BP p.l.c. (BP) 20-F2021 FY Annual report (foreign)

Performing bp Annual Report and Form 20-F 2021 while transforming

Convenience and mobility Sustainability Integration Low carbon energy Resilient hydrocarbons About bp By delivering the energy the world needs today… Performing while transforming As we transform bp, we remain committed to delivering for our customers, partners, suppliers, employees, society and investors. And the cities and countries we work with. We are focused on performing while transforming to: • Grow value and returns. • Deliver compelling distributions. • Invest in the energy transition and drive down emissions. In 2021 we made strong strategic progress in our transformation to an integrated energy company: • Focusing and high-grading our hydrocarbons business. • Growing our convenience and mobility businesses. • Building with discipline a low carbon energy business. … and executing our strategy to become an integrated energy company. More information Progress against our strategy, page 16 Sustainability, page 51 Integration, page 14 Our strategy

1 Strategic report bp Annual Report and Form 20-F 2021 We deliver energy products and services to our customers around the world, and we plan to do so increasingly in ways that we believe will help drive the transition to a lower carbon future. We have operations in Europe, North and South America, Australasia, Asia and Africa. Strategic report 2021 at a glance 2 Chair’s letter 4 Chief executive officer’s letter 6 Global context 8 Energy outlook 10 Our strategy and business model 12 Progress against our strategy: our strategic focus areas 16 Our financial frame and investor proposition 20 Key performance indicators 24 Consistency with the Paris goals 30 Our investment process 32 Group performance 37 Gas & low carbon energy 41 Oil production & operations 44 Customers & products 46 Rosneft 48 Other businesses & corporate 50 Sustainability 51 Climate-related financial disclosures (TCFD) 55 How we manage risk 73 Risk factors 76 Compliance information 80 Section 172 statement 80 Corporate governance Introduction from the chair 82 Board of directors 84 Leadership team 88 Board activities and governance framework 90 How the board has engaged with shareholders, the workforce and other stakeholders 93 Decision-making by the board 97 Learning, development and induction 100 Board evaluation 102 People and governance committee 104 Audit committee 107 Safety and sustainability committee 114 Directors’ remuneration report 116 Remuneration committee 116 Financial statements Consolidated financial statements of the bp group 145 Notes on the financial statements 178 Supplementary information on oil and natural gas (unaudited) 254 Additional disclosures 337 Shareholder information 367 Glossary 377 Non-GAAP measures reconciliations 386 Signatures 389 Cross-reference to Form 20-F 390 Information about this report 391 Exhibits 391 Our quick read provides a concise summary of the annual report, highlighting strategy, performance and sustainability information. bp.com/annualreport Our reporting centre brings together our key reports, including our sustainability report, Net zero ambition report and the bp energy outlook. bp.com/reportingcentre Glossary Words and terms marked with  are defined in the glossary. See page 377 Task Force on Climate-Related Financial Disclosures (TCFD) Information that supports TCFD Recommendations and Recommended Disclosures in relation to Metrics & Targets is indicated with T .

2 bp Annual Report and Form 20-F 2021 2021 at a glance In numbers As at 31 December 2021 Our scale Our performanceOur strategy Safety and sustainability 65,900 employees (2020 63,600) 20,500 retail sites (2020 20,300) >65 countries of operation (2020 >70) 13,100 electric vehicle charge points (2020 10,100) 2•2 million barrels of oil equivalent per day – upstream production excluding Rosneft (2020 2.4mmboe/d) $7•6bn profit for the year attributable to bp shareholders (2020 loss $(20.3)bn) 94•8% bp-operated refining availability (2020 96.0%) $12•8bn underlying replacement cost (RC) profit (2020 loss $(5.7)bn) 94.0% bp-operated hydrocarbon plant availability (2020 94.0%) 2,150 strategic convenience sites (2020 1,900) 62 tier 1 and 2 process safety events (2020 70) 4•4GW developed renewables to FID (2020 3.3GW) $6•82/boe upstream unit cost production (2020 $6.39/boe) 1•6 million tonnes of CO2 equivalent – sustainable greenhouse gas emissions reductions (2020 1.0/MtCO2e) Key Strategic metric, see page 16 Key performance indicator, see page 24 Group performance, page 37

3 Strategic report bp Annual Report and Form 20-F 2021 Financial reporting segments Our new financial reporting model came into place on 1 January 2021. This is our first year reporting under this segmental structurea. Gas & low carbon energyb Comprises our gas and low carbon businesses. Our gas business includes regions with upstream activities that predominantly produce natural gas, integrated gas and power, and gas and power trading. Our low carbon business includes solar, offshore and onshore wind, hydrogen and CCS and our share in bp Bunge Bioenergia. Rosneft Includes equity-accounted earnings from our investment in Rosneft. As a result of bp’s nominated directors stepping down from the Rosneft board, bp has determined that as of 27 February 2022, the group no longer has significant influence over Rosneft taking into account the criteria set out in IAS 28 Investments in associates and joint ventures, bp will therefore no longer equity account for its interest in Rosneft as of that date, treating the investment prospectively as a financial asset measured at fair value within ‘other investments’ until the shareholding is derecognized. The discontinuation of equity accounting combined with the market impact on Russian assets that has arisen following the military action in Ukraine will have a material effect on the group’s first quarter 2022 interim financial statements including on the carrying amount of bp’s investment in Rosneft, which at 31 December 2021 stood at approximately $14 billion. In addition, foreign exchange losses and other cumulative charges to other comprehensive income will be taken to the income statement. At 31 December 2021, these amounts stood at approximately $11 billion. Oil production & operationsb Comprises regions with upstream activities that predominantly produce crude oil, including bpx energy. Other businesses & corporate Comprises innovation & engineering, bp ventures, Launchpad, regions, cities & solutions; and our corporate activities and functions. Customers & products Comprises customer-focused businesses, spanning convenience and mobility, which includes convenience and retail fuels, EV charging, as well as Castrol, aviation and B2B and midstream. It also includes our oil products businesses, refining & trading. $2•1bn RC profit before interest and tax (2020 loss $(7.1)bn) $7•5bn Underlying RC profit before interest and tax (2020 $0.7bn) $2•4bn RC profit before interest and tax (2020 loss $(0.1)bn) $2•7bn Underlying RC profit before interest and tax (2020 $0.1bn) $10•5bn RC profit before interest and tax (2020 loss $(14.6)bn) $10•3bn Underlying RC profit before interest and tax (2020 loss $(5.9)bn) $(2•8)bn RC loss before interest and tax (2020 loss $(0.6)bn) $(1•4)bn Underlying RC loss before interest and tax (2020 loss $(0.9)bn) $2•2bn RC profit before interest and tax (2020 $3.4bn) $3•3bn Underlying RC profit before interest and tax (2020 $3.1bn) See page 41 See page 48 See page 44 See page 50 See page 46 For a description of our organizational model see page 12 a At 31 December 2020, the group’s reportable segments were Upstream, Downstream and Rosneft. From the first quarter of 2021, the group’s reportable segments were gas & low carbon energy, oil production & operations, customers & products and Rosneft. Comparative information for 2020 has been restated to reflect the changes in reportable segments. b The AGT and Middle East regions have been further subdivided by asset to allow reporting in either gas & low carbon energy or oil production & operations as appropriate.  See glossary on page 377 The change in accounting treatment also means that bp will no longer recognize a share in Rosneft’s net income, production and reserves from 27 February 2022. For the period from 1 January 2022 to 27 February 2022, any net income from Rosneft will be classified as an adjusting item. The group will cease to report Rosneft as a separate segment in the group’s financial reporting for 2022.

