3rd Qrter & 9 Mths Rslts-Pt 2

PART 2 Summarized Group Cash Flow Statement Third Second Third Quarter Quarter Quarter Nine Months 1999 2000 2000 2000 1999 ======================= ============ $ million $ million Net cash inflow from 2,689 5,244 6,476 operating activities (a) 14,484 5,847 ----------------------- -------------- 371 332 118 Dividends from joint ventures 645 813 ----------------------- ------------- 25 143 100 Dividends from associated undertakings 274 168 ----------------------- ------------- Servicing of finance and returns on investments 33 114 195 Interest received 344 115 (209) (344) (315) Interest paid (883) (806) 8 2 9 Dividends received 12 28 Dividends paid to (49) (6) (12) minority shareholders (20) (145) ----------------------- ------------- Net cash outflow from servicing of (217) (234) (123) finance and returns on investments (547) (808) ----------------------- ------------- Taxation (48) (64) (177) UK corporation tax (441) (179) (400) (889) (2,532) Overseas tax (3,758) (462) ----------------------- ------------- (448) (953) (2,709) Tax paid (4,199) (641) ----------------------- ------------- Capital expenditure (1,473) (2,765) (2,226) Payments for fixed assets (6,412) (4,666) Proceeds from the sale 419 182 1,524 of fixed assets 2,112 858 ----------------------- ------------- Net cash outflow for capital expenditure and (1,054) (2,583) (702) financial investment (4,300) (3,808) ----------------------- ------------- Summarized Group Cash Flow Statement (continued) Third Second Third Quarter Quarter Quarter Nine Months 1999 2000 2000 2000 1999 ======================= ============= $ million $ million Acquisitions and disposals Investments in associated (2) (244) (456) undertakings (897) (141) (4) - (5,328) Acquisitions (6,197) (49) (226) (121) (95) Net investment in joint ventures (218) (495) 196 6,800 1,106 Proceeds from the sale of businesses 7,931 288 ----------------------- ------------- Net cash inflow (outflow) for (36) 6,435 (4,773) acquisitions and disposals 619 (397) ----------------------- ------------- (967) (1,133) (1,128) Equity dividends paid (3,232) (3,164) ----------------------- ------------- 363 7,251 (2,741) Net cash inflow (outflow) 3,744 (1,990) ======================= ============= 227 3,465 920 Financing (b) 4,462 (2,040) 55 1,919 (1,837) Management of liquid resources 102 (106) 81 1,867 (1,824) Increase (decrease) in cash (820) 156 ----------------------- ------------- 363 7,251 (2,741) 3,744 (1,990) ======================= ============= Analysis of Cash Flow Third Second Third Quarter Quarter Quarter Nine Months 1999 2000 2000 2000 1999 ======================= ============= $ million $ million (a) Reconciliation of historical cost profit before interest and tax to net cash inflow from operating activities Historical cost profit before 2,990 4,813 5,492 interest and tax 14,641 5,646 1,197 1,831 1,978 Depreciation and amounts provided 5,004 3,593 Exploration expenditure 135 74 51 written off 191 270 Share of (profits) losses of joint ventures and (568) (535) (515) associated undertakings+ (1,503) (1,307) (53) (113) (121) Interest and other income (281) (166) (Profit) loss on sale of fixed 308 (153) (136) assets and businesses (118) 102 144 282 382 Charge for provisions 819 623 (61) (129) (360) Utilization of provisions (693) (271) (586) (611) (398) (Increase) decrease in stocks (1,264) (1,190) (350) (2,446) (49) (Increase) decrease in debtors (3,635) (2,138) (467) 2,231 152 Increase (decrease) in creditors 1,323 685 ----------------------- -------------- Net cash inflow from 2,689 5,244 6,476 operating activities 14,484 5,847 ======================= ============== +Includes the following amounts of depreciation for the BP/Mobil 77 71 24 European JV 172 227 ----------------------- -------------- (b) Financing (303) (1,228) (244) Long-term borrowing (1,784) (1,969) 603 487 589 Repayments of long-term borrowing 1,169 1,954 (164) (59) (803) Short-term borrowing (1,485) (2,819) Repayments of short-term 143 3,249 926 borrowing 5,125 1,012 ----------------------- -------------- 279 2,449 468 3,025 (1,822) (52) (108) (102) Issue of ordinary share capital (241) (218) Repurchase of ordinary - 829 554 share capital 1,383 - - 295 - Stamp duty reserve tax 295 - ----------------------- -------------- Net cash outflow 227 3,465 920 (inflow) from financing 4,462 (2,040) ======================= ============== Capital Expenditure and Acquisitions Third Second Third Quarter Quarter Quarter Nine Months 1999 2000 2000 2000 1999 ======================= ============= $ million $ million By business Exploration and