Interim Results Part 2

BP PLC 30 July 2002 PART 2 BP p.l.c. and Subsidiaries Summarized Group Results Second First Second Quarter Quarter Quarter First Half 2001 2002 2002 2002 2001 ======================= ============== $ million $ million 3,427 1,928 2,458 Exploration and Production 4,386 8,093 161 111 114 Gas, Power and Renewables 225 261 1,464 68 603 Refining and Marketing 671 2,204 9 76 203 Chemicals 279 90 (116) (125) (128) Other businesses and corporate (253) (231) ----------------------- -------------- Total replacement cost 4,945 2,058 3,250 operating profit 5,308 10,417 Profit (loss) on sale of fixed assets and businesses or 171 (109) 376 termination of operations (Note 4) 267 389 ----------------------- -------------- Replacement cost profit before 5,116 1,949 3,626 interest and tax 5,575 10,806 40 473 525 Stock holding gains (losses)(Note 6) 998 (198) ----------------------- -------------- Historical cost profit before 5,156 2,422 4,151 interest and tax 6,573 10,608 441 333 314 Interest expense (Note 7) 647 887 ----------------------- -------------- 4,715 2,089 3,837 Profit before taxation 5,926 9,721 1,956 753 1,751 Taxation (Note 8) 2,504 4,124 ----------------------- -------------- 2,759 1,336 2,086 Profit after taxation 3,422 5,597 18 40 46 Minority shareholders' interest 86 26 ----------------------- -------------- 2,741 1,296 2,040 Profit for the period 3,336 5,571 ----------------------- -------------- 1,236 1,290 1,347 Distribution to shareholders 2,637 2,414 ======================= ============== Earnings per ordinary share - cents 12.21 5.78 9.10 Basic 14.88 24.80 12.14 5.75 9.05 Diluted 14.80 24.65 ======================= ============== Replacement Cost Results Historical cost profit 2,741 1,296 2,040 for the period 3,336 5,571 Stock holding (gains) losses (40) (442) (531) net of MSI (973) 198 ----------------------- -------------- Replacement cost profit 2,701 854 1,509 for the period 2,363 5,769 (53) 70 (216) Exceptional items, net of tax (146) (120) ----------------------- -------------- Replacement cost profit before 2,648 924 1,293 exceptional items 2,217 5,649 ----------------------- -------------- Earnings per ordinary share - cents On replacement cost profit before 11.80 4.12 5.77 exceptional items 9.89 25.15 ======================= ============= Summarized Group Balance Sheet 30 June 31 December 2002 2001 --------------------- $ million Fixed assets Intangible assets 16,163 16,489 Tangible assets 85,587 77,410 Investments 12,257 11,963 --------------------- 114,007 105,862 --------------------- Current assets Stocks 9,818 7,631 Debtors 32,344 26,669 Investments 285 450 Cash at bank and in hand 1,284 1,358 --------------------- 43,731 36,108 Creditors - amounts falling due within one year Finance debt 8,854 9,090 Other creditors 38,400 28,524 --------------------- Net current liabilities (3,523) (1,506) --------------------- Total assets less current liabilities 110,484 104,356 Creditors - amounts falling due after more than one year Finance debt 12,555 12,327 Other creditors 3,380 3,086 Provisions for liabilities and charges Deferred taxation 13,318 11,702 Other provisions 13,105 11,482 --------------------- Net assets 68,126 65,759 Minority shareholders' interest 558 598 --------------------- BP shareholders' interest 67,568 65,161 ===================== Movement in BP shareholders' interest: $ million At 31 December 2001 74,367 Prior year adjustment - change in accounting policy (see Note 1) (9,206) ------ As restated 65,161 Profit for the period 3,336 Distribution to shareholders (2,637) Currency translation differences 1,585 Employee share schemes 123 ------ At 30 June 2002 67,568 ====== Summarized Group Cash Flow Statement Second First Second Quarter Quarter Quarter First Half 2001 2002 2002 2002 2001 ======================= ============ $ million $ million Net cash inflow from 5,076 3,636 5,133 operating activities (a) 8,769 11,816 ----------------------- --------------- 54 83 16 Dividends from joint ventures 99 66 ----------------------- --------------- Dividends from 159 53 154 associated undertakings 207 269 ----------------------- --------------- Servicing of finance and returns on investments 59 48 57 Interest received 105 150 (384) (309) (342) Interest paid (651) (745) 30 2 58 Dividends received 60 38 Dividends paid to (5) (13) (3) minority shareholders (16) (5) ----------------------- --------------- Net