3Q 2023

financial results

1Q 2023 financial results

 Craig Marshall
SVP investor relations

Good morning, everyone and welcome to bp’s third quarter 2023 results
presentation.

I’m here today with Murray Auchincloss, chief executive officer and Kate
Thomson, chief financial officer.

Before we begin today, let me draw your attention to our cautionary statement.

2
Cautionary statement
In order to utilize the ‘safe harbor’ provisions of the United States Private Securities Litigation Reform Act of 1995 (the ‘PSLRA’) and the general doctrine of cautionary statements, bp is providing the following cautionary statement: The discussion in this
results announcement contains certain forecasts, projections and forward-looking statements - that is, statements related to future, not past events and circumstances - with respect to the financial condition, results of operations and businesses of bp and
certain of the plans and objectives of bp with respect to these items. These statements may generally, but not always, be identified by the use of words such as ‘will’, ‘expects’, ‘is expected to’, ‘aims’, ‘should’, ‘may’, ‘objective’, ‘is likely to’, ‘intends’,
‘believes’, ‘anticipates’, ‘plans’, ‘we see’, ‘focus on’ or similar expressions.

In particular, the following, among other statements, are all forward looking in nature: plans, expectations and assumptions regarding oil and gas demand, supply, prices, volatility, margins and inventory levels; plans and expectations regarding bp’s
performance, earnings, balance sheet and capital expenditure; plans and expectations related to earnings growth; plans relating to bp’s investments; plans and expectations relating to bp’s oil and gas portfolio, oil and gas production and volume growth;
plans and expectations regarding renewables and power; plans and expectations regarding bp’s five transition growth engines, including expectations regarding EV charging; plans and expectations regarding bp’s oil, gas and refining businesses; plans and
expectations regarding bp’s convenience business; expectations regarding bp’s future financial performance and cash flows, including expectations for bp’s 2025 targets and 2030 aims for adjusted EBITDA for the group, bp’s strategic focus areas, bp’s oil
and gas business and bp’s transition growth engines (including biogas on a standalone basis) respectively; plans and expectations regarding bp’s financial frame; plans and expectations regarding the allocation of surplus cash flow to share buybacks and
strengthening bp’s balance sheet; plans regarding future quarterly dividends, including the capacity for annual increases, and the amount and timing of share buybacks; plans and expectations regarding bp’s credit rating, including in respect of maintaining a
strong investment grade credit rating; expectations regarding bp’s development of hydrogen projects; plans and expectations regarding bp’s bioenergy business; plans and expectations regarding bp’s development of its LNG portfolio; plans and
expectations regarding capital expenditure; plans and expectations regarding the timing, quantum and nature of certain acquisitions and divestments; plans and expectations regarding bp-operated projects and ventures, and its projects, joint ventures,
partnerships and agreements with commercial entities and other third party partners.

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 and are outside the control of bp.

Actual results or outcomes, may differ materially from those expressed in such statements, depending on a variety of factors, including: the extent and duration of the impact of current market conditions including the volatility of oil prices, the effects of
bp’s plan to exit its shareholding in Rosneft and other investments in Russia, the impact of COVID-19, overall global economic and business conditions impacting bp’s business and demand for bp’s products as well as the specific factors identified in the
discussions accompanying such forward-looking statements; changes in consumer preferences and societal expectations; the pace of development and adoption of alternative energy solutions; developments in policy, law, regulation, technology and
markets, including societal and investor sentiment related to the issue of climate change; the receipt of relevant third party and/or regulatory approvals; the timing and level of maintenance and/or turnaround activity; the timing and volume of refinery
additions and outages; the timing of bringing new fields onstream; the timing, quantum and nature of certain acquisitions and divestments; future levels of industry product supply, demand and pricing, including supply growth in North America and
continued base oil and additive supply shortages; OPEC+ quota restrictions; PSA and TSC effects; operational and safety problems; potential lapses in product quality; economic and financial market conditions generally or in various countries and regions;
political stability and economic growth in relevant areas of the world; changes in laws and governmental regulations and policies, including related to climate change; changes in social attitudes and customer preferences; regulatory or legal actions including
the types of enforcement action pursued and the nature of remedies sought or imposed; the actions of prosecutors, regulatory authorities and courts; delays in the processes for resolving claims; amounts ultimately payable and timing of payments relating
to the Gulf of Mexico oil spill; exchange rate fluctuations; development and use of new technology; recruitment and retention of a skilled workforce; the success or otherwise of partnering; the actions of competitors, trading partners, contractors,
subcontractors, creditors, rating agencies and others; bp’s access to future credit resources; business disruption and crisis management; the impact on bp’s reputation of ethical misconduct and non-compliance with regulatory obligations; trading losses;
major uninsured losses; the possibility that international sanctions or other steps taken by any competent authorities or any other relevant persons may impact or limit bp’s ability to sell its interests in Rosneft, or the price for which it could sell such
interests; the actions of contractors; natural disasters and adverse weather conditions; changes in public expectations and other changes to business conditions; wars and acts of terrorism; cyber-attacks or sabotage; and those factors discussed under
“Principal risks and uncertainties” in bp’s Report on Form 6-K regarding results for the six-month period ended 30 June 2023 as filed with the US Securities and Exchange Commission (the “SEC”) as well as those factors discussed under “Risk factors” in
bp’s Annual Report and Form 20-F 2022 as filed with the SEC.

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.

This presentation contains references to non-proved resources and production outlooks based on non-proved resources that the SEC's rules 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.

