2004 HIGHLIGHTS
• Significant progress on new field developments:
> Bayu-Undan and Minerva commenced production
> John Brookes and Casino sanctioned
> Mutineer-Exeter ahead of schedule and Bayu-Undan 
LNG construction on track
> Oyong and Maleo progressed to imminent sanction.
• Seven of sixteen exploration wells discovered hydrocarbons,
including Jeruk.
• Reserve replacement exceeded production for the third
successive year.
• Indonesia established as a core area.
• New country entry to Egypt.
• Improved safety performance and first Sustainability 
Review released. 
2005 AND BEYOND
• New production to commence:
> Mutineer-Exeter, John Brookes and Oyong 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.
Annual Report 2004 3
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
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
800
1,000
OPERATING CASH FLOW
$million
’02 ’03 ’04
821
897
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
800
1,000
1,200
1,400
1,600
SALES REVENUE
$million
’02 ’03 ’04
1,478 1,465 1,501
Sales gas & ethane
Condensate
Crude oil
LPG
0
200
400
600
800
1,000
1,200
1,400
FINANCIAL STRENGTH
$million
’02 ’03 ’04
1,163
28.9%
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
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