4Q07 Part 2 of 2

BP PLC 05 February 2008 Group Income Statement -------------------- Fourth Third Fourth Quarter Quarter Quarter Year 2006 2007 2007 2007 2006 ========================= ================= $ million $ million 61,946 71,334 79,852 Sales and other operating revenues (Note 3) 284,365 265,906 Earnings from jointly controlled entities - after 284 900 992 interest and tax 3,135 3,553 125 204 157 Earnings from associates - after interest and tax 697 442 177 172 221 Interest and other revenues 754 701 ------------------------- ----------------- 62,532 72,610 81,222 Total revenues 288,951 270,602 300 228 270 Gain on sale of businesses and fixed assets 2,487 3,714 ------------------------- ----------------- 62,832 72,838 81,492 Total revenues and other income 291,438 274,316 44,506 51,810 56,313 Purchases 200,766 187,183 6,425 6,297 7,590 Production and manufacturing expenses 25,915 23,793 632 921 1,518 Production and similar taxes (Note 4) 4,013 3,621 2,441 2,505 3,020 Depreciation, depletion and amortization 10,579 9,128 Impairment and losses on sale of businesses and 60 129 872 fixed assets 1,679 549 408 244 201 Exploration expense 756 1,045 4,205 4,137 4,212 Distribution and administration expenses 15,371 14,447 (296) (14) 459 Fair value (gain) loss on embedded derivatives 7 (608) ------------------------- ----------------- Profit before interest and taxation from 4,451 6,809 7,307 continuing operations 32,352 35,158 205 262 333 Finance costs (Note 5) 1,110 718 (56) (89) (91) Other finance income (Note 6) (369) (202) ------------------------- ----------------- 4,302 6,636 7,065 Profit before taxation from continuing operations 31,611 34,642 Taxation (includes overseas taxation for the year 1,347 2,158 2,561 of $8,159 million, 2006 $9,174 million) 10,442 12,331 ------------------------- ----------------- 2,955 4,478 4,504 Profit from continuing operations 21,169 22,311 - - - Profit (loss) from Innovene operations (Note 2) - (25) ------------------------- ----------------- 2,955 4,478 4,504 Profit for the period 21,169 22,286 ========================= ================= Attributable to: 2,880 4,406 4,399 BP shareholders 20,845 22,000 75 72 105 Minority interest 324 286 ------------------------- ----------------- 2,955 4,478 4,504 21,169 22,286 ========================= ================= Earnings per share - cents Profit for the period attributable to BP shareholders 15.04 23.18 23.15 Basic 108.76 109.84 14.88 23.07 22.65 Diluted 107.84 109.00 Profit from continuing operations attributable to BP shareholders 15.04 23.18 23.15 Basic 108.76 109.97 14.88 23.07 22.65 Diluted 107.84 109.12 Group Balance Sheet ----------------- 31 December 31 December 2007 2006 =========================== $ million Non-current assets Property, plant and equipment 97,989 90,999 Goodwill 11,006 10,780 Intangible assets 6,652 5,246 Investments in jointly controlled entities 18,113 15,074 Investments in associates 4,579 5,975 Other investments 1,830 1,697 --------------------------- Fixed assets 140,169 129,771 Loans 999 817 Other receivables 968 862 Derivative financial instruments 3,741 3,025 Prepayments and accrued income 1,083 1,034 Defined benefit pension plan surplus 8,914 6,753 --------------------------- 155,874 142,262 --------------------------- Current assets Loans 165 141 Inventories 26,554 18,915 Trade and other receivables 38,020 38,692 Derivative financial instruments 6,321 10,373 Prepayments and accrued income 3,589 3,006 Current tax receivable 705 544 Cash and cash equivalents 3,562 2,590 --------------------------- 78,916 74,261 Assets classified as held for sale 1,286 1,078 --------------------------- 80,202 75,339 --------------------------- Total assets 236,076 217,601 =========================== Current liabilities Trade and other payables 43,152 42,236 Derivative financial instruments 6,405 9,424 Accruals and deferred income 6,640 6,147 Finance debt 15,394 12,924 Current tax payable 3,282 2,635 Provisions 2,195 1,932 --------------------------- 77,068 75,298 Liabilities directly associated with the assets classified as held for 163 54 sale --------------------------- 77,231 75,352 --------------------------- Non-current liabilities Other payables 1,251 1,430 Derivative financial instruments 5,002 4,203 Accruals and deferred income 959 961 Finance debt 15,651 