Slide 1: 2Q 2026 financial results
2Q 2026 financial results 2Q 2025 financial 2Q 2026 results financial results 1
Slide 2: Craig Marshall, SVP investor relations
Craig Marshall Craig Marshall SVPSVP investor investor relations relations 3Q 2025 financial results 2Q 2025 financial 2Q 2026 results financial results 2
Slide 3: Cautionary statement
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 presentation contai
Slide 4: Meg O'Neill, Chief executive officer
Meg O’Neill Craig Marshall SVPChief executive investor relations officer 3Q 2025 financial results 2Q 2025 financial 2Q 2026 results financial results 4
Slide 5: Safety performance
Safety performance Process safety events Tier 1 Tier 2 100 80 60 40 20 0 2019 2020 2021 2022 2023 2024 2025 1H 2025 1H 2026 Goal to eliminate fatalities, life -changing injuries and the most serious process safety events 2Q 2025 financial 2Q 2026 results financial results 5
Slide 6: 2Q 2026 highlights
2Q 2026 highlights Upstream Upstream Refin ery Refining production plant reliability throughput s availability 2,201 mboed 92.4% 1,467 mbd 94 .7% 1Q 2026 2,339mboed 1Q 2026 95.7% 1Q 2026 1,527mbd 1Q 2026 96.3% Underlying replacement Operating Financial obligations Dividend per cost profit * cash flo
Slide 7: Priorities to deliver a step change in performance
Priorities to deliver a step change in performance 1. 2. 3. 4. 5. Strengthening Simplifying Investing Driving Hardwiring balance sheet the portfolio with greater operational high -performance discipline excellence and accountability Improve financial Take an unemotional Get fit to grow - Run assets
Slide 8: High-grading bp to strengthen cash flow and returns
High -grading bp to strengthen cash flow and returns Returns and free cash flow, 2023 - 25 average Principles guiding Assets in bp’s portfolio 1, excludes announced divestments portfolio choices Bubble = Capital Return (%) 2 employed size Objective value lens Upstream Assess cash generation, returns
Slide 9: An integrated oil and gas company
An integrated oil and gas company • Regional integrated • Resource base value chains link anchored by refining, logistics, advantaged basins trading and customers Upstream Downstream • Incumbent positions An integrated oil • Leading market and strong and gas company positions capture value relations
Slide 10: Kate Thomson, Chief financial officer
Kate Thomson Craig Marshall SVPChief financial investor relationsofficer 3Q 2025 financial results 2Q 2025 financial 2Q 2026 results financial results 10
Slide 11: 2Q 2026 underlying results
2Q 2026 underlying results $bn 2Q 2026 1Q 2026 2Q 2025 Brent dated ($/bbl) 103.9 81.1 67.9 Henry Hub ($/mmbtu) 2.9 5.1 3.4 NBP (p/ therm ) 112.4 100.9 84.5 RIM ($/bbl) 29.6 16.9 11.9 * Underlying RCPBIT 10.3 6.3 5.2 Gas & low carbon energy 2.1 1.3 1.5 Oil production & operations 3.6 2.0 2.3 Customer
Slide 12: 2Q 2026 IFRS to underlying results reconciliation
2Q 2026 IFRS to underlying results reconciliation ($bn) Segment underlying operating profit movement 1.8 (0.1) 1.6 (1.5) 0.8 (1.8) (0.6) 5.7 3.8 3.9 3.2 1Q 2026 Adjusting items 1Q 2026 Gas & low Oil production Customers Other Finance costs, 2Q 2026 Adjusting items 2Q 2026 IFRS profit & inventory und
Slide 13: 2Q 2026 cash flow and balance sheet
