1st Quarter Results Part 3

BP PLC 30 April 2002 PART 3 BP p.l.c. Group Results First Quarter 2002 London 30 April 2002 INVESTOR RELATIONS SUPPLEMENT REPLACEMENT COST OPERATING PROFIT ADJUSTED FOR SPECIAL ITEMS(a) AND ACQUISITION AMORTIZATION(b) First Fourth First Quarter Quarter Quarter 2002 2001 2001 ======================= $ million Exploration and Production UK 809 682 1,183 Rest of Europe 152 144 226 USA 665 840 2,517 Rest of World 774 708 1,210 ----------------------- 2,400 2,374 5,136 ----------------------- Gas, Power and Renewables UK 2 (29) 10 Rest of Europe 47 64 63 USA (25) 36 25 Rest of World 87 31 2 ----------------------- 111 102 100 ----------------------- Refining and Marketing UK (27) (28) 8 Rest of Europe 165 271 162 USA 17 203 695 Rest of World 132 339 129 ----------------------- 287 785 994 ----------------------- Chemicals UK (31) 14 (50) Rest of Europe 49 32 80 USA 53 (25) 13 Rest of World 37 18 38 ----------------------- 108 39 81 ----------------------- Other businesses and corporate UK (44) 105 (76) Rest of Europe 1 (46) (20) USA (83) (210) (58) Rest of World 1 49 39 ----------------------- (125) (102) (115) ----------------------- 2,781 3,198 6,196 ======================= (a) The special items refer to non-recurring charges and credits. The special items for the first quarter comprise restructuring charges for Upstream and Chemicals, Veba, Solvay and Erdolchemie integration costs and litigation costs. (b) Depreciation and amortization relating to the fixed asset revaluation adjustments and goodwill consequent upon the ARCO and Burmah Castrol acquisitions. ACQUISITION AMORTIZATION BY BUSINESS First Fourth First Quarter Quarter Quarter 2002 2001 2001 ======================= $ million Exploration and Production UK 32 41 29 USA 281 337 406 Rest of World 32 33 35 ----------------------- 345 411 470 ----------------------- Refining and Marketing UK 97 99 104 USA 96 94 97 ----------------------- 193 193 201 ----------------------- Total acquisition amortization 538 604 671 ======================= SPECIAL ITEMS BY BUSINESS (PRE-TAX) First Fourth First Quarter Quarter Quarter 2002 2001 2001 ======================= $ million Exploration and Production UK 50 70 - Rest of Europe - - - USA 62 77 - Rest of World 15 175 - ----------------------- 127 322 - ----------------------- Gas, Power and Renewables UK - - - Rest of Europe - - - USA - - - Rest of World - - - ----------------------- - - - ----------------------- Refining and Marketing UK - 70 15 Rest of Europe 26 44 26 USA - 63 4 Rest of World - 36 8 ----------------------- 26 213 53 ----------------------- Chemicals UK - 89 - Rest of Europe 2 33 - USA 30 (16) - Rest of World - - - ----------------------- 32 106 - ----------------------- Other businesses and corporate UK - - - Rest of Europe - - - USA - 73 - Rest of World - - - ----------------------- - 73 - ----------------------- Total special items before interest 185 714 53 Interest - bond redemption charges - - 10 ----------------------- Total 185 714 63 ======================= PER SHARE AMOUNTS First Fourth First Quarter Quarter Quarter 2002 2001 2001 ======================= Shares in issue at period end (million) 22,456 22,432 22,484 - ADS equivalent (million) 3,743 3,739 3,747 Average number of shares outstanding (million)* 22,403 22,396 22,474 - ADS equivalent (million) 3,734 3,733 3,746 ----------------------- Replacement cost profit after exceptional items ($m) 854 694 3,068 cents/ordinary share 3.81 3.11 13.65 dollars/ADS 0.23 0.19 0.82 ----------------------- Replacement cost profit before exceptional items ($m) 924 706 3,001 cents/ordinary share 4.12 3.16 13.35 dollars/ADS 0.25 0.19 0.80 ----------------------- Pro forma result adjusted for special items ($m) 1,582 1,771 3,712 cents/ordinary