1Q06 Part 1 of 2

BP PLC
25 April 2006



BP p.l.c.
Group Results
First Quarter 2006

                                                        London 25 April 2006

                           FOR IMMEDIATE RELEASE
---------------------------------------------------------------------------
             STRONG PERFORMANCE DELIVERY AND CASH GENERATION
===========================================================================

                                                                         1Q
                                                                       2006
                                                    1Q     4Q     1Q  vs.1Q
$ million                                         2006   2005   2005   2005
                                                 ==========================
Profit for the period*                           5,623  3,685  6,602
Inventory holding (gains) losses                  (358)   747 (1,111)
                                                 --------------------------
Replacement cost profit                          5,265  4,432  5,491    (4%)
                                                 ==========================
-  per ordinary share (pence)                    14.66  12.15  13.55
-  per ordinary share (cents)                    25.66  21.34  25.61   0.2%
-  per ADS (dollars)                              1.54   1.28   1.54
                                                 ==========================

o    BP's first quarter replacement cost profit was $5,265 million, compared
     with $5,491 million a year ago, a decrease of 4%.  Excluding non-
     operating items, the result increased by 7% on a year ago; on a per
     share basis this represents an increase of 12%.

o    The first quarter result included a net non-operating charge of $17
     million compared with a net non-operating gain of $542 million in the
     first quarter of 2005.

o    The first quarter trading environment was generally stronger than a
     year ago with higher oil and gas realizations and similar overall
     marketing margins, but with slightly lower realized refining margins.

o    Net cash provided by operating activities for the quarter was $8.9
     billion compared with $9.4 billion a year ago.

o    The ratio of net debt to net debt plus equity was 16% compared with 18%
     a year ago.

o    The quarterly dividend, to be paid in June, is 9.375 cents per share
     ($0.5625 per ADS) compared with 8.50 cents per share a year ago, an
     increase of 10%. In sterling terms, the quarterly dividend is 5.251
     pence per share, compared with 4.450 pence per share a year ago, an
     increase of 18%. During the quarter, the company repurchased 349
     million of its own shares at a cost of $4 billion.


BP Group Chief Executive, Lord Browne, said:

     'BP's first quarter result reflected good overall operating performance and
a strong recovery in Refining and Marketing from the fourth quarter.  The Texas
City refinery is now running at 200 mb/d and further units will be brought
onstream across the balance of 2006.  Our actions to control costs are on track.
Results are being impacted by higher tax charges.  Strong cash generation
continues to support shareholder distributions through dividends and buybacks'.

* Profit attributable to BP shareholders.


                       Summary Quarterly Results

Exploration and Production's first quarter result benefited from higher
realizations in both liquids and gas versus a year ago, partially offset by the
impact of lower volumes as a consequence of residual hurricane impacts,
primarily at Mars in the Gulf of Mexico.

The Refining and Marketing result reflects slightly lower realized refining
margins and similar overall marketing margins as the first quarter of 2005.  The
major impact on the first quarter's result was the margin loss and
recommissioning costs associated with the shutdown of our Texas City refinery,
although this was partly offset by improved supply optimization and business
improvements elsewhere.

In Gas, Power and Renewables, the lower first quarter result relative to last
year reflects negative impacts from non-operating items and IFRS fair value
accounting charges, partially offset by a higher contribution from marketing and
trading.

Finance costs and Other finance expense was $143 million for the quarter.

The consolidation adjustment, which removes the margin on sales between segments
in respect of inventory at the period end, was a charge of $8 million in the
first quarter.

The effective tax rate on replacement cost profit was 35% versus 31.5% a year
earlier.

Capital expenditure was $3.3 billion for the quarter; there were no significant
acquisitions. Disposal proceeds were $0.7 billion.

Net debt at the end of the quarter was $15.7 billion. The ratio of net debt to
net debt plus equity was 16%.

During the first quarter, the company repurchased 349 million of its own shares,
at a cost of $4 billion. These shares are held in treasury.

The commentaries above and following are based on replacement cost profit.

The financial information for 2005 has been restated to reflect the following,
all with effect from 1 January 2006: (a) the transfer of three equity-accounted
entities from Other businesses and corporate to Refining and Marketing following
the sale of Innovene; (b) the transfer of certain mid-stream assets and
activities from Refining and Marketing and Exploration and Production to Gas,
Power and Renewables; and (c) the transfer of Hydrogen for Transport activities
from Gas, Power and Renewables to Refining and Marketing.  See Note 1 for
further details.


