Notice of Meeting

Dear fellow shareholders,

I am pleased to invite you to the 2024 AGM of BP p.l.c. (bp or the company) to be held at 11am British Summer Time (BST) on Thursday, 25 April 2024.  

Welcoming you to the meeting

The AGM is an important event and this year I look forward to welcoming you to our flagship international centre for business and technology in Sunbury.  The centre has played a key role in bp’s history with about 3,500 people supporting bp’s business activities globally, across more than 55 international teams. 

I cannot think of a more appropriate place this year for us to hear from you, our owners, and for you to join us so we can update you on the progress bp has been making. It also enables us to engage with you directly, while focusing on the safety and security of all those attending and providing for all legitimate interests to be represented, without fear of distraction or disruption.  

If 2023 was positive in many respects, it was challenging too. bp had a strong operational and financial performance despite the ongoing complexity of the energy transition, economic uncertainty and the global conflicts that have touched so many lives. In addition to this all, at bp we had the challenge of a change in CEO. I thank you for your support through this period.

In 2023, it also became clearer than ever that the world needs a better, more balanced energy system. One that is secure, affordable and lower carbon. Our strategic direction remains the same: to go from an international oil company to an integrated energy company. However, it is a strategy that must be flexible, requiring pragmatism in adapting to changes in the external environment. It is designed to help build a better energy system while also creating value for shareholders. With your support, we will continue on this journey through 2024. 

Business of the meeting

The resolutions to be proposed at the AGM are set out in this Notice together with explanatory notes in each case. The board believes that all resolutions are in the best interests of the company and its shareholders.  The board is unanimous in recommending that you vote in favour of each of them, as we intend to do ourselves, as fellow shareholders. 

At the AGM, we will reflect on 2023 and look ahead to the future. Details of our performance and our strategy are set out in our Annual Report and Form 20-F 2023 which can be accessed here.  

I will be joined by our CEO, Murray Auchincloss, who was appointed to this role earlier this year, together with our new chief financial officer, Kate Thomson.  We will also say farewell to Paula Reynolds and John Sawers, who are not seeking re-election at the AGM and will therefore step down from the board at the end of the AGM, after completing their nine-year tenures.  

Paula has been a valued member of the board, including roles as chair of the remuneration committee (Remco chair) and senior independent director (SID). I am pleased that Amanda Blanc will take on the role of SID and, for an interim period, Tushar Morzaria the role of Remco chair, both with effect from the conclusion of the 2024 AGM. John’s considerable work since 2015 includes supporting our safety & sustainability committee and our people & governance committee – and he is highly regarded for the wisdom he has brought as chair of our geopolitical advisory council. I am grateful to each of them for their commitment to bp and for their dedicated service to the board.

Voting and asking questions

We value your input and look forward to your questions. Full details of how to raise them and submit your votes are set out in this Notice. And even if you cannot join us on the day, I encourage you all to participate by voting your shares.  

If you are a participant in a bp employee share plan, you can also refer to information provided through bp’s internal communications channels on how to submit your vote.

The voting results will be announced through a regulatory information service and will be published on our website at bp.com/agm as soon as practicable following the AGM.

On behalf of your board, I would like to thank you for your continued support and look forward to welcoming you to our AGM.

Helge Lund

Chair

8 March 2024

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