BP plc

euro adhoc: BP PLC
BP 2Q 2003 Trading Update (E)

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July 2, 2003

                              BP 2Q 2003 TRADING UPDATE

This trading update is aimed at providing an overview of the revenue and trading conditions experienced by BP during the second quarter ending June 30, 2003. The second quarter margin, price, realisation, cost and other data referred to below are currently provisional, some being drawn from figures applicable to the first month or so of the quarter. All such data are subject to change and may differ quite considerably from the final numbers that will be reported on July 29, 2003. The statement is produced in order to provide greater disclosure to investors and potential investors of currently expected outcomes, and to ensure that they all receive equal access to the same information at the same time.

Exploration and Production

Marker Prices

                                                    2Q'03      1Q'03    2Q'02

Brent dated ($/bbl)                      26.03      31.47    25.07

WTI ($/bbl)                                  29.02      34.00    26.30

ANS USWC ($/bbl)                          27.04      33.16    25.04

US gas Henry Hub first of month
  index ($/mmbtu)                          5.40        6.53      3.38

UK gas price - National Balancing
  Point (p/therm)                         17.44      21.28    12.10

Compared to 1Q'03, liquid realisations are expected to move broadly in line with the change in marker prices. Compared to 1Q'03, the Henry Hub gas marker price is expected to decrease by $1.13/mmbtu. However, US gas realisations are expected to decrease by a smaller amount due to a narrowing of basin differentials.

Gas, Power and Renewables

North American gas marketing margins are expected to be ignificantly lower than 1Q'03 as gas price volatility has decreased. NGL margins are anticipated to be lower than 1Q'03 in line with normal sasonality.

Refining and Marketing

Refining Indicator Margins ($/bbl)

                                                      2Q'03          1Q'03          2Q'02

USA

- West Coast                                    6.34            6.77            4.46

- Gulf Coast                                    3.59            6.14            2.62

- Midwest                                         4.73            4.14            3.76

North West Europe                            2.15            3.70            0.59

Singapore                                         0.67            2.98            0.18

Refining Global Indicator
  Margin* ($/bbl.)                          3.27            4.52            2.05

*The refining Global Indicator Margin (GIM) is a weighted average based on BP's portfolio. Actual margins may vary because of refinery configuration, crude slate and operating practices.

2Q'03 refining margins are expected to be lower than 1Q'03. The marketing environment is projected to be up in 2Q'03 versus both 1Q'03 and 2Q'02 due to falling oil prices and despite continuing economic slowdown.

Petrochemicals

Weighted Chemicals Indicator Margin ($/te)

2Q'03                      1Q'03                4Q'02                        2Q'02

n/a                  90 (prov)                  108                          109

*The Chemicals Indicator Margin is a weighted average of externally-based product margins. It is based on market data collected by Nextant (formerly Chem Systems) in their quarterly market analyses, then weighted on BP's product portfolio. This is described more fully in the Group's quarterly results releases.

Petrochemical margins in 2Q'03 are expected to be better than in 1Q'03 as feedstock costs fell during the quarter, though this benefit will be partially offset by reduced product demand in Asia.

Stock Purchases

During the quarter the company purchased for cancellation 144 million of its shares at a cost of around $1 billion. Shares in issue as at July 1, 2003 were 22,102 million.

                                            - ENDS -

                         This information is provided by RNS
        The company news service from the London Stock Exchange

end of announcement            euro adhoc 02.07.2003
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Further inquiry note: BP PLC Jennifer Bowes 020 7496 4213

Branche: Energy
ISIN:      GB0007980591
WKN:        850517
Börsen:  Hamburger Wertpapierbörse / official dealing
              Börse Düsseldorf / official dealing
              Frankfurter Wertpapierbörse / official dealing
              SWX Swiss Exchange / official dealing
              London Stock Exchange / official dealing
              Niedersächsische Börse zu Hannover / free trade
              Berliner Wertpapierbörse / free trade
              Bayerische Börse / free trade
              Baden-Württembergische Wertpapierbörse / free trade



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