UNITED STATES
SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

Form 6-K

Report of Foreign Private Issuer

Pursuant to Rule 13a-16 or 15d-16 of
the Securities Exchange Act of 1934

for the period ended 30 June 2009
Commission File Number 1-06262

BP p.l.c.

(Translation of registrant’s name into English)

1 ST JAMES’S SQUARE, LONDON, SW1Y 4PD, ENGLAND

(Address of principal executive offices)

     Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F.

Form 20-F þ                    Form 40-F o

     Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(1): o

     Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(7): o

     Indicate by check mark whether by furnishing the information contained in this Form, the registrant is also thereby furnishing the information to the Commission pursuant to Rule 12g3-2(b) under the Securities Exchange Act of 1934.

Yes o                    No þ

     If “Yes” is marked, indicate below the file number assigned to the registrant in connection with Rule 12g3-2(b): 82-

THIS REPORT ON FORM 6-K SHALL BE DEEMED TO BE INCORPORATED BY REFERENCE IN THE PROSPECTUS INCLUDED IN THE REGISTRATION STATEMENT ON FORM F-3 (FILE NO. 333-157906) OF BP CAPITAL MARKETS p.l.c. AND BP p.l.c.; THE PROSPECTUS INCLUDED IN THE REGISTRATION STATEMENT ON FORM F-3 (FILE NO. 333-155798) OF BP p.l.c., THE REGISTRATION STATEMENT ON FORM S-8 (FILE NO. 33-21868) OF BP p.l.c., THE REGISTRATION STATEMENT ON FORM S-8 (FILE NO. 333-79399) OF BP p.l.c.,THE REGISTRATION STATEMENT ON FORM S-8 (FILE NO. 333-67206) OF BP p.l.c., THE REGISTRATION STATEMENT ON FORM S-8 (FILE NO. 333-103924) OF BP p.l.c., THE REGISTRATION STATEMENT ON FORM S-8 (FILE NO. 333-102583) OF BP p.l.c., THE REGISTRATION STATEMENT ON FORM S-8 (FILE NO. 333-103923) OF BP p.l.c., THE REGISTRATION STATEMENT ON FORM S-8 (FILE NO. 333-119934) OF BP p.l.c., THE REGISTRATION STATEMENT ON FORM S-8 (FILE NO. 333-123482) OF BP p.l.c., THE REGISTRATION STATEMENT ON FORM S-8 (FILE NO. 333-123483) OF BP p.l.c., THE REGISTRATION STATEMENT ON FORM S-8 (FILE NO. 333-131583) OF BP p.l.c., THE REGISTRATION STATEMENT ON FORM S-8 (FILE NO. 333-131584) OF BP p.l.c., THE REGISTRATION STATEMENT ON FORM S-8 (FILE NO 333-132619) OF BP p.l.c., THE REGISTRATION STATEMENT ON FORM S-8 (FILE NO. 333-146868) OF BP p.l.c., THE REGISTRATION STATEMENT ON FORM S-8 (FILE NO. 333-146870) OF BP p.l.c., THE REGISTRATION STATEMENT ON FORM S-8 (FILE NO. 333-146873) OF BP p.l.c., THE REGISTRATION STATEMENT ON FORM S-8 (FILE NO. 333-149778) OF BP p.l.c., AND TO BE A PART THEREOF FROM THE DATE ON WHICH THIS REPORT IS FURNISHED, TO THE EXTENT NOT SUPERSEDED BY DOCUMENTS OR REPORTS SUBSEQUENTLY FILED OR FURNISHED.

BP p.l.c. AND SUBSIDIARIES
FORM 6-K FOR THE PERIOD ENDED 30 JUNE 2009*

		Page
1.	Management’s Discussion and Analysis of Financial Condition and Results of Operations for the period January-June 2009		3-9, 16-18
2.	Consolidated Financial Statements including Notes to Consolidated Financial Statements for the period January-June 2009		10-15, 20-29
3.	Environmental, Operating and Other Information		19
4.	Signatures		30
5.	Exhibit 99.1: Computation of ratio of earnings to fixed charges		31
	Exhibit 99.2: Capitalization and indebtedness		32

* In this Form 6-K, references to the first half 2009 and first half 2008 refer to the six-month periods ended 30 June 2009 and 30 June 2008 respectively. References to second quarter 2009 and second quarter 2008 refer to the three-month periods ended 30 June 2009 and 30 June 2008 respectively.

2

Group results second quarter and half year 2009

Second quarter					First half
2008		2009			2009		2008
				$ million
	108,747		54,777	Sales and other operating revenues		102,073		196,492
	9,358		4,385	Profit for the period(a)		6,947		16,452
	49.70		23.41	— per ordinary share (cents)		37.10		87.28
	2.98		1.40	— per ADS (dollars)		2.23		5.23

• The following discussion should be read in conjunction with the consolidated financial statements and related notes provided elsewhere in this Form 6-K and with the information, including the consolidated financial statements and related notes, for the year ended 31 December 2008 in BP’s Annual Report on Form 20-F for the year ended 31 December 2008.

• BP’s second quarter profit was $4,385 million, compared with $9,358 million a year ago, a decrease of 53%. For the half year, profit was $6,947 million compared with $16,452 million a year ago, down 58%. The second quarter profit included inventory holding gains, after their associated tax effect, of $1,245 million compared with gains of $2,612 million in the same quarter last year. For the half year, inventory holding gains, after their associated tax effect, were $1,420 million compared with $3,475 million in the first half of 2008. See footnote (c) on page 15 for further information.

• The second quarter result included a net credit of $196 million for non-operating items compared with a net charge of $1,428 million in the second quarter of 2008. For the half year, the respective amounts were a net charge of $29 million and a net charge of $1,332 million — see further details on page 16. Fair value accounting effects for the second quarter in Exploration and Production and Refining and Marketing had a net $6 million favourable impact compared to a net $347 million unfavourable impact in the second quarter of 2008. For the half year, the respective amounts were $37 million favourable and $447 million unfavourable — see further details on page 17. Information on fair value accounting effects is non-GAAP.

• Finance costs and net finance income or expense relating to pensions and other post-retirement benefits were $321 million for the second quarter, compared to $221 million for the same period last year. For the half year, the respective amounts were $689 million and $467 million. The net increase in cost was primarily due to a reduction in the expected return on pension plan assets.

• The effective tax rate on group profit for the second quarter and half year was 35% and 36% respectively, the same as a year ago.

• Net cash provided by operating activities for the quarter and half year was $6.8 billion and $12.3 billion compared with $6.7 billion and $17.6 billion respectively a year ago.

• Net debt at the end of the quarter was $27.1 billion. The ratio of net debt to net debt plus equity was 22% compared with 20% a year ago. Net debt information is non-GAAP and is defined on page 4. Gross debt at the end of the quarter was $36.2 billion compared to $30.2 billion a year ago. The ratio of gross debt to gross debt plus equity was 27%, compared with 22% a year ago.

• Total capital expenditure for the second quarter and half year was $4.8 billion and $9.4 billion respectively. Capital expenditure, excluding acquisitions and asset exchanges, is expected to be less than $20 billion for the year. Disposal proceeds were $0.7 billion for the quarter and $1.0 billion for the half year.

• The quarterly dividend, to be paid in September, is 14 cents per share ($0.84 per ADS), the same as a year ago. In sterling terms, the quarterly dividend is 8.503 pence per share, compared with 7.039 pence per share a year ago, an increase of 21%.

^(a) Profit attributable to BP shareholders.

The commentaries above and following should be read in conjunction with the cautionary statement on page 9.

3

Per share amounts

Second quarter					First half
2008		2009			2009		2008
				Per ordinary share (cents)(a)
	49.70		23.41	Profit for the period		37.10		87.28
				Per ADS (dollars)(a)
	2.98		1.40	Profit for the period		2.23		5.23

^(a) See Note 4 on page 22 for details of the calculation of earnings per share.

Net debt ratio — net debt: net debt + equity

Second quarter							First half
2008			2009				2009			2008
						$ million
	30,189			36,240		Gross debt		36,240			30,189
	900			179		Less: fair value asset (liability) of hedges related to finance debt		179			900
	29,289			36,061				36,061			29,289
	3,593			8,959		Cash and cash equivalents		8,959			3,593
	25,696			27,102		Net debt		27,102			25,696
	105,965			96,949		Equity		96,949			105,965
	20	%		22	%	Net debt ratio		22	%		20	%

Net debt and net debt ratio are non-GAAP measures. Net debt includes the fair value of associated derivative financial instruments that are used to hedge foreign exchange and interest rate risks relating to finance debt, for which hedge accounting is claimed. The derivatives are reported on the balance sheet within the headings ‘Derivative financial instruments’. We believe that net debt and net debt ratio provide useful information to investors. Net debt enables investors to see the economic effect of gross debt, related hedges and cash and cash equivalents in total. The net debt ratio enables investors to see how significant net debt is relative to equity from shareholders.