2Q 2026 cash flow and balance sheet $bn 2Q 2026 1Q 2026 2Q 2025 Key cash flow items Operating cash flow 10.9 2.9 6.3 * Adjusted working capital build (1.0) (6.0) (1.4) Capital expenditure (3.1) (3.3) (3.4) Divestment and other proceeds 0.6 0.2 1.4 Key balance sheet items Net debt * 22.3 25.3 26.0 Hy
Slide 14: 2Q 2026 cash generation and net debt reduction
2Q 2026 cash generation and net debt reduction 2Q 2026 sources and uses of cash ($bn) Net debt * ($bn) 13.5 10.4 25.3 Net debt reduction Divestment and other proceeds 0.6 ~3.1 22.3 0.1 Other 0.8 Lease liability payments 1.0 Working capital build 1.0 Interest paid Underlying cash 1.3 Dividends paid g
Slide 15: Working capital movement
Working capital movement 1H 2026 adjusted working capital build * ($bn) Build Release Seasonal effects and pricing Timing of payments Other Total 3.4 1.1 2.5 7.0 1.7 0.8 Includes: 1.1 • GoA settlement liabilities payments 4.1 (0.0) Includes: 1.1 • GoA settlement • Decommissioning liabilities payment
Slide 16: Balance sheet and deleveraging progress
Balance sheet and deleveraging progress Financial obligations and instruments * ($bn) 2H 2026 assumptions 60.5 • 2H 2026 prices and margins: 57.8 Gulf of America 5.9 53.6 • Brent $80/bbl settlement 6.1 liability 1 5.0 • HH $3/mmbtu 13.3 Lease 13.5 39 - 41 • RIM $28/bbl liabilities 2 13.3 2.5 • Dives
Slide 17: Separating activity-linked and underlying costs
Separating activity -linked and underlying costs P&M and D&A expenses as reported in Underlying operating expenditure Cost efficiency is a the group income statement ($bn) reconciliation ($bn) management priority 30 26.7 26.7 0.8 25 1.6 1.5 • Cost reconciliation provides 20.9 9.2 20.9 greater transp
Slide 18: Activity linked costs supported stronger gross profit
Activity linked costs supported stronger gross profit Growth in gross profit exceeded growth in variable costs Variable costs assessed alongside the gross profit they generate +50% +47% Variable costs are: • Largely within • Supply, trading and shipping and • Customers and products businesses • Link
Slide 19: Taking action to accelerate cost reductions
Taking action to accelerate cost reductions Expected flow through of cost reductions to reported Pace of absolute cost underlying operating expenditure * 2025 - 2027 ($bn) reductions need to increase 0.6 0.2 1.0 • • FX impact • bpx 0.1 Customers 0.1 2026 - 27 cost • Refining 0.2 reduction drivers •
Slide 20: FY 2026 outlook and guidance
FY 2026 outlook and guidance FY 2025 reported FY 2026 guidance 1 – 2,180 –2,270mboed, includes the impact of disruption in the Middle East, the divestment of Reported upstream production 2,312 mboed the Culzean gas field and bp’s reduced equity interest in Latin America, ~15mboed for potential seaso
Slide 21: Meg O'Neill, Chief executive officer
Meg O’Neill Craig Marshall SVPChief executive investor relations officer 3Q 2025 financial results 2Q 2025 financial 2Q 2026 results financial results 21
Slide 22: Appendix
Appendix • Click to edit Master text styles • Second level • Third level • Fourth level • Fifth level 3Q 2025 financial results 2Q 2025 financial 2Q 2026 results financial results 22
Slide 23: Appendix – table of contents
Appendix —table of content Upstream Year to date financials 1) Upstream major project start -ups 2025 8 ) Financial summary – 1H 2026 to 2027 underlying results Appendix – table of content 2) Upstream – bp operated major projects 9 ) Financial summary – 1H 2026 cash progress flow and balance sheet Q
