Byron Grote 4th quarter

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Byron Grote4th quarter 2002
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This presentation and the associated slides and
discussion contain statements, particularly those
regarding acquisitions, availability, capacity,
capital employed, capital expenditure, cash
flows, costs, savings, debt, demand,
depreciation, divestments, dividends, earnings,
efficiency, gearing, growth, improvements,
investments, margins, markets, performance,
prices, production, productivity, profits,
realisations, reserves, results, returns,
revenues, sales, share buy backs special and
exceptional items, strategy, synergies, tax
rates, trends, value, volumes, the effects of BP
merger and acquisition activity, which are or may
be forward looking statements. Actual results may
differ from those expressed in such statements,
depending on a variety of factors including
future levels of industry product supply demand
and pricing political stability and economic
growth development and use of new technology
actions of competitors and natural disasters,
wars and acts of terrorism. Statements and data
contained in this presentation and the associated
slides and discussions, which relate to the
performance of BP in this and future years,
represent plans, indicators or projections.
Unless otherwise made clear, references to
financial measures are to such measures
calculated on a proforma basis, which in the case
of past performance have been adjusted for
special items. February 2003
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trading environment
Full Year
4Q 01 3Q 02 4Q 02 2002 2001 average
realisations 17.72 24.40 24.78 liquids
/bbl 22.69 22.50 2.28 2.25 2.87 natural gas
/mcf 2.46 3.30 indicator margins 2.40 1.98
2.76 refining /bbl 2.11 4.06 112 120
100 petrochemicals /te 102 109
provisional
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financial results

• change
• results for the fourth quarter
  vs 4Q 01
• proforma 2.6bn 49
• reported 1.7bn 140
• net cash from operating activity 6.2bn 12
• dividend
  6.25/share 9
• ROACE (proforma)
  14.8 change
• results for the year vs 2001
• proforma 8.7bn (25)
• reported 4.7bn (43)
• net cash from operating activity 19.3bn (14)
• dividend
  24/share 9
• ROACE (proforma) 13.0

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2002 vs 2001 varianceproforma basis
bn RCP
14
1.2bn pre-tax 0.8bn post-tax
12
10
8
6
4
2
0
2001
gasprices
refiningmargin
other environment effects
underlyingimprovement
interestexpense
2002
6
sources of underlying improvementproforma basis
bn pre-tax
7
special and exceptional items
bn pre-tax
2
1
0
(1)
4Q 2002 specials (0.6) disposals in
2002 0.3 disposals in 2003 (1.2) (1.5)
(2)
(3)
(4)
96
97
98
99
00
01
02
8
sources and uses of cash
bn
2002
2001
30
buybacks
25
disposals
dividends
20
acquisitions
operations
15
22.4
19.3
13.3
13.4
10
organic capex
5
tax, interest msi
0
sources
uses
sources
uses
9
financial framework
2001 2002 dividend declared (/UK
share) 1Q 5.25 5.75 2Q
5.50 6.00 3Q 5.50 6.00 4Q 5.75
6.25 buybacks 1 281 750 (millions)
proforma tax rate 35.4
34.7 proforma gearing 29.5 27.5

proforma gearing net debt / (net debt equity
- acquisition adjustment)