Dividends

Dividends payable

BP announced a dividend of 14 cents per ordinary share to be paid in September. Holders of ordinary shares will receive 8.503 pence per share and holders of American Depositary Receipts $0.84 per ADS. The dividend is payable on 8 September 2009 to shareholders on the register, and to ADR holders of record, on 14 August 2009. Participants in the Dividend Reinvestment Plan (DRIP) or the DRIP facility in the US Direct Access Plan will receive the dividend in the form of shares, also on 8 September 2009.

Dividends paid

Second quarter					First half
2008		2009			2009		2008
				Dividends paid per ordinary share
	13.525		14.000	cents		28.000		27.050
	6.830		9.584	pence		19.402		13.643
	81.15		84.00	Dividends paid per ADS (cents)		168.00		162.30

4

Exploration and Production

Second quarter					First half
2008		2009			2009		2008
				$ million
	24,507		12,848	Sales and other operating revenues		25,191		47,429
	10,771		5,046	Replacement cost profit before interest and tax(a)(b)		9,366		20,843
				By region
	3,601		1,161	US		2,304		6,686
	7,170		3,885	Non-US		7,062		14,157
	10,771		5,046			9,366		20,843

(a)	Equity-accounted entities are included after interest and tax.
(b)	See page 15 for information on replacement cost reporting for operating segments.

Sales and other operating revenues for the second quarter and half year were $13 billion and $25 billion respectively, compared with $25 billion and $47 billion for the corresponding periods in 2008. The decreases for both the quarter and half year were primarily due to lower realizations. Gas and NGLs marketing sales, which are included in sales and other operating revenues, also decreased compared with the equivalent periods of 2008.

The replacement cost profit before interest and tax for the second quarter and half year was $5,046 million and $9,366 million respectively, decreases of 53% and 55% compared to the same periods in 2008. The decreases in both periods were primarily due to lower realizations and lower earnings from equity-accounted entities, primarily TNK-BP due to lower prices and the effect of lagged tax reference prices. Additionally, the results for both periods reflected higher depreciation but benefited from the impact of higher reported volumes and lower costs, with unit production costs 12% lower than in the second quarter of 2008.

In addition, the second quarter and half year benefited from net non-operating gains of $507 million and $818 million respectively, primarily related to gains on the sale of operations and fair value gains on embedded derivatives. The corresponding periods in 2008 included net non-operating losses of $1,976 million and $2,352 million respectively. In the second quarter and half year, fair value accounting effects had favourable impacts of $135 million and $293 million respectively compared with unfavourable impacts of $373 million and $632 million in the same periods of last year.

Reported production for the quarter was 2,706mboe/d for subsidiaries and 1,299mboe/d for equity-accounted entities. In total, this was more than 4% higher than the second quarter of 2008. After adjusting for entitlement impacts in our production-sharing agreements (PSAs) and the effect of OPEC quota restrictions, the increase in total production was also 4%. This primarily reflects the continued ramp-up of production from major projects that started up in 2008 and the first half of 2009. As previously indicated we expect total production in 2009 to be higher than 2008. The actual growth rate will depend on a number of factors including the impact of oil price in PSAs and OPEC quota restrictions. We expect the quarterly phasing of underlying production during the year to reflect the normal seasonal effects associated with turnaround activity. Reported production for the half year was 2,711mboe/d for subsidiaries and 1,300mboe/d for equity-accounted entities. In total, this was more than 3% higher than the same period of 2008. After adjusting for the effect of entitlement changes in our PSAs and the effect of OPEC quota restrictions, total production was 4% higher. For further information on the production of subsidiaries and equity-accounted entities, see page 6.

During the quarter we announced that production had commenced from the Dorado (BP 75% and operator) and King South (BP 100%) projects in the Gulf of Mexico. Both projects are subsea tiebacks to the existing Marlin Platform.

On 27 May, Sonangol and BP announced the Oberon oil discovery in ultra-deepwater Block 31, offshore Angola (BP 26.67% and operator). This is the eighteenth discovery made by BP in Block 31.

In Egypt, the Egyptian Natural Gas Holding Company awarded BP two blocks in the 2008 International bid round. North Tineh Offshore is in a deepwater offshore area of the Nile Delta, will be operated by BP (100%) and was ratified in June. North Damietta Offshore is an adjacent block that BP will operate with Shell and Petronas, with one third working interest each. In Iraq’s first licensing round on 30 June, BP (operator) and China National Petroleum Corporation were awarded the rights to redevelop the Rumaila oilfield.

During the quarter, we sold our wholly-owned subsidiary, BP West Java Limited (BPWJ), to PT Pertamina (Persero). Pertamina purchased BPWJ for a consideration of $278 million.

Shortly after the end of the quarter, BP, as operator on behalf of the Tangguh project partners, announced that the first cargo of liquefied natural gas (LNG) had been lifted from the Tangguh LNG project (BP 37.16% and operator) in Papua Barat, Indonesia. We also announced, together with SOCAR (the State Oil Company of the Republic of Azerbaijan), that we have signed a memorandum of understanding to jointly explore and develop the Shafag and Asiman structures in the Azerbaijan sector of the Caspian Sea. In the Gulf of Mexico we announced the drilling of a successful appraisal well in a previously untested southern segment of the Mad Dog field (BP 60.5% and operator).

5

Exploration and Production

Second quarter						First half
2008			2009			2009			2008
					$ million
					Non-operating items
	(8	)		118	US		189			(16	)
	(1,968	)		389	Non-US		629			(2,336	)
	(1,976	)		507			818			(2,352	)
					Fair value accounting effects(a)
	(236	)		92	US		300			(378	)
	(137	)		43	Non-US		(7	)		(254	)
	(373	)		135			293			(632	)
					Exploration expense
	47			235	US		279			119
	71			112	Non-US		187			292
	118			347			466			411
					Liquids production for subsidiaries (mb/d) (net of royalties)(b)
	534			661	US		652			544
	226			201	Europe		206			230
	—			—	Russia		—			—
	500			534	Rest of World		534			525
	1,260			1,396			1,392			1,299
	1,148			1,130	Liquids production for equity-accounted entities (mb/d) (net of royalties)(b)		1,123			1,132
	2,140			2,339	Natural gas production for subsidiaries (mmcf/d) (net of royalties) US		2,337			2,144
	744			645	Europe		741			870
	—			—	Russia		—			—
	4,310			4,611	Rest of World		4,566			4,315
	7,194			7,595			7,644			7,329
	1,054			985	Natural gas production for equity-accounted entities (mmcf/d) (net of royalties)		1,029			1,027
					Total hydrocarbon production for subsidiaries (mboe/d) (net of royalties)(c)
	903			1,064	US		1,055			914
	354			312	Europe		334			381
	—			—	Russia		—			—
	1,243			1,330	Rest of World		1,322			1,267
	2,500			2,706			2,711			2,562
	1,330			1,299	Total hydrocarbon production for equity-accounted entities (mboe/d) (net of royalties)(c)		1,300			1,309
					Average realizations(d)
	109.95			52.33	Total liquids ($/bbl)		46.84			100.66
	6.63			2.86	Natural gas ($/mcf)		3.25			6.25
	75.39			35.02	Total hydrocarbons ($/boe)		33.22			68.85

(a)	These effects represent the favourable (unfavourable) impact relative to management’s measure of performance. Further information on fair value accounting effects is provided on page 17.
(b)	Crude oil and natural gas liquids.
(c)	Natural gas is converted to oil equivalent at 5.8 billion cubic feet = 1 million barrels.
(d)	Based on sales of consolidated subsidiaries only — this excludes equity-accounted entities.
(e)	Additional operating information is provided on pages 14 and 19.

Because of rounding, some totals may not agree exactly with the sum of their component parts.

6

Refining and Marketing

Second quarter							First half
2008			2009				2009			2008
						$ million
	97,892			49,333		Sales and other operating revenues		89,906			174,504
	539			680		Replacement cost profit before interest and tax(a)(b)		1,770			1,788
						By region
	(401	)		(326	)	US		(18	)		(247	)
	940			1,006		Non-US		1,788			2,035
	539			680				1,770			1,788
						Analysis of sales and other operating revenues
	19,684			9,447		Sale of crude oil through spot and term contracts		15,985			33,752
	75,133			38,640		Marketing, spot and term sales of refined products		70,270			135,196
	3,075			1,246		Other sales		3,651			5,556
	97,892			49,333				89,906			174,504

(a)	Equity-accounted entities are included after interest and tax.
(b)	See page 15 for information on replacement cost reporting for operating segments.

