Advantaged oil portfolio and growth

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1 Track record Advantaged oil portfolio and growth Murray Auchincloss CFO, Upstream Starlee Sykes Regional President, Gulf of Mexico and Canada BP UPSTREAM INVESTOR DAY AND FIELDTRIP

2 Oil growth underpinned Gulf of Mexico Thunder Horse Mad Dog Atlantis Na Kika E&A options 5 mboed Operated by others North Sea Shetland Central North Sea Aker BP Operated by others E&A options 3 mboed Angola Block 18 Block 31 Operated by others 25 mboed Azerbaijan oil ACG Shah Deniz condensate E&A options 15 mboed BP UPSTREAM INVESTOR DAY AND FIELDTRIP 2

3 Gulf of Mexico safely growing a high margin business Safety and environment core value Top producer in the Gulf of Mexico High quality assets with room to grow Track record of cost and capital efficient delivery Houston Tigris Mars Na Kika Thunder Horse Olympus Ursa Constitution Atlantis Argos Mad Dog Kaskida High margin and low cash breakeven point Great White Operated Non-operated BP UPSTREAM INVESTOR DAY AND FIELDTRIP 3

4 Gulf of Mexico - building a competitive business Plant reliability 1 Unit production costs Capital efficiency example mboed % $/boe $m 4 >6% 1 1% 2 >4% 12 >6% Thunder Horse well 218 Thunder Horse well (1) BP-operated plant reliability BP UPSTREAM INVESTOR DAY AND FIELDTRIP 4

5 Mad Dog developing a Miocene giant 2.7bn boe Net imated HCIIP 1 4% Recovered 2 125mboed >3x Future options Strong capital efficiency Technology driven growth Wolfspar and LoSal TM North W Water Injection South W Expansion Mad Dog Shallow New hub: Mad Dog 2 - Argos up to 14 mboed oil capacity expected from late 221 (1) Hydrocarbons initially in place (2) to end-217 BP UPSTREAM INVESTOR DAY AND FIELDTRIP 5

6 Atlantis field within a field 1.7bn boe Net imated HCIIP 1 11% Recovered 2 ILX 75mboed 25% Future options Technology driven growth 4D Ocean Bottom Nodes (OBN) seismic, Distributed Acoustic Sensor (DAS), and Wolfspar Phase 3 (new field) Phase 4 & 5 (new horizon) Water Injection Expansion Infrastructure Led Exploration (ILX) opportunities (1) Hydrocarbons initially in place (2) to end-217 BP UPSTREAM INVESTOR DAY AND FIELDTRIP 6

7 Thunder Horse maintaining cash engine at full capacity 2.9bn boe Net imated HCIIP 1 1% Recovered 2 ILX 125mboed Future options Sustain production through system optimisation and innovative well interventions South drill-out Water Injection Expansion South Expansion Phase 2 South Shallow (new field) ILX opportunities (1) Hydrocarbons initially in place (2) to end-217 BP UPSTREAM INVESTOR DAY AND FIELDTRIP 7

8 Na Kika renewing a high profitability hub.7bn boe Net imated HCIIP 1 29% Recovered 2 ILX 75mboed >2x Future options Agile working techniques, ILX and new well design unlocking value Isabela & Ariel Infill Manuel Development Herschel Expansion Additional ILX opportunities (1) Hydrocarbons initially in place (2) to end-217 BP UPSTREAM INVESTOR DAY AND FIELDTRIP 8

9 Angola decline but increasing potential mboed Offshore plant reliability 1 % Unit production costs $/boe DR CONGO 1 15 Block 31 Block 15 Block 17 Block 18 ANGOLA Block (1) BP-operated plant reliability BP UPSTREAM INVESTOR DAY AND FIELDTRIP 9

10 Azerbaijan sustaining a material business with significant exploration opportunity mboed Base New projects Exploration options 1 Offshore plant reliability 1 % 1 Unit production costs $/boe 1 D23 >3% AZERBAIJAN SWAP ACG Gobustan Shah Deniz Shafaq Asiman (1) BP-operated plant reliability BP UPSTREAM INVESTOR DAY AND FIELDTRIP 1

11 North Sea back to growth mboed Offshore plant reliability 1 % Unit production costs $/boe Base Aker BP New projects Exploration options 1 3 Clair Ridge Foinaven Clair Schiehallion 3 ~5% >1% ~5% Andrew ETAP Culzean Shearwater UK Operated Non-operated (1) BP-operated plant reliability BP UPSTREAM INVESTOR DAY AND FIELDTRIP 11

12 Intentionally blank BP UPSTREAM INVESTOR DAY AND FIELDTRIP 12