a9254t

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

Form 6-K

Report of Foreign Issuer

Pursuant to Rule 13a-16 or 15d-16 of

the Securities Exchange Act of 1934

05August, 2025

BP p.l.c.

(Translationof registrant's name into English)

1 ST JAMES'S SQUARE, LONDON, SW1Y 4PD, ENGLAND

(Addressof principal executive offices)

Indicateby check mark whether the registrant files or will fileannual

reportsunder cover Form 20-F or Form 40-F.

Form20-F |X| Form 40-F

-------------------------------

Indicateby check mark whether the registrant by furnishing theinformation

containedin this Form is also thereby furnishing the information tothe

Commissionpursuant to Rule 12g3-2(b) under the Securities Exchange Actof

1934.

Yes No|X|

-----------------------------

Exhibit1.1

2Q25SEA Part 1 of 1 dated 05 August 2025

Exhibit 1.1

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FOR IMMEDIATE RELEASE
London 5 August 2025
BP p.l.c. Group results
Second quarter and first half 2025(a)

"For a printer friendly version of this announcement please clickon the link below to open a PDF version of theannouncement"

http://www.rns-pdf.londonstockexchange.com/rns/9254T_1-2025-8-4.pdf

Delivering our plan

Financial summary	Second	First	Second	First	First
	quarter	quarter	quarter	half	half
$ million	2025	2025	2024	2025	2024
Profit (loss) for the period attributable to bpshareholders	1,629	687	(129)	2,316	2,134
Inventory holding (gains) losses*, net of tax	407	(118)	113	289	(544)
Replacement cost (RC) profit (loss)*	2,036	569	(16)	2,605	1,590
Net (favourable) adverse impact of adjusting items*, net oftax	317	812	2,772	1,129	3,889
Underlying RC profit*	2,353	1,381	2,756	3,734	5,479
Operating cash flow*	6,271	2,834	8,100	9,105	13,109
Capital expenditure*	(3,361)	(3,623)	(3,691)	(6,984)	(7,969)
Divestment and other proceeds(b)	1,356	328	760	1,684	1,173
Net issue (repurchase) of shares	(1,063)	(1,847)	(1,751)	(2,910)	(3,501)
Net debt*(c)	26,043	26,968	22,614	26,043	22,614
AdjustedEBITDA*	9,972	8,701	9,639	18,673	19,945
Underlyingoperating expenditure*	5,457	5,304	5,441	10,761	10,952
Announced dividend per ordinary share (cents pershare)	8.320	8.000	8.000	16.320	15.270
Underlying RC profit per ordinary share* (cents)	15.03	8.75	16.61	23.76	32.86
Underlying RC profit per ADS* (dollars)	0.90	0.53	1.00	1.43	1.97

Highlights

● Strong operational performance: 2Q25 underlying RC profit $2.4bn;2Q25 operating cash flow $6.3bn; 2Q25 refining availability* 96.4%;2Q25 plant reliability* 96.8%

● Enhancing our portfolio and progressingdivestments: 5 major project* start-ups and 10exploration discoveries year-to-date; agreement to sell Netherlandsintegrated mobility business and US onshore wind business; JERA Nexbp JV formation complete

● Delivering structural cost reductions: $0.9bn 1H25 structural costreductions*; $1.7bn now delivered against 2023baseline.

● Growing resilient dividend: 2Q25 dividend per ordinary shareof 8.32 cents; in addition, announced $750 million share buybackfor 2Q25

This has been another strong quarter for bp operationally andstrategically. We are delivering on our plan to grow the upstreamand focus the downstream with reliability across both at >96%.So far this year we've brought five new oil and gas major projectsonstream, sanctioned four more and made ten explorationdiscoveries, including the significant discovery in Bumerangueblock in Brazil. Underlying earnings in our customers business areup around 50% compared to a year ago and trading has delivered wellquarter-on-quarter during challenging conditions. Expected proceedsfrom completed or announced divestments have reached around $3billion for the year and we have now delivered around $1.7 billionof structural cost reductions since the start of our programme. Wehave announced a dividend per ordinary share of 8.32 cents, anincrease of 4%, and a further $750 million share buyback for thesecond quarter. We remain fully focused on delivering safely andreliably, investing with discipline and driving performanceimprovement - all in service of growing cash flow, returns andlong-term shareholder value.

Murray Auchincloss

Chief executive officer

(a) This results announcement also represents bp's half-yearlyfinancial report (see page 14).

(b) Divestment proceeds are disposal proceeds as per the condensedgroup cash flow statement. See page 3 for more information on otherproceeds.

RC profit (loss), underlying RC profit, net debt, adjusted EBITDA,underlying operating expenditure, underlying RC profit per ordinaryshare and underlying RC profit per ADS are non-IFRS measures.Inventory holding (gains) losses and adjusting items are non-IFRSadjustments.

* For items marked with an asterisk throughout this document,definitions are provided in the Glossary on page 35.

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We are two quarters into a twelve-quarter plan and arelaser-focused on delivery of our four key targets - and while weshould be encouraged by our early progress, we know there's muchmore to do. In advance of chair elect, Albert Manifold joining theboard on 1 September, he and I have been in discussions and haveagreed that we will conduct a thorough review of our portfolio ofbusinesses to ensure we are maximizing shareholder value movingforward - allocating capital effectively. We are also initiating afurther cost review and, whilst we will not compromise on safety,we are doing this with a view to being best in class in ourindustry. We reaffirm our commitment to ensure that there is anembedded process of continuous business improvement across ouroperations. This is all in service of accelerating the delivery ofour strategy. bp can and will do better for itsinvestors.

Murray Auchincloss Chief executiveofficer

	Highlights
	2Q25 underlying replacement cost (RC) profit* $2.4billion
	●	Underlying RC profit for the quarter was $2.4 billion, comparedwith $1.4 billion for the previous quarter. Compared with the firstquarter 2025, the underlying result reflects an average gasmarketing and trading result, stronger realized refining margins,stronger customers result, a strong oil trading result, partlyoffset by lower liquids and gas realizations and significantlyhigher level of refinery turnaround activity. The underlyingeffective tax rate (ETR)* in the quarter was 36%, compared with 50%for the previous quarter, which reflects changes in thegeographical mix of profits.
	●	Reported profit for the quarter was $1.6 billion, comparedwith $0.7 billion for the first quarter 2025. The reported resultfor the second quarter is adjusted for inventory holding losses* of$0.6 billion (pre-tax) and a net adverse impact of adjusting itemsof $0.7 billion (pre-tax) to derive the underlying RC profit.Adjusting items include pre-tax net impairments of$1.1 billion and favourable fair value accounting effects of$0.6 billion. See page 28 for more information on adjustingitems.
	Segment results
	●	Gas & low carbon energy: The RC profit before interest and taxfor the second quarter 2025 was $1.0 billion, compared with$1.4 billion for the previous quarter. After adjusting RCprofit before interest and tax for a net adverse impact ofadjusting items of $0.4 billion, the underlying RC profitbefore interest and tax* for the second quarter was$1.5 billion, compared with $1.0 billion in the firstquarter 2025. The second quarter underlying result before interestand tax reflects an average gas marketing and trading resultcompared with a weak result in the first quarter, and highervolumes, partly offset by lower realizations and a higherdepreciation, depletion and amortization charge.
	●	Oil production & operations: The RC profit before interest andtax for the second quarter 2025 was $1.9 billion, comparedwith $2.8 billion for the previous quarter. After adjusting RCprofit before interest and tax for a net adverse impact ofadjusting items of $0.3 billion, the underlying RC profitbefore interest and tax for the second quarter was$2.3 billion, compared with $2.9 billion in the firstquarter 2025. The second quarter underlying result before interestand tax reflects lower realizations and a higher depreciation,depletion and amortization charge partly offset by higherproduction.
	●	Customers & products: The RC profit before interest and tax forthe second quarter 2025 was $1.0 billion, compared with $0.1billion for the previous quarter. After adjusting RC profit beforeinterest and tax for a net adverse impact of adjusting items of$0.6 billion, the underlying RC profit before interest and tax(underlying result) for the second quarter was $1.5 billion,compared with $0.7 billion in the first quarter 2025. The customerssecond quarter underlying result was higher by $0.4 billion,reflecting seasonally higher volumes and stronger fuels margins.The products second quarter underlying result was higher by $0.5billion, reflecting stronger realized refining margins and a strongoil trading contribution, partly offset by a significantly higherlevel of refinery turnaround activity.
	Operating cash flow $6.3 billion and net debt $26.0billion
	●	Operating cash flow of $6.3 billion, which includes the $1.1billion settlement payment for the Gulf of America (see page 29),was around $3.4 billion higher than the previous quarter,reflecting higher earnings and lower working capital* build. Netdebt reduced to $26.0 billion in the second quarter as cash inflowsfrom higher operating cash flow and divestment and other proceedsexceeded cash outflows during the period.
	Financial frame
	●	bp is committed to maintaining a strong balance sheet andmaintaining 'A' grade credit range through the cycle. We have atarget of $14-18 billion of net debt by the end of2027(a).
	●	Our policy is to maintain a resilient dividend. Subject to boardapproval, we expect an increase in the dividend per ordinary shareof at least 4% per year(b).For the second quarter, bp has announced a dividend per ordinaryshare of 8.32 cents.
	●	Share buybacks are a mechanism to return excess cash. When added tothe resilient dividend, we expect total shareholder distributionsof 30-40% of operating cash flow, over time. Related to the secondquarter results, bp intends to execute a $0.75 billion sharebuyback prior to reporting the third quarter results. The $0.75billion share buyback programme announced with the first quarterresults was completed on 1 August 2025.
	●	bp will continue to invest with discipline, driven by value andfocused on delivering returns. We continue to expect capitalexpenditure to be around $14.5 billion in 2025. The capital frameof around $13-15 billion for 2026 and 2027 remainsunchanged.

(a) Potential proceeds from any transactions related to the Castrolstrategic review and announcement to bring a strategic partner intoLightsource bp will be allocated to reduce netdebt.

(b) Subject to board discretion each quarter taking into accountfactors including current forecasts, the cumulative level of andoutlook for cash flow, share count reduction from buybacks andmaintaining 'A' range credit metrics.

The commentary above contains forward-looking statements and shouldbe read in conjunction with the cautionary statement on page41.

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Financial results

In addition to the highlights on page 2:

● Profit attributable to bpshareholders in the second quarter and half year was $1.6 billion and$2.3 billion respectively, compared with a loss of$0.1 billion and a profit of $2.1 billion in the sameperiods of 2024.

- Afteradjusting profit attributable to bp shareholders for inventoryholding losses* and net impact of adjusting items*, underlyingreplacement cost (RC) profit* for the second quarter and half yearwas $2.4 billion and $3.7 billion respectively, comparedwith $2.8 billion and $5.5 billion for the same periods of 2024. Theunderlying RC profit for the second quarter compared with the sameperiod in 2024 mainly reflects lower liquids realizations, offsetby a stronger customers result and oil trading contribution. Thegas marketing and trading result was average. The underlying RCprofit for the half year compared with the same period in 2024mainly reflects lower refining margins, lower liquids realizationsand a lower gas marketing and trading result, partly offset by theabsence of the Whiting refinery outage and a stronger customersresult. Underlying operating expenditure* for the half year,compared with the same period in 2024, was slightly lower, withstructural cost reductions* offset by growth andinflation.

-Adjusting items in the second quarter and half year had a netadverse pre-tax impact of $0.7 billion and $1.1 billionrespectively, compared with a net adverse pre-tax impact of$3.1 billion and $4.3 billion in the same periods of2024.

-Adjusting items for the second quarter and half year include afavourable pre-tax impact of fair value accounting effects*,relative to management's internal measure of performance, of $0.6billion and $1.5 billion respectively, compared with an adversepre-tax impact of $1.0 billion and $1.2 billion in thesame periods of 2024. This is primarily due to little movement inthe LNG forward price in the second quarter 2025 compared with anincrease in the second quarter 2024 and a decline in the price inthe first half of 2025 compared to an increase in the comparativeperiod of 2024. In addition there has been a favourable impact ofthe fair value accounting effects relating to the hybrid bonds inthe 2025 periods compared to adverse impacts in the 2024comparative periods.

- Adjustingitems for the second quarter and half year of 2025 include anadverse pre-tax impact of asset impairments of $1.1 billion and$1.6 billion respectively, compared with an adverse pre-tax impactof $1.3 billion and $1.9 billion in the same periods of2024.

●The effective tax rate (ETR) on RC profit or loss* for the secondquarter and half year was 32% and 50% respectively, compared with87% and 63% for the same periods in 2024. Excluding adjustingitems, the underlying ETR* for the second quarter and half year was36% and 43%, compared with 33% and 38% for the same periods in2024. The higher underlying ETR for the second quarter and halfyear reflects the absence of the impact of the reassessment of therecognition of deferred tax assets. The higher underlying ETR forthe half year also reflects changes in the geographical mix ofprofits. ETR on RC profit or loss and underlying ETR are non-IFRSmeasures.

●Operating cash flow* for the second quarter and half year was$6.3 billion and $9.1 billion respectively, compared with$8.1 billion and $13.1 billion for the same periods in2024. The reduction in operating cash flow reflects the differingimpact of working capital* movements (after adjusting forinventory holding gains or losses, fair value accounting effectsand other adjusting items) for both periods and the lowerunderlying replacement cost profit in the first half 2025 comparedwith 2024.

● Capital expenditure* inthe second quarter and half year was $3.4 billion and$7.0 billion, compared with $3.7 billion and$8.0 billion in the same periods of 2024reflecting the lower capital frame in place for2025.

●Total divestment and other proceeds for the second quarter and halfyear were $1.4 billion and $1.7 billion respectively,compared with $0.8 billion and $1.2 billion for the sameperiods in 2024. Other proceeds for the second quarter and halfyear 2025 were $1.0 billion from the sale of a non-controllinginterest in the subsidiary that holds our 12% share in theTrans-Anatolian natural gas pipeline (TANAP). Other proceeds forthe second quarter and half year 2024 were $0.5 billion from thesale of a 49% interest in a controlled affiliate holding certainmidstream assets offshore US.

●At the end of the second quarter, net debt* was $26.0 billion,compared with $27.0 billion at the end of the first quarter2025 and $22.6 billion at the end of the second quarter 2024.The year on year increase largely reflects lower operating cashflow over the period and acquired net debt, partially offset by theissuance of perpetual hybrid bonds.

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Analysis of RC profit (loss) before interest and tax andreconciliation to profit (loss) for the period

	Second	First	Second	First	First
	quarter	quarter	quarter	half	half
$ million	2025	2025	2024	2025	2024
RC profit (loss) before interest and tax
gas& low carbon energy	1,047	1,358	(315)	2,405	721
oilproduction & operations	1,916	2,788	3,267	4,704	6,327
customers& products	972	103	(133)	1,075	855
otherbusinesses & corporate	645	(22)	(180)	623	(480)
Consolidationadjustment - UPII*	30	13	(73)	43	(41)
RC profit before interest and tax	4,610	4,240	2,566	8,850	7,382
Financecosts and net finance expense relating to pensions and otherpost-employment benefits	(1,173)	(1,269)	(1,176)	(2,442)	(2,210)
Taxation on a RC basis	(1,101)	(2,107)	(1,207)	(3,208)	(3,237)
Non-controlling interests	(300)	(295)	(199)	(595)	(345)
RC profit (loss) attributable to bp shareholders*	2,036	569	(16)	2,605	1,590
Inventory holding gains (losses)*	(554)	159	(136)	(395)	715
Taxation (charge) credit on inventory holding gains andlosses	147	(41)	23	106	(171)
Profit (loss) for the period attributable to bpshareholders	1,629	687	(129)	2,316	2,134

Analysis of underlying RC profit (loss) before interest andtax

	Second	First	Second	First	First
	quarter	quarter	quarter	half	half
$ million	2025	2025	2024	2025	2024
Underlying RC profit (loss) before interest and tax
gas& low carbon energy	1,462	997	1,402	2,459	3,060
oilproduction & operations	2,262	2,895	3,094	5,157	6,219
customers& products	1,533	677	1,149	2,210	2,438
otherbusinesses & corporate	(38)	(117)	(158)	(155)	(312)
Consolidationadjustment - UPII	30	13	(73)	43	(41)
Underlying RC profit before interest and tax	5,249	4,465	5,414	9,714	11,364
Finance costs on an underlying RCbasis(a) andnet finance expense relating to pensions and other post-employmentbenefits	(1,095)	(1,082)	(971)	(2,177)	(1,913)
Taxation on an underlying RC basis	(1,501)	(1,707)	(1,488)	(3,208)	(3,627)
Non-controlling interests	(300)	(295)	(199)	(595)	(345)
Underlying RC profit attributable to bp shareholders*	2,353	1,381	2,756	3,734	5,479

(a) A non-IFRS measure. Finance costs on an underlying RC basis isdefined as finance costs as stated in the group income statementexcluding finance costs classified as adjusting items* (seefootnote (e) on page 28).

