BP PLC — Call Transcript 2008

Apr 29, 2008

1Q 2008 Results Webcast

29 April 2008

Cautionary Statement

Forward-Looking Statements Cautionary Statement

This presentation and the associated slides and discussion contain forward-looking statements, particularly those regarding annual charges, improvements in operating performance and stronger financial delivery, effective tax rate, expected restoration of refinery economic capability, delivery of headcount reduction, production growth and likely negative effects of production sharing agreements, impact of planned upstream turnarounds on volumes and costs, refining margins and expected pressures on marketing businesses. By their nature, forward-looking statements involve risk and uncertainty because they relate to events and depend on circumstances that will or may occur in the future. Actual results may differ from those expressed in such statements, depending on a variety of factors, including the timing of bringing new fields on stream; future levels of 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, changes in public expectations and other changes in business conditions; the actions of competitors; natural disasters and adverse weather conditions; wars and acts of terrorism or sabotage; and other factors discussed elsewhere in this presentation.

Reconciliations to GAAP - This presentation also contains financial information which is not presented in accordance with generally accepted accounting principles (GAAP). A quantitative reconciliation of this information to the most directly comparable financial measure calculated and presented in accordance with GAAP can be found on our website at www.bp.com

Cautionary Note to US Investors - The United States Securities and Exchange Commission permits oil and gas companies, in their filings with the SEC, to disclose only proved reserves that a company has demonstrated by actual production or formation tests to be economically and legally producible under existing economic and operating conditions. We use certain terms in this presentation, such as "resources" and "non-proved reserves", that the SEC's guidelines strictly prohibit us from including in our filings with the SEC. U.S. investors are urged to consider closely the disclosures in our Form 20-F, SEC File No. 1-06262, available from us at 1 St James's Square, London SW1Y 4PD. You can also obtain this form from the SEC by calling 1-800-SEC-0330.

Byron Grote Chief Financial Officer

Trading environment

\$/mcf Gas realization

A l i i t e r a g e r e a a o n s v z	Q 0 8 Q 0 1 1 7 s v % 7 0
\$ L i i d / b b l q u s
\$ N l / f t a a a s m c u r g	% 2 1
\$ T l h d b / b t o a o a o n s o e y r c r	% 5 2
\$ R f i i i d i i / b b l t e n n n c a o m a n g r r g	% ( ) 2 5

Financial results

C h a		Q 1 2 0 0 7 n e s g v
f f R l h i t t t t e s u s o r e r s q u a r e r	\$ b n	%	% h p e r s a r e
f R l i t t t • e p a c e m e n c o s p r o	6 6	8 4	2 5
f P i i l d i i i / l t t • r o n c u n g n v e n o r y g a n s o s s e s	6 7	6 3	6 8
N h i d d b i i i i t t t t • e c a s p r o e o p e r a n g a c e s v y v	1 0 9	3 7	4 0
	/ h ¢ s a r e
D i i d d b i d t t t • e n o e p a n e q a r e r v x u	1 3 5 2 5 3 1 % +

Exploration & Production

• •Higher realizations
• •Higher gas marketing and trading and LNG contribution
• •Higher costs: DD&A and sectorspecific inflation
• •Higher TNK–BP contribution: prices and tax lag benefit
• •Non-operating items (NOI)
• Embedded derivatives

Refining & Marketing

• •Higher refining availability
• •Lower refining margins
• •Greater turnaround and repair activity
• •Non-operating items (NOI)
• Disposal gains
• −Restructuring costs

Other businesses & corporate

±

\$200m

Sources and uses of cash

Net debt includes the fair value of associated derivative financial instruments used to hedge finance debt

Net debt ratio

Strategic progress

Closing the competitive gap: restoring momentum

• •Underlying production growth excluding PSA effects of more than 5%
• • Project start-ups: Deep Water Gunashli (ACG development) and Mondo (Kizomba C Development)
• •Whiting: full crude capacity and flexibility
• •Texas City: crude capacity above 400,000 barrels per day

Closing the competitive gap: reducing complexity

• •Headcount reduction on track
• •\$300m 1Q08 provisions

Securing the future

• • Continued exploration success: Angola, Egypt, North Sea, Gulf of Mexico
• • Husky deal completed: creation of integrated North American oil sands business

• •Denali: The Alaska Gas Pipeline

• •Expect strong underlying growth in full-year production

• •Matched by negative PSA effects at \$100/bbl
• •Seasonal upstream turnarounds planned in 2Q-3Q: North Sea and US
• •Refining margins recovering but remain below 2007 level
• •Marketing businesses showing impact of economic slowdown

Byron Grote

Chief Financial Officer

Fergus MacLeod

Head of Investor Relations