Tables and projections in this presentation are bp projections unless otherwise stated.

* For items marked with an asterisk throughout this document, definitions are provided in the glossary

3Q 2023 financial results 3

During today’s presentation, we will make forward-looking statements that refer

to our estimates, plans and expectations. Actual results and outcomes could
differ materially due to factors we note on this slide and in our UK and SEC
filings. Please refer to our Annual Report, Stock Exchange announcement and
SEC filings for more details. These documents are available on our website.

Let me now handover to Murray.

3
Murray Auchincloss
Chief executive officer

4
bp – performing while transforming

Strategy & net Focused on safety Growing

zero ambition & quarter-on-quarter value &
unchanged delivery returns

3Q 2023 financial results 5

Thanks Craig.

Good morning everyone, thanks for joining us.

We hosted our investor update in Denver a few weeks ago – focused on our oil,
gas and biogas businesses, including a site visit to bpx’s Permian operation. We
had three core messages that I want to re-emphasise today:

- First, our strategy – transforming to an integrated energy company – is

unchanged.

- Second, we are focused on delivering our strategy safely, quarter-on-quarter,

to meet our 2025 targets and 2030 aims.

- And third, we are focused on growing long-term shareholder value – we

continue to expect to grow EBITDA to 2025 and aim to keep growing to
2030 – all while delivering compelling shareholder distributions.

5
Growing the value of bp
Investing in today’s oil and gas system
2025 EBITDA2 2030 EBITDA2
Oil and gas EBITDA*
– unchanged – revised up

Leading delivery model

– improving efficiency Growing
to 20251
$30 - 32bn
& performance – more
to come
$40 - 42bn $41- 44bn
High-quality,
Sustaining Resilient hydrocarbons Resilient hydrocarbons

2026 – 2030
distinctive resources
– significant future project
Capacity $46 - 49bn $53 - 58bn
optionality & flexibility – Group Group
optimising investment to sustain
2030+

And
(1)
Investing in transition growth* engines including
scaling-up biogas to ~$2bn EBITDA by 2030
Growing to 2025 compared with 2021 (2) Brent $70/bbl 2021 real, at bp planning assumptions, and at the upper end of the relevant capex * ranges 3QCapital
October 2023 2023 financial
Marketsresults
day 6

Earlier this month, we said we expect 2030 adjusted EBITDA aims from resilient
hydrocarbons and group will be around $2 billion higher than bp’s previous
targets to a range of $41-44 billion and $53-58 billion respectively.

Underpinning this increase, we presented what we believe is a high-quality,

distinctive oil and gas portfolio, and a leading delivery model, enabling efficient
execution. We expect to grow EBITDA from oil and gas to 2025, sustain it at that
level through 2030 with the capacity to sustain well into the next decade – and
we believe there's more to come.

This slide summarises the key messages from the event – and if you haven’t
seen the materials, we encourage you take a look on bp.com.

6
Performing while transforming

• Strong operational performance and

cash delivery
$3.4bn
$3.3bn
3Q23 underlying
$8.7bn
3Q23 operating
earnings cash flow*

Continued momentum in strategic

$22.3bn $1.5bn
$XXbn
•
delivery
3Q23 net debt* share buyback
announced

• Executing against our disciplined

financial frame

Focused on safe and reliable delivery 3Q3Q

2023
3Q financial
2023
2023 results
financial
financial results 7 7
results

Turning then to our third quarter 2023 results.

For the third quarter we delivered strong operational performance, with upstream
plant reliability and refining availability at around 96% year to date. This came on
top of 3% volume growth year-to-date and 6% decline in unit production costs.
Underlying earnings were $3.3 billion and we delivered robust operating cash
flow of $8.7 billion, including a working capital release of $2.0 billion.

We are executing against our disciplined financial frame. Today we have

announced a further $1.5 billion share buybacks. This reflects the confidence in
our performance and the outlook for cash flow.

7
 Renewables pipeline

Bioenergy
Convenience
43.9 GW
+8 %
vs 37.2GW in 4Q22
Scaling-up Archaea
LNG supply Energy – first plant Awarded 4GW
Growth in LNG supply online using Archaea YTD growth in rights to develop
from third party offtake Modular Design in convenience two offshore wind
contracts – Woodfibre Medora, Indiana gross margin*1 projects in Germany
Continued

in 2023
Major project* bpx EV charging Hydrogen pipeline*

+3.8 mtpa >2 x 2.9mtpa

Successfully brought
online “Bingo”, bpx’s
second central
Gross capacity added processing facility Increase in YTD vs 1.8mtpa in 4Q22

from Tangguh expansion energy sold

MachH2 selected to develop a
major project Agreement with Tesla Regional Hydrogen Hub in US
for ultra-fast* charger Midwest

(1) At constant forex and excluding TA and other portfolio effects 3Q 2023 financial results 8

Turning to strategic delivery where we see continued momentum.

In oil and gas:

- We started-up the Tangguh expansion project in Indonesia – our third major

project this year.

- In August, we started-up ‘Bingo’ – bpx’s second major central processing

facility in the Permian – doubling our oil and gas processing capacity in the
basin; and

- We received regulatory approval for Murlach – a two well oil and gas
redevelopment of the Marnock-Skua field in the North Sea.

- In LNG:

- We signed a long-term agreement with OMV to supply up to one

million tonnes per annum of LNG for 10 years, from 2026; and

- We secured our third long-term LNG offtake contract from Woodfibre,

where we are the sole offtaker of almost two million tonnes per annum
from 2027.

Turning to our transition growth engines.