Reconciliations of underlying RC profit attributable to bpshareholders to the nearest equivalent IFRS measure are provided onpage 1 for the group and on pages 6-13 for thesegments.

Operating Metrics

	Second	First	Second	First	First
	quarter	quarter	quarter	half	half
	2025	2025	2024	2025	2024
Tier 1 and tier 2 process safety events*	5	10	7	15	21
upstream*production(a) (mboe/d)	2,300	2,239	2,379	2,270	2,379
upstream unit productioncosts*(b) ($/boe)	6.81	6.34	6.34	6.58	6.17
bp-operated upstream plant reliability*	96.8%	95.4%	96.1%	96.1%	95.5%
bp-operated refiningavailability*(a)	96.4%	96.2%	96.4%	96.3%	93.4%

(a) See Operational updates on pages 6, 9 and 11. Because of rounding,upstream production may not agree exactly with the sum of gas &low carbon energy and oil production &operations.

(b) The increase in the first half 2025, compared with the first half2024 mainly reflects portfolio mix.

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Outlook & Guidance

3Q 2025 guidance

●Looking ahead, bp expects third quarter 2025 reported upstream*production to be slightly lower compared with the second quarter2025.

●In its customers business, bp expects seasonally higher volumescompared to the second quarter and fuels margins to remainsensitive to movements in the cost of supply.

●In products, bp expects, compared to the second quarter, asignificantly lower level of planned refinery turnaround activity,partly offset by seasonal effects of environmental compliancecosts.

●bp expects income taxes paid in the third quarter to be around $1billion higher than the second quarter 2025 mainly due to thetiming of instalment payments, which are typically higher in thethird quarter each year.

● On 4 August bp elected to redeem $1.2 billion of its perpetualhybrid bonds, representing the remaining amount callable from June2025. The hybrid bonds will be redeemed on 1 September 2025 usingproceeds from bp's November 2024 hybrid bond issuance.

2025 guidance

Inaddition to the guidance on page 2:

●bp continues to expect reported upstream* production to be lowerand underlying upstream production* to be slightly lower comparedwith 2024. Within this, bp expects underlying production from oilproduction & operations to be broadly flat and production fromgas & low carbon energy to be lower.

●In its customers business, bp continues to expect growth in itscustomers businesses including a full year contribution from bpbioenergy. Earnings growth is expected to be supported bystructural cost reduction. bp continues to expect fuels margins toremain sensitive to the cost of supply.

●In products, bp continues to expect stronger underlying performanceunderpinned by the absence of the plant-wide power outage atWhiting refinery, and improvement plans across the portfolio. bpcontinues to expect similar levels of refinery turnaround activity,with phasing of turnaround activity in 2025 heavily weightedtowards the first half, with the highest impact in the secondquarter.

●bp now expects other businesses & corporate underlying annualcharge to be around $0.5-1.0 billion for 2025, subject to foreignexchange impacts. The charge may vary from quarter toquarter.

●bp now expects the depreciation, depletion and amortization to beslightly higher compared with 2024.

●bp continues to expect the underlying ETR* for 2025 to be around40% but it is sensitive to a range of factors, including thevolatility of the price environment and its impact on thegeographical mix of the group's profits and losses.

●bp continues to expect divestment and other proceeds to be around$3-4 billion in 2025, with the remaining proceeds weighted to thefourth quarter 2025.

●bp continues to expect Gulf of America settlement payments for theyear to be around $1.2 billion pre-tax including $1.1 billionpre-tax paid during the second quarter.

New refining rule of thumb

bp has retired the refining marker margin* (RMM) and replaced itwith the bp refining indicator margin* (RIM), and updated theassociated refining rule of thumb (RoT). The bp RIM RoT reflectsthe sensitivity of the group's 2025 underlying replacement costprofit before interest and tax* to changes in bp's RIM at normaloperating conditions, and will not fully explain all quarter onquarter movements in Products.

The bp RIM reflects a broader set of crudes and products, and ismore representative of bp's refining portfolio and realizedrefining margin per barrel. As a result, we believe this weeklydisclosure will enhance the understanding of our realized margindelivery and refining profitability. For further information, seeSupplementary information refining indicator margin(bp.com/supplementaryinformationRIM).

Refining RoT for +/- $1/bbl change		Impact on 2025 underlying RC profit before interest andtax
bp RIM (new)		$550m
bp RMM (retired)		$400m

As a consequence of this change, the refining price assumptionsapplicable to bp's CMU Cash Flow and ROACE Targets* have beenupdated by replacing the RMM price assumption with a RIM priceassumption. The updated price assumptions are: at $70/bbl Brent,$4/mmBtu Henry Hub and $10.3/bbl refining indicator margin, all2024 real. There is no change to the CMU Cash Flow and ROACETargets or to the prices used for impairment testing as aconsequence of this update. Price assumptions are not intended toreflect management's forecasts for future prices.

The commentary above contains forward-looking statements and shouldbe read in conjunction with the cautionary statement on page41.

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gas & low carbon energy*

Financial results

● Thereplacement cost (RC) profit before interest and tax for the secondquarter and half year was $1,047 million and $2,405 millionrespectively, compared with a loss of $315 million and a profit of$721 million for the same periods in 2024. The second quarter andhalf year are adjusted by an adverse impact of net adjusting items*of $415 million and $54 million respectively, compared with anadverse impact of net adjusting items of $1,717 million and $2,339million forthe same periods in 2024. Adjusting items include impacts of fairvalue accounting effects*, relative to management's internalmeasure of performance, which are a favourable impact of $18million and $686 million for the second quarter and half year in2025 and an adverse impact of $1,011 million and $898million forthe same periods in 2024. See page 28 for more information onadjusting items.

● After adjusting RC profit before interest and tax for adjustingitems, the underlying RC profit before interest and tax* for thesecond quarter and half year was $1,462 million and $2,459 millionrespectively, compared with $1,402 million and $3,060 million forthe same periods in 2024.

● The underlying RC profit before interest and tax for the secondquarter compared with the same period in 2024, reflectshigher-margin production offset by a higher depreciation, depletionand amortization charge and the divestments in Trinidad and Egyptin the fourth quarter of 2024. The gas marketing and trading resultwas average.

● The underlying RC profit for the half year, compared with the sameperiod in 2024, reflects a lower gas marketing and trading result,the divestments in Trinidad and Egypt in the fourth quarter of2024, and a higher depreciation, depletion and amortization charge,partly offset by higher-margin production and the absence of theforeign exchange loss in Egypt and exploration write-offs in thefirst half of 2024. Underlying operating expenditure for the halfyear, compared with the same period in 2024, was higher, withstructural cost reductions more than offset by growth andinflation.

Operational update

● Reported production for the quarter was 782mboe/d, 13.0% lower thanthe same period in 2024, reflecting the divestments in Egypt andTrinidad in the fourth quarter of 2024. Underlying production* was2.1% lower due to base decline, partly offset by major projectstartups.

● Reported production for the half year was 773mboe/d, 14.8% lowerthan the same period in 2024. Underlying production was 4.1% lower,mainly due to base decline partly offset by major projectstartups.

Strategic progress gas

● In May bp announced the Mento development in Trinidad & Tobagohas safely delivered its first gas. Mento is a 50:50 joint venturebetween EOG Resources Trinidad Ltd (EOG) and bp, with EOG as theoperator.

● In May and June, bp signed sale and purchase agreements (SPA) forliquefied natural gas (LNG) with: Zhejiang, under which bp hasagreed to supply of 1 million mt/year of LNG to Zhejiang Energy fora duration of 10 years; approximately 0.7 million mt/year of LNG toA2A from 2027 to 2044.

● In May bp made the final investment decision (FID) to invest in aninfill wells programme at the offshore KG D6 gas block locatedoffshore India.

● In June Gás Natural Açu (GNA) II, the largest gas firedpower plant in Brazil has started commercial operations of its 1.7gigawatts capacity plant. bp is the exclusive LNG supplier for GNAII and holds a 33.5% stake in the project alongside Siemens Energy(33.5%) and SPIC Brazil (33%).

● In June bp and its partners, announced the final investmentdecision (FID) for the new Shah Deniz Compression project, the nextstage of development of the giant Shah Deniz gas field in theAzerbaijan sector of the Caspian Sea (bp operator29.99%).

● In June bp, State Oil Company of the Azerbaijan Republic (SOCAR)and TPAO signed agreements enabling TPAO to join theproduction-sharing agreement* (PSA) for the Shafag-Asiman offshoreblock in the Azerbaijan sector of the Caspian Sea. The agreementprovides for the drilling of a well into the Lower Surakhanyreservoir and the extension of the term of the PSA. The deal isexpected to be completed by the end of the third quarter of2025.

● In June Shafag (Jabrayil) Solar Ltd, bp's joint venture with SOCARGreen and the Azerbaijan Business Development Fund, announced FIDon the 240MWAC Shafagsolar plant in the Jabrayil district of Azerbaijan. In parallel theinvestors in the Sangachal terminal sanctioned the linked Sangachalterminal electrificaton project.

● In July bp and Libya's National Oil Corporation (NOC) signed amemorandum of understanding to explore redevelopment of the maturegiant Sarir and Messla oilfields in Libya's Sirte basin and assessthe wider unconventional potential within the country.

● These events build on the progress announced in our first-quarterresults, which comprised the following:

bpannounced: the Raven Infills project in the West Nile Delta (WND)had started production ahead of schedule (bp 82.75% operator,Harbour Energy 17.25%); the successful completion of the "ElFayoum-5" gas discovery well in the North Alexandria OffshoreConcession in WND; it has agreed for Apollo-managed funds topurchase a 25% non-controlling stake in bp Pipelines TANAP Limited,the bp subsidiary that holds a 12% share in the TANAP pipeline, forconsideration of approximately $1.0 billion; it achieved two majormilestones in Trinidad & Tobago, sanctioning the Ginger gasdevelopment and exploration success at its Frangipani well; itsCypre development (located in Trinidad & Tobago) safelydelivered its first gas; and it safely loaded the first cargo ofLNG for export from its GTA Phase 1 project offshore Mauritania andSenegal.

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gas& low carbon energy (continued)

low carbon energy

● In August bp and JERA Co., Inc. completed formation of a new jointventure (JV) called JERA Nex bp. The JV will aim to become one ofthe largest global offshore wind developers and operators (total13GW potential net generating capacity).

● In June bp completed the sale of 100% of its interest in a parcelof land located at Astoria, in the City and State of New York, tothe Power Authority of the State of New York.

● In July bp and EnBW were granted development consent for the 1.5GWMona offshore wind project in the Irish Sea from the UK Secretaryof State for Energy Security and Net Zero. Mona is one of threeproposed offshore wind projects in the UK, alongside Morgan andMorven. Following deal completion, the projects will move to JERANex bp - bp's 50:50 offshore wind joint venture withJERA.

● In July bp announced that it has agreed to sell its US onshore windbusiness, BP Wind Energy North America Inc., to LS Power, a leadingdevelopment, investment and operating company focused on the NorthAmerican power and energy infrastructure sector. Subject toregulatory approvals the deal is expected to complete by the end of2025.

● In July bp informed its partners in the Australian Renewable EnergyHub in the Pilbara region of Western Australia that it intends toexit the project as operator and equity holder. bp will work withits partners to ensure a safe and efficient transition ofoperatorship.

	Second	First	Second	First	First
	quarter	quarter	quarter	half	half
$ million	2025	2025	2024	2025	2024
Profit (loss) before interest and tax	1,047	1,358	(315)	2,405	721
Inventory holding (gains) losses*	-	-	-	-	-
RC profit (loss) before interest and tax	1,047	1,358	(315)	2,405	721
Net (favourable) adverse impact of adjusting items	415	(361)	1,717	54	2,339
Underlying RC profit before interest and tax	1,462	997	1,402	2,459	3,060
Taxation on an underlying RC basis	(509)	(471)	(369)	(980)	(887)
Underlying RC profit before interest	953	526	1,033	1,479	2,173

	Second	First	Second	First	First
	quarter	quarter	quarter	half	half
$ million	2025	2025	2024	2025	2024
Depreciation, depletion and amortization
Total depreciation, depletion and amortization	1,407	1,166	1,209	2,573	2,502

Exploration write-offs
Exploration write-offs	1	-	28	1	231

Adjusted EBITDA*
Total adjusted EBITDA	2,870	2,163	2,639	5,033	5,793

Capital expenditure*
gas(a)	688	774	1,016	1,462	1,770
low carbon energy	102	129	136	231	795
Total capital expenditure(a)	790	903	1,152	1,693	2,565

(a) Comparative periods in 2024 have been restated to reflect the moveof our Archaea business from the customers & products segmentto the gas & low carbon energy segment.

Topof page 8

gas & low carbon energy (continued)

	Second	First	Second	First	First
	quarter	quarter	quarter	half	half
	2025	2025	2024	2025	2024
Production (net ofroyalties)(b)
Liquids* (mb/d)	85	83	98	84	100
Natural gas (mmcf/d)	4,043	3,950	4,648	3,997	4,678
Total hydrocarbons* (mboe/d)	782	764	899	773	907

Average realizations*(c)
Liquids ($/bbl)	64.15	70.74	79.92	67.21	78.38
Natural gas ($/mcf)	6.50	7.26	5.47	6.86	5.46
Total hydrocarbons ($/boe)	40.84	45.38	36.85	43.00	36.75

(b) Includes bp's share of production of equity-accounted entities inthe gas & low carbon energy segment.

Topof page 9

oil production & operations

Financial results

● The replacement cost (RC) profit before interest and tax for thesecond quarter and half year was $1,916 million and $4,704 millionrespectively, compared with $3,267 million and $6,327 million forthe same periods in 2024. The second quarter and half year areadjusted by an adverse impact of net adjusting items* of $346million and $453 million respectively, compared with a favourableimpact of net adjusting items of $173 million and $108 million forthe same periods in 2024. See page 28 for more information onadjusting items.

● After adjusting RC profit before interest and tax for adjustingitems, the underlying RC profit before interest and tax* for thesecond quarter and half year was $2,262 million and $5,157 millionrespectively, compared with $3,094 million and $6,219 million forthe same periods in 2024.

● The underlying RC profit before interest and tax for the secondquarter and half year, compared with the same periods in 2024,primarily reflects lower realizations and a higher depreciation,depletion and amortization charge, partially offset by higherproduction. Underlying operating expenditure* for the half year,compared with the same period in 2024, was broadly flat, withstructural cost reductions offset by growth andinflation.

Operational update

● Reported production for the quarter was 1,518mboe/d, 2.5% higherthan the same period in 2024. Underlying production* for thequarter was 0.8% higher reflecting higher production in bpx, partlyoffset by planned maintenance.

● Reported production for the half year was 1,497mboe/d, 1.7% higherthan the same period in 2024. Underlying production was 1.1% higherreflecting improved base performance partly offset by plannedmaintenance.

Strategic progress

● In June bp announced it had signed fully termed agreements with theState Oil Company of the Azerbaijan Republic (SOCAR) to acquire 35%participating interests and become the operator of two explorationand development blocks in the Caspian Sea - the Karabagh oil fieldand the Ashrafi-Dan Ulduzu-Aypara (ADUA) area.

● In July, Azule Energy, bp's 50% joint venture (Azule), and operatorof Block 15/06 in Angola, together with its partners, announced thesuccessful start-up of the Agogo Integrated West Hub Project, whichaims to fully develop the Agogo and Ndungu fields in Block15/06.

● In July Azule, operator of Block 1/14, and its partners announced agas discovery at the Gajajeira-01 exploration well, locatedoffshore in the Lower Congo Basin, Angola. The well was spudded on1 April 2025 in a water depth of 95 metres, approximately 60kilometres off the coast. Initial assessments suggest gas volumesin place could exceed 1 trillion cubic feet, with up to 100 millionbarrels of associated condensate.

