LONDON, April 29 /PRNewswire-FirstCall/ -- First First Fourth First
quarter quarter quarter quarter 2008 vs 2008 2007 2007 2007 $
million Profit for the period(a) 7,619 4,399 4,664 Inventory
holding (gains) losses, net of tax(b) (1,031) (1,004) (220)
Replacement cost profit(b) 6,588 3,395 4,444 48% - per ordinary
share (pence) 17.63 8.75 11.76 - per ordinary share (cents) 34.90
17.90 22.93 52% - per ADS (dollars) 2.09 1.07 1.38 -- BP's
first-quarter replacement cost profit was $6,588 million, compared
with $4,444 million a year ago, an increase of 48%. --
Non-operating items and fair value accounting effects for the first
quarter had a net $4 million unfavourable impact compared to a net
$36 million favourable impact in the first quarter of 2007 -- see
further details on page 3. Non-operating items for the first
quarter included a pre-tax charge of $307 million for
restructuring, integration and rationalization costs associated
with BP's forward agenda. -- Net cash provided by operating
activities for the quarter was $10.9 billion compared with $8.0
billion a year ago. -- The effective tax rate on replacement cost
profit(b) for the quarter was 37%; the rate was 34% a year ago. --
Net debt at the end of the quarter was $23.8 billion. The ratio of
net debt to net debt plus equity was 19% compared with 20% a year
ago. Net debt has been redefined as described on page 5. -- Capital
expenditure, excluding acquisitions and asset exchanges, was $7.1
billion for the quarter. Total capital expenditure and acquisitions
was $9.0 billion. Capital expenditure excluding acquisitions and
asset exchanges, and excluding the accounting for our transaction
with Husky, is expected to be around $21-22 billion for the year.
Disposal proceeds were $0.3 billion for the quarter. -- The
quarterly dividend, to be paid in June, is 13.525 cents per share
($0.8115 per ADS) compared with 10.325 cents per share a year ago,
an increase of 31%. In sterling terms, the quarterly dividend is
6.830 pence per share, compared with 5.151 pence per share a year
ago, an increase of 33%. During the quarter, the company
repurchased 91 million of its own shares for cancellation at a cost
of $1 billion. (a) Profit attributable to BP shareholders. (b) With
effect from 1 January 2008, replacement cost profit excludes
inventory holding gains and losses net of tax. Comparative amounts
have been amended to the new basis. See page 2 for further details.
The commentaries above and following are based on replacement cost
profit and should be read in conjunction with the cautionary
statement on page 11. Analysis of replacement cost profit and
reconciliation to profit for the period First Fourth First quarter
quarter quarter 2008 2007 2007 $ million Exploration and Production
10,072 7,870 6,306 Refining and Marketing 1,249 (1,296) 804 Other
businesses and corporate (213) (427) (98) Consolidation adjustment
(195) (267) 42 RC profit before interest and tax(a) 10,913 5,880
7,054 Finance costs and net finance income relating to pensions and
other post-retirement benefits (246) (242) (171) Taxation on a
replacement cost basis(b) (3,947) (2,138) (2,357) Minority interest
(132) (105) (82) Replacement cost profit attributable to BP
shareholders(b) 6,588 3,395 4,444 Inventory holding gains (losses)
1,593 1,427 303 Taxation (charge) credit on inventory holding gains
and losses(b) (562) (423) (83) Profit for the period attributable
to BP shareholders 7,619 4,399 4,664 (a) Replacement cost profit
reflects the current cost of supplies. The replacement cost profit
for the period is arrived at by excluding from profit inventory
holding gains and losses. BP uses this measure to assist investors
to assess BP's performance from period to period. Replacement cost
profit is not a recognized GAAP measure. (b) Effective 1 January
2008, replacement cost profit excludes inventory holding gains and
losses and their associated tax effect. Previously, replacement
cost profit excluded inventory holding gains and losses while the
tax charge remained unadjusted and included the tax effect on
inventory holding gains and losses. Comparative amounts have been
amended to the new basis and the impact of the change is shown in
the table below. There is no impact on profit for the period.
Fourth First quarter quarter 2007 2007 $ million Replacement cost
profit attributable to BP shareholders -as previously reported
2,972 4,361 -tax effect on inventory holding gains and losses 423
83 -as amended 3,395 4,444 Non-operating items and fair value
accounting effects Non-operating items(a) First Fourth First
quarter quarter quarter 2008 2007 2007 $ million Exploration and
Production (376) (654) 757 Refining and Marketing 609 (1,146) (229)
Other businesses and corporate (81) (87) 34 152 (1,887) 562
Taxation(b) (56) 715 (192) 96 (1,172) 370 Fair value accounting
effects(c) First Fourth First quarter quarter quarter $ million
2008 2007 2007 Exploration and Production Unrecognized gains
(losses) brought forward from previous period 107 234 155
Unrecognized (gains) losses carried forward (366) (107) (124)
Favourable (unfavourable) impact relative to management's measure
of performance (259) 127 31 Refining and Marketing(d) Unrecognized
gains (losses) brought forward from previous period 429 367 72
Unrecognized (gains) losses carried forward (328) (429) (611)
Favourable (unfavourable) impact relative to management's measure
of performance 101 (62) (539) (158) 65 (508) Taxation(b) 58 (25)
174 (100) 40 (334) Total of non-operating items and fair value
accounting effects First Fourth First quarter quarter quarter 2008
2007 2007 $ million Exploration and Production (635) (527) 788
Refining and Marketing 710 (1,208) (768) Other businesses and
corporate (81) (87) 34 (6) (1,822) 54 Taxation(b) 2 690 (18) (4)
(1,132) 36 (a) An analysis of non-operating items by type is
provided on page 20 and a geographical split is shown on pages 7, 9
and 10. (b) Tax is calculated using the quarter's effective tax
rate on replacement cost profit. Amounts for comparative periods
have been amended to reflect a redefinition of the effective tax
rate on replacement cost profit arising as a result of the
exclusion of tax effects on inventory holding gains and losses as
described on page 2. (c) An explanation of fair value accounting
effects is provided on page 11. (d) Fair value accounting effects,
in respect of the first quarter 2007 for the Refining and Marketing
segment, have been revised from those disclosed previously. The
revisions reflect changes in the basis for valuation of certain
forward supply contracts to be consistent with the method used for
other forward supply contracts when calculating management's
internal measure of performance. The changes to comparative figures
are not material in relation to management's internal measure of
the Refining and Marketing segment's performance. The changes have
no impact on the results reported under IFRS. Per share amounts
First Fourth First quarter quarter quarter 2008 2007 2007 Results
for the period ($ million) Profit(a) 7,619 4,399 4,664 Replacement
cost profit 6,588 3,395 4,444 Shares in issue at period end
(thousand)(b) 18,877,537 18,922,786 19,290,540 --ADS equivalent
(thousand)(b) 3,146,256 3,153,798 3,215,090 Average number of
shares outstanding (thousand)(b) 18,875,611 18,979,138 19,384,508
--ADS equivalent (thousand)(b) 3,145,935 3,163,190 3,230,751 Shares
repurchased in the period (thousand) 90,996 121,175 237,916 Per
ordinary share (cents) Profit for the period 40.36 23.15 24.06 RC
profit for the period 34.90 17.90 22.93 Per ADS (cents) Profit for
the period 242.16 138.90 144.36 RC profit for the period 209.40
107.40 137.58 (a) Profit attributable to BP shareholders. (b)
Excludes treasury shares. Dividends Dividends Payable BP today
announced a dividend of 13.525 cents per ordinary share to be paid
in June. Holders of ordinary shares will receive 6.830 pence per
share and holders of American Depository Receipts (ADRs) $0.8115
per ADS. The dividend is payable on 9 June to shareholders on the
register on 16 May. Participants in the Dividend Reinvestment Plan
(DRIP) or the DRIP facility in the US Direct Access Plan will
receive the dividend in the form of shares, also on 9 June.
