BP PLC

In order to utilize the ‘safe harbor’ provisions of the United States Private

Securities Litigation Reform Act of 1995 (the ‘PSLRA’) and the general

doctrine of cautionary statements, bp is providing the following cautionary

This document contains certain forecasts, projections and forward-looking

statements - that is, statements related to future, not past, events and

circumstances - with respect to the financial condition, results of

operations and businesses of bp and certain of the plans and objectives of

bp with respect to these items. These statements may generally, but not

always, be identified by the use of words such as ‘will’, ‘expects’, ‘is

expected to’, ‘aims’, ‘should’, ‘may’, ‘objective’, ‘is likely to’, ‘intends’, ‘believes’,

‘anticipates’, ‘plans’, ‘we see’ or similar expressions. In particular, among

other statements, (i) certain statements in the Chair’s letter (page 4), Chief

executive officer’s letter (page 5),the Strategic report (inside cover and

pages 1-68), Additional disclosures (pages 311-339) and Shareholder

information (pages 341-350),including but not limited to statements under

the headings ‘Energy Outlook’, ‘Our strategy’, ‘Consistency with the Paris

goals’, ‘Our business model’, ‘Our financial frame’, ‘2025 guidance’ ‘Outlook

for 2025’, ‘Our investment process’ and ‘2025 shareholder calendar’ and

including but not limited to statements regarding: plans and expectations

relating to business, financial performance, results of operations, cash flow,

allocation of capital expenditure and bp’s ability to maintain a robust cash

position; plans and expectations regarding bp’s financial frame (including

annual dividend increases, net debt, credit rating, capital expenditures and

distribution of operating cash flow as dividends and share buybacks),

working capital, operating cash flow (and its ability to cover capital

expenditure and the dividend), return on average capital employed, liquidity,

capital discipline, credit rating, future shareholder distributions including

future dividend payments and share buybacks, amount or timing of

payments related to divestments and other proceeds, net debt, use of

proceeds and progress towards our cost saving targets; plans and

expectations regarding bp’s 2025 targets, 2025 guidance (including with

respect to reported and underlying upstream production, total capital

expenditure, depreciation, depletion and amortization, divestments and

other proceeds, Gulf of America oil spill payments, other businesses &

corporate underlying annual charge, and the effective tax rate and the

underlying effective tax rate), 2030 aims, 2050 or sooner net zero aims; plan

and expectations regarding bp’s engagement plans and programs and their

impact on bp’s ability to meet its aims, targets and strategic objectives;

plans and expectations regarding bp’s primary targets (including adjusted

free cash flow growth, group ROACE, structural cost reduction, net debt)

and reporting of bp’s progress towards those targets; plans and

expectations regarding the impact on underlying performance of bp’s

comprehensive February update; plans and expectations for growth in bp’s

customers businesses, products refining margins, underlying performance,

improvement plans, refinery turnaround activity plans and expectations

regarding interest rate reductions during 2025; plans and expectations

relating to bp’s investment process, strategy and capital investment,

including future capital investment allocation, expected IRR, access to

capital and the restructuring of certain investments; plans and expectations

relating to bp’s intra-group funding and liquidity arrangements; plans and

expectations relating to bp’s ability to meet contractual obligations;

expectations regarding inflation, price volatility, refining margins and price

assumptions; plans and expectations relating to risk, including risk

management processes and climate-related risks; plans, expectations and

projections regarding bp’s oil and gas business, including related

investment plans and their impact on production and cash flow, oil and gas

prices, oil and gas production targets, growth in underlying production,

divestment plans, and oil and gas resources and reserves; plans and

expectations regarding underlying replacement cost profit before interest,

tax, depreciation and amortization, ROACE, adjusted EBITDA and adjusted

EBIDA per share; plans and expectations regarding bp’s convenience and

mobility business, including earnings and the development of EV charging;

plans and expectations regarding bp’s ability to make focused high-return

investments in aviation and their impact; plans and expectations for the

timing of bp’s energy efficiency reviews and their outcomes; plans and

expectations regarding renewable power, including plans regarding

renewable gas, wind and solar projects, green and blue hydrogen costs and

production and EV charging; plans and expectations regarding carbon

capture and storage; plans and expectations regarding bp’s investments in

resilient hydrocarbons; bp’s plans and expectations related to the energy

transition (including its scenario analysis), climate change, sustainability

(including bp’s sustainability aims), greenhouse gas emissions, and

management, decarbonization, and net zero aims; plans and expectations

regarding bp’s focus on biodiversity and water use, including bp’s

freshwater use, bp’s freshwater management approach, bp’s ability to

address water-related business risk and bp’s freshwater withdrawal in

stressed catchments; plans and expectations regarding projects, joint

ventures, partnerships, agreements and memoranda of understanding with

governments, commercial entities and other third party partners (including,

but not limited to, JERA Nex bp, the Northern Endurance Partnership

projects, the Arcius Energy joint venture, the new ADNOC-operated LNG

facility in Abu Dhabi, the long-term LNG supply agreement with KOGAS, the

Kaskida project, the Coconut gas development, the Tangguh UCC project,

the Northern Endurance Partnership, Net Zero Teesside Power, Cypre, the

Tyrving development, projects in the North Sea and Norwegian Sea, the

Lingen Green Hydrogen project, the Atlantis Drill Center Expansion, bp's

Castellón refinery, the Kirkuk project, the deal with Simon Property Group,

the Greater Tortue Ahmeyim project, the North West Shelf project and the

Mento platform); plans and expectations regarding the timing of the sale of

bp’s mobility and convenience and bp pulse businesses in the Netherlands

and bp Wind Energy; plans regarding transformation of the Gelsenkirchen

refinery site; plans and expectations in relation to the strategic review of

Castrol; plans and expectations in relation to Lightsource bp; expectations

regarding contingent liabilities, legal and trial proceedings, court decisions,

potential investigations and civil actions by regulators, government entities

and/or other entities or parties, and the timing and potential impact of such

proceedings, settlement agreements relating to such proceedings and bp’s

intentions in respect thereof; plans and expectations regarding

relationships with governments, customers, partners, suppliers,

communities and key stakeholders; plans and expectations regarding

upstream production and downstream performance, expected improved

downstream performance and returns; plans and expectations regarding

the growth of bp’s European gas and power presence; plans and