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FOR IMMEDIATE RELEASE London 3 August 2021 BP p.l.c. Group results Second quarter and half year 2021 ( a ) Strong results , growing dividend , executing buybacks Financial summary $ million Profit ( loss ) for the period attributable to bp shareholders Inventory holding ( gains ) losses * , net of tax Replacement cost ( RC ) profit ( loss ) * Net ( favourable ) adverse impact of adjusting items * Underlying RC profit ( loss ) * Operating cash flow * Capital expenditure * Divestment and other proceeds ( c ) Net issue ( repurchase ) of shares Net debt * , ● ( d ) Announced dividend per ordinary share ( cents per share ) Underlying RC profit ( loss ) per ordinary share * ( cents ) Underlying RC profit ( loss ) per ADS * ( dollars ) Strong results and continued net debt reduction in an improving environment ( b ) , net of tax 11 Bernard Looney Chief executive officer ( c ) • Growth of resilient dividend within disciplined financial frame ● Second quarter 2021 3,116 ( 736 ) ( 1,342 ) 2,380 418 3,325 ( 695 ) ( 500 ) First Second quarter 2020 2,630 ( 6,682 ) 2,798 5,411 ( 2,514 ) ( 3,798 ) ( 3,067 ) 6,109 3,737 215 4,839 1,135 32,706 5.46 13.80 0.83 quarter 2021 4,667 ( 16,848 ) ( 809 ) ( 17,657 ) 10,975 33,313 5.25 12.95 0.78 Executing $ 1.4 billion buybacks from first half 2021 surplus cash flow 40,920 5.25 ( 33.05 ) ( 1.98 ) First half 2021 5,705 7,783 ( 21,213 ) ( 2,078 ) 2,928 ( 277 ) 5,428 11,520 ( 6,312 ) 5,054 ( 500 ) bp 32,706 10.71 26.75 1.61 First half 2020 ( 18,285 ) 12,394 ( 5,891 ) 4,689 ( 6,928 ) 1,816 ( 776 ) 40,920 15.75 ( 29.17 ) ( 1.75 ) U We are a year into executing bp's strategy to become an integrated energy company and are making good progress - delivering another quarter of strong performance while investing for the future in a disciplined way . Based on the underlying performance of our business , an improving outlook for the environment and confidence in our balance sheet , we are increasing our resilient dividend by 4 % per ordinary share and in addition , we are commencing a buyback of $ 1.4 billion from first half surplus cash flow . On average at around $ 60 per barrel , we expect to be able to deliver buybacks of around $ 1.0 billion per quarter and to have capacity for an annual increase in the dividend per ordinary share of around 4 % , through 2025. This shows we continue to perform while transforming bp - generating value for our shareholders today while we transition the company for the future . • Further strategic progress with 4 major project start ups , growth in solar and convenience ( a ) This results announcement also represents bp's half - yearly financial report ( see page 16 ) . ( b ) Prior to 2021 adjusting items were reported under two different headings - non - operating items and fair value accounting effects * . See page 32 for more information . Divestment proceeds are disposal proceeds as per the condensed group cash flow statement . Other proceeds were $ 675 million from the sale of a 49 % interest in a controlled affiliate holding certain refined product and crude logistics assets onshore US in the first quarter and first half 2021 and $ 455 million in relation to TANAP pipeline refinancing in the second quarter and first half 2020. There are no other proceeds in the second quarter 2021 . ( d ) See Note 9 for more information . RC profit ( loss ) , underlying RC profit ( loss ) and net debt are non - GAAP measures . Inventory holding ( gains ) losses and adjusting items are non - GAAP adjustments . * For items marked with an asterisk throughout this document , definitions are provided in the Glossary on page 38 . 1