BP p.l.c. Group results First quarter 2015

BP p.l.c. Group results First quarter 2015 FOR IMMEDIATE RELEASE London 28 April 2015 Profit (loss) for the period(a) 2,602 (4,407) 3,528 Inventory holding (gains) losses*, net of tax (499) 3,438 (53) Replacement cost profit (loss)* 2,103 (969) 3,475 Net (favourable) unfavourable impact of non-operating items* and fair value accounting effects*, net of tax 474 3,208 (250) Underlying replacement cost profit* 2,577 2,239 3,225 Replacement cost profit (loss) per ordinary share (cents) 11.54 (5.32) 18.80 per ADS (dollars) 0.69 (0.32) 1.13 Underlying replacement cost profit per ordinary share (cents) 14.14 12.28 17.45 per ADS (dollars) 0.85 0.74 1.05 BP s first-quarter replacement cost (RC) profit was $2,103 million, compared with $3,475 million a year ago. After adjusting for a net charge for non-operating items of $413 million and net unfavourable fair value accounting effects of $61 million (both on a post-tax basis), underlying RC profit for the first quarter was $2,577 million, compared with $3,225 million for the same period in 2014. The underlying result for the group was lower, mainly due to reduced profit in Upstream, which was partly offset by an improved result in Downstream, as well as certain favourable tax impacts. The Upstream result for the first quarter was a profit of $604 million comprising a loss of $545 million in the US and a profit of $1,149 million for non-us. This compares with a profit of $4,401 million for Upstream for the first quarter of 2014. RC profit or loss for the group, underlying RC profit or loss and fair value accounting effects are non-gaap measures and further information is provided on pages 3 and 27. All amounts relating to the Gulf of Mexico oil spill have been treated as non-operating items, with a net pre-tax charge of $332 million for the first quarter. For further information on the Gulf of Mexico oil spill and its consequences see page 10 and Note 2 on page 16. See also Legal proceedings on page 31. Including the impact of the Gulf of Mexico oil spill, net cash provided by operating activities for the first quarter was $1.9 billion, compared with $8.2 billion for the same period in 2014. Excluding amounts related to the Gulf of Mexico oil spill, net cash provided by operating activities for the first quarter was $2.5 billion, compared with $8.8 billion for the same period in 2014. Net debt* at 31 March 2015 was $25.1 billion, compared with $25.3 billion a year ago. The net debt ratio* at 31 March 2015 was 18.4%, compared with 16.2% a year ago. Net debt and the net debt ratio are non-gaap measures. See page 24 for more information. Total capital expenditure on an accruals basis for the first quarter was $4.5 billion, of which organic capital expenditure* was $4.4 billion, compared with $6.1 billion for the same period in 2014, of which organic capital expenditure was $5.4 billion. In October 2013, BP announced plans to divest a further $10 billion of assets before the end of 2015, having completed its earlier divestment programme of $38 billion. Transactions to date have reached around $7.1 billion. Disposal proceeds were $1.7 billion for the first quarter. The amounts include proceeds from our Toledo refinery partner, Husky Energy, in place of capital commitments relating to the original divestment transaction that have not been subsequently sanctioned. The effective tax rate (ETR) on RC profit for the first quarter was -42%, compared with 31% for the same period in 2014. Adjusting for non-operating items and fair value accounting effects, the underlying ETR for the first quarter was -21%, compared with 33% for the same period in 2014. The tax credit for the quarter reflects a one-off deferred tax adjustment as a result of the reduction in the rate of the UK North Sea supplementary charge. The opposite effect was reported in 2011 when the supplementary charge was increased. In the near term we do not expect that there will be any cash flow impact from this change. Excluding this one-off adjustment for the North Sea, the underlying ETR for the first quarter would have been 21% compared with 33% a year ago mainly due to changes in the mix of our profits and certain one-off items, partly offset by foreign exchange effects from a stronger US dollar. Finance costs and net finance expense relating to pensions and other post-retirement benefits were a charge of $358 million for the first quarter, compared with $367 million for the same period in 2014. BP today announced a quarterly dividend of 10.00 cents per ordinary share ($0.600 per ADS), which is expected to be paid on 19 June 2015. The corresponding amount in sterling will be announced on 8 June 2015. See page 23 for further information. * For items marked with an asterisk throughout this document, definitions are provided in the Glossary on page 29. (a) Profit (loss) attributable to BP shareholders. The commentaries above should be read in conjunction with the cautionary statement on page 33. 1

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Analysis of RC profit before interest and tax and reconciliation to profit for the period RC profit (loss) before interest and tax* Upstream 372 (3,085) 4,659 Downstream 2,083 780 794 Rosneft 183 451 518 Other businesses and corporate (308) (647) (497) Gulf of Mexico oil spill response(a) (323) (468) (29) Consolidation adjustment - UPII* (129) 257 90 RC profit (loss) before interest and tax 1,878 (2,712) 5,535 Finance costs and net finance expense relating to pensions and other post-retirement benefits (358) (381) (367) Taxation on a RC basis 632 2,158 (1,602) Non-controlling interests (49) (34) (91) RC profit (loss) attributable to BP shareholders 2,103 (969) 3,475 Inventory holding gains (losses) 756 (4,985) 102 Taxation (charge) credit on inventory holding gains and losses (257) 1,547 (49) Profit (loss) for the period attributable to BP shareholders 2,602 (4,407) 3,528 (a) See Note 2 on page 16 for further information on the accounting for the Gulf of Mexico oil spill response. Analysis of underlying RC profit before interest and tax Underlying RC profit before interest and tax* Upstream 604 2,246 4,401 Downstream 2,158 1,213 1,011 Rosneft 183 470 271 Other businesses and corporate (290) (120) (489) Consolidation adjustment - UPII (129) 257 90 Underlying RC profit before interest and tax 2,526 4,066 5,284 Finance costs and net finance expense relating to pensions and other post-retirement benefits (349) (372) (357) Taxation on an underlying RC basis 449 (1,421) (1,611) Non-controlling interests (49) (34) (91) Underlying RC profit attributable to BP shareholders 2,577 2,239 3,225 Reconciliations of underlying RC profit or loss to the nearest equivalent IFRS measure are provided on page 1 for the group and on pages 4-9 for the segments. 3