● In June bpx Energy started up the Crossroads facility in thePermian Basin, bpx's fourth and final central delivery facility tobe built, following the earlier Grand Slam, Checkmate and Bingofacilities.

● In July bpx Energy took over operations from Devon Energy ofcertain assets in the Eagle Ford Shale following the dissolution oftheir joint venture in the Blackhawk Field.

● In June bp took the final investment decision on the Atlantis MajorFacility Expansion Project, which is expected to increase waterinjection capacity. First water injection is targeted for2027.

● In August bpannounced an exploration discovery at the Bumerangue prospect inthe deepwater offshore Brazil. bp drilled exploration well1-BP-13-SPS at the Bumerangue block, located in the Santos Basin,404 kilometres (218 nautical miles) from Rio de Janeiro, in a waterdepth of 2,372 metres. The well was drilled to a total depth of5,855 metres. The well intersected the reservoir about 500metres below the crest of the structure and penetrated an estimated500 metre gross hydrocarbon column, in high-quality pre-saltcarbonate reservoir with an areal extent of greater than300km2.Results from the rig-site analysis indicate elevated levels ofcarbon dioxide. bp will now begin laboratory analysis to furthercharacterize the reservoir and fluids discovered, which willprovide additional insight into the potential of the Bumerangueblock. bp holds a 100% participation in the block with Pré-SalPetróleo S.A. as the Production Sharing Contract manager. bpsecured the block in December 2022 during the 1st Cycle of the OpenAcreage of Production Sharing of the Brazilian national petroleumagency (ANP).

● In August bp announced the start-up of the Argos SouthwestExtension project in the Gulf of America. The project consists ofthree wells and a new drill centre tied back to the Argos platformand is expected to add 20,000 barrels of oil equivalent per day ofgross peak annualized average production. bp is operator of Argoswith 60.5% working interest, with co-owners Woodside Energy (23.9%)and Union Oil Company of California, an affiliate of Chevron U.S.A.Inc. (15.6%).

● These events build on the progress announced in our first-quarterresults, which comprised the following: bp received finalgovernment ratification for its contract to invest in theredevelopment of several giant oil fields in Kirkuk, in the northof Iraq; bp announced a Miocene oil discovery at the Far Southprospect in the US Gulf of America (bp 57.5% operator); in Januarythe initial producer well from West Chirag, Azerbaijan, in thedeeper non-associated gas reservoirs encountered hydrocarbons;Azule Energy, in collaboration with its New Gas Consortium (NGC)partners, completed installation of the jacket and deck of theQuiluma offshore platform, a key step in Angola's firstnon-associated gas development; and in April, Rhino Resources(42.5%) along with co-venturers Azule Energy (42.5%), Namcor (10%),and Korres Investments (5%) announced the successful drilling ofthe Capricornus 1-X exploration well in block PEL-85 in the Orangebasin, Namibia.

Topof page 10

oil production & operations (continued)

	Second	First	Second	First	First
	quarter	quarter	quarter	half	half
$ million	2025	2025	2024	2025	2024
Profit before interest and tax	1,914	2,795	3,268	4,709	6,327
Inventory holding (gains) losses*	2	(7)	(1)	(5)	-
RC profit before interest and tax	1,916	2,788	3,267	4,704	6,327
Net (favourable) adverse impact of adjusting items	346	107	(173)	453	(108)
Underlying RC profit before interest and tax	2,262	2,895	3,094	5,157	6,219
Taxation on an underlying RC basis	(1,062)	(1,375)	(1,171)	(2,437)	(2,680)
Underlying RC profit before interest	1,200	1,520	1,923	2,720	3,539

	Second	First	Second	First	First
	quarter	quarter	quarter	half	half
$ million	2025	2025	2024	2025	2024
Depreciation, depletion and amortization
Total depreciation, depletion and amortization	1,933	1,787	1,698	3,720	3,355

Exploration write-offs
Exploration write-offs	81	53	99	134	102

Adjusted EBITDA*
Total adjusted EBITDA	4,276	4,735	4,891	9,011	9,676

Capital expenditure*
Total capital expenditure	1,706	1,696	1,534	3,402	3,310

	Second	First	Second	First	First
	quarter	quarter	quarter	half	half
	2025	2025	2024	2025	2024
Production (net ofroyalties)(a)
Liquids* (mb/d)	1,115	1,086	1,085	1,101	1,071
Natural gas (mmcf/d)	2,338	2,258	2,292	2,298	2,328
Total hydrocarbons* (mboe/d)	1,518	1,475	1,481	1,497	1,472

Average realizations*(b)
Liquids ($/bbl)	59.74	67.50	73.01	63.54	71.79
Natural gas ($/mcf)	3.66	4.74	2.02	4.18	2.35
Total hydrocarbons ($/boe)	49.03	56.45	55.78	52.66	54.94

(a) Includes bp's share of production of equity-accounted entities inthe oil production & operations segment.

(b) Realizations are based on sales by consolidated subsidiaries only -this excludes equity-accounted entities.

Top of page 11

customers & products

Financial results

● The replacement cost (RC) profit before interest and tax for thesecond quarter and half year was $972 million and $1,075million respectively, compared with a loss of $133 million and aprofit of $855 million for the same periods in 2024. The secondquarter and half year are adjusted by an adverse impact of netadjusting items* of $561 million and $1,135 million respectively,compared with an adverse impact of net adjusting items of $1,282million and $1,583 million for the same periods in 2024. See page28 for more information on adjusting items.

● After adjusting RC profit before interest and tax for adjustingitems, the underlying RC profit before interest and tax*(underlying result) for the second quarter and half year was $1,533million and $2,210 million respectively, compared with $1,149million and $2,438 million for the same periods in2024.

● The customers & products underlying result for the secondquarter was higher than the same period in 2024, primarilyreflecting a stronger customers result and oil tradingcontribution, partly offset by a lower refining performance. Theresult for the half year was lower than the same period in 2024,primarily reflecting a lower refining performance, partly offset bya higher customers result and lower underlying operatingexpenditure* across customers and products as we build momentum inour structural cost reduction programme.

● customers -the customers underlying result for the second quarter and halfyear was higher compared with the same periods in 2024. Theunderlying result benefited from stronger integrated performanceacross fuels and midstream, with Castrol's earnings in the firsthalf of 2025 more than 20% higher compared to the same period lastyear, driven by higher volumes and margins. The first half alsobenefited from lower underlying operatingexpenditure.

● products -the products underlying result for the second quarter was highercompared with the same period in 2024, mainly due to a strong oiltrading contribution. In refining, the second quarter was impactedby significantly higher turnaround activity and lower realizedmargins reflecting narrower North American heavy crude oildifferentials, partly offset by stronger operations and commercialdelivery. The products result for the first half was lower comparedwith the same period in 2024, primarily reflecting significantlylower realized refining margins and higher turnaround activity,partly offset by the absence of the first quarter 2024 plant-widepower outage at the Whiting refinery and lower underlying operatingexpenditure.

Operational update

● bp-operatedrefining availability* for the second quarter and half year was96.4% and 96.3%, compared with 96.4% and 93.4% for the same periodsin 2024. The half year was higher reflecting strong performance andnotably the absence of the Whiting refinery poweroutage.

Strategic progress

● In July, bp announced the sale of its Netherlands mobility &convenience and bp pulse businesses to Catom BV. The sale isexpected to complete by the end of 2025 subject to regulatoryapprovals.

● During thesecond quarter, bp opened three EV fast charging Gigahubs nearairports in Los Angeles, Boston and San Francisco, and signed astrategic agreement with Waffle House, in the US, to expandultrafast(a) EVcharging network at its locations.

● These events build on the progress announced in our first-quarterresults, which comprised the following:

◦ bp announced a strategic review of its Castrol business with theintention of accelerating Castrol's next phase of valuedelivery.

◦ bp announced plans to sell its mobility and convenience business inAustria. bp is targeting to close the divestment by the end of2025.

	Second	First	Second	First	First
	quarter	quarter	quarter	half	half
$ million	2025	2025	2024	2025	2024
Profit (loss) before interest and tax	420	255	(270)	675	1,570
Inventory holding (gains) losses*	552	(152)	137	400	(715)
RC profit (loss) before interest and tax	972	103	(133)	1,075	855
Net (favourable) adverse impact of adjusting items	561	574	1,282	1,135	1,583
Underlying RC profit before interest and tax	1,533	677	1,149	2,210	2,438
Of which:(b)
customers- convenience & mobility	1,056	664	790	1,720	1,160
Castrol - included in customers	245	238	211	483	395
products- refining & trading	477	13	359	490	1,278
Taxation on an underlying RC basis	(251)	(76)	(125)	(327)	(458)
Underlying RC profit before interest	1,282	601	1,024	1,883	1,980

(a) 'ultra-fast' includes charger capacity of≥150kW.

(b) A reconciliation to RC profit before interest and tax by businessis provided on page 32.

Top of page 12

customers & products (continued)

	Second	First	Second	First	First
	quarter	quarter	quarter	half	half
$ million	2025	2025	2024	2025	2024
Adjusted EBITDA*(C)
customers - convenience & mobility	1,698	1,231	1,281	2,929	2,135
Castrol - included in customers	295	284	253	579	479
products - refining & trading	895	431	807	1,326	2,186
	2,593	1,662	2,088	4,255	4,321

Depreciation, depletion and amortization
Total depreciation, depletion and amortization	1,060	985	939	2,045	1,883

Capital expenditure*
customers - convenience & mobility	387	585	497	972	1,063
Castrol - included in customers	36	37	74	73	117
products - refining & trading(d)	410	358	401	768	840
Total capital expenditure(d)	797	943	898	1,740	1,903

(d) Comparative periods in 2024 have been restated to reflect the moveof our Archaea business from the customers & products segmentto the gas & low carbon energy segment.

	Second	First	Second	First	First
	quarter	quarter	quarter	half	half
Marketing sales of refined products (mb/d)	2025	2025	2024	2025	2024
US	1,248	1,201	1,271	1,225	1,177
Europe	1,006	946	1,077	976	1,008
Rest of World	466	466	462	466	465
	2,720	2,613	2,810	2,667	2,650
Trading/supply sales of refined products	478	441	387	460	370
Total sales volume of refined products	3,198	3,054	3,197	3,127	3,020

bp average refiningmarker margin* (RMM) ($/bbl)		21.1	15.2	20.6		18.2	20.6
bp average refiningindicator margin* (RIM) ($/bbl)		11.9	8.1	11.8		10.0	13.6

Refinery throughputs (mb/d)
US	573	674	670	623	598
Europe	715	822	722	768	775
Total refinery throughputs	1,288	1,496	1,392	1,391	1,373

bp-operated refining availability* (%)	96.4	96.2	96.4	96.3	93.4

Top of page 13

other businesses & corporate

Other businesses & corporate comprises technology, bp ventures,our corporate activities & functions and any residual costs ofthe Gulf of America oil spill.

Financial results

● The replacement cost (RC) profit before interest and tax for thesecond quarter and half year was $645 million and $623million respectively,compared with a loss of $180 million and $480 million for the sameperiods in 2024. The second quarter and half year are adjusted by afavourable impact of net adjusting items* of $683 million and $778million respectively, compared with an adverse impact of netadjusting items of $22 million and $168 million for the sameperiods in 2024. Adjusting items include favourable impacts of fairvalue accounting effects* of $740 million for the quarter and$1,109 million for the half year in 2025, and anadverse impact of $29 million and $222 million for the same periodsin 2024. See page 28 for more information on adjustingitems.

● After adjusting RC profit before interest and tax for adjustingitems, the underlying RC loss before interest and tax* for thesecond quarter and half year was $38 million and $155 millionrespectively, compared with a loss of $158 million and $312 millionfor the same periods in 2024.

	Second	First	Second	First	First
	quarter	quarter	quarter	half	half
$ million	2025	2025	2024	2025	2024
Profit (loss) before interest and tax	645	(22)	(180)	623	(480)
Inventory holding (gains) losses*	-	-	-	-	-
RC profit (loss) before interest and tax	645	(22)	(180)	623	(480)
Net (favourable) adverse impact of adjustingitems(a)	(683)	(95)	22	(778)	168
Underlying RC profit (loss) before interest and tax	(38)	(117)	(158)	(155)	(312)
Taxation on an underlying RC basis	109	33	3	142	102
Underlying RC profit (loss) before interest	71	(84)	(155)	(13)	(210)

(a) Includes fair value accounting effects relating to hybrid bonds.See page 36 for more information.

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This results announcement also represents bp's half-yearlyfinancial report for the purposes of the Disclosure Guidance andTransparency Rules made by the UK Financial Conduct Authority. Inthis context: (i) the condensed set of financial statements can befound on pages 16-26; (ii) pages 1-13, and 27-41 comprise theinterim management report; and (iii) the directors' responsibilitystatement and auditors' independent review report can be found onpages 14-15.

Statement of directors' responsibilities

The directors confirm that, to the best of their knowledge, thecondensed set of financial statements on pages 16-26 has beenprepared in accordance with United Kingdom adopted IAS 34 'InterimFinancial Reporting', and that the interim management report onpages 1-13, and 27-41 includes a fair review of the informationrequired by the Disclosure Guidance and TransparencyRules.

The directors of BP p.l.c. are listed on pages 72-73of bpAnnual Report and Form 20-F 2024, with the following exceptions: Pamela Daleystepped down as a non-executive director with effect from 7 July2025, Ian Tyler was appointed as a non-executive director witheffect from 1 April 2025 and David Hager was appointed as anon-executive director with effect from 2 June2025.

By order of the board

Murray Auchincloss	Kate Thomson
Chief Executive Officer	Chief Financial Officer
4 August 2025	4 August 2025

Top of page 15

Independent review report to BP p.l.c.

Conclusion

We have been engaged by the company to review the condensed set offinancial statements in the half-yearly financial report for thesix months ended 30 June 2025 which comprises the group incomestatement, the condensed group statement of comprehensive income,the group balance sheet, the condensed group statement of changesin equity, the condensed group cash flow statement and relatednotes 1 to 10.

Based on our review, nothing has come to our attention that causesus to believe that the condensed set of financial statements in thehalf-yearly financial report for the six months ended 30 June 2025is not prepared, in all material respects, in accordance withUnited Kingdom adopted International Accounting Standard 34 and theDisclosure Guidance and Transparency Rules of the United Kingdom'sFinancial Conduct Authority.

Basis for Conclusion

We conducted our review in accordance with International Standardon Review Engagements (UK) 2410 'Review of Interim FinancialInformation Performed by the Independent Auditor of the Entity'issued by the Financial Reporting Council for use in the UnitedKingdom (ISRE (UK) 2410). A review of interim financial informationconsists of making inquiries, primarily of persons responsible forfinancial and accounting matters, and applying analytical and otherreview procedures. A review is substantially less in scope than anaudit conducted in accordance with International Standards onAuditing (UK) and consequently does not enable us to obtainassurance that we would become aware of all significant mattersthat might be identified in an audit. Accordingly, we do notexpress an audit opinion.

As disclosed in note 1, the annual financial statements of thegroup are prepared in accordance with IFRS Accounting Standards(IFRS) as issued by the International Accounting Standards Board(IASB), IFRS as adopted by the UK, and European Union (EU), and inaccordance with the provisions of the UK Companies Act 2006 asapplicable to companies reporting under international accountingstandards. The condensed set of financial statements included inthis half-yearly financial report has been prepared in accordancewith United Kingdom adopted International Accounting Standard 34,'Interim Financial Reporting'.

Conclusion Relating to Going Concern

Based on our review procedures, which are less extensive than thoseperformed in an audit as described in the Basis for Conclusionsection of this report, nothing has come to our attention tosuggest that the directors have inappropriately adopted the goingconcern basis of accounting or that the directors have identifiedmaterial uncertainties relating to going concern that are notappropriately disclosed.

This Conclusion is based on the review procedures performed inaccordance with ISRE (UK) 2410; however future events or conditionsmay cause the entity to cease to continue as a goingconcern.

Responsibilities of the directors

The directors are responsible for preparing the half-yearlyfinancial report in accordance with the Disclosure Guidance andTransparency Rules of the United Kingdom's Financial ConductAuthority.