Sales and other operating revenues for the second quarter and half year were $49 billion and $90 billion respectively, compared with $98 billion and $175 billion for the corresponding periods in 2008. The decreases for both the quarter and half year primarily reflected decreases in marketing, spot and term sales of refined products, driven mainly by lower prices but also impacted by adverse foreign exchange effects. In addition, sales of crude oil through spot and term contracts decreased as a result of lower prices.

The replacement cost profit before interest and tax for the second quarter and half year was $680 million and $1,770 million respectively. The results in the equivalent periods of 2008 were $539 million and $1,788 million. The second quarter’s result included a net non-operating charge of $166 million, compared to a net charge of $99 million a year ago. For the half year, the net non-operating charge was $516 million, primarily relating to restructuring, compared to a net gain of $510 million a year ago. Fair value accounting effects had unfavourable impacts of $126 million in the second quarter and $235 million for the half year. A year ago, there were unfavourable impacts of $161 million and $60 million respectively.

After adjusting for non-operating items and fair value accounting effects, both the second quarter and half-year results were stronger than in 2008, despite a weaker refining environment. The turnaround of the segment continues to deliver significantly lower costs. Improved operational performance has also contributed to the year-on-year improvement, particularly for the half year. For the first half these two factors have more than offset the adverse impact of weaker refining margins. The first half also benefited from a much stronger supply and trading contribution, which returned to a more normal level in the second quarter after the particularly strong first-quarter performance. The weakening of the US dollar and the increase in crude prices also created a gain on in-transit barrels in the second quarter.

Within our Fuels Value Chains, BP’s actual refining margins in the first half decreased even more year on year than the global indicator margin, as our highly upgraded facilities were impacted by a very narrow light-heavy crude spread and the collapse of gasoil cracks due to the weakening economy. Marketing volumes of refined products were down 5% in the first half, compared to the same period in 2008.

The International Businesses continued to perform well with some recovery in petrochemicals margins, despite volumes that were depressed by more than 24% in the first half compared to a year ago, and sustained delivery in Lubricants.

Refining throughput for the quarter was 2,269mb/d compared to 2,239mb/d for the same period a year ago and for the half year it was 2,257mb/d compared to 2,202mb/d in 2008. Solomon availability, at 93.6%, was 1.3 percentage points above the first quarter of 2009 and 5.3 percentage points higher than the second quarter of 2008. The year-on-year increase was principally driven by improvements at the Texas City refinery.

On 26 June, BP announced the sale of the ground fuels marketing business in Greece, to Hellenic Petroleum for €359 million subject to various adjustments at closing. The deal is subject to regulatory approval and certain conditions, but is expected to complete before the end of 2009.

Indicator refining margins in the third quarter to date have been lower than in the second quarter and substantially below 2008 levels. Refining availability is expected to remain higher than in 2008, but otherwise the outlook continues to be challenging with high distillate inventories and continuing low demand.

7

Refining and Marketing

Second quarter							First half
2008			2009				2009			2008
						$ million
						Non-operating items
	(16	)		(27	)	US		(161	)		758
	(83	)		(139	)	Non-US		(355	)		(248	)
	(99	)		(166	)			(516	)		510
						Fair value accounting effects(a)
	53			(46	)	US		19			148
	(214	)		(80	)	Non-US		(254	)		(208	)
	(161	)		(126	)			(235	)		(60	)
						Refinery throughputs (mb/d)
	1,189			1,188		US		1,176			1,133
	753			763		Europe		773			764
	297			318		Rest of World		308			305
	2,239			2,269		Total throughput		2,257			2,202
	88.3			93.6		Refining availability (%)(b)		92.9			88.1
						Oil sales volumes (mb/d) Refined products
	1,498			1,431		US		1,417			1,477
	1,551			1,457		Europe		1,493			1,558
	716			634		Rest of World		625			704
	3,765			3,522		Total marketing sales		3,535			3,739
	2,017			2,085		Trading/supply sales		2,127			2,032
	5,782			5,607		Total refined product sales		5,662			5,771
	1,848			1,994		Crude oil		1,919			1,854
	7,630			7,601		Total oil sales		7,581			7,625
						Global Indicator Refining Margin ($/bbl)(c)
	7.46			3.10		NWE		3.88			6.12
	8.59			6.00		USGC		6.34			7.40
	6.53			8.54		US Midwest		7.79			3.82
	9.94			7.14		USWC		8.54			7.92
	9.41			(0.11	)	Singapore		1.19			7.09
	8.19			4.98		BP Average		5.59			6.38
						Chemicals production (kte)
	1,022			745		US		1,458			2,058
	821			867		Europe		1,655			1,790
	1,598			1,035		Rest of World		2,154			3,129
	3,441			2,647		Total production		5,267			6,977

(a)	These effects represent the favourable (unfavourable) impact relative to management’s measure of performance. Further information on fair value accounting effects is provided on page 17.
(b)	Refining availability represents Solomon Associates’ operational availability, which is defined as the percentage of the year that a unit is available for processing after subtracting the annualized time lost due to turnaround activity and all planned mechanical, process and regulatory maintenance downtime.
(c)	The Global Indicator Refining Margin (GIM) is the average of regional indicator margins weighted for BP’s crude refining capacity in each region. Each regional indicator margin is based on a single representative crude with product yields characteristic of the typical level of upgrading complexity. The regional indicator margins may not be representative of the margins achieved by BP in any period because of BP’s particular refinery configurations and crude and product slate.

8

Other businesses and corporate

Second quarter							First half
2008			2009				2009			2008
						$ million
	1,200			603		Sales and other operating revenues		1,187			2,308
	(314	)		(583	)	Replacement cost profit (loss) before interest and tax(a)(b)		(1,344	)		(527	)
						By region
	(185	)		(129	)	US		(408	)		(337	)
	(129	)		(454	)	Non-US		(936	)		(190	)
	(314	)		(583	)			(1,344	)		(527	)
						Results include Non-operating items
	(33	)		(33	)	US		(149	)		(82	)
	(90	)		(6	)	Non-US		(211	)		(122	)
	(123	)		(39	)			(360	)		(204	)

(a)	Includes replacement cost profit after interest and tax of equity-accounted entities.
(b)	See page 15 for information on replacement cost reporting for operating segments.

Other businesses and corporate comprises the Alternative Energy business, Shipping, the group’s aluminium asset, Treasury (which includes interest income on the group’s cash and cash equivalents), and corporate activities worldwide.

The replacement cost loss before interest and tax for the second quarter and half year was $583 million and $1,344 million respectively, compared with losses of $314 million and $527 million a year ago. The increased charge in both periods was primarily due to negative foreign exchange effects and a much weaker business environment for Shipping and Alternative Energy, partially offset by the continued reduction in corporate costs. The net non-operating charge for the second quarter and half year was $39 million and $360 million respectively, compared with net charges of $123 million and $204 million a year ago.

In Alternative Energy, our BP Solar business and RGE Energy AG of Germany announced a partnership to build one of the world’s largest solar projects in Germany. The planned solar system is expected to deliver around 43,000 megawatt hours per year of green electricity. Solar sales in the second quarter and half year were 27MW and 42MW respectively, compared to 39MW and 73MW in the same periods of last year, reflecting ongoing demand weakness in the market.

On 1 July, US Department of Energy Secretary Steven Chu announced that Hydrogen Energy LLC, a 50:50 joint venture between BP and Rio Tinto, has been selected for up to $308 million in project funding from the American Recovery and Reinvestment Act.

In wind generation, BP’s net capacity^(c) at the end of the second quarter was 678MW, compared to 172MW a year ago.

^(c) Net wind capacity is the sum of the rated capacities of the assets/turbines that have entered into commercial operation, including BP’s share of equity-accounted entities.

Cautionary statement regarding forward-looking statements: The foregoing discussion contains forward-looking statements particularly those regarding capital expenditure, production, phasing of production, operatorship of new projects, expected timing of completion of sale of Greek fuels marketing business, refining availability, outlook for the Refining and Marketing segment and expected delivery of green electricity. By their nature, forward-looking statements involve risk and uncertainty and actual results may differ from those expressed in such statements depending on a variety of factors including the following: the timing of bringing new fields onstream; industry product supply; demand and pricing; operational problems; general economic conditions; political stability and economic growth in relevant areas of the world; changes in laws and governmental regulations; exchange rate fluctuations; development and use of new technology; the success or otherwise of partnering; the actions of competitors; natural disasters and adverse weather conditions; changes in public expectations and other changes to business conditions; wars and acts of terrorism or sabotage; and other factors discussed in this Announcement. For more information you should refer to our Annual Report and Accounts 2008 and our 2008 Annual Report on Form 20-F filed with the US Securities and Exchange Commission.

