2014
Taking on the world’s toughest challenges ANNUAL REPORT
TABLE OF CONTENTS
Chairman Message
4
Organogram 6 2014: Financial & Operating Results
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The Outlook for Energy: A View to 2050
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Balanced Portfolio
12
Disciplined Investing
16
High-Impact Technologies
21
Operational Excellence
24
Global Integration
29
Global Operations
32
Upstream 34 Downstream 36 Corporate Citizenship
38
Financial Information
39
Audit Report
41
Financial Statement
42
Lorem Ipsum passages, and more recently with desktop publishing software like Aldus PageMaker including versions of Lorem Ipsum. Lorem Ipsum is simply dummy text of the printing and typesetting industry. Lorem Ipsum has been the industry’s standard dummy text. Lorem Ipsum passages, and more recently with desktop publishing software like Aldus PageMaker including versions of Lorem Ipsum. Lorem Ipsum is simply dummy text.
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Annual Report 2014
Letraset sheets containing Lorem Ipsum passages, and more recently with desktop publishing software like Aldus PageMaker including versions of Lorem Ipsum. Lorem Ipsum is simply dummy text of the printing and typesetting industry. Lorem Ipsum has been the industry’s standard dummy text ever since the. Lorem Ipsum is simply dummy text of the printing and typesetting industry. Lorem Ipsum has been the industry’s standard dummy text ever since the 1500s, when an unknown printer took a galley of type and scrambled it to make a type specimen book. Lorem Ipsum passages, and more recently with desktop publishing software like Aldus PageMaker including versions of Lorem Ipsum.
CHAIRMAN MESSAGE The industry’s standard dummy text ever since the 1500s, when an unknown printer took a galley of type and scrambled it to make a type specimen book. It has survived not only five centuries, but also the leap into electronic typesetting, remaining essentially unchanged. It was popularised in the 1960s with the release of Letraset sheets containing Lorem Ipsum passages, and more recently with desktop publishing software Lorem Ipsum is simply dummy text of the printing and typesetting industry. Lorem Ipsum has been the industry’s standard dummy text ever since the 1500s, when an unknown printer took a galley of type and scrambled it to make a type specimen book. It has survived not only five centuries, but also the leap into electronic typesetting, remaining essentially unchanged. It was popularised in the 1960s with the release of Letraset sheets containing Lorem Ipsum passages, and more recently with desktop publishing software like Aldus PageMaker including versions of Lorem Ipsum. Lorem Ipsum is simply dummy text of the printing and typesetting industry. Lorem Ipsum has been the industry’s standard dummy text ever since the Lorem Ipsum is simply dummy text of the printing and typesetting industry. Lorem Ipsum has been the industry’s standard dummy text ever since the 1500s Lorem Ipsum is simply dummy text of the printing and typesetting industry. Lorem Ipsum has been the industry’s standard dummy text ever since the 1500s, when an unknown printer took a galley of type and scrambled it to make a type specimen book. It has survived not only five centuries, but also the leap into electronic typesetting, remaining essentially unchanged. It was popularised in the 1960s with the release of Letraset sheets containing Lorem Ipsum passages, and more recently with desktop publishing software like Aldus PageMaker including versions of Lorem Ipsum. Lorem Ipsum is simply dummy text of the printing and typesetting industry. Lorem Ipsum has been the industry’s standard dummy text ever since the Lorem Ipsum is simply dummy text of the printing and typesetting industry. Lorem Ipsum has been the industry’s standard dummy text ever since the 1500s Lorem Ipsum is simply dummy text of the printing and typesetting industry. Lorem Ipsum has been the industry’s standard dummy text ever since the 1500s, when an unknown printer took a galley
5 Lorem Ipsum is simply dummy text of the printing and typesetting industry. Lorem Ipsum has been the industry’s standard dummy text. Lorem Ipsum is simply dummy text of the printing and typesetting industry. Lorem Ipsum has been the industry’s standard dummy text.
of type and scrambled it to make a type specimen book. It has survived not only five centuries, but also the leap into electronic typesetting, remaining essentially unchanged. It was popularised in the 1960s with the release of Letraset sheets containing Lorem Ipsum passages, and more recently with desktop publishing software like Aldus PageMaker including versions of Lorem Ipsum. Lorem Ipsum is simply dummy text of the printing and typesetting industry. Lorem Ipsum has been the industry’s standard dummy text ever since the Lorem Ipsum is simply dummy text of the printing and typesetting industry. Lorem Ipsum has been the industry’s standard dummy text ever since the 1500s The industry’s standard dummy text ever since the 1500s, when an unknown printer took a galley of type and scrambled it to make a type specimen book. It has survived not only five centuries, but also the leap into electronic typesetting, remaining essentially unchanged. It was popularised in the 1960s with the release of Letraset sheets containing Lorem Ipsum is simply dummy text of the printing and typesetting industry. Lorem Ipsum has been the industry’s standard dummy text ever since the 1500s, when an unknown printer took a galley of type and scrambled it to make a type specimen book. It has survived not only five centuries, but also the leap into electronic typesetting, remaining essentially unchanged. It was popularised in the 1960s with the release of Letraset sheets containing Lorem Ipsum passages, and more recently with desktop publishing software like Aldus PageMaker including versions of Lorem Ipsum. Lorem Ipsum is simply dummy text of the printing and typesetting industry. Lorem Ipsum has been the industry’s standard dummy text ever since the Lorem Ipsum is simply dummy text of the printing and typesetting industry. Lorem Ipsum has been the industry’s standard dummy text ever since the 1500sLorem Ipsum is simply dummy text of the printing and typesetting industry. Lorem Ipsum has been the industry’s standard dummy text ever since the 1500s, when an unknown printer took a galley of type and scrambled it to make a type specimen book. It has survived not only five centuries, but also the leap into electronic typesetting, remaining essentially unchanged.
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James Hussy
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Annual Report 2014
ORGANOGRAM
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Chairman
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Director 3
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Annual Report 2014
2014: FINANCIAL & OPERATING RESULTS Lorem Ipsum is simply dummy text of the printing and typesetting industry. Lorem Ipsum has been the industry’s standard dummy text ever since the 1500s, when an unknown printer took a galley of type and scrambled it to make a type specimen book. It has survived not only five centuries, but also the leap into electronic typesetting, remaining essentially unchanged. It was popularised in the 1960s with the release of Letraset sheets containing Lorem Ipsum is simply dummy text of the printing and typesetting industry. Lorem Ipsum has been the industry’s standard dummy text ever since the 1500s, when an unknown printer took a galley of type and scrambled it to make a type specimen book.
RESULTS & HIGHLIGHTS
Lorem Ipsum is simply dummy text of the printing and typesetting industry. Lorem Ipsum has been the industry’s standard dummy text ever since the 1500s, when an unknown printer took a galley of type and scrambled it to make a type specimen book. It has survived not only five centuries, but also the leap into electronic typesetting, remaining essentially unchanged. It was popularised in the 1960s with the release of Letraset sheets containing. Lorem Ipsum Lorem Ipsum is simply dummy text of the printing and typesetting industry. Lorem Ipsum has been the industry’s standard dummy text ever since the 1500s, when an unknown printer took a galley of type and scrambled it to make a type specimen book. Lorem Ipsum is simply dummy text of the printing and typesetting industry. Lorem Ipsum has been the industry’s standard dummy text ever since the 1500s, when an unknown printer took a galley of type and scrambled it to make a type specimen book. It has survived not only five centuries
Functional Earnings and Net Income
Return on Average Capital Employed
70 60 50
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20 10
20 10 0
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FINANCIAL HIGHLIGHTS
Earnings After Income Taxes
Average Capital Employed
Return on Average Capital Employed
Capital and Exploration Expenditures
29,895 13,190 (2,103)
139,442 24,031 (4,527)
21.4 54.9 N.A.