In preparing the half-yearly financial report, the directors areresponsible for assessing the group's ability to continue as agoing concern, disclosing as applicable, matters related to goingconcern and using the going concern basis of accounting unless thedirectors either intend to liquidate the company or to ceaseoperations, or have no realistic alternative but to doso.

Auditor's Responsibilities for the review of the financialinformation

In reviewing the half-yearly financial report, we are responsiblefor expressing to the company a conclusion on the condensed set offinancial statements in the half-yearly financial report. OurConclusion, including our Conclusion Relating to Going Concern, arebased on procedures that are less extensive than audit procedures,as described in the Basis for Conclusion paragraph of thisreport.

Use of our report

This report is made solely to the company in accordance with ISRE(UK) 2410. Our work has been undertaken so that we might state tothe company those matters we are required to state to it in anindependent review report and for no other purpose. To the fullestextent permitted by law, we do not accept or assume responsibilityto anyone other than the company, for our review work, for thisreport, or for the conclusions we have formed.

Deloitte LLP

Statutory Auditor

London, United Kingdom

4 August 2025

The maintenance and integrity of the BP p.l.c. website are theresponsibility of the directors; the review work carried out by thestatutory auditors does not involve consideration of these mattersand, accordingly, the statutory auditors accept no responsibilityfor any changes that may have occurred to the financial informationsince it was initially presented on the website.

Legislation in the United Kingdom governing the preparation anddissemination of financial statements may differ from legislationin other jurisdictions.

Top of page 16

Financial statements

Group income statement

	Second	First	Second	First	First
	quarter	quarter	quarter	half	half
$ million	2025	2025	2024	2025	2024

Sales and other operating revenues (Note 5)	46,627	46,905	47,299	93,532	96,179
Earnings from joint ventures - after interest andtax	241	327	250	568	428
Earnings from associates - after interest andtax	155	249	266	404	564
Interest and other income	375	385	414	760	795
Gains on sale of businesses and fixed assets	279	14	21	293	245
Total revenues and other income	47,677	47,880	48,250	95,557	98,211
Purchases	26,875	27,720	28,891	54,595	56,538
Production and manufacturing expenses	6,153	6,114	6,692	12,267	13,539
Production and similar taxes	414	447	484	861	928
Depreciation, depletion and amortization (Note 6)	4,641	4,183	4,098	8,824	8,248
Net impairment and losses on sale of businesses and fixed assets(Note 3)	1,157	503	1,309	1,660	2,046
Exploration expense	139	103	179	242	426
Distribution and administration expenses	4,242	4,411	4,167	8,653	8,389
Profit (loss) before interest and taxation	4,056	4,399	2,430	8,455	8,097
Finance costs	1,229	1,321	1,216	2,550	2,291
Netfinance (income) expense relating to pensions and otherpost-employment benefits	(56)	(52)	(40)	(108)	(81)
Profit (loss) before taxation	2,883	3,130	1,254	6,013	5,887
Taxation	954	2,148	1,184	3,102	3,408
Profit (loss) for the period	1,929	982	70	2,911	2,479
Attributable to
bpshareholders	1,629	687	(129)	2,316	2,134
Non-controllinginterests	300	295	199	595	345
	1,929	982	70	2,911	2,479

Earnings per share (Note 7)
Profit (loss) for the period attributable to bpshareholders
Perordinary share (cents)
Basic	10.41	4.35	(0.78)	14.73	12.85
Diluted	10.27	4.27	(0.78)	14.44	12.54
PerADS (dollars)
Basic	0.62	0.26	(0.05)	0.88	0.77
Diluted	0.62	0.26	(0.05)	0.87	0.75

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Condensed group statement of comprehensive income

	Second	First	Second	First	First
	quarter	quarter	quarter	half	half
$ million	2025	2025	2024	2025	2024

Profit (loss) for the period	1,929	982	70	2,911	2,479
Other comprehensive income
Items that may be reclassified subsequently to profit orloss
Currency translationdifferences(a)	1,323	819	(142)	2,142	(590)
Cashflow hedges and costs of hedging	235	(185)	(100)	50	(215)
Shareof items relating to equity-accounted entities, net oftax	3	1	10	4	2
Incometax relating to items that may be reclassified	(57)	42	40	(15)	36
	1,504	677	(192)	2,181	(767)
Items that will not be reclassified to profit or loss
Remeasurementsof the net pension and other post-employment benefit liability orasset	(214)	331	(240)	117	(306)
Remeasurementsof equity investments	2	(1)	(17)	1	(30)
Cashflow hedges that will subsequently be transferred to the balancesheet	2	2	-	4	(3)
Income tax relating to items that will not bereclassified(b)	52	(95)	59	(43)	733
	(158)	237	(198)	79	394
Other comprehensive income	1,346	914	(390)	2,260	(373)
Total comprehensive income	3,275	1,896	(320)	5,171	2,106
Attributable to
bpshareholders	2,883	1,556	(520)	4,439	1,783
Non-controllinginterests	392	340	200	732	323
	3,275	1,896	(320)	5,171	2,106

(a) Second and first quarter and first half 2025 are principallyaffected by movements in the Pound Sterling against the USdollar.

(b) First half 2024 includes a $658-million credit in respect of thereduction in the deferred tax liability on defined benefit pensionplan surpluses following the reduction in the rate of theauthorized surplus payments tax charge in the UK from 35% to25%.

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Condensed group statement of changes in equity

	bp shareholders'	Non-controlling interests		Total
$ million	equity	Hybrid bonds(a)	Other interest	equity
At 1 January 2025	59,246	16,649	2,423	78,318

Total comprehensive income	4,439	402	330	5,171
Dividends	(2,515)	-	(219)	(2,734)
Cashflow hedges transferred to the balance sheet, net oftax	(4)	-	-	(4)
Repurchase of ordinary share capital	(2,511)	-	-	(2,511)
Share-based payments, net of tax	594	-	-	594
Issue of perpetual hybrid bonds(b)	-	500	-	500
Payments on perpetual hybrid bonds	(9)	(511)	-	(520)
Transactions involving non-controlling interests,net of tax(c)	-	-	966	966
At 30 June 2025	59,240	17,040	3,500	79,780

	bp shareholders'	Non-controlling interests		Total
$ million	equity	Hybrid bonds	Other interest	equity
At 1 January 2024	70,283	13,566	1,644	85,493

Total comprehensive income	1,783	310	13	2,106
Dividends	(2,431)	-	(186)	(2,617)
Cashflow hedges transferred to the balance sheet, net oftax	(4)	-	-	(4)
Repurchase of ordinary share capital	(3,502)	-	-	(3,502)
Share-based payments, net of tax	654	-	-	654
Issue of perpetual hybrid bonds	(4)	1,300	-	1,296
Redemption of perpetual hybrid bonds, net of tax	9	(1,300)	-	(1,291)
Payments on perpetual hybrid bonds	-	(419)	-	(419)
Transactionsinvolving non-controlling interests, net of tax	236	-	247	483
At 30 June 2024	67,024	13,457	1,718	82,199

(a) On 4 August 2025 BP Capital Markets p.l.c. issued notice tovoluntarily redeem $1.2 billion of hybrid bonds effective 1September 2025. This is expected to reduce non-controlling interestand increase net debt in the third quarter.

(b) During the first half 2025 a group subsidiary issued perpetualsubordinated hybrid securities of $0.5 billion, the proceeds ofwhich were specifically earmarked to fund BP Alternative EnergyInvestments Ltd including the funding of Lightsource bp. Thistransaction resulted in a reduction of net debt andgearing.

(c) In the first half 2025, a group subsidiary that holds a 12% stakein the Trans-Anatolian Natural Gas Pipeline (TANAP), issued $1.0billion of equity instruments with preferred distributions. Thegroup retains control over the ability to defer these distributionswhich are not guaranteed, and investors cannot redeem their sharesexcept under specific conditions that are within the group'scontrol.

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Group balance sheet

	30 June	31 December
$ million	2025	2024
Non-current assets
Property, plant and equipment	100,862	100,238
Goodwill	15,180	14,888
Intangible assets	9,271	9,646
Investments in joint ventures	12,299	12,291
Investments in associates	7,579	7,741
Other investments	1,227	1,292
Fixed assets	146,418	146,096
Loans	2,371	1,961
Trade and other receivables	2,712	1,815
Derivative financial instruments	16,540	16,114
Prepayments	555	548
Deferred tax assets	5,936	5,403
Defined benefit pension plan surpluses	8,132	7,457
	182,664	179,394
Current assets
Loans	224	223
Inventories	24,752	23,232
Trade and other receivables	27,583	27,127
Derivative financial instruments	4,959	5,112
Prepayments	2,875	2,594
Current tax receivable	966	1,096
Other investments	245	165
Cash and cash equivalents	35,067	39,204
	96,671	98,753
Assets classified as held for sale (Note 2)	5,402	4,081
	102,073	102,834
Total assets	284,737	282,228
Current liabilities
Trade and other payables	57,324	58,411
Derivative financial instruments	4,093	4,347
Accruals	5,244	6,071
Lease liabilities	2,865	2,660
Finance debt	5,843	4,474
Current tax payable	2,243	1,573
Provisions	5,101	3,600
	82,713	81,136
Liabilities directly associated with assets classified as held forsale (Note 2)	1,378	1,105
	84,091	82,241
Non-current liabilities
Other payables	8,016	9,409
Derivative financial instruments	15,670	18,532
Accruals	1,565	1,326
Lease liabilities	11,771	9,340
Finance debt	54,503	55,073
Deferred tax liabilities	8,654	8,428
Provisions	15,613	14,688
Defined benefit pension plan and other post-employment benefit plandeficits	5,074	4,873
	120,866	121,669
Total liabilities	204,957	203,910
Net assets	79,780	78,318
Equity
bp shareholders' equity	59,240	59,246
Non-controlling interests	20,540	19,072
Total equity	79,780	78,318

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Condensed group cash flow statement

	Second	First	Second	First	First
	quarter	quarter	quarter	half	half
$ million	2025	2025	2024	2025	2024
Operating activities
Profit (loss) before taxation	2,883	3,130	1,254	6,013	5,887
Adjustmentsto reconcile profit (loss) before taxation to net cash provided byoperating activities
Depreciation,depletion and amortization and exploration expenditure writtenoff	4,723	4,236	4,225	8,959	8,581
Netimpairment and (gain) loss on sale of businesses and fixedassets	878	489	1,288	1,367	1,801
Earningsfrom equity-accounted entities, less dividendsreceived	40	(200)	19	(160)	(77)
Netcharge for interest and other finance expense, less net interestpaid	126	147	524	273	716
Share-basedpayments	215	401	507	616	668
Netoperating charge for pensions and other post-employment benefits,less contributions and benefit payments for unfundedplans	(36)	(11)	(34)	(47)	(66)
Netcharge for provisions, less payments	666	1,104	764	1,770	81
Movementsin inventories and other current and non-current assets andliabilities	(2,030)	(5,069)	1,556	(7,099)	(575)
Incometaxes paid	(1,194)	(1,393)	(2,003)	(2,587)	(3,907)
Net cash provided by operating activities	6,271	2,834	8,100	9,105	13,109
Investing activities
Expenditure on property, plant and equipment, intangible and otherassets	(3,236)	(3,351)	(3,463)	(6,587)	(7,181)
Acquisitions, net of cash acquired	(39)	(202)	(116)	(241)	(222)
Investment in joint ventures	(59)	(58)	(95)	(117)	(448)
Investment in associates	(27)	(12)	(17)	(39)	(118)
Total cash capital expenditure	(3,361)	(3,623)	(3,691)	(6,984)	(7,969)
Proceeds from disposal of fixed assets	322	292	35	614	101
Proceeds from disposal of businesses, net of cashdisposed	76	36	219	112	566
Proceeds from loan repayments	31	31	24	62	40
Cash provided from investing activities	429	359	278	788	707
Net cash used in investing activities	(2,932)	(3,264)	(3,413)	(6,196)	(7,262)
Financing activities
Net issue (repurchase) of shares (Note 7)	(1,063)	(1,847)	(1,751)	(2,910)	(3,501)
Lease liability payments	(784)	(727)	(679)	(1,511)	(1,373)
Proceeds from long-term financing	1,155	54	2,736	1,209	4,995
Repayments of long-term financing	(848)	(1,366)	(623)	(2,214)	(1,297)
Net increase (decrease) in short-term debt	39	(125)	49	(86)	65
Issue of perpetual hybrid bonds	-	500	-	500	1,296
Redemption of perpetual hybrid bonds	-	-	-	-	(1,288)
Payments relating to perpetual hybrid bonds	(332)	(272)	(271)	(604)	(527)
Receiptsrelating to transactions involving non-controlling interests (Otherinterest)	965	-	508	965	524
Dividends paid - bp shareholders	(1,238)	(1,257)	(1,204)	(2,495)	(2,423)
-non-controlling interests	(127)	(74)	(60)	(201)	(186)
Net cash provided by (used in) financing activities	(2,233)	(5,114)	(1,295)	(7,347)	(3,715)
Currency translation differences relating to cash and cashequivalents	193	106	(11)	299	(271)
Increase (decrease) in cash and cash equivalents	1,299	(5,438)	3,381	(4,139)	1,861
Cash and cash equivalents at beginning of period	33,831	39,269	31,510	39,269	33,030
Cash and cash equivalents at end of period(a)	35,130	33,831	34,891	35,130	34,891

(a) Second quarter and first half 2025 includes $63 million (firstquarter 2025 $57 million) of cash and cash equivalents classifiedas assets held for sale in the group balance sheet.

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Notes

Note 1. Basis of preparation

The interim financial information included in this report has beenprepared in accordance with IAS 34 'Interim FinancialReporting'.

The results for the interim periods are unaudited and, in theopinion of management, include all adjustments necessary for a fairpresentation of the results for each period. All such adjustmentsare of a normal recurring nature. This report should be read inconjunction with the consolidated financial statements and relatednotes for the year ended 31 December 2024 includedin bpAnnual Report and Form 20-F 2024.

The directors consider it appropriate to adopt the going concernbasis of accounting in preparing these interim financialstatements.

bp prepares its consolidated financial statements included withinbp Annual Report and Form 20-F on the basis of IFRS AccountingStandards® (IFRS) as issued by the International AccountingStandards Board (IASB), IFRS as adopted by the UK, and EuropeanUnion (EU), and in accordance with the provisions of the UKCompanies Act 2006 as applicable to companies reporting underinternational accounting standards. IFRS as adopted by the UK doesnot differ from IFRS as adopted by the EU. IFRS as adopted by theUK and EU differ in certain respects from IFRS as issued by theIASB. The differences have no impact on the group's consolidatedfinancial statements for the periods presented. The financialinformation presented herein has been prepared in accordance withthe accounting policies expected to be used in preparing bp AnnualReport and Form 20-F 2025 which are the same as those used inpreparing bp Annual Report and Form 20-F 2024.

There are no new or amended standards or interpretations adoptedfrom 1 January 2025 onwards that have a significant impact on thefinancial information.

UK Energy Profits Levy

In October 2024, the UK government announced changes (effectivefrom 1 November 2024) to the Energy Profits Levy including a 3%increase in the rate taking the headline rate of tax on North Seaprofits to 78%, an extension to the period of application of theLevy to 31 March 2030 and the removal of the Levy's main investmentallowance. The changes to the rate and to the investment allowancewere substantively enacted in 2024. The extension of the Levy to 31March 2030 was substantively enacted in the first quarter 2025,resulting in a non-cash deferred charge of approximately $0.5billion.

Germany tax legislation

On 11 July 2025, the German federal government substantivelyenacted a number of changes to its tax legislation, including a 5%reduction in the corporate income tax rate by 2032. The reductionin the tax rate will be phased in by means of a 1% reduction eachyear between 2028 and 2032 and is expected to result in a non-cashdeferred tax charge of approximately $300 million in the thirdquarter 2025.

Change in segmentation

During the first quarter of 2025, our Archaea business has movedfrom the customers & products segment to the gas & lowcarbon energy segment. The change in segmentation is consistentwith a change in the way that resources are allocated, andperformance is assessed by the chief operating decision maker, whofor bp is the group chief executive.

Comparative information for 2024 has been restated where materialto reflect the changes in reportable segments.

Significant accounting judgements and estimates

bp's significant accounting judgements and estimates were disclosedin bpAnnual Report and Form 20-F 2024. These have been subsequently considered at theend of this quarter to determine if any changes were required tothose judgements and estimates. No significant changes wereidentified.

