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BP THIRD QUARTER RESULTS 1992

 BP THIRD QUARTER RESULTS 1992
 CLEVELAND, Nov. 5 /PRNewswire/ -- Following are BP's (NYSE: BP)


third quarter results:
 HIGHLIGHTS
 Third Second Third Nine Nine
 Quarter Quarter Quarter Months Months
 1991 1992 1992 1992 1991
 NET INCOME
 BEFORE EXCEPTIONAL ITEMS
 Replacement cost profit
 195 193 327 Dollars million 688 1,705
 129 107 172 Pounds million 374 963
 Historical cost profit
 266 480 226 Dollars million 598 724
 156 269 117 Pounds million 325 409
 NET INCOME
 AFTER EXCEPTIONAL ITEMS
 Replacement cost
 profit (loss)
 195 (1,452) 327 Dollars million (957) 1,705
 129 (812) 172 Pounds million (545) 963
 Historical cost
 profit (loss)
 266 (1,165) 226 Dollars million (1,047) 724
 156 (650) 117 Pounds million (594) 409
 Replacement cost earnings
 (loss) per ADR
 0.43 (3.24) 0.72 Dollars (2.16) 3.80
 28.8 (181.2) 38.4 Pence (121.2) 214.8
 Historical cost earnings
 (loss) per ADR
 0.59 (2.64) 0.48 Dollars (2.40) 1.61
 34.8 (145.2) 26.4 Pence (132.0) 91.2
 BP of London, England, today reported the following:
 KEY FEATURES OF THE THIRD QUARTER
 -- Replacement cost profits registered some improvement on the
 depressed results of both the previous quarter and the third
 quarter of 1991:
 -- Exploration and Production results remained resilient;
 improved margins having largely compensated for the
 absence of divestment profits and for lower production
 than in 1991.
 -- Refining and Marketing results, despite improved
 marketing performance in Europe and the U.S., continued
 to be affected by weak refining margins which were well
 down on the third quarter of last year.
 -- Chemicals underlying results remain at break-even level,
 with the improvement over the second quarter mainly due
 to divestment profits.
 Lower interest and tax charges also benefited comparison
 with the third quarter of last year.
 -- Historical cost results for the third quarter were after
 inventory holding losses of $101 million (55 million pounds)
 by contrast with inventory holding gains in both prior
 quarters shown.
 -- Initial reserves estimates announced for the Cusiana field in
 Colombia.
 RESULTS FOR THE NINE MONTHS
 -- Replacement cost profit of $688 million (374 million pounds)
 after tax but before exceptional items reflected continuing
 weak downstream oil and chemicals margins, whereas the
 corresponding period last year had benefited from exceptional
 first quarter results. The results included divestment
 profits of $249 million (136 million pounds) after tax,
 compared with $163 million (92 million pounds) for the first
 nine months of 1991.
 -- By contrast, the reduction in historical cost profit before
 exceptional items was less marked due to heavy inventory
 holding losses last year. These were a reflection of the
 substantial fall in prices with the end of the Gulf War,
 since when crude oil prices have been relatively stable.
 -- After the exceptional charges of $1,819 million
 (1,016 million pounds) |$1,645 million (919 million pounds)
 after tax~ included in the half-year results, the replacement
 cost loss was $957 million (545 million pounds) for the first
 nine months of 1992, and the historical cost loss was $1,047
 million (594 million pounds).
 OUTLOOK
 BP's Group Chief Executive and Deputy Chairman David Simon commented:
 "Upstream, this year's oil and gas production will continue to recover from its mid-year seasonal low, helped by output from new fields such as Miller and Kutubu. For the medium term, it is expected that hydrocarbon production will broadly be maintained at 1992 levels.
 "Downstream, trading conditions are likely to remain difficult due to recession and overcapacity in key markets. In the U.S., the introduction of oxygenate blending into gasoline during the fourth quarter will reduce the call on the refining system and is likely to put further pressure on U.S. margins.