4 bp Annual Report and Form 20-F 2021 Chair’s letter Throughout the transition, our goal will be to maintain the high performance and steady progress we have shown since our transformation journey began in 2020. Helge Lund Chair Dear fellow shareholders, In uncertain times, one of bp’s primary roles is to maintain the safe, secure supply of the energy on which societies depend. The importance of that role has rarely been clearer than in recent weeks – a period marked by worldwide energy shortages, record prices and volatility. The causes are complex, but they include the disruptive legacy of the pandemic and Russia’s act of aggression against Ukraine. At the same time as maintaining secure supplies, bp must pursue its emissions targets and aims, while continuing to increase its supply of energy from low carbon sources. I believe bp’s strategy gets the balance right. But recent events have demonstrated why, alongside pursuing its strategy, bp must have the agility necessary to make adjustments. Following Russia’s attack on Ukraine, the bp board undertook a thorough review of bp’s involvement with Rosneft in Russia. After careful consideration, the board concluded that bp’s continuing involvement would be inconsistent with our business and strategy. As we said at the time, the board believes that these decisions are in the best long- term interests of all our shareholders. Importantly, our decision to end bp’s involvement with Rosneft in Russia did not mean that any changes to our strategy, financial frame or shareholder distributions guidance were required. We remain confident that the impact of this decision can be accommodated within the plans we have laid out and refined over the past two years. Meanwhile, global action on climate remains vitally important. Despite progress at last year’s COP26 in Glasgow, the world remains on an unsustainable path and has yet to move decisively towards a net zero society. Doing so will require building a global energy system capable of delivering affordable, secure and increasingly clean energy, and with energy demand and supply moving in tandem. Building such a system will require collaboration, within the right policy framework, between business, government, academia and civil society. Achieving all of that will be complex. But that complexity is precisely why purposeful companies need to get involved. Climate change can be addressed more forcefully if the world is able to draw upon high-performing businesses’ capacity to innovate, allocate capital, scale technology and drive efficiency. 4.8% annual dividend yield ordinary share (2020 7.9%) $4•15bn buybacks announced from 2021 surplus cash flow $4•3bn total dividends distributed to bp shareholders (2020 $6.4bn) Progressing with purpose

5 Strategic report  See glossary on page 377 bp Annual Report and Form 20-F 2021 Strategic progress – performing while transforming As we have said before, the energy transition will be a multi-decade process. It is unlikely always to proceed smoothly and may involve periods of turbulence for reasons that are outside of bp’s control. But throughout the transition, our goal will be to maintain the high performance and steady progress we have shown since our transformation journey began in 2020. Indeed, in 2021 that progress allowed the company to further reduce debt, increase its dividend, and begin share buybacks – all in accordance with a considered financial frame. Most important of all is that safety performance improves, and bp’s safety record is showing improvements. We continue the constant pursuit of our goal of no accidents, no harm to people, no damage to the environment. Confidence in bp’s team Every one of bp’s people deserves credit for the achievements of 2021, especially given the disruption imposed by the pandemic. On behalf of the board, I offer them all my sincere thanks. The confidence I have in bp’s people extends fully to its leadership. For what is still a relatively new team, it has achieved a lot – steadily leading bp through a period of volatility and change. I particularly thank Bernard for his commitment to bp and for his leadership. Adjusted aims Confident in bp’s strategy, performance and people, the board concluded in February 2022 that bp should accelerate its net zero ambition. I hope that these changes – set out in detail on page 51 – demonstrate that in a fast-moving, complex environment, bp is evolving in a responsive, dynamic way. And I am pleased that bp intends to provide shareholders with the opportunity of an advisory vote on its net zero ambition at its 2022 AGM. Purposeful engagement Even ahead of that opportunity, we are pleased that shareholders increasingly express their support for the transition that bp is making – recognizing that the company is able to meet both the risks and the opportunities that the energy transition presents. In fact, the board’s engagement across all of bp’s stakeholders is deeper and more extensive than ever before, whether through drop-in sessions with bp teams, consultation with governments, or meetings with shareholders. During these conversations, we often hear suggestions for how we can improve. I am always grateful for those suggestions; after all, bp began this transformation journey after listening to friends and critics who told us that bp needed to change. I am glad we listened. We will continue to do so as your constructive criticism makes bp better. My thanks In our complex world, bp’s guiding light remains its purpose – reimagining energy for people and our planet. To succeed, we must continue to win and grow the trust of our stakeholders, including our shareholders. I am deeply grateful to everyone who has stood by bp – and equally grateful to the many new shareholders who have joined us on the journey. The past two years have shown that it won’t always be easy, but I am confident that, with your support, bp will continue performing while transforming. The energy transition has already given bp a huge opportunity. Now, we are on our way. Thank you for your support. Helge Lund Chair 18 March 2022

6 bp Annual Report and Form 20-F 2021 Chief executive officer’s letter $7•6bn profit attributable to bp shareholders (2020 loss $(20.3)bn) Performing while transforming bp’s finances are strong and resilient. We are making substantial progress on our strategy to pivot from an international oil company to an integrated energy company. Bernard Looney Chief executive officer 2020: Direction We set out a new direction: a new purpose, ambition, strategy, financial frame, sustainability frame, and a new leadership team. 2021: Change This year was about change and the largest restructuring in our history – so that we are organized to deliver. 2022 and beyond: Deliver And now it’s about delivery. The safe, efficient and disciplined delivery of the plans we have laid out. Performing while transforming