share 7.06 7.91 16.51 dollars/ADS 0.42 0.47 0.99 ----------------------- * Excludes shares held by the Employee Share Ownership Plans. REPLACEMENT COST OPERATING PROFIT ADJUSTED FOR NON-CASH CHARGES AND CERTAIN OTHER ITEMS First Fourth First Quarter Quarter Quarter 2002 2001 2001 ======================= $ million Replacement cost operating profit (reported) (a) 2,058 1,880 5,472 Depreciation and amounts provided (b) 2,153 2,457 2,167 Exploration expenditure written off 59 85 108 Dividends from JV's and associates less share of RCOP (122) (194) (209) Dividends paid to minority shareholders (13) (38) - Adjust provisions to cash basis (c) (69) (34) (141) Adjust interest and other income to cash basis (d) (13) (14) (4) ----------------------- 4,053 4,142 7,393 Tax paid adjusted for certain items * (577) (1,517) (96) ----------------------- Adjusted RCOP after tax paid 3,476 2,625 7,297 ----------------------- * Calculation of tax paid adjusted for certain items Cash tax paid (445) (1,422) (139) Tax charge on exceptional items (39) (26) 151 Tax shield assumption + (93) (69) (108) ----------------------- (577) (1,517) (96) ----------------------- + Calculation of tax shield assumption Interest paid (309) (229) (361) Tax rate assumption (e) 30% 30% 30% ----------------------- (93) (69) (108) ----------------------- (a) Total replacement cost operating profit is before exceptional items, stock holding gains and losses and interest expense. (b) Includes depreciation and amortization relating to the fixed asset revaluation adjustment and goodwill consequent upon the ARCO and Burmah Castrol acquisitions. (c) Calculated as the net of charge for provisions and utilization of provisions. (d) Calculated as interest and other income, less interest received and dividends received from the group cash flow statement. (e) Deemed tax rate for tax shield adjustment is equal to the UK statutory tax rate. RETURN ON AVERAGE CAPITAL EMPLOYED First Fourth First Quarter Quarter Quarter 2002 2001 2001 ======================= $ million Replacement cost basis RC profit before exceptional items 924 706 3,001 Interest 333 414 446 Minority shareholders' interest 9 23 8 ----------------------- Adjusted RC profit 1,266 1,143 3,455 ======================= Average Capital Employed 89,594 87,791 86,223 ROACE - replacement cost basis 6% 5% 16% ----------------------- Pro forma basis Adjusted RC profit 1,266 1,143 3,455 Acquistion amortization 538 604 671 Special items (post tax) 120 461 40 Average capital employed 89,594 87,791 86,223 Average capital employed acquisition adjustment 18,590 19,647 22,165 ----------------------- Average capital employed (pro forma basis) 71,004 68,144 64,058 ROACE - Pro forma basis adjusted for special items 11% 13% 26% ----------------------- Historical cost basis Historical cost profit (loss) after exceptional items 1,296 (603) 2,830 Interest 333 414 446 Minority shareholders' interest 40 23 8 ----------------------- Adjusted historical cost profit 1,669 (166) 3,284 ======================= Average capital employed 89,594 87,791 86,223 ROACE - historical cost basis after exceptionals 7% (1)% 15% NET DEBT RATIO - NET DEBT: NET DEBT + EQUITY First Fourth First Quarter Quarter Quarter 2002 2001 2001 ======================= $ million Gross debt 24,531 21,417 18,788 Cash and current asset investments 1,665 1,808 2,147 ----------------------- Net debt 22,866 19,609 16,641 ======================= Equity 67,481 65,759 66,316 Net debt ratio 25% 23% 20% ----------------------- Acquisition adjustment 18,297 18,882 21,734 ----------------------- Net debt ratio - pro forma basis 32% 29% 27% This information is provided by RNS The company news service from the London Stock Exchange

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