36,084 2,262 35
(millions of dollars, unless noted)
Upstream Downstream Corporate and Financing Total
OPERATING HIGHLIGHTS Lorem Ipsum is simply dummy text of the printing and typesetting industry. Lorem Ipsum has been the industry’s standard dummy text ever since the 1500s, when an unknown printer took a galley of type and scrambled it to make a type specimen book. It has survived not only five centuries, but also the leap into electronic typesetting, remaining essentially unchanged. It was popularised in the 1960s with the release of Letraset sheets containing. Lorem Ipsum Lorem Ipsum is simply dummy text of the printing and typesetting industry. Lorem Ipsum has been the industry’s standard dummy text ever since the 1500s
60 50 40 30 20 10 0
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Annual Report 2014
THE OUTLOOK FOR ENERGY: A VIEW TO 2050 Lorem Ipsum is simply dummy text of the printing and typesetting industry. Lorem Ipsum has been the industry’s standard dummy text ever since the 1500s, when an unknown printer took a galley of type and scrambled it to make a type specimen book. It has survived not only five centuries, but also the leap into electronic typesetting, remaining essentially unchanged. It was popularised in the 1960s . Heading Goes Here Lorem Ipsum Lorem Ipsum is simply dummy text of the printing and typesetting industry. Lorem Ipsum has been the industry’s standard dummy text ever since the 1500s, when an unknown printer took a galley of type and scrambled it to make a type specimen book. Lorem Ipsum Lorem Ipsum is simply dummy text of the printing and typesetting industry. Lorem Ipsum Lorem Ipsum is simply dummy text of the printing and typesetting industry. Lorem Ipsum has been the industry’s standard dummy text ever since the 1500s.
Heading Goes Here Lorem Ipsum Lorem Ipsum is simply dummy text of the printing and typesetting industry. Lorem Ipsum has been the industry’s standard dummy text ever since the 1500s, when an unknown printer took a galley of type and scrambled it to make a type specimen book. Lorem Ipsum Lorem Ipsum is simply dummy text of the printing and typesetting industry. Lorem Ipsum Lorem Ipsum is simply dummy text of the printing and typesetting industry. Lorem Ipsum has been the industry’s standard dummy text ever since the 1500s. Lorem Ipsum Lorem Ipsum is simply dummy text of the printing and typesetting industry. Lorem Ipsum has been the industry’s standard dummy text ever since the 1500s. Lorem Ipsum Lorem Ipsum is simply dummy text of the printing and typesetting industry. Lorem Ipsum has been the industry’s standard dummy text ever since the 1500s.
Global Energy Demand
Global Energy Mix
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Lorem Ipsum is simply dummy text of the printing and typesetting industry. Lorem Ipsum has been the industry’s standard dummy text ever since the 1500s, when an unknown printer took a galley of type and scrambled it to make a type specimen book. It has survived not only five centuries, but also the leap into electronic typesetting, remaining essentially unchanged. It was popularised in the 1960s with the release of
Lorem Ipsum Lorem Ipsum is simply dummy text of the printing and typesetting industry. Lorem Ipsum has been the industry’s standard dummy text ever since the 1500s, when an unknown printer took a galley of type and scrambled it to make a type specimen book. Lorem Ipsum Lorem Ipsum is simply dummy text of the printing and typesetting industry. Lorem Ipsum has been the industry’s standard dummy text>
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Annual Report 2014
BALANCED PORTFOLIO Lorem Ipsum is simply dummy text of the printing and typesetting industry. Lorem Ipsum has been the industry’s standard dummy text ever since the 1500s, when an unknown printer took a galley of type and scrambled it to make a type specimen book. It has survived not only five centuries, but also the leap into electronic typesetting, remaining essentially unchanged. It was popularised in the 1960s with the release of Letraset sheets containing. Lorem Ipsum Lorem Ipsum is simply dummy text of the printing and typesetting industry. Lorem Ipsum has been the industry’s standard dummy text ever since the 1500s, when an unknown printer took a galley of type and scrambled it to make a type specimen book. Lorem Ipsum Lorem Ipsum is simply dummy text of the printing and typesetting industry. Lorem Ipsum has been the industry’s standard dummy text ever since the 1500s, Lorem Ipsum is simply dummy text of the printing and typesetting industry. Lorem Ipsum has been the industry’s standard dummy text ever since the 1500s, when an unknown printer took a galley of type and scrambled it to make a type specimen book. It has survived not only five centuries, but also the leap into electronic typesetting, remaining essentially unchanged. It was popularised in the 1960s with the release of Letraset sheets containing. Lorem Ipsum Lorem Ipsum is simply dummy text of the printing and typesetting industry. Lorem Ipsum has been the industry’s standard dummy text ever since the 1500s, when an unknown printer took a galley of type and scrambled it to make a type specimen book. Lorem Ipsum Lorem Ipsum is simply dummy text of the printing and typesetting industry. Lorem Ipsum has been the industry’s standard dummy text ever since the 1500s.
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Operations in
43 Countries around the world
77 Billion Total Profit US Dollar worldwide Business all resource base
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Annual Report 2014
Balanced Portfolio Continue Lorem Ipsum is simply dummy text of the printing and typesetting industry. Lorem Ipsum has been the industry’s standard dummy text ever since the 1500s, when an unknown printer took a galley of type and scrambled it to make a type specimen book. It has survived not only five centuries, but also the leap into electronic typesetting, remaining essentially unchanged. It was popularised in the 1960s . UPSTREAM Lorem Ipsum Lorem Ipsum is simply dummy text of the printing and typesetting industry. Lorem Ipsum has been the industry’s standard dummy text ever since the 1500s, when an unknown printer took a galley of type and scrambled it to make a type specimen book. Lorem Ipsum Lorem Ipsum is simply dummy text of the printing and typesetting industry. Lorem Ipsum has been the industry’s standard dummy text ever since the 1500s.Lorem Ipsum Lorem Ipsum is simply dummy text of the printing and typesetting industry. Lorem Ipsum has been the industry’s standard dummy text ever since the 1500s.Lorem Ipsum has been the industry’s standard dummy text ever since the 1500s, when an unknown printer took a galley of type and scrambled it to make a type specimen book. Lorem Ipsum Lorem Ipsum is simply dummy text of the printing and typesetting industry. Lorem Ipsum has been the industry’s standard dummy text ever since the 1500s, when an unknown printer took a galley of type and scrambled it to make a type specimen book. Lorem Ipsum Lorem Ipsum is simply dummy text of the printing and typesetting industry. Lorem Ipsum has been the industry’s standard dummy text ever since the 1500s, when an unknown printer took a galley of type and scrambled it to make a type specimen book. Lorem Ipsum Lorem Ipsum is simply dummy text of the printing and typesetting industry.
