BP 2012 Annual Report Download - page 31

Total shareholder return (%) Reserves replacement ratio (%) Production (mboe/d) Refining availability (%)
Total shareholder return (TSR) represents
the change in value of a BP shareholding
over a calendar year, assuming that
dividends are re-invested to purchase
additional shares at the closing price
applicable on the ex-dividend date.
2012 performance In 2012 the growth
in TSR resulted from increases in the
dividend, with the improvement for
ordinary shares diminished by exchange
rate effects.
Proved reserves replacement ratio (also
known as the production replacement ratio)
is the extent to which production is
replaced by proved reserves additions.
The ratio is expressed in oil-equivalent
terms and includes changes resulting from
revisions to previous estimates, improved
recovery and extensions, and discoveries.
The measure reflects both subsidiaries and
equity-accounted entities, but excludes
acquisitions and disposals.
2012 performance Our reserves
replacement ratio was impacted by a lower
than usual number of final investment
decisions related to major projects, lower
than expected reservoir performance, and
the curtailing or replanning of certain
development activities due to lower natural
gas prices and higher costs.
We report crude oil, natural gas liquids
(NGLs) and natural gas produced from
subsidiaries and equity-accounted
entities. These are converted to barrels
of oil equivalent (boe) at 1 barrel of
NGL = 1boe and 5,800 standard
cubic feet of natural gas = 1boe.
2012 performance BP’s total reported
production in 2012, including both our
Upstream and TNK-BP segments, was
3.6% lower than in 2011, mainly due to the
effect of transactions completed in
Upstream as part of our $38-billion
divestment programme.
Refining availability represents Solomon
Associates’ operational availability, which
is defined as the percentage of the year
that a unit is available for processing after
subtracting the annualized time lost due to
turnaround activity and all planned
mechanical, process and regulatory
maintenance downtime.
2012 performance Refining availability
remained at a high level of 94.8%,
reflecting strong operations around our
global refining portfolio.
(34.6)
(15.1)
(24.1) (21.4)
2.5
3.0
33.0
27.6
4.5
2.6
ADS basis Ordinary share basis
60
40
20
0
-20
2008 2009 2010 2011 2012
150
120
90
60
30
2008 2009 2010 2011 2012
121 129
106 103
77
4,250
4,000
3,750
3,500
3,250
2008 2009 2010 2011 2012
3,838
3,998
3,822
3,331
3,454
100
95
90
85
80
2008 2009 2010 2011 2012
88.8
95.0 94.8 94.8
93.6
We report greenhouse gas (GHG)
emissions on a CO2-equivalent basis,
including CO2 and methane. This represents
all consolidated entities and BP’s share of
equity-accounted entities, except TNK-BP.
In 2010 we did not report on GHG
emissions associated with the Deepwater
Horizon incident or response (see page 52).
2012 performance The 2.0Mte decrease in
direct GHG emissions in 2012 is primarily
explained by operational changes due to
temporary reductions in activity in some of
our businesses and by the sale of upstream
assets as part of our divestment
programme.
We track how engaged our employees
are with our strategic priorities of
strengthening safety, earning back trust
and building long-term value. The measure
is derived from 12 questions about
employee perceptions of BP as a
company and how it is managed in terms
of leadership and standards.
2012 performance Aggregate results
for these questions showed a 4%
improvement on 2011 to 71%.
Each year we record the percentage of
women and individuals from countries
other than the UK and US among BP’s
group leaders.
2012 performance BP has increased the
percentage of female leaders in 2012 and
remains focused on building a more
sustainable pipeline of diverse talent for
the future.
100
80
60
40
20
2008 2009 2010 2011 2012
61.4 65.0 64.9 61.8 59.8
100
80
60
40
20
2008 2009 2010 2011 2012
67 71
Data not collected
Women Non UK/US
30
25
20
15
10
5
2008 2009 2010 2011 2012
19
21
14 14 14
19
15
19
22
17
Greenhouse gas emissions
(million tonnes of CO2 equivalent)
Group priorities engagementc (%) Diversity and inclusionc (%)
a Not a recognized GAAP measure.
b This represents reported incidents occurring
within BP’s operational HSSE reporting boundary.
That boundary includes BP’s own operated
facilities and certain other locations or situations.
c Relates to BP employees.
Business review: Group overview
BP Annual Report and Form 20-F 2012 29
Business review: Group overview