cash outflow from servicing of (300) (272) (230) finance and returns on investments (502) (562) ----------------------- --------------- Taxation (169) (187) (167) UK corporation tax (354) (373) (2,213) (258) (760) Overseas tax (1,018) (2,148) ----------------------- --------------- (2,382) (445) (927) Tax paid (1,372) (2,521) ----------------------- --------------- Capital expenditure and financial investment (3,016) (2,799) (2,793) Payments for fixed assets (5,592) (5,593) Proceeds from the sale 232 317 939 of fixed assets 1,256 926 ----------------------- --------------- Net cash outflow for capital expenditure and (2,784) (2,482) (1,854) financial investment (4,336) (4,667) ----------------------- ------------- Acquisitions and disposals Investments in associated (148) (143) (488) undertakings (631) (268) (560) (1,550) (139) Acquisitions, net of cash acquired (1,689) (560) (72) (46) (68) Net investment in joint ventures (114) (133) Proceeds from the sale - 31 1,584 of businesses 1,615 - ----------------------- --------------- Net cash (outflow) inflow for (780) (1,708) 889 acquisitions and disposals (819) (961) ----------------------- --------------- (1,179) (1,288) (1,290) Equity dividends paid (2,578) (2,360) ----------------------- --------------- (2,136) (2,423) 1,891 Net cash (outflow) inflow (532) 1,080 ======================= =============== (1,669) (2,283) 2,017 Financing (b) (266) 1,197 (404) (165) 33 Management of liquid resources (132) (102) (63) 25 (159) Increase (decrease) in cash (134) (15) ----------------------- --------------- (2,136) (2,423) 1,891 (532) 1,080 ======================= =============== Analysis of Cash Flow Second First Second Quarter Quarter Quarter First Half 2001 2002 2002 2002 2001 ======================= ============== $ million $ million (a) Reconciliation of historical cost profit before interest and tax to net cash inflow from operating activities Historical cost profit before 5,156 2,422 4,151 interest and tax 6,573 10,608 2,130 2,153 2,227 Depreciation and amounts provided 4,380 4,297 Exploration expenditure 22 59 147 written off 206 130 Share of profits of joint ventures (282) (256) (288) and associated undertakings (544) (613) (127) (63) (118) Interest and other income (181) (230) (Profit) loss on sale of fixed (171) 109 (374) assets and businesses (265) (389) 541 169 325 Charge for provisions 494 706 (329) (238) (373) Utilization of provisions (611) (635) (371) (496) (807) (Increase) decrease in stocks (1,303) (13) (399) (410) (1,614) (Increase) decrease in debtors (2,024) (1,468) (1,094) 187 1,857 Increase (decrease) in creditors 2,044 (577) ----------------------- --------------- Net cash inflow from 5,076 3,636 5,133 operating activities 8,769 11,816 ======================= =============== (b) Financing (505) (1,746) (752) Long-term borrowing (2,498) (1,022) 1,034 234 663 Repayments of long-term borrowing 897 1,180 (2,589) (3,499) (753) Short-term borrowing (4,252) (2,750) Repayments of short-term 172 2,819 2,891 borrowing 5,710 3,127 ----------------------- --------------- (1,888) (2,192) 2,049 (143) 535 (64) (91) (32) Issue of ordinary share capital (123) (120) Repurchase of ordinary 283 - - share capital - 782 ----------------------- --------------- Net cash (inflow) (1,669) (2,283) 2,017 outflow from financing (266) 1,197 ======================= =============== Capital Expenditure and Acquisitions Second First Second Quarter Quarter Quarter First Half 2001 2002 2002 2002 2001 ======================= ============= $ million $ million By business Exploration and Production 289 261 247 UK 508 457 86 71 57 Rest of Europe 128 151 1,243 1,167 1,077 USA 2,244 2,170 805 814 1,192 Rest of World(a) 2,006 1,511 ----------------------- -------------- 2,423 2,313 2,573 4,886 4,289 ----------------------- -------------- Gas, Power and Renewables 6 16 5 UK 21 14 15 4 87 Rest of Europe(b) 91 26 40 16 32 USA(c) 48 57 7 10 8 Rest of World 18 7 ----------------------- -------------- 68 46 132 178 104 ----------------------- -------------- Refining and Marketing 67 76 100 UK 176 178 114 2,732 2,556 Rest of Europe(d) 5,288 161 227 303 260 USA 563 407 79 26 49 Rest of World 75 111 ----------------------- -------------- 487 3,137 2,965 6,102 857 ----------------------- -------------- Chemicals 63 8 17 UK 25 129 538 45 60 Rest of Europe(e) 105 554 96 42 55 USA 97 174 69 93 38 