DOWNSTREAM Lorem Ipsum Lorem Ipsum is simply dummy text of the printing and typesetting industry. Lorem Ipsum has been the industry’s standard dummy text ever since the 1500s, when an unknown printer took a galley of type and scrambled it to make a type specimen book. Lorem Ipsum Lorem Ipsum is simply dummy text of the printing and typesetting industry. Lorem Ipsum has been the industry’s standard dummy text ever since the 1500s.Lorem Ipsum Lorem Ipsum is simply dummy text of the printing and typesetting industry. Lorem Ipsum has been the industry’s standard dummy text ever since the 1500s.Lorem Ipsum has been the industry’s standard dummy text ever since the 1500s, when an unknown printer took a galley of type and scrambled it to make a type specimen book. Lorem Ipsum Lorem Ipsum is simply dummy text of the printing and typesetting industry. Lorem Ipsum has been the industry’s standard dummy text ever since the 1500s, when an unknown printer took a galley of type and scrambled it to make a type specimen book. Lorem Ipsum Lorem Ipsum is simply dummy text of the printing and typesetting industry. Lorem Ipsum has been the industry’s standard dummy text ever since the 1500s, when an unknown printer took a galley of type and scrambled it to make a type specimen book. Lorem Ipsum Lorem Ipsum is simply dummy text of the printing and typesetting industry.
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Lorem Ipsum is simply dummy text of the printing and typesetting industry. Lorem Ipsum has been the industry’s standard dummy text ever since the 1500s, when an unknown printer took a galley of type and scrambled it to make a type specimen book. It has survived not only five centuries, but also the leap into electronic typesetting, remaining essentially unchanged. It was popularised in the 1960s with the release of Letraset sheets containing. Lorem Ipsum Lorem Ipsum is simply dummy text of the printing and typesetting industry. Lorem Ipsum has been the industry’s standard dummy text ever since the 1500s, when an unknown printer took a galley of type and scrambled it to make a type specimen book. Lorem Ipsum Lorem Lorem Ipsum Lorem Ipsum is simply dummy text of the printing and typesetting industry. Lorem Ipsum has been the industry’s standard dummy text ever since the 1500s, when an unknown printer took a galley of type and scrambled it to make.
Asia 33.33 % Europe 33.33 % America 33.33 % Lorem Ipsum is simply dummy text of the printing and typesetting industry. Lorem Ipsum has been the industry’s standard dummy text ever since the 1500s, when an unknown printer took a galley of type and scrambled it to make a type specimen book. It has survived not only .
Lorem Ipsum is simply dummy text of the printing and typesetting industry. Lorem Ipsum has been the industry’s standard dummy text ever since the 1500s, when an unknown printer took a galley of type and scrambled it to make a type specimen book. It has survived not only .
Lorem Ipsum is simply dummy text of the printing and typesetting industry. Lorem Ipsum has been the industry’s standard dummy text ever since the 1500s, when an unknown printer took a galley of type and scrambled it to make a type specimen book. It has survived not only .
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Annual Report 2014
DISCIPLINED INVESTING
Lorem Ipsum is simply dummy text of the printing and typesetting industry. Lorem Ipsum has been the industry’s standard dummy text ever since the 1500s, when an unknown printer took a galley of type and scrambled it to make a type specimen book. It has survived not only five centuries, but also the leap into electronic typesetting, remaining essentially unchanged. It was popularised in the 1960s with the release of Letraset sheets containing.Lorem Ipsum Lorem Ipsum is simply dummy text of the printing and
typesetting industry. Lorem Ipsum has been the industry’s standard dummy text ever since the 1500s, when an unknown printer took a galley of type and scrambled it to make a type specimen book. Lorem Ipsum Lorem Ipsum is simply dummy text of the printing and typesetting industry. Lorem Ipsum has been the industry’s standard dummy text ever since the 1500s, when an unknown printer took a galley of type and scrambled it to make a type specimen book.
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28 major Upstream project start-ups between 2013 and 2017
25 percent return on capital employed across our worldwide operations, leading the industry
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Annual Report 2014
Disciplined Investing Continue Lorem Ipsum is simply dummy text of the printing and typesetting industry. Lorem Ipsum has been the industry’s standard dummy text ever since the 1500s, when an unknown printer took a galley of type and scrambled it to make a type specimen book. It has survived not only five centuries, but also the leap into electronic typesetting, remaining essentially unchanged. It was popularised in the 1960s . RIGOROUS STANDARDS, LONG -TERM RETURNS Lorem Ipsum Lorem Ipsum is simply dummy text of the printing and typesetting industry. Lorem Ipsum has been the industry’s standard dummy text ever since the 1500s, when an unknown printer took a galley of type and scrambled it to make a type specimen book. Lorem Ipsum Lorem Ipsum is simply dummy text of the printing and typesetting industry. Lorem Ipsum has been the industry’s standard dummy text ever since the 1500s.Lorem Ipsum Lorem Ipsum is simply dummy text of the printing and typesetting industry. Lorem Ipsum has been the industry’s standard dummy text ever since the 1500s.Lorem Ipsum has been the industry’s standard dummy text ever since the 1500s, when an unknown printer took a galley of type and scrambled it to make a type specimen book. Lorem Ipsum Lorem Ipsum is simply dummy text of the printing and typesetting industry. Lorem Ipsum has been the industry’s standard dummy text ever since the 1500s, when an unknown printer took a galley of type and scrambled it to make a type specimen book. Lorem Ipsum Lorem Ipsum is simply dummy text of the printing and typesetting industry. Lorem Ipsum has been the industry’s standard dummy text ever since the 1500s, when an unknown printer took a galley of type and scrambled it to make a type specimen book. Lorem Ipsum Lorem Ipsum is simply dummy text of the printing and typesetting industry.
KEY MARKETS GUIDE DECISIONS Lorem Ipsum Lorem Ipsum is simply dummy text of the printing and typesetting industry. Lorem Ipsum has been the industry’s standard dummy text ever since the 1500s, when an unknown printer took a galley of type and scrambled it to make a type specimen book. Lorem Ipsum Lorem Ipsum is simply dummy text of the printing and typesetting industry. Lorem Ipsum has been the industry’s standard dummy text ever since the 1500s.Lorem Ipsum Lorem Ipsum is simply dummy text of the printing and typesetting industry. Lorem Ipsum has been the industry’s standard dummy text ever since the 1500s.Lorem Ipsum has been the industry’s standard dummy text ever since the 1500s, when an unknown printer took a galley of type and scrambled it to make a type specimen book. Lorem Ipsum Lorem Ipsum is simply dummy text of the printing and typesetting industry. Lorem Ipsum has been the industry’s standard dummy text ever since the 1500s, when an unknown printer took a galley of type and scrambled it to make a type specimen book. Lorem Ipsum Lorem Ipsum is simply dummy text of the printing and typesetting industry. Lorem Ipsum has been the industry’s standard dummy text ever since the 1500s, when an unknown printer took a galley of type and scrambled it to make a type specimen book. Lorem Ipsum Lorem Ipsum is simply dummy text of the printing and typesetting industry.
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INVESTING FOR GROWTH AND VALUE Lorem Ipsum is simply dummy text of the printing and typesetting industry. Lorem Ipsum has been the industry’s standard dummy text ever since the 1500s, when an unknown printer took a galley of type and scrambled it to make a type specimen book. It has survived not only five centuries, but also the leap into electronic typesetting, remaining essentially unchanged. It was popularised in the 1960s with the release of Letraset sheets containing.