7 Strategic report bp Annual Report and Form 20-F 2021 Dear shareholders, The desperate situation in Ukraine is dominating our thoughts at bp as I write to you. Our hearts go out to everyone affected, especially the people of Ukraine and in the wider region. As Helge sets out in his letter, we already announced we will exit our involvement with Rosneft in Russia. Our ongoing priority continues to be our employees and their families in Russia. Additionally we are supporting the humanitarian efforts in the region – for example, leveraging our businesses in neighbouring countries, leveraging our global employees’ desire to help, as well as donations to charities. Like Helge, I am absolutely convinced that the decisions we have taken are in the best long-term interests of shareholders – and consistent with who we are as a company. Strengthening and improving Against that backdrop – bp’s finances are strong and resilient. We are making substantial progress on our strategy to pivot from an international oil company to an integrated energy company. To repeat words that you may have heard me use before, we are performing while transforming – delivering for you today while preparing bp for tomorrow. The bedrock, as always, has been safe and reliable operations, day-in, day-out. Overall, we saw improvements in safety during 2021 across several areas. Tragically though, we lost a colleague in a fatal accident at our Castellón refinery in Spain, and a cyclist in the UK died in an accident with one of our contractors’ road tankers. We will remain constantly focused on eliminating accidents, particularly those that take or change lives – nothing is more important. With this foundation we are building a track record of delivery. We met our target of $2.5 billion of cash cost savings (compared with 2019), reduced our net debta by over $8 billion, and grew returns (ROACE)b to 13.3%. Our operating cash flow for the year was $23.6 billion and our underlying RC profit was $12.8 billion. This performance enabled the board, in line with our disciplined financial frame, to make a number of decisions in relation to distributions. First, an increase of 4% to the dividend in the second quarter. Second, to return $4.15 billion to you through share buybacks from 2021 surplus cash flow. And third, an expectation that we can deliver buybacks of around $4 billion a year and will have the capacity to increase the dividend per ordinary share by 4% each year through to 2025 – based on our current forecasts at an oil price of around $60 and subject to the board’s discretion. Progressing our strategy I want to pay tribute to the bp team, not just for the strong performance delivered in 2021, but also the strong progress they have achieved across each of the three pillars of our strategy: resilient hydrocarbons, convenience and mobility, and low carbon energy. • Resilient hydrocarbons – we started up seven major projects in the year. These are part of a programme of 35 projects initiated in 2016, completed on schedule and, on average, around 15% under budget. We will continue to high-grade our portfolio with four more start-ups planned in 2022. • Convenience and mobility – we have grown margin share from convenience and electrification from 25% to 29% since 2019c – demonstrating the strength of our customer offers; and we increased the number of EV charge points to over 13,000, installing 115 charging points a week at the end of 2021. We now aim to grow our EV charge points to more than 100,000 globally by 2030, up from our previous aim of 70,000. • Low carbon energy – our renewables pipeline quadrupled to over 23GW since the start of 2020, and now includes three offshore wind projects in two of the world’s best regions. We have also built a portfolio of options in hydrogen. You will find more information on our strategic progress throughout this report, including how our trading and shipping and regions, cities and solutions teams are helping to knit together integrated energy solutions for our customers. Integration in action Nowhere better illustrates the potential of an integrated energy company than our home market of the UK, where in the next few years we anticipate spending £2 for every £1 of profit we make. We plan to continue to invest in the North Sea, to produce much-needed oil and gas while lowering emissions through efficiencies, working to eliminate routine flaring and electrification of our operations. We’re building a new renewables business with large-scale offshore wind projects in the Irish Sea and off the coast of Scotland. As these businesses grow, they can not only power millions of homes but also our growing network of electric vehicle chargers – an increasingly important part of our retail network, where customers come to fuel their vehicles as well as enjoy the growing number of M&S convenience stores on our forecourts. And looking further ahead, we are leading the industrial regeneration of the north-east of England. Here we have with plans for a gas-fired power station connected with a carbon capture and storage system, which will safely lock away the vast majority of the CO2 emissions. And at the same time – we are laying the foundations for a world-class hydrogen sector for the UK. Opportunity and resilience Given the inherent uncertainties in a decades- long energy transition, we developed bp’s strategy for both responsiveness and resilience – responsiveness to opportunities and resilience to volatility. In terms of opportunity – we see great potential for our company in five transition growth engines – bioenergy, convenience, electric vehicle charging, renewables and hydrogen. In each of these areas, our skills, networks, assets and brand give us real competitive advantage. There are all in growth sectors where the potential for returns is strong. In terms of uncertainty, our strategy is designed to accommodate a range of scenarios for the energy transition. This also gives us confidence that it is resilient to the heightened volatility in energy markets arising from the conflict in Ukraine. Exiting from bp’s shareholding in Rosneft will result in some material non-cash charges in our financial results for the first quarter of 2022. Importantly, this does not mean any changes to our strategy or our financial frame, as detailed elsewhere in this report. In 2020 we set a new direction for the company, with our new purpose, ambition and strategy. That is now done. In 2021 we reorganized the company from top to bottom through the most wide-ranging restructuring in bp’s history. That is also done. We are now focused on one thing and one thing only – the safe delivery of our strategy. Delivering for you, our shareholders, today. Delivering the energy the world needs, today. All while transforming bp for tomorrow. Thank you for your continued support for and belief in bp – especially through these unprecedented times of challenge and change. Bernard Looney Chief executive officer 18 March 2022 a Nearest equivalent GAAP measure is finance debt. See Financial statement – Note 26 for more information. b Nearest equivalent GAAP measures of the numerator and denominator are profit or loss for the year attributable to bp shareholders ($7.6 billion) and total equity ($90.4 billion) respectively. c Nearest equivalent GAAP measures of the numerator and denominator are replacement cost profit before interest and tax for the customers & products segment. A reconciliation to GAAP information is provided on page 354.  See glossary on page 377

8 bp Annual Report and Form 20-F 2021 Energy markets Energy markets are fundamentally shifting towards low carbon. This is creating challenges and opportunities for our industry and influencing the way we operate. We monitor global trends closely, exploring and tracking the changes shaping our future. Global context Macroeconomic outlook March 2022 The energy markets are being impacted by the military action in Ukraine, which is adding significant upside pressure to prices. There remains, at this point in time, uncertainty, but price volatility is likely. On the macroeconomic side this is likely to have significant economic and financial consequences for the region and potentially globally. Global economy After a contraction of 3.5% in 2020, global real GDP has rebounded and reached its pre-pandemic peak (of the fourth quarter of 2019) in the second quarter of 2021. The global economy grew by an estimated 5.9% in 2021, its strongest post-recession pace in 80 years. However, the recovery was uneven amid unequal COVID-19 vaccine access and differences in policy support across the globe. Growth in developed economies was 5.0% in 2021, driven by a strong recovery in the US, and GDP in emerging markets grew by 6.5%, driven by China.b Oil The oil market continued its rebalancing process in 2021. Oil demand rebounded with global oil consumptionc increasing by 5.5mmb/d to 96.4mmb/d for the year (+6.0%) on the back of the economic recovery, supported by the increasing vaccination roll-out and gradual lifting of public health measures. On the supply side, continued active supply management by OPEC+ countries also helped accelerate the rebalancing process, with global oil productiond increasing by 1.5mmb/d to 95.3mmb/d. Dated Brent prices averaged $70.91/bbl in 2021 – a 69% increase from 2020 levelsd. Prices rose consistently during 2021, reaching a peak of $86/bbl in late October on the back of a positive macroeconomic outlook, which supported a strong rebound in oil demand. Other factors such as supply disruptions and OPEC+ supply restraint added further upside pressure on prices. Urals prices in north-west Europe (Rotterdam) averaged $68.65/bbl in 2021, up from $41.71/bbl in 2020e. Natural gas The global economic recovery supported natural gas demand in 2021, and prices in all three key gas regions rebounded strongly. A series of compounding factors helped to push prices up, with record, unprecedented pricing levels seen in many regions. Henry Hub prices increased to $3.9/ mmBtu in 2021 from $2/mmBtu in 2020f. US LNG exports increased, driving demand for feedgas into LNG. Capital discipline constraints restrained gas production growth, and coal retirements limited gas-to-coal switching in the power sector, together reducing the gas market’s flexibility to respond to higher prices. The UK National Balancing Point hub price also rose significantly from 25 pence per therm ($3.2/mmBtu) in 2020, up to 116 pence per therm ($15.8/mmBtu) in 2021g, due to exceptionally tight market conditions. An extended heating season in the first half of the year drove storage stocks well below historical average levels. Through the summer, strong competition for LNG supply as well as constraints from Russian pipeline gas supplies tightened the market and prevented stocks from being replenished. Thus, the winter heating season started with stocks at historical lows and prices increased to record levels to reflect significant market risk. Elevated coal and carbon prices further supported European gas prices in 2021. Asian LNG spot prices increased from $4.39/ mmBtu in 2020 to $18.6/mmBtu in 2021 amid a very tight LNG market, with prices rising to $56/mmBtu at their highest pointh. China was the principal driver of LNG demand growth, as the country overtook Japan as the world’s largest LNG importer. Strong LNG demand in South America, multiple LNG supply outages, and tight LNG shipping market conditions at times, compounded the market’s tightness to drive higher prices. 6•0% year-on-year increase in global oil consumption in 2021 4•7% estimated increase in global gas demand in 2021a

