2004 HIGHLIGHTS 2005 AND BEYOND 2004 2003 Sales ($million) 1,500.9 1,465.0 Operating profit before tax ($million) 540.8 430.9 Cash flow from operations ($million) 605.0 897.3 Earnings per share (cents) 58.6 52.1 Ordinary dividends per share (cents) 33 30 Cash flow per share (cents) 103.4 153.8 Total shareholders’ funds ($million) 3,498.3 3,087.9 Return on average ordinary equity (%) 13.1 12.3 Return on average capital employed (%) 9.4 8.8 Net debt/(net debt plus equity) (%) 24.4 22.5 Net interest cover (times) 9.2 8.5 • Significant progress on new field developments: > Bayu-Undan and Minerva commenced production > John Brookes and Casino sanctioned > Mutineer-Exeter ahead of schedule and Bayu-Und an  LNG construction on track > Oyong and Maleo progressed to imminent sancti on. • Seven of sixteen exploration wells discovered hydr ocarbons, including Jeruk. • Reserve replacement exceeded production for th third successive year. • Indonesia established as a core area. • New country entry to Egypt. • Improved safety performance and first Sustainability Review released.  • New production to commence: > Mutineer-Exeter, John Brookes and Oyon in 2005 > Bayu-Undan LNG, Casino and Maleo in 2006. • Continuing high impact exploration program. • Follow-up on recent exploration success: > Jeruk early production potential > Hiu Aman, Hurricane and Martha appraisal. • Continued commercialisation of static gas resources. 0 10 20 30 40 50 60 70 EARNINGS AND DIVIDENDS PER SHARE cents ’02 ’03 ’04 52 52 59 30 30 33 Earnings per share Ordinary dividend 0 200 400 600 8 00 1,000 OPERATING CASH FLOW $ million ’02 ’03 ’04 8 21 89 7 605 0 100 200 300 400 NET PROFIT AFTER TAX $ million ’02 ’03 ’04 322 327 380 0 10 20 30 40 50 60 70 RETURN ON ORDINARY EQUITY % ’02 ’03 ’04 52 13.1% 12.3% 52 59 13 . 1% 0 5 10 15 20 25 cents per share Earnings per share Return on average ordinary shares 0.0 10.0 20.0 30.0 40.0 50.0 60.0 70.0 PRODUCTION BY PRODUCT mmboe ’02 ’03 ’04 57.3 54.2 47 . 1 Sales gas & ethane Condensate Crude oil LPG 0 200 400 600 8 00 1,000 1,200 1,400 1,600 SALES REVENUE $ million ’02 ’03 ’04 1,47 8 1,465 1,501 Sales gas & ethane Condensate Crude oil LPG 0 200 400 600 8 00 1,000 1,200 1,400 FINANCIAL STRENGTH $ million ’02 ’03 ’04 1,163 2 8 . 9 % 22.5% 898 1,131 24 . 4% 0 5% 10% 15% 20% 25% 30% 35% 40% 45% Gearing Net debt 0 2 4 6 8 10 SAFETY PERFORMANCE TRCFR (per million hours worked) ’02 ’03 ’04 9 .0 7.2 6 . 4 Annual Report 2004 3