bp_second_quarter_2011_results_presentation_slides.pdfVIP

2Q 2011 Results Presentation 26 July 2011 2Cautionary statement Forward-looking statements - cautionary statement This presentation and the associated slides and discussion contains forward-looking statements particularly those regarding: expected increases in investment in upstream production; anticipated improvements in operating cash flow and margins; divestment plans; reductions in certain costs associated with the suspension of drilling in the Gulf of Mexico; the quarterly dividend payment; the expected total effective tax rate for 2011; expected full-year 2011 organic capital expenditure; the timing of surveys of shoreline impacted by the Gulf of Mexico oil spill; the segregation of an additional $500 million of the Trust balance to cover costs associated with projects that will restore injured natural resources in the Gulf; the issuance of further Requests for Proposals pursuant to the Gulf of Mexico Research Initiative and the master research agreement thereunder; expectations regarding the impacts on costs of rig standby costs and of turnaround and related maintenance expenditures; the timing for completion of the Whiting refinery upgrade; the projection of cash generation from the Whiting refinery and corresponding impacts on BP’s US Fuels Value Chain position; the expected impact on third-quarter production of the divestment programme, ongoing seasonal turnaround activity across BP’s portfolio, and the ongoing decline of production in the Gulf of Mexico; expected full- year 2011 production, and the impact of acquisitions and divestments and PSA entitlement on full-year 2011 production; expectations for improvements in underlying replacement cost profit; the number of exploration wells to be drilled in 2012; timing of new upstream projects coming on line; the expectation of up to 1mmboed of production by end of 2016 from new projects; the magnitude and timing of remaining remediation costs related to the Gulf of Mexico oil spill; the factors that