OVERVIEW
- Resilient financial performance in a challenging environment. Adjusted earnings per share of 17.2p, down 4%.
- Adjusted operating cash flow up 2% to £2,253 million.
- 9% reduction in net debt to £4,747 million.
- Post-tax exceptional items of £1,846 million primarily as a result of falling commodity prices.
- Group robust in a low commodity price environment (flat real $35/bbl Brent oil, 35p/th UK NBP gas, £35/MWh UK power prices) with sources and uses of cash flow more than balanced over 2016-2018.
- Confident in delivery of at least 3-5% per annum adjusted operating cash flow growth from a 2015 baseline adjusted for the low commodity price environment1. 2016 adjusted operating cash flow expected to exceed £2 billion.
- Proposed 2015 final dividend of 8.43p, resulting in a full year dividend of 12.0p and dividend cover of 1.4 times. Delivery of progressive future dividend tied to confidence in underlying operating cash flow.
- Strategy implementation on track with growth focus on customer-facing activities; adjusted operating profit from energy and services businesses up 19% in 2015. E&P free cash flow positive in 2015.
- £750 million per annum by 2020 cost efficiency programme underpinned in our plans; £200 million of savings expected in 2016.
1. The low commodity price environment assumes flat real prices of $35/bbl Brent oil, 35p/th UK NBP gas and £35/MWh UK power.