Upstream Profit (loss) before interest and tax 390 (3,165) 4,653 Inventory holding (gains) losses* (18) 80 6 RC profit (loss) before interest and tax 372 (3,085) 4,659 Net (favourable) unfavourable impact of non-operating items* and fair value accounting effects* 232 5,331 (258) Underlying RC profit before interest and tax*(a) 604 2,246 4,401 (a) See page 5 for a reconciliation to segment RC profit before interest and tax by region. Financial results The replacement cost profit before interest and tax for the first quarter was $372 million, compared with $4,659 million for the same period in 2014. The first quarter included a net non-operating charge of $242 million, compared with a net non-operating gain of $276 million a year ago. Fair value accounting effects in the first quarter had a favourable impact of $10 million, compared with an unfavourable impact of $18 million in the same period of 2014. After adjusting for non-operating items and fair value accounting effects, the underlying replacement cost profit before interest and tax for the first quarter was $604 million, compared with $4,401 million for the same period in 2014. The result for the first quarter reflected significantly lower liquids and gas realizations, and lower gas marketing and trading results compared with strong results in the first quarter last year, partly offset by increased production and lower costs. Costs were lower, mainly due to lower exploration write-offs, and also reflecting simplification and efficiency activities, but this was partially offset by rig cancellation costs of $375 million for two deepwater rigs in the Gulf of Mexico. These factors contributed to a $545-million first-quarter loss in the US. Production Production for the quarter was 2,307mboe/d, 8.3% higher than the first quarter of 2014. Underlying production* increased by 3.7%, mainly due to the ramp-up of major projects which started up in 2014. Key events In March, BP announced a gas discovery in the North Damietta Offshore Concession in the East Nile Delta in Egypt at the Atoll-1 Deepwater exploration well (BP 100%). In addition, BP signed final agreements for two West Nile Delta projects Taurus/Libra and Giza/Fayoum/Raven (BP 65%) with an estimated investment of around $12 billion by BP and its partner. Production from West Nile Delta is expected to start in 2017. Following the start of steam generation at the Sunrise Phase 1 in-situ oil sands project in Alberta, Canada (BP 50%) in December 2014, oil production began in March. Production is expected to ramp up to full capacity of 60,000 barrels per day around the end of 2016. On 23 April, BP announced the sale of its equity in the Central Area Transmission System (CATS) business in the UK North Sea to Antin Infrastructure Partners for $486 million. BP is currently the operator of CATS. Subject to the receipt of regulatory and other third-party approvals, BP aims to complete the sale and transfer of operatorship before the end of 2015. Outlook Looking ahead, we expect second-quarter 2015 reported production to be lower than the first quarter, reflecting significant seasonal turnaround and maintenance activity, primarily in the Gulf of Mexico, and PSA* entitlement impacts. The commentary above contains forward-looking statements and should be read in conjunction with the cautionary statement on page 33. 4

Upstream Underlying RC profit (loss) before interest and tax US (545) 1,007 731 Non-US 1,149 1,239 3,670 604 2,246 4,401 Non-operating items US (68) (30) (59) Non-US(a) (174) (5,527) 335 (242) (5,557) 276 Fair value accounting effects US (3) 152 (49) Non-US 13 74 31 10 226 (18) RC profit (loss) before interest and tax US (616) 1,129 623 Non-US 988 (4,214) 4,036 372 (3,085) 4,659 Exploration expense US(b) 78 426 659 Non-US(c) 94 1,029 289 172 1,455 948 Production (net of royalties)(d) Liquids* (mb/d) US 392 407 396 Europe 112 85 106 Rest of World 754 656 582 1,258 1,149 1,085 Natural gas (mmcf/d) US 1,517 1,526 1,478 Europe 264 163 199 Rest of World 4,307 4,332 4,390 6,088 6,021 6,067 Total hydrocarbons* (mboe/d) US 653 670 651 Europe 158 114 140 Rest of World 1,496 1,403 1,339 2,307 2,187 2,131 Average realizations*(e) Total liquids ($/bbl) 46.79 69.03 97.16 Natural gas ($/mcf) 4.44 5.54 6.20 Total hydrocarbons ($/boe) 37.00 51.53 66.16 (a) (b) (c) (d) (e) Fourth quarter 2014 includes impairment losses of $5,663 million. See page 26 for more information. Fourth quarter 2014 includes the write-off of costs relating to the Moccasin discovery in the deepwater Gulf of Mexico. First quarter 2014 includes a $521-million write-off relating to the Utica shale acreage in Ohio, following the decision not to proceed with development plans. Fourth quarter 2014 includes the write-off of $524 million relating to the Bourarhat Sud block licence in the Illizi Basin of Algeria. Includes BP s share of production of equity-accounted entities in the Upstream segment. Based on sales by consolidated subsidiaries only this excludes equity-accounted entities. Because of rounding, some totals may not agree exactly with the sum of their component parts. 5

