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

Disclosure announcement transmitted by euro adhoc. The issuer is
responsible for the content of this announcement.
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

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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