                          Non-Operating Items

                                                                    First
                                                                  Quarter
$ million                                                            2006
                                                                 --------
Exploration and Production                                           (386)
Refining and Marketing                                                564
Gas, Power and Renewables                                             (55)
Other businesses and corporate                                          9
                                                                 --------
                                                                      132
Taxation                                                              (46)
                                                                 --------
Continuing operations                                                  86
Innovene operations                                     (96)
Taxation                                                 (7)         (103)
                                                                 --------
Total for all operations                                              (17)
                                                                 ========


    Reconciliation of Replacement Cost Profit to Profit for the Period

                                                First      Fourth     First
                                              Quarter     Quarter   Quarter
$ million                                        2006        2005      2005
                                           ================================

Exploration and Production                      6,823       6,566     6,484
Refining and Marketing                          1,612        (165)    1,411
Gas, Power and Renewables                         301         129       412
Other businesses and corporate                   (217)       (409)     (171)
Consolidation adjustments
  Unrealized profit in inventory                   (8)        234      (153)
  Net Profit on transactions between
    continuing and Innovene operations (a)          -         128        96
                                           --------------------------------
RC profit before interest and tax               8,511       6,483     8,079
                                           --------------------------------
Finance costs and other finance expense          (143)       (215)     (202)
Taxation                                       (2,929)     (2,029)   (2,479)
Minority interest                                 (71)        (93)      (61)
                                           --------------------------------
RC profit for continuing operations
  attributable to BP shareholders (b)           5,368       4,146     5,337
                                           ================================
Inventory holding gains (losses) for
  continuing operations                           358        (903)      961
Profit for the period for continuing
  operations attributable to BP shareholders    5,726       3,243     6,298
Profit (loss) for the period from
  Innovene operations (c)                        (103)        442       304
                                           --------------------------------
Profit for the period attributable to
  BP shareholders                               5,623       3,685     6,602
                                           ================================
RC profit for continuing operations
  attributable to BP shareholders               5,368       4,146     5,337
RC profit (loss) for Innovene operations         (103)        286       154
                                           --------------------------------
Replacement cost profit                         5,265       4,432     5,491
                                           ================================

(a) In the circumstances of discontinued operations, Accounting Standards
    require that the profits earned by the discontinued operations, in this
    case the Innovene operations, on sales to the continuing operations be
    eliminated on consolidation from the discontinued operations, and
    attributed to the continuing operations and vice versa.  This adjustment
    has two offsetting elements: the net margin on crude refined by Innovene
    as substantially all crude for their refineries was supplied by BP and
    most of the refined products manufactured were taken by BP; and the
    margin on sales of feedstock from BP's US refineries to Innovene's
    manufacturing plants.  The profits attributable to individual segments
    were not affected by this adjustment.  Neither does this representation
    indicate the profits earned by continuing or Innovene operations, as if
    they were stand-alone entities, for past periods or likely to be earned
    in future periods.

(b) Replacement cost profit reflects the current cost of supplies. The
    replacement cost profit for the period is arrived at by excluding from
    profit inventory holding gains and losses. BP uses this measure to
    assist investors to assess BP's performance from period to period.
    Replacement cost profit is not a recognized GAAP measure. Operating cash
    flow is calculated from the starting point of profit before taxation
    which includes inventory holding gains and losses. Operating cash flow
    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 products prices.


(c) See further detail in Note 2.



                            Per Share Amounts

                                                First      Fourth     First
                                              Quarter     Quarter   Quarter
                                                 2006        2005      2005
                                           ================================
Results for the period ($m)
Profit*                                         5,623      3,685      6,602
Replacement cost profit                         5,265      4,432      5,491
                                           --------------------------------

Shares in issue at period end (thousand)   20,341,135 20,657,045 21,367,827
- ADS equivalent (thousand)                 3,390,189  3,442,841  3,561,305
Average number of shares
outstanding (thousand)                     20,521,872 20,792,896 21,441,285
- ADS equivalent (thousand)                 3,420,312  3,465,483  3,573,548
Per ordinary share (cents)
Profit for the period                           27.40      17.90      30.79
RC profit for the period                        25.66      21.34      25.61
Per ADS (cents)
Profit for the period                          164.40     107.40     184.74
RC profit for the period                       153.96     128.04     153.66
                                           ================================

* Profit attributable to BP shareholders.