 "Chemicals' immediate outlook is constrained by increasing industry overcapacity, particularly in the U.K. and Europe where cracking and polyethylene margins have deteriorated since the end of the third quarter.
 "The Group has continued its drive to reduce worldwide costs and focus the asset portfolio. Productivity programs announced at the second quarter are being actively progressed; capital programs have been restructured to fit with the revised spending plans; and the divestment program continues, with agreements already or soon to be concluded expected to generate proceeds of at least $1.5 billion for the year."
 DETAILED REVIEW OF BUSINESSES (Excluding Exceptional Items)
 EXPLORATION AND PRODUCTION
 3Q 2Q 3Q Nine Months
 1991 1992 1992 1992 1991
 Replacement cost
 718 741 754 operating profit $m 2,249 2,316
 Results included:
 158 145 111 Exploration write-offs $m 408 498
 Significant divestment
 86 94 - profits $m 139 86
 Key statistics:
 Average realizations:
 19.40 19.28 20.16 North Sea - $/bbl 19.16 20.10
 11.48 10.65 10.55 North Sea (pounds)- /bbl 10.47 11.36
 17.40 17.36 19.22 Alaskan North Slope - $/bbl 17.30 18.22
 1,329 1,247 1,313 Oil production - mb/d 1,291 1,354
 952 818 582 Gas production - mmcf/d 955 1,256
 Third quarter operating profit was $754 million (394 million pounds). In the U.S., relative to the second quarter, slightly lower production was more than compensated by higher prices. This resulted from timing lag benefits at the beginning of the quarter and an increase in demand for Alaskan crude on the U.S. West Coast which narrowed the ANS/Brent differential. In the U.K., higher oil production more than offset the impact of lower gas production. Profits for the Rest of World were down on the second quarter which had been boosted by profits from the sale of BP Canada. Compared with the third quarter of 1991, higher average oil prices and cost savings have largely offset lower production levels, a weaker U.S. dollar and 1991 divestment gains.
 Third quarter oil production benefited from the Miller field in the U.K. and Kutubu in Papua New Guinea both of which came on stream in June, partly offset by lower Alaskan production. Gas production was down mainly because of continued lower British Gas offtakes in the U.K. and the disposal of BP Canada. Compared with the third quarter of 1991, lower overall production mainly reflects the divestment of U.S. and Canadian gas production and the natural decline in Alaskan oil production, partially offset by new fields.
 During the third quarter a long-term production test on Colombia's Cusiana field started from the Buenos Aires-1 well. At the end of October it was announced that recoverable reserves for the Cusiana field, based on drilling results to date, are estimated to be at least 1.5 billion barrels of oil and condensate. BP is operator with a 40 percent interest which will reduce to 19 percent, before royalty, if the state oil company exercises its participation rights. A second discovery at Cupiagua, in the same licence block, was also announced and is estimated to be around a third of the size of Cusiana.
 In Azerbaijan the BP-Statoil Alliance has reached an exclusive agreement to carry out feasibility and associated studies leading to the potential development of a major offshore field and the exploration of adjacent acreage in the Caspian Sea. An agreement with the Kuwait Oil Company was established to provide technical support in redeveloping Kuwait's oil operations. First gas production from the U.K.'s Miller field (BP 40 percent and operator) was delivered on 3 August and the field is producing at rates of 115,000 b/d of liquids and 170 mmcf/d of gas.
 The operating profit for the first nine months was $2,249 million (1,229 million pounds) before exceptional items. This was marginally down on last year because of lower average oil prices and production levels, but these were substantially offset by the benefit of continually improving cost structures and lower exploration write-offs.
