Finance
Annual Report and Form 20-F 2012 bp.com/annualreport Building a stronger, safer BP
Annual Report and Form 20-F 2012 bp.com/annualreport Building a stronger, safer BP
Front cover imagery The Petroleum Geo-Services (PGS) Ramform Sterling seismic vessel, which conducts seismic surveys for BP. Left image: the vessel working in the Ceduna Basin, Australia. Centre image: the vessel tows 12 streamers (pictured) behind it, each 8km long and equipped with hydrophones to pick up echoes from the rocks below the seabed. Right image: seismic data is picked up by vessel’s onboard computer system.
BP Annual Report and Form 20-F 2012
BP in 2012
The group made good progress this year. We worked to enhance safety and risk management. We continued to meet our commitments in the Gulf of Mexico. We sold assets and reduced complexity. And we focused investment on areas where we see higher margins. Over the following pages, we report on the actions taken to build a stronger, safer BP.
2 3
4 8 10 12 15
Information about this report Business review: Group overview
BP at a glance Chairman’s letter Group chief executive’s letter Energy outlook Our business model 20 22 28 30 32 Our strategy Our performance Our key performance indicators Our management of risk Cautionary statement
Business review: Group overview Business review: BP in more depth
Pages 3 – 32 Pages 5 – 00 Pages 33 – 100
33 Business review: BP in more depth
34 38 46 51 55 57 59 Financial review Risk factors Safety Environmental and social responsibility Employees Technology Gulf of Mexico oil spill 63 72 80 82 84 90 94 98 Upstream Downstream TNK-BP Other businesses and corporate Oil and gas disclosures for the group Liquidity and capital resources Regulation of the group’s business Certain definitions
Corporate governance
Pages 101 – 152
101 Corporate governance
102 104 109 112 114 116 117 120 Governance overview Board of directors Executive team How the board works Board
Annual Report and Form 20-F 2012 bp.com/annualreport Building a stronger, safer BP
Front cover imagery The Petroleum Geo-Services (PGS) Ramform Sterling seismic vessel, which conducts seismic surveys for BP. Left image: the vessel working in the Ceduna Basin, Australia. Centre image: the vessel tows 12 streamers (pictured) behind it, each 8km long and equipped with hydrophones to pick up echoes from the rocks below the seabed. Right image: seismic data is picked up by vessel’s onboard computer system.
BP Annual Report and Form 20-F 2012
BP in 2012
The group made good progress this year. We worked to enhance safety and risk management. We continued to meet our commitments in the Gulf of Mexico. We sold assets and reduced complexity. And we focused investment on areas where we see higher margins. Over the following pages, we report on the actions taken to build a stronger, safer BP.
2 3
4 8 10 12 15
Information about this report Business review: Group overview
BP at a glance Chairman’s letter Group chief executive’s letter Energy outlook Our business model 20 22 28 30 32 Our strategy Our performance Our key performance indicators Our management of risk Cautionary statement
Business review: Group overview Business review: BP in more depth
Pages 3 – 32 Pages 5 – 00 Pages 33 – 100
33 Business review: BP in more depth
34 38 46 51 55 57 59 Financial review Risk factors Safety Environmental and social responsibility Employees Technology Gulf of Mexico oil spill 63 72 80 82 84 90 94 98 Upstream Downstream TNK-BP Other businesses and corporate Oil and gas disclosures for the group Liquidity and capital resources Regulation of the group’s business Certain definitions
Corporate governance
Pages 101 – 152
101 Corporate governance
102 104 109 112 114 116 117 120 Governance overview Board of directors Executive team How the board works Board