9

Group income statement

Second quarter							First half
2008			2009				2009			2008
						$ million
	108,747			54,777		Sales and other operating revenues (Note 2)		102,073			196,492
	1,752			357		Earnings from jointly controlled entities — after interest and tax		577			2,727
	251			714		Earnings from associates — after interest and tax		999			476
	153			191		Interest and other income		394			431
	79			522		Gains on sale of businesses and fixed assets		603			1,004
	110,982			56,561		Total revenues and other income		104,646			201,130
	77,499			36,007		Purchases		66,784			139,888
	7,408			5,997		Production and manufacturing expenses		12,104			14,207
	2,299			673		Production and similar taxes (Note 3)		1,134			3,908
	2,850			3,092		Depreciation, depletion and amortization		5,915			5,632
	23			216		Impairment and losses on sale of businesses and fixed assets		353			63
	118			347		Exploration expense		466			411
	3,977			3,290		Distribution and administration expenses		6,639			7,873
	2,081			(154	)	Fair value (gain) loss on embedded derivatives		(340	)		2,771
	14,727			7,093		Profit before interest and taxation		11,591			26,377
	381			274		Finance costs		592			787
	(160	)		47		Net finance expense (income) relating to pensions and other post-retirement benefits		97			(320	)
	14,506			6,772		Profit before taxation		10,902			25,910
	5,036			2,343		Taxation		3,876			9,228
	9,470			4,429		Profit for the period		7,026			16,682
						Attributable to
	9,358			4,385		BP shareholders		6,947			16,452
	112			44		Minority interest		79			230
	9,470			4,429				7,026			16,682
						Earnings per share — cents (Note 4)
						Profit for the period attributable to BP shareholders
	49.70			23.41		Basic		37.10			87.28
	49.23			23.16		Diluted		36.72			86.48

10

Group statement of comprehensive income

Second quarter						First half
2008			2009			2009		2008
					$ million
	9,470			4,429	Profit for the period		7,026		16,682
	255			2,393	Currency translation differences		1,382		1,033
	322			207	Available-for-sale investments marked to market		281		131
	—			—	Available-for-sale investments — recycled to the income statement		2		(5	)
	49			648	Cash flow hedges marked to market		437		123
	1			178	Cash flow hedges — recycled to the income statement		417		(1	)
	(18	)		42	Cash flow hedges — recycled to the balance sheet		113		(41	)
	(4	)		439	Taxation		357		93
	605			3,907	Other comprehensive income		2,989		1,333
	10,075			8,336	Total comprehensive income		10,015		18,015
					Attributable to
	9,964			8,260	BP shareholders		9,928		17,782
	111			76	Minority interest		87		233
	10,075			8,336			10,015		18,015

Group statement of changes in equity

	BP
	shareholders’			Minority			Total
	equity			interest			equity
$ million
At 31 December 2008		91,303			806			92,109
Total comprehensive income		9,928			87			10,015
Dividends		(5,239	)		(185	)		(5,424	)
Share-based payments (net of tax)		249			—			249
At 30 June 2009		96,241			708			96,949

	BP
	shareholders’			Minority			Total
	equity			interest			equity
$ million
At 31 December 2007		93,690			962			94,652
Total comprehensive income		17,782			233			18,015
Dividends		(5,099	)		(122	)		(5,221	)
Repurchase of ordinary share capital		(1,796	)		—			(1,796	)
Share-based payments (net of tax)		315			—			315
At 30 June 2008		104,892			1,073			105,965

11

Group balance sheet

	30 June		31 December
	2009		2008
$ million
Non-current assets
Property, plant and equipment		105,779		103,200
Goodwill		10,304		9,878
Intangible assets		10,951		10,260
Investments in jointly controlled entities		15,266		23,826
Investments in associates		12,929		4,000
Other investments		1,138		855
Fixed assets		156,367		152,019
Loans		1,212		995
Other receivables		990		710
Derivative financial instruments		4,423		5,054
Prepayments		1,303		1,338
Defined benefit pension plan surpluses		1,990		1,738
		166,285		161,854
Current assets
Loans		185		168
Inventories		18,650		16,821
Trade and other receivables		29,246		29,261
Derivative financial instruments		6,760		8,510
Prepayments		2,712		3,050
Current tax receivable		562		377
Cash and cash equivalents		8,959		8,197
		67,074		66,384
Total assets		233,359		228,238
Current liabilities
Trade and other payables		34,764		33,644
Derivative financial instruments		6,181		8,977
Accruals		5,815		6,743
Finance debt		12,018		15,740
Current tax payable		2,826		3,144
Provisions		1,403		1,545
		63,007		69,793
Non-current liabilities
Other payables		3,109		3,080
Derivative financial instruments		5,039		6,271
Accruals		713		784
Finance debt		24,222		17,464
Deferred tax liabilities		16,800		16,198
Provisions		12,999		12,108
Defined benefit pension plan and other post-retirement benefit plan deficits		10,521		10,431
		73,403		66,336
Total liabilities		136,410		136,129
Net assets		96,949		92,109
Equity
BP shareholders’ equity		96,241		91,303
Minority interest		708		806
		96,949		92,109

12

Condensed group cash flow statement

Second quarter							First half
2008			2009				2009			2008
						$ million
						Operating activities
	14,506			6,772		Profit before taxation		10,902			25,910
						Adjustments to reconcile profit before taxation to net cash provided by operating activities
	2,894			3,315		Depreciation, depletion and amortization and exploration expenditure written off		6,164			5,860
	(56	)		(306	)	Impairment and (gain) loss on sale of businesses and fixed assets		(250	)		(941	)
	(1,491	)		(250	)	Earnings from equity-accounted entities, less dividends received		(502	)		(1,304	)
	(183	)		38		Net charge for interest and other finance expense, less net interest paid		127			(301	)
	173			101		Share-based payments		187			238
	46			(46	)	Net operating charge for pensions and other post-retirement benefits, less contributions and benefit payments for unfunded plans		(20	)		163
	(40	)		(49	)	Net charge for provisions, less payments		232			(205	)
	(5,710	)		(1,093	)	Movements in inventories and other current and non-current assets and liabilities(a)		(1,061	)		(6,427	)
	(3,421	)		(1,725	)	Income taxes paid		(3,450	)		(5,381	)
	6,718			6,757		Net cash provided by operating activities		12,329			17,612
						Investing activities
	(4,713	)		(5,211	)	Capital expenditure		(10,028	)		(9,148	)
	(209	)		(8	)	Acquisitions, net of cash acquired		(8	)		(209	)
	(247	)		(110	)	Investment in jointly controlled entities		(213	)		(613	)
	(3	)		(40	)	Investment in associates		(87	)		(7	)
	59			360		Proceeds from disposal of fixed assets		671			335
	—			337		Proceeds from disposal of businesses, net of cash disposed		337			—
	212			96		Proceeds from loan repayments		213			334
	—			—		Other		47			—
	(4,901	)		(4,576	)	Net cash (used in) provided by investing activities		(9,068	)		(9,308	)
						Financing activities
	(928	)		27		Net issue (repurchase) of shares		62			(1,817	)
	655			4,441		Proceeds from long-term financing		9,060			2,832
	(1,654	)		(1,597	)	Repayments of long-term financing		(4,177	)		(2,191	)
	1,516			(1,860	)	Net increase (decrease) in short-term debt		(2,042	)		(1,908	)
	(2,545	)		(2,620	)	Dividends paid — BP shareholders		(5,239	)		(5,099	)
	(86	)		(74	)	— Minority interest		(185	)		(122	)
	(3,042	)		(1,683	)	Net cash (used in) provided by financing activities		(2,521	)		(8,305	)
	(2	)		101		Currency translation differences relating to cash and cash equivalents		22			32
	(1,227	)		599		Increase (decrease) in cash and cash equivalent		762			31
	4,820			8,360		Cash and cash equivalents at beginning of period		8,197			3,562
	3,593			8,959		Cash and cash equivalents at end of period		8,959			3,593
(a) Includes
	(3,952	)		(1,874	)	Inventory holding (gains) losses		(2,128	)		(5,278	)
	2,081			(154	)	Fair value (gain) loss on embedded derivatives		(340	)		2,771

Inventory holding gains and losses and fair value gains and losses on embedded derivatives are also included within profit before taxation

13

Capital expenditure and acquisitions

Second quarter					First half
2008		2009			2009		2008
				$ million
				By business
				Exploration and Production
	1,801		1,422	US		3,092		3,016
	2,148		2,144	Non-US(a)		4,179		6,935
	3,949		3,566			7,271		9,951
				Refining and Marketing
	662		562	US(a)		1,129		2,959
	582		276	Non-US		502		953
	1,244		838			1,631		3,912
				Other businesses and corporate
	463		364	US(b)		420		730
	146		50	Non-US		91		254
	609		414			511		984
	5,802		4,818			9,413		14,847
				By geographical area
	2,926		2,348	US(a)(b)		4,641		6,705
	2,876		2,470	Non-US(a)		4,772		8,142
	5,802		4,818			9,413		14,847
				Included above:
	324		—	Acquisitions and asset exchanges(a)		—		2,288

(a)	First half 2008 included capital expenditure of $2,848 million in Exploration and Production and an asset exchange of $1,904 million in Refining and Marketing relating to the formation of an integrated North American oil sands business.
(b)	Second quarter 2009 includes $297 million of capital expenditure on wind turbines for post-2009 wind projects.

