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
 


          for the period ended 28 April 2009
 
 

           BP p.l.c.
                 (Translation of registrant's name into English)
 
 

                 1 ST JAMES'S SQUARE, LONDON, SW1Y 4PD, ENGLAND
                    (Address of principal executive offices)
 
 

     Indicate  by check mark  whether the  registrant  files or will file annual
     reports under cover Form 20-F or Form 40-F.
 
 
Form 20-F        |X|          Form 40-F
                         ---------------               ----------------
 
 

     Indicate by check mark whether the registrant by furnishing the information
     contained in this Form is also thereby  furnishing  the  information to the
     Commission  pursuant to Rule 12g3-2(b) under the Securities Exchange Act of
     1934.
 
 

Yes                            No        |X|
                         ---------------               ----------------
 
 


 
 
 

Top of page 1

BP p.l.c. 

Group results

First quarter 2009
 
 

 


London 28 April 2009 

FOR IMMEDIATE RELEASE

 


         

First 

   

First 

Fourth 

First 

quarter 

   

quarter 

quarter 

quarter 

2009 vs 

   

2009 

2008 

2008 

2008 

$ million

         

Profit (loss) for the period(a)

 

2,562 

(3,344)

7,094 

 

Inventory holding (gains) losses, net of tax 

                         

(175)

5,931 

(863)

 

Replacement cost profit

 

2,387 

2,587 

6,231 

(62)% 

 

   

       

-    per ordinary share (cents)

 

12.75 

13.93 

33.01 

(61)% 

-    per ADS (dollars)

 

0.77 

0.84 

1.98 

 









 

(a)

Profit (loss) attributable to BP shareholders.



The commentaries above and following are based on replacement cost profit and should be read in conjunction with the cautionary statement on page 17.



Top of page 2

Analysis of replacement cost profit before interest and tax and reconciliation to profit for the period

 


   

First 

Fourth 

First 

   

quarter 

quarter 

quarter 

   

2009 

2008 

2008 

$ million

       

Exploration and Production

 

4,320 

4,756 

10,072 

Refining and Marketing

 

1,090 

416 

1,249 

Other businesses and corporate

 

(761)

(680)

(213)

Consolidation adjustment(a)

 

(405)

633 

(784)

RC profit before interest and tax(b)

                

4,244 

5,125 

10,324 

         

Finance costs and net finance income or expense relating to

       

  pensions and other post-retirement benefits

   

(368)

(251)

(246)

Taxation on a replacement cost basis

 

(1,454)

(2,145)

(3,729)

Minority interest

 

(35)

(142)

(118)

Replacement cost profit attributable to BP shareholders

 

2,387 

2,587 

6,231 

         

Inventory holding gains (losses) 

 

254 

(8,788)

1,326 

Taxation (charge) credit on inventory holding gains and losses

 

(79)

2,857 

(463)

Profit for the period attributable to BP shareholders

 

2,562 

(3,344)

7,094 



(a)

The consolidation adjustment for the first quarter is the outcome of higher margins and volumes; in the fourth quarter of 2008 it was impacted by a significant fall in prices; in the first quarter of 2008 it was impacted by higher volumes.

(b)

Replacement cost profit reflects the replacement cost of supplies. For further information see page 14.



Total of non-operating items and fair value accounting effects(a)(b)  

 


   

First 

Fourth 

First 

   

quarter 

quarter 

quarter 

   

2009 

2008 

2008 

$ million

       

Exploration and Production

                                                                 

469 

497 

(635)

Refining and Marketing

   

(459)

(228)

710 

Other businesses and corporate

 

(321)

(301)

(81)

   

(311)

(32)

(6)

Taxation credit (charge)(c)

 

117 

14 

         
   

(194)

(18)

(4)



(a)

An analysis of non-operating items by type is provided on page 15 and an analysis by region is shown on pages 5, 7 and 8.

(b)

Information on fair value accounting effects is non-GAAP. For further details, see page 16.

(c)

Tax is calculated using the quarter's effective tax rate on replacement cost profit .



Top of page 3

Per share amounts

 


   

First 

Fourth 

First 

   

quarter 

quarter 

quarter 

   

2009 

2008 

2008 

Per ordinary share (cents) (a)

       

Profit (loss) for the period

                                                                      

13.69 

(17.62)

37.58 

RC profit for the period

   

12.75 

13.93 

33.01 

         

Per ADS (dollars) (a)

       

Profit (loss) for the period

 

0.82 

(1.06)

2.25 

RC profit for the period

 

0.77 

0.84 

1.98  



(a)

See Note 4 on page 20 for details of the calculation of earnings per share.



Net debt ratio - net debt: net debt + equity

 


   

First 

Fourth 

First 

   

quarter 

quarter 

quarter 

   

2009 

2008 

2008 

$ million

       

Gross debt

 

34,698 

33,204 

29,871 

Less: fair value asset (liability) of hedges related to finance debt

             

(323)

(34)

1,234 

   

35,021 

33,238 

28,637 

Cash and cash equivalents

   

8,360 

8,197 

4,820 

Net debt

 

26,661 

25,041 

23,817 

Equity

 

91,179 

92,109 

99,165 

Net debt ratio

 

23% 

21% 

19% 



Net debt and net debt ratio are non-GAAP measures. Net debt includes the fair value of associated derivative financial instruments that are used to hedge foreign exchange and interest rate risks relating to finance debt, for which hedge accounting is claimed. The derivatives are reported on the balance sheet within the headings 'Derivative financial instruments'. We believe that net debt and net debt ratio provide useful information to investors. Net debt enables investors to see the economic effect of gross debt, related hedges and cash and cash equivalents in total. The net debt ratio enables investors to see how significant net debt is relative to equity from shareholders.
 
 

Dividends

 


Dividends Payable
 

BP today announced a dividend of 14 cents per ordinary share to be paid in June. Holders of ordinary shares will receive 9.584 pence per share and holders of American Depositary Receipts $0.84 per ADS. The dividend is payable on 8 June 2009 to shareholders on the register on 15 May 2009. Participants in the Dividend Reinvestment Plan (DRIP) or the DRIP facility in the US Direct Access Plan will receive the dividend in the form of shares, also on 8 June 2009.
 