Downstream Profit (loss) before interest and tax 2,783 (4,064) 871 Inventory holding (gains) losses* (700) 4,844 (77) RC profit before interest and tax 2,083 780 794 Net (favourable) unfavourable impact of non-operating items* and fair value accounting effects* 75 433 217 Underlying RC profit before interest and tax*(a) 2,158 1,213 1,011 (a) See page 7 for a reconciliation to segment RC profit before interest and tax by region and by business. Financial results The replacement cost profit before interest and tax was $2,083 million for the first quarter, compared with $794 million for the same period in 2014. The first-quarter result includes a net non-operating gain of $37 million, compared with a net non-operating charge of $278 million for the same period in 2014 (see pages 7 and 26 for further information on non-operating items). Fair value accounting effects had unfavourable impacts of $112 million for the first quarter, compared with favourable impacts of $61 million in the same period of 2014. After adjusting for non-operating items and fair value accounting effects, the underlying replacement cost profit before interest and tax for the first quarter was $2,158 million, compared with $1,011 million for the same period in 2014. Replacement cost profit before interest and tax for the fuels, lubricants and petrochemicals businesses is set out on page 7. Fuels business The fuels business reported an underlying replacement cost profit before interest and tax of $1,796 million for the first quarter compared with $700 million for the same period in 2014. The result reflects a stronger overall refining environment, despite weaker crude oil differentials in the US, increased refining optimization and production and improved marketing performance. Additionally, the first quarter saw a stronger contribution from oil supply and trading as well as the benefits of our simplification and efficiency programmes resulting in lower costs. In the quarter we announced the sale of our bitumen business in Australia and completed the sale of our interest in UTA, a European fuel cards business. Lubricants business The lubricants business reported an underlying replacement cost profit before interest and tax of $345 million in the first quarter compared with $307 million in the same period last year. This performance reflects continued momentum in growth markets and improved efficiency resulting in lower costs, partially offset by adverse foreign exchange impacts. Petrochemicals business The petrochemicals business reported an underlying replacement cost profit before interest and tax of $17 million in the first quarter, compared with $4 million in the same period last year. The benefit from lower costs was partially offset by a slightly weaker environment. In March, we started up the new advanced technology purified terephthalic acid (PTA) plant in Zhuhai, China which will add over one million tonnes of PTA capacity per year. Outlook In the second quarter we expect refining margins to be similar to the first quarter and a significantly higher level of turnaround activity. The commentary above contains forward-looking statements and should be read in conjunction with the cautionary statement on page 33. 6

Downstream Underlying RC profit before interest and tax - by region US 661 338 412 Non-US 1,497 875 599 2,158 1,213 1,011 Non-operating items US (4) (337) (1) Non-US 41 (453) (277) 37 (790) (278) Fair value accounting effects US (127) 379 91 Non-US 15 (22) (30) (112) 357 61 RC profit before interest and tax US 530 380 502 Non-US 1,553 400 292 2,083 780 794 Underlying RC profit before interest and tax - by business(a)(b) Fuels 1,796 925 700 Lubricants 345 313 307 Petrochemicals 17 (25) 4 2,158 1,213 1,011 Non-operating items and fair value accounting effects(c) Fuels (60) (383) (217) Lubricants (14) (45) Petrochemicals (1) (5) (75) (433) (217) RC profit (loss) before interest and tax(a)(b) Fuels 1,736 542 483 Lubricants 331 268 307 Petrochemicals 16 (30) 4 2,083 780 794 BP average refining marker margin (RMM)* ($/bbl) 15.2 13.0 13.3 Refinery throughputs (mb/d) US 623 657 614 Europe 805 807 798 Rest of World 324 318 308 1,752 1,782 1,720 Refining availability* (%) 94.3 94.8 95.0 Marketing sales of refined products (mb/d) US 1,098 1,166 1,120 Europe 1,174 1,173 1,139 Rest of World 607 534 545 2,879 2,873 2,804 Trading/supply sales of refined products 2,544 2,470 2,416 Total sales volumes of refined products 5,423 5,343 5,220 Petrochemicals production (kte) US 905 872 1,071 Europe 972 937 972 Rest of World 1,663 1,719 1,422 3,540 3,528 3,465 (a) (b) (c) Segment-level overhead expenses are included in the fuels business result. BP s share of income from petrochemicals at our Gelsenkirchen and Mülheim sites in Germany is reported in the fuels business. For Downstream, fair value accounting effects arise solely in the fuels business. 7

Rosneft $ million 2015(a) 2014 2014 Profit before interest and tax(b) 221 390 549 Inventory holding (gains) losses* (38) 61 (31) RC profit before interest and tax 183 451 518 Net charge (credit) for non-operating items* 19 (247) Underlying RC profit before interest and tax* 183 470 271 Replacement cost profit before interest and tax for the first quarter was $183 million, compared with $518 million for the same period in 2014. There were no non-operating items in the first quarter of 2015 and a non-operating gain of $247 million in the first quarter of 2014. After adjusting for non-operating items, the underlying replacement cost profit for the first quarter was $183 million, compared with $271 million for the same period in 2014. Compared with the first quarter 2014, the result was affected by lower oil prices and the unfavourable impact of changes in minerals extraction tax and export duty rates offset by favourable foreign exchange effects. See also Group statement of comprehensive income Share of items relating to equity-accounted entities, net of tax, and footnote (a), on page 12 for other foreign exchange effects. 2015(a) 2014 2014 Production (net of royalties) (BP share) Liquids* (mb/d) 816 819 829 Natural gas (mmcf/d) 1,225 1,203 1,023 Total hydrocarbons* (mboe/d) 1,027 1,027 1,006 (a) (b) The operational and financial information of the Rosneft segment for the first quarter is based on preliminary operational and financial results of Rosneft for the three months ended 31 March 2015. Actual results may differ from these amounts. The Rosneft segment result includes equity-accounted earnings arising from BP s 19.75% shareholding in Rosneft as adjusted for the accounting required under IFRS relating to BP s purchase of its interest in Rosneft and the amortization of the deferred gain relating to the disposal of BP s interest in TNK-BP. BP's share of Rosneft s earnings after finance costs, taxation and non-controlling interests, as adjusted, is included in the BP group income statement within profit before interest and taxation. These adjustments have increased the reported profit for the first quarter 2015, as shown in the table above, compared with the equivalent amount in Russian roubles that we expect Rosneft to report in its own financial statements under IFRS. BP s share of Rosneft s profit before interest and tax for each yearto-date period is calculated by translating the amounts reported in Russian roubles into US dollars using the average exchange rate for the year to date. 8

