MS & Third Quarter 2012 Production Report

1 November 2012

• Overall performance in Q3 2012 was good, despite generally weaker commodity prices.
• Marketing has, once more, demonstrated the robustness of the business model, with low operational gearing and much less direct correlation with commodity prices than industrial activities.
• Industrial activities performance reflected lower prices, but nevertheless delivered a sequential and year-on-year overall volume improvement as we continued to deliver on and benefit from our growth pipeline.
• Debt lower and rolling 12 month credit metrics improved. Our balance sheet retains a level of flexibility which is unique amongst a large part of our peer group.
• Outlook: we are not assuming any short term material improvement in global macro conditions. We are confident that in this environment our business model places us in a strongly competitive position, underpinned by our strong relationships in marketing and our highly capital-efficient low-cost brownfield expansion projects in industrial activities...

Download full PDF