1Q08 Part 2 of 2

BP PLC 29 April 2008 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 www.bp.com/investors. Quarterly data is provided for 2004-2007 and annual data for 2003. Notes ----- 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 =================== Notes ----- 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% =================== Notes ----- 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. Notes ----- 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 =============================== Notes ----- 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) =============================== Notes ----- 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. Notes ----- 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. Contacts ------- London United States Press Office Roddy Kennedy Ronnie Chappell +44 (0)20 7496 4624 +1 281 366 5174 Investor Relations Fergus MacLeod Rachael MacLean +44 (0)20 7496 4717 +1 281 366 6766 http://www.bp.com/investors This information is provided by RNS The company news service from the London Stock Exchange

Companies

BP (BP.)
UK 100
FTSE quotes by TradingView

Latest directors dealings

All directors dealings today