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Note 2. Non-current assets held for sale

The carrying amount of assets classified as held for sale at30 June 2025 is $5,402 million, with associatedliabilities of $1,378 million.

On 18 July 2025, bp announced that it plans to sell its US onshorewind energy business, bp Wind Energy to LS Power. bp Wind Energyhas interests in ten operating onshore wind energy assets acrossseven US states. The transaction is expected to complete by the endof 2025. The carrying amount of assets classified as held for saleat 30 June 2025 is $569 million, with associated liabilities of $39million.

On 24 October 2024, bp completed the acquisition of the remaining50.03% of Lightsource bp. The acquisition included certain assetsfor which sales processes were in progress at the acquisition date.Completion of the sale of these assets within one year of theacquisition date is considered to be highly probable. The carryingamount of assets classified as held for sale at 30 June 2025 is$1,894 million, with associated liabilities of $1,244million.

On 1 August 2025, bp and JERA Co., Inc. completed formation of anew offshore wind joint venture - JERA Nex bp. bp contributed itsdevelopment projects in the UK, Germany and US into the jointventure. The related assets and liabilities of those projects have,therefore, been classified as held for sale as at 30 June 2025. Thecarrying amount of assets classified as held for sale at 30 June2025 is $2,546 million, with associated liabilities of $9million.

On 9 July 2025, bp announced the sale of its Netherlands mobility& convenience and bp pulse businesses to Catom BV. Thetransaction includes bp's Dutch retail sites, EV charging hubs andthe associated fleet business. Completion of the disposal isexpected by the end of 2025 subject to regulatory approvals. Thecarrying amount of assets classified as held for sale at 30 June2025 is $375 million, with associated liabilities of $86million.

Transactions that were classified as held for sale during 2025, butcompleted during the second quarter, are describedbelow.

On 31 January 2025 bp and Devon Energy agreed to dissolve theirEagle Ford partnership and divide up the assets. The carryingamount of assets classified as held for sale at 31 March 2025 was$593 million, with associated liabilities of $53 million. Thedissolution completed on 1 April 2025.

Note 3. Impairment and losses on sale of businesses and fixedassets

Net impairment charges and losses on sale of businesses and fixedassets for the second quarter and half year were$1,157 million and $1,660 million respectively, compared withnet charges of $1,309 million and $2,046 million for thesame periods in 2024 and include net impairment charges for thesecond quarter and half year of $1,130 million and$1,561 million respectively, compared with net impairmentcharges of $1,296 million and$1,945 million for the same periods in2024.

Gas & low carbon energy

Second quarter and half year 2025 impairments includes a netimpairment charge of $431 million and $746 millionrespectively, compared with net charges of $589 million and$1,125 million for the same periods in 2024 in the gas &low carbon energy segment.

Customers & products

Second quarter and half year 2025 impairments includes a netimpairment charge of $373 million and $477 millionrespectively, compared with net charges of $681 million and$691 million for the same periods in 2024 in the customers& products segment.

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Note 4. Analysis of replacement cost profit (loss) before interestand tax and reconciliation to profit (loss) beforetaxation

	Second	First	Second	First	First
	quarter	quarter	quarter	half	half
$ million	2025	2025	2024	2025	2024
gas & low carbon energy	1,047	1,358	(315)	2,405	721
oil production & operations	1,916	2,788	3,267	4,704	6,327
customers & products	972	103	(133)	1,075	855
other businesses & corporate	645	(22)	(180)	623	(480)
	4,580	4,227	2,639	8,807	7,423
Consolidation adjustment - UPII*	30	13	(73)	43	(41)
RC profit (loss) before interest and tax	4,610	4,240	2,566	8,850	7,382
Inventory holding gains (losses)*
gas& low carbon energy	-	-	-	-	-
oilproduction & operations	(2)	7	1	5	-
customers& products	(552)	152	(137)	(400)	715
Profit (loss) before interest and tax	4,056	4,399	2,430	8,455	8,097
Finance costs	1,229	1,321	1,216	2,550	2,291
Netfinance expense/(income) relating to pensions and otherpost-employment benefits	(56)	(52)	(40)	(108)	(81)
Profit (loss) before taxation	2,883	3,130	1,254	6,013	5,887

RC profit (loss) before interest and tax*
US	1,417	1,533	1,545	2,950	3,155
Non-US	3,193	2,707	1,021	5,900	4,227
	4,610	4,240	2,566	8,850	7,382

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Note 5. Sales and other operating revenues

	Second	First	Second	First	First
	quarter	quarter	quarter	half	half
$ million	2025	2025	2024	2025	2024
By segment
gas & low carbon energy	9,172	10,778	5,809	19,950	14,484
oil production & operations	6,053	6,502	6,659	12,555	13,091
customers & products	37,449	36,163	41,100	73,612	80,995
other businesses & corporate	539	484	526	1,023	1,132
	53,213	53,927	54,094	107,140	109,702

Less: sales and other operating revenues betweensegments
gas & low carbon energy	337	731	371	1,068	641
oil production & operations	5,818	5,818	5,982	11,636	11,895
customers & products	(55)	42	25	(13)	318
other businesses & corporate	486	431	417	917	669
	6,586	7,022	6,795	13,608	13,523

External sales and other operating revenues
gas & low carbon energy	8,835	10,047	5,438	18,882	13,843
oil production & operations	235	684	677	919	1,196
customers & products	37,504	36,121	41,075	73,625	80,677
other businesses & corporate	53	53	109	106	463
Total sales and other operating revenues	46,627	46,905	47,299	93,532	96,179

By geographical area
US	18,890	19,089	20,340	37,979	40,198
Non-US	36,233	35,701	36,832	71,934	76,040
	55,123	54,790	57,172	109,913	116,238
Less: sales and other operating revenues between areas	8,496	7,885	9,873	16,381	20,059
	46,627	46,905	47,299	93,532	96,179

Revenues from contracts with customers
Sales and other operating revenues include the following inrelation to revenues from contracts with customers:
Crude oil	421	415	538	836	1,086
Oil products	28,572	27,162	32,548	55,734	62,388
Natural gas, LNG and NGLs	6,049	7,263	4,987	13,312	10,738
Non-oil products and other revenues from contracts withcustomers	3,697	3,633	3,108	7,330	6,036
Revenue from contracts with customers	38,739	38,473	41,181	77,212	80,248
Other operating revenues(a)	7,888	8,432	6,118	16,320	15,931
Total sales and other operating revenues	46,627	46,905	47,299	93,532	96,179

(a) Principally relates to commodity derivative transactions includingsales of bp own production in trading books.

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Note 6. Depreciation, depletion and amortization

	Second	First	Second	First	First
	quarter	quarter	quarter	half	half
$ million	2025	2025	2024	2025	2024
Total depreciation, depletion and amortization bysegment
gas & low carbon energy	1,407	1,166	1,209	2,573	2,502
oil production & operations	1,933	1,787	1,698	3,720	3,355
customers & products	1,060	985	939	2,045	1,883
other businesses & corporate	241	245	252	486	508
	4,641	4,183	4,098	8,824	8,248
Total depreciation, depletion and amortization by geographicalarea
US	1,897	1,736	1,703	3,633	3,273
Non-US	2,744	2,447	2,395	5,191	4,975
	4,641	4,183	4,098	8,824	8,248

Note 7. Earnings per share and shares in issue

Basic earnings per ordinary share (EpS) amounts are calculated bydividing the profit (loss) for the period attributable to ordinaryshareholders by the weighted average number of ordinary sharesoutstanding during the period. 170 million and 45 millionordinary shares repurchased were settled during the second quarter2025 against the authority granted at bp's 2024 and 2025 annualgeneral meetings respectively, for a total cost of$1,063 million. All of these shares were held as treasuryshares. A further 98 million ordinary shares were repurchasedbetween the end of the reporting period and the date when thefinancial statements are authorised for issue for a total cost of$522 million. This amount has been accrued at 30 June 2025. Thenumber of shares in issue is reduced when shares are repurchased,but is not reduced in respect of the period-end commitment torepurchase shares subsequent to the end of the period.

The calculation of EpS is performed separately for each discretequarterly period, and for the year-to-date period. As a result, thesum of the discrete quarterly EpS amounts in any particularyear-to-date period may not be equal to the EpS amount for theyear-to-date period.

For the diluted EpS calculation the weighted average number ofshares outstanding during the period is adjusted for the number ofshares that are potentially issuable in connection with employeeshare-based payment plans using the treasury stockmethod.

	Second	First	Second	First	First
	quarter	quarter	quarter	half	half
$ million	2025	2025	2024	2025	2024
Results for the period
Profit (loss) for the period attributable to bpshareholders	1,629	687	(129)	2,316	2,134
Less: preference dividend	1	-	1	1	1
Less: (gain) loss on redemption of perpetual hybridbonds	-	-	-	-	(10)
Profit (loss) attributable to bp ordinary shareholders	1,628	687	(130)	2,315	2,143

Number of shares (thousand)(a)(b)
Basicweighted average number of shares outstanding	15,645,561	15,778,296	16,590,173	15,711,554	16,670,999
ADS equivalent(c)	2,607,593	2,629,716	2,765,028	2,618,592	2,778,499

Weightedaverage number of shares outstanding used to calculate dilutedearnings per share	15,854,588	16,097,610	16,590,173	16,026,670	17,090,967
ADS equivalent(c)	2,642,431	2,682,935	2,765,028	2,671,111	2,848,494

Shares in issue at period-end	15,596,112	15,785,972	16,491,420	15,596,112	16,491,420
ADS equivalent(c)	2,599,352	2,630,995	2,748,570	2,599,352	2,748,570

(a) If the inclusion of potentially issuable shares would decrease lossper share, the potentially issuable shares are excluded from theweighted average number of shares outstanding used to calculatediluted earnings per share. The numbers of potentially issuableshares that have been excluded from the calculation for the secondquarter 2024 are 374,406 thousand (ADS equivalent 62,401thousand).

(b) Excludes treasury shares and includes certain shares that will beissued in the future under employee share-based paymentplans.

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Note 8. Dividends

Dividends payable

bp today announced an interim dividend of 8.320 cents per ordinaryshare which is expected to be paid on 19 September 2025 to ordinaryshareholders and American Depositary Share (ADS) holders on theregister on 15 August 2025. The ex-dividend date will be 14 August2025 for ordinary shareholders and 15 August 2025 for ADS holders.The corresponding amount in sterling is due to be announced on 9September 2025, calculated based on the average of the marketexchange rates over three dealing days between 3 September 2025 and5 September 2025. Holders of ADSs are expected to receive $0.4992per ADS (less applicable fees). The board has decided not to offera scrip dividend alternative in respect of the second quarter 2025dividend. Ordinary shareholders and ADS holders (subject to certainexceptions) will be able to participate in a dividend reinvestmentprogramme. Details of the second quarter dividend and timetable areavailable at bp.com/dividends andfurther details of the dividend reinvestment programmes areavailable at bp.com/drip.

	Second	First	Second	First	First
	quarter	quarter	quarter	half	half
	2025	2025	2024	2025	2024
Dividends paid per ordinary share
cents	8.000	8.000	7.270	16.000	14.540
pence	5.899	6.176	5.683	12.075	11.375
Dividends paid per ADS (cents)	48.00	48.00	43.62	96.00	87.24

Note 9. Net debt

Net debt*	30 June	31 March	30 June
$ million	2025	2025	2024
Finance debt(a)	60,346	58,646	54,986
Fair value (asset) liability of hedges related to financedebt(b)	764	2,096	2,519
	61,110	60,742	57,505
Less: cash and cash equivalents	35,067	33,774	34,891
Net debt(c)	26,043	26,968	22,614
Total equity	79,780	77,952	82,199
Gearing*	24.6%	25.7%	21.6%

(a) The fair value of finance debt at 30 June 2025 was$57,135 million (31 March 2025 $55,064 million, 30 June 2024$50,677 million).

(b) Derivative financial instruments entered into for the purpose ofmanaging foreign currency exchange risk associated with net debtwith a fair value liability position of $96 million at30 June 2025 (first quarter 2025 liability of$137 million and second quarter 2024 liability of$144 million) are not included in the calculation of net debtshown above as hedge accounting is not applied for theseinstruments.

(c) Net debt does not include accrued interest, which is reportedwithin other receivables and other payables on the balance sheetand for which the associated cash flows are presented as operatingcash flows in the group cash flow statement.

Note 10. Statutory accounts

The financial information shown in this publication, which wasapproved by the Board of Directors on 4 August 2025, is unauditedand does not constitute statutory financial statements. Auditedfinancial information will be published in bp Annual Report and Form 20-F2025. bp Annual Report and Form 20-F 2024 has been filed with the Registrar ofCompanies in England and Wales. The report of the auditor on thoseaccounts was unqualified, did not include a reference to anymatters to which the auditor drew attention by way of emphasiswithout qualifying the report and did not contain a statement undersection 498(2) or section 498(3) of the UK Companies Act2006.

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Additional information

Capital expenditure*

Capital expenditure is a measure that provides useful informationto understand how bp's management allocates resources including theinvestment of funds in projects which expand the group's activitiesthrough acquisition.

	Second	First	Second	First	First
	quarter	quarter	quarter	half	half
$ million	2025	2025	2024	2025	2024
Capital expenditure
Organic capital expenditure*	3,321	3,440	3,586	6,761	7,565
Inorganic capital expenditure*	40	183	105	223	404
	3,361	3,623	3,691	6,984	7,969

	Second	First	Second	First	First
	quarter	quarter	quarter	half	half
$ million	2025	2025	2024	2025	2024
Capital expenditure by segment
gas & low carbon energy(a)	790	903	1,152	1,693	2,565
oil production & operations	1,706	1,696	1,534	3,402	3,310
customers & products(a)	797	943	898	1,740	1,903
other businesses & corporate	68	81	107	149	191
	3,361	3,623	3,691	6,984	7,969
Capital expenditure by geographical area
US	1,576	1,433	1,636	3,009	3,412
Non-US	1,785	2,190	2,055	3,975	4,557
	3,361	3,623	3,691	6,984	7,969

(a) Comparative periods in 2024 have been restated to reflect the moveof our Archaea business from the customers & products segmentto the gas & low carbon energy segment.

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Adjusting items*

Adjusting items are items that management considers to be importantto period-on-period analysis of the group's results and aredisclosed in order to enable investors to better understand andevaluate the group's reported financial performance. Adjustingitems are used as a reconciling adjustment to derive underlying RCprofit or loss and related underlying measures which are non-IFRSmeasures.

	Second	First	Second	First	First
	quarter	quarter	quarter	half	half
$ million	2025	2025	2024	2025	2024
gas & low carbon energy
Gains on sale of businesses and fixed assets	69	(1)	8	68	10
Net impairment and losses on sale of businesses and fixedassets(a)	(439)	(366)	(590)	(805)	(1,126)
Environmental and related provisions	-	-	-	-	-
Restructuring, integration and rationalization costs	3	(14)	-	(11)	-
Fair value accounting effects(b)(c)	18	668	(1,011)	686	(898)
Other	(66)	74	(124)	8	(325)
	(415)	361	(1,717)	(54)	(2,339)
oil production & operations
Gains on sale of businesses and fixed assets	196	9	7	205	191
Net impairment and losses on sale of businesses and fixedassets	(330)	(15)	(29)	(345)	(149)
Environmental and related provisions	(55)	(31)	195	(86)	118
Restructuring, integration and rationalization costs	(46)	(41)	-	(87)	-
Fair value accounting effects	-	-	-	-	-
Other	(111)	(29)	-	(140)	(52)
	(346)	(107)	173	(453)	108
customers & products
Gains on sale of businesses and fixed assets	16	3	4	19	9
Net impairment and losses on sale of businesses and fixedassets(a)	(389)	(114)	(678)	(503)	(774)
Environmental and related provisions	(1)	-	7	(1)	7
Restructuring, integration and rationalization costs	(86)	(91)	-	(177)	1
Fair value accounting effects(c)	(201)	(82)	25	(283)	(119)
Other(d)	100	(290)	(640)	(190)	(707)
	(561)	(574)	(1,282)	(1,135)	(1,583)
other businesses & corporate
Gains on sale of businesses and fixed assets	-	-	-	-	32
Net impairment and losses on sale of businesses and fixedassets	-	(5)	(11)	(5)	15
Environmental and related provisions	(18)	(72)	28	(90)	19
Restructuring, integration and rationalization costs	(39)	(198)	1	(237)	12
Fair value accounting effects(c)	740	369	(29)	1,109	(222)
Gulf of America oil spill	(9)	(9)	(8)	(18)	(19)
Other	9	10	(3)	19	(5)
	683	95	(22)	778	(168)
Total before interest and taxation	(639)	(225)	(2,848)	(864)	(3,982)
Finance costs(e)	(78)	(187)	(205)	(265)	(297)
Total before taxation	(717)	(412)	(3,053)	(1,129)	(4,279)
Taxation on adjusting items(f)	400	139	585	539	694
Taxation - tax rate change effect(g)	-	(539)	(304)	(539)	(304)
Total after taxation for period	(317)	(812)	(2,772)	(1,129)	(3,889)

(a) See Note 3 for further information.