Exchange rates

Second quarter					First half
2008		2009			2009		2008
	1.97		1.55	US dollar/sterling average rate for the period		1.49		1.97
	1.99		1.65	US dollar/sterling period-end rate		1.65		1.99
	1.56		1.36	US dollar/euro average rate for the period		1.33		1.53
	1.58		1.41	US dollar/euro period-end rate		1.41		1.58

14

Analysis of replacement cost profit before interest and tax and
reconciliation to profit before taxation^(a)

Second quarter							First half
2008			2009				2009			2008
						$ million
						By business
						Exploration and Production
	3,601			1,161		US		2,304			6,686
	7,170			3,885		Non-US		7,062			14,157
	10,771			5,046				9,366			20,843
						Refining and Marketing
	(401	)		(326	)	US		(18	)		(247	)
	940			1,006		Non-US		1,788			2,035
	539			680				1,770			1,788
						Other businesses and corporate
	(185	)		(129	)	US		(408	)		(337	)
	(129	)		(454	)	Non-US		(936	)		(190	)
	(314	)		(583	)			(1,344	)		(527	)
	10,996			5,143				9,792			22,104
	(221	)		76		Consolidation adjustment		(329	)		(1,005	)
	10,775			5,219		Replacement cost profit before interest and tax(b)		9,463			21,099
						Inventory holding gains (losses)(c)
	48			16		Exploration and Production		(18	)		30
	3,891			1,856		Refining and Marketing		2,183			5,215
	13			2		Other businesses and corporate		(37	)		33
	14,727			7,093		Profit before interest and tax		11,591			26,377
	381			274		Finance costs		592			787
	(160	)		47		Net finance expense (income) relating to pensions and other post-retirement benefits		97			(320	)
	14,506			6,772		Profit before taxation		10,902			25,910
						Replacement cost profit before interest and tax By geographical area
	3,267			730		US		1,584			5,888
	7,508			4,489		Non-US		7,879			15,211
	10,775			5,219				9,463			21,099

(a)	IFRS requires that the measure of profit or loss disclosed for each operating segment is the measure that is provided regularly to the chief operating decision maker for the purposes of performance assessment and resource allocation. For BP, this measure of profit or loss is replacement cost profit before interest and tax. In addition, a reconciliation is required between the total of the operating segments’ measures of profit or loss and the group profit or loss before taxation.
(b)	Replacement cost profit reflects the replacement cost of supplies. The replacement cost profit for the period is arrived at by excluding from profit inventory holding gains and losses and their associated tax effect. Replacement cost profit for the group is not a recognized GAAP measure.
(c)	Inventory holding gains and losses represent the difference between the cost of sales calculated using the average cost to BP of supplies incurred during the period and the cost of sales calculated on the first-in first-out (FIFO) method including any changes in provisions where the net realizable value of the inventory is lower than its cost. Under the FIFO method, which we use for IFRS reporting, the cost of inventory charged to the income statement is based on the historic cost of acquisition or manufacture rather than the current replacement cost. In volatile energy markets, this can have a significant distorting effect on reported income. The amounts disclosed represent the difference between the charge to the income statement on a FIFO basis (and any related movements in net realizable value provisions) and the charge that would arise using average cost of supplies incurred during the period. For this purpose, average cost of supplies incurred during the period is calculated by dividing the total cost of inventory purchased in the period by the number of barrels acquired. The amounts disclosed are not separately reflected in the financial statements as a gain or loss. No adjustment is made in respect of the cost of inventories held as part of a trading position and certain other temporary inventory positions.
	Management believes this information is useful to illustrate to investors the fact that crude oil and product prices can vary significantly from period to period and that the impact on our reported result under IFRS can be significant. Inventory holding gains and losses vary from period to period due principally to changes in oil prices as well as changes to underlying inventory levels. In order for investors to understand the operating performance of the group excluding the impact of oil price changes on the replacement of inventories, and to make comparisons of operating performance between reporting periods, BP’s management believes it is helpful to disclose this information.

15

Non-operating items^(a)

Second quarter							First half
2008			2009				2009			2008
						$ million
						Exploration and Production
	111			359		Impairment and gain (loss) on sale of businesses and fixed assets		432			132
	(5	)		—		Environmental and other provisions		—			(5	)
	—			(6	)	Restructuring, integration and rationalization costs		(7	)		(44	)
	(2,082	)		154		Fair value gain (loss) on embedded derivatives		397			(2,766	)
	—			—		Other		(4	)		331
	(1,976	)		507				818			(2,352	)
						Refining and Marketing
	(13	)		(52	)	Impairment and gain (loss) on sale of businesses and fixed assets		(73	)		801
	—			—		Environmental and other provisions		—			—
	(86	)		(114	)	Restructuring, integration and rationalization costs		(377	)		(291	)
	—			—		Fair value gain (loss) on embedded derivatives		(57	)		—
	—			—		Other		(9	)		—
	(99	)		(166	)			(516	)		510
						Other businesses and corporate
	(42	)		(1	)	Impairment and gain (loss) on sale of businesses and fixed assets		(109	)		8
	—			—		Environmental and other provisions		(75	)		—
	(75	)		(37	)	Restructuring, integration and rationalization costs		(108	)		(133	)
	1			—		Fair value gain (loss) on embedded derivatives		—			(5	)
	(7	)		(1	)	Other		(68	)		(74	)
	(123	)		(39	)			(360	)		(204	)
	(2,198	)		302		Total before taxation		(58	)		(2,046	)
	770			(106	)	Taxation credit (charge)(b)		29			714
	(1,428	)		196		Total after taxation for period		(29	)		(1,332	)

(a)	An analysis of non-operating items by region is shown on pages 6, 8 and 9.
(b)	Tax is calculated using the quarter’s effective tax rate on group profit.

Non-operating items are charges and credits arising in consolidated entities that BP discloses separately because it considers such disclosures to be meaningful and relevant to investors. These disclosures are provided in order to enable investors better to understand and evaluate the group’s financial performance.

16

Non-GAAP information on fair value accounting effects

Second quarter							First half
2008			2009				2009			2008
						$ million
						Favourable (unfavourable) impact relative to management’s measure of performance
	(373	)		135		Exploration and Production		293			(632	)
	(161	)		(126	)	Refining and Marketing		(235	)		(60	)
	(534	)		9				58			(692	)
	187			(3	)	Taxation credit (charge)(a)		(21	)		245
	(347	)		6				37			(447	)

^(a) Tax is calculated using the quarter’s effective tax rate on group profit.

BP uses derivative instruments to manage the economic exposure relating to inventories above normal operating requirements of crude oil, natural gas and petroleum products as well as certain contracts to supply physical volumes at future dates. Under IFRS, these inventories and contracts are recorded at historic cost and on an accruals basis respectively. The related derivative instruments, however, are required to be recorded at fair value with gains and losses recognized in income because hedge accounting is either not permitted or not followed, principally due to the impracticality of effectiveness testing requirements. Therefore, measurement differences in relation to recognition of gains and losses occur. Gains and losses on these inventories and contracts are not recognized until the commodity is sold in a subsequent accounting period. Gains and losses on the related derivative commodity contracts are recognized in the income statement from the time the derivative commodity contract is entered into on a fair value basis using forward prices consistent with the contract maturity.

IFRS requires that inventory held for trading be recorded at its fair value using period end spot prices whereas any related derivative commodity instruments are required to be recorded at values based on forward prices consistent with the contract maturity. Depending on market conditions, these forward prices can be either higher or lower than spot prices resulting in measurement differences.

BP enters into contracts for pipelines and storage capacity that, under IFRS, are recorded on an accruals basis. These contracts are risk-managed using a variety of derivative instruments which are fair valued under IFRS. This results in measurement differences in relation to recognition of gains and losses.

The way that BP manages the economic exposures described above, and measures performance internally, differs from the way these activities are measured under IFRS. BP calculates this difference for consolidated entities by comparing the IFRS result with management’s internal measure of performance, under which the inventory and the supply and capacity contracts in question are valued based on fair value using relevant forward prices prevailing at the end of the period. We believe that disclosing management’s estimate of this difference provides useful information for investors because it enables investors to see the economic effect of these activities as a whole. The impacts of fair value accounting effects, relative to management’s internal measure of performance, are shown in the table above. A reconciliation to GAAP information is set out below.