Dividends Paid First Fourth First quarter quarter quarter 2008 2007
2007 Dividends paid per ordinary share cents 13.525 10.825 10.325
pence 6.813 5.308 5.258 Dividends paid per ADS (cents) 81.15 64.95
61.95 Net debt ratio - net debt: net debt + equity First Fourth
First quarter quarter quarter 2008 2007 2007 $ million Gross debt
29,871 31,045 23,728 Less: fair value asset (liability) of hedges
related to finance debt 1,234 666 328 28,637 30,379 23,400 Cash and
cash equivalents 4,820 3,562 1,956 Net debt 23,817 26,817 21,444
Equity 99,704 94,652 85,749 Net debt ratio 19% 22% 20% Net debt has
been redefined to include the fair value of associated derivative
financial instruments that are used to hedge foreign exchange and
interest rate risks relating to finance debt, for which hedge
accounting is claimed. The derivatives are reported on the balance
sheet within the headings 'Derivative financial instruments'.
Amounts for comparative periods are presented on a consistent
basis. See note 2(c) on page 24 for further information.
Exploration and Production $ million First Fourth First quarter
quarter quarter 2008 2007 2007 Profit before interest and tax(a)
10,054 7,950 6,317 Inventory holding (gains) losses 18 (80) (11)
Replacement cost profit before interest and tax 10,072 7,870 6,306
By region: UK 923 725 1,122 Rest of Europe 276 266 727 US 3,085
2,240 1,731 Rest of World 5,788 4,639 2,726 10,072 7,870 6,306 (a)
Includes profit after interest and tax of equity-accounted
entities. The replacement cost profit before interest and tax for
the first quarter was $10,072 million, an increase of 60% over the
first quarter of 2007. This result benefited from higher oil and
gas realizations and a higher contribution from the gas marketing
and trading and LNG businesses. This was partly offset by higher
costs, primarily reflecting the impacts of higher depreciation and
sector-specific inflation. The result also included higher income
from equity-accounted entities, primarily from TNK-BP due to higher
prices. In addition, BP's share of income from TNK-BP benefited
from the effect of lagged tax reference prices. The result included
a net non-operating charge of $376 million with the most
significant items being fair value losses on embedded derivatives
partly offset by the release of certain provisions. The
corresponding quarter in 2007 contained a net non-operating gain of
$757 million. In the first quarter, fair value accounting effects
had an unfavourable impact of $259 million compared with a
favourable impact of $31 million a year ago. Reported production
for the quarter was 3,913mboe/d and was flat compared with the
first quarter of 2007. After adjusting for the impact of lower
entitlement in our production-sharing agreements (PSAs), production
was more than 5% higher than the first quarter of 2007. This
primarily reflects the ramp-up of production following the start-up
of major projects in 2007. As previously indicated, if oil prices
remain at $100 per barrel we expect 2008 reported production to be
broadly flat compared with 2007, with underlying production growth
being offset by PSA entitlement impacts. We expect the quarterly
phasing of underlying production during the year to reflect the
normal seasonal effects associated with turnaround activity in the
second and third quarters. During the quarter, we had first
production from the Mondo field within the Kizomba C development in
Angola, where BP holds a 26.67% interest. Shortly after the end of
the quarter, production commenced at Deep Water Gunashli on
schedule; this completes the third and final phase of development
of the Azeri-Chirag-Gunashli field (BP 34.1% and operator) in the
Azerbaijan sector of the Caspian Sea. We had exploration success in
Angola with the Portia discovery, in Egypt with the Satis discovery
and in the North Sea with a discovery close to the Foinaven
production facility. On 31 March, we completed the deal with Husky
Energy Inc. to create an integrated North American oil sands
business by means of two separate joint ventures, one of which
gives BP a 50% interest in Husky's Sunrise field in Alberta,
Canada. Capital expenditure of $2,848 million in respect of this
transaction is reflected in the first quarter of 2008. Shortly
after the end of the quarter, we announced the Kodiak discovery in
the deepwater Gulf of Mexico and, jointly with ConocoPhillips,
announced that we have combined resources to start Denali - The
Alaska Gas Pipeline. Exploration and Production $ million First
Fourth First quarter quarter quarter 2008 2007 2007 Non-operating
items UK (694) (567) 152 Rest of Europe - (3) 533 US (8) 213 (7)
Rest of World 326 (297) 79 (376) (654) 757 Fair value accounting
effects(a) UK 17 (11) 38 Rest of Europe - - - US (142) 19 (6) Rest
of World (134) 119 (1) (259) 127 31 Exploration expense UK 92 17 20
Rest of Europe - - - US 72 61 77 Rest of World 129 123 59 293 201
156 Production (net of royalties)(b) Liquids (mb/d) (net of
royalties)(c) UK 191 199 236 Rest of Europe 44 50 59 US 554 523 526
Rest of World 1,664 1,697 1,625 2,453 2,469 2,446 Natural gas
(mmcf/d) (net of royalties) UK 971 853 907 Rest of Europe 25 26 41
US 2,149 2,183 2,163 Rest of World 5,319 5,275 5,391 8,464 8,337
8,502 Total hydrocarbons (mboe/d)(d) UK 358 346 393 Rest of Europe
48 55 66 US 925 900 899 Rest of World 2,582 2,606 2,554 3,913 3,907
3,912 Average realizations(e) Total liquids ($/bbl) 90.92 82.72
53.43 Natural gas ($/mcf) 5.88 4.83 4.86 Total hydrocarbons ($/boe)
62.27 56.03 41.06 (a) These effects represent the favourable
(unfavourable) impact relative to management's measure of
performance. Further information on fair value accounting effects
is provided on pages 3 and 11. (b) Includes BP's share of
production of equity-accounted entities. (c) Crude oil and natural
gas liquids. (d) Natural gas is converted to oil equivalent at 5.8
billion cubic feet = 1 million barrels. (e) Based on sales of
consolidated subsidiaries only -- this excludes equity-accounted
entities. (f) Because of rounding, some totals may not agree
exactly with the sum of their component parts. Refining and
Marketing First Fourth First quarter quarter quarter 2008 2007 2007
$ million Profit (loss) before interest and tax(a) 2,840 67 1,095
Inventory holding (gains) losses (1,591) (1,363) (291) Replacement
cost profit (loss) before interest and tax 1,249 (1,296) 804 By
region: UK 107 134 (42) Rest of Europe 629 278 298 US 154 (1,805)
129 Rest of World 359 97 419 1,249 (1,296) 804 (a) Includes profit
after interest and tax of equity-accounted entities. Refining and
Marketing comprises Fuels Value Chains (FVC) and International
Businesses. The FVCs include refineries, supply, logistics and
marketing and trading activities. The International Businesses