(b) Under IFRS bp marks-to-market the value of the hedges used torisk-manage LNG contracts, but not the contracts themselves,resulting in a mismatch in accounting treatment. The fair valueaccounting effect includes the change in value of LNG contractsthat are being risk managed, and the underlying result reflects howbp risk-manages its LNG contracts.

(c) For further information, including the nature of fair valueaccounting effects reported in each segment, see pages 3, 6 and36.

(d) Second quarter and first half 2024 include the initialrecognition of onerous contract provisions related to Gelsenkirchenrefinery. The unwind of these provisions in the subsequent quartersare reported as an adjusting item as the contractual obligationsare settled.

(e) Includes the unwinding of discounting effects relating toGulf of America oil spill payables and the income statement impactof temporary valuation differences related to the group's interestrate and foreign currency exchange risk management associated withfinance debt. All periods presented for 2025 include the unwindingof discounting effects relating to certain onerous contractprovisions.

(f) Includes certain foreign exchange effects on tax as adjustingitems. These amounts represent the impact of: (i) foreign exchangeon deferred tax balances arising from the conversion of localcurrency tax base amounts into functional currency, and (ii)taxable gains and losses from the retranslation of USdollar-denominated intra-group loans to localcurrency.

(g) First quarter 2025 and first half 2025 and second quarter2024 and first half 2024 include revisions to the deferred taximpact of the introduction of the UK Energy Profits Levy (EPL) ontemporary differences existing at the opening balance sheet date.The EPL increases the

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headlinerate of tax on taxable profits from bp's North Sea business to 78%.In the first quarter 2025 a two-year extension of the EPL to 31March 2030 was substantively enacted.

Net debt including leases*

Gearing including leases and net debt including leases are non-IFRSmeasures that provide the impact of the group's lease portfolio onnet debt and gearing.

Net debt including leases	30 June	31 March	30 June
$ million	2025	2025	2024
Net debt*	26,043	26,968	22,614
Lease liabilities	14,636	12,484	10,697
Netpartner (receivable) payable for leases entered into on behalf ofjoint operations	(1,030)	(91)	(112)
Net debt including leases	39,649	39,361	33,199
Totalequity	79,780	77,952	82,199
Gearing including leases	33.2%	33.6%	28.8%

Gulf of America oil spill

	30 June	31 December
$ million	2025	2024
Gulf of America oil spill payables and provisions	(7,100)	(7,958)
Ofwhich - current	(1,500)	(1,127)

Deferred tax asset	1,086	1,205

During the second quarter pre-tax payments of $1,129 millionwere made relating to the 2016 consent decree and settlementagreement with the United States and the five Gulf coast states.Payables and provisions presented in the table above reflect thelatest estimate for the remaining costs associated with the Gulf ofAmerica oil spill. Where amounts have been provided on an estimatedbasis, the amounts ultimately payable may differ from the amountsprovided and the timing of payments is uncertain. Furtherinformation relating to the Gulf of America oil spill, includinginformation on the nature and expected timing of payments relatingto provisions and other payables, is providedin bpAnnual Report and Form 20-F 2024 - Financial statements - Notes 7, 22,23, 29, and 33.

Working capital* reconciliation

Change in working capital adjusted for inventory holdinggains/losses*, fair value accounting effects* relating tosubsidiaries and other adjusting items is a non-IFRS measure. Itrepresents what would have been reported as movements ininventories and other current and non-current assets andliabilities, if the starting point in determining net cash providedby operating activities had been underlying replacement cost profitrather than profit for the period.

	Second	First	Second	First	First
	quarter	quarter	quarter	half	half
$ million	2025	2025	2024	2025	2024
Movements in inventories and other current andnon-current assets and liabilities as per condensed group cash flowstatement(a)	(2,030)	(5,069)	1,556	(7,099)	(575)
Adjusted for inventory holding gains (losses) (Note 4)	(554)	159	(136)	(395)	715
Adjusted for fair value accounting effects relating tosubsidiaries	554	959	(1,071)	1,513	(1,345)
Other adjusting items(b)	646	601	182	1,247	(652)
Working capital release (build) after adjusting for net inventorygains (losses), fair value accounting effects and other adjustingitems	(1,384)	(3,350)	531	(4,734)	(1,857)

(a) The movement in working capital includes outflows relating to theGulf of America oil spill on a pre-tax basis of $1,129 millionand $1,131 million in the second quarter and firsthalf 2025 (first quarter 2025 $2 million, second quarter 2024$1,129 million, first half 2024$1,136 million).

(b) Other adjusting items relate to the non-cash movement of USemissions obligations carried as a provision that will be settledby allowances held as inventory.

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Adjusted earnings before interest, taxation, depreciation andamortization (adjusted EBITDA)*

Adjusted EBITDA is a non-IFRS measure closely tracked by bp'smanagement to evaluate the underlying trends in bp's operatingperformance on a comparable basis, period on period.

	Second	First	Second	First	First
	quarter	quarter	quarter	half	half
$ million	2025	2025	2024	2025	2024
Profit for the period	1,929	982	70	2,911	2,479
Finance costs	1,229	1,321	1,216	2,550	2,291
Net finance (income) expense relating to pensions and otherpost-employment benefits	(56)	(52)	(40)	(108)	(81)
Taxation	954	2,148	1,184	3,102	3,408
Profit before interest and tax	4,056	4,399	2,430	8,455	8,097
Inventory holding (gains) losses*, before tax	554	(159)	136	395	(715)
RC profit before interest and tax	4,610	4,240	2,566	8,850	7,382
Net (favourable) adverse impact of adjusting items*, beforeinterest and tax	639	225	2,848	864	3,982
Underlying RC profit before interest and tax	5,249	4,465	5,414	9,714	11,364
Add back:
Depreciation, depletion and amortization	4,641	4,183	4,098	8,824	8,248
Exploration expenditure written off	82	53	127	135	333
Adjusted EBITDA	9,972	8,701	9,639	18,673	19,945

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Underlying operating expenditure* reconciliation

Management believes that underlying operating expenditure is aperformance measure that provides investors with useful informationregarding the company's financial performance because it considersthese expenses to be the principal operating and overhead expensesthat are most directly under their control although they alsoinclude certain foreign exchange and commodity priceeffects.

	Second	First	Second	First	First
	quarter	quarter	quarter	half	half	Year	Year
$ million	2025	2025	2024	2025	2024	2024	2023
From group income statement
Production and manufacturing expenses	6,153	6,114	6,692	12,267	13,539	26,584	25,044
Distribution and administration expenses	4,242	4,411	4,167	8,653	8,389	16,417	16,772
	10,395	10,525	10,859	20,920	21,928	43,001	41,816
Less certain variable costs:
Transportation and shippingcosts(a)	2,634	2,446	2,199	5,080	5,090	10,516	9,650
Environmental costs(a)	1,630	1,337	1,309	2,967	1,868	3,987	4,271
Marketingand distribution costs	421	427	501	848	1,132	1,882	2,430
Commission,storage and handling costs	405	366	391	771	751	1,519	1,633
Othervariable costs and non-cash costs	435	297	445	732	1,041	1,495	743
Certain variable costs and non-cash costs	5,525	4,873	4,845	10,398	9,882	19,399	18,727

Adjusted operating expenditure*	4,870	5,652	6,014	10,522	12,046	23,602	23,089
Less certain adjusting items*:
Gulfof America oil spill	9	9	8	18	19	51	57
Environmentaland related provisions	74	103	(230)	177	(144)	181	647
Restructuring,integration and rationalization costs	168	344	(1)	512	(13)	222	(37)
Fairvalue accounting effects - derivative instruments relating to thehybrid bonds	(740)	(369)	29	(1,109)	222	221	(630)
Othercertain adjusting items	(98)	261	767	163	1,010	601	419
Certain adjusting items	(587)	348	573	(239)	1,094	1,276	456

Underlying operating expenditure	5,457	5,304	5,441	10,761	10,952	22,326	22,633

(Decrease) increase in underlying operatingexpenditure				(191)		(307)
Of which:
Structural cost reduction*				(938)		(750)
Increase/(decrease) in underlying operating expenditure due toinflation, exchange movements, portfolio changes andgrowth				747		443

Structural cost reduction at 30 June 2025 compared with2023
Structural cost reduction in 2024				(750)
Structural cost reduction in the first half 2025				(938)
Total structural cost reduction				(1,688)

(a) Comparatives have been restated for a reclassification in costsfrom transportation and shipping to environmental.

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Reconciliation of customers & products RC profit beforeinterest and tax to underlying RC profit before interest and tax*to adjusted EBITDA* by business

	Second	First	Second	First	First
	quarter	quarter	quarter	half	half
$ million	2025	2025	2024	2025	2024
RC profit (loss) before interest and tax for customers &products	972	103	(133)	1,075	855
Less: Adjusting items* gains (charges)	(561)	(574)	(1,282)	(1,135)	(1,583)
Underlying RC profit (loss) before interest and tax forcustomers & products	1,533	677	1,149	2,210	2,438
By business:
customers- convenience & mobility	1,056	664	790	1,720	1,160
Castrol - included in customers	245	238	211	483	395
products- refining & trading	477	13	359	490	1,278

Add back: Depreciation, depletion and amortization	1,060	985	939	2,045	1,883
By business:
customers- convenience & mobility	642	567	491	1,209	975
Castrol - included in customers	50	46	42	96	84
products- refining & trading	418	418	448	836	908

Adjusted EBITDA for customers & products	2,593	1,662	2,088	4,255	4,321
By business:
customers- convenience & mobility	1,698	1,231	1,281	2,929	2,135
Castrol - included in customers	295	284	253	579	479
products- refining & trading	895	431	807	1,326	2,186

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Realizations* and marker prices

	Second	First	Second	First	First
	quarter	quarter	quarter	half	half
	2025	2025	2024	2025	2024
Average realizations(a)
Liquids* ($/bbl)
US	53.39	62.01	65.88	57.54	64.11
Europe	64.62	75.31	80.55	70.09	82.90
Rest of World	69.69	74.59	83.58	72.09	81.67
bp average	60.16	67.79	73.73	63.88	72.49
Natural gas ($/mcf)
US	2.52	3.15	1.29	2.82	1.49
Europe	13.06	16.47	9.49	14.81	9.94
Rest of World	6.50	7.26	5.47	6.86	5.46
bp average	5.56	6.40	4.47	5.97	4.55
Total hydrocarbons* ($/boe)
US	39.51	46.26	44.26	42.77	42.90
Europe	68.02	81.48	73.21	74.91	75.08
Rest of World	48.44	53.39	47.49	50.82	47.05
bp average	45.84	52.28	47.49	48.95	46.95
Average oil marker prices ($/bbl)
Brent	67.88	75.73	84.97	71.87	84.06
West Texas Intermediate	63.81	71.47	80.82	67.60	78.95
Western Canadian Select	53.16	58.29	67.20	55.74	63.56
Alaska North Slope	68.82	75.83	86.42	72.30	83.91
Mars	64.89	72.55	81.37	68.69	79.17
Urals (NWE - cif)	57.08	64.21	72.79	60.71	70.55
Average natural gas marker prices
Henry Hub gas price(b) ($/mmBtu)	3.44	3.65	1.89	3.55	2.07
UK Gas - National Balancing Point (p/therm)	84.53	115.91	76.57	100.47	72.62

(a) Based on sales of consolidated subsidiaries only - this excludes equity-accountedentities.

(b) Henry Hub First of Month Index.

Exchange rates

	Second	First	Second	First	First
	quarter	quarter	quarter	half	half
	2025	2025	2024	2025	2024
$/£ average rate for the period	1.34	1.26	1.26	1.30	1.26
$/£ period-end rate	1.37	1.29	1.27	1.37	1.27

$/€ average rate for the period	1.13	1.05	1.08	1.09	1.08
$/€ period-end rate	1.17	1.08	1.07	1.17	1.07

$/AUD average rate for the period	0.64	0.63	0.66	0.63	0.66
$/AUD period-end rate	0.65	0.63	0.67	0.65	0.67

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Principal risks and uncertainties

The principal risks and uncertainties affecting bp are described inthe Risk factors section of bp Annual Report and Form 20-F2024 (pages 65-67) and aresummarized below. There are no material changes expected in thoserisk factors for the remaining six months of the financialyear.

The risks and uncertainties summarized below, separately or incombination, could have a material adverse effect on theimplementation of our strategy, business, financial performance,results of operations, cash flows, liquidity, prospects,shareholder value and returns and reputation.

Strategic and commercial risks

● Prices and markets - our financial performance isimpacted by fluctuating prices of oil, gas and refined products,technological change, climate policies and regulations, exchangerate fluctuations, and the general macroeconomicoutlook.

● Accessing and progressing hydrocarbon resources and low carbonopportunities - inability to access andprogress hydrocarbon resources and low carbon opportunities couldadversely affect delivery of our strategy.

● Major project* delivery - failure to invest in the bestopportunities or deliver major projects successfully couldadversely affect our financial performance.

● Geopolitical - exposure to a range ofpolitical developments and consequent changes to the operating andregulatory environment could cause businessdisruption.

● Liquidity, financial capacity and financial, including credit,exposure - failure to work within ourfinancial frame could impact our ability to operate and result infinancial loss.

● Joint arrangements and contractors - varying levels of control overthe standards, operations and compliance of our partners, includingnon-operated joint ventures (NOJVs), contractors andsub-contractors could result in legal liability and reputationaldamage.

● Digital infrastructure, cyber security and dataprotection - breach or failure of our orthird parties' digital infrastructure or cyber security, includingloss or misuse of sensitive information could damage ouroperations, increase costs and damage ourreputation.

● Climate change and the transition to a lower carboneconomy -developments in policy, law, regulation, technology and markets,including societal and investor sentiment, related to the issue ofclimate change and the transition to a lower carbon economy couldincrease costs, reduce revenues, constrain our operations andaffect our business plans and financialperformance.

● Competition - inability to remain efficient,maintain a high-quality portfolio of assets and innovate couldnegatively impact delivery of our strategy in a highly competitivemarket.

● Talent and capability - inability to attract, developand retain people with necessary skills, capabilities andbehaviours could negatively impact delivery of ourstrategy.

● Crisis management and business continuity - failure to address an incidenteffectively could potentially disrupt ourbusiness.

● Insurance - our insurance strategy couldexpose the group to material uninsured losses.

Safety and operational risks

● Process safety, personal safety, and environmentalrisks - exposure to a wide range ofhealth, safety and environmental risks could cause harm to people,the environment and our assets and result in regulatory action,legal liability, business interruption, increased costs, damage toour reputation and potentially denial of our licence tooperate.

● Drilling and production - challenging operationalenvironments and other uncertainties could impact drilling andproduction activities.

● Security - hostile acts against ouremployees and activities could cause harm to people and disrupt ouroperations.

● Product quality - supplying customers withoff-specification products could damage our reputation, lead toregulatory action and legal liability, and impact our financialperformance.

Compliance and control risks

● Ethical misconduct and non-compliance - ethical misconduct or breachesof applicable laws by our businesses or our employees could bedamaging to our reputation, and could result in litigation,regulatory action and penalties.

● Regulation - changes in the law andregulation could increase costs, constrain our operations andaffect our strategy, business plans and financialperformance.

● Trading and treasury trading activities - ineffective oversight oftrading and treasury trading activities could lead to businessdisruption, financial loss, regulatory intervention or damage toour reputation and affect our permissions totrade.

