11th November 2013

SRI annual meeting

Skarv FPSO, North Sea

2

Biographies

Dev SanyalExecutive Vice President and Group Chief of Staff

Dev Sanyal is the accountable executive for all of BP’s corporate activities in strategy and long-term planning, risk, economics, competitor intelligence, government and political affairs, policy and group integration and governance.

Dev Sanyal joined BP in 1989 and has held a variety of international roles in London, Athens, Istanbul, Vienna and Dubai. He was appointed chief executive, BP Eastern Mediterranean Fuels in 1999. In 2002, he moved to London as chief of staff of BP’s worldwide downstream businesses. In November 2003, he was appointed chief executive officer of Air BP. In June 2006, he was appointed head of the group chief executive’s office. He was appointed group vice president and group treasurer in 2007. During this period, he was also chairman of BP Investment Management Ltd and accountable for the group’s aluminium interests. In January 2012, he became executive vice president, and group chief of staff.

Bob FryarExecutive Vice President, Safety and Operational Risk

Bob is responsible for strengthening safety, operational risk management, and the systematic management of operations across the BP corporate group. He is Group Head of Safety and Operations, with accountability for group-level disciplines including projects, operations, engineering, health, safety, security, and environment. In this capacity, he looks after group-wide operating management, system implementation, capability programs and audit..

Bob Fryar has 27 years’ experience in the oil and gas industry having joined Amoco Production Company in 1985. Most recently Bob was chief executive officer for BP Angola and in his prior role vice president of operations performance unit for BP Trinidad. Prior to joining BP Trinidad in January 2003, Bob served in a variety of engineering and management positions in the onshore US and deepwaterGulf of Mexico including petroleum engineer, field manager, operations manager, resource manager, asset manager and delivery manager. In addition, he worked on the Vastar integration team.

Biographies

Dr Mike DalyExecutive Vice President, Exploration

Dr Mike Daly is accountable for the leadership of BP’s access, exploration and resource appraisal activities and the long-term replacement of BP’s resource base.

Dr Daly joined BP Exploration in 1986, working as a technical specialist in structural geology. In the early 1990’s he joined BP’s global basin analysis group that set the direction of BP’s exploration strategy. This work has underpinned BP’s exploration and reserves replacement performance for two decades. Following this strategic work he has occupied a series of exploration business and functional roles in South America, the North Sea and new business development globally.

In 2000 he became the president for BP’s Middle East and South Asia businesses. In July 2006, Dr Daly was appointed BP’s Head of Exploration and New Business Development and in October 2010 was appointed executive vice president, exploration.

Christina VercherePresident and Chairman, BP Canada

Christina Verchere was appointed President and Chairman, BP Canada Energy Group ULC, effective April 1, 2012.

Ms. Verchere, a member of BP’s Exploration and Production Executive Team, was formerly VP Upstream Program Management Office in Houston where she successfully led the Upstream business through a major re-organization.

Prior to this, Ms. Verchere held a number of key business roles, including leadership roles in North American Gas, executive office roles, commercial leadership roles in both North American Gas, the Gulf of Mexico, the North Sea and a range of economics and financial positions.

3

4

Cautionary statementForward-looking statements - cautionary statement

The presentations and the associated slides and discussion contain certain forecasts, projections and forward-looking statements – that is, statements related to future, not past events – with respect to the financial condition, results of operation and businesses of BP and certain of the plans and objectives of BP with respect to these items. In particular, among other statements, certain statements regarding expectations in respect of future global, OECD and non-OECD demographic and economic trends; expectations regarding future trends in global, OECD and non-OECD energy demand; BP’s prospects for growing value in the future; BP’s prospects for delivering the anticipated increase in operating cash flow by more than 50% by 2014 versus 2011 and expectations regarding material growth in BP’s operating cash flows beyond 2014; expectations regarding BP’s future distributions to shareholders; expectations regarding BP’s future level of capital investment; BP’s future per annum divestment plans, including plans to divest a further $10 billion of assets by the end of 2015; the expected number of exploration wells to be completed in 2013; the expected timing of start-ups of certain major projects; prospects for the level of operating cash margins of new upstream projects in the future; the expected timing of start-up of the remaining refinery upgrade units at the Whiting refinery; the expected timing for the completion of outstanding Bly Report recommendations; expectations regarding global trends in exploration; the expected amount of conventional hydrocarbons that could be discovered in the future; BP’s plans for a future seismic imaging campaign in Nova Scotia; prospects for certain seismic technology to sustain existing deepwater provinces and to assist in or lead to further discoveries; the number of major upstream projects expected to come onstream by the end of 2014; expectations regarding Project 20K™, including the timing of the definition and delivery of key systems and of Front End Engineering Design, the regions where BP may apply Project 20K™ technology and the expected volume of BP’s current and future resources globally that could be accessed by Project 20K™ technology; the prospects for, expected timing and composition of future projects including expected Final Investment Decisions, start up, completion, timing of production, level of production and margins; and expectations regarding the prospective use of process affected water at Sunrise; are all forward looking in nature.

