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1 2Q 2025 financial results 3Q 2026 financial results 1 3Q 2026 financial results
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2 2Q 2025 financial results 3Q 2026 financial results 2 Craig Marshall SVP investor relations 3Q 2025 financial results Craig Marshall SVP investor relations
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3 2Q 2025 financial results 3Q 2026 financial results 3 In order to utilize the ‘safe harbor’ provisions of the United States Private Securities Litigation Reform Act of 1995 (the ‘PSLRA’) and the general doctrine of cautionary statements, bp is providing the following cautionary statement : The discussion in this presentation contains certain forecasts, projections and forward - looking statements - that is, statements related to future, not past events and circumstances - with respect to the financial condition, results of operations and businesses of bp and certain of the plans and objectives of bp with respect to these items . These statements may generally, but not always, be identified by the use of words such as ‘will’, ‘expects’, ‘is expected to’, ‘aims’, ‘should’, ‘may’, ‘objective’, ‘is likely to’, ‘intends’, ‘believes’, ‘anticipates’, ‘plans’, ‘we see’, ‘focus on’ or similar expressions . In particular, the following, among other statements, are all forward - looking in nature : plans, expectations and assumptions regarding oil and gas demand, supply, prices, volumes, production, refinery turnaround activity and margins ; plans and expectations regarding bp’s portfolio, including sale of assets ; plans and expectations regarding the amount, effects, timing, and nature of certain acquisitions, divestments and related payments and proceeds, including expectations regarding the Castrol business, the Austrian mobility and convenience business, Archaea Energy, the North Sea business, Lightsource bp, Paleogene, Bumerangue and bp’s interest in the Bay Du Nord project ; plans and expectations regarding bp’s current and future projects, including the Calypso project ; plans and expectations regarding bp’s partnerships for Kirkuk, Tupinamba and Conifer, and agreement for offshore development in Venezuela ; plans and expectations regarding bp’s primary targets, including structural cost reduction, net debt, ROACE and adjusted free cash flow ; plans and expectations regarding upstream production, including the impact of conditions in the Middle East, bp’s divestment of Culzean gas field and bp’s reduced equity interest in Latin America ; plans and expectations regarding bp’s customers business, including volumes, fuels margins and midstream performance ; plans and expectations regarding bp’s products business, including refining throughput, turnaround activity, maintenance activity and refining margins ; plans and expectations regarding bp’s financial frame, strategy, balance sheet, financial performance, financial obligations, cash flows, timing of payments, cost performance, cost reduction, hybrid capital, capital expenditure and capital allocation, net debt, income taxes payable (including impact of higher profits on instalment payments), results of operations, future dividends, share buybacks and the use of excess cash ; plans and expectations regarding hybrids and finance debt ; expectations regarding price assumptions ; plans and expectations regarding bp’s working capital build and its unwinding, and working capital release ; plans and expectations regarding Gulf of America settlement payments, including bp’s agreement to accelerate remaining payments to the State of Louisiana and intention to fulfil other remaining settlement agreement liabilities ; plans and expectations regarding bp’s company structure, including the reorganization into Upstream and Downstream ; plans and expectations regarding bp’s 4 Q 26 and full year 2026 guidance, including upstream production, customers, products, other business and corporate, DD&A, underlying effective tax rate, capital expenditures, divestments and other proceeds ; and plans and expectations regarding bp’s focus on operations (including restarting production in the Rotterdam refinery), safety, balance sheet, portfolio simplification, cost base, earnings quality, cash flow and returns, and shareholder value . By their nature, forward - looking statements involve risk and uncertainty because they relate to events and depend on circumstances that will or may occur in the future and are outside the control of bp . Recent global developments have caused significant uncertainty and volatility in macroeconomic conditions and commodity markets . Each item of outlook and guidance set out in this presentation is based on bp’s current expectations but actual outcomes and results may be impacted by these evolving macroeconomic and market conditions . Actual results or outcomes may differ materially from those expressed in such statements, depending on a variety of factors, including : the extent and duration of the impact of current market conditions including the volatility of oil prices, the effects of bp’s plan to exit its shareholding in Rosneft and other investments in Russia, overall global economic and business conditions impacting bp’s business and demand for bp’s products as well as the specific factors identified in the discussions accompanying such forward - looking statements ; changes in consumer preferences and societal expectations ; the pace of development and adoption of alternative energy solutions ; developments in policy, law, regulation, technology and markets, including societal and investor sentiment related to the issue of climate change ; the receipt of relevant third party and/or regulatory approvals including ongoing approvals required for the continued developments of approved projects ; the timing and level of maintenance and/or turnaround activity ; the timing and volume of refinery additions and outages ; the timing of bringing new fields onstream ; the timing, quantum and nature of certain acquisitions and divestments ; future levels of industry product supply, demand and pricing, including supply growth in North America and continued base oil and additive supply shortages ; OPEC+ quota restrictions ; PSA and TSC effects ; operational and safety problems ; potential lapses in product quality ; economic and financial market conditions generally or in various countries and regions ; political stability and economic growth in relevant areas of the world ; changes in laws and governmental regulations and policies, including related to climate change ; changes in social attitudes and customer preferences ; regulatory or legal actions including the types of enforcement action pursued and the nature of remedies sought or imposed ; the actions of prosecutors, regulatory authorities and courts ; delays in the processes for resolving claims ; amounts ultimately payable