                        Exploration and Production

                                                      First  Fourth   First
                                                    Quarter Quarter Quarter
$ million                                              2006    2005    2005
                                                      =====================
Profit before interest and tax(a)                     6,816   6,574   6,489
Inventory holding (gains) losses                          7      (8)     (5)
                                                      ---------------------
Replacement cost profit before interest and tax       6,823   6,566   6,484
                                                      =====================

Results include:

Impairment and gain (loss) on sale of
businesses and fixed assets                               9      62     940
Environmental and other provisions                        -       -       -
Restructuring, integration and rationalization costs      -       -       -
Fair value gain (loss) on embedded derivatives         (395)   (801)   (160)
Other                                                     -    (240)      -
                                                      ---------------------
Total non-operating items                              (386)   (979)    780
                                                      =====================
Exploration expense                                     189     208     160
Of which:
Exploration expenditure written off                     114      81      84
                                                      =====================

Production(Net of royalties)(b)

Crude oil (mb/d)                                      2,360   2,400   2,405
Natural gas liquids (mb/d)                              173     164     188
Total liquids (mb/d)(c)                               2,533   2,564   2,593
Natural gas (mmcf/d)                                  8,713   8,458   8,745
Total hydrocarbons (mboe/d)(d)                        4,035   4,022   4,101

                                                    =======================

Average realizations(e)

Crude oil ($/bbl)                                     58.25   53.92   43.37
Natural gas liquids ($/bbl)                           35.47   39.29   28.14
Total liquids ($/bbl)                                 55.88   52.44   41.74
Natural gas ($/mcf)                                    5.54    6.24    4.26
Total hydrocarbons ($/boe)                            44.20   44.56   33.60
                                                    =======================

Average oil marker prices ($/bbl)

Brent                                                 61.79   56.87   47.62
West Texas Intermediate                               63.29   60.01   49.88
Alaska North Slope US West Coast                      60.89   57.89   45.07
                                                      =====================

Average natural gas marker prices

Henry Hub gas price ($/mmbtu)(f)                       9.01   13.00    6.27

UK Gas - National Balancing Point (p/therm)           70.00   65.30   37.96
                                                    =======================

(a) Profit from continuing operations and includes profit after interest and
    tax of equity-accounted entities.
(b) Includes BP's share of production of equity-accounted entities.
(c) Crude oil and natural gas liquids.
(d) Natural gas is converted to oil equivalent at 5.8 billion cubic feet =
    1 million barrels.
(e) Based on sales of consolidated subsidiaries only - this excludes equity-
    accounted entities.
(f) Henry Hub First of the Month Index.


                        Exploration and Production

The replacement cost profit before interest and tax for the first quarter was
$6,823 million, representing an increase of 5% over the first quarter of 2005.
This result benefited from higher realizations in both liquids and gas,
partially offset by the impact of lower volumes as a consequence of residual
hurricane impacts, primarily at Mars in the Gulf of Mexico.

The result also included fair value losses of $395 million on embedded
derivatives relating to historical long-term North Sea gas contracts.  The
corresponding quarter in 2005 contained fair value losses of $160 million on
embedded derivatives and net gains of $940 million on the sales of assets and
charges for impairment.

Production for the quarter at 4,035 mboe/d was slightly higher than the fourth
quarter of 2005, reflecting the progressive return of production affected by
Hurricanes Katrina and Rita.  Compared to the first quarter of 2005, production
was at a similar level after taking account of the effect of severe weather
disruptions.

Projects in our New Profit Centres are progressing well. In Trinidad, the first
cargo of LNG from the Atlantic LNG Train 4 plant was loaded in January for
delivery in the UK, and the Cannonball gas development project started
production in mid March.  In Azerbaijan, good progress has been made on the
filling and commissioning of the BTC pipeline, with the first lifting at Ceyhan
in Turkey expected in the second quarter of 2006.  In the Gulf of Mexico,
progress continued on the Thunder Horse project with the completion of the
installation of all production and export risers on the platform.  Production is
expected to start in the second half of 2006.

During the quarter, we were the highest bidder on 73 blocks in the Central Gulf
of Mexico lease sale and we were awarded three new exploration blocks in
offshore Pakistan, subject to government approval.

We reached agreement for the sales of our 4.84% interest in the Statfjord oil
and gas field and of our interest in the Luva gas discovery, both in the North
Sea.  Completion of these sales is expected in the second quarter.  On 19 April
it was announced that we had reached agreement with Apache to sell our remaining
Gulf of Mexico Shelf assets, with reserves of 59 million barrels of oil
equivalent and average daily production of 27 mboe, for $1.3 billion.
Completion is expected in mid 2006 once regulatory approvals have been received.