include lubricants, chemicals, LPG, aviation and marine fuels. The
replacement cost profit before interest and tax for the first
quarter was $1,249 million compared with $804 million for the same
period last year. The quarter's result included a net non-operating
gain of $609 million, primarily in respect of the gain recognized
on the contribution of the Toledo refinery into a joint venture
with Husky Energy Inc., as part of the integrated North American
oil sands deal completed on 31 March 2008. This compares with a net
non-operating charge of $229 million for the same period last year.
In the first quarter, fair value accounting effects had a
favourable impact of $101 million. A year ago, the impact was $539
million unfavourable. Compared with the first quarter of 2007, our
result reflected the adverse impacts of a significantly lower US
refining margin environment and higher turnaround activities,
primarily at the Carson refinery. In the FVCs, we saw weaker US
integrated margins, particularly on the West Coast, which more than
offset improved performance in other regions. The average refining
Global Indicator Margin (GIM) and BP's actual refining margin for
the first quarter were both significantly lower than those in the
first quarter of 2007. Marketing margins were steady year on year,
with slightly lower volumes versus a year ago. Refining
availability continued to improve for the sixth successive quarter,
reaching 88.0% for the first quarter of 2008 compared with 81.6% in
the first quarter of 2007. During the quarter, we completed the
largest turnaround in the history of the Carson refinery, restored
the Whiting refinery to its full clean fuel capability of 360mb/d
in March and successfully restarted the sour crude distillation
capacity at the Texas City refinery with most of its economic
capability on track to be restored by mid-2008. Refining throughput
for the quarter was 2,166mb/d compared with 2,232mb/d for the same
quarter last year. The lower throughput was mainly due to the
turnaround activities at Carson. Our International Businesses made
a significant contribution to the segment result in both the first
quarter and in the same period a year ago. We continued to make
progress on reducing complexity and costs in the lubricants and
aviation fuels businesses through portfolio simplification.
Operations at our new 900ktepa Zhuhai purified terephthalic acid
(PTA) plant, which was successfully commissioned in early 2008,
continued to improve with the production rate reaching over 90% in
March. On 17 March 2008, BP and Irving Oil entered into a
memorandum of understanding to work together on the next phase of
engineering, design, and feasibility for the proposed Eider Rock
refinery in Saint John, New Brunswick, Canada. BP will contribute
$40 million as its share of funding for this stage of the study and
the two companies will also investigate the possibility of forming
a joint venture to build the refinery should they decide to
proceed. Refining margins have improved to date in the second
quarter but still remain significantly lower than the same quarter
last year. The segment marketing businesses are likely to continue
to experience pressure from the effects of higher product prices
and a slowing of the OECD economies. We expect continued
improvement in BP's refining availability as the units at Texas
City come onstream progressively during the rest of the year.
Refining and Marketing First Fourth First quarter quarter quarter $
million 2008 2007 2007 Non-operating items UK (49) (10) (163) Rest
of Europe (85) (56) (12) US 774 (977) (58) Rest of World (31) (103)
4 609 (1,146) (229) Fair value accounting effects(a) UK (4) 1 (181)
Rest of Europe 36 5 (165) US 95 (32) (165) Rest of World (26) (36)
(28) 101 (62) (539) Refinery throughputs (mb/d) UK - - 148 Rest of
Europe 775 689 640 US 1,076 996 1,152 Rest of World 315 313 292
Total throughput 2,166 1,998 2,232 Refining availability (%)(b)
88.0 84.0 81.6 Oil sales volumes (mb/d) Refined products UK 321 328
335 Rest of Europe 1,244 1,330 1,246 US 1,455 1,455 1,564 Rest of
World 692 680 624 Total marketing sales 3,712 3,793 3,769
Trading/supply sales 2,047 1,696 2,026 Total refined product sales
5,759 5,489 5,795 Crude oil 1,860 1,659 2,017 Total oil sales 7,619
7,148 7,812 Global Indicator Refining Margin ($/bbl)(c) NWE 4.79
4.84 4.16 USGC 6.21 6.82 10.14 Midwest 1.11 3.39 7.62 USWC 5.91
8.49 22.21 Singapore 4.76 5.80 4.84 BP Average 4.57 5.68 9.45
Chemicals production (kte) UK 261 228 256 Rest of Europe 708 660
748 US 1,036 1,088 1,076 Rest of World 1,531 1,497 1,520 Total
production 3,536 3,473 3,600 (a) These effects represent the
favourable (unfavourable) impact relative to management's measure
of performance. Further information on fair value accounting
effects is provided on pages 3 and 11. (b) Refining availability is
defined as the ratio of units which are available for processing,
regardless of whether they are actually being used, to total
capacity. Where there is planned maintenance, such capacity is not
regarded as being available. (c) The Global Indicator Refining
Margin (GIM) is the average of regional indicator margins weighted
for BP's crude refining capacity in each region. Each regional
indicator margin is based on a single representative crude with
product yields characteristic of the typical level of upgrading
complexity. The regional indicator margins may not be
representative of the margins achieved by BP in any period because
of BP's particular refinery configurations and crude and product
slate. Other businesses and corporate First Fourth First quarter
quarter quarter $ million 2008 2007 2007 Profit (loss) before
interest and tax(a) (193) (443) (97) Inventory holding (gains)
losses (20) 16 (1) Replacement cost profit (loss) before interest
and tax (213) (427) (98) By region: UK (119) (87) (26) Rest of
Europe - 5 21 US (152) (336) (133) Rest of World 58 (9) 40 (213)
(427) (98) Results include: Non-operating items UK (6) (28) - Rest
of Europe (13) (2) 28 US (49) (57) 6 Rest of World (13) - - (81)
(87) 34 (a) Includes profit after interest and tax of
equity-accounted entities. Other businesses and corporate comprises
the Alternative Energy business, Shipping, the group's aluminium
asset, Treasury (which includes interest income on the group's cash
and cash equivalents), and corporate activities worldwide. The
replacement cost profit before interest and tax for the first
quarter was a loss of $213 million, compared with a loss of $98
million a year ago. The net non-operating charge for the first
quarter was $81 million, including a charge for restructuring costs
and other provisions, partly offset by a net disposal gain. This
compares with a net non-operating gain of $34 million a year ago.