and timing of payments relating to the Gulf of America oil spill ; the conditions and developments in the Middle East ; exchange rate fluctuations ; development and use of new technology ; recruitment and retention of a skilled workforce ; the success or otherwise of partnering ; the actions of competitors, trading partners, contractors, subcontractors, creditors, rating agencies and others ; bp’s access to future credit resources ; business disruption and crisis management ; the impact on bp’s reputation of ethical misconduct and non - compliance with regulatory obligations ; trading losses ; major uninsured losses ; the possibility that international sanctions or other steps taken by governmental authorities or any other relevant persons may impact bp’s ability to sell its interests in Rosneft, or the price for which bp could sell such interests ; the actions of contractors ; natural disasters and adverse weather conditions ; changes in public expectations and other changes to business conditions ; wars and acts of terrorism ; cyber - attacks or sabotage ; and those factors discussed under “Risk factors” in bp’s Annual Report and Form 20 - F for fiscal year 2025 as filed with the US Securities and Exchange Commission . Reconciliations to IFRS - This presentation also contains financial information which is not presented in accordance with International Financial Reporting Standards (IFRS) . A quantitative reconciliation of this information to the most directly comparable financial measure calculated and presented in accordance with IFRS can be found on our website at www . bp . com . Tables and projections in this presentation are bp projections unless otherwise stated . October 2026 * For items marked with an asterisk throughout this document, definitions are provided in the glossary Cautionary statement
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4 2Q 2025 financial results 3Q 2026 financial results 4 Craig Marshall SVP investor relations 3Q 2025 financial results Meg O’Neill Chief executive officer
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5 2Q 2025 financial results 3Q 2026 financial results 5 3 Q 2026 highlights Underlying replacement cost profit * $8.5 bn Upstream production 2,220 mboed 2 Q 2026 2,201mboed 2 Q 2026 $5.7bn Financial obligations and instruments * $4 4.3 bn 2 Q 2026 $ 53 .6bn Refinery throughput s 1 ,396 mbd 2 Q 2026 1,467mbd Upstream plant reliability 95.3% Operating cash flow $14.8 bn 2 Q 2026 $10.9bn 2 Q 2026 92.4% Refining availability 96.5% 2 Q 2026 94.7% Dividend per ordinary share 2 Q 2026 8.66 cents Reflecting Gelsenkirchen sale at end - July 8.66 cents
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6 2Q 2025 financial results 3Q 2026 financial results 6 Priorities to deliver a step change in performance Strengthening balance sheet Hardwiring high - performance and accountability Driving operational excellence Investing with greater discipline Simplifying the portfolio Act with urgency, welcome challenge, reduce complexity and hold ourselves accountable for results Run assets safely, improve reliability and cost efficiency to maximise cash flow and returns Get fit to grow - focus on best opportunities and compete in our weight class Take an unemotional view of portfolio – actively manage businesses for strategic fit and value creation potential Improve financial resilience and flexibility to invest through the cycle 1. 2. 3. 4. 5. Simpler, stronger and more valuable
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7 2Q 2025 financial results 3Q 2026 financial results 7 90% 92% 94% 96% 98% 2024 2025 2026 3Q 2026 Strengthening the balance sheet Financial obligations and instruments * ($bn) Financial leverage ratio * (%) Strong cash generation from a supportive environment and execution Our financial obligations and instruments remain too high Net debt * + lease liabilities + hybrids + GoA settlement liability Total equity + net debt + lease liabilities + GoA settlement liability 60.5 53.6 44.3 0 10 20 30 40 50 60 70 1Q 2026 2Q 2026 3Q 2026 bp Competitor range 0% 20% 40% 60% 2021 2022 2023 2024 2025 2026 3Q 2026
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8 2Q 2025 financial results 3Q 2026 financial results 8 We require a strong balance sheet to deliver: Strong balance sheet underpins through - cycle capital allocation Upside shared with shareholders Disciplined, through - cycle investment A committed dividend
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9 2Q 2025 financial results 3Q 2026 financial results 9 Priorities to deliver a step change in performance Strengthening balance sheet Hardwiring high - performance and accountability Driving operational excellence Investing with greater discipline Simplifying the portfolio Act with urgency, welcome challenge, reduce complexity and hold ourselves accountable for results Run assets safely, improve reliability and cost efficiency to maximise cash flow and returns Get fit to grow - focus on best opportunities and compete in our weight class Take an unemotional view of portfolio – actively manage businesses for strategic fit and value creation potential Improve financial resilience and flexibility to invest through the cycle 1. 2. 3. 4. 5. Simpler, stronger and more valuable
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10 2Q 2025 financial results 3Q 2026 financial results 10 Underpinned by a simplified organisational structure Simplifying the portfolio; investing with greater discipline Jul 2026 Aug 2026 Sep 2026 Looking ahead Tupinambá 50% farm - down agreed; bp operator Conifer 30% farm - down agreed; bp operator Castrol 65% sale completion imminent Lightsource bp divestment process underway Paleogene and Bumerangue farm - downs Venezuela Loran Phase 2 license awarded; bp to operate Archaea sale process launched Calypso 70% interest acquisition agreed; bp to operate Bay du Nord sale of non - operated interest agreed Austria M&C sale agreed Kirkuk agreed terms to bring in partners – bp retains 43% UK North Sea sale process launched Gelsenkirchen refinery sale completed
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11 2Q 2025 financial results 3Q 2026 financial results 11 Priorities to deliver a step change in performance Strengthening balance sheet Hardwiring high - performance and accountability Investing with greater discipline Simplifying the portfolio Act with urgency, welcome challenge, reduce complexity and hold ourselves accountable for results Get fit to grow - focus on best opportunities and compete in our weight class Take an unemotional view of portfolio – actively manage businesses for strategic fit and value creation potential Improve financial resilience and flexibility to invest through the cycle 1. 2. 3. 5. Simpler, stronger and more valuable Driving operational excellence Run assets safely, improve reliability and cost efficiency to maximise cash flow and returns 4.