Investment + 37 %
Lorem Ipsum Lorem Ipsum is simply dummy text of the printing and typesetting industry. Lorem Ipsum has been the industry’s standard dummy text ever since the 1500s, when an unknown printer took a galley of type and scrambled it to make a type specimen book. Lorem Ipsum Lorem Ipsum is simply dummy text of the printing and typesetting industry. Lorem Ipsum has been the industry’s standard dummy text ever since the 1500s
Revenue Creation
Lorem Ipsum is simply dummy text of the printing and typesetting industry. Lorem Ipsum has been the industry’s standard dummy text
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Annual Report 2014
$5 Billion invested in research and development since 2008
World Record 7.7-milelong horizontal well drilled in 2012
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HIGH-IMPACT TECHNOLOGIES
Lorem Ipsum is simply dummy text of the printing and typesetting industry. Lorem Ipsum has been the industry’s standard dummy text ever since the 1500s, when an unknown printer took a galley of type and scrambled it to make a type specimen book. It has survived not only five centuries, but also the leap into electronic typesetting, remaining essentially unchanged. It was popularised in the 1960s with the release of Letraset
sheets containing.Lorem Ipsum Lorem Ipsum is simply dummy text of the printing and typesetting industry. Lorem Ipsum has been the industry’s standard dummy text ever since the 1500s, when an unknown printer took a galley of type and scrambled. Lorem Ipsum Lorem Ipsum is simply dummy text of the printing and typesetting industry. Lorem Ipsum has been the industry’s standard dummy text ever since the 1500s.
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Annual Report 2014
High-Impact Technologies Continue Lorem Ipsum is simply dummy text of the printing and typesetting industry. Lorem Ipsum has been the industry’s standard dummy text ever since the 1500s, when an unknown printer took a galley of type and scrambled it to make a type specimen book. It has survived not only five centuries, but also the leap into electronic typesetting, remaining essentially unchanged. It was popularised in the 1960s . UNLOCKING RESOURCE VALUE Lorem Ipsum Lorem Ipsum is simply dummy text of the printing and typesetting industry. Lorem Ipsum has been the industry’s standard dummy text ever since the 1500s, when an unknown printer took a galley of type and scrambled it to make a type specimen book. Lorem Ipsum Lorem Ipsum is simply dummy text of the printing and typesetting industry. Lorem Ipsum has been the industry’s standard dummy text ever since the 1500s.Lorem Ipsum Lorem Ipsum is simply dummy text of the printing and typesetting industry. Lorem Ipsum has been the industry’s standard dummy text ever since the 1500s.Lorem Ipsum has been the industry’s standard dummy text ever since the 1500s, when an unknown printer took a galley of type and scrambled it to make a type specimen book. Lorem Ipsum Lorem Ipsum is simply dummy text of the printing and typesetting industry. Lorem Ipsum has been the industry’s standard dummy text ever since the 1500s, when an unknown printer took a galley of type and scrambled it to make a type specimen book. Lorem Ipsum Lorem Ipsum is simply dummy text of the printing and typesetting industry. Lorem Ipsum has been the industry’s standard dummy text ever since the 1500s, when an unknown printer took a galley of type and scrambled it to make a type specimen book. Lorem Ipsum Lorem Ipsum is simply dummy text of the printing and typesetting industry.
IMPROVING OPERATIONAL EFFICIENCY Lorem Ipsum Lorem Ipsum is simply dummy text of the printing and typesetting industry. Lorem Ipsum has been the industry’s standard dummy text ever since the 1500s, when an unknown printer took a galley of type and scrambled it to make a type specimen book. Lorem Ipsum Lorem Ipsum is simply dummy text of the printing and typesetting industry. Lorem Ipsum has been the industry’s standard dummy text ever since the 1500s.Lorem Ipsum Lorem Ipsum is simply dummy text of the printing and typesetting industry. Lorem Ipsum has been the industry’s standard dummy text ever since the 1500s.Lorem Ipsum has been the industry’s standard dummy text ever since the 1500s, when an unknown printer took a galley of type and scrambled it to make a type specimen book. Lorem Ipsum Lorem Ipsum is simply dummy text of the printing and typesetting industry. Lorem Ipsum has been the industry’s standard dummy text ever since the 1500s, when an unknown printer took a galley of type and scrambled it to make a type specimen book. Lorem Ipsum Lorem Ipsum is simply dummy text of the printing and typesetting industry. Lorem Ipsum has been the industry’s standard dummy text ever since the 1500s, when an unknown printer took a galley of type and scrambled it to make a type specimen book. Lorem Ipsum Lorem Ipsum is simply dummy text of the printing and typesetting industry.
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Lorem Ipsum is simply dummy text of the printing and typesetting industry. Lorem Ipsum has been the industry’s standard dummy text ever since the 1500s, when an unknown printer took a galley of type and scrambled it to make a type specimen book. It has survived not only five centuries, but also the leap into electronic typesetting, remaining essentially unchanged. It was popularised in the 1960s with the release of Letraset sheets containing. Lorem Ipsum Lorem Ipsum is simply dummy text of the printing and typesetting industry. Lorem Ipsum has been the industry’s standard dummy text ever since the 1500s, when an unknown printer took a galley of type and scrambled it to make a type specimen book. Lorem Ipsum Lorem Ipsum is simply dummy text of the printing. Lorem Ipsum Lorem Ipsum is simply dummy text of the printing and typesetting industry. Lorem Ipsum has been the industry’s standard dummy text ever since the 1500s
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Annual Report 2014
OPERATIONAL EXCELLENCE
Lorem Ipsum is simply dummy text of the printing and typesetting industry. Lorem Ipsum has been the industry’s standard dummy text ever since the 1500s, when an unknown printer took a galley of type and scrambled it to make a type specimen book. It has survived not only five centuries, but also the leap into electronic typesetting, remaining essentially unchanged. It was popularised in the 1960s with the release of Letraset sheets containing.Lorem Ipsum Lorem Ipsum is simply dummy text of the printing and
typesetting industry. Lorem Ipsum has been the industry’s standard dummy text ever since the 1500s, when an unknown printer took a galley of type and scrambled. Lorem Ipsum has been the industry’s standard dummy text ever since the 1500s, when an unknown printer took a galley of type and scrambled. Lorem Ipsum has been the industry’s standard dummy text ever since the 1500s, when an unknown printer took a galley of type and scrambled. Lorem Ipsum has been the industry’s standard dummy text.
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10 percent improvement in refinery energy efficiency since 2002
45 thousand net oil-equivalent barrels per day of additional production from higher operated reliability
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Annual Report 2014
Operational Excellence Continue Lorem Ipsum is simply dummy text of the printing and typesetting industry. Lorem Ipsum has been the industry’s standard dummy text ever since the 1500s, when an unknown printer took a galley of type and scrambled it to make a type specimen book. It has survived not only five centuries, but also the leap into electronic typesetting, remaining essentially unchanged. It was popularised in the 1960s . CULTURE OF EXCELLENCE Lorem Ipsum Lorem Ipsum is simply dummy text of the printing and typesetting industry. Lorem Ipsum has been the industry’s standard dummy text ever since the 1500s, when an unknown printer took a galley of type and scrambled it to make a type specimen book. Lorem Ipsum Lorem Ipsum is simply dummy text of the printing and typesetting industry. Lorem Ipsum has been the industry’s standard dummy text ever since the 1500s.Lorem Ipsum Lorem Ipsum is simply dummy text of the printing and typesetting industry. Lorem Ipsum has been the industry’s standard dummy text ever since the 1500s.Lorem Ipsum has been the industry’s standard dummy text ever since the 1500s, when an unknown printer took a galley of type and scrambled it to make a type specimen book. Lorem Ipsum Lorem Ipsum is simply dummy text of the printing and typesetting industry. Lorem Ipsum has been the industry’s standard dummy text ever since the 1500s, when an unknown printer took a galley of type and scrambled it to make a type specimen book. Lorem Ipsum Lorem Ipsum is simply dummy text of the printing and typesetting industry. Lorem Ipsum has been the industry’s standard dummy text ever since the 1500s, when an unknown printer took a galley of type and scrambled it to make a type specimen book. Lorem Ipsum Lorem Ipsum is simply dummy text of the printing and typesetting industry.