9 Strategic report bp Annual Report and Form 20-F 2021 See glossary on page 377 Continuing impact of COVID-19 At the time of writing, the world is still experiencing the effects of COVID-19. We continue to take steps to protect and support our employees through the pandemic. We are taking precautions in our operations and offices and providing enhanced support and guidance to employees, with a focus on safety, health and hygiene, homeworking and mental health. We continue to take decisions on working practices and return to office-based working with caution and in compliance with local and national guidelines and regulations. Refining marker margin We track the refining margin environment using a global refining marker margin (RMM)i. Refining margins showed a gradual recovery towards pre-COVID historical levels averaging $13.2/bbl in 2021, significantly above the 2020 level ($6.8/bblj), but still below the 2015-19 average ($14.1/bbl). Higher US margins are a result of strong demand rebound and higher renewable identification number (RIN) prices, which have more than doubled since last year. RINs represent environmental compliance costs and have increased due to a delay in the US EPA proposing the 2021 renewable volume obligation (RVO), together with various other market-and regulatory-related reasons. Power and renewables Increasing commodity prices and shipping rates, driven by the return to pre-COVID economic growth and supply chain constraints, meant an increase in the capital cost for wind and solar projects in 2021, halting a multi-year trend of cost reduction. In Europe, high natural gas prices caused electricity prices to reach record highs, leading to societal and political pressure in some countries for a reform of electricity pricing to ensure the affordability of the energy transition. Hydrogen and carbon capture and storage (CCS) Global momentum behind hydrogen’s role in decarbonizing hard-to-abate sectors is accelerating, notably in industry and heavy transport. Several more countries have now published hydrogen strategies and, increasingly, this is being followed by announcements of policy support. The pipeline of announced projects has continued to scale rapidly, with cumulative clean hydrogen production capacity in 2030 projected to be 11Mtpa, with over $100 billion of direct investmentk. Despite this surge, however, there remains a significant shortfall versus projected demand in many Paris-consistent scenarios. Momentum is also growing for CCS, in part driven by governments providing additional incentives. Interest in CCS has been bolstered by the need to abate process emissions from heavy industries such as cement and steel manufacture, together with a growing recognition of the need for negative emissions to meet Paris climate goals. a IEA Gas Market Report Q1 2022. b IMF World Economic Outlook, January 2022 update. c IEA Oil Market Report, January 2022. d Refinitiv Data Service (Dated Brent spot price). e Refinitiv Data Service (Urals CIF Rotterdam). f Refinitiv Data Service (Henry Hub cash price). g Refinitiv Data Service (National Balancing Point Day Ahead price). h Refinitiv Data Service (JMK spot price). i The RMM may not be representative of the margin achieved by bp in any period because of bp’s particular refinery configurations and crude and product slates. In addition, the RMM does not include estimates of energy or other variable costs. j This number is updated from 6.7/bbl as stated in the 2020 Annual Report and Form 20-F to reflect the 2021 RMM, which has been updated to reflect changes in bp’s portfolio, and the update of crude reference for the Mediterranean region. k Hydrogen Council.

Carbon emissions Gt of CO2ec 20502019 20302025 2035 2040 20452015201020052000 40 History 0 5 10 15 20 25 30 35 10 bp Annual Report and Form 20-F 2021 Energy markets continued The bp Energy Outlook 2022 considers scenarios that explore possible pathways the energy transition may take out to 2050a. The uncertainty associated with the energy transition is substantial, and these scenarios are not predictions of what is likely to happen or what bp would like to see happen. Rather they explore the possible implications of different judgements and assumptions concerning the nature of the energy transition. Energy outlook Global energy demand across the scenarios Although the three energy outlook scenarios differ in many respects, some trends are common across them and across the wide range of other analyses and information we refer to, such as the International Energy Agency (IEA)'s World Energy Outlook and S&P Global's Energy and Climate Scenarios: • Global energy demand continues to grow, at least for a period, driven by increasing prosperity and living standards in the emerging world. • The share of fossil fuels in global primary energy falls from around 80% in 2019 to between 60% and 20% by 2050 in the three scenarios. • The rapid growth in renewables is supported by the increasing role of electricity in total final energy consumption in the three scenarios. bp.com/energyoutlook Three scenarios to explore the energy transition to 2050 New Momentum This new scenario is the result of work carried out inside bp to review the pace of the energy transition. It acknowledges that the level of ambition from government and corporates has increased since the bp Energy Outlook 2020; however it is constrained by the slow pace of transition in some sectors. This scenario is not considered to be consistent with Paris and results in a reduction in global energy emissions of only 20% by 2050 versus 2019. Net Zero In which global energy systems emissions fall by 95% by 2050 versus 2019, in line with a 1.5°C pathway. Changes in societal actions and behaviours are a key driver in this scenario. Accelerated One of many possible scenarios that can be considered consistent with Paris, in line with a well-below 2°C pathwayb. In this scenario emissions from energy use and most industrial processes fall by around 75% by 2050 versus 2019, with a fall of approximately 90% in the developed world and around 65% in the emerging world. a The scenarios included in the bp Energy Outlook 2022 were prepared before the outbreak of the military action in Ukraine and do not include any analysis of its possible implications for economic growth and global energy markets. b For more information on Paris-consistent pathways, see page 30. c Carbon emissions include CO2 emissions from energy use, industrial processes, natural gas flaring and methane emissions from energy production.

11 Strategic report bp Annual Report and Form 20-F 2021 Scenarios for strategic decision making We have been using scenarios at bp to inform strategy, manage risk and improve decision-making for many years. The scenarios we used to inform our ambition and strategy, which we set out in 2020, were based on a collaborative approach between our economists, strategists and our senior management team and board. Some scenarios start from today and project forward over a timeframe in which the current structure of the energy system helps to inform the pace and nature of the transition path. Other scenarios start in the future, breaking free from the inherent inertia in the energy system (and potentially our thinking), and look back to the present from that new perspective. In thinking about appropriate scenarios to inform our strategy, we used both approaches. The scenarios chosen to explore the range of uncertainty surrounding the future of the global energy system span a broad range of energy transition paths. They consider the possible implications of different judgements and assumptions and so help to design a strategy which is resilient to the wide range of uncertainty we face. By considering various time horizons, we can identify key milestones or signposts which might emerge over the next five, 10 or 30 years and inform our view of the key sources of uncertainty affecting the global energy system. We actively monitor for changes in the external environment, and refresh or review our scenarios as needed in response to these signals, as we have done with our New Momentum scenario. How we create scenarios We quantify a range of scenarios in the bp Energy Outlook 2022 using our global energy modelling system. This comprises a suite of models developed over the past 10 years to help us understand supply and demand dynamics of the global energy system as well as production in intermediate sectors. The modelling framework uses historical data based on the bp Statistical Review of World Energy, the IEA and a range of other data sets. Each scenario is determined by a set of key assumptions including population and economic growth, pace of technological change, resource constraints and government policies. These are informed by expert views from external organizations including United Nations, Oxford Economics, Rystad Energy and a proprietary integrated assessment model. Prices are used to balance supply and demand. The modelling techniques used vary by sector and include a combination of econometric modelling, least-cost optimization, adoption curves and consumer choice modelling. For the bp Energy Outlook 2022, the outputs have been expanded to capture 16 regions and 15 end-use sectors; in addition process emissions from key industrial sectors are included, for the first time. In developing the scenarios, we benchmark our views against scenarios from external organizations including the IEA’s World Energy Outlook, the Intergovernmental Panel on Climate Change (IPCC), and S&P Global's Energy and Climate Scenarios. How scenarios inform our strategy The use of scenarios described in the bp Energy Outlook 2022 and from other organizations aids our understanding of the energy transition and the global energy system. This helps us to think about different outcomes and how they might impact our strategy. The use of a broad range of scenarios to inform our strategy supports our efforts to make it robust and resilient to the range of uncertainty we face. Given that, we believe that it is neither useful nor sensible to try to identify one scenario as being more or less likely than another. How we use scenarios in resilience analysis For the purposes of testing the resilience of our strategy to the range of uncertainty in the energy transition we have used scenarios drawn from the soon-to-be published World Business Council for Sustainable Development (WBCSD) ‘Climate Scenario Analysis Reference Approach for Companies in the Energy System’. By using standard variables from this Scenario Catalogue we believe it will help enable comparability and consistency. For more on our resilience analysis and the outcome of that work, see page 55