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12 2Q 2025 financial results 3Q 2026 financial results 12 ( 1 ) Energy cost represents the cost of energy and other variable inputs required to operate our refineries, primarily natural gas, electricity and steam . ( 2 ) Reflects Gelsenkirchen sale at end - July . Driving operational excellence – refining Refining availability (%) Sustained delivery against >96% availability target Safe, reliable operations enabling strong margin capture Refining opex , excluding energy 1 and TAR costs ($/ bbl ) Structural cost efficiencies and increased reliability driving improvement Refining utilisation (%) 85% 90% 95% 100% 2024 2025 2026 3Q 2026 Target: >96% 4.0 4.5 5.0 5.5 6.0 6.5 2024 2025 2026 3Q 2026 Portfolio including GSK (rolling four quarters) 3Q 2026 actual 2 3Q 2026 3Q 2026 85% 90% 95% 100% 2024 2025 9M 2026
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13 2Q 2025 financial results 3Q 2026 financial results 13 85% 90% 95% 100% 2024 2025 2026 3Q 2026 Driving operational excellence – upstream Upstream plant reliability (%, bp operated) Plant reliability by region (%, bp operated) Improved reliability strengthens delivery and returns Our goal is consistent and strong performance from every asset in our portfolio Range from 1Q 2024 to 3Q 2026 50% 60% 70% 80% 90% 100% Region 1 Region 2 Region 3 Region 4 Region 5 Region 6 Region 7 Region 8 Target: 96% Target: 96% 3Q 2026
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14 2Q 2025 financial results 3Q 2026 financial results 14 70% 80% 90% 100% 2023 2024 2025 2026 3Q… Driving operational excellence – bpx spotlight Production uptime Actual production as a % of expected volumes Production costs ($/ boe ) Better execution Lower cost barrels 6 7 8 9 10 11 2023 2024 2025 2026 3Q 2026 3Q 2026
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15 2Q 2025 financial results 3Q 2026 financial results 15 Priorities to deliver a step change in performance Strengthening balance sheet Hardwiring high - performance and accountability Investing with greater discipline Simplifying the portfolio Act with urgency, welcome challenge, reduce complexity and hold ourselves accountable for results Get fit to grow - focus on best opportunities and compete in our weight class Take an unemotional view of portfolio – actively manage businesses for strategic fit and value creation potential Improve financial resilience and flexibility to invest through the cycle 1. 2. 3. 5. Simpler, stronger and more valuable Driving operational excellence Run assets safely, improve reliability and cost efficiency to maximise cash flow and returns 4.
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16 2Q 2025 financial results 3Q 2026 financial results 16 Priorities to deliver a step change in performance Strengthening balance sheet Driving operational excellence Investing with greater discipline Simplifying the portfolio Run assets safely, improve reliability and cost efficiency to maximise cash flow and returns Get fit to grow - focus on best opportunities and compete in our weight class Take an unemotional view of portfolio – actively manage businesses for strategic fit and value creation potential Improve financial resilience and flexibility to invest through the cycle 1. 2. 3. 4. Simpler, stronger and more valuable Hardwiring high - performance and accountability Act with urgency, welcome challenge, reduce complexity and hold ourselves accountable for results 5.
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17 2Q 2025 financial results 3Q 2026 financial results 17 Craig Marshall SVP investor relations 3Q 2025 financial results Kate Thomson Chief financial officer
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18 2Q 2025 financial results 3Q 2026 financial results 18 3 Q 2026 underlying results $bn 3Q 2026 2Q 2026 3Q 2025 Brent dated ($/bbl) 97.0 103.9 69.1 Henry Hub ($/mmbtu) 3.0 2.9 3.1 NBP (p/ therm ) 155.8 112.4 79.8 RIM ($/bbl) 46.7 29.6 15.8 Underlying RCPBIT * 13.4 10.3 5.3 Gas & low carbon energy 3.2 2.1 1.5 Oil production & operations 3.5 3.6 2.3 Customers & products 6.9 5.0 1.7 OB&C (0.2) (0.3) (0.2) Finance cost (1.0) (1.1) (1.1) Tax (3.5) (3.1) (1.6) NCI (0.4) (0.4) (0.3) Underlying RCP * 8.5 5.7 2.2 Underlying RC profit per ordinary share * (cents) 54.37 36.92 14.24 Announced dividend per ordinary share (cents per share) 8.660 8.660 8.320
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19 2Q 2025 financial results 3Q 2026 financial results 19 3 Q 2026 IFRS to underlying results reconciliation ($bn) 3 Q 2026 IFRS profit 2 Q 2026 IFRS profit Adjusting items & inventory holding losses (post - tax) 2 Q 2026 underlying RC profit * 3 Q 2026 underlying RC profit Gas & low carbon energy Oil production & operations Customers & products Other businesses & corporate Finance costs, tax & non - controlling interests Adjusting items & inventory holding gain s (post - tax) Segment underlying operating profit movement 3.9 1.8 5.7 1.1 (0.0) 2.0 0.1 (0.4) 8.5 (3.8) 4.7
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20 2Q 2025 financial results 3Q 2026 financial results 20 3 Q 2026 cash flow and balance sheet $bn 3Q 2026 2Q 2026 3Q 2025 Key cash flow items Operating cash flow 14.8 10.9 7.8 Adjusted working capital release/(build) * 0.5 (1.0) 0.9 Capital expenditure (3.0) (3.1) (3.4) Divestment and other proceeds (0.0) 0.6 0.0 Key balance sheet items Net debt * 13.9 22.3 26.1 Hybrid bonds and securities 12.1 13.0 15.9 Lease liabilities – net of partner receivable 13.3 13.3 13.5 Gulf of America settlement liability – net of deferred tax assets 5.1 5.0 6.1 Financial obligations and instruments * 44.3 53.6 61.6
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21 2Q 2025 financial results 3Q 2026 financial results 21 Adjusted working capital * ($bn) 4.1 (0.7) (0.4) 1.1 (0.0) (0.4) 0.8 0.3 1.7 1Q 2026 2Q 2026 3Q 2026 1Q 2026 2Q 2026 3Q 2026 1Q 2026 2Q 2026 3Q 2026 9M 2026 Quarterly adjusted working capital Build Release Seasonal effects and pricing 3.1 Rounding differences may occur. Timing of payments 0.7 Permanent build 2.8 Total 6.5
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22 2Q 2025 financial results 3Q 2026 financial results 22 Cumulative adjusted working capital 3.1 0.7 2.8 6.5 Seasonal effects and pricing Timing of payments Other 9M 2026 9M 2026 adjusted working capital * ($bn) 9M 2026 Seasonal effects and pricing Timing of payments Permanent build Rounding differences may occur.