By their nature, forward-looking statements involve risk and uncertainty because they relate to events and depend on circumstances that will or may occur in the future. Actual results may differ from those expressed in such statements, depending on a variety of factors including the actions of regulators and the timing of the receipt of governmental and regulatory approvals; the timing of bringing new fields onstream and of project start-ups; the timing of and prospects for ramp up of major projects and higher margin assets; the timing and nature of maintenance outages and turnaround activity; the impact of reserves reviews; the timing and nature of divestments; future levels of industry product supply; demand and pricing; OPEC quota restrictions; PSA effects; operational problems; economic and financial conditions generally or in various countries and regions; political stability and economic growth in relevant areas of the world; changes in laws and governmental regulations; regulatory or legal actions including court decisions, the types of enforcement action pursued and the nature of remedies sought or imposed; the impact on our reputation following the Gulf of Mexico oil spill; exchange rate fluctuations; development and use of new technology and advances in technological efficiency; the success or otherwise of partnering; the actions of competitors, trading partners, creditors, rating agencies and others; natural disasters and adverse weather conditions; changes in public expectations and other changes to business conditions; wars and acts of terrorism, cyber-attacks or sabotage; and other factors discussed under “Principal risks and uncertainties” in our Stock Exchange Announcement for the period ended 30 June 2013 and under “Risk factors” in our Annual Report and Form 20-F 2012 as filed with the US Securities and Exchange Commission (SEC).

Statement of Assumptions - The operating cash flow projection for 2014 in this presentation assumes an oil price of $100 per barrel and a Henry Hub gas price of $5/mmBtu in 2014. The projection has been adjusted to (i) remove TNK-BP dividends from 2011 operating cash flow and 2014 estimated operating cash flow; (ii) include BP’s estimate of Rosneft dividends in 2014; and (iii) include in 2014 estimated operating cash flow the impact of payments in respect of the settlement of all criminal and securities claims with the U.S. government. The projection does not reflect any cash flows relating to other liabilities, contingent liabilities, settlements or contingent assets arising from the Gulf of Mexico oil spill which may or may not arise at that time. As disclosed in the Stock Exchange Announcement for the period ended 30 September 2013, we are not today able to reliably estimate the amount or timing of a number of contingent liabilities.

Cautionary note to US investors – This presentation uses terms, such as “net resources” and “resource base”, and contains references to non-proved resources and production outlooks based on non-proved resources that the SEC’s rules prohibit us from including in our filings with the SEC. U.S. investors are urged to consider closely the disclosures in our Form 20-F, SEC File No. 1-06262. This form is available on our website at www.bp.com. You can also obtain this form from the SEC by calling 1-800-SEC-0330 or by logging on to their website at www.sec.gov.

Tables and projections in this presentation are BP projections unless otherwise stated.

Stock Exchange Announcement: For further information on BP’s results, please see our Stock Exchange Announcement for the period ended 30 September 2013.

November 2013

Agenda

14.30 Group context and strategy- Dev Sanyal, Executive Vice President and Group Chief of Staff

14.50 Managing safety & operational risk - processes- Bob Fryar, Executive Vice President of Safety & Operational Risk

15.15Case studies: how we manage non-technical riskGlobal trends influencing exploration- Mike Daly, Executive Vice President of Exploration

15.45 Canadian oil sands- Christina Verchere, President and Chairman BP Canada

16.10 Break

16.30 Q&A session

17.30 Finish

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Dev SanyalExecutive Vice President &Group Chief of Staff