Dividends Paid

 

First 

Fourth 

First 

   

quarter 

quarter 

quarter 

   

2009 

2008 

2008 

         

Dividends paid per ordinary share

                                                          

     

    cents

   

14.000 

14.000 

13.525 

    pence

 

9.818 

8.705 

6.813 

Dividends paid per ADS (cents)

 

84.00 

84.00 

81.15 



Top of page 4

Exploration and Production

 


$ million

 

First 

Fourth 

First 

   

quarter 

quarter 

quarter 

   

2009 

2008 

2008 

Profit before interest and tax(a)

 

4,286 

4,497 

10,054 

Inventory holding (gains) losses

 

34 

259 

18 

Replacement cost profit before interest and tax

                                   

4,320 

4,756 

10,072 

         

By region

   

     

US

 

1,143 

1,299 

3,085 

Non-US

 

3,177 

3,457 

6,987 

   

4,320 

4,756 

10,072 



(a)

Includes profit after interest and tax of equity-accounted entities.



The replacement cost profit before interest and tax for the first quarter was $4,320 million, a decrease of 57% compared with the first quarter of 2008. This decrease was primarily due to lower realizations and lower earnings from equity-accounted entities, primarily TNK-BP due to lower prices and the effect of lagged tax reference prices. This was partly offset by significantly lower costs, the impact of higher reported volumes and a strong contribution from the gas marketing and trading business. Unit production costs were 11% lower than in the first quarter of 2008.
 

Additionally, the result reflected a net non-operating gain of $311 million in the first quarter, which was mainly attributable to fair value gains on embedded derivatives. The corresponding quarter of 2008 contained a net non-operating charge of $376 million. In the first quarter, fair value accounting effects had a favourable impact of $158 million compared with an unfavourable impact of $259 million a year ago.
 

Reported production for the quarter was 4,016mboe/d, more than 2% higher than the first quarter of 2008. After adjusting for entitlement impacts in our production-sharing agreements (PSAs) and the effect of OPEC quota restrictions, production was more than 4% higher than the first quarter of 2008. This primarily reflects the ramp-up of production from major projects that started up in 2008. As previously indicated, we expect production in 2009 to be higher than 2008. The actual growth rate will depend on a number of factors, including the oil price and its impact on PSAs and OPEC quota restrictions. We expect the quarterly phasing of underlying production during the year to reflect the normal seasonal effects associated with turnaround activity in the second and third quarters.
 

In the Gulf of Mexico, production from Thunder Horse continued to ramp up during the quarter as wells in Thunder Horse North came onstream. In Russia, TNK-BP announced that it had commenced commercial production from the Urna and Ust-Tegus fields in the Uvat area of the Tyumen region.
 

On 3 March, Sonangol and BP announced the Leda oil discovery in ultra-deepwater Block 31, offshore Angola (BP 26.67% and operator). This is the seventeenth discovery made by BP in Block 31.
 
 

Top of page 5

Exploration and Production

 


$ million

 

First 

Fourth 

First 

   

quarter 

quarter 

quarter 

   

2009 

2008 

2008 

Non-operating items

       

US

 

71 

(318)

(8)

Non-US

 

240 

562 

(368)

   

311 

244 

(376)

         

Fair value accounting effects(a)  

                                                     

     

US

 

208 

11 

(142)

Non-US

   

(50)

242 

(117)

   

158 

253 

(259)

Exploration expense

       

US

 

44 

128 

72 

Non-US

 

75 

111 

221 

   

119 

239 

293 

         

Production  (net of royalties) (b)

       

Liquids  (mb/d) (net of royalties) (c)  

       

US

 

643 

590 

554 

Europe

 

212 

216 

235 

Russia

 

822 

827 

818 

Rest of World

 

827 

827 

846 

   

2,504 

2,460 

2,453 

Natural gas (mmcf/d) (net of royalties)

       

US

 

2,335 

2,243 

2,149 

Europe

 

838 

858 

996 

Russia

 

642 

621 

512 

Rest of World

 

4,952 

4,891 

4,807 

   

8,767 

8,613 

8,464 

Total hydrocarbons (mboe/d) (d) 

       

US

 

1,046 

976 

925 

Europe

 

357 

365 

406 

Russia

 

933 

934 

906 

Rest of World

 

1,680 

1,670 

1,676 

   

4,016 

3,945 

3,913 

         

Average realizations(e)

       

Total liquids ($/bbl)

 

41.26 

52.09 

90.92 

Natural gas ($/mcf)

 

3.63 

5.08 

5.88 

Total hydrocarbons ($/boe)

 

31.40 

40.94 

62.27 



(a)

These effects represent the favourable (unfavourable) impact relative to management's measure of performance. Further information on fair value accounting effects is provided on page 16.

(b)

Includes BP's share of production of equity-accounted entities.

(c)

Crude oil and natural gas liquids.

(d)

Natural gas is converted to oil equivalent at 5.8 billion cubic feet = 1 million barrels.

(e)

Based on sales of consolidated subsidiaries only - this excludes equity-accounted entities.

 

Because of rounding, some totals may not agree exactly with the sum of their component parts.



Top of page 6

Refining and Marketing

 


   

First 

Fourth  

First 

   

quarter 

quarter 

quarter 

   

2009 

2008 

2008 

$ million

       

Profit (loss) before interest and tax(a)

 

1,417 

(8,064)

2,573 

Inventory holding (gains) losses

 

(327)

8,480 

(1,324)

Replacement cost profit (loss) before interest and tax

                       

1,090 

416 

1,249 

         

By region

       

     

US

 

308 

(735)

154 

Non-US

 

782 

1,151 

1,095 

   

1,090 

416 

1,249 



(a)

Includes profit after interest and tax of equity-accounted entities.



The replacement cost profit before interest and tax for the first quarter was $1,090 million compared with $1,249 million for the same period last year. The quarter's result included a net non-operating charge of $350 million, primarily relating to restructuring. This compares with a net non-operating gain of $609 million for the same period last year. In the first quarter, fair value accounting effects had an unfavourable impact of $109 million. A year ago, the impact was $101 million favourable. 
 

Compared to the same quarter last year, the segment's performance was significantly better, with the benefits of improved operational and cost momentum more than offsetting the effects of a weaker environment. Despite the improved global refining indicator margins, actual refining margins were worse than the same quarter last year. Upgrading margins were particularly poor in the first quarter due to narrowing of the gasoline-distillate and light-heavy crude spreads, which adversely impacted our highly upgraded facilities. Petrochemicals margins and volumes were also significantly worse than a year ago. These environmental effects were more than offset by a substantially improved operational performance in refining, a very strong supply and trading contribution and significant cost improvements from our simplification and efficiency efforts and the absence of major restoration and repair costs.