Our estimates of 2008 charges for Other businesses and corporate,
excluding non-operating items, remain in line with the $1,500
million (+/- $200 million) guidance provided in our 2008 strategy
presentation. At the start of the year, our Alternative Energy
business broadened its scope to include BP's biofuels business,
carbon capture and storage (CCS), clean coal and distributed
energy, alongside the existing solar, wind, gas-fired power and
hydrogen energy activities. In January, we announced our intention
to pursue development options for a hydrogen power plant in Abu
Dhabi with Abu Dhabi Future Energy Company (Masdar), through our
Hydrogen Energy joint venture with Rio Tinto. In addition,
Alternative Energy and Dominion entered into a 50:50 joint venture
to develop a wind farm in Indiana with a nameplate capacity of
300MW and we formed a 50:50 joint venture with NRG Energy, Inc. for
the development and operation of a commercial wind farm, intended
to be located in Texas and with a nameplate capacity of 150MW.
Since the end of the quarter, we announced our intention to take a
50% stake in Tropical BioEnergia SA, a joint venture established by
Brazilian companies Santelisa Vale and Maeda Group, which is
constructing an ethanol refinery in Brazil and also plans to build
a second refinery. In 2008, Alternative Energy expects to achieve
total solar cell sales of 170MW and to install total gross capacity
for wind generation of 1GW. We plan to report changes to wind and
solar capacity on a quarterly basis. Since the beginning of 2007,
additional solar manufacturing capacity has been added at our
Madrid plant and wind capacity has been added at Cedar Creek in
Colorado, USA and Dhule in India. First Fourth First quarter
quarter quarter 2008 2007 2007 Total capacity as at period-end
(megawatts) Wind(a) 373 373 32 Solar(b) 228 228 201 (a) Wind
capacity is the sum of the rated capacities of the assets/turbines
that have entered into commercial operation, including jointly
controlled entities (gross). (b) Solar capacity is the theoretical
cell production capacity per annum of in-house manufacturing
facilities, including jointly controlled entities (gross).
Information on fair value accounting effects BP uses derivative
instruments to manage the economic exposure relating to inventories
above normal operating requirements of crude oil, natural gas and
petroleum products as well as certain contracts to supply physical
volumes at future dates. Under IFRS, these inventories and
contracts are recorded at historic cost and on an accruals basis
respectively. The related derivative instruments, however, are
required to be recorded at fair value with gains and losses
recognized in income because hedge accounting is either not
permitted or not followed, principally due to the impracticality of
effectiveness testing requirements. Therefore, measurement
differences in relation to recognition of gains and losses occur.
Gains and losses on these inventories and contracts are not
recognized until the commodity is sold in a subsequent accounting
period. Gains and losses on the related derivative commodity
contracts are recognized in the income statement from the time the
derivative commodity contract is entered into on a fair value basis
using forward prices consistent with the contract maturity. IFRS
requires that inventory held for trading be recorded at its fair
value using period end spot prices whereas any related derivative
commodity instruments are required to be recorded at values based
on forward prices consistent with the contract maturity. Depending
on market conditions, these forward prices can be either higher or
lower than spot prices resulting in measurement differences. BP
enters into contracts for pipelines and storage capacity which,
under IFRS, are recorded on an accruals basis. These contracts are
risk managed using a variety of derivative instruments which are
fair valued under IFRS. This results in measurement differences in
relation to recognition of gains and losses. The way that BP
manages the economic exposures described above, and measures
performance internally, differs from the way these activities are
measured under IFRS. BP calculates this difference by comparing the
IFRS result with management's internal measure of performance,
under which the inventory and the supply and capacity contracts in
question are valued based on fair value using relevant forward
prices prevailing at the end of the period. We believe that
disclosing management's estimate of this difference provides useful
information for investors because it enables investors to see the
economic effect of these activities as a whole. The impacts of fair
value accounting effects, relative to management's internal measure
of performance, are shown in the table on page 3. Information for
all quarters of 2005 - 2007 can be found at http://www.bp.com/FVAE.
