BP PLC — Earnings Release 2007

Oct 23, 2007

3Q 2007 Results Webcast

Tuesday 23 October 2007

Cautionary Statement

Forward-Looking Statements Cautionary Statement

This presentation and the associated slides and discussion contain forward-looking statements, particularly those regarding annual charges, oil and gas production, refinery production and capacity and shareholder distributions. 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. 001-06262, 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.

October 2007

Trading environment

Financial results

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

Exploration & Production

Refining & Marketing

• •Lower refining margins
• • Operational issues (Whiting)
• • Greater integrity and repair spend
• • Adverse fair value accounting effects
• • Non-operating Items (NOI)
• Provisions

Gas, Power & Renewables

Other Businesses & Corporate

Expected annual charge of \$900m ±\$200m

Net debt ratio

Shareholder distributions

Buybacks DividendsShare issues

Strategic progress: restoring revenues

• • Exploration & Production
• Greater Plutonio start up

• Atlantis commissioning underway

• • Refining & Marketing

• Texas City: production capacity of 400 mb/d by end of 2007* Whiting: production capacity of 300 mb/d by end of 2007* sour crude processing by end 2007

* BP estimates

Strategic progress: reducing complexity

• Three business segments into two: E&P and R&M
• Separate Alternative Energy division
• Smaller corporate infrastructure

• Fewer layers of management

• •Resources shifted to the front line

• •Continuous improvement

Q&A

Byron Grote Chief Financial Officer

Fergus MacLeod Head of Investor Relations