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23 2Q 2025 financial results 3Q 2026 financial results 23 15.0 3.0 1.3 2.6 (0.5) 0.1 Sources of cash Uses of cash 22.3 13.9 2Q 2026 3Q 2026 3Q 2026 cash generation and net debt reduction Underlying cash generation * Payments related to financial obligations and instruments Capital expenditure Dividends paid 15.0 6.6 Net debt reduction 8.4 Net debt * ($bn) 3Q 2026 sources and uses of cash ($bn) Rounding differences may occur. Adjusted working capital * Other
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24 2Q 2025 financial results 3Q 2026 financial results 24 25.3 22.3 13.9 13.5 10.5 10.6 2.5 2.5 1.5 13.3 13.3 13.3 5.9 5.0 5.0 60.5 53.6 44.3 1Q 2026 2Q 2026 3Q 2026 4Q 2026E Continued balance sheet strengthening Financial obligations and instruments * ($bn) 4Q 2026 assumptions – Prices and margins: • Brent $110/bbl • HH $3/ mmbtu • RIM $40/bbl – Divestment proceeds ~$7bn – ~$0.5bn working capital release, subject to environment – Capex $4 - 4.5bn Gulf of America settlement net liability Lease liabilities Perpetual hybrid bonds Net debt* Perpetual hybrid securities 33 - 35
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25 2Q 2025 financial results 3Q 2026 financial results 25 4Q 2026 outlook and guidance 3Q 2026 reported 4Q 2026 guidance 1 Reported upstream production 2,220mboed – 2,090 - 2,230mboed, includes the impact of continued disruption in the Middle East, activity phasing in bpx, seasonally lower gas demand and around 20mboed for weather event in the Gulf of America, partly offset by the recovery from outages – The heightened volatility in the oil and gas prices could also impact PSA contracts Products Refinery throughputs 1,396mbd – 1,160 - 1,210mbd reflecting the absence of Gelsenkirchen for the full quarter, higher maintenance activity Refining margins $46.7/bbl (RIM) – Elevated and sensitive to the cost of supply and market conditions Customers $1.2bn (underlying RCPBIT) – Significantly lower result with seasonally lower volumes, a lower midstream result and lower Castrol earnings, subject to the anticipated completion of the divestment – Fuels margins and midstream performance to remain sensitive to market conditions Income taxes paid $2.3bn – Around $0.8bn higher mainly due to the impact of higher profits on instalment payments (1) Refer to the 3Q 2026 stock exchange announcement and bp.com for full text.
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26 2Q 2025 financial results 3Q 2026 financial results 26 FY 2026 outlook and guidance FY 2025 reported FY 2026 guidance 1 Reported upstream production 2,312mboed – 2,210 - 2,250mboed, including impact of disruption in the Middle East, the divestment of the Culzean gas field and bp’s reduced equity interest in Latin America Products Refinery throughputs 1,440mbd — 1,390 - 1,400mbd reflecting the completion of the Gelsenkirchen divestment and a significantly lower level of planned turnaround activity Refining margins $12.8/bbl (RIM) — Sensitive to the cost of supply and market conditions Customers $3.8bn (underlying RCPBIT) — Cash flow growth supported by SCR * , partly offset by earnings impact of completed and announced divestments — Lower depreciation due to Castrol AHFS accounting treatment — Fuel margins remain sensitive to conditions and developments in Middle East and any resulting policy responses OB&C $0.6bn (underlying RCPBIT) — ~$1.0bn, charges vary quarter to quarter DD&A $17.8bn — $17.0 - 17.5bn Underlying ETR * 42% — Between 31 and 34%, reflecting 9M 2026 underlying ETR of 31%; remain sensitive to a range of factors Capex $14.5bn — $13.5 - 14.0bn Divestment and other proceeds $5.3bn — ~$8bn, including ~$6bn from announced Castrol divestment Gulf of America settlement payments $1.2bn pre - tax — $1.6bn pre - tax, including $0.4bn in 1Q 2026 and $1.1bn in 2Q 2026 — The timing of the payment of the recently announced $350m settlement with the US state of Louisiana is still to be determined (1) Refer to the 3Q 2026 stock exchange announcement and bp.com for full text.
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27 2Q 2025 financial results 3Q 2026 financial results 27 Craig Marshall SVP investor relations 3Q 2025 financial results Meg O’Neill Chief executive officer
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28 2Q 2025 financial results 3Q 2026 financial results 28 ~ 18% Adjusted free cash flow * growth >20% CAGR from 2024 - 27 Cumulative to 3Q 2026 from end - 2023 $4bn Structural cost reduction * $4 −5bn Net debt * $14 −18bn by end 2027 ~ $18bn ~75% yoy 9M 2026 1 $13.9bn 3Q 2026 Group ROACE * >16% in 2027 Trailing four quarters 2 $6.5 - 7.5bn including Castrol and Gelsenkirchen transactions ✓ Progress on our primary targets (1) See appendix 9. (2) For price assumptions, see appendix 10.
