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FOR IMMEDIATE RELEASE London 2 November 2021 BP p.l.c. Group results Third quarter and nine months 2021 Reducing net debt , growing distributions , executing strategy 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 ( b ) Net issue ( repurchase ) of shares Net debt * ( c ) • Strong underlying results and cash flow underpinning continued net debt reduction Announced dividend per ordinary share ( cents per share ) Underlying RC profit ( loss ) per ordinary share * ( cents ) Underlying RC profit ( loss ) per ADS * ( dollars ) ( a ) , 11 Bernard Looney Chief executive officer net of tax ( b ) Further $ 1.25 billion buyback planned - delivering on commitment to distributions Third Second quarter 2021 ( 2,544 ) ( 390 ) ( 2,934 ) 6,256 3,322 5,976 ( 2,903 ) 313 ( 926 ) 31,971 5.46 16.48 0.99 Third quarter quarter 2021 2020 3,116 ( 736 ) 2,380 418 2,798 5,411 ( 2,514 ) 215 ( 500 ) 32,706 5.46 13.80 0.83 • Six - year target for major project delivery completed on schedule and around 15 % under budget ( 450 ) ( 194 ) ( 644 ) 730 86 5,204 ( 3,636 ) 597 40,379 5.25 0.42 0.03 Nine months 2021 5,239 ( 2,468 ) 8,750 17,496 ( 9,215 ) 5,367 bp 2,771 ( 18,929 ) 5,979 13,124 ( 1,426 ) 31,971 16.17 43.22 2.59 Nine months 2020 ( 21,663 ) 2,734 ( 5,805 ) 9,893 ( 10,564 ) 2,413 ( 776 ) 40,379 21.00 ( 28.72 ) ( 1.72 ) This has been another good quarter for bp - our businesses are generating strong underlying earnings and cash flow while maintaining their focus on safe and reliable operations . Rising commodity prices certainly helped , but I am most pleased that quarter by quarter , we're doing what we said we would - delivering significant cash to strengthen our finances , grow distributions to shareholders and invest in our strategic transformation . This is what we mean by performing while transforming . • Continued momentum across strategic focus areas ( a ) Prior to 2021 adjusting items were reported under two different headings - non - operating items and fair value accounting effects * . See page 30 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 nine months 2021 , $ 481 million in relation to the sale of an interest in bp's UK retail property portfolio in the third quarter and nine months 2020 and also $ 455 million in relation to TANAP pipeline refinancing in the nine months 2020. There are no other proceeds in the third quarter 2021 . See Note 9 for more information . ( c ) 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 35 . 1