2Q07 Part 2 of 2

BP PLC 24 July 2007 Summarized Group Income Statement ------------------------------ Second First Second Quarter Quarter Quarter First Half 2006 2007 2007 2007 2006 ========================= ================= $ million $ million 72,132 61,307 71,872 Sales and other operating revenues (Note 4) 133,179 135,420 Earnings from jointly controlled entities - after 818 333 910 interest and tax 1,243 1,391 114 163 173 Earnings from associates - after interest and tax 336 229 106 233 128 Interest and other revenues 361 304 ------------------------- ----------------- 73,170 62,036 73,083 Total revenues 135,119 137,344 541 680 1,309 Gain on sale of businesses and fixed assets 1,989 1,138 ------------------------- ----------------- 73,711 62,716 74,392 Total revenues and other income 137,108 138,482 50,427 42,660 49,983 Purchases 92,643 94,246 5,876 5,752 6,276 Production and manufacturing expenses 12,028 11,093 855 747 827 Production and similar taxes (Note 5) 1,574 1,787 2,309 2,519 2,535 Depreciation, depletion and amortization 5,054 4,493 Impairment and losses on sale of businesses and 79 223 455 fixed assets 678 102 97 156 155 Exploration expense 311 286 3,516 3,457 3,565 Distribution and administration expenses 7,022 6,612 (261) (155) (283) Fair value (gain) loss on embedded derivatives (438) 181 ------------------------- ----------------- Profit before interest and taxation from 10,813 7,357 10,879 continuing operations 18,236 19,682 153 264 251 Finance costs (Note 6) 515 344 (46) (93) (96) Other finance income (Note 7) (189) (94) ------------------------- ----------------- 10,706 7,186 10,724 Profit before taxation from continuing operations 17,910 19,432 3,441 2,440 3,283 Taxation 5,723 6,370 ------------------------- ----------------- 7,265 4,746 7,441 Profit from continuing operations 12,187 13,062 78 - - Profit (loss) from Innovene operations (Note 3) - (25) ------------------------- ----------------- 7,343 4,746 7,441 Profit for the period 12,187 13,037 ========================= ================= Attributable to: 7,266 4,664 7,376 BP shareholders 12,040 12,889 77 82 65 Minority interest 147 148 ------------------------- ----------------- 7,343 4,746 7,441 12,187 13,037 ========================= ================= Earnings per share - cents Profit for the period attributable to BP shareholders 35.94 24.06 38.37 Basic 62.43 63.34 35.59 23.94 38.18 Diluted 62.12 62.72 Profit from continuing operations attributable to BP shareholders 35.57 24.06 38.37 Basic 62.43 63.47 35.21 23.94 38.18 Diluted 62.12 62.84 Summarized Group Balance Sheet ---------------------------- 30 June 31 December 2007 2006 ============================ $ million Non-current assets Property, plant and equipment 95,193 90,999 Goodwill 11,055 10,780 Intangible assets 5,735 5,246 Investments in jointly controlled entities 15,088 15,074 Investments in associates 5,849 5,975 Other investments 1,657 1,697 ---------------------------- Fixed assets 134,577 129,771 Loans 864 817 Other receivables 926 862 Derivative financial instruments 2,950 3,025 Prepayments and accrued income 1,075 1,034 Defined benefit pension plan surplus 7,298 6,753 ---------------------------- 147,690 142,262 ---------------------------- Current assets Loans 163 141 Inventories 20,645 18,915 Trade and other receivables 39,847 38,692 Derivative financial instruments 7,234 10,373 Prepayments and accrued income 3,494 3,006 Current tax receivable 178 544 Cash and cash equivalents 2,643 2,590 ---------------------------- 74,204 74,261 Assets classified as held for sale - 1,078 ---------------------------- 74,204 75,339 ---------------------------- Total assets 221,894 217,601 ============================ Current liabilities Trade and other payables 42,634 42,236 Derivative financial instruments 6,736 9,424 Accruals and deferred income 5,803 6,147 Finance debt 11,566 12,924 Current tax payable 4,637 2,635 Provisions 1,690 1,932 ---------------------------- 73,066 75,298 Liabilities directly associated with the assets classified as held for - 54 sale ---------------------------- 73,066 75,352 ---------------------------- Non-current liabilities Other payables 1,240 1,430 Derivative financial instruments 3,888 4,203 Accruals and deferred income 1,001 961 Finance debt 12,188 11,086 Deferred tax liabilities 18,582 18,116 Provisions 