Convenience and mobility Sustainability Integration Low carbon energy Resilient hydrocarbons – Oil and gas – Refining – Bioenergy – Convenience and retail fuels – EV charging – Castrol, aviation, B2B and midstream businesses – Renewables – Hydrogen 12 bp Annual Report and Form 20-F 2021 Our strategy and business model Delivering energy solutions to customers around the world Resilient hydrocarbons We are driving returns, high-grading our portfolio and lowering our emissions, through three focus areas: oil and gas, refining and bioenergy. As the world seeks lower carbon fuels, we see opportunities to leverage our portfolio of assets and customer base – with bioenergy as one of our transition growth engines. Convenience and mobility We aim to double adjusted EBITDA by 2030a, while sustaining ROACE of 15-20%a, all through a focus on customers. We expect this growth to be driven by our differentiated convenience and fuels offers, selective growth markets expansion, acceleration of our EV charging ambition, as well as our Castrol, aviation, B2B and midstream businesses. Convenience and EV charging are two of our transition growth engines. Low carbon energy We are building scale with capital discipline and returns focus. We plan to create integrated low carbon energy hubs, enabled by two of our transition growth engines, renewables and hydrogen. Sustainability: embedded across our strategic focus areas is our sustainability frame, which sets out our aims for getting to net zero, improving people’s lives and caring for our planet, see page 51. Integration: binding this all together is integration. Harnessing our collective capabilities as the energy system transitions, to help more and more customers get the clean, reliable and affordable energy they want – and in doing so – creating value for our shareholders, see pages 14-15. Progress against our strategy, page 16 Our purpose Our resources and relationships Our business groups Our strategy An integrated energy company delivering solutions for customers. Reimagining energy Some of the tangible and intangible assets that support how we generate and preserve value for our stakeholders, as at 31 December 2021. Our three business groups are supported by four integrators to facilitate collaboration and unlock value: innovation & engineering; regions, cities & solutions; strategy, sustainability & ventures; and trading & shipping. And four teams serve as enablers of business delivery: communications & advocacy; finance; legal; and people & culture. Energy sector experience >110 years experience in the world of energy 70 years annual publication of the bp Statistical Review of World Energy Incumbent capability >10,000 engineers ~2,000 digital experts Global context, page 8 Sustainability, page 51 a At bp planning assumptions including that annual capital expenditure through to 2030 and number of customer touchpoints, retail sites, strategic convenience sites and EV charge points increase in line with bp’s targets and aims. Reconciling strategic focus areas to our reporting segmentsa Oil production & operations Customers & products Gas & low carbon energyb Resilient hydrocarbons Oil production Refining and products Bioenergyc Gas production Gas marketing and trading Convenience and mobility Convenience Fuels EV charging Castrol, aviation, B2B/midstream Low carbon energyb Renewables Hydrogen Denotes transition growth engine, see page 16. a bp reporting segments also included Rosneft and other businesses & corporate in 2021. b Includes bp Bunge Bioenergia. c Biogas is reported in the gas & low carbon energy reporting segment.

13 Strategic report bp Annual Report and Form 20-F 2021 See glossary on page 377 Production & operations Operating our hydrocarbon business, from which we produce the hydrocarbon energy and products the world needs – safely and efficiently. Gas & low carbon energy Creating low carbon energy solutions. Integrating our existing natural gas capabilities with significant growth in low and zero carbon businesses and markets, including wind, solar, hydrogen and carbon capture and storage (CCS). Customers & products Focusing on customers as the driving force for innovating new business models and service platforms to deliver the convenience, mobility and energy products and services of the future. for people and our planet Partnerships 3 city or region partnerships since 2020 Energy resources 16,954mmboe proved hydrocarbon reserves for the groupa a On a combined basis of subsidiaries and equity-accounted entities, see page 254. Includes 9,013mmboe – bp’s share of Rosneft and Russia joint ventures, see page 348. 4.4GW developed renewables to FID Research & development $266m invested in research and development Financial $12.8bn capital expenditure ~5,000 granted and pending patent applications held by bp and its subsidiaries >250 co-investors through bp ventures $23.6bn operating cash flow Integration, page 14 Gas & low carbon on page 41 Group performance, page 37 Creating value through • Differentiated convenience and fuel offers at our retail sites, including snacks, ready meals and coffee. • Our EV charging businesses. • Our Castrol lubricants and e-fluids brand sold through numerous channels. • Our aviation fuelling business. • Our B2B and midstream businesses. • Refining & trading – our oil products businesses. • Optimizing across integrated fuels value chain. Creating value through • Integrated gas and LNG businesses. • Onshore and offshore wind. • Our 50% stake in Lightsource bp. • Biopower and biofuels through bp’s 50% stake in bp Bunge Bioenergia. • US biogas. • Hydrogen and CCS. Creating value through • Finding and developing hydrocarbon resources, with selective exploration mostly focused near our existing hubs. • Operating oil and gas production assets, including bpx energy. • Operating refineries, terminals and pipelines. • Deploying technical capability across hydrocarbons and low carbon businesses. Alignment with our strategy Alignment with our strategy Alignment with our strategy

14 bp Annual Report and Form 20-F 2021 Business model continued What makes us different We believe we have the scale and expertise to navigate complex markets and manage increasingly integrated energy systems Harnessing our collective capabilities as the energy system transitions, helping more customers get the energy they want and creating value for our shareholders. By leveraging relationships and building new partnerships we aim to provide integrated energy and mobility solutions to help cities and industries reduce carbon emissions while creating exciting business opportunities. Integrating energy systems Partnering with countries, cities and industries Working to decarbonize the aviation sector We are working with airlines and airports to support the decarbonization of the aviation sector and our aim to be a net zero company by 2050 or sooner: • Sustainable aviation fuel (SAF) is expected to play a critical part in decarbonizing this sector and we are working at pace to promote SAF availability, accessibility and affordability. • We have an established position in SAF and aim to be a sector leader, with 20% marketing share by 2030. • As an integrated energy company, our global capabilities, expertise and experience positions us well to help our partners and our customers move at a faster pace on the energy transition journey. • We aim to increase our biofuels production three-fold at three of our refineries through bio co-processing, and invest in five major biofuels projects including three adjacent to existing refineries and the conversion of up to two bio-refineries by 2030. Progress in 2021 • Received accreditation from the Carbon Offsetting and Reduction Scheme for International Aviation (CORSIA) for the production of SAF at our Castellón refinery, the first refinery in the world to receive this status. • Formed a strategic partnership with Qantas to work on opportunities to decarbonize the aviation sector and agreed to supply SAF to the airline from 2022 for selected flights from London to Australia departing from London’s Heathrow Airport. Developing low carbon, CCS-enabled hydrogen in the UK We’re developing plans for a blue hydrogen production facility in Teesside, aiming for 1GW of blue hydrogen production by 2030 and supporting development of the region as the UK’s first hydrogen transport hub – H2Teesside. H2Teesside aims to help surrounding industries decarbonize their existing operations by switching fuel from natural gas to low carbon hydrogen, enabling their manufacturing facilities to produce low carbon products as society progresses towards a net zero future. The development is expected to: • Capture and send for storage up to 2MtCO2 per year. • Help lead a low carbon transformation, supporting jobs, regeneration and the revitalization of the surrounding area. H2Teesside and HyGreen Teesside – a new large-scale green hydrogen production facility project planned by bp – together have the potential to deliver 30% of the UK’s 2030 target for low carbon hydrogen production. bp has signed a memorandum of understanding with seven potential customers – with existing or planned Teesside operations – for hydrogen produced by the project. • A final investment decision is due in early 2024, with potential to begin production in 2027 or earlier. Integration Stakeholders impacted: C I P S Stakeholders impacted: C G P