Group context and strategy

Seismic data in the HIVE, Sunbury

Population and income growth…

Source: Energy Outlook 2030 7

0

3

6

9

12

1990 2010 2030

OECDNon-OECD

0

2

4

6

8

1990 2010 2030

OECDNon-OECD

0

25

50

75

100

1990 2010 2030

OECDNon-OECD

Billion

Population GDP

Trillion $2011 Billion toe

Primary energy

8

Industry outlook

OECD

Non-OECD

Billion toe

0

3

6

9

12

15

18

1990 2010 2030

OECD

Non-OECD

0

3

6

9

12

15

18

1990 2010 2030

Other

Power generation

Transport

By primary use By fuelBy region

Oil

Coal

Gas

Billion toe Billion toe

Industry

0

3

6

9

12

15

18

1990 2010 2030

HydroNuclear

Renew.*

Oil

Coal

Gas

*Includes biofuels

Source: Energy Outlook 2030

Moving BP forward

Clear strategy to grow shareholder valueGrowth in operating cash flow Disciplined capital expenditure

Progressive dividend

Whiting, USA

Skarv

West Chirag

Hose

The right footprint – safer, focused, more quality

Playing to our strengthsExploration re-loaded

Distinctive Upstream portfolio: deepwater, giant fields, gas value chains

World class Downstream

Unique participation in Russia showing promise9

Playing to our strengthsStrategic progress in 2013

With governments and partners

• Rosneft transaction complete

• Growing partnership in India

Reloading exploration• 16-18 wells this

year, new access in Brazil, Norway and China

• Four discoveries : two in India, one in Egypt, one with partners in Angola

Leading explorer

New major projects• Atlantis North

Expansion, Angola LNG and North Rankin 2 started up in 2013

• Chirag Oil start-up due by end 2013

• Five projects on-track to come online in 2014

Distinctive Upstream portfolio

Expanding cash generating capability

• Whiting Modernisation Project on-track for 2013 completion

• 95.2% Solomon refining availability

• US refinery divestments complete

Technology

Developing leading technologies

• New supercomputing center

• Next generation drilling units

• Real-time well monitoring

Strong relationships

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World class Downstream

Delivering on our 10-point plan

What you can expect1. Relentless focus on safety and managing

risk

2. Play to our strengths

3. Stronger and more focused

4. Simpler and more standardized

5. More visibility and transparency to value

What you can expect6. Active portfolio management to continue

7. New upstream projects onstream with unit operating cash margins double the 2011 average(1)

8. Generate around 50% more annually in operating cash flow by 2014 versus 2011 at $100/bbl(2)

9. Half of incremental operating cash for re-investment, half for other purposes including distributions

10. Strong balance sheet

What you can measure

(1) Assuming a constant $100/bbl oil price and excluding TNK-BP(2) See Statement of Assumptions under Cautionary Statement 11

12

Bob FryarExecutive Vice President of Safety & Operational Risk

Managing safety & operational risk - processes

East Azeri platform

Bob Fryar, EVP S&OR

• 28 years’ experience, joined the company in 1985

• Previous roles

− EVP Production

− CEO BP Angola

− COO Atlantic LNG, Trinidad

− VP Operations, Trinidad

− Onshore US and GOM operations and leadership roles

13

A safer, stronger BP

It is based on three principles that guide our efforts in a prioritised, multi-year programme. They are to strive for:

• Deep capability and a safe operating culture across all levels of BP

• Continuing to embed OMS as the way BP operates

• Self and independent assurance that confirms conduct of operating

BP’s approach to safety and operational risk management integrates our operating management system (OMS) and our values

14

OMS is our framework for operations and driver for continuous improvement, as businesses work to progressively align local processes with key OMS “essentials”

Further embedding OMS as the way BP works

15

Risk management framework

• Day to day operational risk management happens through processes within the local operating management system

• Health of barriers

• Risk action plans

− Multi-year, risk prioritised at the site

BP-wide risk management framework

Processes within local OMS

HAZOP LOPA

16

The “three lines of defence”

Starting at the bottom of the triangle…

• Operating organizations are expected to verify for themselves that their activities have been completed as intended and are effective

• S&OR sets requirements and conducts assurance to test business conformance with them

• Group audit provides independent audit reports on the design and operating effectiveness of selected activities in the first and second lines of defence

A group-wide three tier approach to oversight of safety and operational risk management is in place and improving.

AuditAudit

S&OR Functional Assurance

S&OR Functional Assurance

Self Verification Self Verification

17

Targeted capability programmes seek to reinforce values and build leadership and operational capacity to achieve consistently safe, compliant, reliable operations.

How S&OR adds value - building organizational capability

Senior Level leaders

Mid Level leaders

Frontline leaders

Technicians

OperationsAcademy

ManagingOperations Operating

Essentials(Site-based) Le

adin

g in

the

field

(Site-based)

Exem

plar

(Site-based)

18

Results – as of 3Q13

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Bly Report Recommendations

Further embed in OMS

Activity delivery

Legend

Recommendation completion (Est.)