Cautionary statement: The foregoing discussion contains
forward-looking statements particularly those regarding production,
restoration of refinery economic capability, refining margins,
likely continuing pressures on marketing businesses, improvements
in refining availability, expected total solar cell sales and
installed total gross capacity for wind generation. By their
nature, forward-looking statements involve risk and uncertainty and
actual results may differ from those expressed in such statements
depending on a variety of factors including the following: the
timing of bringing new fields onstream; industry product supply;
demand and pricing; operational problems; general economic
conditions; political stability and economic growth in relevant
areas of the world; changes in laws and governmental regulations;
exchange rate fluctuations; development and use of new technology;
the success or otherwise of partnering; the actions of competitors;
natural disasters and adverse weather conditions; changes in public
expectations and other changes to business conditions; wars and
acts of terrorism or sabotage; and other factors discussed in this
Announcement. For more information you should refer to our Annual
Report and Accounts 2007 and our 2007 Annual Report on Form 20-F
filed with the US Securities and Exchange Commission. Group income
statement First Fourth First quarter quarter quarter 2008 2007 2007
$ million Sales and other operating revenues 87,745 79,852 61,307
Earnings from jointly controlled entities - after interest and tax
975 992 333 Earnings from associates - after interest and tax 225
157 163 Interest and other revenues 278 221 233 Total revenues
(Note 4) 89,223 81,222 62,036 Gains on sale of businesses and fixed
assets 925 270 680 Total revenues and other income 90,148 81,492
62,716 Purchases 61,533 56,313 42,660 Production and manufacturing
expenses 6,799 7,590 5,752 Production and similar taxes (Note 5)
1,609 1,518 747 Depreciation, depletion and amortization 2,782
3,020 2,519 Impairment and losses on sale of businesses and fixed
assets 40 872 223 Exploration expense 293 201 156 Distribution and
administration expenses 3,896 4,212 3,457 Fair value (gain) loss on
embedded derivatives 690 459 (155) Profit before interest and
taxation 12,506 7,307 7,357 Finance costs (Note 6) 406 408 331 Net
finance income relating to pensions and other post-retirement
benefits (Note 7) (160) (166) (160) Profit before taxation 12,260
7,065 7,186 Taxation 4,509 2,561 2,440 Profit for the period 7,751
4,504 4,746 Attributable to: BP shareholders 7,619 4,399 4,664
Minority interest 132 105 82 7,751 4,504 4,746 Earnings per share -
cents Profit for the period attributable to BP shareholders Basic
40.36 23.15 24.06 Diluted 40.00 22.65 23.94 Group balance sheet 31
March 31 December 2008 2007 $ million Non-current assets Property,
plant and equipment 99,512 97,989 Goodwill 11,012 11,006 Intangible
assets 6,729 6,652 Investments in jointly controlled entities
22,719 18,113 Investments in associates 4,749 4,579 Other
investments 1,666 1,830 Fixed assets 146,387 140,169 Loans 1,017
999 Other receivables 983 968 Derivative financial instruments
5,606 3,741 Prepayments 1,208 1,083 Defined benefit pension plan
surplus 8,951 8,914 164,152 155,874 Current assets Loans 160 165
Inventories 26,855 26,554 Trade and other receivables 43,698 38,020
Derivative financial instruments 8,962 6,321 Prepayments 3,771
3,589 Current tax receivable 250 705 Cash and cash equivalents
4,820 3,562 88,516 78,916 Assets classified as held for sale -
1,286 88,516 80,202 Total assets 252,668 236,076 Current
liabilities Trade and other payables 47,546 43,152 Derivative
financial instruments 8,356 6,405 Accruals 6,466 6,640 Finance debt
13,820 15,394 Current tax payable 4,798 3,282 Provisions 1,957
2,195 82,943 77,068 Liabilities directly associated with the assets
classified as held for sale - 163 82,943 77,231 Non-current
liabilities Other payables 3,032 1,251 Derivative financial
instruments 7,104 5,002 Accruals 959 959 Finance debt 16,051 15,651
Deferred tax liabilities 20,264 19,215 Provisions 13,055 12,900
Defined benefit pension plan and other post-retirement benefit plan
deficits 9,556 9,215 70,021 64,193 Total liabilities 152,964
141,424 Net assets 99,704 94,652 Equity BP shareholders' equity
98,642 93,690 Minority interest 1,062 962 99,704 94,652 Group
statement of recognized income and expense First Fourth First
quarter quarter quarter 2008 2007 2007 $ million Currency
translation differences 778 304 174 Exchange gain on translation of
foreign operations transferred to gain on sale of businesses and
fixed assets - - (19) Actuarial gain relating to pensions and other
post-retirement benefits - 1,717 - Available-for-sale investments
marked to market (191) 225 (109) Available-for-sale investments -
recycled to the income statement (5) - - Cash flow hedges marked to
market 74 (25) 28 Cash flow hedges - recycled to the income
statement (2) 12 (60) Cash flow hedges - recycled to the balance
sheet (23) (31) (7) Taxation (118) (181) (77) Net income (expense)
recognized directly in equity 513 2,021 (70) Profit for the period
7,751 4,504 4,746 Total recognized income and expense for the
period 8,264 6,525 4,676 Attributable to: BP shareholders 8,128
6,448 4,578 Minority interest 136 77 98 8,264 6,525 4,676 Movement
in shareholders' equity BP shareholders' Minority Total equity
interest equity $ million At 31 December 2007 93,690 962 94,652
Currency translation differences (net of tax) 843 4 847
Available-for-sale investments (net of tax) (168) - (168) Cash flow
hedges (net of tax) 49 - 49 Tax on share-based payments (215) -
(215) Profit for the period 7,619 132 7,751 Total recognized income
and expense for the period 8,128 136 8,264 Dividends (2,554) (36)
(2,590) Net repurchase of ordinary share capital (795) - (795)
Share-based payments 173 - 173 At 31 March 2008 98,642 1,062 99,704
Group cash flow statement First Fourth First quarter quarter
quarter 2008 2007 2007 $ million Operating activities Profit before
taxation 12,260 7,065 7,186 Adjustments to reconcile profit before
taxation to net cash provided by operating activities Exploration
expenditure written off 184 86 55 Depreciation, depletion and
amortization 2,782 3,020 2,519 Impairment and (gain) loss on sale
of businesses and fixed assets (885) 602 (457) Earnings from
jointly controlled entities and associates (1,200) (1,149) (496)
Dividends received from jointly controlled entities and associates
1,387 371 229 Working capital and other movements (3,634) (5,706)
(1,058) Net cash provided by operating activities 10,894 4,289
7,978 Investing activities Capital expenditure (4,435) (5,515)
(3,645) Acquisitions, net of cash acquired - - (1,087) Investment
in jointly controlled entities (366) (285) (9) Investment in
associates (4) (41) (44) Proceeds from disposal of fixed assets 276
392 310 Proceeds from disposal of businesses, net of cash disposed
