BP (BP)

[Bouleversee]

I get the impression that none of journalists realise that the companies who have had a bit of a bonanza recently have been through some very hard times .

I'm absolutely certain they DO know this but choose to stoke up anti-capitalist sentiment.

You may be right but it is the duty of commentators and presenters to present the true facts of the case and correct misunderstandings and point out that if investors carried all the risks but did not benefit from success, there would be no investors. Equity investment has certainly lost its attraction for me. I used to do pretty well but algorithms and traders have put paid to that in recent years and I haven't seen much evidence of buybacks returning money to me either.

[monabri]

As such a small proportion of the business is in the UK, they can always change their domicile to somewhere more amenable.

It was remarkably inept of the CEO to say they had so much money they didn't know what to do with it. It would have been better to focus on the problems they have been through - Macondo, need to repay borrowings, dividend still half its previous level, buying back shares to undo the dilution from when they had to pay dividends in shares as they were short of cash, investment in green energy - blah, blah, blah. The market can see the real situation and to put it in that sort of context would have been much better PR.

If you're ever in the running for replacing "Looney " you'd have my vote!

Stupid comments from Looney about the "cash machine"...shades of Sainsbury's Mike Coupe's " we're in the money" ditty.

How did they get to be CEOs?

As for domicile...I've been muttering the same ( under my breath )!

[Arborbridge]

As such a small proportion of the business is in the UK, they can always change their domicile to somewhere more amenable.

It was remarkably inept of the CEO to say they had so much money they didn't know what to do with it. It would have been better to focus on the problems they have been through - Macondo, need to repay borrowings, dividend still half its previous level, buying back shares to undo the dilution from when they had to pay dividends in shares as they were short of cash, investment in green energy - blah, blah, blah. The market can see the real situation and to put it in that sort of context would have been much better PR.

If you're ever in the running for replacing "Looney " you'd have my vote!

Stupid comments from Looney about the "cash machine"...shades of Sainsbury's Mike Coupe's " we're in the money" ditty.

How did they get to be CEOs?

As for domicile...I've been muttering the same ( under my breath )!

I was really surprised how bad his TV interview came over. He would be good enough to run for the Tory leadership He looks very gaff prone in the manner of some of our politicians and not a safe pair of hands from the PR POV.

BTW, I know various people here have had a tilt at the BBC for their lefty bias, but I saw ITV news last night, and their coverage was far more biassed in that direction. I was a bit shocked how unbalanced and unremittingly critical of BP it was. So let's hear some noise against other channels and not just BBC occasionally.

Arb.

[idpickering]

Transaction in Own Shares.

BP p.l.c. (the "Company") announces that on 1 September 2022 it has purchased, in accordance with the authority granted by shareholders at the 2022 Annual General Meeting of the Company, a total of 11,679,242 of its ordinary shares of $0.25 each ("Shares") on the London Stock Exchange and Cboe (UK) as part of the buyback programme announced on 2 August 2022 (the "Programme") and as detailed below:

https://www.investegate.co.uk/bp-plc--b ... 00070247Y/

Ian.

[idpickering]

Ohio oil refinery fire kills 2 people; plant shut down.

A fire at an oil refinery in Ohio killed two people and the facility was shut down Wednesday, officials said.

The fire started Tuesday night at BP's Husky Toledo Refinery, BP spokesperson Megan Baldino said in a statement. There was no word on how it started or the extent of the damage.

Baldino said Wednesday that the two workers had died but did not provide their names or further details about the injuries they sustained. She said all other staff were accounted for and the plant was safely shut down.

The refinery, located just east of Toledo, can process up to 160,000 barrels of crude oil per day and “has been an important part of the region’s economy for more than 100 years,” according to BP’s website.

In addition to its own fire department, the company said it worked closely with local fire crews.

“Our highest priority remains the safety of our staff, the responders and the public,” Baldino said.

BP announced last month it had agreed to sell its 50% interest in the Husky Toledo Refinery to its joint venture partner Cenovus Energy.