13,070 11,712 Defined benefit pension plan and other post-retirement benefit plan deficits 9,436 9,276 ---------------------------- 59,405 56,784 ---------------------------- Total liabilities 132,471 132,136 ---------------------------- Net assets 89,423 85,465 ============================ Equity BP shareholders' equity 88,549 84,624 Minority interest 874 841 ---------------------------- 89,423 85,465 ============================ Group Statement of Recognized Income and Expense ------------------------------------------ Second First Second Quarter Quarter Quarter First Half 2006 2007 2007 2007 2006 ========================= ================= $ million $ million 309 174 621 Currency translation differences 795 462 Exchange gain on translation of foreign operations transferred to gain on sale of businesses and fixed - (19) (128) assets (147) - (44) (109) 6 Available-for-sale investments marked to market (103) 153 Available-for-sale investments - recycled to the (79) - - income statement - (425) 230 28 13 Cash flow hedges marked to market 41 287 19 (60) (21) Cash flow hedges - recycled to the income statement (81) 76 - (7) - Cash flow hedges - recycled to the balance sheet (7) - (15) (77) 105 Taxation 28 46 ------------------------- ----------------- 420 (70) 596 Net income (expense) recognized directly in equity 526 599 7,343 4,746 7,441 Profit for the period 12,187 13,037 ------------------------- ----------------- 7,763 4,676 8,037 Total recognized income and expense for the period 12,713 13,636 ========================= ================= Attributable to: 7,686 4,578 7,967 BP shareholders 12,545 13,488 77 98 70 Minority interest 168 148 ------------------------- ----------------- 7,763 4,676 8,037 12,713 13,636 ========================= ================= Movement in BP Shareholders' Equity ------------------------------- $ million Movement in BP shareholders' equity At 31 December 2006 84,624 Profit for the period 12,040 Distribution to shareholders (3,984) Currency translation differences (net of tax) 574 Exchange gain on translation of foreign operations transferred to gain on sale (net of tax) (147) Share-based payments (net of tax) 616 Repurchase of ordinary share capital (4,993) Available-for-sale investments (net of tax) (136) Cash flow hedges (net of tax) (16) Other (29) ---------- At 30 June 2007 88,549 ========== Summarized Group Cash Flow Statement --------------------------------- Second First Second Quarter Quarter Quarter First Half 2006 2007 2007 2007 2006 ========================= ================= $ million $ million Operating activities 10,706 7,186 10,724 Profit before taxation from continuing operations 17,910 19,432 Adjustments to reconcile profits before tax to net cash provided by operating activities 13 55 60 Exploration expenditure written off 115 127 2,309 2,519 2,535 Depreciation, depletion and amortization 5,054 4,493 Impairment and (gain) loss on sale of businesses (462) (457) (854) and fixed assets (1,311) (1,036) (932) (496) (1,083) Earnings from jointly controlled entities and (1,579) (1,620) associates Dividends received from jointly controlled entities 268 229 813 and associates 1,042 1,279 (2,753) (1,058) (6,109) Working capital and other movements (7,167) (4,603) ------------------------- ----------------- 9,149 7,978 6,086 Net cash provided by operating activities(a) 14,064 18,072 ------------------------- ----------------- Investing activities (3,412) (3,645) (4,334) Capital expenditure (7,979) (6,707) - (1,087) (111) Acquisitions, net of cash acquired (1,198) - (26) (9) (12) Investment in jointly controlled entities (21) (26) (151) (44) (65) Investment in associates (109) (308) 1,899 310 836 Proceeds from disposal of fixed assets 1,146 2,383 Proceeds from disposal of businesses, net of cash 90 608 1,905 disposed 2,513 256 58 45 33 Proceeds from loan repayments 78 130 - - 374 Other 374 - ------------------------- ----------------- (1,542) (3,822) (1,374) Net cash used in investing activities (5,196) (4,272) ------------------------- ----------------- Financing activities (4,411) (2,402) (1,918) Net repurchase of shares (4,320) (8,272) 514 1,358 1,513 Proceeds from long-term financing 2,871 910 (720) (1,134) (93) Repayments of long-term financing (1,227) (785) 941 (558) (1,499) Net increase (decrease) in short-term debt (2,057) 231 (1,894) (2,001) (1,983) Dividends paid - BP shareholders (3,984) (3,816) (88) (64) (71) - Minority interest (135) (154) ------------------------- ----------------- (5,658) (4,801) (4,051) Net cash used in financing activities (8,852) (11,886) ------------------------- ----------------- Currency translation differences relating to cash (36) 11 26 and cash equivalents 37 (22) ------------------------- ----------------- 1,913 (634) 687 Increase (decrease) in cash and cash equivalents 53 1,892 2,939 2,590 1,956 Cash and cash equivalents at beginning of period 2,590 2,960 ------------------------- ----------------- 4,852 1,956 2,643 Cash and cash equivalents at end of period 2,643 4,852 ========================= ================= (a) Operating cash flow is calculated from the starting point of profit before taxation which includes inventory holding gains and losses. Operating cash flow also reflects working capital movements including inventories, trade and other receivables and trade and other payables. The carrying value of these working capital items will change for various reasons, including movements in oil, gas and products prices. Summarized Group Cash Flow Statement --------------------------------- Second First Second Quarter Quarter Quarter First Half 2006 2007 2007 2007 2006 ========================= ================= $ million $ million Working capital and other movements (122) (95) (93) Interest receivable (188) (252) 145 85 103 Interest received 188 291 153 264 251 Finance costs 515 344 (351) (333) (335) Interest paid (668) (661) (46) (93) (96) Other finance income (189) (94) 122 75 107 Share-based payments 182 205 Net operating charge for pensions and other (47) (87) (31) post-retirement benefits, less contributions (118) (97) 216 (157) (257) Net charge for provisions, less payments (414) 9 (2,351) (648) (683) (Increase) decrease in inventories (1,331) (1,343) (Increase) decrease in other current and non-current 2,008 3,139 (621) assets 2,518 2,343 Increase (decrease) in other current and non-current 135 (2,000) (2,429) liabilities (4,429) 28 (2,615) (1,208) (2,025) Income taxes paid (3,233) (5,376) ------------------------- ----------------- (2,753) (1,058) (6,109) (7,167) (4,603) ========================= ================= Capital Expenditure and Acquisitions ----------------------------- Second First Second Quarter Quarter Quarter First Half 2006 2007 2007 2007 2006 ========================= ================= $ million $ million By business Exploration and Production 244 221 195 UK 416 426 74 87 108 Rest of Europe 195 143 1,190 1,050 1,453 US 2,503 2,211 1,476 1,638 1,874 Rest of World 3,512 2,904 ------------------------- ----------------- 2,984 2,996 3,630 6,626 5,684 ------------------------- ----------------- Refining and Marketing 83 73 94 UK 167 144 101 1,210 266 Rest of Europe(a) 1,476 166 252 269 380 US 649 510 109 80 118 Rest of World 198 216 ------------------------- ----------------- 545 1,632 858 2,490 1,036 ------------------------- ----------------- Gas, Power and Renewables 6 7 12 UK 19 7 7 7 3 Rest of Europe(a) 10 12 32 36 106 US 142 52 19 13 20 Rest of World 33 33 ------------------------- ----------------- 64 63 141 204 104 ------------------------- ----------------- Other businesses and corporate 39 35 21 UK 56 58 - 2 - Rest of Europe 2 - 80 32 46 US 78 88 - - - Rest of World - - ------------------------- ----------------- 119 69 67 136 146 ------------------------- ----------------- 3,712 4,760 4,696 9,456 6,970 ========================= ================= By geographical area 372 336 322 UK 658 635 182 1,306 377 Rest of Europe 1,683 321 1,554 1,387 1,985 US 3,372 2,861 1,604 1,731 2,012 Rest of World 3,743 3,153 ------------------------- ----------------- 3,712 4,760 4,696 9,456 6,970 ========================= ================= Included above: - 1,113 332 Acquisitions and asset exchanges(a) 1,445 10 ========================= ================= (a) First half 2007 includes $1,132 million for the acquisition of Chevron's Netherlands manufacturing company. Exchange rates 1.83 1.95 1.99 US dollar/sterling average rate for the period 1.97 1.79 1.81 1.96 2.00 US dollar/sterling period-end rate 2.00 1.81 1.26 1.31 1.35 US dollar/euro average rate for the period 1.33 1.23 1.25 1.33 1.35 US dollar/euro period-end rate 1.35 1.25 ------------------------- ----------------- Analysis