Production 135 277 159 UK 599 582 44 36 50 Rest of Europe 110 57 318 819 1,082 USA 2,282 1,080 277 410 562 Rest of World 1,267 1,087 ----------------------- -------------- 774 1,542 1,853 4,258 2,806 ----------------------- -------------- Gas and Power - 28 78 UK* 108 - - 1 1 Rest of Europe 3 - - 28 35 USA 63 3 1 - - Rest of World 4 2 ----------------------- -------------- 1 57 114 178 5 ----------------------- -------------- Refining and Marketing 47 29 4,098 UK** = 5,016 122 134 65 1,275 Rest of Europe = 1,384 310 151 336 32 USA 445 435 67 88 99 Rest of World 279 177 ----------------------- -------------- 399 518 5,504 7,124 1,044 ----------------------- -------------- Chemicals 133 136 122 UK 410 296 51 34 28 Rest of Europe 95 183 65 52 92 USA 183 212 70 58 60 Rest of World 385 147 ----------------------- -------------- 319 280 302 1,073 838 ----------------------- -------------- 118 647 1,814 Other businesses and corporate+ 2,514 226 ----------------------- -------------- 1,611 3,044 9,587 15,147 4,919 ======================= ============== * 3Q and nine months include $63 million for the first instalment on two LNG ships. ** 3Q includes $3,817 million and nine months includes $4,686 million for the purchase of Burmah Castrol's issued share capital. = 3Q and nine months include $1,450 million for the acquisition of the Mobil share of the European Joint Venture. + 3Q and nine months include $1,688 million for the acquisition of the minority interest in Vastar. Capital Expenditure and Acquisitions (continued) Third Second Third Quarter Quarter Quarter Nine Months 1999 2000 2000 2000 1999 ======================= ============= $ million $ million By geographical area 355 1,077 4,547 UK 6,872 1,075 234 138 1,354 Rest of Europe 1,598 557 606 1,273 2,965 USA 4,735 1,872 416 556 721 Rest of World 1,942 1,415 ----------------------- -------------- 1,611 3,044 9,587 15,147 4,919 ======================= ============= Includes the following amounts for the BP/Mobil 175 86 29 European joint venture 170 409 ----------------------- -------------- Analysis of Replacement Cost Operating Profit Third Second Third Quarter Quarter Quarter Nine Months 1999 2000 2000 2000 1999 ======================= ============= $ million $ million By business Exploration and Production 673 896 1,010 UK 2,994 1,449 163 185 221 Rest of Europe 594 312 597 1,084 1,342 USA 3,617 1,214 750 950 1,079 Rest of World 2,765 1,423 ----------------------- ------------- 2,183 3,115 3,652 9,970 4,398 ----------------------- ------------- Gas and Power 4 4 14 UK 13 12 44 11 28 Rest of Europe 94 125 3 11 5 USA 15 9 6 - 1 Rest of World 4 17 ----------------------- ------------- 57 26 48 126 163 ----------------------- ------------- Refining and Marketing 102 148 72 UK 253 147 91 130 233 Rest of Europe 399 249 305 856 615 USA 1,895 750 143 143 143 Rest of World 467 401 ----------------------- ------------- 641 1,277 1,063 3,014 1,547 ----------------------- ------------- Chemicals (1) (33) (17) UK (81) 15 8 118 75 Rest of Europe 271 90 124 196 161 USA 525 386 12 39 44 Rest of World 127 56 ----------------------- ------------- 143 320 263 842 547 ----------------------- ------------- (176) (299) (216) Other businesses and corporate (742) (486) ----------------------- -------------- 2,848 4,439 4,810 13,210 6,169 ======================= ============== By geographical area 668 986 1,021 UK 2,981 1,412 350 461 578 Rest of Europe 1,405 823 930 1,854 1,957 USA 5,463 2,041 900 1,138 1,254 Rest of World 3,361 1,893 ----------------------- -------------- 2,848 4,439 4,810 13,210 6,169 ======================= ============== Includes the following amounts for joint ventures and 359 432 476 associated undertakings 1,248 865 ----------------------- -------------- US dollar/Sterling exchange rates Third Second Third Quarter Quarter Quarter Nine Months 1999 2000 2000 2000 1999 ======================= ============= 1.60 1.53 1.48 Average rates for the period 1.54 1.61 1.65 1.52 1.46 Period-end rates 1.46 1.65 ======================= ============= Notes 1. Turnover Third Second Third Quarter Quarter Quarter Nine Months 1999 2000 2000 2000 1999 ======================= ============== $ million $ million By business 5,678 7,278 8,195 Exploration and Production 21,977 13,503 1,359 2,772 4,237 Gas and Power 9,182 3,728 16,697 25,120 32,555 Refining and Marketing 78,453 40,852 2,297 2,914 2,798 Chemicals 8,493 6,668 Other businesses 39 51 106 and corporate 198 114 ------------------------ -------------- 26,070 38,135 47,891 118,303 64,865 Less: Sales between 4,112 4,977 5,260 businesses 14,803 9,249 ------------------------ -------------- 21,958 33,158 42,631 Group excluding JVs 103,500 55,616 4,707 5,869 2,231 Sales of joint ventures 13,480 11,972 ------------------------ --------------- 26,665 39,027 44,862 116,980 67,588 ======================== =============== By geographical area Group excluding JVs 8,139 11,112 11,956 UK 33,418 19,331 1,561 1,859 5,603 Rest of Europe 9,336 4,219 10,255 17,575 21,513 USA 52,061 25,928 5,235 6,977 8,271 Rest of World 21,608 12,937 ------------------------ -------------- 25,190 37,523 47,343 116,423 62,415 Less: Sales between 3,232 4,365 4,712 areas 12,923 6,799 ------------------------ -------------- 21,958 33,158 42,631 103,500 55,616 ------------------------ -------------- Sales of joint ventures 1,155 1,414 540 UK 3,314 2,738 4,428 5,358 1,951 Rest of Europe 12,316 10,945 36 159 24 USA 183 87 90 128 240 Rest of World 489 249 ------------------------ -------------- 5,709 7,059 2,755 16,302 14,019 Less: Sales between 1,002 1,190 524 areas 2,822 2,047 ------------------------ -------------- 4,707 5,869 2,231 13,480 11,972 ======================== ============== Notes 2. Operating profits are after charging: Third Second Third Quarter Quarter Quarter Nine Months 1999 2000 2000 2000 1999 ======================= ============= $ million $ million Exploration expense 16 15 - UK 23 36 - 8 20 Rest of Europe 32 35 65 90 60 USA 185 115 60 55 63 Rest of World 202 251 ----------------------- ------------- 141 168 143 442 437 ======================= ============= Production taxes (i) 72 184 171 UK petroleum revenue tax 545 154 220 304 340 Overseas production taxes 952 495 ----------------------- ------------- 292 488 511 1,497 649 ======================= ============= (i) 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 (419) 168 9 Exploration and Production 215 (420) - - - Gas and Power - - 12 5 160 Refining and Marketing 184 115 89 - (30) Chemicals (240) 253 1 (12) (1) Other businesses and corporate (17) (6) ----------------------- ------------- Profit (loss) on sale of fixed assets and businesses and (317) 161 138 termination of operations 142 (58) (184) - - Restructuring costs - (1,687) ----------------------- ------------- Exceptional items (501) 161 138 before taxation+ 142 (1,745) (37) (141) (278) Taxation credit (charge) (386) 184 ----------------------- ------------- Exceptional items (538) 20 (140) after taxation (244) (1,561) ======================= ============= +Includes the following amounts for joint ventures and (11) 8 2 associated undertakings 24 36 ----------------------- ------------- 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) Third Second Third Quarter Quarter Quarter Nine Months 1999 2000 2000 2000 1999 ======================= ============= $ million $ million (3) 1 3 Exploration and Production 5 (13) - 17 - Gas and Power 22 - 582 153 524 Refining and Marketing 1,140 1,158 64 42 17 Chemicals 122 77 ---------------------- -------------- 643 213 544 1,289 1,222 ====================== ============== Includes the following amounts for joint ventures and 220 95 37 associated undertakings 231 406 ----------------------- -------------- 6. Interest expense 285 335 384 Group interest payable 950 784 (7) (30) (32) Capitalized (77) (33) ----------------------- -------------- 278 305 352 873 751 13 21 24 Joint ventures 59 44 31 32 36 Associated undertakings 98 96 Unwinding of discount 33 45 48 on provisions 129 96 ----------------------- -------------- 355 403 460 1,159 987 ======================= ============== 7. Charge for taxation 165 287 269 UK 873 353 573 1,002 1,285 Overseas 2,857 914 ----------------------- ------------- 738 1,289 1,554 3,730 1,267 ======================= ============= Includes the following amounts for joint ventures and 25 26 50 associated undertakings 128 75 ----------------------- ------------- Notes 8. Analysis of changes in net debt Third Second Third Quarter Quarter Quarter Nine Months 1999 2000 2000 2000 1999 ======================= ============== $ million $ million Opening balance 15,850 14,357 19,187 Finance debt 14,544 13,755 467 462 3,313 Less: Cash 1,331 405 304 274 2,616 Current asset investments 220 470 ----------------------- -------------- 15,079 13,621 13,258 Opening net debt 12,993 12,880 ----------------------- -------------- Closing balance 15,671 19,187 19,688 Finance debt 19,688 15,671 536 3,313 1,607 Less: Cash 1,607 536 347 2,616 862 Current asset investments 862 347 ----------------------- -------------- 14,788 13,258 17,219 Closing net debt 17,219 14,788 ----------------------- -------------- (Increase) decrease 291 363 (3,961) in net debt (4,226) (1,908) ======================= ============== Movement in cash/ 81 1,867 (1,784) bank overdrafts (780) 156 Increase(decrease) in 55 1,919 (1,833) current asset investments 106 (106) Net cash (inflow) outflow from financing(excluding 279 2,449 468 share capital) 3,025 (1,822) (108) 28 (59) Other movements 25 (115) - (5,863) - ARCO net debt acquired (5,863) - Burmah Castrol - - (716) net debt acquired (716) - ----------------------- -------------- Movement in net debt before 307 400 (3,924) exchange effects (4,203) (1,887) (16) (37) (37) Exchange adjustments (23) (21) ----------------------- -------------- (Increase) decrease 291 363 (3,961) in net debt (4,226) (1,908) ======================= ============== Notes 9. Consolidated statement of cash flows presented on a US GAAP format Third Second Third Quarter Quarter Quarter Nine Months 1999 2000 2000 2000 1999 ========================= ============= $ million $ million Operating activities 1,897 3,121 3,478 Profit after taxation 9,752 3,392 Adjustments to reconcile profits after tax to net cash provided by operating activities Depreciation and 1,197 1,831 1,978 amounts provided 5,004 3,593 Exploration expenditure 135 74 51 written off 191 270 Share of (profit) loss of joint ventures and associates (103) 19 (187) less dividends received (295) (111) Loss (profit) on sale of 308 (153) (136) businesses and fixed assets (118) 102 Working capital movement (1,305) 743 (1,397) (see analysis below) (2,726) (2,823) 439 (563) 1,112 Other 438 866 ----------------------- ------------- Net cash provided by 2,568 5,072 4,899 operating activities 12,246 5,289 ----------------------- ------------ Investing activities (1,566) (2,799) (2,252) Capital expenditures (6,469) (4,432) Acquisitions, net of (4) - (5,095) cash acquired (5,964) (49) Investment in (2) (244) (456) associated undertakings (897) (141) Net investment in (226) (121) (95) joint ventures (218) (495) Proceeds from 615 6,982 2,630 disposal of assets 10,043 1,146 ----------------------- ------------- Net cash from (1,183) 3,818 (5,268) investing activities (3,505) (3,971) ----------------------- ------------- Notes 9. Consolidated statement of cash flows presented on a US GAAP format (continued) Third Second Third Quarter Quarter Quarter Nine Months 1999 2000 2000 2000 1999 ======================= ============= $ million $ million Financing activities Net proceeds from shares 52 (1,016) (452) issued (repurchased) (1,437) 218 Proceeds from 303 1,228 244 long-term financing 1,784 1,969 Repayments of (603) (487) (589) long-term financing (1,169) (1,954) Net (decrease) increase 21 (3,190) (123) in short-term debt (3,640) 1,807 Dividends paid (967) (1,133) (1,128) - BP shareholders (3,232) (3,164) (49) (6) (12) - Minority shareholders (20) (145) ----------------------- -------------- Net cash used in (1,243) (4,604) (2,060) financing activities (7,714) (1,269) ----------------------- -------------- Currency translation differences relating to (27) 42 (51) cash and cash equivalents (13) (42) ----------------------- -------------- Increase (decrease) in cash 115 4,328 (2,480) and cash equivalents 1,014 7 ----------------------- -------------- Cash and cash equivalents 686 621 4,949 at beginning of period 1,455 794 ----------------------- -------------- Cash and cash equivalents 801 4,949 2,469 at end of period 2,469 801 ----------------------- -------------- Analysis of working capital movement (586) (611) (398) (Increase) decrease in stocks(1,264) (1,190) (Increase) decrease (549) (2,261) (70) in debtors (3,511) (2,069) Increase (decrease) (170) 3,615 (929) in creditors 2,049 436 ----------------------- -------------- Total working (1,305) 743 (1,397) capital movement (2,726) (2,823) ======================= ============== Notes 10. Ordinary shares Shares in issue at 30 September 2000 = 22,596.9 million. Average number of shares in issue during January-September 2000 = 21,343.5 million (excluding shares held by the Employee Share Ownership Plans). Each BP ADS represents six BP Ordinary Shares. 11. Statutory accounts The financial information shown in this publication is unaudited and does not constitute statutory accounts. The 1999 statutory accounts have been delivered to the UK Registrar of Companies; the report of the auditors on those accounts was unqualified. Contacts London New York Frankfurt Press Roddy Kennedy Ian Fowler Office +44 (0)20 7496 4624 +1 212 451 8008 Investor David Peattie Terry LaMore Karl Weckel Relations +44 (0)20 7496 4717 +1 212 451 8034 +49 (0)69 71 37 9990 http://bp.com/investors

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