Reconciliation of non-GAAP information

Second quarter							First half
2008			2009				2009			2008
						$ million
						Exploration and Production
	11,144			4,911		Replacement cost profit before interest and tax adjusted for fair value accounting effects		9,073			21,475
	(373	)		135		Impact of fair value accounting effects		293			(632	)
	10,771			5,046		Replacement cost profit before interest and tax		9,366			20,843
						Refining and Marketing
	700			806		Replacement cost profit before interest and tax adjusted for fair value accounting effects		2,005			1,848
	(161	)		(126	)	Impact of fair value accounting effects		(235	)		(60	)
	539			680		Replacement cost profit before interest and tax		1,770			1,788

17

Analysis of changes in net debt

Second quarter							First half
2008			2009				2009			2008
						$ million
						Opening balance
	29,871			34,698		Finance debt		33,204			31,045
	4,820			8,360		Less: Cash and cash equivalents		8,197			3,562
	1,234			(323	)	Less: FV asset (liability) of hedges related to finance debt		(34	)		666
	23,817			26,661		Opening net debt		25,041			26,817
						Closing balance
	30,189			36,240		Finance debt		36,240			30,189
	3,593			8,959		Less: Cash and cash equivalents		8,959			3,593
	900			179		Less: FV asset (liability) of hedges related to finance debt		179			900
	25,696			27,102		Closing net debt		27,102			25,696
	(1,879	)		(441	)	Decrease (increase) in net debt		(2,061	)		1,121
	(1,225	)		498		Movement in cash and cash equivalents (excluding exchange adjustments)		740			(1	)
	(517	)		(984	)	Net cash outflow (inflow) from financing (excluding share capital)		(2,841	)		1,267
	(114	)		15		Other movements		22			(121	)
	(1,856	)		(471	)	Movement in net debt before exchange effects		(2,079	)		1,145
	(23	)		30		Exchange adjustments		18			(24	)
	(1,879	)		(441	)	Decrease (increase) in net debt		(2,061	)		1,121

18

Realizations and marker prices

Second quarter					First half
2008		2009			2009		2008
				Average realizations(a)
				Liquids ($/bbl)(b)
	101.88		47.45	US		43.54		95.23
	127.83		60.69	Europe		54.00		111.44
	111.23		55.22	Rest of World		48.10		101.58
	109.95		52.33	BP Average		46.84		100.66
				Natural gas ($/mcf)
	8.76		2.47	US		2.92		7.74
	8.37		4.86	Europe		5.25		8.16
	5.26		2.77	Rest of World		3.08		5.11
	6.63		2.86	BP Average		3.25		6.25
				Total hydrocarbons ($/boe)
	82.09		34.90	US		33.38		74.88
	99.10		49.11	Europe		45.00		86.12
	63.67		31.81	Rest of World		30.10		59.30
	75.39		35.02	BP Average		33.22		68.85
				Average oil marker prices ($/bbl)
	121.18		59.13	Brent		51.68		109.05
	123.81		59.71	West Texas Intermediate		51.59		111.14
	123.61		59.10	Alaska North Slope		52.36		110.40
	116.82		57.51	Mars		50.78		104.17
	117.47		58.46	Urals (NWE — cif)		50.94		105.50
	63.15		32.63	Russian domestic oil		26.46		55.01
				Average natural gas marker prices
	10.94		3.51	Henry Hub gas price ($/mmbtu)(c)		4.21		9.49
	60.72		27.51	UK Gas — National Balancing point (p/therm)		37.31		56.86

(a)	Based on sales of consolidated subsidiaries only — this excludes equity-accounted entities.
(b)	Crude oil and natural gas liquids.
(c)	Henry Hub First of Month Index.

19

Notes

1.	Basis of preparation
	The interim financial information included in this report has been prepared in accordance with IAS 34 ‘Interim Financial Reporting’.
	The results for the interim periods are unaudited and in the opinion of management include all adjustments necessary for a fair presentation of the results for the periods presented. All such adjustments are of a normal recurring nature. This report should be read in conjunction with the consolidated financial statements and related notes for the year ended 31 December 2008 included in BP’s Annual Report on Form 20-F 2008 filed with the Securities and Exchange Commission.
	BP prepares its consolidated financial statements included within its Annual Report on Form 20-F on the basis of International Financial Reporting Standards (IFRS) as issued by the International Accounting Standards Board (IASB) and IFRS as adopted by the European Union (EU). IFRS as adopted by the EU differs in certain respects from IFRS as issued by the IASB, however, the differences have no impact on the group’s consolidated financial statements for the periods presented. The financial information presented herein has been prepared in accordance with the accounting policies expected to be used in preparing the Annual Report on Form 20-F for 2009, which do not differ significantly from those used in BP’s Annual Report on Form 20-F 2008.
	BP has adopted a new accounting standard, IFRS 8 ‘Operating Segments’, with effect from 1 January 2009. The standard defines operating segments as components of an entity about which separate financial information is available and is evaluated regularly by the chief operating decision maker in deciding how to allocate resources and in assessing performance. It also sets out the required disclosures for operating segments. On adoption, there was no change to BP’s segments that are separately reported but the segmental financial information is now based on measures as used by the chief operating decision maker. In particular, the segment measure of profit is replacement cost profit before interest and tax — see page 15 for further information. There was no effect on the group’s reported income or net assets.
	In addition, BP has adopted amendments to IAS 1 ‘Presentation of Financial Statements’, also with effect from 1 January 2009. This requires separate presentation of owner and non-owner changes in equity by introducing the statement of comprehensive income — see page 11. The statement of recognized income and expense is no longer presented. Certain minor changes in the presentation of the statement of changes in equity were also made to comply with the revised standard — see page 11. There was no effect on the group’s reported profit for the period or net assets.

20

Notes

2. Sales and other operating revenues

Second quarter					First half
2008		2009			2009		2008
				$ million
				By business
	24,507		12,848	Exploration and Production		25,191		47,429
	97,892		49,333	Refining and Marketing		89,906		174,504
	1,200		603	Other businesses and corporate		1,187		2,308
	123,599		62,784			116,284		224,241
				Less: sales between businesses
	13,485		7,589	Exploration and Production		13,389		25,704
	960		225	Refining and Marketing		336		1,229
	407		193	Other businesses and corporate		486		816
	14,852		8,007			14,211		27,749
				Third party sales and other operating revenues
	11,022		5,259	Exploration and Production		11,802		21,725
	96,932		49,108	Refining and Marketing		89,570		173,275
	793		410	Other businesses and corporate		701		1,492
	108,747		54,777	Total third party sales and other operating revenues		102,073		196,492
				By geographical area
	39,035		20,677	US		38,257		70,728
	81,917		39,371	Non-US		72,957		146,436
	120,952		60,048			111,214		217,164
	12,205		5,271	Less: sales between areas		9,141		20,672
	108,747		54,777			102,073		196,492

3. Production and similar taxes

Second quarter					First half
2008		2009			2009		2008
				$ million
	1,079		133	US		212		1,623
	1,220		540	Non-US		922		2,285
	2,299		673			1,134		3,908

21

Notes

4.	Earnings per share, shares in issue and shares repurchased
	Basic earnings per ordinary share (EpS) amounts are calculated by dividing the profit for the period attributable to ordinary shareholders by the weighted average number of ordinary shares outstanding during the period. The calculation of EpS is performed separately for each discrete quarterly period, and for the year-to-date period. As a result, the sum of the discrete quarterly EpS amounts in any particular year-to-date period may not be equal to the EpS amount for the year-to-date period.
	Prior to 2009, EpS amounts for the discrete quarterly periods were determined as the difference between the relevant year-to-date period amounts. The change in method of determination of the discrete quarterly EpS amounts does not have a significant effect and the comparative EpS amounts for 2008 have not been restated.
	For the diluted EpS calculation the weighted average number of shares outstanding during the period is adjusted for number of shares that are potentially issuable in connection with employee share-based payment plans using the treasury stock method.