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29 2Q 2025 financial results 3Q 2026 financial results 29 • Click to edit Master text styles • Second level • Third level • Fourth level • Fifth level 3Q 2025 financial results Appendix
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30 2Q 2025 financial results 3Q 2026 financial results | appendix 30 Appendix — table of contents Upstream 2 ) Upstream major project start - ups 2025 to 2027 Quarterly financials 3 ) 3Q 2026 cash flow and net debt movement 4 ) Gas and low carbon energy 5 ) Oil production and operations 6 ) Customers and products Year to date financials 7 ) Financial summary – 9M 2026 underlying results 8 ) Financial summary – 9M 2026 cash flow and balance sheet Primary targets 9 ) Adjusted free cash flow reconciliation 10 ) Price assumptions Safety 1 ) Safety performance
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31 2Q 2025 financial results 3Q 2026 financial results | appendix 31 0 20 40 60 80 100 2019 2020 2021 2022 2023 2024 2025 9M 2025 9M 2026 Goal to eliminate fatalities, life - changing injuries and the most serious process safety events 1) Safety performance Process safety events Tier 1 Tier 2
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32 2Q 2025 financial results 3Q 2026 financial results | appendix 32 10 major project start - ups with ~250mboed peak net production 1 2) Upstream major project start - ups 2025 to 2027 Aker bp Azule PAEG Projects that have started - up (1) Cumulative peak annual average production, bp net. Excludes JV projects within equity accounted entities. Murlach GTA Ph1 Raven infills Cypre Coconut Post FID Mento Ginger Post FID And 7 project start - ups in equity accounted entities Yggdrasil Gas Oil Valhall PWP - Fenris 2 x subsea tiebacks − Skarv − Utsira High Agogo West Angola NGC Southern Energy LNG Argos SWX Atlantis DC1X Atlantis MFX
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33 2Q 2025 financial results 3Q 2026 financial results | appendix 33 13.4 14.8 8.4 4.4 (2.3) 0.5 (0.7) 0.4 (1.0) (0.0) (3.0) (1.3) (1.2) (0.8) (0.1) Underlying RCPBIT* DD&A & EWO Tax paid Adjusted working capital change* Interest paid Interest received Other Operating cash flow Divestment and other proceeds Capex Shareholders distribution Perpetual hybrid bonds redemption and payments Lease liability payments Other Decrease in net debt* 3 ) 3Q 2026 cash flow and net debt movement 3Q 2026 underlying RCPBIT to operating cash flow to change in net debt ($bn)
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34 2Q 2025 financial results 3Q 2026 financial results | appendix 34 3Q 2026 2Q 2026 3Q 2025 Production volume Liquids (mbd) 80 88 87 Natural gas ( mmcfd ) 4,085 3,928 4,167 Total hydrocarbons (mboed) 784 765 806 Average realisations Liquids ($/bbl) 85.05 94.09 64.57 Natural gas ($/mcf) 8.65 8.03 6.41 Total hydrocarbons ($/boe) 53.92 52.82 40.30 Selected financial metrics ($bn) Exploration write - offs 0.0 0.0 0.0 Capital expenditure - gas 0.8 0.7 0.7 Capital expenditure - LCE 0.1 0.1 0.1 Underlying RCPBIT * ($bn) 4) Gas and low carbon energy 3Q 2026 vs 2Q 2026 – Higher realisations which include the impact of changes in non - Henry Hub natural gas marker prices – Gas marketing and trading result was significantly higher
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35 2Q 2025 financial results 3Q 2026 financial results | appendix 35 (1) Because of rounding, upstream production may not agree exactly with the sum of GLCE and OPO. 5 ) Oil production and operations 3Q 2026 vs 2Q 2026 – Lower liquid realisations partly offset by lower exploration write - offs 3Q 2026 2Q 2026 3Q 2025 Production volume Liquids (mbd) 1,008 997 1,121 Natural gas ( mmcfd ) 2,482 2,543 2,525 Total hydrocarbons (mboed) 1,436 1,436 1,556 Average realisations Liquids ($/bbl) 76.42 84.10 59.58 Natural gas ($/mcf) 2.83 2.16 3.32 Total hydrocarbons ($/boe) 57.59 62.18 47.89 Selected financial metrics ($bn) Exploration write - offs (0.0) 0.5 0.2 Capital expenditure 1.6 1.7 1.7 Combined upstream Oil and gas production 1 (mboed) 2,220 2,201 2,362 bp average realisation ($/boe) 56.16 58.62 45.00 Unit production costs ($/boe) 6.54 6.62 6.19 bp - operated plant reliability (%) 95.3 92.4 96.8 Underlying RCPBIT * ($bn)
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36 2Q 2025 financial results 3Q 2026 financial results | appendix 36 6 ) Customers and products 3Q 2026 vs 2Q 2026 Customers – Weaker fuels margins and a lower result in Castrol and midstream – Partly offset by higher volumes due to seasonal effects and lower underlying operating expenditure * Products – Significantly higher realised refining margins, stronger commercial optimisation, lower turnaround and maintenance activity and the absence of the prior - quarter third party event at Whiting – Partially offset by lower earnings following the Gelsenkirchen divestment – Oil trading result was slightly higher 3Q 2026 2Q 2026 3Q 2025 Customers – convenience & mobility Capital expenditure ($bn) 0.3 0.3 0.4 Marketing sales of refined products (mbd) 3,158 3,163 3,332 Products – refining & trading Capital expenditure ($bn) 0.2 0.2 0.4 Refining environment RIM * ($/bbl) 46.7 29.6 15.8 Refinery throughputs (mbd) 1,396 1,467 1,516 Refining availability (%) 96.5 94.7 96.6 Underlying RCPBIT * ($bn)
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37 2Q 2025 financial results 3Q 2026 financial results | appendix 37 7) Financial summary – 9M 2026 underlying results $bn 9M 2026 9M 2025 Brent dated ($/bbl) 93.9 70.9 Henry Hub ($/mmbtu) 3.6 3.4 NBP (p/therm) 123.5 93.4 RIM ($/bbl) 31.2 12.0 Underlying RCPBIT * 30.0 15.0 Gas & low carbon energy 6.6 4.0 Oil production & operations 9.1 7.5 Customers & products 15.1 3.9 OB&C (0.8) (0.3) Consolidation adjustment – UPII 0.0 0.0 Finance costs (3.1) (3.3) Tax (8.3) (4.8) NCI (1.2) (0.9) Underlying RCP * 17.4 5.9
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38 2Q 2025 financial results 3Q 2026 financial results | appendix 38 8) Financial summary – 9M 2026 cash flow and balance sheet $bn 9M 2026 9M 2025 Key cash flow items Operating cash flow 28.5 16.9 Adjusted working capital build * (6.5) (3.8) Capital expenditure (9.4) (10.4) Divestment and other proceeds 0.8 1.7 Key balance sheet items Net debt * 13.9 26.1 Hybrid bonds and securities 12.1 15.9 Lease liabilities – net of partner receivable 13.3 13.5 Gulf of America settlement liability – net of deferred tax assets 5.1 6.1 Financial obligations and instruments * 44.3 61.6
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39 2Q 2025 financial results 3Q 2026 financial results | appendix 39 9M 2025 9M 2026 9M 2025 at $71.5 9M 2026 at $72.9 9) Adjusted free cash flow reconciliation Brent ($/bbl) Henry Hub ($/mmbtu) RIM ($/bbl) Reported 9M 2026 9M 2025 Operating cash flow 28.5 16.9 Exclude: adjusted working capital build * (6.5) (3.8) Adjusted operating cash flow * 35.1 20.7 Less: capex (9.4) (10.4) Adjusted free cash flow 25.7 10.3 70.9 93.9 3.4 3.6 12.0 31.2 (1) 9M 2026 RIM is calculated using seven months including GSK and two months excluding GSK. For price assumptions, see appendix 10. 71.5 72.9 4.1 4.2 10.5 10.8 10.3 ~10 25.7 ~18 Reported Price adjusted 1 Adjusted free cash flow * reconciliation ($bn) Adjusted free cash flow ($bn) Rounding differences may occur.