The fire happened a few weeks after an electrical fire at a BP refinery in northwest Indiana, about 15 miles (24 kilometers) southeast of Chicago, caused the company to temporarily close that facility. No one was hurt.

https://uk.style.yahoo.com/ohio-oil-ref ... 46066.html

Ian.

[BullDog]

Oh dear. BP really is the single most accident prone company I can think of.

[idpickering]

Transaction in Own Shares.

BP p.l.c. (the "Company") announces that on 06 October 2022 it has purchased, in accordance with the authority granted by shareholders at the 2022 Annual General Meeting of the Company, a total of 11,363,700 of its ordinary shares of $0.25 each ("Shares") on the London Stock Exchange and Cboe (UK) as part of the buyback programme announced on 2 August 2022 (the "Programme") and as detailed below:

https://www.investegate.co.uk/bp-plc--b ... 00042507C/

Ian.

[Bouleversee]

That's an awful lot of shares. I suppose somebody has to buy them! The price still went down, however.

[idpickering]

The buybacks continue;

Transaction in Own Shares.

BP p.l.c. (the "Company") announces that on 11 October 2022 it has purchased, in accordance with the authority granted by shareholders at the 2022 Annual General Meeting of the Company, a total of 11,966,451 of its ordinary shares of $0.25 each ("Shares") on the London Stock Exchange and Cboe (UK) as part of the buyback programme announced on 2 August 2022 (the "Programme") and as detailed below:

https://www.investegate.co.uk/bp-plc--b ... 00015528C/

I'd 'buyback' more BP shares myself if I wasn't fully laden with them already in my HYP.

Ian.

[idpickering]

BP. agrees to buy US biogas firm Archaea Energy.

BP. accelerates and expands in bioenergy, agreeing to buy leading US biogas company Archaea Energy.

· Accelerates bioenergy growth.

- Acquisition of a leading US renewable natural gas (RNG) producer will accelerate growth of bp's strategic bioenergy transition growth engine.

- Operates 50 RNG and landfill gas-to-energy facilities across US, with development pipeline supporting potential for around five-fold increase in RNG volumes by 2030.

- Doubles the EBITDA bp expects from biogas to around $2 billion by 2030; supports increase in bp's aim for EBITDA from transition growth businesses by 2030 from $9-10 billion to more than $10 billion

· Adds distinctive value.

- Builds on bp's existing biogas business - expanding in the US, a key fast-growing geography for biogas.

- Expect additional distinctive value through integration with BP.'s trading capabilities and global customer relationship.

https://www.investegate.co.uk/bp-plc--b ... 23411322D/

Ian.

[pje16]

BP PLC on Wednesday said it has invested USD6 million in all-electric ride-hailing business Freebee, a Miami-based company that provides transportation to local communities.

The FTSE 100-listed oil major led a USD8 million series A funding round, alongside Freebee's current infrastructure capital partner Tensile Mobility.

Freebee provides free, on-demand ride-hailing using electric vehicles via its mobile app. It currently owns more than 150 electric vehicles. The service is financed by local governments and entities, such as corporate business parks and universities, to cover defined areas or specific routes.

BP said Freebee seeks to address the many issues arising from increased use of personal vehicles in the US, such as traffic congestion and increased carbon emissions.

BP added that the investment will help Freebee boost its technology development capacity and expand its team, helping to scale the business across the US.

The service is currently available in more than 25 municipalities and campuses in Florida and Virginia, with Freebee targeting expansion into seven new cities in the two states before the end of 2022. By the end of the year, Freebee expects to have over 1 million passengers.

As well as leading the funding round, BP said it will work with Freebee on scaling the business across the US and will explore opportunities to collaborate on the roll-out of EV charging infrastructure, progressing BP’s mobility growth engine.

Shaun Healey, principal at BP ventures, will join the Freebee board, along with Tensile Mobility's Chief Executive Dabo Horsfall.

Freebee Co-Founder & Managing Partner Kris Kimball said: "This investment from BP ventures is an endorsement of our idea and together we will roll Freebee out across the US."

