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Refuelling a car (photo)

HIGHLIGHTS

  • Made good progress in delivering strategic goals; improved many aspects of operating performance.
  • Delivered a concentrated portfolio ahead of schedule.
  • Kept expansion of the Port Arthur site on track for completion in 2012. Once complete, the site will have doubled in size to become North America’s largest refinery with planned capacity of some 600 thousand b/d.
  • Moved into biofuels production with the start-up of our Raízen joint venture in Brazil. The joint venture produces and commercialises ethanol and power from sugar cane and distributes a variety of transportation and industrial fuels through a combined distribution and retail network in Brazil. With annual production capacity of more than two billion litres, Raízen is one of the world’s largest ethanol producers.
  • Was named the number-one global lubricant supplier by the consultancy Kline & Company for the fifth consecutive year.
  • Secured our 1,000th retail site in China. Overall, 271 new sites were secured in 2011 and the total number of secured sites reached 1,011 by the end of the year.
  • Developed promising new leads to expand Chemicals: Signed the heads of agreement with Qatar Petroleum for proposals to develop a world-scale petrochemical complex in Qatar; announced an investment decision to build a 500-tonne per year demonstration unit to manufacture diphenyl carbonate; and announced our intent to explore the opportunity to build a cracker in the North East of the USA.
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KEY STATISTICS

 

2011

2010

2009

2008

2007

[A]

With effect from 2010, Downstream segment earnings are presented on a current cost of supplies (CCS) basis. Comparative information is consistently presented.

[B]

Excludes working capital movements.

[C]

The calculation of chemical plant availability for 2011 is based on a methodology to bring better alignment for our Downstream assets. On this basis, 2010 and 2009 figures would be 92% and 91% respectively.

Downstream CCS earnings ($ million)

 

 

 

 

 

Oil products

2,235

1,439

(58)

5,153

6,906

Chemicals

2,054

1,511

316

156

1,682

Total Downstream earnings ($ million) [A]

4,289

2,950

258

5,309

8,588

Total Downstream earnings excluding identified items
  ($ million)

4,274

3,873

1,940

5,744

8,289

Downstream cash flow from operations ($ million) [B]

8,746

8,138

5,839

1,750

13,150

Total oil products sales (thousand b/d)

6,196

6,460

6,156

6,568

6,625

Chemicals sales volumes (thousand tonnes)

18,831

20,653

18,311

20,327

22,555

Refinery intake (thousand b/d)

2,845

3,197

3,067

3,388

3,779

Oil products refinery availability (%)

92

92

93

91

91

Petrochemicals manufacturing plant 
  availability (%) [C]

89

94

92

94

93

Downstream net capital investment ($ million)

4,342

2,358

6,232

3,104

2,682

Downstream capital employed ($ million)

71,976

67,287

62,632

54,050

65,042

Downstream employees (thousands)

51

59

62

64

69

CCS EARNINGS [A]
$ billion

CCS earnings ($ billion) – development for Oil products and Chemicals, from 2007 to 2011 (bar chart)

[A] Excluding identified items.

AVAILABILITY AND SALES VOLUMES
volume
% availability

Availability and sales volumes (% and volume) – development of Refinery availability, Chemicals availability, Oil products sales (million b/d) and Chemicals sales (million tonnes), from 2007 to 2011 (line and bar chart)