11,086 Deferred tax liabilities 19,215 18,116 Provisions 12,900 11,712 Defined benefit pension plan and other post-retirement benefit plan deficits 9,215 9,276 --------------------------- 64,193 56,784 --------------------------- Total liabilities 141,424 132,136 --------------------------- Net assets 94,652 85,465 =========================== Equity BP shareholders' equity 93,690 84,624 Minority interest 962 841 --------------------------- 94,652 85,465 =========================== Group Statement of Recognized Income and Expense ------------------------------------------ Fourth Third Fourth Quarter Quarter Quarter Year 2006 2007 2007 2007 2006 ========================= ================= $ million $ million 1,032 788 304 Currency translation differences 1,887 2,025 Exchange gain on translation of foreign operations transferred to gain on sale of businesses and fixed - - - assets (147) - Actuarial gain relating to pensions and other 2,615 - 1,717 post-retirement benefits 1,717 2,615 264 78 225 Available-for-sale investments marked to market 200 561 Available-for-sale investments - recycled to the (269) (91) - income statement (91) (695) 141 139 (25) Cash flow hedges marked to market 155 413 (143) (5) 12 Cash flow hedges - recycled to the income statement (74) (93) (11) (2) (31) Cash flow hedges - recycled to the balance sheet (40) (6) (814) 90 (181) Taxation (63) (934) ------------------------- ----------------- 2,815 997 2,021 Net income recognized directly in equity 3,544 3,886 2,955 4,478 4,504 Profit for the period 21,169 22,286 ------------------------- ----------------- Total recognized income and expense relating to 5,770 5,475 6,525 the period 24,713 26,172 ========================= ================= Attributable to: 5,646 5,372 6,448 BP shareholders 24,365 25,837 124 103 77 Minority interest 348 335 ------------------------- ----------------- 5,770 5,475 6,525 24,713 26,172 ========================= ================= Movement in BP Shareholders' Equity ------------------------------ $ million Movement in BP shareholders' equity At 31 December 2006 84,624 Profit for the period 20,845 Distribution to shareholders (8,106) Currency translation differences (net of tax) 2,002 Exchange gain on translation of foreign operations transferred to gain on sale (net of tax) (147) Share-based payments (net of tax) 1,017 Repurchase of ordinary share capital (7,997) Available-for-sale investments (net of tax) 95 Cash flow hedges (net of tax) 67 Actuarial gain on pension and other post-retirement benefit plans (net of tax) 1,290 --------- At 31 December 2007 93,690 ========= Group Cash Flow Statement ---------------------- Fourth Third Fourth Quarter Quarter Quarter Year 2006 2007 2007 2007 2006 ========================= ================= $ million $ million Operating activities 4,302 6,636 7,065 Profit before taxation from continuing operations 31,611 34,642 Adjustments to reconcile profit before taxation to net cash provided by operating activities 265 146 86 Exploration expenditure written off 347 624 2,441 2,505 3,020 Depreciation, depletion and amortization 10,579 9,128 Impairment and (gain) loss on sale of businesses (240) (99) 602 and fixed assets (808) (3,165) (409) (1,104) (1,149) Earnings from jointly controlled entities and (3,832) (3,995) associates Dividends received from jointly controlled entities 809 1,060 371 and associates 2,473 4,495 (2,198) (2,788) (5,706) Working capital and other movements (15,661) (13,557) ------------------------- ----------------- 4,970 6,356 4,289 Net cash provided by operating activities(a) 24,709 28,172 ------------------------- ----------------- Investing activities (4,473) (4,336) (5,515) Capital expenditure (17,830) (15,125) (127) (27) - Acquisitions, net of cash acquired (1,225) (229) (11) (122) (285) Investment in jointly controlled entities (428) (37) (103) (37) (41) Investment in associates (187) (570) 918 211 392 Proceeds from disposal of fixed assets 1,749 5,963 Proceeds from disposal of businesses, net of cash (100) - 5 disposed 2,518 291 26 45 69 Proceeds from loan repayments 192 189 - - - Other 374 - ------------------------- ----------------- (3,870) (4,266) (5,375) Net cash used in investing activities (14,837) (9,518) ------------------------- ----------------- Financing activities (3,449) (1,441) (1,352) Net