Source
https://www.ii.co.uk/secure/my-news-fee ... 3142826700
(login required)

[idpickering]

3Q22 SEA Part 1 of 1.

This quarter's results reflect us continuing to perform while transforming. We remain focused on helping to solve the energy trilemma - secure, affordable and lower carbon energy. We are providing the oil and gas the world needs today - while at the same time - investing to accelerate the energy transition. Our agreement on Archaea Energy is the most recent step in our strategic transformation of bp.

Bernard Looney

Chief executive officer

Highlights

Underlying replacement cost profit* $8.2 billion

• Underlying replacement cost profit was $8.2 billion, compared with $8.5 billion for the previous quarter. Compared to the second quarter, the result was impacted by weaker refining margins, an average oil trading result and lower liquids realizations, partly offset by an exceptional gas marketing and trading result and higher gas realizations.

• Reported loss for the quarter was $2.2 billion, compared with a profit of $9.3 billion for the second quarter 2022. The reported result for the third quarter includes inventory holding losses net of tax of $2.2 billion and a charge for adjusting items* net of tax of $8.1 billion. This charge includes adverse fair value accounting effects* of $10.1 billion, primarily due to further increases in forward gas prices compared to the end of the second quarter, partly offset by $2.0 billion gain on sale relating to the formation of Azule Energy.

Operating cash flow* $8.3 billion; net debt* reduced to $22.0 billion

• Operating cash flow in the quarter was $8.3 billion including a working capital build (after adjusting for inventory holding losses* and fair value accounting effects) of $6.2 billion, mainly due to the increase in the forward price of LNG.

• Looking forward, the outlook for working capital remains subject to a number of factors, including price. However, following the build in working capital as a result of rising gas prices since 2021, we now expect the working capital movement to include a release of around $7 billion, weighted toward the second-half of 2023 and 2024, primarily as LNG cargoes are delivered.

• Capital expenditure* in the quarter was $3.2 billion. bp now expects capital expenditure of around $15.5 billion in 2022, if the acquisition of Archaea Energy completes before year end.

• During the third quarter, bp completed share buybacks of $2.9 billion. The $3.5 billion share buyback programme announced with the second quarter results was completed on 27 October 2022.

• Net debt fell for the tenth successive quarter to reach $22.0 billion at the end of the third quarter.

Further $2.5 billion share buyback within disciplined financial frame

• During the third quarter bp generated surplus cash flow* of $3.5 billion and intends to execute a $2.5 billion share buyback prior to announcing its fourth-quarter results, bringing total announced share buybacks from 2022 surplus cash flow to $8.5 billion, equivalent to 60% of 2022 surplus cash flow year to date.

• For 2022 and subject to maintaining a strong investment grade credit rating, bp remains committed to using 60% of surplus cash flow for share buybacks and intends to allocate the remaining 40% to further strengthen the balance sheet.

• In setting the buyback each quarter, the board will continue to take into account factors including the cumulative level of and outlook for surplus cash flow.

• Against the authority granted at bp's 2022 annual general meeting to repurchase up to 1.95 billion shares, bp had repurchased 677 million shares at 31 October.

Progressing transformation to an Integrated Energy Company

• In resilient hydrocarbons bp is accelerating its biogas strategy - part of its bioenergy Transition Growth Engine - agreeing to acquire Archaea Energy a leading US biogas company. bp has also continued to make progress high-grading its portfolio: completing the creation of Azule Energy a 50:50 joint venture combining its Angolan assets with those of Eni; taking the final investment decision on the Cypre project offshore Trinidad; and announcing an agreement to sell its upstream business in Algeria to Eni.

• In convenience and mobility bp continued to advance its growth strategy in EV charging and convenience: announcing plans to collaborate with Hertz in North America to install a national network of EV charging solutions for Hertz and its customers powered by bp pulse; and expanding its partnership with leading retailer REWE in Germany, to install fast, reliable, convenient charging for customers while they shop.