 

In the first quarter, US refining margins returned to a modest premium relative to other regions and the unusual adverse impacts from prior-month pricing of domestic pipeline barrels, that impacted our fourth-quarter results, were not repeated. Consequently, the operational momentum from the restoration of our US refineries to full capability, combined with significantly lower costs from our simplification efforts and very strong supply and trading, delivered a much improved US result.
 

Outside the US, we did not see a repeat of the adverse foreign exchange impacts from the fourth quarter. Therefore, despite significantly lower refining and petrochemical margins, through good cost management and strong supply and trading performance, we delivered a similar performance to the first quarter of 2008 after adjusting for non-operating items and fair value accounting effects.

 

Refining throughput for the quarter was 2,246mb/d compared to 2,166mb/d for the same period a year ago. Solomon availability was nearly one percentage point above the fourth quarter of 2008 and more than four percentage points higher than the first quarter of 2008, the increases being driven primarily by improvements at the Texas City refinery. 
 

The overall weak environment for marketing and petrochemicals is expected to continue. Refining margins were weak in March and the extent of seasonal demand factors will be a significant determinant of refining margins in the second quarter. Our refining availability is expected to remain higher than in 2008. Scheduled maintenance in the second quarter is expected to have a greater impact than in the first quarter.
 
 

Top of page 7

  Refining and Marketing

 


   

First 

Fourth  

First 

   

quarter 

quarter 

quarter 

$ million

 

2009 

2008 

2008 

Non-operating items

       

US

                                                

(134)

43 

774 

Non-US

 

(216)

(206)

(165)

   

(350)

(163)

609 

Fair value accounting effects(a)

   

     

US

 

65 

(91)

95 

Non-US

 

(174)

26 

   

(109)

(65)

101 

Refinery throughputs (mb/d)

       

US

 

1,164 

1,063 

1,076 

Europe

 

783 

697 

775 

Rest of World

 

299 

272 

315 

Total throughput

 

2,246 

2,032 

2,166 

Refining availability  (%) (b)

 

92.3 

91.4 

88.0 

Oil sales volumes  (mb/d)

       

Refined products

       

US

 

1,402 

1,435 

1,455 

Europe

 

1,529 

1,564 

1,565 

Rest of World

 

617 

667 

692 

Total marketing sales

 

3,548 

3,666 

3,712 

Trading/supply sales

 

2,170 

1,779 

2,047 

Total refined product sales

 

5,718 

5,445 

5,759 

Crude oil

 

1,844 

1,540 

1,860 

Total oil sales

 

7,562 

6,985 

7,619 

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

       

NWE

 

4.67 

7.48 

4.79 

USGC

 

6.69 

2.49 

6.21 

US Midwest

 

7.03 

2.53 

1.11 

USWC

 

9.96 

6.80 

5.91 

Singapore

 

2.51 

5.16 

4.76 

BP Average

 

6.20 

5.20 

4.57 

Chemicals production  (kte)

       

US

 

713 

579 

1,036 

Europe

 

788 

612 

969 

Rest of World

 

1,119 

1,196 

1,531 

Total production

 

2,620 

2,387 

3,536 



(a)

These effects represent the favourable (unfavourable) impact relative to management's measure of performance. Further information on fair value accounting effects is provided on page 16.

(b)

Refining availability represents Solomon Associates' operational availability, which is defined as the percentage of the year that a unit is available for processing after subtracting the annualized time lost due to turnaround activity and all planned mechanical, process and regulatory maintenance downtime.

(c)

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



Top of page 8

Other businesses and corporate

 


   

First 

Fourth  

First 

   

quarter 

quarter 

quarter 

$ million

 

2009 

2008 

2008 

         

Profit (loss) before interest and tax(a)

 

(800)

(729)

(193)

Inventory holding (gains) losses

 

39 

49 

(20)

Replacement cost profit (loss) before interest and tax 

 

(761)

(680)

(213)

         

By region

                       

     

US

   

(279)

(277)

(152)

Non-US

 

(482)

(403)

(61)

   

(761)

(680)

(213)

Results include

       

Non-operating items

       

US

 

(116)

(115)

(49)

Non-US

 

(205)

(186)

(32)

   

(321)

(301)

(81)



(a)

Includes profit after interest and tax of equity-accounted entities.



Other businesses and corporate comprises the Alternative Energy business, Shipping, the group's aluminium asset, Treasury (which includes interest income on the group's cash and cash equivalents), and corporate activities worldwide.
 

The replacement cost loss before interest and tax for the first quarter was $761 million, compared with a loss of $213 million a year ago. The net non-operating charge for the first quarter was $321 million, compared with a net charge of $81 million a year ago. The first-quarter loss, excluding non-operating items, was in line with the guidance provided in our 2008 full-year results announcement.
 

In Alternative Energy, we announced the completion of phase I of the 100MW Flat Ridge Wind Farm in Barber County, Kansas, US, a 50:50 joint venture between BP and Westar Energy, Inc. On 15 April, commercial operations commenced at the Fowler Ridge Wind Farm in Benton County, Indiana, the largest in the US Midwest at 400MW, where BP and Dominion are equal partners in a total capacity of approximately 300MW. BP's total net wind

capacity (b)  as at the end of the first quarter was 678MW, compared to 172MW a year ago.
 

During the fourth quarter, we announced plans to refocus BP Solar's manufacturing activities in order to reduce unit costs and improve competitiveness. As part of this programme, module assembly will be phased out at Frederick, Maryland, in the US, and our cell manufacture and module assembly facilities in Madrid, Spain, will close. 
 

Solar sales in the first quarter were 15MW, compared to 34MW in the same period in 2008, reflecting ongoing weak demand in the market.
 

On 18 February, our Biofuels business announced the formation of a 50:50 joint venture between BP and the  Verenium Corporation. Together the companies have agreed to commit $45 million in funding and assets to the joint venture to develop and commercialize cellulosic ethanol from non-food feedstocks.
 

(b)

Net wind capacity is the sum of the rated capacities of the assets/turbines that have entered into commercial operation, including BP's share of equity-accounted entities.