                         Refining and Marketing

                                                      First  Fourth   First
                                                    Quarter Quarter Quarter
$ million                                              2006    2005    2005
                                                      =====================

Profit (loss) before interest and tax(a)              2,038  (1,073)  2,353
Inventory holding (gains) losses                       (426)    908    (942)
                                                      ---------------------

Replacement cost profit (loss) before interest
  and tax                                             1,612    (165)  1,411
                                                      =====================

Results include:

Impairment and gain (loss) on sale of
businesses and fixed assets                             564      50     (27)
Environmental and other provisions                        -       -       -
Restructuring, integration and rationalization costs      -       -       -
Fair value gain (loss) on embedded derivatives            -       -       -
Other                                                     -       -       -
                                                      ---------------------
Total non-operating items                               564      50     (27)
                                                      =====================

Refinery throughputs (mb/d)
UK                                                      111     144     164
Rest of Europe                                          639     664     647
USA                                                     976     942   1,400
Rest of World                                           296     288     299
                                                      ---------------------
Total throughput                                      2,022   2,038   2,510
                                                      =====================
Refining availability (%)(b)                           79.9    90.9    95.2
                                                      =====================

Oil sales volumes (mb/d)
Refined products

UK                                                      345     358     338
Rest of Europe                                        1,315   1,343   1,323
USA                                                   1,599   1,559   1,648
Rest of World                                           567     573     621
                                                    -----------------------
Total marketing sales                                 3,826   3,833   3,930
Trading/supply sales                                  2,213   1,448   2,196
                                                    -----------------------
Total refined product sales                           6,039   5,281   6,126
Crude oil                                             3,141   2,710   2,871
                                                    -----------------------
Total oil sales                                       9,180   7,991   8,997
                                                    =======================

Global Indicator Refining Margin ($/bbl)(c)

NWE                                                    2.88    5.51    2.84
USGC                                                  10.86   11.64    7.30
Midwest                                                4.89    7.91    3.84
USWC                                                  11.22    8.90   12.88
Singapore                                              3.54    4.42    4.98
BP Average                                             6.28    7.60    5.94
                                                      =====================


Chemicals production (kte)

UK                                                      303     281     317
Rest of Europe                                          842     811     806
USA                                                     789     676   1,218
Rest of World                                         1,687   1,638   1,108
                                                    -----------------------
Total production                                      3,621   3,406   3,449
                                                    =======================


(a)  Profit from continuing operations and includes profit after interest and
tax of equity-accounted entities.

(b)  Refining availability is defined as the ratio of units which are available
for processing, regardless of whether they are actually being used, to total
capacity.  Where there is planned maintenance, such capacity is not regarded as
being available.  During the first quarter of 2006, there was planned
maintenance of a substantial part of the Texas City refinery.

(c)  The Global Indicator Refining Margin (GIM) is the average of regional
indicator margins weighted for BP's crude refining capacity in each region. Each
regional indicator margin is based on a single representative crude with product
yields characteristic of the typical level of upgrading complexity. The regional
indicator margins may not be representative of the margins achieved by BP in any
period because of BP's particular refinery configurations and crude and product
slate.


                         Refining and Marketing

The replacement cost profit before interest and tax for the first quarter was
$1,612 million compared with $1,411 million for the same period last year. The
quarter's result includes a net non-operating gain of $564 million, primarily in
respect of net gains on divestments as described below. The non-operating charge
for the same period last year was $27 million.

Compared with the first quarter of 2005, realized refining margins were slightly
lower and overall marketing margins were similar.  The major impact on the first
quarter's result was the margin loss and recommissioning costs associated with
the shutdown of our Texas City refinery.  Compared with the first quarter of
2005, the reduction in the result in respect of the Texas City closure,
including the impact on associated businesses, was some $650 million.  Relative
to the first quarter of 2005, this reduction was partly offset by improved
supply optimization and business improvements elsewhere.  The quarter was also
adversely impacted by IFRS accounting effects.

The refining throughputs for the quarter were 2,022 mb/d compared with 2,510 mb/
d for the same quarter last year. The reduction in throughputs was mainly due to
the continued shutdown of our Texas City refinery. Recommissioning of the site
began at the end of March, with current throughput of 200 mb/d, and is expected
to continue in a phased manner for the remainder of the year, with the full
financial potential of the site not expected to be realized until 2007.
Excluding the Texas City refinery, refining availability for the first quarter
of 2006 was 96.0%.

