BP PLC — Interim / Quarterly Report 2004

Nov 15, 2004

3Q 2004 results webcast

tuesday 26th october 2004

Forward Looking Statements Cautionary Statement

This presentation and the associated sli des and discussion contain forward looking statements, particularly those regarding BPís asset portfoli o and changes to it, capital expenditure, cash flow, cash returns, costs, divestments, dividends and other distributions to shareholders, future performance, growth, gearing, impact of foreign exchange exposure, impact of inflation, margins, prices, production, returns, share of TNK-BP profits and timing of projects and pending transactions. Forward looking statements by their nature involve risks and uncertainties because they relate to events and depend on circumstances that will or may vary in the future. Actual results may differ from those expressed in these statements depending on a variety of factors including the following: the timing of bringing new fields on stream; industry product supply; demand and pricing; operational problems; general economic conditions, including inflationary pressures; political stability and economic growth in relevant areas of the world; changes in laws and regulations; exchange rate fluctuations; development and use of new technology; changes in public expectati ons; successful commercial relationships; the actions of competitors; natural disasters and other changes in business conditions; wars and acts of terrorism or sabotage; and other factors discussed elsew here in this presentation.

Reconciliations to GAAP

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

October 2004

Byron Grote chief financial officer 3Q 2004 results

2004 ñ first nine monthsí highlights

• !record first 9 monthsí results and strong cash flow
• ! strategy on track
• !major projects as planned
• !strong growth from TNK-BP
• !full year production growth estimated >10% to around 4mmboe/d
• !increased margin capture in customer-facing segments
• !cash returns rising
• !\$ dividend up 9% y-o-y: \$5.5bn buybacks

trading environment

*provisional

financial results

	\$ b n	% h c a n e g
f l h h i d t t t t ! r e s s o r e r q a r e r u u		Q 3 0 3 v s
f ! p r o o r m a	3 9	3 4 +
l t t ! r e p a c e m e n c o s	3 5	3 5 +
h i i l t t ! s o r c a c o s	4 5	9 1 +
f d j d i h l * t t t t ! p o s a a s e o p e r a n g c a s o x u w -	6 1	9 4 +
f l h i h t t t ! r e s s o r e n n e m o n s u		h 9 0 3 t v s m s
f ! p r o o r m a	2 6 1	2 6 +
l t t ! r e p a c e m e n c o s	1 1 1	3 5 +
h i i l t t ! s o r c a c o s	1 3 2	6 2 +
f d j d i h l * t t t t ! p o s a a s e o p e r a n g c a s o x u w -	1 8 5	2 5 +

*after discretionary pension contributions

exceptional & non-operating items

return on average capital employed

*BP, ExxonMobil, Shell, ChevronTexaco, Total

ROACE = ( pro forma result + after tax finance interest + MSI) / pro forma average capital employe d

pre-tax cash returns

pre-tax cash return = pro forma RCP before interest & tax ñ exceptional ite ms ñnon-operating ite ms + pro forma DD&A / pro forma average operating capital employed

2004 strategic progress: exploration and production

• ! production volumes
• !scheduled turnarounds in Alaska & North Sea
• !hurricane Ivan

• !ramp-up in 4Q from new projects

• ! capital spending

• !additional sector-specific inflation
• !partially mitigated by supply chain management
• !forex impact of weak \$

2004 strategic progress: exploration and production

exploration discoveries

1H

• !Angola: Venus
• !Egypt: Polaris, Taurt, Temsahand Raven

3Q

!Russia: Sakhalin PelaLache major project start-ups 1H

• !Algeria: In Salah
• !Trinidad: Atlas Methanol

3Q

!Australia: NWS T4

!Angola: Kizomba A

expected 4Q !Deepwater GoM: Holstein !North Sea: Clair

TNK-BP

	Q 2 0 4	Q 3 0 4
\$ i B P l t t m m p a c o n r e s s u
f B P h T N K B P i t s a r e o n e n c o m e -	3 7 4	2 5 1
f d d h i d i i t t e e r r e s a r e s c o n s e r a o n a c c r e o n	( 2 6 )	( ) 2 2
i B P i t t m p a c o n n e n c o m e	3 8 4	9 9 4
d i b d t p r o u c o n m o e	8 9 1	9 4 5
\$ d i i Q l i i i d 2 3 5 t t t ï m c r e n r e a n g o p r o r p e r o s f f f i A 1 2 0 0 4 t t t t ï n e w e x p o r a r s r o m s u g u s f f i i i b i d l t t t ï r s n g p r c e s e n e s r o m e p o r a g x u y ,

2004 strategic progress: refining & marketing

• !margin benefit from wider light-heavy differentials
• !supply optimisation to refineries
• !marketing volumes maintained
• !continued success in Accelerator markets

2004 strategic progress: gas, power & renewables

! growth in natural gas sales, NGL sales and equity gas into LNG plants

! secured LNG sales agreements for over 7.5mtpa to cover a two-train launch of the Tangguh project

!4 more LNG carriers ordered

2004 strategic progress: petrochemicals

! 9 months' production up 4% vs 2003 due to new capacity and higher utilisation

! Olefins & Derivatives separation remains on track for possible IPO during 2H05

! Fabrics and Fibres disposal on track for year end completion

sources and uses of cash

*post-tax adjusted operating cash flow before discretionary pension contributions of \$(0.2)bn in 9mths 04 and \$(0.6)bn in 9mths 03

pro forma gearing = net debt/(net debt + equity ñ acquisition adjustment)

shareholder distributions

Byron Grote chief financial officer Fergus MacLeod head of investor relations