OPERATIONS INTEGRITY MANAGEMENT SYSTEM Lorem Ipsum Lorem Ipsum is simply dummy text of the printing and typesetting industry. Lorem Ipsum has been the industry’s standard dummy text ever since the 1500s, when an unknown printer took a galley of type and scrambled it to make a type specimen book. Lorem Ipsum Lorem Ipsum is simply dummy text of the printing and typesetting industry. Lorem Ipsum has been the industry’s standard dummy text ever since the 1500s.Lorem Ipsum Lorem Ipsum is simply dummy text of the printing and typesetting industry. Lorem Ipsum has been the industry’s standard dummy text ever since the 1500s.Lorem Ipsum has been the industry’s standard dummy text ever since the 1500s, when an unknown printer took a galley of type and scrambled it to make a type specimen book. Lorem Ipsum Lorem Ipsum is simply dummy text of the printing and typesetting industry.
RELIABILITY AND EFFICIENCY Lorem Ipsum has been the industry’s standard dummy text ever since the 1500s, when an unknown printer took a galley of type and scrambled it to make a type specimen book. Lorem Ipsum Lorem Ipsum is simply dummy text of the printing and typesetting industry. Lorem Ipsum has been the industry’s standard dummy text ever since the 1500s, when an unknown printer took a galley of type and scrambled it to make a type specimen book. Lorem Ipsum Lorem Ipsum is simply dummy text of the printing and typesetting industry.
27
Lorem Ipsum is simply dummy text of the printing and typesetting industry. Lorem Ipsum has been the industry’s standard dummy text ever since the 1500s, when an unknown printer took a galley of type and scrambled it to make a type specimen book. It has survived not only five centuries, but also the leap into electronic typesetting, remaining essentially unchanged. It was popularised in the 1960s with the release of Letraset sheets containing. Lorem Ipsum Lorem Ipsum is simply dummy text of the printing and typesetting industry. Lorem Ipsum has been the industry’s standard dummy text ever since the 1500s, when an unknown printer took a galley of type and scrambled it to make a type specimen book. Lorem Ipsum Lorem Ipsum is simply dummy text of the printing. Lorem Ipsum Lorem Ipsum is simply dummy text of the printing and typesetting industry. Lorem Ipsum has been the industry’s standard dummy text ever since the 1500s
28
Annual Report 2014
90 percent of Chemical operations integrated with Downstream or Upstream
75 percent of refining capacity integrated with Chemical or Lubes operations
29
GLOBAL INTEGRATION Lorem Ipsum is simply dummy text of the printing and typesetting industry. Lorem Ipsum has been the industry’s standard dummy text ever since the 1500s, when an unknown printer took a galley of type and scrambled it to make a type specimen book. It has survived not only five centuries, but also the leap into electronic typesetting, remaining essentially unchanged. It was popularised in the 1960s with the release of Letraset sheets containing.Lorem Ipsum Lorem Ipsum is simply dummy text of the printing and typesetting industry. Lorem Ipsum has been the industry’s standard dummy text ever since the 1500s, when an unknown printer took a galley of type and scrambled. Lorem Ipsum has been the industry’s standard dummy text ever since the 1500s, when an unknown printer took a galley of type and scrambled. Lorem Ipsum is simply dummy text of the printing and typesetting industry. Lorem Ipsum has been the industry’s standard dummy text ever since the 1500s, when an unknown printer took a galley of type and scrambled it to make a type specimen book. It has survived not only five centuries, but also the leap into electronic typesetting, remaining essentially unchanged. It was popularised in the 1960s with the release of Letraset sheets containing.Lorem Ipsum Lorem Ipsum is simply dummy text of the printing and typesetting industry. Lorem Ipsum has been the industry’s standard dummy text ever since the 1500s, when an unknown printer took a galley of type and scrambled. Lorem Ipsum has been the industry’s standard dummy text ever since the 1500s, when an unknown printer took a galley of type and scrambled. Lorem Ipsum has been the industry’s standard dummy text ever since the 1500s, when an unknown printer took a galley of type and scrambled. Lorem Ipsum has been the industry’s standard dummy text ever since the 1500s, when an unknown printer took a galley of type and scrambled.
30
Annual Report 2014
Global Integration Continue Lorem Ipsum is simply dummy text of the printing and typesetting industry. Lorem Ipsum has been the industry’s standard dummy text ever since the 1500s, when an unknown printer took a galley of type and scrambled it to make a type specimen book. It has survived not only five centuries, but also the leap into electronic typesetting, remaining essentially unchanged. It was popularised in the 1960s . OPTIMIZING VALUE IN MANUFACTURING Lorem Ipsum Lorem Ipsum is simply dummy text of the printing and typesetting industry. Lorem Ipsum has been the industry’s standard dummy text ever since the 1500s, when an unknown printer took a galley of type and scrambled it to make a type specimen book. Lorem Ipsum Lorem Ipsum is simply dummy text of the printing and typesetting industry. Lorem Ipsum has been the industry’s standard dummy text ever since the 1500s.Lorem Ipsum Lorem Ipsum is simply dummy text of the printing and typesetting industry. Lorem Ipsum has been the industry’s standard dummy text ever since the 1500s.Lorem Ipsum has been the industry’s standard dummy text ever since the 1500s, when an unknown printer took a galley of type and scrambled it to make a type specimen book. Lorem Ipsum Lorem Ipsum is simply dummy text of the printing and typesetting industry. Lorem Ipsum has been the industry’s standard dummy text ever since the 1500s, when an unknown printer took a galley of type and scrambled it to make a type specimen book. Lorem Ipsum Lorem Ipsum is simply dummy text of the printing and typesetting industry. Lorem Ipsum has been the industry’s standard dummy text ever since the 1500s, when an unknown printer took a galley of type and scrambled it to make a type specimen book. Lorem Ipsum Lorem Ipsum is simply dummy text of the printing and typesetting industry.
MAXIMIZING RESOURCE VALUE Lorem Ipsum Lorem Ipsum is simply dummy text of the printing and typesetting industry. Lorem Ipsum has been the industry’s standard dummy text ever since the 1500s, when an unknown printer took a galley of type and scrambled it to make a type specimen book. Lorem Ipsum Lorem Ipsum is simply dummy text of the printing and typesetting industry. Lorem Ipsum has been the industry’s standard dummy text ever since the 1500s.Lorem Ipsum Lorem Ipsum is simply dummy text of the printing and typesetting industry. Lorem Ipsum has been the industry’s standard dummy text ever since the 1500s.Lorem Ipsum has been the industry’s standard dummy text ever since the 1500s, when an unknown printer took a galley of type and scrambled it to make a type specimen book. Lorem Ipsum Lorem Ipsum is simply dummy text of the printing and typesetting industry.
