BP PLC — Investor Presentation 2006

Oct 24, 2006

3Q 2006 Results Webcast Tuesday 24th October 2006

Cautionary statement

Forw ard Looking Statements Cautionary Statement

This prese ntati o n and the associated slides and discussio n contain forward looking state ments, particularly th o s e regarding capital expenditure, cash g e n eration and cash returns, cost i nflation, decli ne in production, dividends, share buybacks and other distrib utio ns to shareholders, divestment proceeds and their use, effective tax rate, future performance, gearing, non-OPEC production growth and other trend projections, light crude availability and h eavi er crude discount, medium term glo bal indicator margins, oil and gas prices, performance, oil and gas producti on, production growth and the effect of oil price on volumes from productio n sharing contracts, refini n g margi ns, retail store sale growth and the timing of major projects and their contribution to BP net resources. By their nature, forward-looking statements involve risks and uncertainties because they relate to events and depend on circumstances that will or may occur i n the future. Actual res ults may differ from those expressed in such state ments, d e p endi n g on a variety o f factors, including the timing of bringing new fields on stream; future levels of industry product supply; demand and pricing; operational problem s; general economic conditions; politic al sta bility and economic growth in relev ant area s of the world; changes i n laws and governmental regulations; exchange rate fluctuations; development and use of new tech n ology; chang es i n public expectations and other changes i n business conditions; the actions of competitors; natural disasters and adverse weather conditio ns; wars and acts of terrorism or sabotage; and oth er factors discusse d elsewhere in this presentation.

Reconciliations to GAAP - This prese ntation also contains financial i nformati on whi ch is n ot prese nted in accordance with generally accepted accounting pri nciples (GAAP). A quantitative reconciliation of this i nformati on to the most directly comparable financial measure calculated and prese nted in accordance with GAAP can be fou n d o n o ur website at www.b p.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 prove d reserves that a company has demonstrated by actual producti on or formation tests to be economic ally and legally producible under exi sting economic and operating con ditions. We use certai n terms in this prese ntatio n, 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/A, SEC File No. 1-6262, available from us at 1 St. James's Square, London SW1Y 4PD. You can also obtai n thi s form from the SEC by calling 1-800-SEC-0330.

Octob er 2 006

Trading environment

Financial results

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

Exploration & Production

• • Higher oil prices
• • Lower gas prices
• • Higher production taxes and costs
• • Growth in New Profit Centres
• •Disposal gain in TNK-BP
• •Non-Operating Items (NOI)
  • − Disposal gains

− Embedded derivatives

Refining & Marketing

• • Stronger marketing margins

• •IFRS fair value accounting gain

• •Lower refining margins and weaker supply optimization

• •Higher turnaround activity and ongoing Texas City impact
• •Non-Operating Items (NOI)
  • −Texas City provision

Gas, Power & Renewables

• Lower marketing & trading contribution
• Smaller IFRS fair value accounting charge
• Non-Operating Item (NOI)
  • Embedded derivatives
  • Impairment

Other business & corporate

• Vacant space provision
• Non-Operating Items (NOI)
  • Environmental and other provisions

Effective tax rate

• - •3Q'06 effective tax rate 40%
- −UK North Sea tax changes enacted in 3Q
- − Deferred tax charge
- −Current tax impact retroactive to 1Q
- −Tax savings due to lower end 3Q'06 oil prices
- Expected full year effective tax rate 37%

Strategic progress

• • New acreage in Pakistan and India
• •New discoveries in Gulf of Mexico and Angola
• •Shenzi (Gulf of Mexico) disposal compl eted
• •Greenlight acquisition in Alternative Energy
• •K-Power gas-power plant in South Korea completed
• •Sanction of \$3bn Whiting refinery upgrade

2005 3Q 4Q

2Q

2006

2Q 3Q

1Q

Net debt ratio = net debt / (net debt + equity)

1Q

Shareholder distributions

Buybacks Dividends Share issues

Q&A

Byron Grote Chief Financial Officer

Fergus MacLeod Head of Investor Relations