Rest of World 131 125 ----------------------- -------------- 766 188 170 358 982 ----------------------- -------------- 52 52 267 Other businesses and corporate(f) 319 101 ----------------------- -------------- 3,796 5,736 6,107 11,843 6,333 ======================= ============== By geographical area 448 409 400 UK 809 842 758 2,852 2,953 Rest of Europe 5,805 897 1,628 1,531 1,467 USA 2,998 2,838 962 944 1,287 Rest of World 2,231 1,756 ----------------------- -------------- 3,796 5,736 6,107 11,843 6,333 ======================= ============== Capital Expenditure and Acquisitions (continued) (a) 2Q and first half 2002 included the acquisition of an additional interest in Sidanco. (b) 2Q and first half 2002 included the acquisition of a 5% stake in Enagas. (c) 2Q and first half 2001 included investment in Green Mountain Energy Company. (d) 1Q 2002 and 2Q 2002 included the acquisition of 51% and 49% of Veba respectively. (e) 2Q and first half 2001 included the acquisition of Bayer's 50% interest in Erdolchemie. (f) 2Q and first half 2002 included the acquisition of the minority interest in Veba's upstream oil and gas assets. US dollar/Sterling exchange rates 1.42 1.43 1.46 Average rate for the period 1.44 1.44 1.41 1.42 1.52 Period-end rate 1.52 1.41 ======================= ============= Analysis of Replacement Cost Operating Profit Second First Second Quarter Quarter Quarter First Half 2001 2002 2002 2002 2001 ======================= ============= $ million $ million By business Exploration and Production 970 727 649 UK 1,376 2,124 190 152 172 Rest of Europe 324 416 1,200 322 771 USA 1,093 3,311 1,067 727 866 Rest of World 1,593 2,242 ----------------------- -------------- 3,427 1,928 2,458 4,386 8,093 ----------------------- -------------- Gas, Power and Renewables 37 2 1 UK 3 47 35 47 35 Rest of Europe 82 98 86 (25) 13 USA (12) 111 3 87 65 Rest of World 152 5 ----------------------- ------------- 161 111 114 225 261 ----------------------- ------------- Refining and Marketing (116) (124) (61) UK (185) (227) 177 139 249 Rest of Europe 388 313 1,262 (79) 279 USA 200 1,856 141 132 136 Rest of World 268 262 ----------------------- ------------- 1,464 68 603 671 2,204 ----------------------- ------------- Chemicals (33) (31) (10) UK (41) (83) 19 47 64 Rest of Europe 111 99 (1) 23 84 USA 107 12 24 37 65 Rest of World 102 62 ----------------------- ------------- 9 76 203 279 90 ----------------------- ------------- (116) (125) (128) Other businesses and corporate (253) (231) ----------------------- -------------- 4,945 2,058 3,250 5,308 10,417 ======================= ============== By geographical area 814 530 504 UK 1,034 1,741 429 386 526 Rest of Europe 912 914 2,485 158 1,103 USA 1,261 5,170 1,217 984 1,117 Rest of World 2,101 2,592 ----------------------- -------------- 4,945 2,058 3,250 5,308 10,417 ======================= ============== Included above 125 70 89 Share of profits of joint ventures 159 227 Share of profits of 157 188 196 associated undertakings 384 386 ----------------------- -------------- 282 258 285 543 613 ======================= ============== Notes 1. Restatement of comparative information Comparative information for 2001 has been restated to reflect the changes described below. (a) Transfer of solar, renewables and alternative fuels activities With effect from 1 January 2002, the solar, renewables and alternative fuels activities have been transferred from Other businesses and corporate to Gas and Power. To reflect this transfer Gas and Power has been renamed Gas, Power and Renewables from the same date. (b) New accounting standard for deferred tax With effect from 1 January 2002 BP has adopted Financial Reporting Standard No.19 'Deferred Tax' (FRS 19). This standard generally requires that deferred tax should be provided on a full liability basis rather than on a restricted liability basis as required by Statement of Standard Accounting Practice No.15 'Accounting for Deferred Tax'. The adoption of FRS 19 has been treated as a change in accounting policy. Under FRS 19 deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date where transactions or events have occurred at that date that will result in an obligation to pay more, or right to pay less tax in the future. In particular: o Provision is made for tax on gains arising from the disposal of fixed assets that have been rolled over into replacement