Top of page 9

Group income statement

 


   

First 

Fourth 

First 

   

quarter 

quarter 

quarter 

   

2009 

2008 

2008 

$ million

       

Sales and other operating revenues (Note 2)

 

47,296 

61,477 

87,745 

Earnings from jointly controlled entities - after interest and tax

 

220 

(876)

975 

Earnings from associates - after interest and tax

 

285 

167 

225 

Interest and other income

 

203 

170 

278 

Gains on sale of businesses and fixed assets

                

81 

156 

925 

Total revenues and other income

 

48,085 

61,094 

90,148 

 

   

     

Purchases

 

30,777 

49,860 

62,389 

Production and manufacturing expenses

 

6,107 

7,427 

6,799 

Production and similar taxes (Note 3)

 

461 

732 

1,609 

Depreciation, depletion and amortization

 

2,823 

2,700 

2,782 

Impairment and losses on sale of businesses and fixed assets

 

137 

1,616 

40 

Exploration expense 

 

119 

239 

293 

Distribution and administration expenses

 

3,349 

3,745 

3,896 

Fair value (gain) loss on embedded derivatives

 

(186)

(1,562)

690 

Profit (loss) before interest and taxation 

 

4,498 

(3,663)

11,650 

Finance costs

 

318 

369 

406 

Net finance expense (income) relating to pensions and 

       

  other post-retirement benefits

 

50 

(118)

(160)

Profit (loss) before taxation 

 

4,130 

(3,914)

11,404 

Taxation 

 

1,533 

(712)

4,192 

Profit (loss) for the period

 

2,597 

(3,202)

7,212 

Attributable to

       

  BP shareholders

 

2,562 

(3,344)

7,094 

  Minority interest

 

35 

142 

118 

   

2,597 

(3,202)

7,212 

Earnings per share - cents (Note 4)

       

Profit (loss) for the period attributable to BP shareholders

       

Basic

 

13.69 

(17.62)

37.58 

Diluted

 

13.54 

(17.62)

37.25 



Top of page 10

Group statement of comprehensive income

 


   

First 

Fourth 

First 

   

quarter 

quarter 

quarter 

   

2009 

2008 

2008 

$ million

       

Profit (loss) for the period

 

2,597 

(3,202)

7,212 

Currency translation differences

 

(1,011)

(2,270)

778 

Actuarial loss relating to pensions and other post-retirement benefits

 

(8,430)

Available-for-sale investments marked to market

   

74 

(422)

(191)

Available-for-sale investments - recycled to the income statement

   

546 

(5)

Cash flow hedges marked to market

 

(211)

(702)

74 

Cash flow hedges - recycled to the income statement

 

239 

30 

(2)

Cash flow hedges - recycled to the balance sheet

      

71 

23 

(23)

Taxation

 

(82)

2,561 

97 

Other comprehensive income

 

(918)

(8,664)

728 

Total comprehensive income

 

1,679 

(11,866)

7,940 

Attributable to

       

  BP shareholders

 

1,668 

(11,944)

7,818 

  Minority interest

 

11 

78 

122 

   

1,679 

(11,866)

7,940 



Group statement of changes in equity

 


   

BP 

   
   

shareholders' 

Minority 

Total 

   

equity 

interest 

equity 

$ million

       

At 31 December 2008

 

91,303 

806 

92,109 

 

                                                        

     

Total comprehensive income

 

1,668 

11 

1,679 

Dividends

   

(2,619)

(111)

(2,730)

Share-based payments (net of tax)

 

121 

121 

         

At 31 March 2009

 

90,473 

706 

91,179 



   

BP 

   
   

shareholders' 

Minority 

Total 

   

equity 

interest 

equity 

$ million

       

At 31 December 2007

 

93,690 

962 

94,652 

 

                                                     

     

Total comprehensive income

 

7,818 

122 

7,940 

Dividends

   

(2,554)

(36)

(2,590)

Repurchase of ordinary share capital

 

(795)

(795)

Share-based payments (net of tax)

 

(42)

(42)

         

At 31 March 2008

 

98,117 

1,048 

99,165 



Top of page 11

Group balance sheet

 


   

31 March 

31 December 

   

2009 

2008 

$ million

     

Non-current assets

     

Property, plant and equipment

 

103,316 

103,200 

Goodwill

 

9,770 

9,878 

Intangible assets

 

10,526 

10,260 

Investments in jointly controlled entities

 

14,846 

23,826 

Investments in associates

 

13,033 

4,000 

Other investments

 

915 

855 

Fixed assets

 

152,406 

152,019 

Loans

 

1,004 

995 

Other receivables

 

746 

710 

Derivative financial instruments

 

5,004 

5,054 

Prepayments

 

1,282 

1,338 

Defined benefit pension plan surpluses

 

1,704 

1,738 

   

162,146 

161,854 

Current assets

           

   

Loans

 

169 

168 

Inventories

 

15,292 

16,821 

Trade and other receivables

 

26,234 

29,261 

Derivative financial instruments

   

7,753 

8,510 

Prepayments 

 

2,966 

3,050 

Current tax receivable

   

283 

377 

Cash and cash equivalents

 

8,360 

8,197 

   

61,057 

66,384 

Total assets

 

223,203 

228,238 

Current liabilities

     

Trade and other payables

 

31,031 

33,644 

Derivative financial instruments

 

7,983 

8,977 

Accruals 

 

5,313 

6,743 

Finance debt

 

15,260 

15,740 

Current tax payable

 

2,957 

3,144 

Provisions

 

1,350 

1,545 

   

63,894 

69,793 

Non-current liabilities

     

Other payables

 

3,080 

3,080 

Derivative financial instruments

 

6,054 

6,271 

Accruals

 

800 

784 

Finance debt

 

19,438 

17,464 

Deferred tax liabilities

 

16,177 

16,198 

Provisions

 

12,417 

12,108 

Defined benefit pension plan and other post-retirement benefit plan deficits

 

10,164 

10,431 

   

68,130 

66,336 

Total liabilities

 

132,024 

136,129 

Net assets

 

91,179 

92,109 

Equity

     

BP shareholders' equity

 

90,473 

91,303 

Minority interest

 

706 

806 

   

91,179 

92,109 



Top of page 12

Condensed group cash flow statement

 

 

 

First 

Fourth 

First 

 

 

quarter 

quarter 

quarter 

 

 

2009 

2008 

2008 

$ million

 

 

