1st Quarter Results (2 of 3)

BP PLC 29 April 2003 BP p.l.c. and Subsidiaries Summarized Group Results First Fourth First Quarter Quarter Quarter 2003 2002 2002 ======================= $ million Exploration and Production 4,326 3,248 1,928 Gas, Power and Renewables 194 72 111 Refining and Marketing 631 (36) 68 Chemicals 139 104 76 Other businesses and corporate (165) (207) (125) ----------------------- Total replacement cost operating profit 5,125 3,181 2,058 Profit (loss) on sale of fixed assets and businesses or termination of operations (Note 3) 394 (893) (109) ----------------------- Replacement cost profit before interest and tax 5,519 2,288 1,949 Stock holding gains (losses)(Note 5) 799 (174) 473 ----------------------- Historical cost profit before interest and tax 6,318 2,114 2,422 Interest expense (Note 6) 220 332 333 ----------------------- Profit before taxation 6,098 1,782 2,089 Taxation (Note 7) 1,805 1,125 753 ----------------------- Profit after taxation 4,293 657 1,336 Minority shareholders' interest 26 6 40 ----------------------- Profit for the period 4,267 651 1,296 ======================= Distribution to shareholders 1,386 1,398 1,290 ----------------------- Earnings per ordinary share - cents Basic 19.11 2.92 5.78 Diluted 19.05 2.92 5.75 ======================= Replacement Cost Results Historical cost profit for the period 4,267 651 1,296 Stock holding (gains) losses net of minority shareholders' interest (799) 174 (442) ----------------------- Replacement cost profit for the period 3,468 825 854 Exceptional items (net of tax) (340) 872 70 ----------------------- Replacement cost profit before exceptional items 3,128 1,697 924 ----------------------- Earnings per ordinary share - cents On replacement cost profit before exceptional items 14.01 7.58 4.12 ======================= Summarized Group Balance Sheet 31 March 31 December 2003 2002 ===================== $ million Fixed assets Intangible assets 14,190 15,566 Tangible assets 88,223 87,682 Investments 10,248 10,811 --------------------- 112,661 114,059 --------------------- Current assets Stocks 9,874 10,181 Debtors 39,058 33,150 Investments 228 215 Cash at bank and in hand 1,151 1,520 --------------------- 50,311 45,066 Creditors - amounts falling due within one year Finance debt 6,400 10,086 Other creditors 40,614 36,215 --------------------- Net current assets (liabilities) 3,297 (1,235) --------------------- Total assets less current liabilities 115,958 112,824 Creditors - amounts falling due after more than one year Finance debt 12,642 11,922 Other creditors 3,411 3,455 Provisions for liabilities and charges Deferred taxation 13,686 13,514 Other provisions 14,096 13,886 --------------------- Net assets 72,123 70,047 Minority shareholders' interest - equity 1,047 638 --------------------- BP shareholders' interest 71,076 69,409 ===================== Movement in BP shareholders' interest: $ million At 31 December 2002 69,409 Profit for the period 4,267 Distribution to shareholders (1,386) Currency translation differences (net of tax) (282) Issue of ordinary share capital for employee share schemes 67 Repurchase of ordinary share capital (999) ------ At 31 March 2003 71,076 ====== Summarized Group Cash Flow Statement First Fourth First Quarter Quarter Quarter 2003 2002 2002 ======================= $ million Net cash inflow from operating activities (a) 5,961 6,197 3,636 ----------------------- Dividends from joint ventures 13 69 83 ----------------------- Dividends from associated undertakings 55 65 53 ----------------------- Servicing of finance and returns on investments Interest received 31 63 48 Interest paid (207) (335) (309) Dividends received 6 38 2 Dividends paid to minority shareholders (2) (11) (13) ----------------------- Net cash outflow from servicing of finance and returns on investments (172) (245) (272) ----------------------- Taxation UK corporation tax (312) (419) (187) Overseas tax (320) (642) (258) ----------------------- Tax paid (632) (1,061) (445) ----------------------- Capital expenditure and financial investment Payments for fixed assets (2,877) (3,544) (2,799) Proceeds from the sale of fixed assets 2,317 726 317 ----------------------- Net cash