2020 and 2025 is now underpinned by agreed or completed transactions of around USD14.7 billion with approximately USD10

billion of proceeds received. . bp continues to expect capital expenditure*, including inorganic capital expenditure*, of around USD13 billion in

2021. . Depreciation, depletion and amortization is expected to be at a similar level to 2020 (USD14.9 billion). . Gulf of Mexico oil spill payments are expected to be around USD1 billion post tax. . The other businesses & corporate underlying annual charge is expected to be in the range of USD1.2-1.4 billion for

2021. The quarterly charges may vary from quarter to quarter. . The underlying ETR* for 2021 is expected to be higher than 40% but is sensitive to the impact that volatility in

the current environment may have on the geographical mix of the group's profits and losses. . For full year 2021 we expect reported upstream production to be lower than 2020 due to the impact of the ongoing

divestment programme. However, underlying production* should be slightly higher than 2020 with the ramp-up of major

projects, primarily in gas regions, partly offset by the impacts of reduced capital investment and decline in

lower-margin gas assets. COVID-19 Update Strengthening finances . bp's future financial performance, including cash flows and net debt, will be impacted by the extent and duration

of the current market conditions and the effectiveness of the actions that it and others take, including its

financial interventions. It is difficult to predict when current supply and demand imbalances will be resolved and

what the ultimate impact of COVID-19 will be. Protecting our people and operations . bp continues to take steps to protect and support its staff through the pandemic. The great majority of bp staff

who are able to work from home continue to do so. Precautions in operations and offices include: reduced manning

levels, changing working patterns, deploying appropriate personal protective equipment and enhanced cleaning and

social distancing measures at plants and retail sites. Decisions on working practices and return to office based

working are being taken with caution and in compliance with local and national guidelines and regulations. . bp continues to provide enhanced support and guidance to staff on safety, health and hygiene, homeworking and

mental health. . Costs that are directly attributable to COVID-19 were around USD0.2 billion for the quarter, of which USD58 million of

COVID-19 related capital expenditure was incurred at Tangguh. . Refinery utilization for the quarter was around 6% lower than the same period in 2020, in part due to the impact of

COVID-19 on demand. Year on year demand for retail fuels was lower by 9% and for aviation by 45%. However, Castrol

is already demonstrating strong recovery in first quarter 2021, with high volume delivery, and convenience

performance continues to remain resilient, with convenience gross margin* more than 10% higher than last year. . Despite the challenges of the environment, bp's operations have performed safely and reliably over the course of

the quarter. bp-operated hydrocarbon plant reliability* was 93.0% and bp-operated refining availability* was 94.8%. 


The commentary above contains forward-looking statements and should be read in conjunction with the cautionary 
statement on page 39. Top of page 6 gas & low carbon energy Financial results   . The replacement cost profit before interest and tax for the first quarter was USD3,430 million, compared with USD1,070

million for the same period in 2020. The first quarter included a net adjusting gain of USD1,160 million, which is

principally the gain on disposal of a 20% interest in Block 61 Oman, compared with a net adjusting gain of USD223

million for the same period in 2020. . After excluding adjusting items*, the underlying replacement cost profit* before interest and tax for the first

quarter was USD2,270 million, compared with USD847 million for the same period in 2020. . The first quarter underlying replacement cost profit before interest and tax reflects exceptionally strong gas

marketing and trading results, as well as higher realizations and lower depreciation, depletion and amortization in

the gas business. Operational update . Reported production for the quarter was 909mboe/d, 1.0% higher than the same period in 2020. Underlying production*

was 3.2% lower, mainly due to decline in Trinidad partly offset by major project* growth in India and Oman and

recovery from planned maintenance. . The renewables pipeline* grew in the quarter by 2.9GW (bp net) as a result of Lightsource bp's (LSbp) pipeline

growth and our selection as preferred bidder for two major leases in the UK Offshore Wind Round 4 with our partner

EnBW. Strategic progress gas . On 28 March, a royal decree was published approving bp's sale of a 20% interest in Oman Block 61 to PTT Exploration

and Production Public Company Limited (PTTEP) of Thailand. (bp operator 40%, OQ 30%, PTTEP 20%, Petronas 10%). . On 26 April bp announced gas production from Raven field, the third stage of its major West Nile Delta development

off the Mediterranean coast in Egypt (bp operator 82.75%). . On 26 April bp and Reliance Industries Limited (RIL) announced the start of production from the Satellites Cluster

gas field in block KG D6 off the east coast of India. (bp 33.33%, RIL operator 66.67%). . Following the start of production from the R Cluster field in block KG D6 in India in December 2020, India Gas

Solutions, a 50:50 joint venture between bp and RIL secured gas supply from the block as a first step to building a

gas value chain business in the country. . On 24 January, bp received its first LNG cargo to directly supply gas to customers in China. This is the first time

that bp has created a fully integrated gas value chain into China. low carbon energy . In January 2021 bp and Equinor completed the formation of their strategic US offshore wind partnership to initially

develop four projects in two existing leases located offshore New York and Massachusetts, which together are

expected to have a total generating capacity of 4.4GW (2.2GW net to bp). . On 8 February, bp and partner EnBW were announced as the preferred bidder for two highly advantaged 60-year leases

in the UK's first offshore wind leasing round in a decade. The leases, both located in the Irish Sea, offer a

combined potential generating capacity of 3GW (1.5GW net to bp). . On 18 March, bp announced that it is developing plans for the UK's largest blue hydrogen production facility,

targeting 1GW of blue hydrogen production by 2030. . In the first quarter, LSbp's pipeline grew by 2.9GW (1.4GW net to bp) including:

? On 15 February, LSbp acquired from Iberia Solar a 845MW solar portfolio in Spain.

? On 21 January, LSbp announced it had acquired a 1.06GW portfolio from the global photovoltaic (PV) project

developer RIC Energy. Together they will develop 14 sites across Madrid, Andalucía, and Castilla y León.

? On 9 March, LSbp announced it has agreed to provide 88 bp service stations in New South Wales, Australia with

100% solar power, starting in January 2023. 


                                                     First     Fourth  First 
                                                     quarter   quarter quarter 
USD million                                            2021      2020    2020 
Profit (loss) before interest and tax                3,452     (628)   1,061 
Inventory holding (gains) losses*                    (22)      (10)    9 
RC profit (loss) before interest and tax             3,430     (638)   1,070 
Net (favourable) adverse impact of adjusting items   (1,160)   792     (223) 
Underlying RC profit before interest and tax         2,270     154     847 
Taxation on an underlying RC basis                   (535)     (152)   (261) 
Underlying RC profit before interest                 1,735     2       586 Top of page 7 gas & low carbon energy (continued) 
                                                 First    Fourth   First 
                                                 quarter  quarter  quarter 
USD million                                        2021     2020     2020 
Depreciation, depletion and amortization 
Total depreciation, depletion and amortization   854      721      1,038 
 
Exploration write-offs 
Exploration write-offs[(a)]                      6        42       3 
 
Adjusted EBITDA* 
Total adjusted EBITDA                            3,130    914      1,888 
 
Capital expenditure* 
gas                                              811      929      1,182 
low carbon energy[(b)]                           1,074    541      2 
Total capital expenditure                        1,885    1,470    1,184   . (a) Fourth quarter 2020 includes a write-off of USD3 million which has been classified within the 'other' category of

adjusting items. . (b) First quarter 2021 includes USD712 million in respect of the remaining payment to Equinor for our investment in

our strategic US offshore wind partnership and USD326 million as a lease option fee deposit paid to The Crown Estate

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