repurchase of shares (7,113) (15,151) 2,215 107 5,131 Proceeds from long-term financing 8,109 3,831 (1,874) (369) (1,596) Repayments of long-term financing (3,192) (3,655) 3,348 1,426 2,125 Net increase (decrease) in short-term debt 1,494 3,873 (1,927) (2,066) (2,056) Dividends paid - BP shareholders (8,106) (7,686) (72) (24) (68) - Minority interest (227) (283) ------------------------- ----------------- (1,759) (2,367) 2,184 Net cash used in financing activities (9,035) (19,071) ------------------------- ----------------- Currency translation differences relating to cash 50 44 54 and cash equivalents 135 47 ------------------------- ----------------- (609) (233) 1,152 Increase (decrease) in cash and cash equivalents 972 (370) 3,199 2,643 2,410 Cash and cash equivalents at beginning of period 2,590 2,960 ------------------------- ----------------- 2,590 2,410 3,562 Cash and cash equivalents at end of period 3,562 2,590 ========================= ================= (a)Net cash provided by operating activities is calculated from the starting point of profit before taxation which includes inventory holding gains and losses. Net cash provided by operating activities also reflects working capital movements including inventories, trade and other receivables and trade and other payables. The carrying value of these working capital items will change for various reasons, including movements in oil, gas and product prices. Group Cash Flow Statement ---------------------- Fourth Third Fourth Quarter Quarter Quarter Year 2006 2007 2007 2007 2006 ========================= ================= $ million $ million Working capital and other movements (80) (154) (147) Interest receivable (489) (473) 89 152 160 Interest received 500 500 205 262 333 Finance costs 1,110 718 (314) (300) (395) Interest paid (1,363) (1,242) (56) (89) (91) Other finance income (369) (202) 77 129 109 Share-based payments 420 416 Net operating charge for pensions and other post-retirement benefits, less contributions (128) (61) (225) and benefit payments for unfunded plans (404) (261) 446 362 (40) Net charge for provisions, less payments (92) 340 861 (803) (5,121) (Increase) decrease in inventories (7,255) 995 (Increase) decrease in other current and non-current 2,869 956 1,736 assets 5,210 3,596 Increase (decrease) in other current and non-current (2,476) (104) 676 liabilities (3,857) (4,211) (3,691) (3,138) (2,701) Income taxes paid (9,072) (13,733) ------------------------- ----------------- (2,198) (2,788) (5,706) (15,661) (13,557) ========================= ================= Capital Expenditure and Acquisitions ----------------------------- Fourth Third Fourth Quarter Quarter Quarter Year 2006 2007 2007 2007 2006 ========================= ================= $ million $ million By business Exploration and Production 309 276 301 UK 993 955 49 122 144 Rest of Europe 461 244 1,234 1,133 1,216 US 4,852 4,605 1,905 1,710 2,378 Rest of World(a) 7,600 7,314 ------------------------- ----------------- 3,497 3,241 4,039 13,906 13,118 ------------------------- ----------------- Refining and Marketing 217 137 224 UK 528 428 395 379 683 Rest of Europe(b) 2,538 710 540 466 758 US 1,873 1,339 334 155 294 Rest of World 647 667 ------------------------- ----------------- 1,486 1,137 1,959 5,586 3,144 ------------------------- ----------------- Gas, Power and Renewables 43 6 11 UK 36 67 18 8 21 Rest of Europe(b) 39 37 268 90 373 US 605 507 35 34 127 Rest of World 194 77 ------------------------- ----------------- 364 138 532 874 688 ------------------------- ----------------- Other businesses and corporate 66 22 37 UK 115 137 - - - Rest of Europe 2 - 21 34 45 US 157 141 3 - 1 Rest of World 1 3 ------------------------- ----------------- 90 56 83 275 281 ------------------------- ----------------- 5,437 4,572 6,613 20,641 17,231 ========================= ================= By geographical area 635 441 573 UK 1,672 1,587 462 509 848 Rest of Europe 3,040 991 2,063 1,723 2,392 US 7,487 6,592 2,277 1,899 2,800 Rest of World 8,442 8,061 ------------------------- ----------------- 5,437 4,572 6,613 20,641 17,231 ========================= ================= Included above: 205 2 - Acquisitions and asset exchanges(b) 1,447 321 ========================= ================= (a)Full year 2006 included $1 billion for the purchase of shares in