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40 2Q 2025 financial results 3Q 2026 financial results | appendix 40 10) Price assumptions Actual Price assumptions Rule - of - thumb 202 6 impact on underlying replacement cost profit before tax 2 Marker prices 2024 2025 2024 1 2025 2026 2027 Brent ($/bbl) 80.8 69.1 70.0 71.5 72.9 74.4 — Oil price Brent +/ - $1/bbl is ~$340m Henry Hub ($/mmbtu) 2.3 3.4 4.0 4.1 4.2 4.3 — Natural gas price Henry Hub +/ - $0.10/mmbtu is $40m RIM * ($/bbl) 11.2 n/a 10.8 11.0 11.2 11.5 — RIM (excluding GSK) +/ - $1/ bbl is $450m RIM - retired ($/bbl) 10.7 12.8 10.3 10.5 10.7 10.9 — RIM (including GSK) +/ - $1/ bbl is $550m These prices are not intended to reflect management’s forecasts for future prices. (1) Reference year 2024, assumes inflation of ~2% per annum. (2) Trading conditions update | Investors | Home for explanation.
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41 2Q 2025 financial results 3Q 2026 financial results | appendix 41 Glossary – abbreviations AHFS Assets held for sale . Barrel (bbl) 159 litres, 42 US gallons . boe Barrels of oil equivalent . C&P Customers and products . DD&A Depreciation, depletion and amortisation . EAE Equity accounted entity . FID Financial investment decision . FVAEs Fair value accounting effects . G&LCE Gas and low carbon energy . GoA Gulf of America . GSK Gelsenkirchen refinery . HH Henry Hub . LCE Low carbon energy . M&C Mobility & Convenience . mbd Thousand barrels per day . mboed Thousand barrels of oil equivalent per day . mmboed Million barrels of oil equivalent per day . mmbtu Million British thermal units . mmcfd Million cubic feet per day . NBP National balancing point . NCI Non - controlling interest . OB&C Other businesses and corporate . OP&O Oil production and operations . RC / RCP Replacement cost / Replacement cost profit or loss . RCPBIT Replacement cost profit or loss before interest and tax . RoT Rules of thumb . RIM Refining indicator margin . SCR Structural cost reduction . SVP Senior vice president . TAR Turnaround . UPII Unincorporated partnership and incidental interests . UOE Underlying operating expenditure .
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42 2Q 2025 financial results 3Q 2026 financial results | appendix 42 Adjusted free cash flow on a price adjusted basis compound annual growth Non - IFRS measure . Adjusted free cash flow on a price adjusted basis compound annual growth is the annualised growth rate of adjusted free cash flow (defined above), assuming a hypothetical price environment of $ 70 / bbl Brent, $ 4 / mmBtu Henry Hub, and $ 10 . 3 / bbl refining indicator margin (all 2024 real) and assumptions about the impact of these marker prices on underlying replacement cost profit before tax . bp believes adjusted free cash flow on a price adjusted basis compound annual growth rate helps investors to measure our progress on delivering growth and improving our performance on a normalised price environment basis . The nearest IFRS measure is the annualised growth rate of net cash provided by (used in) operating activities less capital expenditure . Adjusted operating cash flow Non - IFRS measure . It is defined as net cash provided by (used in) operating activities as presented in the condensed group cash flow statement, excluding movements in inventories and other current and non - current assets and liabilities as presented in the condensed group cash flow statement, adjusted for inventory holding gains/losses*, FVAEs relating to subsidiaries and other adjusting items relating to the non - cash movement of US emissions obligations carried as a provision that will be settled by allowances held as inventory . When used in the context of a segment or subset of businesses rather than the group, the terms refer to the segment or business' estimated share thereof . Adjusting items Items that bp discloses separately because it considers such disclosures to be meaningful and relevant to investors . They are items that management considers to be important to period - on - period analysis of the group's results and are disclosed in order to enable investors to better understand and evaluate the group’s reported financial performance . Adjusting items include gains and losses on the sale of businesses and fixed assets, impairments, environmental and related provisions and charges, restructuring, integration and rationalisation costs, FVAEs and costs relating to the GoA oil spill and other items . Adjusting items within EAEs are reported net of incremental income tax reported by the equity accounted entity . Adjusting items are used as a reconciling adjustment to derive underlying RC profit or loss and related underlying measures which are non - IFRS measures . Glossary Capital expenditure (capex) Total cash capital expenditure as stated in the condensed group cash flow statement . Capital expenditure for the operating segments, G&LCE businesses and C&P businesses is presented on the same basis . Cash Flow and ROACE Targets Are the following targets first announced by bp on 26 February 2025 : (i) bp’s target for adjusted free cash flow compound annual growth of greater than 20 % from 2024 - 2027 ; and (ii) bp’s target for group ROACE above 16 % in 2027 . — Adjusted free cash flow is a non - IFRS measure and defined as operating cash flow excluding working capital (after adjusting for inventory holding gains/losses, fair value accounting effects and other adjusting items) less cash capital expenditure . — ROACE is a non - IFRS measure and is defined as underlying replacement cost profit after adding back non - controlling interest and interest expense net of tax, divided by the average of the beginning and ending balances of total equity plus finance debt excluding cash and cash equivalents and goodwill as presented on the group balance sheet over the periods . Interest expense before tax is finance costs as presented on the group income statement, excluding lease interest, the unwinding of the discount on provisions and other payables and other adjusting items reported in finance costs . Divestment proceeds Are disposal proceeds as per the condensed group cash flow statement . Consolidation adjustment – UPII Unrealised profit in inventory arising on inter - segment transactions .