Slide 24: Upstream major project start-ups 2025 to 2027
1) Upstream major project start -ups 2025 to 2027 10 major project start - ups with ~250mboed peak net production 1 Major projects that have started -up Oil Gas Argos Atlantis Atlantis Raven Coconut Ginger Murlach SWX DC1X MFX GTA Ph1 Cypre Mento infills Post FID Post FID And 7 project start -ups in
Slide 25: Upstream – bp operated major projects progress
2) Upstream – bp operated major projects progress Major projects * construction progress 1 (% complete as of June 2026) 2024 2025 2026 1H 2026 2027 2028 2029 2030 2031 Ginger Expected start -up: 2027 FID Trinidad and Ginger March 2025 ~80% ~50mboed Tobago Tangguh Expected start -up: 2028 FID UCC Tan
Slide 26: 2Q 2026 cash flow and net debt movement
3) 2Q 2026 cash flow and net debt movement 2Q 2026 underlying RCPBIT to operating cash flow to change in net debt ($bn) 4.7 (1.4) (1.0) 0.4 Includes 0.6 • GoA settlement (1.0) liabilities (1.0) payments 1.1 • Largely due to provisions movements non - cash adjustment 0.8 (3.1) (1.3) 10.9 10.3 (3.1) •
Slide 27: Gas and low carbon energy
4) Gas and low carbon energy 2Q 2026 1Q 2026 2Q 2025 * ($bn) Underlying RCPBIT Production volume Liquids (mbd) 88 87 85 Natural gas ( mmcfd ) 3,928 4,124 4,043 Total hydrocarbons (mboed) 765 798 782 Average realisations Liquids ($/bbl) 94.09 67.17 64.15 2Q 2026 vs 1Q 2026 Natural gas ($/mcf) 8.03 6.
Slide 28: Oil production and operations
5) Oil production and operations 2Q 2026 1Q 2026 2Q 2025 * ($bn) Underlying RCPBIT Production volume Liquids (mbd) 997 1,126 1,115 Natural gas ( mmcfd ) 2,543 2,407 2,338 Total hydrocarbons (mboed) 1,436 1,541 1,518 Average realisations Liquids ($/bbl) 84.10 59.75 59.74 Natural gas ($/mcf) 2.16 3.57
Slide 29: Customers and products
6) Customers and products 2Q 2026 1Q 2026 2Q 2025 Underlying RCPBIT * ($bn) Customers – convenience & mobility Capital expenditure ($bn) 0.3 0.4 0.4 Marketing sales of 3,163 3,030 3,198 refined products (mbd) Products – refining & trading Capital expenditure ($bn) 0.2 0.3 0.4 2Q 2026 vs 1Q 2026 Cust
Slide 30: 3Q 2026 outlook and guidance
7) 3Q 2026 outlook and guidance 2Q 2026 reported 3Q 2026 guidance 1 Reported upstream production 2,201 mboed – 2,100 – 2,250mboed including impact of continued disruption in the Middle East, bp’s reduced equity interest in Latin America and an estimated impact of ~40mboed for potential seasonal weat
Slide 31: Financial summary – 1H 2026 underlying results
8 ) Financial summary – 1H 2026 underlying results $bn 1H 2026 1H 2025 Brent dated ($/bbl) 92.3 71.9 Henry Hub ($/mmbtu) 4.0 3.6 NBP (p/therm) 106.5 100.5 RIM ($/bbl) 23.3 10.0 * Underlying RCPBIT 16.6 9.7 Gas & low carbon energy 3.5 2.5 Oil production & operations 5.6 5.2 Customers & products 8.2 2
Slide 32: Financial summary – 1H 2026 cash flow and balance sheet
9) Financial summary – 1H 2026 cash flow and balance sheet $bn 1H 2026 1H 2025 Key cash flow items Operating cash flow 13.7 9.1 * Adjusted working capital build (7.0) (4.7) Capital expenditure (6.4) (7.0) Divestment and other proceeds 0.9 1.7 Key balance sheet items Net debt * 22.3 26.0 Hybrid bonds
Slide 33: Progress on our primary targets
10 ) Progress on our primary targets Adjusted free 1H 2026 vs 1H 2025 1 Net debt * 2Q 2026 cash flow * growth >20% ~ 50% $14−18bn $22.3 bn CAGR from 2024 -27 by end 2027 Cumulative 1H 2026 Group ROACE * 2025 Structural cost reduction * 6 1 $ 4−5bn $3.5 bn >16% by end 2027 ~ 14% $6.5 -7.5bn inc. Cast