 

 

Operating activities

 

 

 

 

Profit (loss) before taxation

 

4,130 

(3,914)

11,404 

Adjustments to reconcile profit before taxation to net cash

 

 

 

 

provided by operating activities

 

 

 

 

Depreciation, depletion and amortization and 

    

 

 

 

  exploration expenditure written off

 

2,849 

2,759 

2,966 

Impairment and (gain) loss on sale of businesses and fixed assets

 

56 

1,460 

(885)

Earnings from equity-accounted entities, less dividends received

 

(252)

1,779 

187 

Net charge for interest and other finance expense, less net

 

 

 

 

  interest paid

   

89 

(81)

(118)

Share-based payments

 

86 

93 

65 

Net operating charge for pensions and other post-retirement benefits,

 

 

 

 

  less contributions and benefit payments for unfunded plans

 

26 

(322)

117 

Net charge for provisions, less payments

 

281 

(185)

(165)

Movements in inventories and other current and non-current 

 

 

 

 

  assets and liabilities (a)

 

32 

6,945 

(717)

Income taxes paid

 

(1,725)

(2,915)

(1,960)

Net cash provided by operating activities

 

5,572 

5,619 

10,894 

Investing activities

 

 

 

 

Capital expenditure

 

(4,817)

(5,762)

(4,435)

Acquisitions, net of cash acquired

 

(186)

Investment in jointly controlled entities

 

(103)

(202)

(366)

Investment in associates

 

(47)

(60)

(4)

Proceeds from disposal of fixed assets

 

311 

218 

276 

Proceeds from disposal of businesses, net of cash disposed

 

11 

Proceeds from loan repayments

 

117 

163 

122 

Other

 

47 

Net cash (used in) provided by investing activities

 

(4,492)

(5,818)

(4,407)

Financing activities

 

 

 

 

Net issue (repurchase) of shares

 

35 

64 

(889)

Proceeds from long-term financing

 

4,619 

4,732 

2,177 

Repayments of long-term financing

 

(2,580)

(1,565)

(537)

Net increase (decrease) in short-term debt

 

(182)

1,973 

(3,424)

Dividends paid - BP shareholders

 

(2,619)

(2,619)

(2,554)

                            - Minority interest

 

(111)

(193)

(36)

Net cash (used in) provided by financing activities

 

(838)

2,392 

(5,263)

Currency translation differences relating to cash and 

 

 

 

 

  cash equivalents

 

(79)

(138)

34 

Increase (decrease) in cash and cash equivalents

 

163 

2,055 

1,258 

Cash and cash equivalents at beginning of period

 

8,197 

6,142 

3,562 

Cash and cash equivalents at end of period

 

8,360 

8,197 

4,820 

(a)  

Includes

 

 

 

 

 

Inventory holding (gains) losses 

 

(254)

8,788 

(1,326)

 

Fair value (gain) loss on embedded derivatives

 

(186)

(1,562)

690 

 

          Inventory holding gains and losses and fair value gains and losses on embedded derivatives are also included
          within profit (loss) before taxation


 
 

Top of page 13

Capital expenditure and acquisitions

 


   

First 

Fourth 

First 

   

quarter 

quarter 

quarter 

   

2009 

2008 

2008 

$ million

       

By business

       

Exploration and Production

       

US

 

1,670 

2,091 

1,215 

Non-US (a)

 

2,035 

2,755 

4,787 

   

3,705 

4,846 

6,002 

Refining and Marketing

       

US (a)

                                                          

567 

774 

2,297 

Non-US

 

226 

832 

371 

   

793 

1,606 

2,668 

Other businesses and corporate

   

     

US

 

56 

432 

267 

Non-US

 

41 

111 

108 

   

97 

543 

375 

   

4,595 

6,995 

9,045 

By geographical area

       

US (a)

 

2,293 

3,297 

3,779 

Non-US (a)

 

2,302 

3,698 

5,266 

   

4,595 

6,995 

9,045 

Included above:

       

Acquisitions and asset exchanges(a)

 

226 

1,964 



(a)

First quarter 2008 includes capital expenditure of $2,848 million in Exploration and Production and an asset exchange of $1,793 million in Refining and Marketing relating to the formation of an integrated North American oil sands business.



Exchange rates

 


   

First 

Fourth 

First 

   

quarter 

quarter 

quarter 

   

2009 

2008 

2008 

US dollar/sterling average rate for the period

 

1.43 

1.57 

1.98 

US dollar/sterling period-end rate

                                            

1.42 

1.44 

1.99 

US dollar/euro average rate for the period

   

1.30 

1.31 

1.50 

US dollar/euro period-end rate

 

1.32 

1.41 

1.58 



Top of page 14

Analysis of replacement cost profit before interest and tax and reconciliation to profit before taxation(a)

 


   

First 

Fourth 

First 

   

quarter 

quarter 

quarter 

   

2009 

2008 

2008 

$ million

       

By business

       

Exploration and Production

       

US

 

1,143 

1,299 

3,085 

Non-US

 

3,177 

3,457 

6,987 

   

4,320 

4,756 

10,072 

Refining and Marketing

       

US

 

308 

(735)

154 

Non-US

 

782 

1,151 

1,095 

   

1,090 

416 

1,249 

Other businesses and corporate

       

US

 

(279)

(277)

(152)

Non-US

 

(482)

(403)

(61)

   

(761)

(680)

(213)

   

4,649 

4,492 

11,108 

Consolidation adjustment

                                 

(405)

633 

(784)

Replacement cost profit before interest and tax(b)

 

4,244 

5,125 

10,324 

Inventory holding gains (losses)(c)

 

254 

(8,788)

1,326 

Profit (loss) before interest and tax

 

4,498 

(3,663)

11,650 

Finance costs

 

318 

369 

406 

Net finance expense (income) relating to pensions 

       

  and other post-retirement benefits

   

50 

(118)

(160)

Profit (loss) before taxation

 

4,130 

(3,914)

11,404 

         

Replacement cost profit before interest and tax

       

By geographical area

       

US

 

854 

371 

2,621 

Non-US

 

3,390 

4,754 

7,703 

   

4,244 

5,125 

10,324 



(a)

IFRS requires that the measure of profit or loss disclosed for each operating segment is the measure that is provided regularly to the chief operating decision maker for the purposes of performance assessment and resource allocation. For BP, this measure of profit or loss is replacement cost profit before interest and tax. In addition, a reconciliation is required between the total of the operating segments' measures of profit or loss and the group profit or loss before taxation.