Other businesses and corporate Profit (loss) before interest and tax (308) (647) (497) Inventory holding (gains) losses* RC profit (loss) before interest and tax (308) (647) (497) Net charge (credit) for non-operating items* 18 527 8 Underlying RC profit (loss) before interest and tax* (290) (120) (489) Underlying RC profit (loss) before interest and tax US (62) (167) (99) Non-US (228) 47 (390) (290) (120) (489) Non-operating items US (1) (219) (1) Non-US (17) (308) (7) (18) (527) (8) RC profit (loss) before interest and tax US (63) (386) (100) Non-US (245) (261) (397) (308) (647) (497) Other businesses and corporate comprises biofuels and wind businesses, shipping, treasury (which includes interest income on the group's cash and cash equivalents), and corporate activities including centralized functions. Financial results The replacement cost loss before interest and tax for the first quarter was $308 million, compared with $497 million for the same period in 2014. The first-quarter result included a net non-operating charge of $18 million, compared with a net charge of $8 million a year ago. After adjusting for non-operating items, the underlying replacement cost loss before interest and tax for the first quarter was $290 million, compared with $489 million for the same period in 2014. The lower charge in the first quarter results from improved business performance and lower corporate and functional costs compared with the same period in 2014. Biofuels The first quarter is the inter-harvest period in Brazil so our three operating mills were on planned turnaround; hence there was no production. Wind Net wind generation capacity*(a) was 1,588MW at 31 March 2015, compared with 1,590MW at 31 March 2014. BP s net share of wind generation for the first quarter was 1,128GWh, compared with 1,292GWh for the same period in 2014. (a) Capacity figures include 32MW in the Netherlands managed by our Downstream segment. 9

Gulf of Mexico oil spill Financial update The replacement cost loss before interest and tax for the first quarter was $323 million, compared with $29 million for the same period last year. The first-quarter loss reflects additional business economic loss claims under the Plaintiffs Steering Committee settlement, as well as the ongoing costs of the Gulf Coast Restoration Organization. The cumulative pre-tax charge recognized to date amounts to $43.8 billion. The cumulative income statement charge does not include amounts for obligations that BP currently considers are not possible to measure reliably. The total amounts that will ultimately be paid by BP in relation to the incident are subject to significant uncertainty and the ultimate exposure and cost to BP will be dependent on many factors, as discussed under Provisions and contingent liabilities in Note 2 on page 18. These could have a material impact on our consolidated financial position, results and cash flows. Trust update As previously disclosed, the cumulative charges to be paid from the Trust, and the associated reimbursement asset recognized, reached $20 billion during 2014. Subsequent additional costs are being charged to the income statement as incurred. See Note 2 on page 16 for further details. During the first quarter, $472 million was paid out of the Deepwater Horizon Oil Spill Trust (the Trust) and qualified settlement funds (QSFs), including $435 million for claims payments, administrative costs of the Deepwater Horizon Court Supervised Settlement Program (DHCSSP) and other resolved items, and $37 million for natural resource damage early restoration projects and assessment. At 31 March 2015, the aggregate cash balances in the Trust and the QSFs amounted to $4.3 billion, including $0.8 billion remaining in the seafood compensation fund which is yet to be distributed, and $0.4 billion held for natural resource damage early restoration projects. Legal proceedings In March 2015, following a detailed review of internal controls and fraud prevention and detection measures at the DHCSSP, which was facilitated by Special Master Louis Freeh, BP withdrew its appeal related to its motion to remove the claims administrator. This action is contributing to a more constructive relationship with the claims programme. The penalty phase of the Trial of Liability, Limitation, Exoneration and Fault Allocation in the Federal multi-district litigation proceeding in New Orleans (MDL 2179) concluded in February 2015. In this phase, the district court will determine the amount of civil penalties owed to the United States under the Clean Water Act based on the court s rulings (or ultimate determinations on appeal) in Phases 1 and 2, and the application of the penalty factors under the Clean Water Act. Post-trial briefing on the penalty phase concluded on 24 April 2015 and the court could issue its decision at any time. For further details, see Legal proceedings on page 31. 10