- 5 608 Proceeds from loan repayments 122 69 45 Net cash (used in)
provided by investing activities (4,407) (5,375) (3,822) Financing
activities Net repurchase of shares (889) (1,352) (2,402) Proceeds
from long-term financing 2,177 5,131 1,358 Repayments of long-term
financing (537) (1,596) (1,134) Net increase (decrease) in
short-term debt (3,424) 2,125 (558) Dividends paid - BP
shareholders (2,554) (2,056) (2,001) - Minority interest (36) (68)
(64) Net cash (used in) provided by financing activities (5,263)
2,184 (4,801) Currency translation differences relating to cash and
cash equivalents 34 54 11 Increase (decrease) in cash and cash
equivalents 1,258 1,152 (634) Cash and cash equivalents at
beginning of period 3,562 2,410 2,590 Cash and cash equivalents at
end of period 4,820 3,562 1,956 Group cash flow statement First
Fourth First quarter quarter quarter 2008 2007 2007 $ million
Working capital and other movements Interest receivable (97) (147)
(95) Interest received 99 160 85 Finance costs 406 408 331 Interest
paid (366) (395) (333) Net finance income relating to pensions and
other post-retirement benefits (160) (166) (160) Share-based
payments 65 109 75 Net operating charge for pensions and other
post-retirement benefits, less contributions and benefit payments
for unfunded plans 117 (225) (87) Net charge for provisions, less
payments (165) (40) (157) (Increase) decrease in inventories 276
(5,121) (648) (Increase) decrease in other current and non-current
assets (9,844) 1,736 3,139 Increase (decrease) in other current and
non-current liabilities 7,995 676 (2,000) Income taxes paid (1,960)
(2,701) (1,208) (3,634) (5,706) (1,058) Capital expenditure and
acquisitions First Fourth First quarter quarter quarter 2008 2007
2007 $ million By business Exploration and Production UK 225 303
222 Rest of Europe 168 145 87 US 1,215 1,311 1,067 Rest of World(a)
4,394 2,391 1,647 6,002 4,150 3,023 Refining and Marketing UK 53
151 70 Rest of Europe(b) 216 683 1,210 US(a) 2,297 757 269 Rest of
World 102 294 80 2,668 1,885 1,629 Other businesses and corporate
UK 71 119 44 Rest of Europe 13 20 9 US 267 324 51 Rest of World 24
115 4 375 578 108 9,045 6,613 4,760 By geographical area UK 349 573
336 Rest of Europe(b) 397 848 1,306 US(a) 3,779 2,392 1,387 Rest of
World(a) 4,520 2,800 1,731 9,045 6,613 4,760 Included above:
Acquisitions and asset exchanges(a) (b) 1,964 - 1,113 (a) First
quarter 2008 includes capital expenditure of $2,848 million in
Exploration and Production and an asset exchange of $1,793 million
in Refining and Marketing relating to the formation of an
integrated North American oil sands business. For further
information see Note 3. (b) First quarter 2007 includes $1,108
million for the acquisition of Chevron's Netherlands manufacturing
company. Exchange rates First Fourth First quarter quarter quarter
2008 2007 2007 US dollar/sterling average rate for the period 1.98
2.05 1.95 US dollar/sterling period-end rate 1.99 1.99 1.96 US
dollar/euro average rate for the period 1.50 1.45 1.31 US
dollar/euro period-end rate 1.58 1.47 1.33 Analysis of profit
before interest and tax First Fourth First quarter quarter quarter
2008 2007 2007 $ million By business Exploration and Production UK
923 725 1,122 Rest of Europe 276 266 727 US 3,090 2,277 1,740 Rest
of World 5,765 4,682 2,728 10,054 7,950 6,317 Refining and
Marketing UK 69 165 (96) Rest of Europe 944 786 481 US 1,382
(1,215) 296 Rest of World 445 331 414 2,840 67 1,095 Other
businesses and corporate UK (119) (87) (26) Rest of Europe - 4 21
US (132) (351) (132) Rest of World 58 (9) 40 (193) (443) (97)
12,701 7,574 7,315 Consolidation adjustment (195) (267) 42 Total
for period 12,506 7,307 7,357 By geographical area UK 873 804 998
Rest of Europe 1,163 988 1,245 US 4,193 521 1,932 Rest of World
6,277 4,994 3,182 Total for period 12,506 7,307 7,357 Analysis of
replacement cost profit before interest and tax First Fourth First
quarter quarter quarter 2008 2007 2007 $ million By business
Exploration and Production UK 923 725 1,122 Rest of Europe 276 266
727 US 3,085 2,240 1,731 Rest of World 5,788 4,639 2,726 10,072
7,870 6,306 Refining and Marketing UK 107 134 (42) Rest of Europe
629 278 298 US 154 (1,805) 129 Rest of World 359 97 419 1,249
(1,296) 804 Other businesses and corporate UK (119) (87) (26) Rest
of Europe - 5 21 US (152) (336) (133) Rest of World 58 (9) 40 (213)
(427) (98) 11,108 6,147 7,012 Consolidation adjustment (195) (267)
42 Total for period 10,913 5,880 7,054 By geographical area UK 911
773 1,052 Rest of Europe 849 480 1,061 US 2,940 (91) 1,756 Rest of
World 6,213 4,718 3,185 Total for period 10,913 5,880 7,054
Analysis of non-operating items First Fourth First quarter quarter
quarter 2008 2007 2007 $ million By business Exploration and
Production Impairment and gain (loss) on sale of businesses and
fixed assets 21 149 605 Environmental and other provisions - - -
Restructuring, integration and rationalization costs (44) (186) -
Fair value gain (loss) on embedded derivatives (684) (449) 152
Other 331 (168) - (376) (654) 757 Refining and Marketing Impairment
and gain (loss) on sale of businesses and fixed assets 814 (728)
(179) Environmental and other provisions - - - Restructuring,
integration and rationalization costs (205) (118) - Fair value gain
(loss) on embedded derivatives - - - Other - (300) (50) 609 (1,146)
(229) Other businesses and corporate Impairment and gain (loss) on
sale of businesses and fixed assets 50 (23) 31 Environmental and
other provisions - - - Restructuring, integration and
rationalization costs (58) (34) - Fair value gain (loss) on
embedded derivatives (6) (10) 3 Other (67) (20) - (81) (87) 34
Total before taxation 152 (1,887) 562 Taxation credit (charge)(a)
(56) 715 (192) Total after taxation for period 96 (1,172) 370 (a)
Tax on non-operating items is calculated using the quarter's
effective tax rate on replacement cost profit. Amounts for
comparative periods have been amended to reflect a redefinition of
the effective tax rate on replacement cost profit arising as a
result of the exclusion of tax effects on inventory holding gains
and losses as described on page 2. Realizations and marker prices
First Fourth First quarter quarter quarter 2008 2007 2007 Average
realizations(a) Liquids ($/bbl)(b) UK 94.86 88.05 55.42 US 87.57
78.28 51.62 Rest of World 92.04 84.51 54.09 BP Average 90.92 82.72
53.43 Natural gas ($/mcf) UK 8.08 7.83 7.28 US 6.73 5.41 5.76 Rest
of World 4.97 3.94 3.90 BP Average 5.88 4.83 4.86 Average oil
marker prices ($/bbl) Brent 96.71 88.45 57.76 West Texas
Intermediate 97.86 90.47 58.05 Alaska North Slope US West Coast
96.53 88.65 55.78 Mars 90.89 81.38 53.22 Urals (NWE- cif) 93.35
85.41 54.36 Russian domestic oil 46.86 48.98 27.33 Average natural
gas marker prices Henry Hub gas price ($/mmbtu)(c) 8.03 6.97 6.77
UK Gas - National Balancing Point (p/therm) 52.94 46.70 22.33 (a)
Based on sales of consolidated subsidiaries only - this excludes
equity-accounted entities. (b) Crude oil and natural gas liquids.