(b)

Replacement cost profit reflects the replacement cost of supplies. The replacement cost profit for the period is arrived at by excluding from profit inventory holding gains and losses and their associated tax effect. Replacement cost profit for the group is not a recognized GAAP measure.

(c)

Inventory holding gains and losses represent the difference between the cost of sales calculated using the average cost to BP of supplies incurred during the period and the cost of sales calculated on the first-in first-out (FIFO) method including any changes in provisions where the net realizable value of the inventory is lower than its cost. Under the FIFO method, which we use for IFRS reporting, the cost of inventory charged to the income statement is based on the historic cost of acquisition or manufacture rather than the current replacement cost. In volatile energy markets, this can have a significant distorting effect on reported income. The amounts disclosed represent the difference between the charge to the income statement on a FIFO basis (and any related movements in net realizable value provisions) and the charge that would arise using average cost of supplies incurred during the period. For this purpose, average cost of supplies incurred during the period is calculated by dividing the total cost of inventory purchased in the period by the number of barrels acquired. The amounts disclosed are not separately reflected in the financial statements as a gain or loss. No adjustment is made in respect of the cost of inventories held as part of a trading position and certain other temporary inventory positions.

Management believes this information is useful to illustrate to investors the fact that crude oil and product prices can vary significantly from period to period and that the impact on our reported result under IFRS can be significant. Inventory holding gains and losses vary from period to period due principally to changes in oil prices as well as changes to underlying inventory levels. In order for investors to understand the operating performance of the group excluding the impact of oil price changes on the replacement of inventories, and to make comparisons of operating performance between reporting periods, BP's management believes it is helpful to disclose this information.



Top of page 15

Non-operating items(a)  

 


   

First 

Fourth 

First 

   

quarter 

quarter 

quarter 

   

2009 

2008 

2008 

$ million

       

Exploration and Production

       

Impairment and gain (loss) on sale of businesses and fixed assets

 

73 

(1,180)

21 

Environmental and other provisions

 

Restructuring, integration and rationalization costs

   

(1)

(7)

(44)

Fair value gain (loss) on embedded derivatives

 

243 

1,505 

(684)

Other

 

(4)

(74)

331 

   

311 

244 

(376)

Refining and Marketing

       

Impairment and gain (loss) on sale of businesses and fixed assets

 

(21)

(114)

814 

Environmental and other provisions

 

(2)

Restructuring, integration and rationalization costs

 

(263)

(104)

(205)

Fair value gain (loss) on embedded derivatives

 

(57)

57 

Other

         

(9)

   

(350)

(163)

609 

Other businesses and corporate

       

Impairment and gain (loss) on sale of businesses and fixed assets

 

(108)

(166)

50 

Environmental and other provisions

 

(75)

(41)

Restructuring, integration and rationalization costs

 

(71)

(91)

(58)

Fair value gain (loss) on embedded derivatives

 

(6)

Other

 

(67)

(3)

(67)

   

(321)

(301)

(81)

         

Total before taxation

 

(360)

(220)

152 

Taxation credit (charge)(b)

 

135 

97 

(56)

Total after taxation for period

 

(225)

(123)

96 



(a)

An analysis of non-operating items by region is shown on pages 5, 7 and 8.

(b)

Tax is calculated using the quarter's effective tax rate on replacement cost profit .



Non-operating items are charges and credits arising in consolidated entities that BP discloses separately because it considers such disclosures to be meaningful and relevant to investors. These disclosures are provided in order to enable investors better to understand and evaluate the group's financial performance.
 
 

Top of page 16

Non-GAAP information on  f air value accounting effects

 


$ million

 

First 

Fourth 

First 

   

quarter 

quarter 

quarter 

   

2009 

2008 

2008 

Favourable (unfavourable) impact relative to

       

  management's measure of performance

       

Exploration and Production

                                        

158 

253 

(259) 

Refining and Marketing

 

(109)

(65)

101 

   

49 

188 

(158)

Taxation credit (charge)(a)

 

(18)

(83)

58 

   

31 

105 

(100)



(a)

Tax is calculated using the quarter's effective tax rate on replacement cost profit .



BP uses derivative instruments to manage the economic exposure relating to inventories above normal operating requirements of crude oil, natural gas and petroleum products as well as certain contracts to supply physical volumes at future dates. Under IFRS, these inventories and contracts are recorded at historic cost and on an accruals basis respectively. The related derivative instruments, however, are required to be recorded at fair value with gains and losses recognized in income because hedge accounting is either not permitted or not followed, principally due to the impracticality of effectiveness testing requirements. Therefore, measurement differences in relation to recognition of gains and losses occur. Gains and losses on these inventories and contracts are not recognized until the commodity is sold in a subsequent accounting period. Gains and losses on the related derivative commodity contracts are recognized in the income statement from the time the derivative commodity contract is entered into on a fair value basis using forward prices consistent with the contract maturity.
 

IFRS requires that inventory held for trading be recorded at its fair value using period end spot prices whereas any related derivative commodity instruments are required to be recorded at values based on forward prices consistent with the contract maturity. Depending on market conditions, these forward prices can be either higher or lower than spot prices resulting in measurement differences.
 

BP enters into contracts for pipelines and storage capacity that, under IFRS, are recorded on an accruals basis. These contracts are risk-managed using a variety of derivative instruments which are fair valued under IFRS. This results in measurement differences in relation to recognition of gains and losses.
 

The way that BP manages the economic exposures described above, and measures performance internally, differs from the way these activities are measured under IFRS. BP calculates this difference for consolidated entities by comparing the IFRS result with management's internal measure of performance, under which the inventory and the supply and capacity contracts in question are valued based on fair value using relevant forward prices prevailing at the end of the period. We believe that disclosing management's estimate of this difference provides useful information for investors because it enables investors to see the economic effect of these activities as a whole. The impacts of fair value accounting effects, relative to management's internal measure of performance, are shown in the table above.
 