 REFINING AND MARKETING
 3Q 2Q 3Q Nine Months
 1991 1992 1992 1992 1991
 Replacement cost
 311 137 191 operating profit $m 468 1,489
 Results included:
 Significant divestment
 - - - profits $m - 165
 Key statistics:
 Indicative industry
 refining margins
 4.0 2.7 2.8 Europe - $/bbl 2.7 5.4
 2.7 2.4 1.7 U.S. - $/bbl 1.8 3.1
 Third quarter operating profit of $191 million (101 million pounds) was up on the second quarter in what remains a difficult trading environment. This reflected an improved marketing performance, most notably in the U.S. and Europe, offset by weaker refining margins in the U.S. and lower results from U.K.-based international business activities. Compared with the third quarter last year, profits were down due to weaker refining margins, partly offset by the improvement in marketing performance, particularly in the U.S.
 During the third quarter the majority of the portfolio of industrial shares acquired with the Petromed acquisition were disposed of, and non- strategic retail assets in Hong Kong were sold. Management of the asset portfolio continues and terms were agreed for the disposal of the flooring division of Gerland, a French subsidiary, with completion expected in the fourth quarter.
 The operating profit for the first nine months of $468 million (256 million pounds) before exceptional items was well below that for last year primarily due to lower refining margins, partially offset by productivity gains and cost savings. Last year benefited from significant divestment profits and exceptional results in the first quarter when strong product demand and disruptions in the Middle East resulted in high refining margins.
 CHEMICALS
 3Q 2Q 3Q Nine Months
 1991 1992 1992 1992 1991
 Replacement cost
 (38) 6 34 operating profit (loss) $m (4) 74
 Results included:
 Significant divestment
 - - 40 profits $m 40 -
 The third quarter operating profit was $34 million (19 million pounds) and included $40 million (22 million pounds) from the divestment of certain specialities and polymers businesses. Underlying business results therefore remained around break-even as in the second quarter, but were better than the third quarter of last year. Cracking and polyethylene margins were depressed by industry plant capacity continuing to exceed product demand. This was mitigated by good performance in other businesses and by productivity improvements.
 The operating loss for the first nine months before exceptional items was $4 million (2 million pounds). This was $78 million (44 million pounds) down on last year's results which had benefited from a particularly strong first quarter when there was a lag in the fall of product prices compared with feedstock costs in the period immediately following the Gulf crisis. Results this year reflected significant losses in the U.K. offset by more profitable operations in the Rest of Europe and the U.S. Despite the difficult economic climate, all Chemicals' business segments are benefiting as programs to improve productivity are implemented.
 NUTRITION
 Nutrition's replacement cost operating profit for the third quarter of 1992 was $47 million (25 million pounds) compared with $26 million (15 million pounds) in the previous quarter and $25 million (15 million pounds) in the third quarter of 1991. The increase reflected the performance improvement measures put in place and the continuing progress in focusing on core activities. Profit for the first nine months of 1992 before exceptional items was $95 million (52 million pounds), compared with $47 million (27 million pounds) last year.
 OTHER BUSINESSES AND CORPORATE
 Other Businesses and Corporate comprises BP Finance, BP Solar, Kaldair, the group's remaining minerals and coal assets, interest income and costs relating to corporate activities worldwide. The overall net cost of these activities in the third quarter was $167 million (89 million pounds) compared with $87 million (49 million pounds) in the previous quarter and $105 million (60 million pounds) in the third quarter of 1991. This included provision for the anticipated loss of $156 million (85 million pounds) ($137 million --75 million pounds -- after tax) on the proposed divestment of BP's remaining minerals interests in Australia and currency benefits of $66 million (36 million pounds). For the first nine months of 1992 the net cost, before exceptional items, was $347 million (190 million pounds) compared with $145 million (82 million pounds) in 1991 which had benefited from a higher level of interest income.
 EXCEPTIONAL ITEMS
 Exceptional charges of $1,819 million (1,016 million pounds) ($1,645 million -- 919 million pounds -- after tax) were recorded in the second quarter. These charges reflected the increased pace of strategy implementation and followed a major review of the group's cost structures and assets to increase their resilience to the more challenging market and economic outlook. The charges before taxation comprised $845 million (472 million pounds) for the cost of redundancy programs and $974 million (544 million pounds) mainly for asset write- downs.