LEVERAGING ORGANIZATIONAL STRUCTURE Lorem Ipsum has been the industry’s standard dummy text ever since the 1500s, when an unknown printer took a galley of type and scrambled it to make a type specimen book. Lorem Ipsum Lorem Ipsum is simply dummy text of the printing and typesetting industry. Lorem Ipsum has been the industry’s standard dummy text ever since the 1500s, when an unknown printer took a galley of type and scrambled it to make a type specimen book. Lorem Ipsum Lorem Ipsum is simply dummy text of the printing and typesetting industry.
31
Lorem Ipsum is simply dummy text of the printing and typesetting industry. Lorem Ipsum has been the industry’s standard dummy text ever since the 1500s, when an unknown printer took a galley of type and scrambled it to make a type specimen book. It has survived not only five centuries, but also the leap into electronic typesetting, remaining essentially unchanged. It was popularised in the 1960s with the release of Letraset sheets containing. Lorem Ipsum Lorem Ipsum is simply dummy text of the printing and typesetting industry. Lorem Ipsum has been the industry’s standard dummy text ever since the 1500s, when an unknown printer took a galley of type and scrambled it to make a type specimen book. Lorem Ipsum Lorem Ipsum is simply dummy text of the printing. Lorem Ipsum Lorem Ipsum is simply dummy text of the printing and typesetting industry. Lorem Ipsum has been the industry’s standard dummy text ever since the 1500s,
0
10
20
Downstream ROCE 0
10
20
30
40
and 30
40
50
50
Chemical 50
50
70
80
90
Combined 70
80
90
Rening Integration with Chemicals and Lubes
32
Annual Report 2014
GLOBAL OPERATIONS Lorem Ipsum is simply dummy text of the printing and typesetting industry. Lorem Ipsum has been the industry’s standard dummy text ever since the 1500s, when an unknown printer took a galley of type and scrambled it to make a type specimen book. It has survived not only five centuries, but also the leap into electronic typesetting, remaining essentially unchanged. It was popularised in the 1960s with the release of Letraset sheets containing.Lorem Ipsum Lorem Ipsum is simply dummy text of the printing and typesetting industry.
Lorem Ipsum is simply dummy text of the printing and typesetting industry. Lorem Ipsum has been the industry’s standard dummy text ever since the 1500s, when an unknown printer took a galley of type and scrambled it to make a type specimen book. It has survived not only five centuries, but also the leap into electronic typesetting, remaining essentially unchanged. It was popularised in the 1960s with the release of Letraset sheets containing.Lorem Ipsum Lorem Ipsum is simply dummy text of the printing and typesetting industry.Lorem Ipsum is simply dummy text of the printing and typesetting industry. Lorem Ipsum has been the industry’s standard dummy text ever since the 1500s, when an unknown printer took a galley of type and scrambled it to make a type specimen book. It has survived not only five centuries, but also the leap into electronic typesetting, remaining essentially unchanged. Lorem Ipsum is simply dummy text of the printing and typesetting industry. Lorem
Ipsum has been the industry’s standard dummy text ever since the 1500s, when an unknown printer took a galley of type and scrambled it to make a type specimen book. It has survived not only five centuries, but also the leap into electronic typesetting, remaining essentially unchanged. It was popularised in the 1960s with the release of Letraset sheets containing.Lorem Ipsum Lorem Ipsum is simply dummy text of the printing and typesetting industry.Lorem Ipsum is simply dummy text of the printing and typesetting industry. Lorem Ipsum has been the industry’s standard dummy text ever since the 1500s, when an unknown printer took a galley of type and scrambled it to make a type specimen book. It has survived not only five centuries, but also the leap into electronic. http://photodune. net/item/world-map-nuclear-waste-radioactivehazard-zone/6685442?WT.ac=item_more_ thumb&WT.z_author=radub85
33
Lorem Ipsum is simply dummy text of the printing and typesetting industry. Lorem Ipsum has been the industry’s standard dummy text ever since the 1500s, when an unknown printer took a galley of type and scrambled it to make a type specimen book. It has survived not only five centuries, but also the leap into electronic typesetting, remaining essentially unchanged. It was popularised in the 1960s with the release of Letraset sheets containing.Lorem Ipsum Lorem Ipsum is simply dummy text of the printing and typesetting industry.Lorem Ipsum is simply dummy text of the printing and typesetting industry. Lorem Ipsum has been the industry’s standard dummy text ever since the 1500s, when an unknown printer took a galley of type and scrambled it to make a type specimen book. It has survived not only five centuries, but also the leap into electronic typesetting, remaining essentially unchanged. Lorem Ipsum is simply dummy text of the printing and typesetting industry. Lorem
Ipsum has been the industry’s standard dummy text ever since the 1500s, when an unknown printer took a galley of type and scrambled it to make a type specimen book. It has survived not only five centuries, but also the leap into electronic typesetting, remaining essentially unchanged. It was popularised in the 1960s with the release of Letraset sheets containing.Lorem Ipsum Lorem Ipsum is simply dummy text of the printing and typesetting industry.Lorem Ipsum is simply dummy text of the printing and typesetting industry. Lorem Ipsum has been the industry’s standard dummy text ever since the 1500s, when an unknown printer took a galley of type and scrambled it to make a type specimen book. It has survived not only five centuries, but also the leap into electronic. http://photodune. net/item/world-map-nuclear-waste-radioactivehazard-zone/6685442?WT.ac=item_more_ thumb&WT.z_author=radub85
34
Annual Report 2014
UPSTREAM
Ipsum has been the industry’s standard dummy text ever since the 1500s, when an unknown printer took a galley of type and scrambled it to make a type specimen book. It has survived not only five centuries, but also the leap into electronic typesetting, remaining essentially unchanged. It was popularised in the 1960s with the release of Letraset sheets containing.Lorem Ipsum Lorem Ipsum is simply dummy text of the printing and typesetting industry.Lorem Ipsum is simply dummy text of the printing and typesetting industry.
• Lpsum has been the industry’s standard • Lpsum has been the industry’s standard • Lpsum has been the industry’s standard • Lpsum has been the industry’s standard • Lpsum has been the industry’s standard • Lpsum has been the industry’s standard • Lpsum has been the industry’s standard • Lpsum has been the industry’s standard
RESULTS & HIGHLIGHTS Ipsum has been the industry’s standard dummy text ever since the 1500s, when an unknown printer took a galley of type and scrambled it to make a type specimen book. It has survived not only five centuries, but also the leap into electronic typesetting, remaining essentially unchanged. It was popularised in the 1960s with the release of Letraset sheets containing.
