BP PLC — Investor Presentation 2007

Apr 24, 2007

1Q 2007 Results Webcast Tuesday 24th April 2007

Byron Grote Chief Financial Officer

Cautionary Statement

Forward-Looking Statements Cautionary Statement

This presentation and the associated slides and discussion contain forward-looking statements, particularly those regarding annual charges, future performance, oil and gas production and gas resources. 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.

April 2007

Trading environment

Financial results

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

Exploration & Production

• •Lower realizations
• •Lower volumes
• •Sector specific inflation
• •Greater integrity spend
• •Higher DD&A
• •Lower TNK-BP contribution
• • Non-Operating Items (NOI)
• −Disposal gains
• −Embedded derivatives

Refining & Marketing

• • Higher refining and marketing margins
• •Higher throughput
• •Operational issues
• •IFRS fair value accounting charge
• •Lower supply optimization
• •Greater integrity spend
• • Non-Operating Items (NOI)
• −Impairments

Gas, Power & Renewables

• • Lower marketing & trading contribution
• • Absence of IFRS fair value accounting charge
• •Stronger NGL performance

Other Business & Corporate • Expected annual charge of \$900m ±\$200m (0.3) (0.2) (0.1) 0.01Q 06 NOI Underlying 1Q 07 (116) 9 Non-operating items \$m 34 (217) (226) Underlying result \$m (150) Total result \$m \$bn pre-tax

Strategic progress

• Process Safety Management: Incorporation of Baker Panel recommendations
• •Upstream access: Oman

•

• •Exploration success: Angola and Egypt
• •Refining: Nerefco/Coryton
• •Alternative Energy growth
• •BP Energy Biosciences Institute established

Sources and uses of cash

Net debt ratio

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

Shareholder distributions

Q&A

Byron Grote Chief Financial Officer

Fergus MacLeod Head of Investor Relations