 GROUP FINANCE AND TAXATION
 Interest expense of $276 million (144 million pounds) was unchanged (when expressed in Sterling) from the previous quarter but significantly down on the third quarter of 1991. The fall in interest rates has more than compensated for the effect of increased debt levels over last year. Interest expense for the first nine months amounted to $874 million (478 million pounds) compared with $958 million (541 million pounds) in 1991.
 Taxation charged, other than production taxes, for the third quarter was $250 million (131 million pounds). This was up on the second quarter charge of $197 million (108 million pounds), which had included partial relief for the exceptional items recorded in that quarter. The tax charge in the third quarter of 1991 was $361 million (213 million pounds) primarily because of a higher level of tax on asset disposals. Taxation charged for the first nine months amounted to $723 million (395 million pounds) compared with $1,110 million (627 million pounds) in 1991. There was still a material tax charge this year despite the exceptional charges in the second quarter, as only limited tax relief is currently available for restructuring provisions and asset write-downs in certain fiscal jurisdictions.
 The net cash outflow before financing in the third quarter of 1992 was $196 million (93 million pounds), a similar level to the previous quarter and an improvement on the $798 million (464 million pounds) outflow for the third quarter of last year. With a reduction of $804 million (440 million pounds) in cash and cash equivalents this enabled debt of $615 million (351 million pounds) to be repaid in the quarter. Notwithstanding, the balance sheet value of debt in sterling terms rose; a reflection of the impact of the fall in sterling on our predominantly dollar debt.
 The net cash outflow before financing for the first nine months of 1992 was $1,358 million (742 million pounds) compared with $1,828 million (1,033 million pounds) in 1991. This predominantly reflected lower capital expenditure.
 NOTES TO EDITORS:
 Replacement cost operating profit, which excludes inventory holding gains and losses, is used in discussing business results, and is before interest expense, taxation and minority interest.
 The BP Group consolidated financial statements are prepared in pounds sterling. Figures given in U.S. dollars in this publication have been translated from pound sterling amounts as follows:
 (i) Income and cash flow information, and capital expenditure and
 acquisitions - at average exchange rates, except for the
 exceptional items recorded in the half-year results which have
 been translated at the January-June average rate.
 1992 1991
 January-September pound - $1.83 pound - $1.77
 January-June pound - $1.79 pound - $1.81
 Quarterly translation of income items to dollars is achieved by translating the sterling results for the cumulative period of the year at the average rate for that period and deducting therefrom the amount calculated for the previous cumulative period.
 (ii) Balance sheets
 - at period end exchange rates
 1992 1991
 30 September pound - $1.78 pound - $1.75
 31 December - pound - $1.87
 SUMMARIZED GROUP RESULTS - UNAUDITED
 Third Second Third Nine Nine
 Quarter Quarter Quarter Months Months
 1991 1992 1992 1992 1991
 $ million $ million