Financial statements Group income statement Sales and other operating revenues (Note 4) 54,196 73,997 91,710 Earnings from joint ventures after interest and tax 104 181 115 Earnings from associates after interest and tax 362 519 783 Interest and other income 120 238 331 Gains on sale of businesses and fixed assets 138 161 49 Total revenues and other income 54,920 75,096 92,988 Purchases 37,936 60,411 71,468 Production and manufacturing expenses 7,000 7,002 6,831 Production and similar taxes (Note 5) 362 412 986 Depreciation, depletion and amortization 3,836 3,866 3,590 Impairment and losses on sale of businesses and fixed assets 197 6,768 426 Exploration expense 172 1,455 948 Distribution and administration expenses 2,783 2,879 3,102 Profit (loss) before interest and taxation 2,634 (7,697) 5,637 Finance costs 281 299 287 Net finance expense relating to pensions and other post-retirement benefits 77 82 80 Profit (loss) before taxation 2,276 (8,078) 5,270 Taxation (375) (3,705) 1,651 Profit (loss) for the period 2,651 (4,373) 3,619 Attributable to BP shareholders 2,602 (4,407) 3,528 Non-controlling interests 49 34 91 2,651 (4,373) 3,619 Earnings per share (Note 6) Profit (loss) for the period attributable to BP shareholders Per ordinary share (cents) Basic 14.28 (24.18) 19.09 Diluted 14.21 (24.18) 18.97 Per ADS (dollars) Basic 0.86 (1.45) 1.15 Diluted 0.85 (1.45) 1.14 11

Financial statements (continued) Group statement of comprehensive income Profit (loss) for the period 2,651 (4,373) 3,619 Other comprehensive income Items that may be reclassified subsequently to profit or loss Currency translation differences (1,612) (3,496) (913) Exchange gains (losses) on translation of foreign operations reclassified to gain or loss on sale of businesses and fixed assets 54 Available-for-sale investments marked to market (3) Cash flow hedges marked to market (212) (111) 23 Cash flow hedges reclassified to the income statement 74 17 (20) Cash flow hedges reclassified to the balance sheet 5 (1) Share of items relating to equity-accounted entities, net of tax(a) (80) (2,418) (73) Income tax relating to items that may be reclassified 124 151 (1,701) (5,803) (987) Items that will not be reclassified to profit or loss Remeasurements of the net pension and other post-retirement benefit liability or asset (568) (2,825) (936) Share of items relating to equity-accounted entities, net of tax (1) 5 Income tax relating to items that will not be reclassified 158 856 294 (410) (1,970) (637) Other comprehensive income (2,111) (7,773) (1,624) Total comprehensive income 540 (12,146) 1,995 Attributable to BP shareholders 513 (12,155) 1,903 Non-controlling interests 27 9 92 540 (12,146) 1,995 (a) Includes the effects of hedge accounting adopted by Rosneft from 1 October 2014 in relation to a portion of future export revenue denominated in US dollars. For further information see BP Annual Report and Form 20-F 2014 Financial statements Note 15. 12

Financial statements (continued) Group statement of changes in equity BP shareholders Non-controlling Total $ million equity interests equity At 1 January 2015 111,441 1,201 112,642 Total comprehensive income 513 27 540 Dividends (1,709) (12) (1,721) Share-based payments, net of tax 51 51 Transactions involving non-controlling interests (3) (3) At 31 March 2015 110,296 1,213 111,509 BP shareholders Non-controlling Total $ million equity interests equity At 1 January 2014 129,302 1,105 130,407 Total comprehensive income 1,903 92 1,995 Dividends (1,426) (79) (1,505) Repurchases of ordinary share capital (1,026) (1,026) Share-based payments, net of tax 327 327 Transactions involving non-controlling interests 2 2 At 31 March 2014 129,080 1,120 130,200 13

Financial statements (continued) Group balance sheet 31 March 31 December $ million 2015 2014 Non-current assets Property, plant and equipment 129,113 130,692 Goodwill 11,633 11,868 Intangible assets 20,809 20,907 Investments in joint ventures 8,871 8,753 Investments in associates 10,312 10,403 Other investments 1,133 1,228 Fixed assets 181,871 183,851 Loans 599 659 Trade and other receivables 4,334 4,787 Derivative financial instruments 4,829 4,442 Prepayments 968 964 Deferred tax assets 2,349 2,309 Defined benefit pension plan surpluses 31 31 194,981 197,043 Current assets Loans 374 333 Inventories 18,925 18,373 Trade and other receivables 28,756 31,038 Derivative financial instruments 4,103 5,165 Prepayments 1,736 1,424 Current tax receivable 793 837 Other investments 309 329 Cash and cash equivalents 32,434 29,763 87,430 87,262 Total assets 282,411 284,305 Current liabilities Trade and other payables 37,817 40,118 Derivative financial instruments 3,167 3,689 Accruals 5,777 7,102 Finance debt 8,538 6,877 Current tax payable 1,977 2,011 Provisions 3,495 3,818 60,771 63,615 Non-current liabilities Other payables 2,941 3,587 Derivative financial instruments 4,425 3,199 Accruals 858 861 Finance debt 49,193 45,977 Deferred tax liabilities 12,903 13,893 Provisions 28,569 29,080 Defined benefit pension plan and other post-retirement benefit plan deficits 11,242 11,451 110,131 108,048 Total liabilities 170,902 171,663 Net assets 111,509 112,642 Equity BP shareholders equity 110,296 111,441 Non-controlling interests 1,213 1,201 111,509 112,642 14