15 Strategic report bp Annual Report and Form 20-F 2021 See glossary on page 377 Delivering value for stakeholders We innovate with a strong focus on digital to drive operational efficiencies, empower our workforce and engage better with our customers. This includes building new businesses through bp ventures and Launchpad. We are committed to delivering long-term value for stakeholders. Driving digital innovation Innovation across the business Growing digital expertise in India Our new digital hub in Pune, India is designed to create, grow and deliver a range of digital solutions to help transform bp’s core operations, extend its customer interfaces and support new and emerging business models. Located within bp’s major global business services operations centre, the hub has an initial headcount of around 100 digital engineering, data, information security and design specialists. • We aim to build an accessible talent ecosystem of digital expertise with cross-disciplinary, agile teams that will scale up and evolve over time. • We will use the hub to partner and collaborate with other leading institutions, and to support start-ups and strategic organizations. • The hub will support the digitization of bp’s businesses and help deliver new energy and mobility solutions. Enhancing safety with automated technology in the North Sea The first onshore remote piloting of a remotely operated vehicle (ROV) in the UK was successfully conducted at the bp-operated Clair Ridge platform west of Shetland in 2021. The project was also the first cross-border implementation and the first operational implementation for bp. • Onshore piloting of ROVs improves the efficiency and safety of operations by removing people from the work site. • The work was carried out by Oceaneering’s Onshore Remote Operations Centre in Norway, where the team observed drilling operations at our Clair Ridge platform. Customers & products, page 46 Sustainability, page 51 Sustainability, page 51 and bp.com/tax Key performance indicators, page 24 a includes bp Foundation spend. Stakeholders impacted: C E I P Society The people, businesses and environment in the communities where we work. ~$51m supporting additional initiatives to benefit the communities where we operatea Investors and shareholders Includes our institutional and retail investors. $4.3bn total dividends distributed to shareholders Customers Including end-use consumers, B2B customers and distributors. >12m customer touchpoints per day Government and regulators In the countries where we have activities or plans to operate. $5.4bn corporate income tax and production tax paid Partners and suppliers Includes relationships with academia, industry, cities and suppliers. $122.2bn sourcing goods and services from ~40,000 suppliers Employees Our 65,900 people worldwide. 64% employee engagement – ‘Pulse’ survey score C E G I P S

Convenience and mobility Low carbon energy Resilient hydrocarbons – Bioenergy – Convenience – EV charging – Renewables – Hydrogen 16 bp Annual Report and Form 20-F 2021 Our strategic focus areas Progress against our strategy In February 2022 we announced our aim to increase the proportion of capital expenditure in transition growth businesses to more than 40% by 2025 and to around 50% by 2030. These businesses are in high- growth sectors and are underpinned by five transition growth engines: Bioenergy, including biofuels, biogas and sustainable aviation fuel: we anticipate investing in five major biofuels projects, including the conversion of up to two refineries, and investment in three standalone bio-plants. And we plan to grow biogas production and marketing. Convenience: we aim to grow convenience gross margin at around 7% per annum, supported by the expansion of our strategic convenience network to around 3,500 sites by 2030. Electric vehicle charging: we are accelerating our EV charging ambition across key growth markets, through a focus on ‘on-the-go’ charging and fleets, and aim to grow our network to more than 100,000 EV charge points by 2030. Renewables: we aim to build a leadership position in offshore wind and accelerate our solar growth through Lightsource bp and bp’s US solar pipeline. Hydrogen: we aim to capture a 10% share in core markets by 2030. As hydrogen markets develop, we aim to create a portfolio of globally advantaged supply hubs. We aim to leverage bp’s existing refinery demand to build regional supply positions. MetricsStrategic focus areas Developed renewables to final investment decision Customer touchpoints Bioenergy production Strategic convenience sitesc LNG portfolio Retail sites in growth marketsc Electric vehicle charge pointsc Traded electricity Castrol sales and other operating revenues Margin share from convenience and electrificationd Low carbon energy T Convenience and mobility T Building scale with capital discipline and returns focus. Doubling adjusted EBITDAa, sustaining returns, focused on customers. Upstream unit production costs Upstream productionb bp-operated hydrocarbon plant reliability bp-operated refining availability Refining throughput Resilient hydrocarbons High-grading our portfolio, lowering our emissions and driving returns. Transition growth businesses For examples of progress against our strategy in 2021, see pages 18, 22 and 28

17 Strategic report bp Annual Report and Form 20-F 2021 See glossary on page 377 2030 aim Performing while transforming2025 target2021 4.4GW 2020 3.3GW >12 million 2020 >11 million 20GW >15 million 50GW >20 million 26Kb/d 2020 30Kb/d 2,150 2020 1,900 50Kb/d ~3,000 >100Kb/d ~3,500 18Mtpa 2020 20Mtpa 2,700 2020 2,700 13,100 2020 10,100 25Mtpa ~5,000 >40,000 30Mtpa >6,000 >100,000 202TWh 2020 214TWh $6.8bn 2020 $5.4bn 29.1% 2020 27.6% 350TWh ~$7.5bn ~35% 500TWh >$8bn ~50% $6.82/boe 2020 $6.39/boe ~$6/boe ~$6/boe 2.2mmboe/d 2020 2.4mmboe/d ~2mmboe/d ~1.5mmboe/d 94% 2020 94% 94.8% 2020 96% 96% 96% >96% >96% 1.6mmb/d 2020 1.6mmb/d <1.5mmb/d ~1.2mmb/d • Delivered record convenience gross margin in 2021, supported by more than 200 strategic convenience sites. • Took full ownership of the Thorntons business, positioning bp to be a leading convenience operator in the Midwest US, see page 19. • In 2022, bp and Marks & Spencer agreed to extend their convenience partnership for bp’s UK retail forecourts until at least 2030, see page 23. • Jio-bp, our fuels and mobility joint venture in India with Reliance, opened their first ’mobility station’, providing a fully integrated customer offer. • Added ~3,000 EV charge points, with nearly half of our network now either rapid or ultra-fast charging. • Acquired charging provider AMPLY Power in the US, accelerating bp’s entry into one of the fastest growing fleet charging markets in the world. • Strategic investment in Digital Charging Solutions with Mercedes- Benz and BMW, a leading developer of digital charging software for automotive manufacturers and fleet operators, see page 23. • Extended our Castrol branded service and maintenance offers globally – we now have 28,000 independent branded workshops. • Increased margin share from convenience and electrification to 29.1%. • Started up seven major projects achieving our 2016 target of 900mboe/d of new major project production by 2021, and around 15% under budget: – Raven in Egypt’s West Nile Delta – KG D6 Satellite Cluster in India (see page 29) – Platina and Zinia Phase 2 in Angola – Matapal in Trinidad – Thunder Horse South Expansion Phase 2 and Manuel in the US Gulf of Mexico (see page 19). • Made three hydrocarbon discoveries: Puma West (oil) in the US Gulf of Mexico, Verknekubinskiy (gas) in Russiae and Shafag Asiman (gas) in the Azerbaijan-Georgia-Turkey region. • Announced plans to invest around $270 million to improve efficiency, reduce emissions and grow renewable diesel production at our US Cherry Point refinery, see page 19. • Completed the sales of our 25% participating interest in the Shallow Water Absheron Peninsula exploration project in the Caspian Sea to LUKOIL, and a 20% stake in Oman’s Block 61 to PTTEP. • bp and Shenzhen Gas signed a natural gas supply agreement to provide gas to customers in China starting in 2023. • Signed 10-year LNG supply agreement starting in 2023 for Singapore with Pavilion Energy, and delivered our first carbon offset LNG cargo to CPC Corporation in Taiwan. • Announced our ‘Morgan’ and ‘Mona’ UK offshore wind projects in the Irish Sea (see page 23), and were awarded a lease option off the east coast of Scotland to develop a wind project ‘Morven’, both with EnBW. • Acquired 9GW of solar development projects from US solar developer 7X Energy, see page 19. • Joined forces with NYK Line to collaborate on future fuels and transportation solutions to help industrial sectors, including shipping, decarbonize. • East Coast Cluster, a collaboration between Northern Endurance Partnership, Net Zero Teesside – both led by bp – and Zero Carbon Humber, selected by the UK government as one of the UK’s first two carbon capture, use and storage projects. • Formed a joint venture with Aberdeen City Council to develop, build and operate a scalable, green hydrogen production hub in Scotland. a At bp planning assumptions including that annual capital expenditure through to 2030 and number of customer touchpoints, retail sites, strategic convenience sites and EV charge points increase in line with bp’s targets and aims. b Relative to 2019, we expect our hydrocarbon production to be around 40% lower by 2030 reflecting active management and high-grading of the portfolio, including divestment of non-core assets. c Reported to the nearest 100. d The nearest GAAP measures of the numerator and denominator are RC profit before interest and tax for customers & products. A reconciliation to GAAP information is provided on page 354. e Discovered by our Russian joint venture Yermak Neftegaz LLC. On 27 February 2022 bp announced that it will exit its other businesses with Rosneft in Russia.

