BP Corporate Communications – 24 February 2003

Wyoming Pipeline Authority Meeting

October 28th, 2003

Dan J. Bump

Director – Marketing & Origination, West Region

BP Energy N.A.

Introduction

• Look at BP not just as a major producer, but also as your preferred counter-party for:

– physical purchases/sales

– customized financial products

– asset management

• Focused on building a long term business

• Strong, sophisticated risk management capabilities

• Excellent credit rating makes BP a preferred counter-party

Who We Are

…market capitalization of ~$200 billion

BP is an oil, gas, petrochemicals and renewables company

we have operations on 6 continents and in over 100 countries

…annual revenues of $179 billion (2002)

…over 26,500 service stations worldwide

…the 2nd largest oil company and 7th largest company in the world

…serving 13 million customers every day

Our Assets And Markets Today

Upstream• Highest

profitability, lowest cost of supply

Upstream• Highest

profitability, lowest cost of supply

• Distinctive gas reserves

• Leading explorer

Gas & Power• Global gas

monetization presence

• Leading NA & UK gas sales

• Global LNG player

Gas & Power• Global gas

monetization presence

• Leading NA & UK gas sales

• Global LNG player

Chemicals• Leadership in 3

sectors

• Advantaged technology

• Biased to high growth markets

Chemicals• Leadership in 3

sectors

• Advantaged technology

• Biased to high growth markets

Downstream• Advantaged refining

portfolioWorld Class

LubricantsAdvantaged real

estate in key markets

Downstream• Advantaged refining

portfolioWorld Class

LubricantsAdvantaged real

estate in key markets

Brands We Market Under In North America

BP’s Growth Strategy,Strategically Asset-based

BP Corporation North America, Inc. Strictly Confidential – for BP client use only

0

5

10

15

20

25

Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1

1999 2000 2001 2002 2003

BP North American Trade Volumes (BCf/D) 1998 - present

BP merges with Amoco

Q3 ‘98

BP acquiresARCOQ2 ‘00

BPacquiresVastarQ4 ’00

BP forms Integrated Supply & Trading GroupQ3 ‘01

BPacquires

IGIQ4 ‘00

BPacquiresCibolaQ3 ‘01

BPJV’s with Tejas PLQ3 ‘02

Source: BP Internal Data

Calgary

Houston

North American Gas and Power (NAGP)

Our Mission To be the provider of choice

for reliable gas and electric energy throughout North America, through providing exceptional levels of service, efficiency and knowledge

Our Organization Over 700 people across North

America, managing 20bcf/d of gas

Linked into a global Supply & Trading (IST) organization

Pan-North American coverage, via geographically based “corridors”, focused on:

Trading, Marketing and Origination

Operations and Scheduling

Compliance across business risk, credit and control

Market analysis, risk management and structured products

Our North American Supply Position

Trinidad

Canada

Wyoming

San Juan

Gulf of Mexico

Alaska

PermianGulf Coast Louisiana

Mid-Continent

Gulf Coast South Texas

Mackenzie Delta

Cove Point LNG

BP Net Production

(MMbtu/d)

San Juan ~ 823

East Rockies

(Wamsutter)

~ 145

West Rockies

(SW Wyoming)

~ 275

Western Production

North American Gas and Power (NAGP)

West Region Goals / Strategies

• Grow producer marketing business

• Expand structured products offerings

• Provide asset management services to the increasing base of transportation capacity holders in the West

• Continue growing our portfolio of transportation & storage capacity

• Utilize corporate financial strength (AA+ credit rating) to be the preferred counter-party for long-term transactions of all types {supply, market, transportation, etc}

• Continue providing services and solutions for Upstream flow assurance and financial stability

• Customer-Driven Focus

Our Commitment – Practical Solutions to Manage Your Business

We believe in providing greater reliability, flexibility and choice

– Our risk management services help to offer supply/market pricing structures on your terms

– Our advanced supply and logistics resources draw upon continent wide networks and deep local knowledge

We are committed to an increasingly stable market environment

– Unlocking gas supply opportunities in North America

– Supporting new infrastructure

– Providing market liquidity

Our aspiration is to offer increasingly tailored services that anticipate and respond to your gas supply, pricing and risk management needs

Stability Through…..

Our scale, supply position, trading and marketing organization and a commitment to meeting the needs of our customers

Financial Stability

• Market Cap $200 Billion

• Fixed Assets $105 Billion

• S&P AA+ Credit Rating

Integrated Supply & Trading

• 3,000 people worldwide• Multiple commodities (gas, oil,

ngls, finance)• Products and Services• Supply infrastructure

Nat.Gas Supply Position• Scale, Diversity and

security of supply

Reliability, through …….

Our advanced supply and logistics resources in the West draw upon region-wide networks and deep local knowledge

Extensive operational network; 2 bcf storage capacity; 2 bcf/d transportation capacity

Nominating and balancing over 4 bcf/d

24 Hour operational coverage

Managing and optimizing a wide range assets

Socal

PG&E CG

Malin

Stanfield

Sumas

Kingsgate

AECO

Opal Cheyenne Hub

Permian

San Juan

Kern River

PG&E Gas Trans NW

Jackson Prairie

Mist

Aitken Creek

NW Pipeline

Clay Basin

CIG & WIC

El Paso & TW

Cherry Pt

Carson

Products and Risk Management•Physical Product Purchases and Sales–natural gas

–electricity

–refined products, crude

•Risk Management

–Fixed Price,

–Caps/Collars,

–Swaps/Options

–Balance of Month pricing

•Customized Pricing

–structured pricing

–exotics

–cross Commodity

Assets and Optimization•Asset Management

–Transportation

–Marketing Services

–On Site Alternative Fuels

–Storage

•Energy Management Services

–Supply Management

–Integrated Custom Solutions

–On-site Utilities Management

–Co-Generation Development

•Environmental Services–Green Power (Green Mountain Energy)

–Solar

Key Offerings

Key Results

• Firm purchases for flow assurance-- Index-related or fixed-- Imbedded structured products-- Any range of terms

•Optimizing contractual assets-- Maximize value of transport &/or storage capacity

• Managing gas price risk-- Fixed prices or Basis swaps-- Collars; (fixed price or basis collars)-- Caps, Floors-- Enhanced caps, floors (“three-way’s”)-- Participation swaps-- Cross-commodity products

Conclusion

A web of Assets and Customers managed by experienced industry professionals located across North America enables BP to deliver…

• Material physical and financial liquidity

• Firm, multi-term transactions

• Proven pricing and execution capability

• Leading edge, creative risk products

• At virtually every natural gas region in North America

BP Corporate Communications – 24 February 2003

CONTACTS:

Marketing & Origination

Dan J. Bump 303-830-3266

Bob Williams 303-830-3238

Kevin Hazell 281-366-2812

Trading (Houston)

Jeff Hornback 281-366-4808

Emily Huffman 281-366-4833

BP Energy N.A.