assets, only to the extent that, at the balance sheet date, there is a binding agreement to dispose of the replacement assets concerned. However, no provision is made where, on the basis of all available evidence at the balance sheet date, it is more likely than not that the taxable gain will be rolled over into replacement assets and charged to tax only where the replacement assets are sold. o Provision is made for deferred tax that would arise on remittance of the retained earnings of overseas subsidiaries, joint ventures and associated undertakings only to the extent that, at the balance sheet date, dividends have been accrued as receivable. Deferred tax assets are recognised only to the extent that it is considered more likely than not that there will be suitable taxable profits from which the underlying timing differences can be deducted. Deferred tax is measured on an undiscounted basis at the tax rates that are expected to apply in the periods in which timing differences reverse, based on tax rates and laws enacted or substantively enacted at the balance sheet date. As a consequence of adopting FRS 19 acquisitions have been restated as if the new standard applied at that time. This leads to the creation of higher deferred tax liabilities and greater amounts of goodwill on those acquisitions. Notes Balance sheet at 31 December 2001 Restated Reported ================= $ million Fixed assets Intangible assets 16,489 15,593 Tangible assets 77,410 77,410 Investments 11,963 12,047 ----------------- 105,862 105,050 ----------------- Current assets 36,108 36,108 Creditors - amounts falling due within one year 37,614 37,614 ----------------- Net current liabilities (1,506) (1,506) ----------------- Total assets less current liabilities 104,356 103,544 Creditors - amounts falling due after more than one year 15,413 15,413 Provisions for liabilities and charges Deferred taxation 11,702 1,655 Other provisions 11,482 11,482 ----------------- Net assets 65,759 74,994 Minority shareholders' interest 598 627 ----------------- BP shareholders' interest 65,161 74,367 ================= Notes Income statements Restated Reported ---------------- ---------------- Second First Second First Quarter Half Quarter Half 2001 2001 2001 2001 =================================== $ million Exploration and Production 3,427 8,093 3,441 8,121 Gas, Power and Renewables 161 261 173 285 Refining and Marketing 1,464 2,204 1,477 2,230 Chemicals 9 90 9 90 Other businesses and corporate (116) (231) (128) (255) ----------------------------------- Total replacement cost operating profit 4,945 10,417 4,972 10,471 Profit (loss) on sale of fixed assets and businesses or termination of operations 171 389 171 389 ----------------------------------- Replacement cost profit before interest and tax 5,116 10,806 5,143 10,860 Stock holding gains (losses) 40 (198) 40 (198) ----------------------------------- Historical cost profit before interest and tax 5,156 10,608 5,183 10,662 Interest expense 441 887 441 887 ----------------------------------- Profit before taxation 4,715 9,721 4,742 9,775 Taxation 1,956 4,124 1,550 3,268 ----------------------------------- Profit (loss) after taxation 2,759 5,597 3,192 6,507 Minority shareholders' interest 18 26 21 32 ----------------------------------- Profit (loss) for the period 2,741 5,571 3,171 6,475 =================================== Distribution to shareholders 1,236 2,414 1,236 2,414 ----------------------------------- Earnings per ordinary share - cents Basic 12.21 24.80 14.12 28.82 Diluted 12.14 24.65 14.04 28.65 =================================== Notes 2. Turnover Second First Second Quarter Quarter Quarter First Half 2001 2002 2002 2002 2001 ======================= ============== $ million $ million By business 7,441 5,638 6,539 Exploration and Production 12,177 16,558 10,491 7,768 8,235 Gas, Power and Renewables 16,003 22,613 34,257 24,889 31,870 Refining and Marketing 56,759 62,780 3,073 2,642 3,584 Chemicals 6,226 5,762 Other businesses 138 135 136 and corporate 271 265 ----------------------- --------------- 55,400 41,072 50,364 91,436 107,978 Less: sales between 6,991 4,782 6,709 businesses 11,491 14,157 ----------------------- --------------- 48,409 36,290 43,655 Group excluding JVs 79,945 93,821 280 279 404 Sales of joint ventures 683 568 ----------------------- --------------- 48,689 36,569 44,059 80,628 94,389 ======================= =============== By geographical area Group excluding JVs 11,974 10,995 12,509 UK 23,504 23,914 10,043 9,119 12,219 Rest of Europe 21,338 19,018 24,791 15,265 19,663 USA 34,928 47,282 8,929 6,984 8,035 Rest of World 15,019 18,620 ----------------------- --------------- 55,737 42,363 52,426 94,789 108,834 Less: sales between 7,328 6,073 8,771 areas 14,844 15,013 ----------------------- --------------- 48,409 36,290 43,655 79,945 93,821 ======================= ============== Notes 3. Operating profits are after charging: Second First Second Quarter Quarter Quarter First Half 2001 2002 2002 2002 2001 ======================= ============= $ million $ million Exploration expense - 6 4 UK 10 4 3 23 13 Rest of Europe 36 5 40 42 133 USA 175 133 38 53 72 Rest of World 125 108 ----------------------- -------------- 81 124 222 346 250 ======================= ============== Production taxes (a) 135 63 90 UK petroleum revenue tax 153 373 298 184 225 Overseas production taxes 409 643 ----------------------- -------------- 433 247 315 562 1,016 ======================= ============== (a) Production taxes are charged against Exploration and Production's operating profit and are not included in the charge for taxation in Note 8. 4. Analysis of exceptional items 319 5 427 Exploration and Production 432 277 - - (1) Gas, Power and Renewables (1) (1) (59) (45) 31 Refining and Marketing (14) 206 (80) (60) (85) Chemicals (145) (86) (9) (9) 4 Other businesses and corporate (5) (7) ----------------------- ------------- Profit (loss) on sale of fixed assets and businesses or 171 (109) 376 termination of operations 267 389 (118) 39 (160) Taxation (charge) credit (121) (269) ----------------------- ------------- Exceptional items 53 (70) 216 after taxation 146 120 ======================= ============= 5. 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 6. Stock holding gains (losses) Second First Second Quarter Quarter Quarter First Half 2001 2002 2002 2002 2001 ======================= ============= $ million $ million (9) 3 (1) Exploration and Production 2 - (33) 4 4 Gas, Power and Renewables 8 (44) 99 495 444 Refining and Marketing 939 (144) (17) (29) 78 Chemicals 49 (10) ---------------------- -------------- 40 473 525 998 (198) - 31 (6) Minority shareholders' interest 25 - ---------------------- -------------- 40 442 531 973 (198) ====================== ============== 7. Interest expense 363 267 261 Group interest payable(a) 528 730 (21) (15) (25) Capitalized (40) (55) ----------------------- -------------- 342 252 236 488 675 13 14 15 Joint ventures 29 33 36 24 21 Associated undertakings 45 76 Unwinding of discount 50 43 42 on provisions 85 103 ----------------------- -------------- 441 333 314 647 887 ======================= ============== (a) Includes charges relating to the early redemption 50 - - of debt - 60 ----------------------- -------------- 8. Charge for taxation 1,640 533 1,040 Current 1,573 3,375 316 220 711 Deferred(a) 931 749 ----------------------- -------------- 1,956 753 1,751 2,504 4,124 ======================= ============== 250 189 646 UK(a) 835 522 1,706 564 1,105 Overseas 1,669 3,602 ----------------------- -------------- 1,956 753 1,751 2,504 4,124 ======================= ============== (a) Includes the charge relating to the supplementary - - 355 UK corporation tax of 10% 355 - ----------------------- -------------- Notes 9. Analysis of changes in net debt Second First Second Quarter Quarter Quarter First Half 2001 2002 2002 2002 2001 ======================= ============= $ million $ million Opening balance 18,788 21,417 24,531 Finance debt 21,417 21,190 1,188 1,358 1,379 Less: Cash 1,358 1,170 959 450 286 Current asset investments 450 661 ----------------------- --------------- 16,641 19,609 22,866 Opening net debt 19,609 19,359 ----------------------- --------------- Closing balance 20,498 24,531 21,409 Finance debt 21,409 20,498 1,103 1,379 1,284 Less: Cash 1,284 1,103 563 286 285 Current asset investments 285 563 ----------------------- --------------- 18,832 22,866 19,840 Closing net debt 19,840 18,832 ----------------------- --------------- (Increase) decrease (2,191) (3,257) 3,026 in net debt (231) 527 ======================= ============== Movement in cash/ (63) 25 (159) bank overdrafts (134) (15) (Decrease) increase in (404) (165) 33 current asset investments (132) (102) Net cash (inflow) outflow