• In low carbon energy bp continued to progress its renewables and hydrogen strategy. In Australia, bp closed its acquisition of a 40.5% stake in AREH, one of the world's largest planned renewables and green hydrogen* energy hubs. And in the UK, two bp-led projects - H2Teesside and Net Zero Teesside Power - have been shortlisted in Phase 2 of the UK government's cluster sequencing process for support of carbon capture, use and storage (CCUS).

Third quarter results show bp continuing to execute its disciplined financial frame. Net debt fell for the tenth successive quarter; we are investing with discipline; and we are delivering on our commitment to shareholder distributions - announcing a further $2.5 billion share buyback.

And later;

Dividends payable

BP today announced an interim dividend of 6.006 cents per ordinary share which is expected to be paid on 16 December 2022 to ordinary shareholders and American Depositary Share (ADS) holders on the register on 11 November 2022. The ex-dividend date will be 9 November 2022 for ADS holders and 10 November 2022 for ordinary shareholders. The corresponding amount in sterling is due to be announced on 6 December 2022, calculated based on the average of the market exchange rates over three dealing days between 30 November 2022 and 2 December 2022. Holders of ADSs are expected to receive $0.36036 per ADS (less applicable fees). The board has decided not to offer a scrip dividend alternative in respect of the third quarter 2022 dividend. Ordinary shareholders and ADS holders (subject to certain exceptions) will be able to participate in a dividend reinvestment programme. Details of the third quarter dividend and timetable are available at bp.com/dividends and further details of the dividend reinvestment programmes are available at bp.com/drip.

https://www.investegate.co.uk/bp-plc--b ... 00078138E/

Ian.

[idpickering]

Share Repurchases.

BP p.l.c. (the "Company") announces that it is to commence a share buyback programme to repurchase ordinary shares in the capital of the Company (the "Programme").

The purpose of the Programme is to reduce the issued share capital of the Company towards distributing 60% of surplus cash flow [1] generated in 2022 as announced by the Company on 1 November 2022.

The maximum amount allocated to the Programme is around $2.5 billion for a period up to and including 3 February 2023.

The Programme will be carried out on the London Stock Exchange and/or Cboe (UK) and will be effected within certain pre-set parameters.

Any purchases of ordinary shares by the Company in relation to this announcement will be conducted in accordance with the Company's general authority to repurchase shares granted by its shareholders at the Company's 2022 Annual General Meeting and any further approvals to repurchase shares as may be granted by its shareholders from time to time , the Market Abuse Regulation 596/2014 as it forms part of domestic law by virtue of section 3 of the European Union (Withdrawal) Act 2018 (as amended) and Chapter 12 of the Listing Rules.

https://www.investegate.co.uk/bp-plc--b ... 27118760E/

Ian.

[idpickering]

BP p.l.c. publishes provisional dividend dates.

BP p.l.c. announces that today it has published its provisional forthcoming dividend dates (including announcement, payment, record and ex-dividend dates) for ordinary and preference shares at http://www.bp.com/financialcalendar for 2023.

These dates are indicative and may be subject to change.

https://www.investegate.co.uk/bp-plc--b ... 02017843G/

Ian.

[idpickering]

Morning all.

Heads up, FYI the BP. CEO is being interviewed on Bloomberg TV at 0700hrs UK time today. The BP. Q4 Results are due to be released at that time too.
BP. are a mainstay in my HYP, and I'm keen to hear what the CEO has to say.

Ian.

[idpickering]

Morning all.

Heads up, FYI the BP. CEO is being interviewed on Bloomberg TV at 0700hrs UK time today. The BP. Q4 Results are due to be released at that time too.
BP. are a mainstay in my HYP, and I'm keen to hear what the CEO has to say.

Ian.

The above interview is now scheduled for 0730hrs UK time today.

Ian.

[idpickering]

BP. Integrated Energy Company strategy update.