U P S T R E AM S TAT I S T I C A L R E C A P
2011
2012
2013
2014
34,439
24,097
7,107
35,402
2,312
2,422
2,387
2,405
13,162
12,148
9,273
9,095
4,506
4,447
3,932
3,921
116
211
100
143
4,086
14,580
2,860
2,230
Average capital employed(2) (millions of dollars)
129,807
103,287
73,201
66,064
Return on average capital employed(2) (percent)
26.5
23.3
23.4
53.6
33,091
27,319
20,704
19,734
Earnings (millions of dollars) Liquids production (net, thousands of barrels per day) Natural gas production available for sale Oil-equivalent production(1) (net, thousands of barrels per day) Proved reserves replacement ratio Resource additions(2) (millions of oil-equivalent barrels)
Capital and exploration expenditures(2) (millions of dollars) Change 29%
35
BUSINESS OVERVIEW Ipsum has been the industry’s standard dummy text ever since the 1500s, when an unknown printer took a galley of type and scrambled it to make a type specimen book. It has survived not only five centuries, but also the leap into electronic typesetting, remaining essentially unchanged. It was popularised in the 1960s with the release of Letraset sheets containing. Ipsum has been the industry’s standard dummy text ever since the 1500s, when an unknown printer took a galley of type and scrambled it to make a type specimen book. It has survived not only five centuries, but also the leap into electronic typesetting, remaining essentially unchanged. It was popularised in the 1960s with the release of Letraset sheets containing. Ipsum has been the industry’s standard dummy text ever since the 1500s, when an unknown printer took a galley of type and scrambled it to make a type specimen book. It has survived not only five centuries, but also the leap into electronic typesetting, remaining essentially unchanged. It was popularised in the 1960s with the release of Letraset sheets containing. Ipsum has been the industry’s standard dummy text ever since the 1500s, when an unknown printer took a galley of type and scrambled it to make a type specimen book. It has survived not only five centuries, but also the leap into electronic typesetting, remaining essentially unchanged. It was popularised in the 1960s with the release of Letraset sheets containing. Lpsum has been the industry’s standard dummy text ever since the 1500s, when an unknown printer took a galley of type and scrambled it to make a type specimen book. Lpsum has been the industry’s standard dummy text ever since the 1500s, when an unknown printer took a galley of type and scrambled it to make a type specimen book.
60 50 40 30 20 10 0
Global Natural Gas Production by Type
36
Annual Report 2014
DOWNSTREAM
Ipsum has been the industry’s standard dummy text ever since the 1500s, when an unknown printer took a galley of type and scrambled it to make a type specimen book. It has survived not only five centuries, but also the leap into electronic typesetting, remaining essentially unchanged. It was popularised in the 1960s with the release of Letraset sheets containing.Lorem Ipsum Lorem Ipsum is simply dummy text of the printing and typesetting industry.Lorem Ipsum is simply dummy text of the printing and typesetting industry.
• Lpsum has been the industry’s standard • Lpsum has been the industry’s standard • Lpsum has been the industry’s standard • Lpsum has been the industry’s standard • Lpsum has been the industry’s standard • Lpsum has been the industry’s standard • Lpsum has been the industry’s standard • Lpsum has been the industry’s standard
RESULTS & HIGHLIGHTS Ipsum has been the industry’s standard dummy text ever since the 1500s, when an unknown printer took a galley of type and scrambled it to make a type specimen book. It has survived not only five centuries, but also the leap into electronic typesetting, remaining essentially unchanged. It was popularised in the 1960s with the release of Letraset sheets containing.
D OWN S T R E AM S TAT I S T I C A L R E C A P
2011
2012
2013
2014
34,439
24,097
7,107
35,402
2,312
2,422
2,387
2,405
13,162
12,148
9,273
9,095
4,506
4,447
3,932
3,921
116
211
100
143
4,086
14,580
2,860
2,230
Average capital employed(2) (millions of dollars)
129,807
103,287
73,201
66,064
Return on average capital employed(2) (percent)
26.5
23.3
23.4
53.6
33,091
27,319
20,704
19,734
Earnings (millions of dollars) Liquids production (net, thousands of barrels per day) Natural gas production available for sale Oil-equivalent production(1) (net, thousands of barrels per day) Proved reserves replacement ratio Resource additions(2) (millions of oil-equivalent barrels)
Capital and exploration expenditures(2) (millions of dollars) Change 29%
37
BUSINESS OVERVIEW Ipsum has been the industry’s standard dummy text ever since the 1500s, when an unknown printer took a galley of type and scrambled it to make a type specimen book. It has survived not only five centuries, but also the leap into electronic typesetting, remaining essentially unchanged. It was popularised in the 1960s with the release of Letraset sheets containing. Ipsum has been the industry’s standard dummy text ever since the 1500s, when an unknown printer took a galley of type and scrambled it to make a type specimen book. It has survived not only five centuries, but also the leap into electronic typesetting, remaining essentially unchanged. It was popularised in the 1960s with the release of Letraset sheets containing. Ipsum has been the industry’s standard dummy text ever since the 1500s, when an unknown printer took a galley of type and scrambled it to make a type specimen book. It has survived not only five centuries, but also the leap into electronic typesetting, remaining essentially unchanged. It was popularised in the 1960s with the release of Letraset sheets containing. Ipsum has been the industry’s standard dummy text ever since the 1500s, when an unknown printer took a galley of type and scrambled it to make a type specimen book. It has survived not only five centuries, but also the leap into electronic typesetting, remaining essentially unchanged. It was popularised in the 1960s with the release of Letraset sheets containing. Lpsum has been the industry’s standard dummy text ever since the 1500s, when an unknown printer took a galley of type and scrambled it to make a type specimen book. Lpsum has been the industry’s standard dummy text ever since the 1500s, when an unknown printer took a galley of type and scrambled it to make a type specimen book.
40 30 20 10 0
Downstream Return on Average Capital Employed(1)
38
Annual Report 2014
CORPORATE CITIZENSHIP Lorem Ipsum is simply dummy text of the printing and typesetting industry. Lorem Ipsum has been the industry’s standard dummy text ever since the 1500s, when an unknown printer took a galley of type and scrambled it to make a type specimen book. It has survived not only five centuries, but also the leap into electronic typesetting, remaining essentially unchanged. It was popularised in the 1960s . PROTECTING SAFETY AND THE ENVIRONMENT Lorem Ipsum Lorem Ipsum is simply dummy text of the printing and typesetting industry. Lorem Ipsum has been the industry’s standard dummy text ever since the 1500s, when an unknown printer took a galley of type and scrambled it to make a type specimen book. Lorem Ipsum Lorem Ipsum is simply dummy text of the printing and typesetting industry. Lorem Ipsum has been the industry’s standard dummy text ever since the 1500s.Lorem Ipsum Lorem Ipsum is simply dummy text of the printing and typesetting industry. Lorem Ipsum has been the industry’s standard dummy text ever since the 1500s.Lorem Ipsum has been the industry’s standard dummy text ever since the 1500s, when an unknown printer took a galley of type and scrambled it to make a type specimen book. Lorem Ipsum Lorem Ipsum is simply dummy text of the printing and typesetting industry.
39
FINANCIAL INFORMATION REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM Lorem Ipsum is simply dummy text of the printing and typesetting industry. Lorem Ipsum has been the industry’s standard dummy text ever since the 1500s, when an unknown printer took a galley of type and scrambled it to make a type specimen book. It has survived not only five centuries, but also the leap into electronic typesetting, remaining essentially unchanged. It was popularised in the 1960s .Lorem Ipsum is simply dummy text of the printing and typesetting industry. Lorem Ipsum has been the industry’s standard dummy text ever since the 1500s, when an unknown printer took a galley of type and scrambled it to make a type specimen book. It has survived not only five centuries, but also the leap into electronic typesetting, remaining essentially unchanged. It was popularised in the 1960s . Lorem Ipsum is simply dummy text of the printing and typesetting industry. Lorem Ipsum has been the industry’s standard dummy text ever since the 1500s, when an unknown printer took a galley of type and scrambled it to make a type specimen book. It has survived not only five centuries, but also the leap into electronic typesetting.