Financial statements (continued) Condensed group cash flow statement Operating activities Profit (loss) before taxation 2,276 (8,078) 5,270 Adjustments to reconcile profit (loss) before taxation to net cash provided by operating activities Depreciation, depletion and amortization and exploration expenditure written off 3,928 5,215 4,422 Impairment and (gain) loss on sale of businesses and fixed assets 59 6,607 377 Earnings from equity-accounted entities, less dividends received (276) (224) (684) Net charge for interest and other finance expense, less net interest paid 129 49 170 Share-based payments (238) (58) 106 Net operating charge for pensions and other post-retirement benefits, less contributions and benefit payments for unfunded plans (57) (664) (102) Net charge for provisions, less payments 388 551 (193) Movements in inventories and other current and non-current assets and liabilities (3,858) 4,842 (315) Income taxes paid (493) (993) (820) Net cash provided by operating activities 1,858 7,247 8,231 Investing activities Capital expenditure (4,636) (5,900) (5,891) Acquisitions, net of cash acquired (118) (10) Investment in joint ventures (69) (65) (33) Investment in associates (87) (128) (88) Proceeds from disposal of fixed assets 653 224 978 Proceeds from disposal of businesses, net of cash disposed 1,087 880 26 Proceeds from loan repayments 3 48 17 Net cash used in investing activities (3,049) (5,059) (5,001) Financing activities Net repurchase of shares (793) (1,726) Proceeds from long-term financing 7,788 2,779 5,979 Repayments of long-term financing (2,307) (2,937) (1,237) Net increase (decrease) in short-term debt 725 (186) 77 Net increase in non-controlling interests 9 Dividends paid BP shareholders (1,709) (1,729) (1,427) non-controlling interests (12) (40) (13) Net cash provided by (used in) financing activities 4,485 (2,897) 1,653 Currency translation differences relating to cash and cash equivalents (623) (257) (45) Increase (decrease) in cash and cash equivalents 2,671 (966) 4,838 Cash and cash equivalents at beginning of period 29,763 30,729 22,520 Cash and cash equivalents at end of period 32,434 29,763 27,358 15

Financial statements (continued) 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 each period. 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 2014 included in the BP Annual Report and Form 20-F 2014. BP prepares its consolidated financial statements included within BP Annual Report and Form 20-F 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 UK Companies Act 2006. IFRS as adopted by the EU differs in certain respects from IFRS as issued by the IASB. 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 BP Annual Report and Form 20-F 2015, which do not differ significantly from those used in BP Annual Report and Form 20-F 2014. 2. Gulf of Mexico oil spill (a) Overview As a consequence of the Gulf of Mexico oil spill, BP continues to incur various costs and has also recognized liabilities for future costs. The information presented in this note should be read in conjunction with BP Annual Report and Form 20-F 2014 Financial statements Note 2 and Legal proceedings on page 228 and on page 31 of this report. The group income statement includes a pre-tax charge of $332 million for the first quarter in relation to the Gulf of Mexico oil spill. The first-quarter charge reflects additional business economic loss claims under the Plaintiffs Steering Committee (PSC) settlement and the ongoing costs of the Gulf Coast Restoration Organization. The cumulative pre-tax income statement charge since the incident, in April 2010, amounts to $43,827 million. The cumulative income statement charge does not include amounts for obligations that BP currently considers are not possible, at this time, to measure reliably. For further information, see Provisions below. The total amounts that will ultimately be paid by BP in relation to the incident are subject to significant uncertainty and the ultimate exposure and cost to BP will be dependent on many factors, as discussed under Provisions and contingent liabilities below, including in relation to any new information or future developments. These could have a material impact on our consolidated financial position, results and cash flows. The amounts set out below reflect the impacts on the financial statements of the Gulf of Mexico oil spill for the periods presented. The income statement, balance sheet and cash flow statement impacts are included within the relevant line items in those statements as set out below. Income statement Production and manufacturing expenses 323 468 29 Profit (loss) before interest and taxation (323) (468) (29) Finance costs 9 9 10 Profit (loss) before taxation (332) (477) (39) Taxation 112 163 10 Profit (loss) for the period (220) (314) (29) 16

2. Gulf of Mexico oil spill (continued) Financial statements (continued) Notes 31 March 31 December $ million 2015 2014 Balance sheet Current assets Trade and other receivables 1,079 1,154 Current liabilities Trade and other payables (724) (655) Provisions (1,562) (1,702) Net current assets (liabilities) (1,207) (1,203) Non-current assets Trade and other receivables 2,304 2,701 Non-current liabilities Other payables (2,098) (2,412) Accruals (154) (169) Provisions (6,472) (6,903) Deferred tax 1,835 1,723 Net non-current assets (liabilities) (4,585) (5,060) Net assets (liabilities) (5,792) (6,263) Cash flow statement - Operating activities Profit (loss) before taxation (332) (477) (39) Adjustments to reconcile profit (loss) before taxation to net cash provided by operating activities Net charge for interest and other finance expense, less net interest paid 9 9 10 Net charge for provisions, less payments 227 334 (97) Movements in inventories and other current and non-current assets and liabilities (595) 3 (578) Pre-tax cash flows (691) (131) (704) Net cash from operating activities relating to the Gulf of Mexico oil spill, on a post-tax basis, amounted to an outflow of $691 million in the first quarter. For the first quarter and fourth quarter of 2014, the amounts were an outflow of $584 million and an inflow of $304 million respectively. Trust fund BP established the Deepwater Horizon Oil Spill Trust (the Trust), funded in the amount of $20 billion, to satisfy legitimate individual and business claims, state and local government claims resolved by BP, final judgments and settlements, state and local response costs, and natural resource damages and related costs. Fines and penalties are not covered by the trust fund. The funding of the Trust was completed in 2012. The obligation to fund the $20-billion trust fund, adjusted to take account of the time value of money, was recognized in full in 2010 and charged to the income statement. An asset has been recognized representing BP s right to receive reimbursement from the trust fund. This is the portion of the estimated future expenditure provided for that will be settled by payments from the trust fund. During 2014, cumulative charges to be paid by the Trust reached $20 billion. Subsequent additional costs, over and above those provided within the $20 billion, are expensed to the income statement as incurred. At 31 March 2015, $3,383 million of the provisions and payables are eligible to be paid from the Trust. The reimbursement asset is recorded within other receivables on the balance sheet, of which $1,079 million is classified as current and $2,304 million as non-current. During the first quarter of 2015, $470 million of provisions and $2 million of payables were paid from the Trust. At 31 March 2015, the aggregate cash balances in the Trust and the associated qualifying settlement funds amounted to $4.3 billion, including $0.8 billion remaining in the seafood compensation fund which has yet to be distributed and $0.4 billion held for natural resource damage early restoration projects. When the cash balances in the trust fund are exhausted, payments in respect of legitimate claims and other costs will be made directly by BP. 17

