BP 2010 Annual Report Download - page 69
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Businessreview
Business review
Trend information
Forinformationonexternalmarkettrends,seeOurmarketonpages16-18.
Weexpectproductionin2011tobelowerthanin2010asaresult
ofdivestments,lowerproductionfromtheGulfofMexicoandincreased
turnaroundactivitytoimprovethelong-termreliabilityoftheassets.Asa
resultofthesefactors,reportedproductionin2011isexpectedtobe
around3,400mboe/d.Theactualoutcomewilldependontheexacttiming
ofdivestments,thepaceofresumptionofoperationsintheGulfofMexico,
OPECquotasandtheimpactoftheoilpriceonourPSAs.
InReningandMarketing,renersarelikelytocontinuetooperate
withexcesscapacityglobally,althoughnear-termsupply-demand
fundamentalsappearbroadlyinbalance.Weexpectthenumberandcost
ofourreneryturnaroundsin2011and2012tobehigherthanin2010.
InOtherbusinessesandcorporate,theunderlyingaveragequarterly
chargefor2011isexpectedtobearound$400million.Asinpreviousyears,
thisislikelytobevolatileonanindividualquarterlybasis.
Weexpectcapitalexpenditure,excludingacquisitionsandasset
exchanges,tobearound$20billionin2011,anincreasecomparedwith2010.
Havingreceivedatotalof$17billionfordisposalproceedsanddisposal
depositsin2010,wearetargetingaroundafurther$13billionin2011.
Thediscussionabovecontainsforward-lookingstatements,particularly
thoseregardingglobaleconomicrecoveryandoutlookforoilandgas
markets,oilandgasprices,reningmargins,production,demandfor
petrochemicalsproducts,effectivetaxrate,operatingandcapital
expenditure,timingandproceedsofdivestments,contractual
commitments,balanceofcashinowsandoutows,netdebtratio,and
dividendandoptionalscripdividend.Theseforward-lookingstatementsare
basedonassumptionsthatmanagementbelievestobereasonableinthe
lightofthegroup’soperationalandnancialexperience.However,no
assurancecanbegiventhattheforward-lookingstatementswillbe
realized.Youareurgedtoreadthecautionarystatementonpage4andRisk
factorsonpages27-32,whichdescribetherisksanduncertaintiesthatmay
causeactualresultsanddevelopmentstodiffermateriallyfromthose
expressedorimpliedbytheseforward-lookingstatements.Thecompany
providesnocommitmenttoupdatetheforward-lookingstatementsorto
publishnancialprojectionsforforward-lookingstatementsinthefuture.
BPAnnualReportandForm20-F2010 67