of Profit Before Interest and Tax --------------------------------- Second First Second Quarter Quarter Quarter First Half 2006 2007 2007 2007 2006 ========================= ================= $ million $ million By business Exploration and Production 1,834 1,062 1,113 UK 2,175 2,999 393 720 183 Rest of Europe 903 696 2,255 1,663 2,037 US 3,700 4,559 3,345 2,609 3,561 Rest of World 6,170 6,389 ------------------------- ----------------- 7,827 6,054 6,894 12,948 14,643 ------------------------- ----------------- Refining and Marketing 166 (64) 1,028 UK 964 11 785 481 1,029 Rest of Europe 1,510 1,471 1,526 289 1,631 US 1,920 2,354 515 423 293 Rest of World 716 1,194 ------------------------- ----------------- 2,992 1,129 3,981 5,110 5,030 ------------------------- ----------------- Gas, Power and Renewables 188 48 (38) UK 10 116 (2) 7 (7) Rest of Europe - 5 257 24 124 US 148 425 20 127 156 Rest of World 283 155 ------------------------- ----------------- 463 206 235 441 701 ------------------------- ----------------- Other businesses and corporate (80) (46) (25) UK (71) (221) (45) 21 (1) Rest of Europe 20 (46) (37) (113) (111) US (224) (141) (30) 23 (25) Rest of World (2) 1 ------------------------- ----------------- (192) (115) (162) (277) (407) ------------------------- ----------------- 11,090 7,274 10,948 18,222 19,967 (277) 83 (69) Consolidation adjustment 14 (285) ------------------------- ----------------- 10,813 7,357 10,879 Total for continuing operations 18,236 19,682 ------------------------- ----------------- Innovene operations (90) - - UK - (145) (40) - - Rest of Europe - (61) (6) - - US - 1 48 - - Rest of World - 21 ------------------------- ----------------- (88) - - Total for Innovene operations - (184) ------------------------- ----------------- 10,725 7,357 10,879 Total for period 18,236 19,498 ========================= ================= By geographical area 2,148 998 2,080 UK 3,078 2,920 1,059 1,245 1,213 Rest of Europe 2,458 2,054 3,717 1,932 3,622 US 5,554 6,962 3,889 3,182 3,964 Rest of World 7,146 7,746 ------------------------- ----------------- 10,813 7,357 10,879 Total for continuing operations 18,236 19,682 ========================= ================= Analysis of Replacement Cost Profit Before Interest and Tax ------------------------------------------------ Second First Second Quarter Quarter Quarter First Half 2006 2007 2007 2007 2006 ========================= ================= $ million $ million By business Exploration and Production 1,834 1,062 1,113 UK 2,175 2,999 393 720 183 Rest of Europe 903 696 2,254 1,652 2,038 US 3,690 4,565 3,345 2,609 3,559 Rest of World 6,168 6,389 ------------------------- ----------------- 7,826 6,043 6,893 12,936 14,649 ------------------------- ----------------- Refining and Marketing 171 (10) 963 UK 953 23 584 298 584 Rest of Europe 882 1,148 749 122 964 US 1,086 1,386 352 428 229 Rest of World 657 911 ------------------------- ----------------- 1,856 838 2,740 3,578 3,468 ------------------------- ----------------- Gas, Power and Renewables 188 48 (38) UK 10 116 (4) 7 (8) Rest of Europe (1) (3) 250 26 102 US 128 428 19 125 134 Rest of World 259 213 ------------------------- ----------------- 453 206 190 396 754 ------------------------- ----------------- Other businesses and corporate (80) (46) (25) UK (71) (221) (46) 21 (2) Rest of Europe 19 (49) (37) (114) (112) US (226) (141) (30) 23 (25) Rest of World (2) 1 ------------------------- ----------------- (193) (116) (164) (280) (410) ------------------------- ----------------- 9,942 6,971 9,659 16,630 18,461 (277) 83 (69) Consolidation adjustment 14 (285) ------------------------- ----------------- 9,665 7,054 9,590 Total for continuing operations 16,644 18,176 ------------------------- ----------------- Innovene operations (90) - - UK - (145) (40) - - Rest of Europe - (61) (6) - - US - 1 48 - - Rest of World - 21 ------------------------- ----------------- (88) - - Total for Innovene operations - (184) ------------------------- ----------------- 9,577 7,054 9,590 Total for period 16,644 17,992 ========================= ================= By geographical area 2,153 1,052 2,015 UK 3,067 2,932 855 1,061 766 Rest of Europe 1,827 1,720 2,932 1,756 2,933 US 4,689 6,003 3,725 3,185 3,876 Rest of World 7,061 7,521 ------------------------- ----------------- 