Marketing sales of 3,826 mb/d compared with 3,930 mb/d for the corresponding
period in 2005 reflecting divestment activities.

During the first quarter of 2006, we completed the disposal of our shareholding
in Zhenhai Refining and Chemicals Company to Sinopec and completed the sale of
our Czech Republic retail network to Osterreichische Mineralol Verwaltung
Aktiengesellschaft (OMV).

Also during the quarter, BP sold its shareholding in Eiffage, the French based
construction company, and completed a restructuring of our Olympic Pipeline
ownership.

The rationalization programme for the European marketing businesses is being
implemented on schedule.


                        Gas, Power and Renewables

                                                      First  Fourth   First
                                                    Quarter Quarter Quarter
$ million                                              2006    2005    2005
                                                      =====================

Profit before interest and tax(a)                       238     126     426
Inventory holding (gains) losses                         63       3     (14)
                                                      ---------------------
Replacement cost profit before interest and tax         301     129     412
                                                      =====================

Results include:

Impairment and gain (loss) on sale of
businesses and fixed assets                               -     (26)     63
Environmental and other provisions                        -       -       -
Restructuring, integration and rationalization costs      -       -       -
Fair value gain (loss) on embedded derivatives          (55)   (546)     42
Other                                                     -     265       -
                                                      ---------------------
Total non-operating items                               (55)   (307)    105
                                                      =====================

(a) Profit from continuing operations and includes profit after interest
    and tax of equity-accounted entities.


The replacement cost profit before interest and tax for the first quarter was
$301 million compared with $412 million a year ago.  The non-operating item for
the first quarter comprises fair value losses on embedded derivatives of $55
million.  The corresponding quarter in 2005 contained fair value gains of $42
million on embedded derivatives and net gains of $63 million on the sales of
assets.

The first quarter's result is lower than the same period in 2005 primarily due
to negative impacts from non-operating items and IFRS fair value accounting
charges, partially offset by a higher contribution from marketing and trading.

In February, BP announced plans to build a 500 MW $1 billion hydrogen-fuelled
power plant alongside BP's Carson refinery near Los Angeles. The plant is
expected to generate enough low carbon power to serve 325,000 homes in South
California.


                        Other Businesses and Corporate

                                                      First  Fourth   First
                                                    Quarter Quarter Quarter
$ million                                              2006    2005    2005
                                                      =====================
Profit (loss) before interest and tax(a)               (215)   (409)   (171)
Inventory holding (gains) losses                         (2)      -       -
                                                      ---------------------
Replacement cost profit (loss) before interest
  and tax                                              (217)   (409)   (171)
                                                      =====================

Results include:

Impairment and gain (loss) on sale of
businesses and fixed assets                               1       -       -
Environmental and other provisions                        -      (4)      -
Restructuring, integration and rationalization costs      -     (57)    (43)
Fair value gain (loss) on embedded derivatives            8      (3)     (4)
Other                                                     -       -       -
                                                      ---------------------
Total non-operating items                                 9     (64)    (47)
                                                      =====================


(a) Profit from continuing operations and includes profit after interest and
    tax of equity-accounted entities.


Other businesses and corporate comprises Finance, the group's aluminium asset,
interest income and costs relating to corporate activities. The first quarter's
result includes a net gain of $9 million in respect of non-operating items.


                           Dividends Payable
                                                       June   March    June
                                                       2006    2006    2005
                                                      =====================
Dividends per ordinary share

cents                                                 9.375   9.375    8.50
pence                                                 5.251   5.288   4.450


Dividends per ADS (cents)                             56.25   56.25    51.0
                                                    -----------------------


BP today announced a dividend of 9.375 cents per ordinary share to be paid in
June. Holders of ordinary shares will receive 5.251 pence per share and holders
of American Depository Receipts (ADRs) $0.5625 per ADS share. The dividend is
payable on 5 June to shareholders on the register on 12 May. Participants in the
Dividend Reinvestment Plan (DRIP) or the DRIP facility in the US Direct Access
Plan will receive the dividend in the form of shares, also on 5 June.



                                 Outlook


BP Group Chief Executive, Lord Browne, concluded:

'World economic growth appears robust. The US appears to have rebounded in the
first quarter, Europe continues to show promise of an acceleration of growth,
and Asia and Latin America are growing at or around trend. The near-term global
outlook appears strong.