- In bioenergy, we are scaling-up our biogas business, Archaea Energy, with

the first Archaea Modular Design renewable natural gas plant now online in
Medora, Indiana, this underpins confidence in our expansion plans going
forward.

8
- In EV charging:

We continued to accelerate our EV charging ambition across key

markets:

- We have announced an agreement with Tesla for the future

purchase of $100 million of ultra-fast chargers in the US –
this is part of our approved $500 million EV charging
infrastructure investment in the US previously announced.

- In the UK, bp pulse together with partners launched the

country’s largest public EV charging hub at the NEC campus
in Birmingham enabling 180 EVs to charge simultaneously.

- In convenience:

- TravelCenters of America continues to integrate well, and in

the first nine months of 2023, excluding TA, we delivered
around 8% year-on-year growth in convenience gross
margin, and;

- We extended our successful strategic convenience

agreement with Auchan in Poland, with plans to add more
than 100 stores to our network by the end of 2025.

- In hydrogen:

- The Midwest Alliance for Clean Hydrogen, of which bp is a

member, announced it has been selected by the U.S.
Department of Energy to develop a Regional Clean Hydrogen
Hub in US Midwest.

- And finally, in renewables and power, we have increased our

pipeline to 43.9 gigawatts with the addition of four gigawatts from
two offshore projects in Germany recently awarded.

Now, let me hand over to Kate, to take you through our third quarter
results in more detail.

8
Kate Thomson
Chief financial officer

9
Underlying results
$bn 3Q22 2Q23 3Q23 3Q 2023 vs 2Q 2023
Brent ($/bbl) 100.8 78.1 86.8
Henry Hub ($/mmbtu) 8.2 2.1 2.5 ▪ Higher realised refining margins
and lower level of refining
NBP (p/therm) 281.0 83.2 82.0
turnaround activity
RMM ($/bbl) 35.5 24.7 31.8
*
Underlying RCPBIT 13.8 5.6 6.1
▪ Very strong oil trading result
Gas & low carbon energy 6.2 2.2 1.3
Oil production & operations 5.2 2.8 3.1
▪ Higher oil and gas production
Customers & products 2.7 0.8 2.1
Other businesses and corporate (0.4) (0.2) (0.3) ▪ Weak gas marketing and
Consolidation adjustment - UPII *
(0.0) (0.0) (0.1) trading result
Underlying replacement cost profit* 8.2 2.6 3.3
Announced dividend per ordinary share
6.006 7.270 7.270
(cents per share)

3Q 2023 financial results 10

Thanks Murray and good morning, everyone. It was great to meet a number of
you in Denver recently.

For the third quarter, we reported an underlying replacement cost profit of $3.3
billion compared to $2.6 billion last quarter.

Compared to the second quarter:

- In gas and low carbon energy the result reflects a weak gas marketing and
trading result, following the exceptional performance in the first half of
2023.

- In oil production and operations, the result reflects higher oil and gas
realisations, despite the impact of price-lags on Gulf of Mexico and UAE
realisations, and higher production.

- And in customers and products, the products result reflects a higher realised
refining margin, a lower level of turnaround activity, and a very strong oil
trading result. In our customers business we continue to show strong
momentum in convenience and aviation, benefitting from seasonally higher
fuel volumes partially offset by lower margins given the rising cost of
supply.

10
Cash flow and balance sheet
9M23 surplus cash flow* $bn
28

$bn 3Q22 2Q23 3Q23 24 Disposal proceeds*

*
IFRS operating cash flow 8.3 6.3 8.7 Surplus cash flow
20
*1
Working capital (build)/release (5.5) 0.1 2.0
Cash dividends
16
Capital expenditure * (3.2) (4.3) (3.6) Lease payments*
Divestment and other proceeds 0.6 0.1 0.7 12 Operating
cash flow*
Capital
Surplus cash flow 3.5 (0.3) 3.1 8 expenditure*
2
Share buyback executed during quarter (2.9) (2.1) (2.0) 4
*
Net debt 22.0 23.7 22.3 Other
0

Commitment to
60% 2023 surplus cash flow
to buybacks3
(1) Adjusted for inventory holding gains or losses*, fair value accounting effects* and other adjusting items
(2) Includes share buybacks to offset the expected full-year dilution from the vesting of awards under employee share schemes in 2023. 2Q23 $225m; 3Q23
$225m. bp completed the $675m buyback programme on 1 September 2023
(3) Subject to maintaining a strong investment grade credit rating 3Q 2023 financial results 11

Turning to cash flow and the balance sheet:

Operating cash flow was $8.7 billion in the third quarter. This includes a working
capital release of $2.0 billion after adjusting for inventory holding gains and fair
value accounting effects and other adjusting items.

Capital expenditure was $3.6 billion including inorganic expenditure, net of

adjustments.

During the quarter, we repurchased $2.0 billion of shares. The $1.5 billion
programme announced with second quarter 2023 results was completed on 27
October.

Surplus cash flow was $3.1 billion and net debt reduced by $1.3 billion to $22.3
billion.