9,665 7,054 9,590 Total for continuing operations 16,644 18,176 ========================= ================= Analysis of Non-operating Items -------------------------- Second First Second Quarter Quarter Quarter First Half 2006 2007 2007 2007 2006 ========================= ================= $ million $ million By business Exploration and Production Impairment and gain (loss) on sale of businesses and 330 603 100 fixed assets 703 339 - - - Environmental and other provisions - - - - - Restructuring, integration and rationalization costs - - 149 145 299 Fair value gain (loss) on embedded derivatives 444 (246) - - - Other - - ------------------------- ----------------- 479 748 399 1,147 93 ------------------------- ----------------- Refining and Marketing Impairment and gain (loss) on sale of businesses and 112 (179) 767 fixed assets 588 676 - - - Environmental and other provisions - - - - - Restructuring, integration and rationalization costs - - - - - Fair value gain (loss) on embedded derivatives - - (576) (50) - Other (50) (576) ------------------------- ----------------- (464) (229) 767 538 100 ------------------------- ----------------- Gas, Power and Renewables Impairment and gain (loss) on sale of businesses and (1) 2 (13) fixed assets (11) (1) - - - Environmental and other provisions - - - - - Restructuring, integration and rationalization costs - - 107 7 (23) Fair value gain (loss) on embedded derivatives (16) 52 - - - Other - - ------------------------- ----------------- 106 9 (36) (27) 51 ------------------------- ----------------- Other businesses and corporate Impairment and gain (loss) on sale of businesses and 21 31 - fixed assets 31 22 - - - Environmental and other provisions - - - - - Restructuring, integration and rationalization costs - - 5 3 7 Fair value gain (loss) on embedded derivatives 10 13 - - - Other - - ------------------------- ----------------- 26 34 7 41 35 ------------------------- ----------------- 147 562 1,137 Total before taxation for continuing operations 1,699 279 (53) (199) (396) Taxation credit (charge)(a) (595) (99) ------------------------- ----------------- 94 363 741 Total after taxation for continuing operations 1,104 180 ------------------------- ----------------- Innovene operations (88) - - Total before taxation for Innovene operations(b) - (184) - - - Taxation credit (charge) - (7) ------------------------- ----------------- (88) - - Total after taxation for Innovene operations - (191) ------------------------- ----------------- 6 363 741 Total after taxation for period 1,104 (11) ========================= ================= (a) Tax on non-operating items is calculated using the quarter's effective tax rate on replacement cost profit from continuing operations. (b) Includes the loss on remeasurement to fair value of $88 million in the second quarter of 2006 and $184 million in the first half of 2006. Realizations and Marker Prices ------------------------- Second First Second Quarter Quarter Quarter First Half 2006 2007 2007 2007 2006 ========================= ================ Average realizations(a) Liquids ($/bbl)(b) 66.61 55.42 63.82 UK 59.47 63.32 60.21 51.62 59.42 US 55.57 57.03 63.00 54.09 64.76 Rest of World 59.36 58.95 62.86 53.43 62.58 BP Average 57.96 59.36 ========================= ================ Natural gas ($/mcf) 5.67 7.28 4.84 UK 6.19 6.92 5.44 5.76 5.94 US 5.85 6.17 3.54 3.90 3.56 Rest of World 3.74 3.73 4.44 4.86 4.45 BP Average 4.66 4.99 ========================= ================ Average oil marker prices ($/bbl) 69.59 57.76 68.76 Brent 63.22 65.71 70.46 58.05 64.89 West Texas Intermediate 61.53 66.89 68.84 55.78 65.77 Alaska North Slope US West Coast 60.86 64.89 63.74 53.22 62.16 Mars 57.76 59.69 64.73 54.36 65.03 Urals (NWE- cif) 59.65 61.42 36.18 27.33 39.56 Russian domestic oil 33.48 35.73 ========================= ================ Average natural gas marker prices 6.80 6.77 7.55 Henry Hub gas price ($/mmbtu)(c) 7.16 7.90 34.55 22.33 20.24 UK Gas - National Balancing Point (p/therm) 21.31 52.70 ========================= ================ (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 the Month Index. Notes ----- 1. Basis of preparation BP prepares its Annual Report and Accounts on the basis of International Financial Reporting Standards (IFRS) as adopted for use by the European Union. 