Second quarter					First half
2008		2009			2009		2008
				$ million
				Results for the period
	9,358		4,385	Profit for the period attributable to BP shareholders		6,947		16,452
	1		1	Less: preference dividend		1		1
	9,357		4,384	Profit attributable to BP ordinary shareholders		6,946		16,451
	18,823,515		18,726,093	Basic weighted average number of shares outstanding (thousand)(a)		18,723,164		18,849,504
	3,137,253		3,121,016	ADS equivalent (thousand)(a)		3,120,527		3,141,584
	19,015,010		18,929,930	Weighted average number of shares outstanding used to calculate diluted earnings per share (thousand)(a)		18,917,380		19,022,000
	3,169,168		3,154,988	ADS equivalent (thousand)(a)		3,152,897		3,170,333
	18,790,443		18,728,163	Shares in issue at period-end (thousand)(a)		18,728,163		18,790,443
	3,131,741		3,121,361	ADS equivalent (thousand)(a)		3,121,361		3,131,741
	85,900		—	Shares repurchased in the period (thousand)		—		176,896

^(a) Excludes treasury shares and the shares held by the Employee Share Ownership Plans and includes certain shares that will be issuable in the future under employee share plans.

22

Notes

5. TNK-BP operational and financial information

Second quarter							First half
2008			2009				2009			2008
						Production (Net of royalties) (BP share)
	825			837		Crude oil (mb/d)		830			821
	546			555		Natural gas (mmcf/d)		599			529
	919			933		Total hydrocarbons (mboe/d)(a)		933			913
						$ million
						Income statement (BP share)
	2,026			873		Profit before interest and tax		1,292			3,235
	(56	)		(54	)	Finance costs		(122	)		(132	)
	(524	)		(242	)	Taxation		(427	)		(855	)
	(95	)		(31	)	Minority interest		(63	)		(153	)
	1,351			546		Net income		680			2,095
						Cash flow
	—			468		Dividends received		468			1,200

	30 June		31 December
Balance sheet	2009		2008
Investments in jointly controlled entities		—		8,939
Investments in associates		9,104		—

(a) Natural gas is converted to oil equivalent at 5.8 billion cubic feet = 1 million barrels.

6.	Inventory valuation
	Due to falling oil prices a provision of $1,412 million was held at 31 December 2008 to write inventories down to their net realizable value. The net movement in the provision during the second quarter of 2009 was an increase of $92 million (first quarter of 2009 was a decrease of $1,163 million).
7.	Statutory accounts
	The financial information shown in this publication, which was approved by the Board of Directors on 27 July 2009, is unaudited and does not constitute statutory financial statements.
8.	Condensed consolidating information
	BP p.l.c. fully and unconditionally guarantees the payment obligations of its 100% owned subsidiary BP Exploration (Alaska) Inc. under the BP Prudhoe Bay Royalty Trust. The following financial information for BP p.l.c., and BP Exploration (Alaska) Inc. and all other subsidiaries on a condensed consolidating basis is intended to provide investors with meaningful and comparable financial information about BP p.l.c. and its subsidiary issuers of registered securities and is provided pursuant to Rule 3-10 of Regulation S-X in lieu of the separate financial statements of each subsidiary issuer of public debt securities. Investments include the investments in subsidiaries recorded under the equity method for the purposes of the condensed consolidating financial information. Equity income of subsidiaries is the group’s share of profit related to such investments. The eliminations and reclassifications column includes the necessary amounts to eliminate the intercompany balances and transactions between BP p.l.c., BP Exploration (Alaska) Inc. and other subsidiaries. BP p.l.c. also fully and unconditionally guarantees securities issued by BP Capital Markets p.l.c. and BP Capital Markets America Inc. These companies are 100%-owned finance subsidiaries of BP p.l.c.

23

Notes

8. Condensed consolidating information (continued)

	Issuer		Guarantor
	BP								Eliminations
	Exploration					Other			and
Income statement	(Alaska) Inc.		BP p.l.c.			subsidiaries			reclassifications			BP group
	$ million
First half 2009
Sales and other operating revenues		1,893		—			102,073			(1,893	)		102,073
Earnings from jointly controlled entities — after interest and tax		—		—			577			—			577
Earnings from associates — after interest and tax		—		—			999			—			999
Equity-accounted income of subsidiaries — after interest and tax		489		7,671			—			(8,160	)		—
Interest and other revenues		16		48			421			(91	)		394
Gains on sale of businesses and fixed assets		—		9			603			(9	)		603
Total revenues and other income		2,398		7,728			104,673			(10,153	)		104,646
Purchases		230		—			68,447			(1,893	)		66,784
Production and manufacturing expenses		486		—			11,618			—			12,104
Production and similar taxes		203		—			931			—			1,134
Depreciation, depletion amortization		219		—			5,696			—			5,915
Impairment and losses on sale of businesses and fixed assets		—		—			353			—			353
Exploration expense		—		—			466			—			466
Distribution and administration expenses		10		892			5,770			(33	)		6,639
Fair value (gain) loss on embedded derivatives		—		—			(340	)		—			(340	)
Profit before interest and taxation		1,250		6,836			11,732			(8,227	)		11,591
Finance costs		13		19			618			(58	)		592
Net finance expense (income) relating to pensions and other post-retirement benefits		5		(148	)		240			—			97
Profit before taxation		1,232		6,965			10,874			(8,169	)		10,902
Taxation		278		9			3,589			—			3,876
Profit for the period		954		6,956			7,285			(8,169	)		7,026
Attributable to:
BP shareholders		954		6,956			7,206			(8,169	)		6,947
Minority interest		—		—			79			—			79
		954		6,956			7,285			(8,169	)		7,026

24

Notes

8. Condensed consolidating information (continued)

	Issuer		Guarantor
	BP							Eliminations
	Exploration					Other		and
Income statement	(Alaska) Inc.		BP p.l.c.			subsidiaries		reclassifications			BP group
	$ million
First half 2008
Sales and other operating revenues		4,103		—			196,492		(4,103	)		196,492
Earnings from jointly controlled entities — after interest and tax		—		—			2,727		—			2,727
Earnings from associates — after interest and tax		—		—			476		—			476
Equity-accounted income of subsidiaries — after interest and tax		421		16,554			—		(16,975	)		—
Interest and other revenues		271		52			597		(489	)		431
Gains on sale of businesses and fixed assets		—		—			1,004		—			1,004
Total revenues and other income		4,795		16,606			201,296		(21,567	)		201,130
Purchases		576		—			143,415		(4,103	)		139,888
Production and manufacturing expenses		501		—			13,706		—			14,207
Production and similar taxes		1,308		—			2,600		—			3,908
Depreciation, depletion and amortization		176		—			5,456		—			5,632
Impairment and losses on sale of businesses and fixed assets		—		—			63		—			63
Exploration expense		—		—			411		—			411
Distribution and administration expenses		12		500			7,387		(26	)		7,873
Fair value (gain) loss on embedded derivatives		—		—			2,771		—			2,771
Profit before interest and taxation		2,222		16,106			25,487		(17,438	)		26,377
Finance costs		76		100			1,074		(463	)		787
Net finance expense (income) relating to pensions and other post-retirement benefits		—		(442	)		122		—			(320	)
Profit before taxation		2,146		16,448			24,291		(16,975	)		25,910
Taxation		665		(4	)		8,567		—			9,228
Profit for the period		1,481		16,452			15,724		(16,975	)		16,682
Attributable to:
BP shareholders		1,481		16,452			15,494		(16,975	)		16,452
Minority interest		—		—			230		—			230
		1,481		16,452			15,724		(16,975	)		16,682

25

Notes

8. Condensed consolidating information (continued)

	Issuer		Guarantor
	BP						Eliminations
	Exploration				Other		and
Balance sheet	(Alaska) Inc		BP p.l.c.		subsidiaries		reclassification			BP group
	$ million
At 30 June 2009
Non-current assets
Property, plant and equipment		7,237		—		98,542		—			105,779
Goodwill		—		—		10,304		—			10,304
Intangible assets		291		—		10,660		—			10,951
Investments in jointly controlled entities		—		—		15,266		—			15,266
Investments in associates		—		2		12,927		—			12,929
Other investments		—		—		1,138		—			1,138
Subsidiaries — equity-accounted basis		4,074		99,304		—		(103,378	)		—
Fixed assets		11,602		99,306		148,837		(103,378	)		156,367
Loans		1,414		1,182		1,431		(2,815	)		1,212
Other receivables		—		—		990		—			990
Derivative financial instruments		—		—		4,423		—			4,423
Prepayments		—		—		1,303		—			1,303
Defined benefit pension plan surpluses		—		1,735		255		—			1,990
		13,016		102,223		157,239		(106,193	)		166,285
Current assets
Loans		—		—		185		—			185
Inventories		150		—		18,500		—			18,650
Trade and other receivables		16,976		23,221		35,574		(46,525	)		29,246
Derivative financial instruments		—		—		6,760		—			6,760
Prepayments		142		—		2,570		—			2,712
Current tax receivable		—		—		562		—			562
Cash and cash equivalents		(9)		15		8,953		—			8,959
		17,259		23,236		73,104		(46,525	)		67,074
Total assets		30,275		125,459		230,343		(152,718	)		233,359
Current liabilities
Trade and other payables		4,825		2,473		73,991		(46,525	)		34,764
Derivative financial instruments		—		—		6,181		—			6,181
Accruals		—		6		5,809		—			5,815
Finance debt		55		—		11,963		—			12,018
Current tax payable		228		—		2,598		—			2,826
Provisions		—		—		1,403		—			1,403
		5,108		2,479		101,945		(46,525	)		63,007
Non-current liabilities
Other payables		214		41		5,669		(2,815	)		3,109
Derivative financial instruments		—		—		5,039		—			5,039
Accruals		—		48		665		—			713
Finance debt		—		—		24,222		—			24,222
Deferred tax liabilities		1,681		393		14,726		—			16,800
Provisions		1,105		—		11,894		—			12,999
Defined benefit pension plan and other post-retirement benefit plan deficits		—		—		10,521		—			10,521
		3,000		482		72,736		(2,815	)		73,403
Total liabilities		8,108		2,961		174,681		(49,340	)		136,410
Net assets		22,167		122,498		55,662		(103,378	)		96,949
Equity
BP shareholders’ equity		22,167		122,498		54,954		(103,378	)		96,241
Minority interest		—		—		708		—			708
		22,167		122,498		55,662		(103,378	)		96,949