 718 741 754 Exploration and Production 2,249 2,316
 311 137 191 Refining and Marketing 468 1,489
 (38) 6 34 Chemicals (4) 74
 25 26 47 Nutrition 95 47
 Other businesses
 (105) (87) (167) and corporate (347) (145)
 Replacement cost
 operating profit
 911 823 859 before exceptional items 2,461 3,781
 - (1,819) - Exceptional items (1,819) -
 Replacement cost
 911 (996) 859 operating profit (loss) 642 3,781
 Inventory holding
 71 294 (101) gains (losses) (Note 3) (90) (993)
 Historical cost
 982 (702) 758 operating profit (loss) 552 2,788
 352 261 276 Interest expense 874 958
 Profit (loss) before
 630 (963) 482 taxation (322) 1,830
 361 197 250 Taxation (Note 4) 723 1,110
 Profit (loss) after
 269 (1,160) 232 taxation (1,045) 720
 Minority shareholders'
 3 5 6 interest 2 (4)
 Profit (loss) for
 266 (1,165) 226 the period (1,047) 724
 Distribution to
 384 208 223 Shareholders 833 1,200
 Earnings (loss)
 $0.59 $(2.64) $0.48 per ADR $(2.40) $1.61
 Replacement Cost Results
 Replacement cost profit
 195 (1,452) 327 (loss) (Note 2) (957) 1,705
 Exceptional items
 - 1,645 - (net of tax) 1,645 -
 Replacement cost profit
 195 193 327 before exceptional items 688 1,705
 ANALYSIS OF REPLACEMENT COST OPERATING PROFIT
 BEFORE EXCEPTIONAL ITEMS
 Third Second Third Nine Nine
 Quarter Quarter Quarter Months Months
 1991 1992 1992 1992 1991
 $ million $ million
 By Business
 Exploration and Production
 304 103 159 U.K. 485 637
 85 162 91 Rest of Europe 377 331
 328 364 450 U.S. 1,166 1,296
 1 112 54 Rest of World 221 52
 718 741 754 2,249 2,316
 Refining and Marketing
 11 (7) (44) U.K. (26) 158
 98 44 148 Rest of Europe 243 600
 67 24 14 U.S. (27) 212
 135 76 73 Rest of World 278 519
 311 137 191 468 1,489
 Chemicals
 (71) (32) (20) U.K. (126) (44)
 33 25 45 Rest of Europe 102 111
 (5) 3 6 U.S. 11 (5)
 5 10 3 Rest of World 9 12
 (38) 6 34 (4) 74
 Nutrition
 9 9 6 U.K. 13 14
 12 12 35 Rest of Europe 60 18
 1 4 2 U.S. 13 10
 3 1 4 Rest of World 9 5
 25 26 47 95 47
 Other businesses
 (105) (87) (167) and corporate (347) (145)
 Replacement cost
 operating profit
 911 823 859 before exceptional items 2,461 3,781
 By geographical area
 184 40 102 U.K. 285 694
 227 230 293 Rest of Europe 712 1,025
 362 379 452 U.S. 1,105 1,439
 138 174 12 Rest of World 359 623
 911 823 859 2,461 3,781
 SUMMARIZED GROUP BALANCE SHEET
 30 31
 September December
 1992 1991
 $ million
 Fixed assets
 Intangible assets 2,129 2,448
 Tangible assets 34,064 34,933
 Investments 3,663 3,467
 39,856 40,848
 Current assets
 Inventories 5,764 5,597
 Receivables 11,184 11,665
 Investments 206 939
 Cash at bank and in hand 347 402
 17,501 18,603
 Current liabilities - falling
 due within one year
 Finance debt 3,879 3,080
 Accounts payable and accrued liabilities 14,238 14,693
 Net current assets (616) 830
 Total assets less current liabilities 39,240 41,678
 Noncurrent liabilities
 Finance debt 11,985 12,168
 Accounts payable and accrued liabilities 4,087 4,005
 Provisions for liabilities and charges 5,185 5,021
 Net assets 17,983 20,484
 Minority shareholders' interest 452 561
 BP shareholders' interest 17,531 19,923
 SUMMARIZED GROUP CASH FLOW STATEMENT
 Third Second Third Nine Nine
 Quarter Quarter Quarter Months Months
 1991 1992 1992 1992 1991
 $ million $ million
 Net cash inflow from
 1,365 1,853 1,438 operating activities 4,449 5,101
