DJ EQS-CMS: BP p.l.c.: Release of a capital market information

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EQS Post-admission Duties announcement: BP p.l.c. / 2Q24 BP plc Trading Statement part 1 of 1
BP p.l.c.: Release of a capital market information
2024-07-09 / 08:00 CET/CEST
Dissemination of a Post-admission Duties announcement transmitted by EQS News - a service of EQS Group AG.
The issuer is solely responsible for the content of this announcement.
FOR IMMEDIATE RELEASE
London 9 July 2024
BP p.l.c. Trading Statement
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Second quarter 2024 trading statement

The following Trading Statement provides a summary of BP p.l.c.'s (bp) current estimates and expectations for the second quarter of 2024, including data on the economic environment as well as group performance during the period.

The information presented is not comprehensive of all factors which may impact bp's group results for the second quarter 2024 and is not an estimate of those results. Also refer to bp's first quarter 2024 group results announcement on 7 May 2024 for guidance items which continue to apply unless explicitly stated. A summary of that guidance is also provided in the Appendix to this Trading Statement. All information provided is subject to the finalization of bp's financial reporting processes and actual results may vary.

bp's group results for the second quarter 2024 are expected to be published on 30 July 2024.

Updated 2Q24 guidance^a . Upstream production^b in the second quarter is now expected to be broadly flat compared to the priorquarter, with production broadly flat in oil production & operations and slightly lower in gas & low carbon energy. . In the gas & low carbon energy segment, realizations^c, compared to the prior quarter, are expected tohave an adverse impact of around USD0.1 billion, including declines in non-Henry Hub natural gas marker prices. Thegas marketing and trading result is expected to be average following a strong result in the first quarter. . In the oil production & operations segment, realizations^c, compared to the prior quarter, are expectedto have a favourable impact in the range of USD0.1 - 0.3 billion, including the impact of price lags on bp'sproduction in the Gulf of Mexico and the UAE. . In the customers and products segment, compared to the prior quarter, results are expected to be impactedby the following factors:? customers - stronger fuels margins and convenience performance, and seasonally higher volumes. ? products - significantly lower realized refining margins, expected to have an adverse impact in therange of USD0.5 - 0.7 billion mainly relating to weaker middle distillate margins and narrower North Americanheavy crude oil differentials, and a higher level of turnaround activity, partially offset by the absence ofthe first quarter Whiting refinery outage of around USD0.5 billion. The oil trading result is expected to be weakfollowing a strong result in the first quarter. . Other items: The second quarter results are expected to include post tax adverse adjusting items relatingto asset impairments and associated onerous contract provisions in the range of USD1.0 - 2.0 billion. This includescharges relating to the ongoing review of our Gelsenkirchen refinery in Germany that was announced in March.

^a^ ^ ^ ^ ^ ^ ^ ^ ^ ^ ^ ^ ^ ^ ^ All impacts influence bp's underlying RC profit before interest and tax, unless stated otherwise.

^b^ ^ ^ ^ ^ ^ ^ ^ ^ ^ ^ ^ ^ ^ ^ Includes bp's share of production of equity-accounted entities.

^c^ ^ ^ ^ ^ ^ ^ ^ ^ ^ ^ ^ ^ ^ ^ Realizations are based on sales by consolidated subsidiaries only - this excludes equity-accounted entities.

Trading conditions

Brent averaged USD84.97/bbl in the second quarter 2024 compared to USD83.16/bbl in the first quarter 2024.

US gas Henry Hub first of month index averaged USD1.89/mmBtu in the second quarter compared to USD2.25/mmBtu in the first quarter 2024.

The bp refining marker margin averaged USD20.6/bbl in the second quarter compared to USD20.6/bbl in the first quarter 2024.

Further information on prices and bp's current rules of thumb can be found at the following link: bp.com Rules of Thumb

Cautionary Statement

In order to utilize the 'safe harbor' provisions of the United States Private Securities Litigation Reform Act of 1995 (the 'PSLRA') and the general doctrine of cautionary statements, bp is providing the following cautionary statement: The discussion in this announcement contains certain forecasts, projections and forward-looking statements - that is, statements related to future, not past events and circumstances - with respect to the financial condition, results of operations and businesses of bp and certain of the plans and objectives of bp with respect to these items. By their nature, forward-looking statements involve risk and uncertainty because they relate to events and depend on circumstances that will or may occur in the future and are outside the control of bp. Actual results or outcomes, may differ materially from those expressed in such statements, depending on a variety of factors, including (without limitation): price fluctuations in crude oil and natural gas; changes in demand for bp's products; currency fluctuations; drilling and production results; reserves estimates; sales volume and sales mix numbers; supply and demand imbalances including as a result of direct or indirect restrictions on production; regional pricing differentials and refining margins; seasonal impacts on product demand and operating expenses; resolution of trading and derivative positions for the quarter; the timing and level of maintenance and/or turnaround activity; the timing and volume of refinery additions and outages; the timing of bringing new fields onstream; natural disasters and adverse weather conditions; changes in public expectations and other changes to business conditions; wars and acts of terrorism; cyber-attacks or sabotage as well as those factors discussed under "Risk factors" in bp's Annual Report and Form 20-F 2023 as filed with the US Securities and Exchange Commission. Furthermore, additional factors may exist that will be relevant to bp's group results for the second quarter of 2024 that are not currently known or fully understood. Neither bp nor any of its subsidiaries assumes any obligation to update, revise or supplement any forward-looking statement contained in this announcement to reflect future circumstances, events or information.