● Reporting - failure to accurately reportour data could lead to regulatory action, legal liability andreputational damage.

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Legal proceedings

For a full discussion of the group's material legal proceedings,see pages 218-219 of bp Annual Report and Form 20-F2024.

Glossary

Non-IFRS measures are provided for investors because they areclosely tracked by management to evaluate bp's operatingperformance and to make financial, strategic and operatingdecisions. Non-IFRS measures are sometimes referred to asalternative performance measures.

Adjusted EBITDA is a non-IFRS measure presentedfor bp's operating segments and is defined as replacement cost (RC)profit before interest and tax, adjusting for net adjusting items*before interest and tax, and adding back depreciation, depletionand amortization and exploration write-offs (net of adjustingitems). Adjusted EBITDA by business is a further analysis ofadjusted EBITDA for the customers & products businesses. bpbelieves it is helpful to disclose adjusted EBITDA by operatingsegment and by business because it reflects how the segmentsmeasure underlying business delivery. The nearest equivalentmeasure on an IFRS basis for the segment is RC profit or lossbefore interest and tax, which is bp's measure of profit or lossthat is required to be disclosed for each operating segment underIFRS. A reconciliation to IFRS information is provided on page 32for the customers & products businesses.

Adjusted EBITDA for the group is defined as profit or loss for theperiod, adjusting for finance costs and net finance (income) orexpense relating to pensions and other post-employment benefits andtaxation, inventory holding gains or losses before tax, netadjusting items before interest and tax, and adding backdepreciation, depletion and amortization (pre-tax) and explorationexpenditure written-off (net of adjusting items, pre-tax). Thenearest equivalent measure on an IFRS basis for the group is profitor loss for the period. A reconciliation to IFRS information isprovided on page 30 for the group.

Adjusted operating expenditure is a non-IFRS measure and asubset of production and manufacturing expenses plus distributionand administration expenses. It represents the majority of theremaining expenses in these line items but excludes certain coststhat are variable, primarily with volumes (such as freight costs).Other variable costs are included in purchases in the incomestatement. Management believes that adjusted operating expenditureis a performance measure that provides investors with usefulinformation regarding the company's financial performance becauseit considers these expenses to be the principal operating andoverhead expenses that are most directly under their controlalthough they also include certain adjusting items*, foreignexchange and commodity price effects. The nearest IFRS measures areproduction and manufacturing expenses and distributions andadministration expenses. A reconciliation of production andmanufacturing expenses plus distribution and administrationexpenses to adjusted operating expenditure is provided on page31.

Adjusting items are items that bp disclosesseparately because it considers such disclosures to be meaningfuland relevant to investors. They are items that management considersto be important to period-on-period analysis of the group's resultsand are disclosed in order to enable investors to better understandand evaluate the group's reported financial performance. Adjustingitems include gains and losses on the sale of businesses and fixedassets, impairments, environmental and related provisions andcharges, restructuring, integration and rationalization costs, fairvalue accounting effects and costs relating to the Gulf of Americaoil spill and other items. Adjusting items within equity-accountedearnings are reported net of incremental income tax reported by theequity-accounted entity. Adjusting items are used as a reconcilingadjustment to derive underlying RC profit or loss and relatedunderlying measures which are non-IFRS measures. An analysis ofadjusting items by segment and type is shown on page28.

Capital expenditure is total cash capital expenditureas stated in the condensed group cash flow statement. Capitalexpenditure for the operating segments, gas & low carbon energybusinesses and customers & products businesses is presented onthe same basis.

CMU Cash Flow and ROACE Targets are the following targets firstannounced by bp on 26 February 2025: (i) bp's target for adjustedfree cash flow compound annual growth of greater than 20% from2024-2027; and (ii) bp's target for group ROACE above 16% in2027.

● Adjusted free cash flow is a non-IFRS measure and defined asoperating cash flow* excluding working capital* (after adjustingfor inventory holding gains/losses*, fair value accounting effects*and other adjusting items) less cash capitalexpenditure*.

● ROACE is a non-IFRS measure and is defined as underlyingreplacement cost profit* after adding back non-controlling interestand interest expense net of tax, divided by the average of thebeginning and ending balances of total equity plus finance debtexcluding cash and cash equivalents and goodwill as presented onthe group balance sheet over the periods. Interest expense beforetax is finance costs as presented on the group income statement,excluding lease interest, the unwinding of the discount onprovisions and other payables and other adjusting items reported infinance costs.

Consolidation adjustment - UPII is unrealized profit in inventoryarising on inter-segment transactions.

Divestment proceeds are disposal proceeds as per thecondensed group cash flow statement.

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Glossary (continued)

Effective tax rate (ETR) on replacement cost (RC) profit orloss is a non-IFRS measure. The ETR onRC profit or loss is calculated by dividing taxation on a RC basisby RC profit or loss before tax. Taxation on a RC basis for thegroup is calculated as taxation as stated on the group incomestatement adjusted for taxation on inventory holding gains andlosses. Information on RC profit or loss is provided below. bpbelieves it is helpful to disclose the ETR on RC profit or lossbecause this measure excludes the impact of price changes on thereplacement of inventories and allows for more meaningfulcomparisons between reporting periods. Taxation on a RC basis andETR on RC profit or loss are non-IFRS measures. The nearestequivalent measure on an IFRS basis is the ETR on profit or lossfor the period.

Fair value accounting effects are non-IFRS adjustments to ourIFRS profit (loss). They reflect the difference between the way bpmanages the economic exposure and internally measures performanceof certain activities and the way those activities are measuredunder IFRS. Fair value accounting effects are included withinadjusting items. They relate to certain of the group's commodity,interest rate and currency risk exposures as detailed below. Otherthan as noted below, the fair value accounting effects describedare reported in both the gas & low carbon energy and customer& products segments.

bp uses derivative instruments to manage the economic exposurerelating to inventories above normal operating requirements ofcrude oil, natural gas and petroleum products. Under IFRS, theseinventories are recorded at historical cost. The related derivativeinstruments, however, are required to be recorded at fair valuewith gains and losses recognized in the income statement. This isbecause hedge accounting is either not permitted or not followed,principally due to the impracticality of effectiveness-testingrequirements. Therefore, measurement differences in relation torecognition of gains and losses occur. Gains and losses on theseinventories, other than net realizable value provisions, are notrecognized until the commodity is sold in a subsequent accountingperiod. Gains and losses on the related derivative commoditycontracts are recognized in the income statement, from the time thederivative commodity contract is entered into, on a fair valuebasis using forward prices consistent with the contractmaturity.

bp enters into physical commodity contracts to meet certainbusiness requirements, such as the purchase of crude for a refineryor the sale of bp's gas production. Under IFRS these physicalcontracts are treated as derivatives and are required to be fairvalued when they are managed as part of a larger portfolio ofsimilar transactions. Gains and losses arising are recognized inthe income statement from the time the derivative commoditycontract is entered into.

IFRS require that inventory held for trading is recorded at itsfair value using period-end spot prices, whereas any relatedderivative commodity instruments are required to be recorded atvalues based on forward prices consistent with the contractmaturity. Depending on market conditions, these forward prices canbe either higher or lower than spot prices, resulting inmeasurement differences.

bp enters into contracts for pipelines and other transportation,storage capacity, oil and gas processing, liquefied natural gas(LNG) and certain gas and power contracts that, under IFRS, arerecorded on an accruals basis. These contracts are risk-managedusing a variety of derivative instruments that are fair valuedunder IFRS. This results in measurement differences in relation torecognition of gains and losses.

The way that bp manages the economic exposures described above, andmeasures performance internally, differs from the way theseactivities are measured under IFRS. bp calculates this differencefor consolidated entities by comparing the IFRS result withmanagement's internal measure of performance. We believe thatdisclosing management's estimate of this difference provides usefulinformation for investors because it enables investors to see theeconomic effect of these activities as a whole.

These include:

● Under management's internal measure of performance the inventory,transportation and capacity contracts in question are valued basedon fair value using relevant forward prices prevailing at the endof the period.

● Fair value accounting effects also include changes in the fairvalue of the near-term portions of LNG contracts that fall withinbp's risk management framework. LNG contracts are not consideredderivatives, because there is insufficient market liquidity, andthey are therefore accrual accounted under IFRS. However, oil andnatural gas derivative financial instruments used to risk managethe near-term portions of the LNG contracts are fair valued underIFRS. The fair value accounting effect, which is reported in thegas and low carbon energy segment, represents the change in valueof LNG contracts that are being risk managed and which is reflectedin the underlying result, but not in reported earnings. Managementbelieves that this gives a better representation of performance ineach period.

Furthermore, the fair values of derivative instruments used to riskmanage certain other oil, gas, power and other contracts, aredeferred to match with the underlying exposure. The commoditycontracts for business requirements are accounted for on anaccruals basis.

In addition, fair value accounting effects include changes in thefair value of derivatives entered into by the group to managecurrency exposure and interest rate risks relating to hybrid bondsto their respective first call periods. The hybrid bonds which areclassified as equity instruments were recorded in the balance sheetat their issuance date at their USD equivalent issued value. UnderIFRS these equity instruments are not remeasured from period toperiod, and do not qualify for application of hedge accounting. Thederivative instruments relating to the hybrid bonds, however, arerequired to be recorded at fair value with mark to market gains andlosses recognized in the income statement. Therefore,measurement differences in relation to the recognition of gains andlosses occur. The fair value accounting effect, which is reportedin the other businesses & corporate segment, eliminates thefair value gains and losses of these derivative financialinstruments that are recognized in the income statement. Webelieve that this gives a better representation of performance, bymore appropriately reflecting the economic effect of these riskmanagement activities, in each period.

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Glossary (continued)

Gas & low carbon energy segment comprises our gas and lowcarbon businesses. Our gas business includes regions with upstreamactivities that predominantly produce natural gas, integrated gasand power and gas trading. From the first quarter of 2025 it alsoincludes our Archaea business which prior to that was reported inthe customers & products segment. Our low carbon businessincludes solar, offshore and onshore wind, hydrogen and CCS andpower trading. Power trading includes trading of both renewable andnon-renewable power.

Gearing and net debt are non-IFRS measures. Net debtis calculated as finance debt, as shown in the balance sheet, plusthe fair value of associated derivative financial instruments thatare used to hedge foreign currency exchange and interest rate risksrelating to finance debt, for which hedge accounting is applied,less cash and cash equivalents. Net debt does not include accruedinterest, which is reported within other receivables and otherpayables on the balance sheet and for which the associated cashflows are presented as operating cash flows in the group cash flowstatement. Gearing is defined as the ratio of net debt to the totalof net debt plus total equity. bp believes these measures provideuseful information to investors. Net debt enables investors to seethe economic effect of finance debt, related hedges and cash andcash equivalents in total. Gearing enables investors to see howsignificant net debt is relative to total equity. The derivativesare reported on the balance sheet within the headings 'Derivativefinancial instruments'. The nearest equivalent measures on an IFRSbasis are finance debt and finance debt ratio. A reconciliation offinance debt to net debt is provided on page26.

We are unable to present reconciliations of forward-lookinginformation for net debt or gearing to finance debt and totalequity, because without unreasonable efforts, we are unable toforecast accurately certain adjusting items required to present ameaningful comparable IFRS forward-looking financial measure. Theseitems include fair value asset (liability) of hedges related tofinance debt and cash and cash equivalents, that are difficult topredict in advance in order to include in an IFRSestimate.

Gearing including leases and net debt includingleases are non-IFRS measures. Net debtincluding leases is calculated as net debt plus lease liabilities,less the net amount of partner receivables and payables relating toleases entered into on behalf of joint operations. Gearingincluding leases is defined as the ratio of net debt includingleases to the total of net debt including leases plus total equity.bp believes these measures provide useful information to investorsas they enable investors to understand the impact of the group'slease portfolio on net debt and gearing. The nearest equivalentmeasures on an IFRS basis are finance debt and finance debt ratio.A reconciliation of finance debt to net debt including leases isprovided on page 29.

Hydrocarbons - Liquids and natural gas.Natural gas is converted to oil equivalent at 5.8 billion cubicfeet = 1 million barrels.

Inorganic capital expenditure is a subset of capitalexpenditure on a cash basis and a non-IFRS measure. Inorganiccapital expenditure comprises consideration in businesscombinations and certain other significant investments made by thegroup. It is reported on a cash basis. bp believes that thismeasure provides useful information as it allows investors tounderstand how bp's management invests funds in projects whichexpand the group's activities through acquisition. The nearestequivalent measure on an IFRS basis is capital expenditure on acash basis. Further information and a reconciliation to IFRSinformation is provided on page 27.

Inventory holding gains and losses are non-IFRS adjustments to ourIFRS profit (loss) and represent:

● the difference between the cost of sales calculated using thereplacement cost of inventory and the cost of sales calculated onthe first-in first-out (FIFO) method after adjusting for anychanges in provisions where the net realizable value of theinventory is lower than its cost. Under the FIFO method, which weuse for IFRS reporting of inventories other than for tradinginventories, the cost of inventory charged to the income statementis based on its historical cost of purchase or manufacture, ratherthan its replacement cost. In volatile energy markets, this canhave a significant distorting effect on reported income. Theamounts disclosed as inventory holding gains and losses representthe difference between the charge to the income statement forinventory on a FIFO basis (after adjusting for any relatedmovements in net realizable value provisions) and the charge thatwould have arisen based on the replacement cost of inventory. Forthis purpose, the replacement cost of inventory is calculated usingdata from each operation's production and manufacturing system,either on a monthly basis, or separately for each transaction wherethe system allows this approach; and

● an adjustment relating to certain trading inventories that are notprice risk managed which relate to a minimum inventory volume thatis required to be held to maintain underlying business activities.This adjustment represents the movement in fair value of theinventories due to prices, on a grade by grade basis, during theperiod. This is calculated from each operation's inventorymanagement system on a monthly basis using the discrete monthlymovement in market prices for these inventories.

The amounts disclosed are not separately reflected in the financialstatements as a gain or loss. No adjustment is made in respect ofthe cost of inventories held as part of a trading position andcertain other temporary inventory positions that are pricerisk-managed. See Replacement cost (RC) profit or loss definitionbelow.

Liquids -Liquids comprises crude oil, condensate and natural gas liquids.For the oil production & operations segment, it also includesbitumen.

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Glossary (continued)

Major projects have a bp net investment of atleast $250 million, or are considered to be of strategic importanceto bp or of a high degree of complexity.

Operating cash flow is net cash provided by (used in)operating activities as stated in the condensed group cash flowstatement.

Organic capital expenditure is a non-IFRS measure. Organiccapital expenditure comprises capital expenditure on a cash basisless inorganic capital expenditure. bp believes that this measureprovides useful information as it allows investors to understandhow bp's management invests funds in developing and maintaining thegroup's assets. The nearest equivalent measure on an IFRS basis iscapital expenditure on a cash basis and a reconciliation to IFRSinformation is provided on page 27.

We are unable to present reconciliations of forward-lookinginformation for organic capital expenditure to total cash capitalexpenditure, because without unreasonable efforts, we are unable toforecast accurately the adjusting item, inorganic capitalexpenditure, that is difficult to predict in advance in order toderive the nearest IFRS estimate.

Production-sharing agreement/contract (PSA/PSC) is an arrangement through whichan oil and gas company bears the risks and costs of exploration,development and production. In return, if exploration issuccessful, the oil company receives entitlement to variablephysical volumes of hydrocarbons, representing recovery of thecosts incurred and a stipulated share of the production remainingafter such cost recovery.

Realizations are the result of dividingrevenue generated from hydrocarbon sales, excluding revenuegenerated from purchases made for resale and royalty volumes, byrevenue generating hydrocarbon production volumes. Revenuegenerating hydrocarbon production reflects the bp share ofproduction as adjusted for any production which does not generaterevenue. Adjustments may include losses due to shrinkage, amountsconsumed during processing, and contractual or regulatory hostcommitted volumes such as royalties. For the gas & low carbonenergy and oil production & operations segments, realizationsinclude transfers between businesses.

Refining availability represents Solomon Associates'operational availability for bp-operated refineries, which isdefined as the percentage of the year that a unit is available forprocessing after subtracting the annualized time lost due toturnaround activity and all mechanical, process and regulatorydowntime.

Refining indicator margin (RIM) is a simple indicator of theweighted average of bp's crude slate and product yield as deemedrepresentative for each refinery. Actual margins realized by bp mayvary due to a variety of factors, including the actual mix of acrude and product for a given quarter.