(c) Henry Hub First of Month Index. Notes 1. Basis of preparation
The interim financial information included in this report has been
prepared in accordance with IAS 34 'Interim Financial Reporting'.
The results for the interim periods are unaudited and in the
opinion of management include all adjustments necessary for a fair
presentation of the results for the periods presented. All such
adjustments are of a normal recurring nature. The interim financial
statements and notes included in this Report should be read in
conjunction with the consolidated financial statements and related
notes for the year ended 31 December 2007 included in BP's Annual
Report and Accounts 2007. BP prepares its consolidated financial
statements included within its Annual Report and Accounts on the
basis of International Financial Reporting Standards (IFRS) as
issued by the International Accounting Standards Board (IASB), IFRS
as adopted by the European Union (EU) and in accordance with the
provisions of the Companies Act 1985. IFRS as adopted by the EU
differs in certain respects from IFRS as issued by the IASB,
however, the differences have no impact on the group's consolidated
financial statements for the periods presented. The financial
information presented herein has been prepared in accordance with
the accounting policies expected to be used in preparing the Annual
Report and Accounts 2008, which do not differ significantly from
those used in the Annual Report and Accounts 2007. 2.
Resegmentation and other changes to comparatives (a) Resegmentation
On 11 October 2007, we announced our intention to simplify the
organizational structure of BP. From 1 January 2008, there are only
two business segments -- Exploration and Production and Refining
and Marketing. A separate business, Alternative Energy, handles
BP's low- carbon businesses and future growth options outside oil
and gas. This includes solar, wind, gas-fired power, hydrogen,
biofuels and coal conversion. As a result, and with effect from 1
January 2008: - The Gas, Power and Renewables segment ceased to
report separately. - The natural gas liquids (NGLs), liquefied
natural gas and gas and power marketing and trading businesses were
transferred from the Gas, Power and Renewables segment to the
Exploration and Production segment. - The Alternative Energy
business was transferred from the Gas, Power and Renewables segment
to Other businesses and corporate. - The Emerging Consumers
Marketing Unit was transferred from Refining and Marketing to
Alternative Energy. - The Biofuels business was transferred from
Refining and Marketing to Alternative Energy. - The Shipping
business was transferred from Refining and Marketing to Other
businesses and corporate. As a result of the transfers identified
above, Other businesses and corporate has been redefined. It now
consists of the Alternative Energy business, Shipping, the group's
aluminium asset, Treasury (which includes interest income on the
group's cash and cash equivalents) and corporate activities
worldwide. Financial information for 2003 to 2007 has been restated
to reflect the resegmentation and is available in BP Financial and
Operating Information 2003-2007 and to download from
http://www.bp.com/investors. Quarterly data is provided for
2004-2007 and annual data for 2003. 2. Resegmentation and other
changes to comparatives (continued) Resegmented As reported Fourth
First Fourth First quarter quarter quarter quarter 2007 2007 2007
2007 $ million Total revenues Exploration and Production 10,709
9,142 5,696 4,427 Refining and Marketing 69,732 52,297 69,861
52,443 Gas, Power and Renewables - - 5,379 4,922 Other businesses
and corporate 781 597 286 244 Total third party revenues 81,222
62,036 81,222 62,036 Profit before interest and tax Exploration and
Production 7,950 6,317 7,643 6,054 Refining and Marketing 67 1,095
26 1,129 Gas, Power and Renewables - - 304 206 Other businesses and
corporate (443) (97) (389) (115) 7,574 7,315 7,584 7,274 Unrealized
profit in inventory (267) 42 (277) 83 Profit before interest and
tax 7,307 7,357 7,307 7,357 (b) Revised income statement
presentation We have implemented a minor change in the presentation
of the group income statement whereby the unwinding of the discount
on provisions and on other payables is now included within finance
costs. Previously, this was included within other finance income or
expense. This line item has now been renamed net finance income or
expense relating to pensions and other post-retirement benefits.
This change does not affect profit before interest and taxation,
profit before taxation or profit for the period. The financial
information for comparative periods shows the revised presentation,
as set out below. Fourth First quarter quarter 2007 2007 As
reported $ million Profit before interest and taxation 7,307 7,357
Finance costs 333 264 Other finance income (91) (93) Profit before
taxation 7,065 7,186 As amended $ million Profit before interest
and taxation 7,307 7,357 Finance costs 408 331 Net finance income
relating to pensions and other post-retirement benefits (166) (160)
Profit before taxation 7,065 7,186 2. Resegmentation and other
changes to comparatives (continued) (c) Revised definition of net
debt Net debt has been redefined to include the fair value of
associated derivative financial instruments that are used to hedge
foreign exchange and interest rate risks relating to finance debt,
for which hedge accounting is claimed. The derivatives are reported
on the balance sheet within the headings 'Derivative financial
instruments'. Amounts for comparative periods are presented on a
consistent basis. Fourth First quarter quarter 2007 2007 As
reported $ million Net debt 27,483 21,772 Equity 94,652 85,749
Ratio of net debt to net debt plus equity 23% 20% As amended $
million Net debt 26,817 21,444 Equity 94,652 85,749 Ratio of net
debt to net debt plus equity 22% 20% 3. Significant transaction in
the period In December 2007, BP signed a memorandum of
understanding with Husky Energy Inc. to form an integrated North
American oil sands business. The transaction was completed on 31
March 2008, with BP contributing its Toledo refinery to a US
jointly controlled entity to which Husky contributed $250 million
cash and a payable of $2,483 million. In Canada, Husky contributed
its Sunrise field to a second jointly controlled entity, with BP
contributing $250 million in cash and a payable of $2,290 million.