The contents of websites referred to in this announcement do not form part of this announcement.

Appendix: Guidance issued in 1Q24 Stock Exchange Announcement^a

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Guidance Area  Full Year 2024                                              2Q24 vs 1Q24 
Reported and   Slightly higher than 2023, of which Oil production &        .       expected to be slightly lower 
underlying*    operations higher and Gas & low carbon energy lower 

upstream
production

Customers      Growth from convenience, including TravelCenters of         .       expect seasonally higher volumes 
America; stronger Castrol, bp pulse margin growth; fuels    across most businesses 
margins to remain sensitive to movements in cost of supply  .       fuels margins to remain sensitive to 

movements in cost of supply
Products Lower level of industry refining margins, with realized . impacted by narrower North American
margins impacted by narrower North American heavy crude oil heavy crude differentials and sensitive to

differentials; turnaround activity broadly in line with     relative movement in product cracks 
2023 but heavily weighted towards the second half           .       absence of the first quarter 

plant-wide power outage of the Whiting
refinery to be partly offset by a higher
level of turnaround activity

OB&C           Around USD1.0bn charge; quarterly charges may vary 
DD&A           Slightly higher than 2023 
Underlying     Expected to be around 40% 

effective tax
rate*^b

Capital        Around USD16bn, split broadly evenly between the first and 
expenditure*   second half 

Divestment and USD2-3bn, weighted to the second half
other proceeds
Gulf of Mexico USD1.2bn pre-tax, of which USD1.1bn 2Q
oil spill
payments
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^a^ ^ ^ ^ ^ ^ ^ ^ ^ ^ ^ Refer to bp's first quarter 2024 group results announcement and bp.com for full text.

^b^ ^ ^ ^ ^ ^ ^ ^ ^ ^ ^Underlying effective tax rate is sensitive to the impact that volatility in the current price environment may have on the geographical mix of the group's profits and losses.

* See Glossary.

Contacts

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London Houston

Press Office       David Nicholas        Paul Takahashi 
+44 (0) 7831 095541    +1 713 903 9729 

Investor Relations Craig Marshall        Graham Collins 
bp.com/investors   +44 (0) 203 401 5592  +1 832 753 5116 

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Glossary

Underlying production - 2024 underlying production, when compared with 2023, is production after adjusting for acquisitions and divestments, curtailments, and entitlement impacts in our production-sharing agreements/contracts and technical service contract*.

Underlying RC profit or loss before interest and tax for the operating segments or customers & products businesses is calculated as RC profit or loss including profit or loss attributable to non-controlling interests before interest and tax for the operating segments and excluding net adjusting items for the respective operating segment or business.

MORE TO FOLLOW) Dow Jones Newswires

July 09, 2024 02:01 ET (06:01 GMT)

Underlying effective tax rate (ETR) is a non-IFRS measure. The underlying ETR is calculated by dividing taxation on an underlying replacement cost (RC) basis by underlying RC profit or loss before tax. Taxation on an underlying RC basis for the group is calculated as taxation as stated on the group income statement adjusted for taxation on inventory holding gains and losses and total taxation on adjusting items. Information on underlying RC profit or loss is provided below. Taxation on an underlying RC basis presented for the operating segments is calculated through an allocation of taxation on an underlying RC basis to each segment. bp believes it is helpful to disclose the underlying ETR because this measure may help investors to understand and evaluate, in the same manner as management, the underlying trends in bp's operational performance on a comparable basis, period on period. Taxation on an underlying RC basis and underlying ETR are non-IFRS measures. The nearest equivalent measure on an IFRS basis is the ETR on profit or loss for the period.

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

Technical service contract (TSC) - Technical service contract is an arrangement through which an oil and gas company bears the risks and costs of exploration, development and production. In return, the oil and gas company receives entitlement to variable physical volumes of hydrocarbons, representing recovery of the costs incurred and a profit margin which reflects incremental production added to the oilfield.

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

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com.

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2024-07-09 CET/CEST The EQS Distribution Services include Regulatory Announcements, Financial/Corporate News and Press Releases. Archive at www.eqs-news.com

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Language:     English 
Company:      BP p.l.c. 

1 St James's Square
SW1Y 4PD London
United Kingdom

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