11
2023 financial frame
Resilient Strong investment Disciplined Share
dividend grade credit rating investment allocation buybacks

7.270¢ 40% ~$16bn 60%

per ordinary share 2023 surplus cash flow* 2023 capital expenditure* 2023 surplus cash flow1,2
for 3Q23

Resilient $40/bbl Target further progress 2024-2030: $14-18bn Commitment to allocate 60%
cash balance point*3 within an ‘A’ grade 2023 surplus cash flow1 to
credit rating share buybacks

Capacity for annual increase of Intend to allocate 40% Transition growth* Oil & gas, refining Expect ~$4.0bn p.a. at
the dividend per ordinary share 2023 surplus cash flow to engines and other ~$60/bbl at the lower-end of
of ~4% at ~$60/bbl further strengthen balance businesses the $14-18bn capital
sheet investment range

#1 #2 #3 #4 #5
(1) Subject to maintaining a strong investment grade credit rating
(2) In addition, bp completed the $675m buyback programme during 3Q23 to offset expected dilution from vesting of awards under employee schemes
(3) Cash balance point $40/bbl Brent, $11/bbl RMM*, $3/mmbtu Henry Hub, all 2021 real 3Q 2023 financial results 12

Our disciplined financial frame remains unchanged, with a focus on five key
priorities.

- A resilient dividend remains our first priority. We have today announced a

7.270 dividend cents per ordinary share for the third quarter.

- We remain committed to maintaining a strong investment grade credit rating

and continue to target progress within the ‘A’ range. We are not targeting a
‘AA’ rating.

- We are investing with discipline in our transition growth engines and in our
oil, gas and refining businesses. Our capital expenditure guidance for 2023,
including inorganics, is now expected to be around $16 billion.

- And we are committed to allocating 60% of 2023 surplus cash flow to

buybacks, subject to maintaining a strong investment grade credit rating.

Finally, we intend to execute a buyback of $1.5 billion prior to reporting fourth

quarter results. This reflects the confidence we have in our performance and the
outlook for cash flow.

I’ll now hand back to Murray for his closing remarks.

12
Murray Auchincloss
Chief executive officer

13
 3Q 2023 financial results 14

Thanks Kate.

Let me wrap up.

- We are growing the value of bp – investing in today’s oil and gas system and
investing in our transition growth engines.

- We are firmly focused on delivering our strategy safely, with discipline.

- And in doing so, quarter-on-quarter, to meet our 2025 targets and 2030 aims.

All in service of growing long-term shareholder value.

With that, Kate and I will be happy to take your questions.

14
Appendix

3Q 2023 financial results 16

Guidance
Full year 2023 4Q23 vs 3Q23

Capital expenditure* ~$16bn1  bp expects fourth quarter 2023 reported upstream production to be broadly flat
compared to third quarter 2023.
DD&A Slightly above 2022
 In its customers business, bp expects seasonally lower volumes with marketing
Divestment and other margins to remain sensitive to movements in the cost of supply. In refining, we
$2-3bn
proceeds
expect significantly lower realised refining margins and a higher level of
Gulf of Mexico oil spill turnaround activity in the fourth quarter.
~$1.3bn pre-tax
payments

OB&C underlying annual Lower end of $1.1-1.3bn full year, quarterly charges
charge may vary

Underlying effective tax

Expected to be around 40%
rate*2

Reported and underlying* For 2023 bp expects both reported and underlying
upstream production upstream production to be higher compared with
2022. Within this, bp expects underlying production
from oil production and operations to be higher and
production from gas and low carbon energy to be
slightly lower. bp continues to expect four major
project* start-ups during 2023.

(1) Prior guidance for FY2023 was $16-18bn

(2) Underlying effective tax rate* is sensitive to the impact that volatility in the current price environment may have on
the geographical mix of the group’s profits and losses 3Q 2023 financial results 17
Momentum in our strategic delivery
2019 2022 2025 target 2030 aim
Resilient Oil and gas production ~200mboed major Deep resource base
hydrocarbons (mmboed) 2.6 2.3 project* production ~2.3 provides optionality ~2.0
~3.8 incl. Russia production
Biofuels production
(mbd) 23 27 Scale co-processing ~50 5 biofuel projects ~100
Biogas supply volumes* Archaea pipeline Archaea pipeline
(mboed) 10 12
Excl. Archaea Energy Grow offtakes
~40 Grow offtakes
~70
Coral, Tangguh T3, Portfolio options
LNG portfolio
(mtpa) 15 19 Tortue Phase 1, 25 Grow offtakes
30
Calcasieu Pass
Convenience Customer touchpoints
and mobility per day (million) >10 ~12 >15 >20
Strategic convenience
sites* 1,650 2,400 ~3,000 ~3,500
EV charge points*
(‘000) >7.5 ~22 >40 >100
2023-25: Refinery and 2025-30
Low carbon Hydrogen production 2.9mtpa1 US projects to FID and Start-up US and Europe projects 0.5-0.7
energy (mtpa net) hydrogen pipeline* construction H2 export hubs FID and construction
First offshore wind
project to FID
Renewables Offshore wind new
(GW developed to FID) 2.6 5.8 Continued solar growth 20 bids FID 50
Renewables for H2
43.9GW1 FID and start-up
renewables pipeline*
Renewables US solar projects First offshore wind
(GW installed net) 1.1 2.2 start-up project operational ~10

Denotes transition growth* engine

(1) As at 30 September 2023 3Q 2023 financial results 18
Strategic progress – last 12 months Denotes transition growth* engine