18 bp Annual Report and Form 20-F 2021 Our strategy in action 4 5 6 1 2 3 Strengthening our US presence

19 Strategic report bp Annual Report and Form 20-F 2021 See glossary on page 377 Strong performance in the Gulf of Mexico In 2021 we started up two major projects in the US Gulf of Mexico, where we plan to grow our oil and gas production to around 400mboe/d net by the mid-2020s. • Thunder Horse South Expansion Phase 2: consists of two subsea drill centres operated by 10-inch dual flow lines with the opportunity for simultaneous mobile offshore drilling unit operations. • Manuel: includes a new subsea production system for two new wells tied in to the Na Kika platform. These projects are two of seven major project start-ups in 2021 globally, adding 900mboe/d of new production net to bp from new major projects, since 2016. Continued growth We achieved a significant milestone for the Mad Dog 2 development with Argos – a new semi-submersible floating production platform – now in position ahead of planned start-up in 2022. This has been a pivotal year for our Gulf of Mexico business as we continue to start up new projects. Bringing high-margin, resilient barrels online in basins we know best is central to bp’s strategy. Starlee Sykes SVP Gulf of Mexico and Canada Generating economic value in Louisiana >340 employees in the state of Louisiana >5,200 total jobs supported >$61m spend with >70 suppliers in 2020a 1 Driving down flaring at bpx energy We are on track to achieve our aim of zero routine flaring in our bpx energy US onshore operations by 2025. When we began operating these assets in 2019, flaring intensity was over 16%; today it is less than 1%, a 95% reduction. 2 Investing around $270 million in three projects at Cherry Point refinery These projects are aimed at improving the refinery’s efficiency, reducing its CO2 emissions and increasing its renewable diesel production capability. They are expected to create more than 300 local jobs over the next three years. 5 Purchasing 9GW of solar development projects from 7X Energy The projects span 12 states and are expected to have the capacity to generate enough clean energy to power around 1.7 million US homes once developed. The acquisition is a significant step towards bp’s target of having developed renewables to final investment decision of 20GW by 2025 and aim to increase this to 50GW by 2030. 6 Key Resilient hydrocarbons Convenience and mobility Low carbon energy Taking full ownership of Thorntons retail business The deal marks bp’s re-entry into fully owned and operated stores in the US and positions bp to be a leading convenience operator in the US Midwest. Acquired AMPLY Power Our acquisition of charging provider AMPLY Power has accelerated our entry into the US – one of the fastest growing fleet charging markets in the world. 3 4 For more on our strategic focus areas, see page 16 a 2021 data unavailable at time of publication.

20 bp Annual Report and Form 20-F 2021 Our financial frame and investor proposition We are performing while transforming by delivering returns for shareholders today as we transform bp for tomorrow. Operating within a resilient and disciplined financial frame Continued discipline in executing the financial frame A hierarchy of priorities To deliver our strategy, we must continue to operate within a resilient and disciplined financial frame. Our financial frame comprises a hierarchy of priorities governing how we intend to allocate the cash flow that we generate to strengthen our finances, grow distributions to shareholders and invest to create value through our strategic transformation. Following its announcement that bp is exiting its interest in Rosneft, it has removed Rosneft dividend payments from its financial frame. However, bp remains confident in the flexibility and resilience of its financial frame, underpinned by an average 2021-25 cash balance point of around $40 per barrel. This includes reaffirming the guidance regarding its financial frame out to 2025 that was given with its 2021 full-year results in February 2022. #1 Resilient dividend A resilient dividend is our first priority within our financial frame. Reflecting the underlying performance of the business, an improving outlook for the environment, confidence in our balance sheet and commencement of the share buyback programme, the board announced a 4% increase in the second quarter 2021 dividend to 5.46 cents per ordinary share. This increase is accommodated within a 2021-25 average cash balance point of around $40 per barrel Brent, $11 per barrel RMM and $3 per mmBtu Henry Hub (all 2020 $ real). Based on our current forecasts, at around $60 per barrel Brent and subject to the board’s discretion each quarter, we expect to have capacity for an annual increase in the dividend per ordinary share of around 4%, through 2025. #2 Strong investment grade credit rating For the full year 2021 we reduced finance debt by $11.5 billion and net debt by $8.3 billion. During the first quarter of 2021 we reached our target of reducing net debt to below $35 billion around one year earlier than expected, with net debt reaching $30.6 billion at year end. We intend to allocate 40% of 2022 surplus cash flow to further strengthen the balance sheet. Disciplined investment allocation We are focused on the disciplined allocation of capital to deliver on our strategic objectives. In 2021 capital expenditure was $12.8 billion. We expect capital expenditure to be in a range of $14-15 billion in 2022 and $14-16 billion per annum between 2023-25. Investment is allocated across our businesses based on a set of criteria that balances strategic alignment, stringent hurdle rates, volatility, integration value, sustainability and risk. 5.46¢ per ordinary share for 4Q21 Capacity for annual increase of the dividend per ordinary share of ~4% through 2025 at ~$60/bbl 40% 2022 surplus cash flow Intend to allocate 40% 2022 surplus cash flow to further strengthen the balance sheet $14-15bn 2022 capital expenditure 2023-2025: $14-16bn 60% 2022 surplus cash flowab Commitment to allocate ≥60% surplus cash flowa to share buybacks (60% in 2022) and expect to average ~$4bn per year through 2025 at ~$60/bbl $5-7bn per year Low carbon energy and convenience & mobility $9-10bn per year Resilient hydrocarbons a Subject to maintaining a strong investment grade credit rating. b In addition, executed a $500 million buyback programme during 1Q22 to offset expected full-year dilution from vesting of awards under employee share schemes in 2022. #5#1 #2 #3 #4 Resilient dividend Strong investment grade credit rating Share buybacks Disciplined investment allocation