Growing investment, growing value, growing distributions

· Performing while transforming:

- Performing: 2022 EBITDA $60.7 billion; full year operating cash flow $40.9 billion; net debt $21.4 billion, lowest for almost a decade; ROACE 30.5%; full year tax $15.1 billion; strongest upstream plant reliability on record; lowest production costs in 16 years

- Transforming: investment in transition growth engines c. 30% of 2022 total investment, up from c. 3% in 2019

· Leaning further into bp's strategy:

- Investing more in the energy transition and bp's transition , investing more in supporting energy security and energy affordability today

- Up to $8 billion more into transition growth engines by 2030 - growing in higher-return bioenergy, and convenience & EV charging; focusing hydrogen and renewables & power where bp can leverage integration

- Up to $8 billion more into oil and gas by 2030 - targeting short-cycle fast-payback opportunities with lower additional operational emissions

- Aim to materially increase earnings through 2030 - aiming for $51-56 billion group EBITDA in 2030

· Delivering for shareholders:

- Growing dividends: 10% increase in dividend per ordinary share for fourth quarter, representing 21% growth from 4Q 2021

- Growing buybacks: further $2.75 billion buybacks announced today; total of $11.25 billion buybacks announced from 2022 surplus cash flow

- Increasing targets: over 12% annual EBIDA per share growth to 2025; over 18% ROACE in 2025 and 2030


Since introducing its new purpose, net zero ambition, organisation and strategy in 2020, bp has built strong momentum across its strategy and delivered value for shareholders. The major global uncertainties experienced in the past three years - from the pandemic and its aftermath to the impact of Russia's attack on Ukraine - have increased the world's focus on energy security and affordability as well as accelerated the drive towards a lower carbon energy system.

bp chief executive Bernard Looney said: "It's clearer than ever after the past three years that the world wants and needs energy that is secure and affordable as well as lower carbon - all three together, what's known as the energy trilemma. To tackle that, action is needed to accelerate the transition. And - at the same time - action is needed to make sure that the transition is orderly, so that affordable energy keeps flowing where it's needed today.

"As an integrated energy company, bp is very deliberately set up to help on both counts. With three years of delivery and track record - we have increased confidence our strategy is working. And with today's announcement we are leaning further in. We are growing our investment into our transition and, at the same time, growing investment into today's energy system. In doing so - we see tremendous opportunity to create value. And it's what governments and customers are asking of companies like us."

bp now aims to accelerate the growth in earnings from its transition growth engines (TGEs) while also delivering higher earnings than previously expected from its oil and gas businesses through 2030 - both compared to bp's previous aims(1).

bp plans to support this growth by disciplined increases in investment over the period to 2030 of up to $8 billion in the TGEs and up to $8 billion in oil and gas. bp is adjusting its target capital expenditure range to $14-18 billion a year out to 2030(2), from the previous range of $14-16 billion. All investments will remain subject to disciplined application of bp's balanced investment and returns criteria.

bp expects this additional incremental investment to deliver around $3 billion additional group EBITDA in 2025 and is aiming for that to grow to $5-6 billion in 2030. This would comprise an additional $2 billion from the TGEs and $3-4 billon from oil and gas projects in 2030. bp has also raised its oil and gas price and refining margin assumptions(3).

As a result of both factors, bp is now targeting group EBITDA of $46-49 billion in 2025 and is aiming for $51-56 billion in 2030, in a $70/barrel (2021 real) oil price environment. These compare to its previous target and aim, from May 2022, of around $38 billion in 2025 and $39-46 billion in 2030 at $60/barrel (2020 real).

https://www.investegate.co.uk/bp-plc--b ... 00041390P/

Also;