Recommendation completed*

COMPLETE

1H 1H 2H2012 2013

2H

BP’s drilling operating practicesand management systems

1 Update and clarify cementing guidelines

2 Update requirements for BOP configuration

3 Update requirements for negative pressure tests and lock-down rings

4 Update practice on pressure, including contingency and testing procedures

5 Strengthen incident reporting standards for well control and well integrity

8 Strengthen the technical authority’s role in cementing and zonal isolation

9 Enhance D&C competency programs for key operational and leadership positions

10 Develop advanced deepwater well control training

11 Establish BP in-house expertise for subsea BOP and BOP control systems

13 Strengthen BP’s rig audit process to improve closure and verification

14 Establish KPIs for well integrity/control and rig safety-critical equipment

6 Propose recommended practice for foam cement testing to API

7 Assess risk management and MOC processes for life cycle of D&C activities

12 Request IADC to develop subsea engineering certification

20141H 2H

20151H 2H

20161H

15 Require drilling contractors to implement auditable integrity monitoring system

COMPLETE

COMPLETE

COMPLETE

COMPLETE

COMPLETE

COMPLETE

COMPLETE

COMPLETE

COMPLETE

COMPLETE

*Completed: reported as complete subject to verification as closed.

20

Bly Report Recommendations

Contractor and service provider oversight and assurance

16 Assess cementing service provider capabilities

17 Confirm well control and monitoring practices are defined and applied

18 Require hazard and operability reviews for surface gas/drilling fluid

19 Include study of all surface system hydrocarbon vents in all HAZOPs

21 Strengthen BP’s requirements for BOP testing by drilling contractors

22 Strengthen BP’s requirements for BOP maintenance by drilling contractors

23 Set minimum requirements for drilling contractors’ MOC for subsea BOPs

24 Develop clear plan for ROV intervention for each of BP’s operating regions

25 Require drilling contractors to verify BSR shearing performance capability

26 Include testing and verification of revised BOP standards in rig audit

20 Establish minimum levels of redundancy and reliability for BOP systems

1H 1H 2H

2012 2013

2H

2014

1H 2H

2015

1H 2H

2016

1HCOMPLETE

COMPLETE

COMPLETE

COMPLETE

Further embed in OMS

Activity delivery

Legend

Recommendation completion (Est.)

Recommendation completed**Completed: reported as complete subject to verification as closed.

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• Leadership

• Systematic operating

• Checks and Balances

• Vigilance

In summary

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23

Mike DalyExecutive Vice President, Exploration

Global trends influencingexploration

Seismic vessel in the Ceduna Basin, Australia

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Global trends influencing exploration

Future resource trends

• Deepwater: capturing the remaining resource.

• Arctic: unexplored rock volumes of the ice-bound offshore

• ‘Re-exploration’ of onshore (and shallow-water) basins:

− Frontiers, deepening, tight reservoirs in old giants, shale ‘sweet spots’

Future challenges and technology trends

• Striving for the perfect seismic image

• Management of pressures in excess of 20k psi(1)

• Ice management, spill response, community and environmental impact

• Transformation of flow rates from unconventionals

(1) Thousand pounds per square inch

2004: Yoloten67 bnboe

0

1

2

3

4

5

1900 1910 1920 1930 1940 1950 1960 1970 1980 1990 2000 2010

Tn

bo

e

Onshore North America Middle East (On/Offshore) Onshore Latin America

Onshore C.I.S. Onshore Africa Onshore RoW

Shelf (ex Middle East) Arctic Deepwater

25

Global discovered resource and yet-to-find

Source: IHS, EIA and CAPP (Canadian Association of Petroleum Producers) for onshore North America data

Conventional yet-to-find: ~ 1 tnboe

1948: Ghawar176 bnboe

1936-40: Supergiants in Venezuela, Iran, Kuwait

1927: Kirkuk26 bnboe

1971: North Field193 bnboe

Conventional discovered: 4.5 tnboe

Deepwater Arcticsub-ice

Onshore Shelf

1992: Qatar Arch103 bnboe

1979: Troll10 bnboe

26

Material new plays of the past decade – all deepwater

GoM Palaeogene

South Atlantic pre-salt

Angola Congo Fan

East Mediterraneanpre-Messinian

22

East India gas

East Africa gas

Material new plays characterised by:

• Deeper reservoirs in existing provinces

• The outer margins (‘medial and distal fans’) of deltas

Source: IHS EDIN

5.5

50

3

9

9

Industry deepwater discovered volumes (bnboe)

27

Application of seismic technology

• Industry-first WATS(1) survey, contributing to a doubling of resource at Mad Dog through its appraisal programme

• WATS has since become the industry standard, contributing to Palaeogene success

• Now being applied beyond the Gulf of Mexico

Technology unlocking Mad Dog, Gulf of Mexico

Discovery map and seismic data quality

1998

2011

Current map and seismic data quality

(1) Wide Azimuth Towed Streamer

OWC

Project 20K™

28

• Major technology project to progress 20k psi(1) resources

• Collaborating with contractors, vendors, regulators and universities

• Key system defined by end 2013

• Front End Engineering Design begins in 2014

(1) Thousand pounds per square inch

29

Arctic yet-to-find

Source: United States Geological Survey, 2008

South Kara5

Russian Barents

Northeast Greenland

17

7

Alaska:BeaufortNorth SlopeChukchi

62

74127

31

7

10

0.11

20

3Yet-to-find volume (bnboe)

30

Challenges for activity in the Arctic

Considerations for sustained industry activity

• Commercial

• Technological

• Operational safety

• Regulatory

• Ecological

• Cultural/socio-economical

• Reputational

• SecurityLomonosov Ridge, 2004

Image courtesy of Per Frejvall, Arctic Marine Solutions

31

‘Re-exploration’ of the onshore

The remaining unexplored rock volumes onshore

• Frontier basins with challenging access (e.g. Congo).

• ‘Re-exploring old basins’

− Deepening: ‘exploring upwards’ from source rocks to existing shallow pay

− Tight reservoirs: in and around existing oil and gas giants

− Shales: achieving economic flow rates from the world’s great source rocks

BP Lozier Canyon #1

Buda Formation

Austin Formation

Eagle Ford Formation BP tight gas and shale positions

32

Challenges for onshore activity

Considerations for hydraulic fracturing onshore

• Management of water and other fluids

• Seismic activity

• Air quality and GHG emissions

• Community impact

• Land and sensitive ecologies

Durango facility, Colorado, USA

33

Risks presented by future industry activity

• Deepwater

− Managing pressures in excess of 20k psi(1)

• Arctic

− Ice management

− Spill response

− Communities

− Reputation

• Onshore

− Management of water and fluids

− Communities

− Industry footprint in sensitive ecologies(1) Thousand pounds per square inch

Wamsutter, Wyoming, USA

34

Christina VercherePresident & Chairman BP Canada

Canadian oil sands

Terre de Grace lease, Canada

Overview

• The need for Canadian oil sands

• Status update on BP’s oil sands portfolio

• Technology

• Environment

• Government regulation

• Community relations

35

36

BP’s oil sands portfolio

• Sunrise: 50/50 joint venture between operator Husky and BP

• Pike: 50/50 joint venture between operator Devon Energy and BP

• Terre de Grace:75/25 joint venture between BP as operator and ViBrant

Sunrise

Terre de Grace

Pike

Steam Assisted Gravity Drainage

Technology

BP Canada Technology Plan highlights

37

Update on Canada’s Oil Sands Innovation Alliance

• Centre for Petroleum and Subsurface Chemistry

• Joint industry projects

• Research centre support

• 13 member companies

• Four environmental priority areas: water, tailings, land and greenhouse gases

• Sharing of technologies and innovation to solve environmental challenges

Environment

Air

Focus on energy efficiency and controls to reduce the emissions intensity associated with oil sands development

Land

Focus on collaboration with stakeholders and new methods to mitigate land disturbance

Water

Focus on both managing the amount of water needed to develop the resource and recycling produced water

38

Government regulation

• Establishment of a new Alberta Energy Regulator – June 2013

• Joint oil sands monitoring

• Alberta Environmental Monitoring Evaluation Reporting Agency

39

Community relations

• Listen and respond to stakeholder concerns and expectations

• Recognize First Nations consultation protocols

• Monitor joint venture operating partners actions and engagement plans

40

Closing points

• Oil sands are an opportunity for BP to leverage technological expertise in a giant field

• BP is advancing its oil sands portfolio in a responsible manner

• Investment in technology will enable BP to continually improve environmental performance

• Canada’s oil sands are a highly regulated resource

41

Q & A

Deepwater Gunashli platform, Azerbaijan