Resilient hydrocarbons Convenience and mobility Low carbon energy

Scaling-up our bioenergy business bp pulse & Uber Global agreement Renewables pipeline* growth
• Acquisition of Archaea Energy Building on our existing relationship – supporting Uber with their YTD grows 6.7GW to a total of 43.9GW2
• Official start-up of Archaea Energy’s original Archaea Modular Design RNG 2040 zero-tailpipe emissions ambition Solar project delivery
Strategic collaboration agreement with Iberdrola1 • YTD Lightsource bp (LSbp) begins operations of four projects for ~0.6GW
Major projects* start-ups
With plans to install ~11,000 fast charge* points across Spain and • LSbp pipeline of 61GW (gross) includes 26GW of early-stage project
• Trinidad’s Cassia Compression with ~45mboed peak production (net)
Portugal by 2030 • Trinidad Solar project to decarbonise bp’s infrastructure – ~56MW bp net
• Mad Dog Phase 2 with ~65mboed peak production (net)
• KG D6-MJ with ~30mboed peak production (net) bp pulse EV charging investment Entry to develop two German offshore wind projects
• Tangguh Train 3 start-up with ~40mboed peak production (net) • Plans to invest $1bn in EV charging in the US by 2030, with Awarded the rights, with total generating capacity of 4GW
~$500m approved for next 2-3 years First step in floating offshore wind project
Advancing projects – key milestones
• Agreement with Tesla, for the future purchase of $100m of ultra- Successful bid in the Innovation and Targeted Oil and Gas (INTOG) Scottish
• Acquired a further interest in the Browse (44%) offshore Australia
fast* chargers offshore wind leasing round
• Moving forward with concept selection for Kaskida and Tiber in GoM
• Trinidad’s Cypre offshore gas project FID Launch of the UK’s largest public EV charging hub Created offshore wind Joint Venture in South Korea
• ACE platform topsides safely installed bp pulse, The EV Network and NEC Group, launched the hub at the Acquired 55% in in Deep Wind Offshore’s early-stage portfolio
• Regulatory approval for Murlach oil and gas development in the North Sea NEC campus – enabling 180 EVs to charge simultaneously
Partnership with M&S and REWE Hydrogen pipeline* growth
• bp and its conventurers in the Clair JV - FID on Shetland Crossover Pipeline
Installing fast, reliable, convenient charging for customers at M&S YTD grows 1.1mtpa to a total of 2.9mtpa2
• Southern Gas Corridor expansion to 200bcm
stores in the UK and REWE supermarkets in Germany NZT Power, H2Teesside and HyGreen Teesside
Divestments & portfolio high-grading
Chosen by the UK government to proceed to the next stage of development
• Toledo refinery sold to JV partner Cenovus Energy, with supply agreement Acquisition of TravelCenters of America
• Algeria asset sale to Eni including interests In Amenas and In Salah Memorandum of understanding with Mauritania
Expanding mobility and convenience network, adding 288 US travel To explore green hydrogen at scale
Progressing resilient hydrocarbon strategy with JVs centres at acquisition
• Partnership with ADNOC focused on gas in international areas of interest MachH2 selected to develop a Regional Hydrogen Hub in
New exploration and access success Strategic convenience partnership US Midwest
• PSC extension in Indonesia until 2055 • Extended convenience partnership with Lekkerland to deliver
REWE To Go at Aral retail sites* in Germany until 2028. Agreement to take 40% stake in the Viking CCS
• Awarded six exploration blocks in Egypt In the North Sea
• 36 new lease blocks added in GoM • Extended convenience partnership with Auchan to deliver
• Successful appraisal well in the southwest part of the Mad Dog in GoM EasyAuchan at retail sites in Poland.
• Three deepwater exploration blocks off Trinidad’s east coast Focused on helping the aviation industry decarbonise
Upgrading our refining infrastructure • Working with China National Aviation Fuel to explore
Successfully commissioned improvement projects at Cherry Point refinery decarbonisation opportunities
LNG strategic updates • First sale of SAF produced at Castellon refinery to the LATAM
• bp’s 100% offtake started from Coral LNG Group
• Long-term SPA with OMV - supply of up to 1mtpa of LNG
• LNG offtake contract from Woodfibre totalling 1.95mtpa Castrol investment in technology centres
bpx energy successfully brought online ‘Bingo’ • New EV laboratory in Shanghai, China to focus on developing and
testing EV fluids.
Second central processing facility in the Permian Basin
• New laboratory in Jersey, US to develop and test fluids for EVs,
(1) Deal or agreement not yet completed (2) As at 30 September 2023 engine and driveline oils and industrial lubricants 3Q 2023 financial results 19
Our capital expenditure and EBITDA targets and aims
Capital expenditure* $bn EBITDA* $bn
2021 2022 2025 target 2030 aim
2021 2022 2025 target 2030 aim $71/bbl $103/bbl $70/bbl2 $70/bbl2

Resilient
9.1 13.01 9-11 8-10
Resilient
30.63 56.93 40-42 41-44
hydrocarbons hydrocarbons 39-425

Convenience Convenience
1.6 1.8 2-3 3-4 4.4 4.3 ~7 9-11
and mobility and mobility

Low carbon Low carbon

1.6 1.0 3-5 3-5 2-3
energy energy

Group capital
12.8 16.3 14-18 14-18 Group EBITDA4 34.4 60.7 46-49 53-58
expenditure4 51-565

