe showed continuing weakness, overall
sales remained flat.
The first half result was 26% above that of a year ago, reflecting improved
margins, cost management and improved reliability of operations. First half
production was 250 thousand tonnes higher than a year ago due to core business
sales growth from Asian PTA and acetic acid plant start-ups and an additional
month of production from Veba.
During the quarter we completed the divestment of our interest in Petrokimia
Nusantara Interindo, PT (PT Peni), our polyethylene joint venture in Indonesia.
The special item for the quarter is a reduction in the provision for costs
associated with the closure of polypropylene capacity in the USA.
Other Businesses and Corporate
2Q 1Q 2Q First Half
2002 2003 2003 $ million 2003 2002
================= =============
(128) (165) (134) Replacement cost operating loss (299) (253)
- - - Special items - -
- - - Acquisition amortization - -
----------------- -------------
Pro forma operating result
(128) (165) (134) adjusted for special items (299) (253)
================= =============
Other businesses and corporate comprises Finance, the group's coal asset and
aluminium asset, its investments in PetroChina and Sinopec, interest income and
costs relating to corporate activities. In July, BP announced that it has agreed
to sell its 50 per cent interest in the Indonesian coal mining company PT Kaltim
Prima Coal to PT Bumi Resources, subject to the receipt of certain shareholder
and other approvals.
Exceptional Items
2Q 1Q 2Q First Half
2002 2003 2003 $ million 2003 2002
================= =============
Profit (loss) on sale of fixed assets and
376 394 280 businesses or termination of operations 674 267
(160) (54) (149) Taxation charge (203) (121)
----------------- -------------
216 340 131 Exceptional items after taxation 471 146
================= =============
Exceptional items for the second quarter include a gain on the sale of our
interest in the North Sea Forties oil field, partly offset by a provision for
the loss on disposal of QHD in China.
2003 Dividends
2Q 1Q 2Q First Half
2002 2003 2003 $ million 2003 2002
================= =============
Dividends per ordinary share
6.00 6.25 6.50 cents 12.75 11.75
3.875 3.947 4.039 pence 7.986 7.926
36.0 37.5 39.0 Dividends per ADS (cents) 76.5 70.5
----------------------- --------------
BP today announced a second quarterly dividend for 2003 of 6.50 cents per
ordinary share. Holders of ordinary shares will receive 4.039 pence per share
and holders of American Depositary Receipts (ADRs) $0.39 per ADS share. The
dividend is payable on 8 September to shareholders on the register on 15 August.
Participants in the Dividend Reinvestment Plan (DRIP) or the DRIP facility in
the US Direct Access Plan will receive the dividend in the form of shares, also
on 8 September. The third quarter 2003 results and dividend will be announced on
28 October.
Outlook
BP Group Chief Executive, Lord Browne, concluded:
'World economic activity has continued to grow only slowly during the
second quarter, with OECD industrial production weakening. US consumer
confidence remains below the levels of last June, but with some signs of
modest improvement compared with the first quarter of this year. The
impact of SARS was discernible in lower economic activity in the second
quarter in Asia, but there are already signs that the region is
recovering into the second half of the year.
'Crude oil markets continue to be characterized by relative tightness. On
the basis of preliminary estimates, OECD commercial inventories ended the
quarter at the lowest seasonal level for over a decade. Crude oil prices
have been well supported, averaging $26.03 per barrel (Dated Brent) in
the second quarter and over $28 per barrel in July to date. The seasonal
pick-up in oil demand in the second half of the year, OPEC's June
production cuts and an anticipated slow recovery in Iraqi oil production
point to continued price support in coming months.
'US natural gas prices fell back in the second quarter but remained high,
with the Henry Hub first of the month index averaging $5.40/mmbtu. Gas
price differentials in the Rockies have narrowed significantly following
the opening of the Kern River pipeline expansion. High prices have
instigated a number of market reactions. These, together with mild
weather, have led to a series of very high storage injections in recent
weeks, despite falling domestic production. Prices look set to stay above
residual fuel oil parity during the third quarter.
'Refining margins have started the third quarter at similar levels to the
second quarter (BP GIM $3.27/bbl) and remain firm in most regions. OECD
commercial product inventories are still at five-year lows and should
continue to underpin refining fundamentals in the short term.
'The strong retail margins experienced in the second quarter have
softened and are projected to revert to more typical levels in the third
quarter.
'Petrochemical margins in the first half of 2003 were above those of last
year, with higher product prices for the majority of petrochemical
products. Recent increases in feedstock costs and flat demand are
expected to result in a challenging environment in the third quarter.
'Consistent with our financial framework and plan for the year, we expect
capital expenditure to be in the range of $14 to 14.5 billion, excluding
acquisitions. As previously indicated, 2003 is expected to be the peak
year for our medium term capital spending programme. The $14 to 14.5
billion range excludes the initial cash payment due on completion of the
TNK-BP transaction, expected to complete later in the summer. In
addition, subject to the trading environment, we expect to make payments
of up to $2 billion to a number of the group's pension funds in the
second half of 2003, and, if additional funds are available, to pursue
further share buybacks. We expect gearing to return to the lower half of
our 25-35% target range following these events.'
----------------------------------------------------------------------
The foregoing discussion, in particular the statements under 'Outlook',
contains forward looking statements particularly those regarding future
performance, prices, margins, returns, dividends, capital expenditure,
investments, divestments, gearing, BP's asset portfolio and changes in
it, timing of pending transactions, share repurchases, and other trend
projections. Forward looking statements by their nature involve risks
and uncertainties and actual results may differ from those expressed in
such statements depending on a variety of factors including the
following: the timing of bringing new fields on stream; industry
product supply, demand and pricing; currency exchange rates;
operational problems; general economic conditions; political stability
and economic growth in relevant areas of the world; changes in
governmental regulations; exchange rate fluctuations; development and
use of new technology and successful commercial relationships; the
actions of competitors; natural disasters and other changes in business
conditions; prolonged adverse weather conditions; and wars and acts of
terrorism or sabotage. For more information you should refer to our
Annual Report and Accounts 2002 and our Annual Report on Form 20-F
filed with the US Securities and Exchange Commission.
----------------------------------------------------------------------
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