Highlights
Underlying replacement cost profit* $4.8 billion
• Underlying replacement cost profit for the quarter was $4.8 billion, compared with $8.2 billion for the previous quarter.
Compared to the third quarter, the result was impacted by a below average gas marketing and trading result after the
exceptional result in the third quarter, lower oil and gas realizations, a higher level of refinery turnaround and
maintenance activity, and lower marketing margins and seasonally lower volumes. An underlying ETR* of 40% in the
fourth quarter brings the full year underlying ETR* to 34%.
• Reported profit for the quarter was $10.8 billion, compared with a loss of $2.2 billion for the third quarter 2022. The
reported result for the fourth quarter is adjusted by inventory holding losses net of tax of $1.1 billion and a gain for
adjusting items* net of tax of $7.1 billion to derive the underlying replacement cost profit. Adjusting items include
favourable fair value accounting effects* of $13.2 billion before tax, primarily due to a decrease in forward gas prices
compared to the end of the third quarter.
Net debt* reduced to $21.4 billion; further $2.75 billion share buyback announced
• Operating cash flow* in the quarter was $13.6 billion including a working capital release (after adjusting for inventory
holding losses*, fair value accounting effects and other adjusting items) of $4.2 billion (see page 31).
• Capital expenditure* in the fourth quarter and full year was $7.4 billion and $16.3 billion respectively. Within this,
inorganic spend was $3.5 billion in the fourth quarter and full year, including $3.0 billion for Archaea Energy, net of
adjustments, and $0.5 billion for the earlier than expected completion of the acquisition of EDF Energy Services.
• During the fourth quarter, bp completed share buybacks of $3.2 billion. The $2.5 billion share buyback programme
announced with the third quarter results was completed on 3 February 2023.
• In the fourth quarter, bp generated surplus cash flow* of $5.1 billion and intends to execute a $2.75 billion share
buyback from surplus cash flow prior to announcing its first-quarter-2023 results. bp has now announced share
buybacks from surplus cash flow equivalent to 60% of cumulative surplus cash flow since the start of 2021.
• Net debt fell for the eleventh successive quarter to reach $21.4 billion at the end of the fourth quarter.
Growing distributions; updating disciplined financial frame
• A resilient dividend remains bp’s first priority within its disciplined financial frame. It is underpinned by a cash balance
point* of $40 per barrel Brent, $11 per barrel RMM and $3 per mmBtu Henry Hub (all 2021 real).
• For the fourth quarter, bp has announced a dividend per ordinary share of 6.610 cents an increase of around 10%. This
increase is underpinned by strong underlying performance and supported by the confidence we have in delivering
higher adjusted EBITDA* as a result of our updated investment plans.
• bp is committed to maintaining a strong investment grade credit rating, targeting further progress within an 'A' grade
credit rating. For 2023 bp intends to allocate 40% of surplus cash flow to further strengthening the balance sheet.
• bp continues to focus on disciplined investment allocation. For 2023 bp expects capital expenditure of $16-18 billion and
for 2024-30 now expects capital expenditure in a range of $14-18 billion including inorganic capital expenditure*.
• For 2023 and subject to maintaining a strong investment grade credit rating, bp remains committed to using 60% of
surplus cash flow for share buybacks.
• Based on bp’s current forecasts, at around $60 per barrel Brent and subject to the board’s discretion each quarter, bp
expects to be able to deliver share buybacks of around $4.0 billion per annum, at the lower end of its capital expenditure
range, and have capacity for an annual increase in the dividend per ordinary share of around 4%.
Continued progress in transformation to an Integrated Energy Company
• In a separate announcement, bp has today provided an update on the significant progress made in executing its
transformation to an Integrated Energy Company (IEC) since outlining its new strategy.
• In resilient hydrocarbons bp has accelerated its biogas strategy - part of its bioenergy Transition Growth Engine –
completing the acquisition of Archaea Energy a leading US biogas company. Delivering on its focus on cost and
efficiency, in 2022 bp delivered its lowest upstream unit production cost* since 2006 and highest upstream plant
reliability* on record.
• In convenience and mobility bp continues to make strategic progress, announcing an exclusive agreement in the UK
with Marks and Spencer (M&S) to install fast(a) charge points to around 70 of their stores, adding up to 900 charge
points within the next two years; and increasing the number of EV charge points by over 65% versus 2021.
• In low carbon energy bp has continued to make rapid progress building its portfolio of green hydrogen* projects,
signing memoranda of understanding (MoUs) with both Mauritania and Egypt to explore the potential for large scale
green hydrogen developments.
During 2022 bp delivered four quarters of robust underlying financial performance. We have
raised our dividend by 21% since 4Q 2021, reduced net debt by $9.2 billion, invested with
discipline and announced $11.25 billion of share buybacks. As we look to 2023, we remain
focused on the disciplined delivery of our financial frame, with its five priorities, underpinned by a
$40/bbl balance point, unchanged.