2. Gulf of Mexico oil spill (continued) (b) Provisions and contingent liabilities Financial statements (continued) Notes BP has recorded certain provisions and disclosed certain contingent liabilities as a consequence of the Gulf of Mexico oil spill. These are described below and in more detail in BP Annual Report and Form 20-F 2014 Financial statements Note 2. Provisions BP has recorded provisions relating to the Gulf of Mexico oil spill in relation to environmental expenditure, litigation and claims, and Clean Water Act penalties. Movements in each class of provision during the first quarter are presented in the table below. Litigation Clean and Water Act $ million Environmental claims penalties Total At 1 January 2015 1,141 3,954 3,510 8,605 Net increase in provision 1 294 295 Unwinding of discount 1 1 Reclassified to other payables (329) (329) Utilization paid by BP (19) (49) (68) paid by the trust fund (35) (435) (470) At 31 March 2015 760 3,764 3,510 8,034 Of which current 405 1,157 1,562 non-current 355 2,607 3,510 6,472 Environmental The environmental provision includes amounts for estimated natural resource damage assessment costs and natural resource damage early restoration projects under the $1-billion framework agreement with natural resource trustees for the US and five Gulf coast states. Until the size, location and duration of the impact is assessed, it is not possible to estimate reliably the amounts or timing of any further natural resource damages claims, therefore no additional amounts have been provided for these items and they are disclosed as a contingent liability. Litigation and claims The litigation and claims provision includes amounts that can be estimated reliably for the future cost of settling claims by individuals and businesses for damage to real or personal property, lost profits or impairment of earning capacity and loss of subsistence use of natural resources (Individual and Business Claims), and claims by state and local government entities for removal costs, damage to real or personal property, loss of government revenue and increased public services costs under the Oil Pollution Act of 1990 and other legislation (State and Local Claims). Amounts that cannot be measured reliably and which have therefore not been provided for are described under Contingent liabilities below. Claims administration costs and legal costs have also been provided for. The timing of payment of litigation and claims provisions classified as non-current is dependent upon ongoing legal and claims facility activity and is therefore uncertain. BP has provided for its best estimate of the cost associated with the PSC settlement agreements with the exception of the cost of business economic loss claims, except where an eligibility notice has been issued and is not subject to appeal by BP within the claims facility. As disclosed in BP Annual Report and Form 20-F 2014, as part of its monitoring of payments made by the Deepwater Horizon Court Supervised Settlement Program (DHCSSP), BP identified multiple business economic loss claim determinations that appeared to result from an interpretation of the Economic and Property Damages Settlement Agreement (EPD Settlement Agreement) by the claims administrator that BP believes was incorrect. See Legal proceedings on pages 228-237 of BP Annual Report and Form 20-F 2014 and page 31 of this report for further details on the settlements with the PSC and related matters. Management believes that no reliable estimate can currently be made of any business economic loss claims (i) not yet received; (ii) received, but not yet processed; or (iii) processed, but not yet paid, except where an eligibility notice has been issued and is not subject to appeal by BP within the claims facility. The inability to estimate reliably such claims is due to uncertainty regarding both the volume of such claims and the average value per claim, as described further below. In respect of uncertainty regarding the volume of claims, in December 2014, the US Supreme Court declined to hear BP s appeal of the district court ruling that the EPD Settlement Agreement contained no causation requirement beyond the revenue and related tests set forth in that agreement. This resolution, however, does not reduce uncertainty in the short term regarding the volume of claims, since it is possible that additional claims will be made. In addition, a claims submission deadline of 8 June 2015 has now been set, which may lead to an increase in the rate of claims received until the deadline, compounding management s inability to estimate the total volume of claims that will be made. 18