Rosneft. (b)Full year 2007 included $1,132 million for the acquisition of Chevron's Netherlands manufacturing company. Exchange rates 1.91 2.02 2.05 US dollar/sterling average rate for the period 2.00 1.84 1.96 2.02 1.99 US dollar/sterling period-end rate 1.99 1.96 1.29 1.37 1.45 US dollar/euro average rate for the period 1.37 1.25 1.31 1.42 1.47 US dollar/euro period-end rate 1.47 1.31 ------------------------- ----------------- Analysis of Profit Before Interest and Tax --------------------------------- Fourth Third Fourth Quarter Quarter Quarter Year 2006 2007 2007 2007 2006 ========================= ================= $ million $ million By business Exploration and Production 1,534 703 816 UK 3,694 5,839 249 221 262 Rest of Europe 1,386 1,209 948 1,845 2,212 US 7,757 9,327 2,326 3,578 4,353 Rest of World 14,101 13,254 ------------------------- ----------------- 5,057 6,347 7,643 26,938 29,629 ------------------------- ----------------- Refining and Marketing 28 (10) 153 UK 1,107 85 261 623 786 Rest of Europe 2,919 2,119 (951) (136) (1,221) US 563 1,468 (44) 459 308 Rest of World 1,483 1,369 ------------------------- ----------------- (706) 936 26 6,072 5,041 ------------------------- ----------------- Gas, Power and Renewables 147 (85) (103) UK (178) 217 144 (37) (14) Rest of Europe (51) 134 116 (26) 61 US 183 682 61 77 360 Rest of World 720 288 ------------------------- ----------------- 468 (71) 304 674 1,321 ------------------------- ----------------- Other businesses and corporate 280 124 (63) UK (10) (268) (98) (78) 22 Rest of Europe (36) (133) (307) (369) (331) US (924) (367) (140) (139) (17) Rest of World (158) (117) ------------------------- ----------------- (265) (462) (389) (1,128) (885) ------------------------- ----------------- 4,554 6,750 7,584 32,556 35,106 (103) 59 (277) Consolidation adjustment (204) 52 ------------------------- ----------------- 4,451 6,809 7,307 Total for continuing operations 32,352 35,158 ------------------------- ----------------- Innovene operations (40) - - UK - (185) 25 - - Rest of Europe - (36) 15 - - US - 16 - - - Rest of World - 21 ------------------------- ----------------- - - - Total for Innovene operations - (184) ------------------------- ----------------- 4,451 6,809 7,307 Total for period 32,352 34,974 ========================= ================= By geographical area 1,988 731 804 UK 4,613 5,897 533 718 988 Rest of Europe 4,164 3,282 (289) 1,364 521 US 7,439 11,164 2,219 3,996 4,994 Rest of World 16,136 14,815 ------------------------- ----------------- 4,451 6,809 7,307 Total for continuing operations 32,352 35,158 ========================= ================= Analysis of Replacement Cost Profit Before Interest and Tax ------------------------------ Fourth Third Fourth Quarter Quarter Quarter Year 2006 2007 2007 2007 2006 ========================= ================= $ million $ million By business Exploration and Production 1,534 703 816 UK 3,694 5,839 249 221 262 Rest of Europe 1,386 1,209 952 1,843 2,213 US 7,746 9,344 2,328 3,576 4,357 Rest of World 14,101 13,255 ------------------------- ----------------- 5,063 6,343 7,648 26,927 29,647 ------------------------- ----------------- Refining and Marketing 190 22 122 UK 1,097 351 336 492 278 Rest of Europe 1,652 2,249 (421) (527) (1,811) US (1,252) 1,353 207 389 74 Rest of World 1,120 1,330 ------------------------- ----------------- 312 376 (1,337) 2,617 5,283 ------------------------- ----------------- Gas, Power and Renewables 147 (85) (103) UK (178) 217 143 (37) (14) Rest of Europe (52) 123 114 (23) 23 US 128 692 66 88 313 Rest of World 660 344 ------------------------- ----------------- 470 (57) 219 558 1,376 ------------------------- ----------------- Other businesses and corporate 280 124 (63) UK (10) (268) (97) (77) 23 Rest of Europe (35) (137) (319) (359) (316) US (901) (425) (140) (139) (17) Rest of World (158) (117) ------------------------- ----------------- (276) (451) (373) (1,104) (947) ------------------------- ----------------- 5,569 6,211 6,157 28,998 35,359 (103) 59 (277) Consolidation adjustment (204) 52 ------------------------- ----------------- 5,466 6,270 5,880 Total for continuing operations 28,794 35,411 ------------------------- ----------------- Innovene operations (40) - - UK - (185) 25 - - Rest of Europe - (36) 15 - - US - 16 - - - Rest of World - 21 ------------------------- ----------------- - - - Total for Innovene operations - (184) ------------------------- ----------------- 5,466 6,270 5,880 Total for period 28,794 35,227 ========================= ================= By geographical area 2,150 763 773 UK 4,603 6,163 609 590 480 Rest of Europe 2,897 3,398 230 983 (91) US 5,581 11,017 2,477 3,934 4,718 Rest of World 15,713 14,833 ------------------------- ----------------- 5,466 6,270 5,880 Total for continuing operations 28,794 35,411 ========================= ================= Analysis of Non-operating Items -------------------------- Fourth Third Fourth Quarter Quarter Quarter Year 2006 2007 2007 2007 2006 ========================= ================= $ million $ million By business Exploration and Production Impairment and gain (loss) on sale of businesses and 16 1 148 fixed assets 852 2,317 - (12) - Environmental and other provisions (12) (17) - - (166) Restructuring, integration and rationalization costs (166) - 240 33 (430) Fair value gain (loss) on embedded derivatives 47 515 (433) - (168) Other (168) (433) ------------------------- ----------------- (177) 22 (616) 553 2,382 ------------------------- ----------------- Refining and Marketing Impairment and gain (loss) on sale of businesses and 51 105 (728) fixed assets (35) 729 - (138) - Environmental and other provisions (138) (33) - - (118) Restructuring, integration and rationalization costs (118) - - - - Fair value gain (loss) on embedded derivatives - - (104) (311) (300) Other (661) (1,080) ------------------------- ----------------- (53) (344) (1,146) (952) (384) ------------------------- ----------------- Gas, Power and Renewables Impairment and gain (loss) on sale of businesses and 159 4 (21) fixed assets (28) 93 - - - Environmental and other provisions - - - - (22) Restructuring, integration and rationalization costs (22) - 56 (12) (19) Fair value gain (loss) on embedded derivatives (47) 88 - - - Other - - ------------------------- ----------------- 215 (8) (62) (97) 181 ------------------------- ----------------- Other businesses and corporate Impairment and gain (loss) on sale of businesses and 14 (11) (1) fixed assets 19 26 (2) (35) - Environmental and other provisions (35) 94 - - (32) Restructuring, integration and rationalization costs (32) - - (7) (10) Fair value gain (loss) on embedded derivatives (7) 5 (200) (152) (20) Other (172) (200) ------------------------- ----------------- (188) (205) (63) (227) (75) ------------------------- ----------------- (203) (535) (1,887) Total before taxation for continuing operations (723) 2,104 51 189 857 Taxation credit (charge)(a) 451 (851) ------------------------- ----------------- (152) (346) (1,030) Total after taxation for continuing operations (272) 1,253 ------------------------- ----------------- Innovene operations - - - Total before taxation for Innovene operations(b) - (184) - - - Taxation credit (charge) - (7) ------------------------- ----------------- - - - Total after taxation for Innovene operations - (191) ------------------------- ----------------- (152) (346) (1,030) Total after taxation for period (272) 1,062 ========================= ================= (a)Tax on non-operating items is calculated using the quarter's effective tax rate on replacement cost profit from continuing operations. (b)Includes the loss on remeasurement to fair value of $184 million in 2006. Realizations and Marker Prices ------------------------- Fourth Third Fourth Quarter Quarter Quarter Year 2006 2007 2007 2007 2006 ========================= ================= Average realizations(a) Liquids ($/bbl)(b) 56.18 72.99 88.05 UK 69.17 61.67 52.11 67.47 78.28 US 64.18 57.25 54.63 73.56 84.51 Rest of World 69.56 59.54 54.13 71.12 82.72 BP Average 67.45 59.23 ========================= ================= Natural gas ($/mcf) 5.61 4.89 7.83 UK 6.40 6.33 5.03 4.64 5.41 US 5.43 5.74 3.70 3.42 3.94 Rest of World 3.71 3.70 4.38 3.93 4.83 BP Average 4.53 4.72 ========================= ================= Average oil marker prices ($/bbl) 59.60 74.74 88.45 Brent 72.39 65.14 59.90 75.24 90.47 West Texas Intermediate 72.20 66.02 55.47 76.31 88.65 Alaska North Slope US West Coast 71.68 63.57 53.29 69.37 81.38 Mars 66.58 58.90 56.06 71.98 85.41 Urals (NWE- cif) 69.16 61.22 26.33 41.95 48.98 Russian domestic