Of which: Transition Of which: Transition

2.4 4.9 6-8 7-9 3-4 10-12
growth* engines growth engines

(1) Includes acquisition of Archaea Energy (2) Brent $70/bbl 2021 real, at bp planning assumptions, and at the upper end of the relevant capex ranges
(3) 2021 and 2022 not restated for re-allocation of power trading to low carbon energy (4) Includes OB&C (5) Previous aim included with 2022 full year and 4Q financial results & update on strategic progress 3Q 2023 financial results 20
Gas and low carbon energy
3Q22 2Q23 3Q23 Underlying RCPBIT* $bn
Production volume 7.0
6.2
Liquids (mbd) 117 103 106 6.0
Natural gas (mmcfd) 5,011 4,641 4,875 5.0
Total hydrocarbons (mboed) 981 903 946
4.0 3.5
3.1
Average realisations*
3.0
2.2
Liquids ($/bbl) 88.03 73.57 76.69
2.0
1.3
Natural gas ($/mcf) 9.85 5.53 5.38
1.0
Total hydrocarbons ($/boe) 60.80 36.96 36.82
0.0
Selected financial metrics ($bn) 3Q22 4Q22 1Q23 2Q23 3Q23
Adjusted EBITDA* 7.4 3.6 2.8

Capital expenditure* – gas 0.9 0.7 0.8

3Q 2023 vs 2Q 2023
Capital expenditure – low carbon 0.1 0.2 0.2

Operational metrics (GW, bp net)  Weak gas marketing and trading result

Installed renewables capacity* 2.0 2.4 2.5  Partly offset by higher production

Developed renewables to FID* 4.6 6.1 6.1

Renewables pipeline* 26.9 39.6 43.9

3Q 2023 financial results 21

Oil production and operations
3Q22 2Q23 3Q23 Underlying RCPBIT* $bn
Production volume 7.0

Liquids (mbd) 959 1,000 1,011 6.0

5.2
Natural gas (mmcfd) 2,075 2,140 2,155 5.0 4.4
Total hydrocarbons (mboed) 1,317 1,369 1,382 4.0
3.3 3.1
Average realisations* 2.8
3.0
Liquids ($/bbl) 93.14 69.19 71.10
2.0
Natural gas ($/mcf)1 12.12 3.23 3.44
1.0
Total hydrocarbons ($/boe)1 86.83 54.57 56.76
0.0
Selected financial metrics ($bn) 3Q22 4Q22 1Q23 2Q23 3Q23
Exploration write-offs 0.2 0.2 0.1
Adjusted EBITDA* 6.8 4.4 4.6 3Q 2023 vs 2Q 2023
Capital expenditure* 1.4 1.5 1.6
 Higher liquids and gas realisations, despite the impact of price-lags on Gulf of
Combined upstream Mexico and UAE realisations
Oil and gas production2 (mboed) 2,298 2,272 2,328  Higher production
bp average realisation1 ($/boe) 74.08 46.27 47.28
Unit production costs*3 ($/boe) 6.25 5.94 5.88
bp-operated plant reliability*3 (%) 95.8 95.0 95.7
(1) Realisations calculation methodology has been changed to reflect gas price fluctuations within the North Sea region. Third quarter 2022 was
restated. There is no impact on financial results
(2) Because of rounding, upstream production may not agree exactly with the sum of gas and low carbon energy and oil production and operations
(3) On a year-to-date basis 3Q 2023 financial results 22
Customers and products
3Q22 2Q23 3Q23 Underlying RCPBIT* $bn
Customers – convenience & mobility Customers - convenience & mobility Products - refining & trading Total
Customers – convenience & mobility 1.4 1.1 1.2
adjusted EBITDA* 4.0

Castrol1 adjusted EBITDA 0.2 0.2 0.2 2.7 2.8

3.0
Capital expenditure* 0.4 1.5 0.4 2.1
1.9
bp retail sites* – total2 20,550 21,100 21,150 2.0

Strategic convenience sites* 2 2,250 2,750 2,750 0.8

1.0
Marketing sales of refined products (mbd) 3,047 3,156 3,239
0.0
Products – refining & trading 3Q22 4Q22 1Q23 2Q23 3Q23
Adjusted EBITDA 2.0 0.5 1.8
Capital expenditure 0.3 0.4 0.4 3Q 2023 vs 2Q 2023

Refining environment Customers

 Convenience & mobility – strong convenience and aviation performance and
RMM* 3 ($/bbl) 35.5 24.7 31.8 seasonally higher fuel volumes, offset by lower margins due to rising cost of
Refining throughput (mbd) 1,512 1,364 1,450 supply
Products
Refining availability* (%) 94.3 95.7 96.3  Refining – higher industry refining margins, albeit with a lower increase in
realised refining margins due to narrower North American heavy crude oil
differentials, product mix, and a lower level of turnaround activity
 Trading – very strong trading result compared to a weak result in the second
(1) Castrol is included in customers – convenience & mobility
(2) Reported to the nearest 50 quarter
(3) The RMM in the quarter is calculated on bp’s current refinery portfolio. On a comparative basis, the third quarter
2022 RMM would be $35.4/bbl 3Q 2023 financial results 23
Glossary - abbreviations
Barrel (bbl) 159 litres, 42 US gallons. mmbtu Million British thermal units.

bcm Billion cubic meters. mmcfd Million cubic feet per day.

CCS Carbon, capture and storage. mtpa Million tonnes per annum.

DD&A Depreciation, depletion and amortisation. MW Megawatts.

EV Electric vehicle. OB&C Other businesses and corporate.

FID Final investment decision. PSC Production sharing contract.

GoM Gulf of Mexico. RC Replacement cost.

GW Gigawatt. RNG Renewable natural gas.

JV Joint venture. SPA Sale and purchase agreement.

LNG Liquefied natural gas. SVP Senior vice president.

MachH2 Midwest Alliance for Clean Hydrogen. UAE United Arab Emirates.

mbd Thousand barrels per day. YTD Year to date.

mboed Thousand barrels of oil equivalent per day.

mmboed Million barrels of oil equivalent per day.

