BP's second quarter results were released on Tuesday 26 July 2005. This file is an audio recording of a webcast hosted by Byron Grote (Chief Financial Officer) and Fergus MacLeod, (Head of Investor Relations) during which BP's 2Q 2005 results were discussed. Forward-looking Statements This presentation and the associated slides and discussion contain forward looking statements, particularly those regarding BP's asset portfolio and changes to it, acquisitions, capital expenditure, cash flow and cash generation, competitive position, costs and cost inflation, cost reduction plans, demand for oil and gas, divestments, dividends, finance cost and interest, free cash flow levels, future performance, gearing, growth, impact of inflation, margins, pension and benefit plan funding, prices, production capacity, production decline rates, productivity, resource additions, returns, share buybacks and other distributions to shareholders, tax rates and the effect of tax increases, and the progress and timing of projects. By their nature, forward-looking statements involve risks and uncertainties because they relate to events and depend on circumstances that will or may occur in the future. Actual results may differ from those expressed in such statements, depending on a variety of factors, including the timing of bringing new fields on stream; future levels of industry product supply; demand and pricing; operational problems; general economic conditions; political stability and economic growth in relevant areas of the world; changes in laws and governmental regulations; exchange rate fluctuations; development and use of new technology; changes in public expectations and other changes in business conditions; the actions of competitors; natural disasters and adverse weather conditions; wars and acts of terrorism or sabotage; and other factors discussed elsewhere in this presentation. Reconciliations to GAAP This presentation also contains financial information which is not presented in accordance with generally accepted accounting principles (GAAP). A quantitative reconciliation of this information to the most directly comparable financial measure calculated and presented in accordance with GAAP can be found on our website at www.bp.com Cautionary Note to US Investors The United States Securities and Exchange Commission permits oil and gas companies, in their filings with the SEC, to disclose only proved reserves that a company has demonstrated by actual production or formation tests to be economically and legally producible under existing economic and operating conditions. We use certain terms in this presentation, such as 'resources' and 'reserves', that the SEC’s guidelines strictly prohibit us from including in our filings with the SEC. We also include certain operating measures which are calculated using proved reserves attributed to equity accounted entities as well as consolidated entities and which exclude acquisitions and divestitures. SEC Staff guidance states that such measures should not include both proved reserve additions attributable to consolidated entities and equity accounted entities and should be based on beginning and ending proved reserve quantities as disclosed in the Form 20-F. U.S. investors are urged to consider closely the disclosures in our Form 20-F, SEC File No. 1-6262, available from us at 1 St. James's Square, London SW1Y 4PD. You can also obtain this form from the SEC by calling 1-800-SEC-0330.
Filetype: MP3 - Size: 12.63MB - Duration: 36:46 m (48 kbps 22050 Hz)