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43 2Q 2025 financial results 3Q 2026 financial results | appendix 43 Fair value accounting effects (FVAEs) Non - IFRS adjustments to our IFRS profit (loss) . They reflect the difference between the way bp manages the economic exposure and internally measures performance of certain activities and the way those activities are measured under IFRS . FVAEs are included within adjusting items . They relate to certain of the group's commodity, interest rate and currency risk exposures as detailed below . Other than as noted below, the FVAEs described are reported in both the G&LCE and C&P segments . Refer to the stock exchange announcement and bp . com for full text . Financial leverage ratio Non - IFRS measure . Defined as the ratio of financial obligations and instruments to the total of net debt including leases plus total equity and the Gulf of America settlement liability (net of deferred tax assets) . Financial obligations and instruments Comprise net debt including leases * , hybrid bonds and securities, and GoA settlement liability (net of deferred tax assets) . Gas & low carbon energy Segment comprises our gas and low carbon businesses . Our gas business includes regions with upstream activities that predominantly produce natural gas, gas trading and our Archaea Energy business . Our low carbon business includes solar, offshore wind, hydrogen and CCS, and power trading, and until December 2025 also included onshore wind . Power trading and marketing includes trading of both renewable and non - renewable power . Hydrocarbons Liquids and natural gas . Natural gas is converted to oil equivalent at 5 . 8 billion cubic feet = 1 million barrels . Inventory holding gains and losses Non - IFRS adjustments to our IFRS profit (loss) . Refer to the stock exchange announcement and bp . com for full text . Glossary Liquids Liquids comprises crude oil, condensate and natural gas liquids . For the OP&O segment, it also includes bitumen . Major projects Have a bp net investment of at least $ 250 million or are considered to be of strategic importance to bp or of a high degree of complexity . Net debt Non - IFRS measure . Calculated as finance debt, as shown in the balance sheet, plus the fair value of associated derivative financial instruments that are used to hedge foreign currency exchange and interest rate risks relating to finance debt, for which hedge accounting is applied, less cash and cash equivalents . Net debt does not include accrued interest, which is reported within other receivables and other payables on the balance sheet and for which the associated cash flows are presented as operating cash flows in the group cash flow statement . Net debt including leases A non - IFRS measure . Net debt including leases is calculated as net debt plus lease liabilities, less the net amount of partner receivables and payables relating to leases entered into on behalf of joint operations . Operating cash flow Net cash provided by (used in) operating activities as stated in the condensed group cash flow statement . Production - sharing agreement/ contract (PSA/PSC) Is an arrangement through which an oil and gas company bears the risks and costs of exploration, development and production . In return, if exploration is successful, the oil company receives entitlement to variable physical volumes of hydrocarbons, representing recovery of the costs incurred and a stipulated share of the production remaining after such cost recovery .
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44 2Q 2025 financial results 3Q 2026 financial results | appendix 44 RC profit or loss / RC profit or loss attributable to bp shareholders Reflects the replacement cost of inventories sold in the period and is calculated as profit or loss attributable to bp shareholders, adjusting for inventory holding gains and losses (net of tax) . RC profit or loss for the group is not a recognised IFRS measure . bp believes this measure is useful to illustrate to investors the fact that crude oil and product prices can vary significantly from period to period and that the impact on our reported result under IFRS can be significant . Inventory holding gains and losses vary from period to period due to changes in prices as well as changes in underlying inventory levels . In order for investors to understand the operating performance of the group excluding the impact of price changes on the replacement of inventories, and to make comparisons of operating performance between reporting periods, bp’s management believes it is helpful to disclose this measure . The nearest equivalent measure on an IFRS basis is profit or loss attributable to bp shareholders . Realisations Result of dividing revenue generated from hydrocarbon sales, excluding revenue generated from purchases made for resale and royalty volumes, by revenue generating hydrocarbon production volumes . Revenue generating hydrocarbon production reflects the bp share of production as adjusted for any production which does not generate revenue . Adjustments may include losses due to shrinkage, amounts consumed during processing, and contractual or regulatory host committed volumes such as royalties . For the G&LCE and OP&O segments, realisations include transfers between businesses . Refining availability Represents Solomon Associates’ operational availability for bp - operated refineries, which is defined as the percentage of the year that a unit is available for processing after subtracting the annualised time lost due to turnaround activity and all mechanical, process and regulatory downtime . Glossary Refining indicator margin (RIM) A simple indicator of the weighted average of bp’s crude slate and product yield as deemed representative for each refinery. Actual margins realised by bp may vary due to a variety of factors, including the actual mix of a crude and product for a given quarter. Refining utilisation Annual throughput (thousands of barrels per day) divided by the average crude distillation capacity, expressed as a percentage. Return on average capital employed (ROACE) on a price adjusted basis Non - IFRS measure . ROACE on a price adjusted basis is adjusted ROACE (defined above), calculated assuming a hypothetical price environment of $ 70 /bbl Brent, $ 4 /mmBtu Henry Hub, and a $ 10 . 3 /bbl refining indicator margin (all 2024 real) and assumptions about the impact of these marker prices on underlying replacement cost profit before tax . bp believes ROACE on a price adjusted basis helps investors to assess the company’s capital efficiency and underlying performance on a normalized price environment basis . The nearest IFRS measures of the numerator and denominator are profit or loss for the period attributable to bp shareholders and total equity respectively . Underlying effective tax rate (ETR) Non - IFRS measure and calculated by dividing taxation on an underlying RC basis by underlying RC profit or loss before tax . Taxation on an underlying RC basis for the group is calculated as taxation as stated on the group income statement adjusted for taxation on inventory holding gains and losses and total taxation on adjusting items * . Information on underlying RC profit or loss is provided below . Taxation on an underlying RC basis presented for the operating segments is calculated through an allocation of taxation on an underlying RC basis to each segment .