The Refiningmarker margin (RMM) is the average of regionalindicator margins weighted for bp's crude refining capacity in eachregion. Each regional marker margin is based on product yields anda marker crude oil deemed appropriate for the region. The regionalindicator margins may not be representative of the margins achievedby bp in any period because of bp's particular refineryconfigurations and crude and product slate.

Replacement cost (RC) profit or loss / RC profit or lossattributable to bp shareholders reflects the replacement cost ofinventories sold in the period and is calculated as profit or lossattributable to bp shareholders, adjusting for inventory holdinggains and losses (net of tax). RC profit or loss for the group isnot a recognized IFRS measure. bp believes this measure is usefulto illustrate to investors the fact that crude oil and productprices can vary significantly from period to period and that theimpact on our reported result under IFRS can be significant.Inventory holding gains and losses vary from period to period dueto changes in prices as well as changes in underlying inventorylevels. In order for investors to understand the operatingperformance of the group excluding the impact of price changes onthe replacement of inventories, and to make comparisons ofoperating performance between reporting periods, bp's managementbelieves it is helpful to disclose this measure. The nearestequivalent measure on an IFRS basis is profit or loss attributableto bp shareholders. A reconciliation to IFRS information isprovided on page 1. RC profit or loss before interest and tax isbp's measure of profit or loss that is required to be disclosed foreach operating segment under IFRS.

Solomon availability - See Refining availabilitydefinition.

Structural cost reduction is calculated as decreases inunderlying operating expenditure* (as defined on page 39) as aresult of operational efficiencies, divestments, workforcereductions and other cost saving measures that are expected to besustainable compared with 2023 levels. The total change betweenperiods in underlying operating expenditure will reflect bothstructural cost reductions and other changes in spend, includingmarket factors, such as inflation and foreign exchange impacts, aswell as changes in activity levels and costs associated with newoperations. Estimates of cumulative annual structural costreduction may be revised depending on whether cost reductionsrealized in prior periods are determined to be sustainable comparedwith 2023 levels. Structural cost reductions are stewardedinternally to support management's oversight of spending overtime.

bp believes this performance measure is useful in demonstrating howmanagement drives cost discipline across the entire organization,simplifying our processes and portfolio and streamlining the way wework. The nearest IFRS measures are production and manufacturingexpenses and distributions and administration expenses. Areconciliation of production and manufacturing expenses plusdistribution and administration expenses to underlying operatingexpenditure is provided on page 31.

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Glossary (continued)

Technical service contract (TSC) - Technical service contract isan arrangement through which an oil and gas company bears the risksand costs of exploration, development and production. In return,the oil and gas company receives entitlement to variable physicalvolumes of hydrocarbons, representing recovery of the costsincurred and a profit margin which reflects incremental productionadded to the oilfield.

Tier 1 and tier 2 process safety events - Tier 1 events are losses ofprimary containment from a process of greatest consequence -causing harm to a member of the workforce, damage to equipment froma fire or explosion, a community impact or exceeding definedquantities. Tier 2 events are those of lesser consequence. Theserepresent reported incidents occurring within bp's operational HSSEreporting boundary. That boundary includes bp's own operatedfacilities and certain other locations or situations. Reportedprocess safety events are investigated throughout the year and as aresult there may be changes in previously reported events.Therefore comparative movements are calculated against internaldata reflecting the final outcomes of such investigations, ratherthan the previously reported comparative period, as this representsa more up to date reflection of the safetyenvironment.

Underlying effective tax rate (ETR) is a non-IFRS measure. Theunderlying ETR is calculated by dividing taxation on an underlyingreplacement cost (RC) basis by underlying RC profit or loss beforetax. Taxation on an underlying RC basis for the group is calculatedas taxation as stated on the group income statement adjusted fortaxation on inventory holding gains and losses and total taxationon adjusting items. Information on underlying RC profit or loss isprovided below. Taxation on an underlying RC basis presented forthe operating segments is calculated through an allocation oftaxation on an underlying RC basis to each segment. bp believes itis helpful to disclose the underlying ETR because this measure mayhelp investors to understand and evaluate, in the same manner asmanagement, the underlying trends in bp's operational performanceon a comparable basis, period on period. Taxation on an underlyingRC basis and underlying ETR are non-IFRS measures. The nearestequivalent measure on an IFRS basis is the ETR on profit or lossfor the period.

We are unable to present reconciliations of forward-lookinginformation for underlying ETR to ETR on profit or loss for theperiod, because without unreasonable efforts, we are unable toforecast accurately certain adjusting items required to present ameaningful comparable IFRS forward-looking financial measure. Theseitems include the taxation on inventory holding gains and lossesand adjusting items, that are difficult to predict in advance inorder to include in an IFRS estimate.

Underlying operating expenditure is a non-IFRS measure and asubset of production and manufacturing expenses plus distributionand administration expenses and excludes costs that are classifiedas adjusting items. It represents the majority of the remainingexpenses in these line items but excludes certain costs that arevariable, primarily with volumes (such as freight costs). Othervariable costs are included in purchases in the income statement.Management believes that underlying operating expenditure is aperformance measure that provides investors with useful informationregarding the company's financial performance because it considersthese expenses to be the principal operating and overhead expensesthat are most directly under their control although they alsoinclude certain foreign exchange and commodity price effects. Thenearest IFRS measures are production and manufacturing expenses anddistribution and administration expenses. A reconciliation ofproduction and manufacturing expenses plus distribution andadministration expenses to underlying operating expenditure isprovided on page 31.

Underlying production - 2025 underlying production,when compared with 2024, is production after adjusting foracquisitions and divestments, curtailments, and entitlement impactsin our production-sharing agreements/contracts and technicalservice contract*.

Underlying RC profit or loss / underlying RC profit or lossattributable to bp shareholders is a non-IFRS measure and is RCprofit or loss* (as defined on page 38) after excluding netadjusting items and related taxation. See page 28 for additionalinformation on the adjusting items that are used to arrive atunderlying RC profit or loss in order to enable a fullunderstanding of the items and their financialimpact.

Underlying RC profit or loss before interest andtax for the operating segments orcustomers & products businesses is calculated as RC profit orloss (as defined above) including profit or loss attributable tonon-controlling interests before interest and tax for the operatingsegments and excluding net adjusting items for the respectiveoperating segment or business.

bp believes that underlying RC profit or loss is a useful measurefor investors because it is a measure closely tracked by managementto evaluate bp's operating performance and to make financial,strategic and operating decisions and because it may help investorsto understand and evaluate, in the same manner as management, theunderlying trends in bp's operational performance on a comparablebasis, period on period, by adjusting for the effects of theseadjusting items. The nearest equivalent measure on an IFRS basisfor the group is profit or loss attributable to bp shareholders.The nearest equivalent measure on an IFRS basis for segments andbusinesses is RC profit or loss before interest and taxation. Areconciliation to IFRS information is provided on page 1 for thegroup and pages 6-13 for the segments.

Underlying RC profit or loss per share / underlying RC profit orloss per ADS is a non-IFRS measure. Earningsper share is defined in Note 7. Underlying RC profit or loss perordinary share is calculated using the same denominator as earningsper share as defined in the consolidated financial statements. Thenumerator used is underlying RC profit or loss attributable to bpshareholders, rather than profit or loss attributable to bpordinary shareholders. Underlying RC profit or loss per ADS iscalculated as outlined above for underlying RC profit or loss pershare except the denominator is adjusted to reflect one ADSequivalent to six ordinary shares. bp believes it is helpful todisclose the underlying RC profit or loss per ordinary share andper ADS because these measures may help investors to understand andevaluate, in the same manner as management, the underlying trendsin bp's operational performance on a comparable basis, period onperiod. The nearest equivalent measure on an IFRS basis is basicearnings per share based on profit or loss for the periodattributable to bp ordinary shareholders.

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Glossary (continued)

upstream includes oil and natural gasfield development and production within the gas & low carbonenergy and oil production & operationssegments.

upstream/hydrocarbon plant reliability (bp-operated) is calculatedtaking 100% less the ratio of total unplanned plant deferralsdivided by installed production capacity, excluding non-operatedassets and bpx energy. Unplanned plant deferrals are associatedwith the topside plant and where applicable the subsea equipment(excluding wells and reservoir). Unplanned plant deferrals includebreakdowns, which does not include Gulf of America weather relateddowntime.

upstream unit production costs are calculated as production costdivided by units of production. Production cost does not include advalorem and severance taxes. Units of production are barrels forliquids and thousands of cubic feet for gas. Amounts disclosed arefor bp subsidiaries only and do not include bp's share ofequity-accounted entities.

Working capital is movements in inventories andother current and non-current assets and liabilities as reported inthe condensed group cash flow statement.

Change in working capital adjusted for inventory holdinggains/losses, fair value accounting effects relating tosubsidiaries and other adjusting items is a non-IFRS measure. It iscalculated by adjusting for inventory holding gains/losses reportedin the period; fair value accounting effects relating tosubsidiaries reported within adjusting items for the period; andother adjusting items relating to the non-cash movement of USemissions obligations carried as a provision that will be settledby allowances held as inventory. This represents what would havebeen reported as movements in inventories and other current andnon-current assets and liabilities, if the starting point indetermining net cash provided by operating activities had beenunderlying replacement cost profit rather than profit for theperiod. The nearest equivalent measure on an IFRS basis for this ismovements in inventories and other current and non-current assetsand liabilities.

bp utilizes various arrangements in order to manage its workingcapital including discounting of receivables and, in the supply andtrading business, the active management of supplier payment terms,inventory and collateral.

Trade marks

Trade marks of the bp group appear throughout this announcement.They include:

bp, Amoco, Aral, ampm, bp pulse, Castrol, PETRO, TA, and Thorntons

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Cautionary statement

In order to utilize the 'safe harbor' provisions of the UnitedStates Private Securities Litigation Reform Act of 1995 (the'PSLRA') and the general doctrine of cautionary statements, bp isproviding the following cautionary statement:

The discussion in this announcement contains certain forecasts,projections and forward-looking statements - that is, statementsrelated to future, not past events and circumstances - with respectto the financial condition, results of operations and businesses ofbp and certain of the plans and objectives of bp with respect tothese items. These statements may generally, but not always, beidentified by the use of words such as 'will', 'expects', 'isexpected 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 allforward-looking in nature: plans, expectations and assumptionsregarding oil and gas demand, supply, prices or volatility;expectations regarding production and volumes; expectationsregarding turnaround and maintenance activity; plans andexpectations regarding bp's balance sheet, financial performance,results of operations, cost reduction, cash flows, and shareholderreturns; plans and expectations regarding the amount and timing ofdividends, share buybacks, and dividend reinvestment programs;plans and expectations regarding bp's upstream production; plansand expectations regarding the amount, timing, quantum and natureof certain acquisitions, divestments and related payments; plansand expectations regarding bp's net debt , investment strategy,capital expenditures, capital frame, underlying effective tax rate,and depreciation, depletion and amortization; plans andexpectations regarding Albert Manifold joining bp's board andrelated timing; plans and expectations regarding a review of bp'sportfolio of businesses and a further cost review including theoutcomes of those reviews; expectations regarding bp's taxliabilities and future impact of German tax legislation on bp'sresults of operations, financial position and tax obligations;expectations regarding bp's customers business, including withrespect to volumes and fuel margins; expectations regarding bp'sproducts, including underlying performance, refinery turnaroundactivity, refining margins and operations; expectations regardingbp's other businesses & corporate underlying annual charge;expectations regarding Gulf of America settlement payments;expectations regarding improvements associated with bp's transitionto a refining indicator margin (RIM) and the associated refiningrule of thumb (RoT); expectations regarding TPAO's participation inthe Shafag-Asiman production-sharing agreement; expectationsregarding bp's low carbon energy business, including the JERA Nexbp offshore wind joint venture, bp's plans to sell its US onshorewind business and timing of completion, and bp's plans to exit theAustralian Renewable Energy Hub project; expectations regarding theAgogo Integrated West Hub Project; expectations regarding theGajajeira-01 exploration well, including initial assessments of thegas volumes in place; plans and expectations in relation to thediscovery in the Bumerangue block including the outcome oflaboratory testing of hydrocarbon samples and the potential of thediscovery; expectations regarding bp's investment in the AtlantisMajor Facility Expansion Project; expectations regarding bp's plansto sell its Netherlands mobility & convenience and bp pulsebusinesses, including timing of completion of the divestment;expectations regarding bp's plans to sell its mobility andconvenience business in Austria, including timing of thedivestment; expectations regarding sale of certain assets ofLightsource bp, including timing of completion of the sale; andexpectations regarding the principal risks and uncertaintiesaffecting bp.

By their nature, forward-looking statements involve risk anduncertainty because they relate to events and depend oncircumstances that will or may occur in the future and are outsidethe control of bp. Recent global developments have causedsignificant uncertainty and volatility in macroeconomic conditionsand commodity markets. Each item of outlook and guidance set out inthis announcement is based on bp's current expectations but actualoutcomes and results may be impacted by these evolvingmacroeconomic and market conditions.

Actual results or outcomes may differ materially from thoseexpressed in such statements, depending on a variety of factors,including: the extent and duration of the impact of current marketconditions including the volatility of oil prices, the effects ofbp's plan to exit its shareholding in Rosneft and other investmentsin Russia, overall global economic and business conditionsimpacting bp's business and demand for bp's products as well as thespecific factors identified in the discussions accompanying suchforward-looking statements; changes in consumer preferences andsocietal expectations; the pace of development and adoption ofalternative energy solutions; developments in policy, law,regulation, technology and markets, including societal and investorsentiment related to the issue of climate change; the receipt ofrelevant third party and/or regulatory approvals including ongoingapprovals required for the continued developments of approvedprojects; the timing and level of maintenance and/or turnaroundactivity; the timing and volume of refinery additions and outages;the timing of bringing new fields onstream; the timing, quantum andnature of certain acquisitions and divestments; future levels ofindustry product supply, demand and pricing, including supplygrowth in North America and continued base oil and additive supplyshortages; OPEC+ quota restrictions; PSA and TSC effects;operational and safety problems; potential lapses in productquality; economic and financial market conditions generally or invarious countries and regions; political stability and economicgrowth in relevant areas of the world; changes in laws andgovernmental regulations and policies, including related to climatechange; changes in social attitudes and customer preferences;regulatory or legal actions including the types of enforcementaction pursued and the nature of remedies sought or imposed; theactions of prosecutors, regulatory authorities and courts; delaysin the processes for resolving claims; amounts ultimately payableand timing of payments relating to the Gulf of America oil spill;exchange rate fluctuations; development and use of new technology;recruitment and retention of a skilled workforce; the success orotherwise of partnering; the actions of competitors, tradingpartners, contractors, subcontractors, creditors, rating agenciesand others; bp's access to future credit resources; businessdisruption and crisis management; the impact on bp's reputation ofethical misconduct and non-compliance with regulatory obligations;trading losses; major uninsured losses; the possibility thatinternational sanctions or other steps taken by governmentalauthorities or any other relevant persons may impact bp's abilityto sell its interests in Rosneft, or the price for which bp couldsell such interests; the actions of contractors; natural disastersand adverse weather conditions; changes in public expectations andother changes to business conditions; wars and acts of terrorism;cyber-attacks or sabotage; and those factors discussed under "Riskfactors" in bp's Annual Report and Form 20-F for fiscal year 2024as filed with the US Securities and ExchangeCommission.

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Cautionary note to U.S. investors

This document contains references to non-proved reserves andproduction outlooks based on non-proved reserves that the SEC'srules prohibit us from including in our filings with the SEC. U.S.investors are urged to consider closely the disclosures in our Form20-F, SEC File No. 1-06262. This form is available on our websiteat www.bp.com. You can also obtain this form from the SEC's websiteat www.sec.gov.

The contents of websites referred to in this announcement do notform part of this announcement.

Contacts

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BP p.l.c.'s LEI Code 213800LH1BZH3D16G760

SIGNATURES

Pursuantto the requirements of the Securities Exchange Act of 1934, theregistrant has duly caused this report to be signed on its behalfby the undersigned, thereunto duly authorized.

	BPp.l.c.
	(Registrant)

Dated: 05August 2025
	/s/ BenJ. S. Mathews
	------------------------
	Ben J.S. Mathews
	CompanySecretary