Dividends payable
BP today announced an interim dividend of 6.610 cents per ordinary share which is expected to be paid on 31 March 2023 to
ordinary shareholders and American Depositary Share (ADS) holders on the register on 17 February 2023. The ex-dividend date will
be 16 February 2023. The corresponding amount in sterling is due to be announced on 14 March 2023, calculated based on the
average of the market exchange rates over three dealing days between 8 March 2023 and 10 March 2023. Holders of ADSs are
expected to receive $0.39660 per ADS (less applicable fees). The board has decided not to offer a scrip dividend alternative in
respect of the fourth quarter 2022 dividend. Ordinary shareholders and ADS holders (subject to certain exceptions) will be able to
participate in a dividend reinvestment programme. Details of the fourth quarter dividend and timetable are available at bp.com/
dividends and further details of the dividend reinvestment programmes are available at bp.com/drip

https://www.bp.com/content/dam/bp/busin ... esults.pdf

Ian.

[idpickering]

For those who prefer it, the RNS re the above is here; https://www.investegate.co.uk/bp-plc--b ... 00030874P/

Ian.

[idpickering]

Share Repurchases.

BP p.l.c. (the "Company") announces that it is to commence two share buyback programmes to repurchase ordinary shares in the capital of the Company.

The purpose of the first share buyback programme is to reduce the issued share capital of the Company towards distributing 60% of surplus cash flow [1] generated in 2022 as announced by the Company on 7 February 2023.

The maximum amount allocated to the first share buyback programme is around $2.75 billion for a period up to and including 28 April 2023.

The purpose of the second share buyback programme is to reduce the issued share capital of the Company to offset expected full year dilution from the vesting of awards under employee share schemes in 2023 as announced by the Company on 27 April 2021.

The maximum amount allocated to the second share buyback programme is around $0.675 billion for a period up to and including 30 September 2023.

Both share buyback programmes will be carried out on the London Stock Exchange and/or Cboe (UK) and will be effected within certain pre-set parameters.

https://www.investegate.co.uk/bp-plc--b ... 06401731P/

Ian.

[idpickering]

Annual Report and Form 20-F 2022 & Notice of AGM.

The Company announces that the following documents have today been published:

1. BP Annual Report and Form 20-F 2022 (the 'Annual Report');

2. Notice of the Company's 2023 AGM (the 'Notice of Meeting');

3. Form of Proxy for the Company's 2023 AGM (the "Form of Proxy"); and

4. Notification Card for the Company's 2023 Annual General Meeting (the "Notification Card").

The publication of the Annual Report follows the release on 7 February 2023 of the Company's unaudited Fourth Quarter and Full Year 2022 results announcement. In compliance with 9.6.1 and 9.6.3 of the Listing Rules and 6.3.5 of the Disclosure Guidance and Transparency Rules, a copy of the Annual Report in unedited full text is being submitted to the National Storage Mechanism. The Annual Report is also publicly available via a direct link at http://www.bp.com/annualreport .

The Annual Report will also be submitted to the German Company Register at http://www.unternehmensregister.de . The Annual Report on Form 20-F will also be submitted to the U.S Securities and Exchange Commission and will be available at http://www.sec.gov/edgar .

The Notice of Meeting, Form of Proxy and Notification Card are being submitted to the National Storage Mechanism and, together with the Annual Report, will be available for inspection at data.fca.org.uk/#/nsm/nationalstoragemechanism.

Printed copies of the Annual Report and Notice of Meeting may be requested free of charge from http://www.bp.com/papercopies .

https://www.investegate.co.uk/bp-plc--b ... 18285780S/

Ian (I hold).