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45 2Q 2025 financial results 3Q 2026 financial results | appendix 45 Glossary Structural cost reduction Calculated as decreases in UOE* as a result of operational efficiencies, divestments, workforce reductions and other cost saving measures that are expected to be sustainable compared with 2023 levels . The total change between periods in UOE will reflect both SCRs and other changes in spend, including market factors, such as inflation and foreign exchange impacts, as well as changes in activity levels and costs associated with new operations . Estimates of cumulative annual SCR may be revised depending on whether cost reductions realised in prior periods are determined to be sustainable compared with 2023 levels . SCRs are stewarded internally to support management’s oversight of spending over time . bp believes this performance measure is useful in demonstrating how management drives cost discipline across the entire organisation, simplifying our processes and portfolio and streamlining the way we work . The nearest IFRS measures are production and manufacturing expenses and distributions and administration expenses . Technical service contract (TSC) Is an arrangement through which an oil and gas company bears the risks and costs of exploration, development and production . In return, the oil and gas company receives entitlement to variable physical volumes of hydrocarbons, representing recovery of the costs incurred and a profit margin which reflects incremental production added to the oilfield . Tier 1 and tier 2 process safety events Tier 1 events are losses of primary containment from a process of greatest consequence – causing harm to a member of the workforce, damage to equipment from a fire or explosion, a community impact or exceeding defined quantities . Tier 2 events are those of lesser consequence . These represent reported incidents occurring within bp’s operational HSSE reporting boundary . That boundary includes bp’s own operated facilities and certain other locations or situations . Reported process safety events are investigated throughout the year and as a result there may be changes in previously reported events . Therefore comparative movements are calculated against internal data reflecting the final outcomes of such investigations, rather than the previously reported comparative period, as this represents a more up to date reflection of the safety environment . Underlying cash generation Non - GAAP measure . It is calculated as net cash provided by operating activities less adjusted working capital and interest paid . Underlying operating expenditure (UOE) Is a non - IFRS measure and a subset of production and manufacturing expenses plus distribution and administration expenses and excludes costs that are classified as adjusting items . It represents the majority of the remaining expenses in these line items but excludes certain costs that are variable, primarily with volumes (such as freight costs) . Other variable costs are included in purchases in the income statement . Management believes that underlying operating expenditure is a performance measure that provides investors with useful information regarding the company’s financial performance because it considers these expenses to be the principal operating and overhead expenses that are most directly under their control although they also include certain foreign exchange and commodity price effects . The nearest IFRS measures are production and manufacturing expenses and distribution and administration expenses . Underlying production 2026 underlying production, when compared with 2025 , is production after adjusting for acquisitions and divestments, curtailments, and entitlement impacts in our production - sharing agreements/contracts and TSC . Underlying RC profit or loss / underlying RC profit or loss attributable to bp shareholders Non - IFRS measure and is RC profit or loss* after excluding net adjusting items and related taxation .
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46 2Q 2025 financial results 3Q 2026 financial results | appendix 46 Glossary Underlying RC profit or loss before interest and tax For the operating segments or C&P businesses is calculated as RC profit or loss* including profit or loss attributable to NCI before interest and tax for the operating segments and excluding net adjusting items for the respective operating segment or business . bp believes that underlying RC profit or loss is a useful measure for investors because it is a measure closely tracked by management to evaluate bp’s operating performance and to make financial, strategic and operating decisions and because it may help investors to understand and evaluate, in the same manner as management, the underlying trends in bp’s operational performance on a comparable basis, period on period, by adjusting for the effects of these adjusting items . The nearest equivalent measure on an IFRS basis for the group is profit or loss attributable to bp shareholders . The nearest equivalent measure on an IFRS basis for segments and businesses is RC profit or loss before interest and taxation . Underlying RC profit or loss per share / underlying RC profit or loss per ADS Non - IFRS measure . Underlying RC profit or loss per ordinary share is calculated using the same denominator as earnings per share as defined in the consolidated financial statements . The numerator used is underlying RC profit or loss attributable to bp shareholders, rather than profit or loss attributable to bp ordinary shareholders . Underlying RC profit or loss per ADS is calculated as outlined above for underlying RC profit or loss per share except the denominator is adjusted to reflect one ADS equivalent to six ordinary shares . bp believes it is helpful to disclose the underlying RC profit or loss per ordinary share and per ADS because these measures may help investors to understand and evaluate, in the same manner as management, the underlying trends in bp’s operational performance on a comparable basis, period on period . The nearest equivalent measure on an IFRS basis is basic earnings per share based on profit or loss for the period attributable to bp ordinary shareholders . Unit production costs Calculated as production cost divided by units of production . Production cost does not include ad valorem and severance taxes . Units of production are barrels for liquids and thousands of cubic feet for gas . Amounts disclosed are for bp subsidiaries only and do not include bp’s share of EAE . Upstream Includes oil and natural gas field development and production within the G&LCE and OP&O segments . References to upstream exclude Rosneft . Upstream plant reliability (bp - operated) is calculated taking 100 % less the ratio of total unplanned plant deferrals divided by installed production capacity, excluding non - operated assets and bpx energy . Unplanned plant deferrals are associated with the topside plant and where applicable the subsea equipment (excluding wells and reservoir) . Unplanned plant deferrals include breakdowns, which does not include GoA weather related downtime . Working capital (adjusted) Movements in inventories and other current and non - current assets and liabilities as reported in the condensed group cash flow statement . Change in working capital adjusted for inventory holding gains/losses*, fair value accounting effects relating to subsidiaries and other adjusting items is a non - IFRS measure . It is calculated by adjusting for inventory holding gains/losses* reported in the period ; FVAEs relating to subsidiaries reported within adjusting items for the period ; and other adjusting items relating to the non - cash movement of US emissions obligations carried as a provision that will be settled by allowances held as inventory . This represents what would have been reported as movements in inventories and other current and non - current assets and liabilities, if the starting point in determining net cash provided by operating activities had been underlying replacement cost profit rather than profit for the period . The nearest equivalent measure on an IFRS basis for this is movements in inventories and other current and non - current assets and liabilities . bp utilises various arrangements in order to manage its working capital including discounting of receivables and, in the supply and trading business, the active management of supplier payment terms, inventory and collateral .
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47 2Q 2025 financial results 3Q 2026 financial results 47 Resources bp's website includes information about our financial performance, reports and information on investing in bp, dividend payments, AGM and strategy events. Investor events 15 December 2026 Strategy and outlook update 9 February 2027 Fourth quarter and full year results Find out more on bp.com/investors You can contact the investor relations team at ir@bp.com – Why invest in bp – Modelling guidance – Databook – Major projects – Environment, social and governance – Debt investor – Financial calendar Useful links