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 2007, which do not differ significantly from those used for the Annual Report and Accounts 2006. 2. Changes to comparatives In 2005 the basis of accounting for over-the-counter forward sale and purchase contracts for oil, natural gas, NGLs and power was changed. Certain transactions are now reported on a net basis in sales and other operating revenues, whereas previously they had been reported gross in sales and purchases. This change, while reducing sales and other operating revenues and purchases, had no impact on reported profit, profit per ordinary share, cash flow or the balance sheet. During 2006, as part of a continuous process to review how individual contracts are accounted for, certain other minor adjustments were identified that should have been reflected in the restatement from gross to net presentation. Though these adjustments are not significant to the group income statement, the amendment has been made to bring the comparatives onto a consistent basis. The comparative figures have been amended to reflect these items as set out below. Amended Reported ---------------------------------- Second First Second First Quarter Half Quarter Half 2006 2006 2006 2006 ----------------------------------- $ million Sales and other operating revenues Exploration and Production 13,495 27,413 13,495 27,413 Refining and Marketing 63,373 117,910 64,025 119,905 Gas, Power and Renewables 6,091 12,644 5,735 12,714 Other businesses and corporate 252 458 252 458 ----------------------------------- Sales by continuing operations 83,211 158,425 83,507 160,490 Less: sales between businesses 11,079 23,005 11,079 23,005 ----------------------------------- Third party sales of continuing operations 72,132 135,420 72,428 137,485 =================================== Purchases 50,427 94,246 50,723 96,311 =================================== 3. Sale of Olefins and Derivatives business The sale of Innovene, BP's olefins, derivatives and refining group, to INEOS, was completed on 16 December 2005. The second quarter and first half of 2006 include a loss on remeasurement to fair value of $88 million and $184 million respectively. Second First Second Quarter Quarter Quarter First Half 2006 2007 2007 2007 2006 ========================== ================= $ million $ million (88) - - Loss recognized on the remeasurement to - (184) fair value Taxation 166 - - Related to profit before tax - 166 - - - Related to remeasurement to fair value - (7) -------------------------- ----------------- 78 - - Profit/(loss) from Innovene operations - (25) ========================== ================= Earnings (loss) per share from Innovene operations - cents 0.37 - - Basic - (0.13) 0.38 - - Diluted - (0.12) ========================== ================= Notes ----- 4. Sales and other operating revenues Second First Second Quarter Quarter Quarter First Half 2006 2007 2007 2007 2006 ========================= ================= $ million $ million By business 13,495 12,219 12,747 Exploration and Production 24,966 27,413 63,373 53,119 63,960 Refining and Marketing 117,079 117,910 6,091 5,613 5,403 Gas, Power and Renewables 11,016 12,644 252 206 178 Other businesses and corporate 384 458 ------------------------- ----------------- 83,211 71,157 82,288 153,445 158,425 11,079 9,850 10,416 Less: sales between businesses 20,266 23,005 ------------------------- ----------------- 72,132 61,307 71,872 Total third party sales 133,179 135,420 ========================= ================= By geographical area 26,300 24,055 27,713 UK 51,768 54,033 19,406 16,588 19,064 Rest of Europe 35,652 37,780 27,054 23,034 26,825 US 49,859 49,120 19,067 16,844 18,273 Rest of World 35,117 37,442 ------------------------- ----------------- 91,827 80,521 91,875 172,396 178,375 19,695 19,214 20,003 Less: sales between areas 39,217 42,955 ------------------------- ----------------- 72,132 61,307 71,872 Total third party sales 133,179 135,420 ========================= ================= 5. Profit before interest and taxation is after charging: Second First Second Quarter Quarter Quarter First Half 2006 2007 2007 2007 2005 ========================= ================= $ million $ million Production and similar taxes 72 67 - UK 67 307 783 680 827 Overseas 1,507 1,480 ------------------------- ----------------- 