BP 2011 Annual Report Download - page 39

Business review: Group overview
BP Annual Report and Form 20-F 2011 37
Our strategy
In 2011, we put forward a clear 10-point plan that
defines what you can expect from us, and what
you will be able to measure, through to 2014.
Following the tragic Deepwater Horizon oil spill, we set out a strategy designed to
deliver stability, and restore trust and value. Our first priority was to work to make
BP a safer, more risk-aware business. We pursued that strategy with purpose
through 2011 and have now laid out a 10-point plan for BP’s future.
Our renewed strategy is designed to make BP a simpler, stronger company
that plays to its strengths. It concentrates our distinctive talents on high value,
advantaged assets, with new and enhanced structures, process and discipline
serving to support and sustain our businesses and operations. Our goal is to grow
operating cash flows to enable us to both invest for future growth and increase
distributions to shareholders.
Our upstream strategic focus is aligned with what we see as the five key
drivers of value growth in our operations. These are: managing risk; increasing
investment, with a particular focus on exploration; managing our portfolio actively;
growing operating cash faster than production; and focusing on the major growth
engines that capitalize on our strengths – deepwater, gas value chains and giant
fields.
In the downstream, we are in the business of hydrocarbon value chains, and
with an intense focus on safe and reliable operations, we believe we now have
the platform to sustain and grow a world-class business capable of generating
leading returns and cash flow growth.
Below BP has a
significant presence
in Trinidad & Tobago,
operating 13 offshore
platforms and holding an
interest in Atlantic LNG.
Above Having achieved our
improved production target
in 2010, BP and partners are
working to refurbish the
wells and facilities at the
Rumaila field in Iraq.