3Q 2023 financial results 24

Glossary
Adjusting items Include gains and losses on the sale of businesses and fixed assets, Convenience It is calculated as RC profit before interest and tax for the customers &
impairments, environmental and other provisions, restructuring, integration gross margin products segment, excluding RC profit before interest and tax for the
and rationalisation costs, fair value accounting effects, financial impacts refining & trading and petrochemicals businesses, and adjusting items* for
relating to Rosneft for the 2022 financial reporting period and costs relating to the convenience & mobility business to derive underlying RC profit before
the Gulf of Mexico oil spill and other items. Adjusting items within equity- interest and tax for the convenience & mobility business; subtracting
accounted earnings are reported net of incremental income tax reported by underlying RC profit before interest and tax for the Castrol business; adding
the equity-accounted entity. Adjusting items are used as a reconciling back depreciation, depletion and amortisation, production and
adjustment to derive underlying RC profit or loss and related underlying manufacturing, distribution and administration expenses for convenience &
measures which are non-IFRS measures. mobility (excluding Castrol); subtracting earnings from equity-accounted
entities in the convenience & mobility business (excluding Castrol) and gross
Biogas supply Biogas supply volume is the average thousands of barrels of oil equivalent per margin for the retail fuels, EV charging, aviation, B2B and midstream
volumes day of production and offtakes during the period covered net to bp. businesses. bp believes it is helpful because this measure may help
investors to understand and evaluate, in the same way as management, our
bp-operated plant Calculated taking 100% less the ratio of total unplanned plant deferrals progress against our strategic objectives of convenience growth. The
reliability divided by installed production capacity, excluding non-operated assets and nearest IFRS measure is RC profit before interest and tax for the customers
bpx energy. Unplanned plant deferrals are associated with the topside plant & products segment.
and where applicable the subsea equipment (excluding wells and reservoir).
Unplanned plant deferrals include breakdowns, which does not include Gulf Developed Total generating capacity for assets developed to FID by all entities where
of Mexico weather related downtime. renewables to bp has an equity share (proportionate to equity share). If asset is
FID subsequently sold bp will continue to record capacity as developed to FID. If
Capital Total cash capital expenditure as stated in the condensed group cash flow bp equity share increases developed capacity to FID will increase
expenditure statement. Capital expenditure for the operating segments and customers & proportionately to share increase for any assets where bp held equity at the
(capex) products businesses is presented on the same basis. point of FID.

Cash balance Implied Brent oil price 2021 real to balance bp’s sources and uses of cash Disposal Divestments and other proceeds.
point assuming an average bp refining marker margin around $11/bbl and Henry proceeds
Hub at $3/mmbtu in 2021 real terms.
EBITDA / Replacement cost (RC) profit before interest and tax, excluding net adjusting
Consolidation Unrealised profit in inventory arising on inter-segment transactions. adjusted EBITDA items* before interest and tax, and adding back depreciation, depletion and
adjustment – UPII amortisation and exploration write-offs (net of adjusting items).

Electric vehicle Number of connectors on a charging device, operated by either bp or a bp

charge points / EV joint venture.
charge points

3Q 2023 financial results 25

Glossary
Fair value Difference between the way bp manages the economic exposure and Net zero References to global net zero in the phrase, ‘to help the world get to net
accounting internally measures performance of certain activities and the way those zero’, means achieving ‘…a balance between anthropogenic emissions by
effects activities are measured under IFRS. sources and removals by sinks of greenhouse gases…on the basis of equity,
and in the context of sustainable development and efforts to eradicate
Hydrogen / low Hydrogen fuel with reduced carbon attributes, including renewable (green) poverty’, as set out in Article 4(1) of the Paris Agreement.
carbon hydrogen hydrogen made from solar, wind and hydro-electricity, and (blue) made from
natural gas in combination with CCS. References to net zero for bp in the context of our ambition and Aims 1, 2
and 3 mean achieving a balance between (a) the relevant Scope 1 and 2
Hydrogen pipeline Hydrogen projects which have not been developed to final investment emissions (for Aim 1), Scope 3 emissions (for Aim 2) or product lifecycle
decision (FID) but which have advanced to the concept development stage. emissions (for Aim 3), and (b) the aggregate of applicable deductions from
qualifying activities such as sinks under our methodology at the applicable
Installed bp's share of capacity for operating assets owned by entities where bp has time.
renewables an equity share.
capacity Operating cash Net cash provided by (used in) operating activities as stated in the
flow condensed group cash flow statement.
Inventory holding Difference between the charge to the income statement for inventory on a
gains and losses FIFO basis (after adjusting for any related movements in net realisable value Realisations Result of dividing revenue generated from hydrocarbon sales, excluding
provisions) and the charge that would have arisen based on the replacement revenue generated from purchases made for resale and royalty volumes, by
cost of inventory. revenue generating hydrocarbon production volumes. Revenue generating
hydrocarbon production reflects the bp share of production as adjusted for
Lease payments Lease liability payments. any production which does not generate revenue. Adjustments may include
losses due to shrinkage, amounts consumed during processing, and
Major projects Have a bp net investment of at least $250 million, or are considered to be of contractual or regulatory host committed volumes such as royalties. For the
strategic importance to bp or of a high degree of complexity. gas & low carbon energy and oil production & operations segments,
realisations include transfers between businesses.
Net debt Calculated as finance debt, as shown in the balance sheet, plus the fair value
of associated derivative financial instruments that are used to hedge foreign Refining Represents Solomon Associates’ operational availability for bp-operated
currency exchange and interest rate risks relating to finance debt, for which availability refineries, which is defined as the percentage of the year that a unit is
hedge accounting is applied, less cash and cash equivalents. Net debt does available for processing after subtracting the annualised time lost due to
not include accrued interest, which is reported within other receivables and turnaround activity and all planned mechanical, process and regulatory
other payables on the balance sheet and for which the associated cash flows downtime.
are presented as operating cash flows in the group cash flow statement.