oil 39.81 34.39 ========================= ================= Average natural gas marker prices 6.56 6.16 6.97 Henry Hub gas price ($/mmbtu)(c) 6.86 7.24 29.92 30.58 46.70 UK Gas - National Balancing Point (p/therm) 29.95 42.19 ========================= ================= (a)Based on sales of consolidated subsidiaries only - this excludes equity- accounted entities. (b)Crude oil and natural gas liquids. (c)Henry Hub First of the Month Index. Notes ----- 1. Basis of preparation BP prepares its Annual Report and Accounts in accordance with International Financial Reporting Standards (IFRS) as issued by the International Accounting Standards Board (IASB) and IFRS as adopted for use by the European Union (EU). IFRS as adopted for use by the EU differs in certain respects from IFRS as issued by the IASB, however, the differences have no impact on the group's consolidated financial statements for the periods presented. The financial information presented herein has been prepared in accordance with the accounting policies that will be used in preparing the Annual Report and Accounts 2007 which do not differ significantly from those used for the Annual Report and Accounts 2006. 2. Sale of Olefins and Derivatives business The sale of Innovene, BP's olefins, derivatives and refining group, to INEOS, was completed on 16 December 2005. The year ended 31 December 2006 includes a loss on remeasurement to fair value of $184 million. Fourth Third Fourth Quarter Quarter Quarter Year 2006 2007 2007 2007 2006 ========================= ================= $ million $ million Loss recognized on the remeasurement to - - - fair value - (184) Taxation - - - Related to profit before tax - 166 - - - Related to remeasurement to fair value - (7) ------------------------- ----------------- - - - Profit (loss) from Innovene operations - (25) ========================= ================= Earnings (loss) per share from Innovene operations - cents - - - Basic - (0.13) - - - Diluted - (0.12) ========================= ================= 3. Sales and other operating revenues Fourth Third Fourth Quarter Quarter Quarter Year 2006 2007 2007 2007 2006 ========================= ================= $ million $ million By business 12,255 12,796 16,788 Exploration and Production 54,550 52,600 53,776 63,761 70,026 Refining and Marketing 250,866 232,855 5,224 4,490 5,863 Gas, Power and Renewables 21,369 23,708 339 238 221 Other businesses and corporate 843 1,009 ------------------------- ----------------- 71,594 81,285 92,898 327,628 310,172 9,648 9,951 13,046 Less: sales between businesses 43,263 44,266 ------------------------- ----------------- 61,946 71,334 79,852 Total third party sales 284,365 265,906 ========================= ================= By geographical area 23,676 25,017 33,015 UK 109,800 105,518 18,576 19,817 22,897 Rest of Europe 78,366 76,768 23,368 26,409 28,852 US 105,120 99,935 16,768 18,374 20,971 Rest of World 74,462 71,547 ------------------------- ----------------- 82,388 89,617 105,735 367,748 353,768 20,442 18,283 25,883 Less: sales between areas 83,383 87,862 ------------------------- ----------------- 61,946 71,334 79,852 284,365 265,906 ========================= ================= Notes ----- 4. Profit before interest and taxation is after charging: Fourth Third Fourth Quarter Quarter Quarter Year 2006 2007 2007 2007 2006 ========================= ================= $ million $ million Production and similar taxes (143) (34) 164 UK 197 260 775 955 1,354 Overseas 3,816 3,361 ------------------------- ----------------- 632 921 1,518 4,013 3,621 ========================= ================= 5. Finance costs Fourth Third Fourth Quarter Quarter Quarter Year 2006 2007 2007 2007 2006 ========================= ================= $ million $ million 290 348 393 Interest payable 1,433 1,196 (85) (86) (60) Capitalized (323) (478) ------------------------- ----------------- 205 262 333 1,110 718 ========================= ================= 6. Other finance income Fourth Third Fourth Quarter Quarter Quarter Year 2006 2007 2007 2007 2006 ========================= ================= $ million $ million Interest on pension and other post-retirement 496 555 564 benefit plan liabilities 2,203 1,940 Expected return on pension and other (619) (719) (730) post-retirement benefit plan assets (2,855) (2,410) ------------------------- ----------------- (123) (164) (166) Interest net of expected return on plan assets (652) (470) 67 75 75 Unwinding of discount on provisions 283 245 Unwinding of discount on deferred consideration - - - for acquisition of investment in TNK-BP - 23 ------------------------- ----------------- (56) (89) (91) (369) (202) ========================= ================= Notes ----- 7. Analysis of changes in net debt Fourth Third Fourth Quarter Quarter Quarter Year 2006 2007 2007 2007 2006 ========================= ================= $ million $ million Opening balance 19,973 23,754 25,245 Finance debt 24,010 19,162 3,199 2,643 2,410 Less: Cash and cash equivalents 2,590 2,960 ------------------------- ----------------- 16,774 21,111 22,835 Opening net debt 21,420 16,202 ------------------------- ----------------- Closing balance 24,010 25,245 31,045 Finance debt 31,045 24,010 2,590 2,410 3,562 Less: Cash and cash equivalents 3,562 2,590 ------------------------- ----------------- 21,420 22,835 27,483 Closing net debt 27,483 21,420 ------------------------- ----------------- (4,646) (1,724) (4,648) Decrease (increase) in net debt (6,063) (5,218) ========================= ================= Movement in cash and cash equivalents (659) (277) 1,098 (excluding exchange adjustments) 837 (417) Net cash outflow (inflow) from financing (3,689) (1,164) (5,660) (excluding share capital) (6,411) (4,049) (208) (261) (26) Fair value hedge adjustment (368) (581) (13) - - Debt acquired - (13) (57) (21) (89) Other movements (134) (33) ------------------------- ----------------- (4,626) (1,723) (4,677) Movement in net debt before exchange effects (6,076) (5,093) (20) (1) 29 Exchange adjustments 13 (125) ------------------------- ----------------- (4,646) (1,724) (4,648) Decrease (increase) in net debt (6,063) (5,218) ========================= ================= Notes ----- 8. TNK-BP Operational and Financial Information Fourth Third Fourth Quarter Quarter Quarter Year 2006 2007 2007 2007 2006 ========================= ================= Production (Net of royalties) (BP share) 837 830 829 Crude oil (mb/d) 832 876 602 364 437 Natural gas (mmcf/d) 451 544 941 892 904 Total hydrocarbons (mboe/d)(a) 910 970 ========================= ================= $ million $ million Income statement (BP share) 359 1,094 1,278 Profit before interest and tax(b) 3,743 4,616 (52) (67) (71) Interest expense ... (264) (192) (118) (289) (413) Taxation (993) (1,467) (6) (66) (42) Minority interest (215) (193) ------------------------- ----------------- 183 672 752 Net Income 2,271 2,764 ========================= ================= ... Excludes unwinding of discount on - - - consideration - 23 ========================= ================= Cash Flow 500 800 - Dividends received(c) 1,300 3,271 ========================= ================= Balance Sheet 31 December 31 December 2007 2006 =========================== Investments in jointly controlled entities 8,817 8,353 =========================== (a) Natural gas is converted to oil equivalent at 5.8 billion cubic feet = 1 million barrels. (b) Full year 2006 included a net gain of $892 million on the disposal of the Udmurtneft assets. (c) Full year 2006 included $771 million declared in fourth quarter 2005. 9. First quarter 2008 results BP's first quarter 2008 results will be announced on 29 April 2008. 10. Statutory accounts The financial information shown in this publication, which was approved by the Board of Directors on 4 February 2008, is unaudited and does not constitute statutory financial statements. The audited 2007 BP Annual Report and Accounts will be published on 4 March 2008 and delivered to the Registrar of Companies in due course. The 2006 BP Annual Report and Accounts have been filed with the Registrar of Companies; the report of the auditors on those accounts was unqualified and did not contain a statement under section 237(2) or section 237(3) of the Companies Act 1985. Contacts ------- London United States Press Office Roddy Kennedy Ronnie Chappell +44 (0)20 7496 4624 +1 281 366 5174 Investor Relations Fergus MacLeod Rachael MacLean +44 (0)20 7496 4717 +1 281 366 6766 http://www.bp.com/investors This information is provided by RNS The company news service from the London Stock Exchange

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