 

Top of page 17

Realizations and marker prices

 


   

First 

Fourth 

First 

   

quarter 

quarter 

quarter 

   

2009 

2008 

2008 

         

Average realizations(a)

       

Liquids  ($/bbl) (b)

       

US

 

39.47 

59.95 

87.57 

Europe

 

47.59 

36.52 

95.65 

Rest of World

 

40.89 

49.70 

92.04 

BP Average

 

41.26 

52.09 

90.92 

Natural gas  ($/mcf)

       

US

 

3.38 

3.89 

6.73 

Europe

 

5.56 

8.91 

7.99 

Rest of World

 

3.41 

4.94 

4.97 

BP Average

                                          

3.63 

5.08 

5.88 

Average oil marker prices  ($/bbl)

       

Brent

 

44.46 

55.48 

96.71 

West Texas Intermediate

 

43.20 

59.13 

97.86 

Alaska North Slope 

 

45.40 

56.70 

96.53 

Mars

 

43.83 

53.84 

90.89 

Urals (NWE- cif)

 

43.65 

54.58 

93.35 

Russian domestic oil

   

19.54 

20.01 

46.86 

Average natural gas marker prices

       

Henry Hub gas price  ($/mmbtu) (c)

 

4.91 

6.95 

8.03 

UK Gas - National Balancing Point  (p/therm)

 

46.80 

57.16 

52.94 



(a)

Based on sales of consolidated subsidiaries only - this excludes equity-accounted entities.

(b)

Crude oil and natural gas liquids.

(c)

Henry Hub First of Month Index.




 
 
 
 
 
 
 
 

Cautionary statement: The foregoing discussion contains forward-looking statements particularly those regarding capital expenditure, production, phasing of production, environment for marketing and petrochemicals, refining margins, refinery availability and refinery maintenance. By their nature, forward-looking statements involve risk and uncertainty and actual results may differ from those expressed in such statements depending on a variety of factors including the following: the timing of bringing new fields onstream; industry product supply; demand and pricing; operational problems; general economic conditions; political stability and economic growth in relevant areas of the world; changes in laws and governmental regulations; exchange rate fluctuations; development and use of new technology; the success or otherwise of partnering; the actions of competitors; natural disasters and adverse weather conditions; changes in public expectations and other changes to business conditions; wars and acts of terrorism or sabotage; and other factors discussed in this Announcement. For more information you should refer to our Annual Report and Accounts 2008 and our 2008 Annual Report on Form 20-F filed with the US Securities and Exchange Commission.



Top of page 18

Notes

 


 

1. Basis of preparation

The interim financial information included in this report has been prepared in accordance with IAS 34 'Interim Financial Reporting'.

The results for the interim periods are unaudited and in the opinion of management include all adjustments necessary for a fair presentation of the results for the periods presented. All such adjustments are of a normal recurring nature. This report should be read in conjunction with the consolidated financial statements and related notes for the year ended 31 December 2008 included in BP's Annual Report and Accounts 2008.

BP prepares its consolidated financial statements included within its Annual Report and Accounts on the basis of International Financial Reporting Standards (IFRS) as issued by the International Accounting Standards Board (IASB), IFRS as adopted by the European Union (EU) and in accordance with the provisions of the Companies Act 1985. IFRS as adopted by the EU differs in certain respects from IFRS as issued by the IASB, however, the differences have no impact on the group's consolidated financial statements for the periods presented. The financial information presented herein has been prepared in accordance with the accounting policies expected to be used in preparing the Annual Report and Accounts 2009, which do not differ significantly from those used in the Annual Report and Accounts 2008.

BP has adopted a new accounting standard, IFRS 8 'Operating Segments', with effect from 1 January 2009. The standard defines operating segments as components of an entity about which separate financial information is available and is evaluated regularly by the chief operating decision maker in deciding how to allocate resources and in assessing performance. It also sets out the required disclosures for operating segments. On adoption, there was no change to BP's segments that are separately reported but the segmental financial information is now based on measures as used by the chief operating decision maker. In particular, the segment measure of profit is replacement cost profit before interest and tax - see page 14 for further information. There was no effect on the group's reported income or net assets.

In addition, BP has adopted amendments to IAS 1 'Presentation of Financial Statements', also with effect from 1 January 2009. This requires separate presentation of owner and non-owner changes in equity by introducing the statement of comprehensive income - see page 10. The statement of recognized income and expense is no longer presented. Certain minor changes in the presentation of the statement of changes in equity were also made to comply with the revised standard - see page 10. There was no effect on the group's reported profit for the period or net assets.

Top of page 19

Notes

 


 

2. Sales and other operating revenues

   

First 

Fourth 

First 

   

quarter 

quarter 

quarter 

   

2009 

2008 

2008 

$ million

       

By business

       

Exploration and Production

           

12,343 

15,294 

22,922 

Refining and Marketing

 

40,573 

53,145 

76,612 

Other businesses and corporate

 

584 

979 

1,108 

   

53,500 

69,418 

100,642 

         

Less: sales between businesses

   

     

Exploration and Production

 

5,800 

7,184 

12,219 

Refining and Marketing

 

111 

286 

269 

Other businesses and corporate

 

293 

471 

409 

   

6,204 

7,941 

12,897 

         

Third party sales and other operating revenues

       

Exploration and Production

 

6,543 

8,110 

10,703 

Refining and Marketing

 

40,462 

52,859 

76,343 

Other businesses and corporate

 

291 

508 

699 

Total third party sales and other operating revenues

 

47,296 

61,477 

87,745 

         

By geographical area

       

US

 

17,580 

21,772 

31,693 

Non-US

 

33,586 

44,654 

64,519 

   

51,166 

66,426 

96,212 

Less: sales between areas

 

3,870 

4,949 

8,467 

   

47,296 

61,477 

87,745 



 

3. Production and similar taxes

   

First 

Fourth 

First 

   

quarter 

quarter 

quarter 

   

2009 

2008 

2008 

$ million

       

US

                                                                                       

79 

227 

544 

Non-US

 

382 

505 

1,065 

 

   

461 

732 

1,609 



Top of page 20

Notes

 


 

4. Earnings per share, shares in issue and shares repurchased

Basic earnings per ordinary share (EpS) amounts are calculated by dividing the profit for the period attributable to ordinary shareholders by the weighted average number of ordinary shares outstanding during the period. The calculation of EpS is performed separately for each discrete quarterly period, and for the year-to-date period. As a result, the sum of the discrete quarterly EpS amounts in any particular year-to-date period may not be equal to the EpS amount for the year-to-date period.