 Servicing of finance and
 returns on investments
 90 56 76 Interest received 192 271
 (319) (312) (341) Interest paid (1,007) (860)
 25 14 80 Dividends received 110 186
 (366) (395) (436) Dividends paid (1,217) (1,130)
 Net cash outflow from
 servicing of finance and
 (570) (637) (621) returns on investments (1,922) (1,533)
 Taxation
 (85) (96) (66) U.K. corporation tax (265) (324)
 (322) (184) (65) Overseas tax (346) (1,042)
 (407) (280) (131) Tax paid (611) (1,366)
 Investing activities
 (1,518) (1,365) (1,400) Capital expenditures (4,275) (4,485)
 (538) (9) - Acquisitions (9) (768)
 870 239 518 Disposal proceeds 1,010 1,223
 Net cash outflow from
 (1,186) (1,135) (882) investing activities (3,274) (4,030)
 Net cash outflow before
 (798) (199) (196) financing (1,358) (1,828)
 Financing
 Issue of ordinary
 11 7 7 share capital 16 25
 544 1,050 124 Long-term borrowing 1,792 2,329
 Repayments of long-term
 (353) (458) (871) borrowing (1,931) (979)
 621 177 154 Short-term borrowing 1,435 1,798
 Repayments of short-term
 (871) (507) (22) borrowing (695) (1,568)
 Net cash inflow (outflow)
 (48) 269 (608) from financing 617 1,605
 Increase (decrease) in cash
 (846) 70 (804) and cash equivalents (741) (223)
 SUMMARIZED GROUP CASH FLOW STATEMENT - continued
 Third Second Third Nine Nine
 Quarter Quarter Quarter Months Months
 1991 1992 1992 1992 1991
 $ million $ million
 Reconciliation of operating
 profit (loss) to net cash
 inflow from operating activities
 982 (702) 758 Operating profit (loss) 552 2,788
 Depreciation and exploration
 883 1,865 1,097 expenditure written off 4,022 3,200
 Share of profits of
 associated undertakings,
 dividends and interest
 (190) (223) (182) receivable (554) (568)
 (98) (155) (51) Profit on disposals (293) (301)
 Decrease (increase) in working
 (212) 1,068 (184) capital and other items 722 (18)
 Net cash inflow from
 1,365 1,853 1,438 operating activities 4,449 5,101
 CAPITAL EXPENDITURE AND ACQUISITIONS
 Nine Nine
 Months Months
 1992 1991
 $ million
 By Business
 Exploration and Production
 U.K. 1,341 1,448
 Rest of Europe 102 121
 U.S. 571 628
 Rest of World 594 492
 2,608 2,689
 Refining and Marketing
 U.K. 123 119
 Rest of Europe 392 1,161
 U.S. 355 315
 Rest of World 180 196
 1,050 1,791
 Chemicals
 U.K. 309 497
 Rest of Europe 102 83
 U.S. 39 48
 Rest of World - 20
 450 648
 Nutrition
 U.K. 13 30
 Rest of Europe 42 78
 U.S. 18 23
 Rest of World 4 12
 77 143
 Other businesses and corporate 141 202
 4,326 5,473
 By Geographical area
 U.K. 1,870 2,205
 Rest of Europe 646 1,450
 U.S. 990 1,030
 Rest of World 820 788
 4,326 5,473


GROUP OIL AND GAS SALES VOLUMES
 Third Second Third Nine Nine
 Quarter Quarter Quarter Months Months
 1991 1992 1992 1992 1991
 thousand barrels thousand barrels
 per day per day
 Refined products
 497 424 470 U.K. 478 447
 847 969 938 Rest of Europe 986 920
 935 1,085 1,116 U.S. 1,047 879
 393 405 424 Rest of World 426 397
 2,672 2,883 2,948 Total Refined products 2,937 2,643
 Crude oil
 1,215 1,409 1,081 U.K. 1,237 1,093
 12 97 58 Rest of Europe 93 18
 312 411 433 U.S. 460 385
 29 23 34 Rest of World 28 30
 1,568 1,940 1,606 Total Crude Oil 1,818 1,526
 million cubic feet million cubic feet
 per day per day
 Natural gas
 349 359 251 U.K. 521 623
 22 39 38 Rest of Europe 39 26
 251 136 165 U.S. 132 465
 321 282 175 Rest of World 274 319