2. Gulf of Mexico oil spill (continued) Financial statements (continued) Notes In respect of uncertainty regarding the average value per claim, a small proportion of the filed claims have been determined under the revised policy for the matching of revenue and expenses for business economic loss claims (introduced in May 2014) and disputes, disagreements and uncertainties regarding the proper application of the revised policy to particular claims and categories of claims continue to arise as the claims administrator has begun applying the revised policy. Furthermore, there have been no, or only a small number of, claim determinations made under some of the specialized frameworks that have been put in place for particular industries and so determinations to date may not be representative of the total population of claims. In addition, due to a data secrecy order, detailed data about claims that have not yet been determined is not currently available to BP and so it is not possible to review claim demographics or identify potential populations for each category of claim. There is therefore very little data to build up a track record of claims determinations under the policies and protocols that are now being applied following resolution of the matching and causation issues. We therefore cannot estimate future trends of the number and proportion of claims that will be determined to be eligible, nor can we estimate the value of such claims. A provision for such business economic loss claims will be established when these uncertainties are resolved and a reliable estimate can be made of the liability. The current estimate for the total cost of those elements of the PSC settlement that BP considers can be reliably estimated, including amounts already paid, is $10.3 billion. The DHCSSP has issued eligibility notices, most of which are disputed by BP, in respect of business economic loss claims of approximately $377 million which have not been provided for. Furthermore, a significant number of business economic loss claims have been received but have not yet been processed, and further claims are likely to be received. The total cost of the PSC settlement is likely to be significantly higher than the amount recognized to date of $10.3 billion because the current estimate does not reflect business economic loss claims not yet received, or received but not yet processed, or processed but not yet paid, except where an eligibility notice has been issued and is not subject to appeal by BP within the claims facility. The provision recognized for litigation and claims includes an estimate for State and Local Claims. Although the provision recognized is BP s current reliable best estimate of the amount required to settle these obligations, significant uncertainty exists in relation to the outcome of any litigation proceedings and the amount of claims that will become payable by BP. See Legal proceedings on pages 228-237 of BP Annual Report and Form 20-F 2014 and Contingent liabilities below for further details. Significant uncertainties exist in relation to the amount of claims that are to be paid and will become payable, including claims payable under the DHCSSP and State and Local Claims. There is significant uncertainty in relation to the amounts that ultimately will be paid in relation to current claims, and the number, type and amounts payable for claims not yet reported as described above and in Legal proceedings on page 31 and the outcomes of any further litigation including in relation to potential opt-outs from the PSC settlement or otherwise. There is also uncertainty as to the cost of administering the claims process under the DHCSSP and in relation to future legal costs. Clean Water Act penalties A provision of $3,510 million was recognized in 2010 for estimated civil penalties under Section 311 of the Clean Water Act. The Clean Water Act penalty is calculated by multiplying the number of barrels of oil spilled by a penalty rate per barrel. The number of barrels of oil spilled was determined by using the mid-point in the range of estimates (3.2 million barrels). A penalty rate of $1,100 per barrel was applied, the statutory maximum penalty in the absence of gross negligence or wilful misconduct. In September 2014, the district court issued its decision in the Phase 1 trial that the discharge of oil was the result of the gross negligence and wilful misconduct of BP Exploration & Production Inc. (BPXP) and that BPXP is therefore subject to enhanced civil penalties. The statutory maximum penalty is up to $4,300 per barrel of oil discharged where gross negligence or wilful misconduct is proven. BP does not believe that the evidence at trial supports the finding of gross negligence and wilful misconduct and in December 2014 filed notice of appeal of the Phase 1 ruling. In January 2015, the district court issued its decision in the Phase 2 trial that 3.19 million barrels of oil were discharged into the Gulf of Mexico and therefore subject to a Clean Water Act penalty. This amount is consistent with the number of barrels BP has used to calculate the provision. In addition, the district court found that BP was not grossly negligent in its source control efforts. The estimates of cumulative discharge presented by experts testifying in the Phase 2 trial varied significantly. BPXP and the Department of Justice have appealed the district court s ruling with regard to the quantity of oil discharged. Other parties have also appealed the Phase 2 ruling. Therefore, the findings from the Phase 2 trial remain subject to uncertainty. BP continues to believe that a provision of $3,510 million represents a reliable estimate of the amount of the liability if the appeal of the Phase 1 ruling is successful and this provision, calculated on the basis of the previous assumptions, has been maintained in the accounts. 19

2. Gulf of Mexico oil spill (continued) Financial statements (continued) Notes If BP is unsuccessful in its appeal, and the ruling of gross negligence and wilful misconduct is upheld, the maximum penalty that could be imposed is up to $4,300 per barrel. Based upon this penalty rate and the district court s ruling on the number of barrels spilled, which as noted above is also subject to appeal, the maximum penalty could be up to $13.7 billion. However, in assessing the amount of the penalty, the court is directed to consider the following statutory penalty factors: the seriousness of the violation or violations, the economic benefit to the violator, if any, resulting from the violation, the degree of culpability involved, any other penalty for the same incident, any history of prior violations, the nature, extent, and degree of success of any efforts of the violator to minimize or mitigate the effects of the discharge, the economic impact of the penalty on the violator, and any other matters as justice may require. The court has wide discretion in deciding how to apply these factors to determine the penalty and what weighting to ascribe to different factors. BP is therefore unable to ascribe probabilities to possible outcomes within the range of potential penalties and cannot determine a reliable estimate for any additional penalty which might apply should the gross negligence finding be upheld. Post-trial briefing on the trial phase to determine the amount of the Clean Water Act penalty concluded on 24 April 2015 and the court could issue its decision at any time. The amount that may become payable by BP is subject to a very high level of uncertainty since it will depend on the outcome of the pending appeals as well as what is determined by the district court with respect to the application of statutory penalty factors as noted above. The court has wide discretion in the application of statutory penalty factors. The timing of any payment is also uncertain. Given the significant uncertainty, the very wide range of possible outcomes if BP is unsuccessful in its appeal of the September ruling, and the inability to ascribe probabilities to possible outcomes within the range, management is not able to estimate reliably any further liability for the Clean Water Act penalty arising in the event that BP is not successful in its appeal. A contingent liability is therefore disclosed. See Contingent liabilities below for further information. See BP Annual Report and Form 20-F 2014 Financial statements Note 2 for further details and Legal proceedings on pages 228-237 and on page 31 of this report. Provision movements and analysis of income statement charge A net increase in provisions of $295 million for the first quarter arises primarily due to increases in the provision for business economic loss claims. The following table shows an analysis of the income statement charge. First Fourth Cumulative quarter quarter since the $ million 2015 2014 incident Environmental costs 1 2 3,224 Spill response costs 14,304 Litigation and claims costs 294 435 27,074 Clean Water Act penalties amount provided 3,510 Other costs charged directly to the income statement 28 31 1,285 Recoveries credited to the income statement (5,681) Charge (credit) related to the trust fund (137) Other costs of the trust fund 8 Loss before interest and taxation 323 468 43,587 Finance costs related to the trust funds 137 not related to the trust funds 9 9 103 Loss before taxation 332 477 43,827 Further information on provisions is provided in BP Annual Report and Form 20-F 2014 Financial statements Note 2. 20