855 747 827 1,574 1,787 ========================= ================= 6. Finance costs Second First Second Quarter Quarter Quarter First Half 2006 2007 2007 2007 2006 ========================= ================= $ million $ million 285 347 345 Interest payable 692 578 (132) (83) (94) Capitalized (177) (234) ------------------------- ----------------- 153 264 251 515 344 ========================= ================= Notes ----- 7. Other finance income Second First Second Quarter Quarter Quarter First Half 2006 2007 2007 2007 2006 ========================= ================= $ million $ million Interest on pension and other post-retirement 484 538 546 benefit plan liabilities 1,084 955 Expected return on pension and other (599) (698) (708) post-retirement benefit plan assets (1,406) (1,181) ------------------------- ----------------- (115) (160) (162) Interest net of expected return on plan assets (322) (226) 61 67 66 Unwinding of discount on provisions 133 115 Unwinding of discount on deferred consideration 8 - - for acquisition of investment in TNK-BP - 17 ------------------------- ----------------- (46) (93) (96) (189) (94) ========================= ================= 8. Analysis of changes in net debt Second First Second Quarter Quarter Quarter First Half 2006 2007 2007 2007 2006 ========================= ================= $ million $ million Opening balance 18,679 24,010 23,728 Finance debt 24,010 19,162 2,939 2,590 1,956 Less: Cash and cash equivalents 2,590 2,960 ------------------------- ----------------- 15,740 21,420 21,772 Opening net debt 21,420 16,202 ------------------------- ----------------- Closing balance 19,286 23,728 23,754 Finance debt 23,754 19,286 4,852 1,956 2,643 Less: Cash and cash equivalents 2,643 4,852 ------------------------- ----------------- 14,434 21,772 21,111 Closing net debt 21,111 14,434 ------------------------- ----------------- 1,306 (352) 661 Decrease (increase) in net debt 309 1,768 ========================= ================= Movement in cash and cash equivalents 1,949 (645) 661 (excluding exchange adjustments) 16 1,914 Net cash outflow (inflow) from financing (734) 334 79 (excluding share capital) 413 (355) 60 (30) (51) Fair value hedge adjustment (81) 142 26 (11) (13) Other movements (24) 58 ------------------------- ----------------- 1,301 (352) 676 Movement in net debt before exchange effects 324 1,759 5 - (15) Exchange adjustments (15) 9 ------------------------- ----------------- 1,306 (352) 661 Decrease (increase) in net debt 309 1,768 ========================= ================= Notes ----- 9. TNK-BP Operational and Financial Information Second First Second Quarter Quarter Quarter First Half 2006 2007 2007 2007 2006 ========================= ====================== Production (Net of royalties) (BP share) 907 832 837 Crude oil (mb/d) 835 901 538 566 441 Natural gas (mmcf/d) 503 552 999 930 913 Total hydrocarbons (mboe/d)(a) 922 997 ========================= ====================== $ million $ million Income statement (BP share) 1,084 356 1,016 Profit before interest and tax 1,372 1,936 (45) (61) (64) Interest expense ... (125) (88) (348) (103) (188) Taxation (291) (698) (46) (30) (78) Minority interest (108) (87) ------------------------- ---------------------- 645 162 686 Net Income 848 1,063 ========================= ====================== ... Excludes unwinding of discount on 8 - - consideration - 17 ========================= ====================== Cash Flow - - 500 Dividends received(b) 500 771 ========================= ====================== Balance Sheet 30 June 31 December 2007 2006 ====================== Investments in jointly controlled entities 8,193 8,353 ====================== (a) Natural gas is converted to oil equivalent at 5.8 billion cubic feet = 1 million barrels. (b) First half 2006 includes $771 million declared in fourth quarter 2005. 10. Third quarter results BP's third quarter results will be announced on 23 October 2007. 11. Statutory accounts The financial information shown in this publication is unaudited and does not constitute statutory financial statements. The 2006 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 +1 212 451 8072 http://www.bp.com/investors This information is provided by RNS The company news service from the London Stock Exchange

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