'Crude oil prices averaged $61.79 per barrel (Dated Brent) in the first quarter
of 2006, an increase of nearly $5 per barrel from the fourth quarter 2005 and
more than $14 per barrel above the same period last year. Prices rebounded in
face of a disruption of Nigerian supplies and heightened geopolitical concerns.
Ample inventories and increased OPEC production capacity have failed to stem the
increase. Oil prices are expected to remain strong.

'US natural gas prices averaged $9.01/mmbtu (Henry Hub first of month index) in
the first quarter, nearly $4/mmbtu below the fourth quarter of last year. Demand
weakness has more than offset supply lost following last year's hurricanes,
resulting in a substantial gain in inventories relative to seasonal norms. Mild
winter weather has contributed to demand softness. As a result, prices have
fallen below parity with residual fuel oil. US gas prices are expected to track
broadly with oil prices but are vulnerable to further relative declines if
demand remains weak.

'UK gas prices (National Balancing Point day-ahead) in the first quarter
averaged 70 pence per therm, up from 65.3 pence per therm in the fourth quarter
and 32 pence per therm above the same period last year. Cold weather and the
closure of the Rough storage facility in mid-March prompted a brief price spike
above 150 pence per therm amid concerns about physical supply availability.
Prompt prices have recently eased to around 40 pence per therm.

'Global average refining margins softened to $6.28/bbl in the first quarter
compared with $7.60/bbl in the fourth quarter of 2005. US refinery operations
are still recovering from last autumn's hurricanes and a heavy maintenance
programme has extended into the second quarter. So far in April, refining
margins have risen strongly in anticipation of the US driving season and the
impending switch from MTBE to ethanol-blended reformulated gasoline and are
likely to remain underpinned in the near term.

'During the first quarter, an initial improvement in retail margins reversed
resulting in an overall decline during the quarter. This was against a backdrop
of increasing product prices, particularly in February and March. A further rise
in wholesale gasoline and crude prices is evident in April and marketing margins
are expected to remain volatile.

'Recommissioning of the Texas City refinery commenced late in the first quarter
of 2006 with current throughput of 200 mb/d, and is expected to continue in a
phased manner for the remainder of the year.

'The UK Government's announced increase in the North Sea supplemental tax rate
will, when enacted, result in higher tax charges in subsequent quarters. This
increase will have two effects; first to create a one-time deferred tax charge
of around $600 million and second to increase the ongoing group effective tax
rate by 2%. The full year aggregate effective tax rate is expected to be around
39%.

'We expect production for 2006 to be consistent with our previously indicated
range of 4,100 to 4,200 mboe/d (at our planning assumption of $40/barrel), less
any 2006 disposal effects, and less any effects of prices above $40/barrel on
volumes in Production Sharing Contracts.

'Our strategy is unchanged. We continue to execute it with discipline and focus.
Capital expenditure excluding acquisitions is expected to be around $15
billion for the year with divestments in the region of $3 billion.


     ----------------------------------------------------------------------
    The foregoing discussion, in particular the statements under 'Outlook',
    contains forward looking statements particularly those regarding the
    bringing onstream of units at the Texas City refinery and the expected
    timing of the realization of the full financial potential of that site;
    the first lifting of oil from the BTC pipeline at Ceyhan, the timing of
    production from the Thunder Horse platform; the expected timing of the
    completion of sales in the Statfjord oil and gas field, our interest in
    the Luva gas discovery and our remaining Gulf of Mexico Shelf assets;
    the progress of implementation of the rationalization programme for the
    European marketing businesses; the expected effect of low carbon power
    produced from the planned hydrogen-fuelled power plant at Carson;
    world economic growth; oil prices, US gas prices, refining margins, the
    effect of the increase in the North Sea supplemental tax rate; the
    aggregate effective tax rate; production; and capital expenditure. By
    their nature, forward looking statements involve risks and uncertainties
    and actual results may differ from those expressed in such statements
    depending on a variety of factors including the following: the timing of
    bringing new fields on stream; industry product supply; demand and
    pricing; currency exchange rates; operational problems; general economic
    conditions including inflationary pressures; political stability;
    economic growth in relevant areas of the world; changes in governmental
    regulations; exchange rate fluctuations; development and use of new
    technology; the actions of competitors; natural disasters and other
    changes in business conditions; prolonged adverse weather conditions;
    wars and acts of terrorism or sabotage; and other factors discussed in
    this Announcement. For more information you should refer to our Annual
    Report and Accounts 2005 and our 2004 Annual Report on Form 20-F filed
    with the US Securities and Exchange Commission.
     ----------------------------------------------------------------------


                      This information is provided by RNS
            The company news service from the London Stock Exchange