Slide 34: Adjusted free cash flow reconciliation
11) Adjusted free cash flow reconciliation Adjusted free cash flow * reconciliation ($bn) Adjusted free cash flow ($bn) Reported Reported Price adjusted 1 14.4 1H 2026 1H 2025 ~10 Operating cash flow 13.7 9.1 6.9 ~7 Exclude: adjusted * (7.0) (4.7) working capital build * Adjusted operating cash flow
Slide 35: Structural cost reduction – reconciliation by business
12) Structural cost reduction – reconciliation by business $bn 1 * SCRs delivered Implied 2027 target 2024 SCR 2025 SCR 1H 2026 SCR (2024 -1H 2026) vs 2023 baseline Upstream 0.1 0.6 0.2 1.0 ~1.5 Customers 0.3 0.7 0.3 1.3 ~1.8 Products 0.2 0.3 0.1 0.6 >0.7 Customers & products 0.6 1.0 0.4 1.9 >2.5 LC
Slide 36: Price assumptions
13) Price assumptions Actual Price assumptions Rule -of -thumb 202 6 impact on underlying replacement cost profit Marker prices 2024 2025 2024 1 2025 2026 2027 before tax 2 — Oil price Brent Brent ($/bbl) 80.8 69.1 70.0 71.5 72.9 74.4 +/ - $1/bbl is ~$340m — Natural gas price Henry Hub ($/mmbtu) 2.3
Slide 37: Glossary – abbreviations
Glossary – abbreviations AHFS Assets held for sale . mmbtu Million British thermal units . Barrel (bbl) 159 litres, 42 US gallons . mmcfd Million cubic feet per day . boe Barrels of oil equivalent . NBP National balancing point . NCI Non -controlling interest . C&P Customers and products . OB&C Othe
Slide 38: Glossary
Glossary Adjusted EBITDA Non -IFRS measure presented for bp's operating segments and is defined Adjusting items Items that bp discloses separately because it considers such disclosures as RC profit before interest and tax, adjusting for net adjusting items* to be meaningful and relevant to investors
Slide 39: Glossary
Glossary Divestment Are disposal proceeds as per the condensed group cash flow Liquids Liquids comprises crude oil, condensate and natural gas liquids . For the proceeds statement .. OP&O segment, it also includes bitumen . Consolidation Unrealised profit in inventory arising on inter -segment trans
Slide 40: Glossary
Glossary Refining Represents Solomon Associates’ operational availability for bp - Underlying Non -IFRS measure and calculated by dividing taxation on an underlying availability operated refineries, which is defined as the percentage of the year effective RC basis by underlying RC profit or loss bef
Slide 41: Glossary
Glossary Tier 1 and tier 2 Tier 1 events are losses of primary containment from a process of Underlying RC Non -IFRS measure and is RC profit or loss* after excluding net adjusting process safety greatest consequence – causing harm to a member of the workforce, profit or loss / items and related tax
Slide 42: Glossary
Glossary Unit production Calculated as production cost divided by units of production . Working capital Movements in inventories and other current and non -current assets and costs Production cost does not include ad valorem and severance taxes . (adjusted) liabilities as reported in the condensed g
Slide 43: Resources
Resources bp's website includes information Useful links Investor events about our financial performance, reports and information on – Why invest in bp 30 October 2026 Third quarter investing in bp, dividend payments, – Modelling guidance results AGM and strategy events. – Databook Find out more on