26

Notes

8. Condensed consolidating information (continued)

	Issuer		Guarantor
	BP						Eliminations
	Exploration				Other		and
Balance Sheet	(Alaska) Inc		BP p.l.c.		subsidiaries		reclassification			BP group
	$ million
At 31 December 2008
Non-current assets
Property, plant and equipment		6,959		—		96,241		—			103,200
Goodwill		—		—		9,878		—			9,878
Intangible assets		243		—		10,017		—			10,260
Investments in jointly controlled entities		—		—		23,826		—			23,826
Investments in associates		—		2		3,998		—			4,000
Other investments		—		—		855		—			855
Subsidiaries — equity-accounted basis		3,585		111,730		—		(115,315	)		—
Fixed assets		10,787		111,732		144,815		(115,315	)		152,019
Loans		209		1,174		1,393		(1,781	)		995
Other receivables		—		—		710		—			710
Derivative financial instruments		—		—		5,054		—			5,054
Prepayments		—		—		1,338		—			1,338
Defined benefit pension plan surpluses		—		1,516		222		—			1,738
		10,996		114,422		153,532		(117,096	)		161,854
Current assets
Loans		—		—		168		—			168
Inventories		198		—		16,623		—			16,821
Trade and other receivables		18,302		6,129		35,745		(30,915	)		29,261
Derivative financial instruments		—		—		8,510		—			8,510
Prepayments		37		—		3,013		—			3,050
Current tax receivable		—		—		377		—			377
Cash and cash equivalents		(10)		11		8,196		—			8,197
		18,527		6,140		72,632		(30,915	)		66,384
Total assets		29,523		120,562		226,164		(148,011	)		228,238
Current liabilities
Trade and other payables		4,925		2,602		57,032		(30,915	)		33,644
Derivative financial instruments		—		—		8,977		—			8,977
Accruals		—		7		6,736		—			6,743
Finance debt		55		—		15,685		—			15,740
Current tax payable		162		—		2,982		—			3,144
Provisions		—		—		1,545		—			1,545
		5,142		2,609		92,957		(30,915	)		69,793
Non-current liabilities
Other payables		398		33		4,430		(1,781	)		3,080
Derivative financial instruments		—		—		6,271		—			6,271
Accruals		—		47		737		—			784
Finance debt		—		—		17,464		—			17,464
Deferred tax liabilities		1,630		322		14,246		—			16,198
Provisions		1,074		—		11,034		—			12,108
Defined benefit pension plan and other retirement benefit plan deficits		—		—		10,431		—			10,431
		3,102		402		64,613		(1,781	)		66,336
Total liabilities		8,244		3,011		157,570		(32,696	)		136,129
Net assets		21,279		117,551		68,594		(115,315	)		92,109
Equity
BP shareholders’ equity		21,279		117,551		67,788		(115,315	)		91,303
Minority interest		—		—		806		—			806
		21,279		117,551		68,594		(115,315	)		92,109

27

Notes

8. Condensed consolidating information (continued)

	Issuer			Guarantor
	BP									Eliminations
	Exploration						Other			and
Cash flow statement	(Alaska) Inc			BP p.l.c.			subsidiaries			reclassification			BP group
	$ million
First half 2009
Net cash provided by operating activities		4,887			5,212			25,230			(23,000	)		12,329
Net cash (used in) provided by investing activities		(513	)		9			(8,564	)		–			(9,068	)
Net cash used in financing activities		(4,373	)		(5,217	)		(15,931	)		23,000			(2,521	)
Currency translation differences relating to cash and cash equivalents		–			–			22			–			22
(Decrease) increase in cash and cash equivalents		1			4			757			–			762
Cash and cash equivalents at beginning of period		(10	)		11			8,196			–			8,197
Cash and cash equivalents at end of period		(9	)		15			8,953			–			8,959

28

Notes

8. Condensed consolidating information (continued)

	Issuer			Guarantor
	BP									Eliminations
	Exploration						Other			and
Cash flow statement	(Alaska) Inc			BP p.l.c.			subsidiaries			reclassification			BP group
	$ million
First half 2008
Net cash provided by operating activities		5,806			6,663			11,442			(6,299	)		17,612
Net cash used in investing activities		(307	)		—			(9,001	)		—			(9,308	)
Net cash used in financing activities		(5,499	)		(6,883	)		(2,222	)		6,299			(8,305	)
Currency translation differences relating to cash and cash equivalents		—			—			32			—			32
(Decrease) increase in cash and cash equivalents		—			(220	)		251			—			31
Cash and cash equivalents at beginning of period		(10	)		244			3,328			—			3,562
Cash and cash equivalents at end of period		(10	)		24			3,579			—			3,593

29

Signatures

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

	BP p.l.c. (Registrant)
Dated: 31 July 2009	/s/ D J Pearl
	D J PEARL
	Deputy Company Secretary

30

Exhibit 99.1

Computation of ratio of earnings to fixed charges

	First half 2009
	$ million, except ratios
Profit before taxation		10,902
Group’s share of income in excess of dividends of equity-accounted entities		(502)
Capitalized interest, net of amortization		37
Profit as adjusted		10,437
Fixed charges:
Interest expense		406
Rental expense representative of interest		593
Capitalized interest		89
		1,088
Total adjusted earnings available for payment of fixed charges		11,525
Ratio of earnings to fixed charges		10.6

31

Exhibit 99.2

Capitalization and indebtedness

The following table shows the unaudited consolidated capitalization and indebtedness of the BP group as of 30 June 2009 in accordance with IFRS:

	30 June 2009
	$ million
Share capital
Authorized share capital (1)		9,021
Capital shares (2-3)		5,177
Paid-in surplus (4)		10,848
Merger reserve (4)		27,206
Own shares		(292)
Available-for-sale investments		331
Cash flow hedges		(97)
Foreign currency translation reserve		4,297
Treasury shares		(21,426)
Share-based payment reserve		1,354
Profit and loss account		68,843
BP shareholders’ equity		96,241
Finance debt (5-7)
Due within one year		12,018
Due after more than one year		24,222
Total finance debt		36,240
Total capitalization (8)		132,481

(1)	Authorized share capital comprises 36 billion ordinary shares, par value US$0.25 per share, and 12,750,000 cumulative preference shares, par value £1 per share.
(2)	Issued share capital as of 30 June 2009 comprised 18,739,978,922 ordinary shares, par value US$0.25 per share, and 12,706,252 preference shares, par value £1 per share. This excludes 1,880,519,202 ordinary shares which have been bought back and held in treasury by BP and 112,803,287 ordinary shares which have been bought back for cancellation. These shares are not taken into consideration in relation to the payment of dividends and voting at shareholders’ meetings.
(3)	Capital shares represent the ordinary shares of BP which have been issued and are fully paid.
(4)	Paid-in surplus and merger reserve represent additional paid-in capital of BP which cannot normally be returned to shareholders.
(5)	Finance debt recorded in currencies other than US dollars has been translated into US dollars at the relevant exchange rates existing on 30 June 2009.
(6)	Obligations under finance leases are included within finance debt in the above table.
(7)	As of 30 June 2009, the parent company, BP p.l.c., had outstanding guarantees totalling US$33,558 million, of which US$33,503 million related to guarantees in respect of borrowings by its subsidiary undertakings. Thus 92% of the finance debt had been guaranteed by BP. BP has no material outstanding contingent liabilities. All of BP’s debt is unsecured.
(8)	There has been no material change since 30 June 2009 in the consolidated capitalization, indebtedness or contingent liabilities of BP.

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