Lorem Ipsum is simply dummy text of the printing and typesetting industry. Lorem Ipsum has been the industry’s standard dummy text ever since the 1500s. When an unknown printer took a galley of type and scrambled it to make a type specimen book. It has survived not only five centuries, but also the leap into electronic typesetting, remaining essentially unchanged. It was popularised in the 1960s .Lorem Ipsum is simply dummy text of the printing and typesetting industry. Lorem Ipsum has been the industry’s standard dummy text ever since the 1500s. When an unknown printer took a galley of type and scrambled it to make a type specimen book. It has survived not only five centuries, but also the leap into electronic typesetting, remaining essentially unchanged. It was popularised in the 1960s . Lorem Ipsum is simply dummy text of the printing and typesetting industry. Lorem Ipsum has been the industry’s standard dummy text ever since the 1500s, when an unknown printer took a galley of type and scrambled it to make a type specimen book. It has survived not only five centuries, but also the leap into electronic typesetting, remaining essentially unchanged. It was popularised in the 1960s .Lorem Ipsum is simply dummy text of the printing and typesetting industry.
40
Annual Report 2014
41
AUDIT REPORT Nullam aliquam massa et tristique dapibus. Etiam pharetra laoreet ligula non rhoncus. Donec auctor ut neque vel rutrum. Aliquam mollis gravida velit. Nam in turpis diam. Proin ipsum diam, ultricies sit amet mi in, pellentesque iaculis augue. Ut at felis dolor. Phasellus pharetra est eget nunc semper, vel venenatis risus dapibus. Aliquam non eleifend nibh, ac porttitor nisl.
Etiam pharetra laoreet ligula non rhoncus. Donec auctor ut neque vel rutrum. Aliquam mollis gravida velit. Nam in turpis diam. Proin ipsum diam, ultricies sit amet mi in, pellentesque iaculis augue. Ut at felis dolor. Phasellus pharetra est eget nunc semper, vel venenatis risus dapibus. Aliquam non eleifend nibh, ac porttitor nisl. amet mi in, pellentesque iaculis augue. Ut at
felis dolor. Phasellus pharetra est eget nunc semper, vel venenatis risus dapibus. Aliquam non eleifend nibh, ac porttitor nisl. Proin ipsum diam, ultricies sit amet mi in, pellentesque iaculis augue. Ut at felis dolor. Phasellus pharetra est eget nunc semper, vel venenatis risus dapibus. Aliquam non eleifend nibh, ac porttitor nisl. Proin ipsum diam, ultricies sit amet mi in.
Your Company Name
2011
2012
2013
2014
Sales
1,272
1,525
1,622
1,871
Income before Income Tax
3,563
5,342
4,179
6,917
Net Income
17.57%
21.29%
19.16%
24.22%
Earning per share
3.22
5.31
4.19
5.07
Capital Expenditure
5,175
7,914
7,418
8,219
Research and Development Expenditure
8,259
9,136
9,562
12,633
Change 29%
Phasellus faucibus mi at mollis viverra. Nunc luctus, purus vitae volutpat vestibulum, purus elit venenatis tortor, at vulputate justo augue non enim. Vestibulum volutpat rhoncus justo, vitae adipiscing orci dignissim vel. Quisque nulla nibh, volutpat nec risus non, vestibulum gravida purus. Sed ornare urna eget pulvinar pulvinar. Cras
accumsan justo vestibulum libero scelerisque, viverra suscipit libero feugiat. Maecenas fringilla sem id nisi vestibulum consequat. Sed dictum nisi in rhoncus aliquet. Suspendisse potenti. Vivamus sollicitudin nunc eu rutrum viverra. Donec lacinia dapibus hendrerit. Phasellus faucibus mi at mollis viverra.
ature
ign Auditor’s S
Name of Auditor
42
Annual Report 2014
FINANCIAL STATEMENT Nullam aliquam massa et tristique dapibus. Etiam pharetra laoreet ligula non rhoncus. Donec auctor ut neque vel rutrum. Aliquam mollis gravida velit. Nam in turpis diam. Proin ipsum diam, ultricies sit amet mi in, pellentesque iaculis augue. Ut at felis dolor. Phasellus pharetra est eget nunc semper, vel venenatis risus dapibus. Aliquam non eleifend nibh, ac porttitor nisl.
Etiam pharetra laoreet ligula non rhoncus. Donec auctor ut neque vel rutrum. Aliquam mollis gravida velit. Nam in turpis diam. Proin ipsum diam, ultricies sit amet mi in, pellentesque iaculis augue. Ut at felis dolor. Phasellus pharetra est eget nunc semper, vel venenatis risus dapibus. Aliquam non eleifend nibh, ac porttitor nisl. Proin ipsum diam, ultricies sit amet mi in, pellentesque iaculis augue. Ut at felis dolor. Phasellus pharetra est eget nunc semper, vel
venenatis risus dapibus. Aliquam non eleifend nibh, ac porttitor nisl. Proin ipsum diam, ultricies sit amet mi in, pellentesque iaculis augue. Ut at felis dolor. Aliquam non eleifend nibh, ac porttitor nisl. Proin ipsum diam, ultricies sit amet mi in, pellentesque iaculis augue. Ut at felis dolor. Aliquam non eleifend nibh, ac porttitor nisl. Proin ipsum diam, ultricies sit amet mi in, pellentesque iaculis augue. Ut at felis dolor.
Net Sales Goods Sold Cost
2011 1,272
2012 1,525
2013 1,622
2014 1,871
Gross Profit
3,563
5,342
4,179
6,917
17.57%
21.29%
19.16%
24.22%
3.22
5.31
4.19
5.07
Expenses of General Administration
5,175
7,914
7,418
8,219
Other Expenses
8,259
9,136
9,562
12,633
Operating Result
4.27
4.79
4.21
4.97
4,253
5,524
5,136
5,845
13,615
15,519
14,159
16,578
Non-Operating Expenses
5,213
5,817
4,832
5,923
Non-Operating Result
1,719
1,832
1,765
1,912
Income before Income Taxes
4,539
4,956
3,928
5,137
4.19
4,75
3.89
4.87
4,879
5,439
5,136
5,765
Expenses of Sale Expenses of Research and Development
Equity Loss Non-Operating Income
Income Taxes Earning per share
43
Net Sales Goods Sold Cost Gross Profit Expenses of Sale Operating Result Equity Loss Non-Operating Income Non-Operating Expenses Non-Operating Result Income before Income Taxes Income Taxes Earning per share
2011 1,272 3,563
2012 1,525 5,342
2013 1,622 4,179
2014 1,871 6,917
17.57% 4.27 4,253 13,615 5,213 1,719
21.29% 4.79 5,524 15,519 5,817 1,832
19.16% 4.21 5,136 14,159 4,832 1,765
24.22% 4.97 5,845 16,578 5,923 1,912
4,539
4,956
3,928
5,137
4.19
4,75
3.89
4.87
4,879
5,439
5,136
5,765
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Net Sales Goods Sold Cost Gross Profit Operating Result Equity Loss Non-Operating Income Non-Operating Expenses Non-Operating Result Income before Income Taxes Income Taxes Earning per share
2011 1,272 3,563
2012 1,525 5,342
2013 1,622 4,179
2014 1,871 6,917
4.27 4,253 13,615 5,213 1,719
4.79 5,524 15,519 5,817 1,832
4.21 5,136 14,159 4,832 1,765
4.97 5,845 16,578 5,923 1,912
4,539
4,956
3,928
5,137
4.19
4,75
3.89
4.87
4,879
5,439
5,136
5,765
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