Prior to 2009, EpS amounts for the discrete quarterly periods were determined as the difference between the relevant year-to-date period amounts. The change in method of determination of the discrete quarterly EpS amounts does not have a significant effect and the comparative EpS amounts for 2008 have not been restated.

The weighted average number of shares outstanding excludes treasury shares and the shares held by the Employee Share Ownership Plans. 

For the diluted EpS calculation the weighted average number of shares outstanding during the period is adjusted for number of shares that are potentially issuable in connection with employee share-based payment plans using the treasury stock method.

   

First 

Fourth 

First 

   

quarter 

quarter 

quarter 

   

2009 

2008 

2008 

$ million

       

Results for the period

       

Profit (loss) for the period attributable to BP shareholders

   

2,562 

(3,344)

7,094 

Less: preference dividend

 

Profit (loss) attributable to BP ordinary shareholders

 

2,562 

(3,345)

7,094 

Inventory holding (gains) losses, net of tax

         

(175)

5,931 

(863)

RC profit attributable to BP ordinary shareholders

 

2,387 

2,586 

6,231 

         

Basic weighted average number of shares outstanding

       

  (thousand)(a)

 

18,720,354 

18,713,465 

18,875,611 

  ADS equivalent (thousand)(a)

 

3,120,059 

3,118,911 

3,145,935 

         

Weighted average number of shares outstanding used to 

       

  calculate diluted earnings per share (thousand)(a)

 

18,920,515 

18,881,698 

19,045,320 

  ADS equivalent (thousand)(a)

 

3,153,419 

3,146,950 

3,174,220 

         

Shares in issue at period-end (thousand)(a)

 

18,724,785 

18,716,098 

18,877,537 

  ADS equivalent (thousand)(a)

 

3,120,798 

3,119,350 

3,146,256 

         

Shares repurchased in the period (thousand)

 

90,966 



(a)

Excludes treasury shares and the shares held by the Employee Share Ownership Plans and includes certain shares that will be issuable in the future under employee share plans.



Top of page 21

Notes

 


 

5. Analysis of changes in net debt

   

First 

Fourth 

First 

   

quarter 

quarter 

quarter 

   

2009 

2008 

2008 

$ million

       

Opening balance

       

Finance debt

       

33,204 

28,300 

31,045 

Less:  Cash and cash equivalents

 

8,197 

6,142 

3,562 

Less:  FV asset (liability) of hedges related to finance debt

 

(34)

149 

666 

Opening net debt

   

25,041 

22,009 

26,817 

         

Closing balance

       

Finance debt

 

34,698 

33,204 

29,871 

Less:  Cash and cash equivalents

 

8,360 

8,197 

4,820 

Less:  FV asset (liability) of hedges related to finance debt

 

(323)

(34)

1,234 

Closing net debt

 

26,661 

25,041 

23,817 

Decrease (increase) in net debt

 

(1,620)

(3,032)

3,000 

         

Movement in cash and cash equivalents

       

  (excluding exchange adjustments)

 

242 

2,193 

1,224 

Net cash outflow (inflow) from financing

       

  (excluding share capital)

 

(1,857)

(5,140)

1,784 

Other movements

 

(7)

(7)

Movement in net debt before exchange effects

 

(1,608)

(2,954)

3,001 

Exchange adjustments

 

(12)

(78)

(1)

Decrease (increase) in net debt

 

(1,620)

(3,032)

3,000 



Top of page 22

Notes

 


 

6. TNK-BP operational and financial information

   

First 

Fourth 

First 

   

quarter 

quarter 

quarter 

   

2009 

2008 

2008 

Production  (Net of royalties) (BP share)

       

Crude oil (mb/d)

 

822 

827 

818 

Natural gas (mmcf/d)

 

642 

621 

512 

Total hydrocarbons (mboe/d)(a)

                                   

933 

934 

906 

$ million

       

Income statement (BP share)

       

Profit (loss) before interest and tax (b)

 

419 

(992)

1,209 

Finance costs

 

(68)

(72)

(76)

Taxation

   

(185)

342 

(331)

Minority interest

 

(32)

40 

(58)

Net income 

 

134 

(682)

744 

Cash flow

       

Dividends received

 

640 

1,200 



Balance sheet

 

31 March 

31 December 

 

                                              

2009 

2008 

Investments in jointly controlled entities

   

8,939 

Investments in associates

 

9,026 



(a)

Natural gas is converted to oil equivalent at 5.8 billion cubic feet = 1 million barrels.

(b)

The loss in the fourth quarter reflected the impact of the calculation lag on Russian export duties in the falling price environment and several asset impairments.



 

Our investment in TNK-BP has been reclassified from a jointly controlled entity to an associate with effect from 9 January 2009, the date that BP finalized a revised shareholder agreement with its Russian partners in TNK-BP, Alfa Access-Renova (AAR). The formerly evenly balanced main board structure has been replaced by one with four representatives each from BP and AAR, plus three independent directors. The change in accounting classification from a jointly controlled entity to an associate reflects the ability of the independent directors of TNK-BP to decide on certain matters in the event of disagreement between the shareholder representatives on the board. The group's investment continues to be accounted for using the equity method.

7. Inventory valuation

Due to falling oil prices a provision of $1,412 million was held at 31 December 2008 to write inventories down to their net realizable value. The net movement in the provision during the first quarter of 2009 was a decrease of $1,163 million (fourth quarter of 2008 was an increase of $168 million).

8. Second-quarter results

BP's second-quarter results will be announced on 28 July 2009.

9. Statutory accounts

The financial information shown in this publication, which was approved by the Board of Directors on 27 April 2009, is unaudited and does not constitute statutory financial statements. The 2008 BP Annual Report and Accounts have been filed with the Registrar of Companies; the report of the auditors on those accounts was unqualified and did not contain a statement under section 237(2) or section 237(3) of the Companies Act 1985. 

Top of page 23

Contacts

 


   

London

   

United States

Press Office

   

Roddy Kennedy

 

Ronnie Chappell

   

+44 (0)20 7496 4624

                           

+1 281 366 5174

Investor Relations

                                  

Fergus MacLeod

 

Rachael MacLean

   

+44 (0)20 7496 4717

 

+1 281 366 6766


http://www.bp.com/investors


      SIGNATURES


 
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
 
 
 
 

BP p.l.c.
(Registrant)
 


Dated: 28 April 2009

/s/ D. J. PEARL
..............................
D. J. PEARL
Deputy Company Secretary