from financing(excluding (1,888) (2,192) 2,049 share capital) (143) 535 Partnership interests - - 1,135 exchanged for BP loan notes 1,135 - 51 25 19 Other movements 44 82 (47) (999) - Debt acquired (999) (47) ----------------------- -------------- Movement in net debt before (2,351) (3,306) 3,077 exchange effects (229) 453 160 49 (51) Exchange adjustments (2) 74 ----------------------- -------------- (Increase) decrease (2,191) (3,257) 3,026 in net debt (231) 527 ======================= ============== Notes 10. Consolidated statement of cash flows presented on a US GAAP format Second First Second Quarter Quarter Quarter First Half 2001 2002 2002 2002 2001 ======================= ============= $ million $ million Operating activities 2,759 1,336 2,086 Profit after taxation 3,422 5,597 Adjustments to reconcile profits after tax to net cash provided by operating activities Depreciation and 2,130 2,153 2,227 amounts provided 4,380 4,297 Exploration expenditure 22 59 147 written off 206 130 Share of (profit) loss of joint ventures and associates 38 (17) (23) less dividends received (40) (25) (Profit) loss on sale of (171) 109 (374) businesses and fixed assets (265) (389) Working capital movement (2,683) (669) (652) (see analysis below) (1,321) (1,329) 316 220 711 Deferred taxation 931 749 222 (108) 52 Other (56) 98 ----------------------- --------------- Net cash provided by 2,633 3,083 4,174 operating activities 7,257 9,128 ----------------------- --------------- Investing activities (3,037) (2,814) (2,818) Capital expenditures (5,632) (5,648) Acquisitions, net of (560) (1,550) (139) cash acquired (1,689) (560) Investment in (148) (143) (488) associated undertakings (631) (268) Net investment in (72) (46) (68) joint ventures (114) (133) Proceeds from 232 348 2,523 disposal of assets 2,871 926 ----------------------- -------------- Net cash used in (3,585) (4,205) (990) investing activities (5,195) (5,683) ----------------------- -------------- Notes 10. Consolidated statement of cash flows presented on a US GAAP format (continued) Second First Second Quarter Quarter Quarter First Half 2001 2002 2002 2002 2001 ======================= ============= $ million $ million Financing activities Net proceeds from shares (219) 91 32 issued (repurchased) 123 (662) Proceeds from 505 1,746 752 long-term financing 2,498 1,022 Repayments of (1,034) (234) (663) long-term financing (897) (1,180) Net (decrease) increase 2,417 680 (2,138) in short-term debt (1,458) (377) Dividends paid (1,179) (1,288) (1,290) - BP shareholders (2,578) (2,360) (5) (13) (3) - Minority shareholders (16) (5) ----------------------- ------------- Net cash (used in) received 485 982 (3,310) from financing activities (2,328) (3,562) ----------------------- -------------- Currency translation differences relating to (14) (3) 30 cash and cash equivalents 27 (48) ----------------------- -------------- (Decrease) increase in (481) (143) (96) cash and cash equivalents (239) (165) ----------------------- -------------- Cash and cash equivalents 2,147 1,808 1,665 at beginning of period 1,808 1,831 ----------------------- -------------- Cash and cash equivalents 1,666 1,665 1,569 at end of period 1,569 1,666 ----------------------- -------------- Analysis of working capital movement (Increase) decrease (371) (496) (807) in stocks (1,303) (13) (Increase) decrease (502) (443)(1,691) in debtors (2,134) (1,546) Increase (decrease) (1,810) 270 1,846 in creditors 2,116 230 ----------------------- -------------- Total working (2,683) (669) (652) capital movement (1,321) (1,329) ======================= ============== Notes 11. Ordinary shares Shares in issue at 30 June 2002 = 22,463.2 million. Average number of shares outstanding during January-June 2002 = 22,414.9 million (this excludes shares held by the Employee Share Ownership Plans). Each BP ADS represents six BP Ordinary Shares. 12. Statutory accounts The financial information shown in this publication is unaudited and does not constitute statutory accounts. The 2001 group 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 Fergus McLeod Terry LaMore Karl Weckel Relations +44 (0)20 7496 4717 +1 212 451 8034 +49 (0)69 71 37 9990 http://www.bp.com/investors This information is provided by RNS The company news service from the London Stock Exchange MORE TO FOLLOW IR WUUWGMUPPUBU

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