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BP DIVIDEND ANNOUNCEMENT

 CLEVELAND, Feb. 11 /PRNewswire/ -- The board of directors of The British Petroleum Company p.l.c. of London, England, today announced payment of a quarterly dividend which, with the addition of the tax credit and less the withholding tax described below, is worth $0.408 per American Depositary Receipt (ADR) to qualifying U.S. resident ADR holders. The record date for ADR holders is Feb. 26, 1993 with payment to be made on May 7, 1993.
 The current double tax convention between the U.K. and the U.S. includes provisions which entitle qualifying U.S. resident ADR holders to a refund of the 25/75ths U.K. tax credit attaching to the di?dend, less a 15 percent U.K. withholding tax charged on the sum of the dividend and the tax credit. The effect of these arrangements for qualifying U.S. resident ADR holders is that the tax credit raises the value of the dividend announced by the board from $0.360 to $0.480 but the 15 percent withholding tax reduces it to $0.408 per ADR. Subject to certain limitations, the withholding tax, worth approximately $0.072 per ADR, may be treated as a foreign income tax that is eligible for credit against the ADR holder's federal income taxes.
 The rate of exchange of $1.4275 to the pound used to translate BP's ordinary share dividend into U.S. dollars was that in effect at 5:00 p.m. London time on Feb. 10, 1992.
 Notes to Editors:
 The dividends per ADR in U.S. dollars that BP has paid in recent years were declared for the years listed below. These include credit under the U.S./U.K. double tax convention described above less withholding tax of 15 percent.
 1988 1989 1990 1991 1992
 Full year (U.S.$) 3.068 3.331 4.103 3.994 2.423
 One ADR represents 12 ordinary shares of BP traded in London.
 The ex-dividend date on the New York Stock Exchange is expected to be Feb. 22, 1993.
 -0- 2/11/93
 /CONTACT: Ian Fowler of BP, 216-586-4976/


CO: BP ST: Ohio IN: OIL SU: DIV

KK -- CL002 -- 5470 02/11/93 06:55 EST
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Publication:PR Newswire
Date:Feb 11, 1993
Words:367
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/C O R R E C T I O N -- BRITISH PETROLEUM/
BP Dividend Announcement

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