BP PLC

Safety continues to be at the forefront of

everything bp does, and the board and I would

again like to recognize bp’s teams for their work

to reduce the most serious process safety

incidents. This requires constant vigilance,

robust processes and a willingness to speak up

and act.

However, whether it is on the front line or on the

board, bp can never take safety for granted. We

were tragically reminded of this in October 2024 by

the fatality in our bp bioenergy business in Brazil.

Many of bp’s businesses performed well,

including higher upstream« production and

strong plant reliability«, but it was a difficult year

in parts of our customers & products business,

particularly in refining. bp cannot control a tough

price environment but it can address underlying

performance – and the board believes that the

comprehensive update of our strategy that we

announced in February, combined with strong

performance management processes, will help

bp to do this.