3Q 2023 financial results 26

Glossary
Refining marker Average of regional indicator margins weighted for bp’s crude refining Surplus cash flow Refers to the net surplus of sources of cash over uses of cash, after
margin (RMM) capacity in each region. Each regional marker margin is based on product reaching the $35 billion net debt target. Sources of cash include net cash
yields and a marker crude oil deemed appropriate for the region. The regional provided by operating activities, cash provided from investing activities and
indicator margins may not be representative of the margins achieved by bp in cash receipts relating to transactions involving non-controlling interests.
any period because of bp’s particular refinery configurations and crude and Uses of cash include lease liability payments, payments on perpetual hybrid
product slate. bond, dividends paid, cash capital expenditure, the cash cost of share
buybacks to offset the dilution from vesting of awards under employee
Renewables Renewable projects satisfying the following criteria until the point they can be share schemes, cash payments relating to transactions involving non-
pipeline considered developed to final investment decision (FID): Site based projects controlling interests and currency translation differences relating to cash and
that have obtained land exclusivity rights, or for PPA based projects an offer cash equivalents as presented on the condensed group cash flow
has been made to the counterparty, or for auction projects pre-qualification statement.
criteria has been met, or for acquisition projects post a binding offer being
accepted. Technical service An arrangement through which an oil and gas company bears the risks and
contract (TSC) costs of exploration, development and production. In return, the oil and gas
Retail sites Include sites operated by dealers, jobbers, franchisees or brand licensees or company receives entitlement to variable physical volumes of hydrocarbons,
joint venture (JV) partners, under the bp brand. These may move to and from representing recovery of the costs incurred and a profit margin which
the bp brand as their fuel supply agreement or brand licence agreement reflects incremental production added to the oilfield.
expires and are renegotiated in the normal course of business. Retail sites are
primarily branded bp, ARCO, Amoco, Aral and Thorntons, and also includes Transition growth Activities, represented by a set of transition growth engines, that transition
sites in India through our Jio-bp JV. bp toward its objective to be an Integrated Energy Company, and that
comprise our low carbon activity alongside other businesses that support
Strategic Retail sites, within the bp portfolio, which sell bp-branded vehicle energy (e.g. transition, such as our power trading & marketing business and
convenience sites bp, Aral, Arco, Amoco, Thorntons, TravelCenters of America and bp pulse) convenience.
and either carry one of the strategic convenience brands (e.g. M&S, Rewe to
Go) or a differentiated convenience offer. To be considered a strategic Ultra fast/Ultra- Includes electric vehicle charging of ≥150kW
convenience site, the convenience offer should have a demonstrable level of fast charging
differentiation in the market in which it operates. Strategic convenience site
count includes sites under a pilot phase. Underlying Calculated by dividing taxation on an underlying replacement cost (RC) basis
effective by underlying RC profit or loss before tax. Taxation on an underlying RC
tax rate (ETR) basis for the group is calculated as taxation as stated on the group income
statement adjusted for taxation on inventory holding gains and losses and
total taxation on adjusting items*

3Q 2023 financial results 27

Glossary
Underlying 2023 underlying production, when compared with 2022, is production after Working capital Movements in inventories and other current and non-current assets and
production adjusting for acquisitions and divestments, curtailments, and entitlement liabilities as reported in the condensed group cash flow statement.
impacts in our production-sharing agreements/contracts and technical service
contract*. Change in working capital adjusted for inventory holding gains/losses, fair
value accounting effects relating to subsidiaries and other adjusting items is
Underlying Replacement cost profit or loss* after excluding net adjusting items* and a non-IFRS measure. It is calculated by adjusting for inventory holding
replacement cost related taxation. gains/losses reported in the period and fair value accounting effects relating
profit to subsidiaries reported within adjusting items for the period. From 2022, it
is adjusted for other adjusting items relating to the non-cash movement of
Underlying For the operating segments or customers & products businesses is US emissions obligations carried as a provision that will be settled by
replacement cost calculated as RC profit or loss including profit or loss attributable to non- allowances held as inventory. This represents what would have been
profit or loss controlling interests before interest and tax for the operating segments and reported as movements in inventories and other current and non-current
before interest excluding net adjusting items for the respective operating segment or assets and liabilities, if the starting point in determining net cash provided by
and tax (RCPBIT) business. operating activities had been underlying replacement cost profit rather than
profit for the period. The nearest equivalent measure on an IFRS basis for
Unit production Calculated as production cost divided by units of production. Production cost this is movements in inventories and other current and non-current assets
costs does not include ad valorem and severance taxes. Units of production are and liabilities.
barrels for liquids and thousands of cubic feet for gas. Amounts disclosed are
for bp subsidiaries only and do not include bp’s share of equity-accounted bp utilises various arrangements in order to manage its working capital
entities. including discounting of receivables and, in the supply and trading business,
the active management of supplier payment terms, inventory and collateral.

3Q 2023 financial results 28

Resources
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about our financial performance,
reports and information on investing Why invest in bp 6 February 2024
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3Q 2023 financial results 29