Q2 2010 Earnings Call Transcript

Transcript Call Date 07/27/2010

Fergus MacLeod - Head of IR: Hello and welcome to BP's Second Quarter 2010 Results Conference Call. I'm Fergus MacLeod, and today's presentation will be by Tony Hayward our Group's Chief Executive and Byron Grote, our Chief Financial Officer.

We are also joined today by our Chairman, Carl-Henric Svanberg for first few minutes and he will make some introductory remarks.

Before we start, I'd like to draw your attention to our usual cautionary statement. During today's presentation today, we will make reference to estimates, plans and expectations that are forward-looking statements. Actual outcomes could differ materially due to factors we note on this slide and in our regulatory filings. Please refer to our Annual Report and Accounts and Second Quarter Stock Exchange Announcement for more details. Both of these documents are available on our website.

Thank you and I'll now hand over to Carl-Henric.

Carl-Henric Svanberg - Chairman: Thank you, Fergus and thank you all for joining us. I am joined here now Tony Hayward, Byron Grote and Bob Dudley and the others in the management team.

As you can see, we have issued two important announcements this morning. One is the first half year results, including the impact of the Gulf of Mexico and the spill. The other one is about the departure of Tony Hayward as our CEO and the appointment of Bob Dudley as the new Group Chief Executive with effect from October 1.

After I have made my introductory remarks, Tony will say a few things about the management changes and so will Bob, and then we will take a couple of questions before I hand back to Tony and Byron to go through the main points of the results announcement with questions focused on that.

I will not sit through the whole presentation, I have other appointments, which means that if you have any questions on the dividend you should ask that first section there.

But let me first say this, the tragic accident of the 20 April and the subsequent events, they shocked and they saddened us all. They have had a profound effect on the families of the victims, on the communities or the region, on this company and on the industry in which we operate. We deeply regret the impact of this incident, and we are committed to healing and restoring the communities of the Gulf of Mexico, to finish immediate cleanup, to mitigate the long-term environmental impacts and to make whole those whose livelihood has been damaged.

As I speak, the well is now capped and no oil has flowed into the Gulf for nearly two weeks and we all look forward to sealing the well permanently. But we also know that even when that happens, we still have much to do to make it right. I would also like to say that we are determined to restore value to our shareholders. They have seen enormous loss of capital and of the dividend and the Board is committed to creating value for shareholders, and believes that we can deliver a stronger BP for them over time.

Looking ahead, I'd want to make four points today. First, BP will change as a result of this accident. We are taking a hard look at ourselves, what we do and how we do it. What we learn will have implications for our strategy and our ways of working in our governance.

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