The Toledo refinery assets and associated liabilities were
classified as a disposal group held for sale at 31 December 2007.
Both jointly controlled entities are owned 50:50 by BP and Husky
and are accounted for using the equity method. As a result of the
transaction, the items detailed below are included in the financial
statements for the first quarter of 2008. First quarter 2008 $
million Income statement Gains on sale of businesses and fixed
assets 809 Profit before taxation 809 Taxation 346 Profit for the
period 463 31 March 2008 Balance sheet Non-current assets -
investments in jointly controlled entities 4,641 Current
liabilities - trade and other payables 266 Non-current liabilities
Other payables 2,024 Deferred tax liabilities 654 2,678 Total
liabilities 2,944 Net assets 1,697 First quarter 2008 Cash flow
statement Investment in jointly controlled entities (250) Capital
expenditure and acquisitions Exploration and Production 2,848
Refining and Marketing 1,793 4,641 Including acquisitions and asset
exchanges: 1,793 In addition, agreements are in place between BP
and the Toledo jointly controlled entity under which BP will supply
feedstocks to the refinery and purchase refined products. BP will
also purchase refinery feedstocks from the Sunrise jointly
controlled entity once production commences, which is expected in
2012. 4. Total revenues First Fourth First quarter quarter quarter
2008 2007 2007 $ million By business Exploration and Production
24,065 21,258 16,347 Refining and Marketing 76,863 70,030 53,164
Other businesses and corporate 1,192 1,102 892 102,120 92,390
70,403 Less: sales between businesses Exploration and Production
12,219 10,549 7,205 Refining and Marketing 269 298 867 Other
businesses and corporate 409 321 295 12,897 11,168 8,367 Third
party revenues Exploration and Production 11,846 10,709 9,142
Refining and Marketing 76,594 69,732 52,297 Other businesses and
corporate 783 781 597 Total third party revenues 89,223 81,222
62,036 By geographical area UK 36,897 33,075 24,100 Rest of Europe
23,657 22,938 16,656 US 31,731 28,800 23,150 Rest of World 26,857
22,292 17,344 119,142 107,105 81,250 Less: sales between areas
29,919 25,883 19,214 89,223 81,222 62,036 5. Production and similar
taxes First Fourth First quarter quarter quarter 2008 2007 2007 $
million UK 157 164 67 Overseas 1,452 1,354 680 1,609 1,518 747 6.
Finance costs First Fourth First quarter quarter quarter 2008 2007
2007 $ million Interest payable 382 393 347 Capitalized (45) (60)
(83) 337 333 264 Unwinding of discount on provisions 69 75 67 406
408 331 7. Net finance income relating to pensions and other
post-retirement benefits First Fourth First quarter quarter quarter
2008 2007 2007 $ million Interest on pension and other
post-retirement benefit plan liabilities 612 564 538 Expected
return on pension and other post-retirement benefit plan assets
(772) (730) (698) (160) (166) (160) 8. Analysis of changes in net
debt First Fourth First quarter quarter quarter 2008 2007 2007 $
million Opening balance Finance debt 31,045 25,245 24,010 Less:
Cash and cash equivalents 3,562 2,410 2,590 Less: FV asset
(liability) of hedges related to finance debt 666 640 298 Opening
net debt 26,817 22,195 21,122 Closing balance Finance debt 29,871
31,045 23,728 Less: Cash and cash equivalents 4,820 3,562 1,956
Less: FV asset (liability) of hedges related to finance debt 1,234
666 328 Closing net debt 23,817 26,817 21,444 Decrease (increase)
in net debt 3,000 (4,622) (322) Movement in cash and cash
equivalents (excluding exchange adjustments) 1,224 1,098 (645) Net
cash outflow (inflow) from financing (excluding share capital)
1,784 (5,660) 334 Other movements (7) (89) (11) Movement in net
debt before exchange effects 3,001 (4,651) (322) Exchange
adjustments (1) 29 - Decrease (increase) in net debt 3,000 (4,622)
(322) Net debt has been redefined, for further information see Note
2. Amounts for comparative periods are presented on a consistent
basis. 9. TNK-BP operational and financial information First Fourth
First quarter quarter quarter 2008 2007 2007 Production (Net of
royalties) (BP share) Crude oil (mb/d) 818 829 832 Natural gas
(mmcf/d) 512 437 566 Total hydrocarbons (mboe/d)(a) 906 904 930 $
million Income statement (BP share) Profit before interest and tax
1,209 1,278 356 Finance costs (76) (71) (61) Taxation (331) (413)
(103) Minority interest (58) (42) (30) Net income 744 752 162 Cash
flow Dividends received 1,200 - - Balance sheet 31 March 31
December 2008 2007 Investments in jointly controlled entities 8,361
8,817 (a) Natural gas is converted to oil equivalent at 5.8 billion
cubic feet = 1 million barrels. 10. Second quarter results BP's
second-quarter results will be announced on 29 July 2008. 11.
Statutory accounts The financial information shown in this
publication, which was approved by the Board of Directors on 28
April 2008, is unaudited and does not constitute statutory
financial statements. The 2007 BP Annual Report and Accounts have
been filed with the Registrar of Companies; the report of the
auditors on those accounts was unqualified and did not contain a
statement under section 237(2) or section 237(3) of the Companies
Act 1985. (Logo:
http://www.newscom.com/cgi-bin/prnh/20000724/NYM120LOGO )
http://www.newscom.com/cgi-bin/prnh/20000724/NYM120LOGO
http://photoarchive.ap.org/ DATASOURCE: BP p.l.c. CONTACT: Press
Office, London, Roddy Kennedy, +44(0)20-7496-4624, or United
States, Ronnie Chappell, +1-281-366-5174; or Investor Relations,
London, Fergus MacLeod, +44(0)20-7496-4717, or United States,
Rachael MacLean, +1-281-366-6766, all for BP p.l.c. Web site:
http://www.bp.com/ http://www.bp.com/investors
http://www.bp.com/FVAE
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