 943 816 629 Total Natural Gas 966 1,433
 CRUDE OIL PRODUCTION
 thousand barrels thousand barrels
 per day per day
 381 324 394 U.K. 355 357
 68 88 87 Rest of Europe 88 77
 720 692 663 U.S. 691 742
 160 143 169 Rest of World 157 178
 Total Production
 1,329 1,247 1,313 (Net of Royalties) 1,291 1,354
 NOTES
 1. Turnover
 Third Second Third Nine Nine
 Quarter Quarter Quarter Months Months
 1991 1992 1992 1992 1991
 $ million $ million
 By Business
 3,184 2,954 2,958 Exploration and Production 8,758 9,586
 9,988 11,133 10,534 Refining and Marketing 31,529 30,671
 1,131 1,361 1,360 Chemicals 4,022 4,023
 1,259 1,338 1,398 Nutrition 4,035 3,740
 Other businesses
 82 87 51 and corporate 188 218
 15,644 16,873 16,301 48,532 48,238
 Less: sales between
 2,292 2,128 1,820 businesses 5,527 6,158
 13,352 14,745 14,481 Total Group 43,005 42,080
 By geographical area
 5,438 6,122 6,052 U.K. 17,896 16,392
 4,267 4,754 4,725 Rest of Europe 14,065 14,148
 3,671 4,514 4,490 U.S. 12,788 11,832
 1,880 1,820 2,012 Rest of World 5,622 6,034
 15,256 17,210 17,279 50,371 48,406
 Less: sales between
 1,904 2,465 2,798 areas 7,366 6,326
 13,352 14,745 14,481 Total Group 43,005 42,080
 2. Replacement cost profit
 Replacement cost profits reflect the current cost of supplies.
 The replacement cost profit for the period is arrived at by
 excluding from the historical cost profit inventory holding gains
 and losses, reduced by relevant minority interests, as follows:
 Third Second Third Nine Nine
 Quarter Quarter Quarter Months Months
 1991 1992 1992 1992 1991
 $ million $ million
 Historical cost profit (loss)
 266 (1,165) 226 for the period (1,047) 724
 Inventory holding (gains)
 (71) (287) 101 losses net of MSI (Note 3) 90 981
 195 (1,452) 327 Replacement cost profit (loss) (957) 1,705
 NOTES
 3. Inventory holding gains (losses)
 Third Second Third Nine Nine
 Quarter Quarter Quarter Months Months
 1991 1992 1992 1992 1991
 $ million $ million
 Inventory holding
 71 294 (101) gains/(losses) (90) (993)
 Minority shareholders'
 - 7 - interest - (12)
 71 287 (101) (90) (981)
 4. Charge for taxation
 98 94 104 U.K. 371 264
 263 103 146 Overseas 352 846
 361 197 250 723 1,110
 5. Production taxes
 264 181 196 U.K. petroleum revenue tax 554 705
 230 226 219 Overseas production taxes 615 699
 494 407 415 1,169 1,404
 Production taxes are charged against Exploration and Production's
 operating profit and are not included in the charge for taxation
 above.
 6. Shares outstanding
 At Sept. 30, 1992 - 5,411.7 million (equivalent to 451.0 million
 ADR's)
 Average shares outstanding for January-September 1992 - 5,401.9
 million (equivalent to 450.2 million ADR's)
 7. Unaudited figures
 All figures shown in this publication are unaudited. The summarized
 group balance sheet at Dec. 31, 1991 is stated in U.S. dollars.
 This balance sheet does not constitute statutory accounts. It is
 derived from the 1991 group accounts in pounds sterling which have
 been delivered to the U.K. Registrar of Companies; the report of the
 auditors on those accounts was unqualified.
 -0- 11/5/92
 /CONTACT: Ian W. Fowler, 216-586-4976 (media), or Terry F. LaMore, 216-586-6220 (investor), both of BP/
 (BP) CO: British Petroleum ST: Ohio IN: OIL SU: ERN


KK -- CL001 -- 2784 11/05/92 06:43 EST
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