outflow for capital expenditure and financial investment (560) (2,818) (2,482) ----------------------- Acquisitions and disposals Investments in associated undertakings (186) (215) (143) Acquisitions, net of cash acquired - (28) (1,550) Net investment in joint ventures (14) (217) (46) Proceeds from the sale of businesses 160 304 31 ----------------------- Net cash outflow for acquisitions and disposals (40) (156) (1,708) ----------------------- Equity dividends paid (1,397) (1,340) (1,288) ----------------------- Net cash inflow (outflow) 3,228 711 (2,423) ======================= Financing (b) 3,593 304 (2,283) Management of liquid resources 13 (56) (165) (Decrease) increase in cash (378) 463 25 ----------------------- 3,228 711 (2,423) ======================= Analysis of Cash Flow First Fourth First Quarter Quarter Quarter 2003 2002 2002 ======================= $ million (a) Reconciliation of historical cost profit before interest and tax to net cash inflow from operating activities Historical cost profit before interest and tax 6,318 2,114 2,422 Depreciation and amounts provided 2,709 2,515 2,153 Exploration expenditure written off 50 124 59 Share of profits of joint ventures and associated undertakings (304) (250) (256) Interest and other income (48) (115) (63) (Profit) loss on sale of fixed assets and businesses (394) 895 109 Charge for provisions 202 451 169 Utilization of provisions (228) (424) (238) Decrease (increase) in stocks 376 (63) (496) Increase in debtors (6,935) (269) (410) Increase in creditors 4,215 1,219 187 ----------------------- Net cash inflow from operating activities 5,961 6,197 3,636 ======================= (b) Financing Long-term borrowing (1,015) (651) (1,746) Repayments of long-term borrowing 403 905 234 Short-term borrowing (626) (3,970) (3,499) Repayments of short-term borrowing 3,899 4,037 2,819 ----------------------- 2,661 321 (2,192) Issue of ordinary share capital for employee share schemes (67) (17) (91) Repurchase of ordinary share capital 999 - - ----------------------- Net cash outflow (inflow) from financing 3,593 304 (2,283) ======================= Capital Expenditure and Acquisitions First Fourth First Quarter Quarter Quarter 2003 2002 2002 ======================= $ million By business Exploration and Production UK 196 177 261 Rest of Europe 51 73 71 USA 966 1,079 1,167 Rest of World 924 1,244 814 ----------------------- 2,137 2,573 2,313 ----------------------- Gas, Power and Renewables UK 8 - 16 Rest of Europe 15 41 4 USA 38 60 16 Rest of World 7 22 10 ----------------------- 68 123 46 ----------------------- Refining and Marketing UK 73 163 76 Rest of Europe(a) 104 273 2,732 USA 336 430 303 Rest of World 24 180 26 ----------------------- 537 1,046 3,137 ----------------------- Chemicals UK - 57 8 Rest of Europe 31 10 45 USA 46 116 42 Rest of World 19 102 93 ----------------------- 96 285 188 ----------------------- Other businesses and corporate 36 61 52 ----------------------- 2,874 4,088 5,736 ======================= By geographical area UK 301 434 409 Rest of Europe 202 398 2,852 USA 1,396 1,708 1,531 Rest of World 975 1,548 944 ----------------------- 2,874 4,088 5,736 ======================= (a) 1Q 2002 included the acquisition of 51% of Veba. US dollar/Sterling exchange rates Average rate for the period 1.60 1.57 1.43 Period-end rate 1.57 1.60 1.42 ======================= Analysis of Replacement Cost Operating Profit First Fourth First Quarter Quarter Quarter 2003 2002 2002 ======================= $ million By business Exploration and Production UK 1,134 965 727 Rest of Europe 193 177 152 USA 1,805 1,081 322 Rest of World 1,194 1,025 727 ----------------------- 4,326 3,248 1,928 ----------------------- Gas, Power and Renewables UK 3 (31) 2 Rest of Europe (9) 1 47 USA 36 9 (25) Rest of World 164 93 87 ----------------------- 194 72 111 ----------------------- Refining and Marketing UK 26 (155) (124) Rest of Europe 337 (53) 139 USA 97 80 (79) Rest of World 171 92 132 ----------------------- 631 (36) 68 ----------------------- Chemicals UK (34) (47) (31) Rest of Europe 88 65 47 USA 42 37 23 Rest of World 43 49 37 ----------------------- 139 104 76 ----------------------- Other businesses and corporate (165) (207) (125) ----------------------- 5,125 3,181 2,058 ======================= By geographical area UK 1,053 793 530 Rest of Europe 602 171 386 USA 1,882 957 158 Rest of World 1,588 1,260 984 ----------------------- 5,125 3,181 2,058 ======================= Included above: Share of profits of joint ventures 117 83 70 Share of profits of associated undertakings 180 161 188 ----------------------- 297 244 258 ======================= Notes 1. Turnover First Fourth First Quarter Quarter Quarter 2003 2002 2002 ======================== $ million By business Exploration and Production 9,068 7,356 5,638 Gas, Power and Renewables 17,998 12,041 7,768 Refining and Marketing 41,435 33,443 24,889 Chemicals 3,938 3,118 2,642 Other businesses and corporate 111 131 135 ------------------------ 72,550 56,089 41,072 Less: sales between businesses 8,762 6,367 4,782 ------------------------ Group excluding JVs 63,788 49,722 36,290 Share of sales by joint ventures 398 413 279 ------------------------ 64,186 50,135 36,569 ======================== By geographical area Group excluding JVs UK 15,427 13,084 10,995 Rest of Europe 13,022 11,720 9,119 USA 31,098 22,573 15,265 Rest of World 13,736 10,845 6,984 ------------------------ 73,283 58,222 42,363 Less: sales between areas 9,495 8,500 6,073 ------------------------ 63,788 49,722 36,290 ------------------------ Notes 2. Operating profits are after charging: First Fourth First Quarter Quarter Quarter 2003 2002 2002 ======================= $ million Exploration expense UK 3 1 6 Rest of Europe 4 6 23 USA 37 30 42 Rest of World 68 142 53 ----------------------- 112 179 124 ======================= Production taxes (a) UK petroleum revenue tax 133 64 63 Overseas production taxes 371 298 184 ----------------------- 504 362 247 ======================= (a) Production taxes are charged against Exploration and Production's operating profit and are not included in the charge for taxation in Note 7. 3. Analysis of exceptional items Exploration and Production 433 (1,133) 5 Gas, Power and Renewables - (33) - Refining and Marketing (52) 365 (45) Chemicals 7 (122) (60) Other businesses and corporate 6 30 (9) ----------------------- Profit (loss) on sale of fixed assets and businesses or termination of operations 394 (893) (109) Taxation (charge) credit (54) 21 39 ----------------------- Exceptional items after taxation 340 (872) (70) ======================= 4. Replacement cost profit Replacement cost profits reflect the current cost of supplies. The replacement cost profit for the period is arrived at by excluding from the historical cost profit stock holding gains and losses. Notes 5. Stock holding gains (losses) First Fourth First Quarter Quarter Quarter 2003 2002 2002 ======================= $ million Exploration and Production 6 (2) 3 Gas, Power and Renewables 27 41 4 Refining and Marketing 620 (201) 495 Chemicals 146 (12) (29) ----------------------- 799 (174) 473 Minority shareholders' interest - - 31 ----------------------- 799 (174) 442 ======================= 6. Interest expense Group interest payable(a) 187 248 267 Capitalized (34) (33) (15) ----------------------- 153 215 252 Joint ventures 13 14 14 Associated undertakings 10 19 24 Unwinding of discount on provisions 44 42 43 Change in discount rate for provisions - 42 - ----------------------- 220 332 333 ======================= (a) Includes charges relating to the early redemption of debt. - 15 - ----------------------- 7. Charge for taxation Current 1,581 1,112 533 Deferred 224 13 220 ----------------------- 1,805 1,125 753 ======================= UK 485 366 189 Overseas 1,320 759 564 ----------------------- 1,805 1,125 753 ======================= Notes 8. Analysis of changes in net debt First Fourth First Quarter Quarter Quarter 2003 2002 2002 ======================= $ million Opening balance Finance debt 22,008 22,276 21,417 Less: Cash 1,520 1,005 1,358 Current asset investments 215 285 450 ----------------------- Opening net debt 20,273 20,986 19,609 ----------------------- Closing balance Finance debt 19,042 22,008 24,531 Less: Cash 1,151 1,520 1,379 Current asset investments 228 215 286 ----------------------- Closing net debt 17,663 20,273 22,866 ----------------------- Decrease (increase) in net debt 2,610 713 (3,257) ======================= Movement in cash/bank overdrafts (378) 463 25 Increase(decrease) in current asset investments 13 (56) (165) Net cash outflow (inflow) from financing (excluding share capital) 2,661 321 (2,192) Exchange of Exchangeable Bonds for Lukoil American Depositary Shares 420 - - Other movements 64 19 25 Debt acquired - (3) (999) ----------------------- Movement in net debt before exchange effects 2,780 744 (3,306) Exchange adjustments (170) (31) 49 ----------------------- Decrease (increase) in net debt 2,610 713 (3,257) ======================= Notes 9. Consolidated statement of cash flows presented on a US GAAP format First Fourth First Quarter Quarter Quarter 2003 2002 2002 ======================= $ million Operating activities Profit after taxation 4,293 657 1,336 Adjustments to reconcile profits after tax to net cash provided by operating activities: Depreciation and amounts provided 2,709 2,515 2,153 Exploration expenditure written off 50 124 59 Share of profit of joint ventures and associates less dividends received (148) (8) (17) (Profit) loss on sale of businesses and fixed assets (394) 895 109 Working capital movement (see analysis below) (1,475) 907 (669) Deferred taxation 224 13 220 Other 2 (33) (108) ----------------------- Net cash provided by operating activities 5,261 5,070 3,083 ----------------------- Investing activities Capital expenditures (2,911) (3,577) (2,814) Acquisitions, net of cash acquired - (28) (1,550) Investment in associated undertakings (186) (215) (143) Net investment in joint ventures (14) (217) (46) Proceeds from disposal of assets 2,477 1,030 348 ----------------------- Net cash used in investing activities (634) (3,007) (4,205) ----------------------- Notes 9. Consolidated statement of cash flows presented on a US GAAP format (continued) First Fourth First Quarter Quarter Quarter 2003 2002 2002 ======================= $ million Financing activities Net proceeds from shares issued (repurchased) (932) 17 91 Proceeds from long-term financing 1,015 651 1,746 Repayments of long-term financing (403) (905) (234) Net increase (decrease) in short-term debt (3,273) (67) 680 Dividends paid - BP shareholders (1,397) (1,340) (1,288) - Minority shareholders (2) (11) (13) ----------------------- Net cash used in financing activities (4,992) (1,655) (982) ----------------------- Currency translation differences relating to cash and cash equivalents 9 37 (3) ----------------------- (Decrease) increase in cash and cash equivalents (356) 445 (143) ----------------------- Cash and cash equivalents at beginning of period 1,735 1,290 1,808 ----------------------- Cash and cash equivalents at end of period 1,379 1,735 1,665 ----------------------- Analysis of working capital movement Decrease (increase) in stocks 376 (63) (496) Increase in debtors (6,946) (271) (443) Increase in creditors 5,095 1,241 270 ----------------------- Total working capital movement (1,475) 907 (669) ======================= Notes 10. Ordinary shares First Fourth First Quarter Quarter Quarter 2003 2002 2002 ==================================== shares thousand Shares in issue at period end (a) 22,241,895 22,378,651 22,456,493 Average number of shares Outstanding (b) 22,326,486 22,351,122 22,402,868 (a) Each BP ADS represents six BP Ordinary Shares. (b) Excludes shares held by the Employee Share Ownership Plan. 11. Statutory accounts The financial information shown in this publication is unaudited and does not constitute statutory accounts. The 2002 Annual Report and Accounts were approved by a duly appointed and authorized committee of the Board of Directors on 11 February 2003, but have not yet been delivered to the UK Registrar of Companies; the report of the auditors on those accounts was unqualified. Contacts London New York ------------------- --------------- Press Office Roddy Kennedy Ian Fowler +44 (0)20 7496 4624 +1 212 451 8008 Investor Relations Fergus MacLeod Terry LaMore +44 (0)20 7496 4717 +1 212 451 8034 http://www.bp.com/investors This information is provided by RNS The company news service from the London Stock Exchange

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