21 Strategic report bp Annual Report and Form 20-F 2021 See glossary on page 377 2022 guidance 2021 actual 2022 guidance Upstream reported and underlying production excluding Rosneft 2.2mmboe/d Expected to be broadly flat Total capital expenditure $12.8bn $14-15bn Depreciation, depletion and amortization $14.8bn Similar level to 2021 Divestments and other proceeds $7.6bn $2-3bn Gulf of Mexico oil spill paymentsa (pre-tax) $1.5bn ~$1.4bn Other businesses and corporate underlying annual charge $1.4bn $1.2-1.4bn Underlying effective tax rate 32%b Expected to be around 40%c a See Financial statements – Note 21 for more information on payables related to the Gulf of Mexico oil spill. b Nearest equivalent GAAP measure: effective tax rate (44%). c Updated from prior guidance of around 35% to reflect the exclusion of Rosneft from bp’s underlying result effective 1 January 2022. #3 Investing to grow convenience & mobility and low carbon energy Within our $14-16 billion range for capital expenditure, we plan to allocate $5-7 billion a year through 2025 into convenience & mobility and low carbon energy. In low carbon energy we are focused on building scale with capital discipline and a focus on returns. In renewable power we will look for opportunities that we believe can meet an internal rate of return hurdle of 8-10% levered. And as we invest in convenience & mobility, we aim to sustain ROACE at 15-20% to 2030a. #4 Investing to drive returns in resilient hydrocarbons We plan to invest around $9 billion in 2022 and $9-10 billion per year from 2023 to 2025 into our upstream oil and gas, and refining and bioenergy businesses. As we invest, we have stringent hurdle rates for final investment decisions: • A payback of less than 10 years for investments in upstream oil and refining. • A payback of less than 15 years for upstream gas. This focused and disciplined capital frame together with a deep hopper of attractive investment opportunities in oil and gas is expected to maximize returns. #5 Share buybacks We are committed to returning at least 60% of surplus cash flow through share buybacks, subject to maintaining a strong investment grade credit rating. In considering the quantum of share buybacks and in setting the dividend per ordinary share each quarter, the board will take account of factors including the cumulative level of, and outlook for, surplus cash flow, the cash balance point and the maintenance of a strong investment grade credit rating. For 2021 we announced share buybacks of $4.15 billion from surplus cash flow. For 2022, and subject to maintaining a strong investment grade credit rating, we are committed to using 60% of surplus cash flow for share buybacks. On average, based on our current forecasts, at around $60 per barrel Brent and subject to the board’s discretion each quarter, we expect to be able to deliver buybacks of around $4.0 billion per annum through 2025. In addition to the commitment to share buybacks from surplus cash flow, we intend to offset the expected dilution from vesting of awards under employee share schemes through share buybacks. During the second quarter of 2021 we executed a $500-million share buyback to offset the expected dilution from the 2021 vesting of awards under employee share schemes. And during the first quarter of 2022 we executed a $500-million share buyback to offset the expected dilution from the 2022 vesting of awards under employee share schemes. a At bp planning assumptions including that annual capital expenditure through to 2030 and number of customer touchpoints, retail sites, strategic convenience sites and EV charge points increase in line with bp’s targets and aims. Our investor proposition Our strategy and financial frame together underpin our investor proposition of delivering long-term value for shareholders through: • A resilient dividend. • The commitment to return at least 60% of surplus cash flow through share buybacks, subject to maintaining a strong investment grade credit rating. • As measured by adjusted EBIDA per share compound annual growth rate between the second half 2019/first half 2020 and 2025. • Growing ROACE to between 12% and 14% by 2025a. • Expecting to increase the proportion of group capital employedb within transition to over 20% in 2025. • Aiming for net zero by 2050 or sooner for Scopes 1, 2 and 3. a $50-60/bbl (2020 $ real) and bp planning assumptions. b Excludes goodwill and cash and cash equivalents. Committed distributions Profitable growth Sustainable value Delivering long-term shareholder value

4 5 1 1 1 23 22 bp Annual Report and Form 20-F 2021 Our strategy in action Growth in Europe

23 Strategic report bp Annual Report and Form 20-F 2021 See glossary on page 377 Growing our charging network We are accelerating our electric vehicle (EV) charging ambition across key growth markets, through a focus on ‘on-the-go’ charging and fleets. Partnerships are a key part of our approach, enabling better and faster utilization of our network. In 2021, we took significant steps towards our aim to grow our EV charge points to more than 100,000 globally by 2030. • Joined forces with Mercedes-Benz and BMW to help accelerate electrification through the Digital Charging Solutions (DCS) partnership. DCS aims to connect drivers with a growing network of EV charge points across Europe, while providing a seamless charging experience. • Opened EV-only charging hubs in Europe, including the UK’s first fleet-dedicated rapid EV charging hub in London. The new rapid charging hubs aim to deliver charging at scale, in locations where fleet and business vehicles need it most. • Rolled out more than 500 ultra-fast charge points at retail sites in Germany under our Aral Pulse brand. Fast, reliable charging infrastructure in convenient locations is essential to give business and fleet customers the confidence to make the switch to electric. Globally, nearly half of our network is now rapid or ultra-fast charging, driving higher utilization and margins. Richard Bartlett SVP, future mobility & solutions >9,300 EV charge points in Europe 8,250 retail sites in Europe Global target to deliver ~50% margin share from convenience and electrification by 2030 1 Building the largest green hydrogen plant in northwest Europe We are partnering with HyCC and the Port of Rotterdam on H2-Fifty, a project to build a 250MW green hydrogen plant at bp’s Rotterdam refinery in the Netherlands. The plant is scheduled for completion in 2025 and would use offshore wind power to produce 40,000 tonnes of green hydrogen a year, replacing the current grey hydrogen at the Port of Rotterdam refinery. 2 Entering the UK offshore power sector bp and Energie Baden-Württemberg (EnBW) were awarded two offshore wind leases in the Irish Sea – Morgan and Mona – as well as a lease option off the east coast of Scotland, to be known as Morven. The projects are expected to have 3GW and 2.9GW total potential generating capacity respectively, marking further progress towards bp’s aim to rapidly build a world-class offshore wind energy business. 4 Rapidly expanding solar across Europe Lightsource bp, in which we have a 50% share, acquired an 845MW solar portfolio in Spain from Iberia Solar in 2021, as well as powering up its 247 megawatt peak (MWp) flagship solar project Vendimia in Zaragoza, Spain. Lightsource bp now has a total of 2.9GW of projects in development or under construction in Spain. The business also made new market entries into Greece and Poland in 2021, strengthening its position in Europe. 5 Key Resilient hydrocarbons Convenience and mobility Low carbon energy Extending our relationship with M&S Food bp and Marks & Spencer agreed to extend their convenience partnership for bp’s UK retail forecourts until at least 2030, aiming to build on the success of our 16-year collaboration. The agreement combines bp’s expertise in forecourt retail with one of the UK’s leading food retailers. We plan to work together to evolve our offer to customers as their behaviours change over the coming decade. 3 For more on our strategic focus areas, see page 16

2020 7017 53 2021 6216 46 2019 9826 72 2018 7216 56 2017 7918 61 Tier 1 process safety events Tier 2 process safety events 2020 0.132 2021 0.164 2019 0.166 2018 0.198 2017 0.218 24 bp Annual Report and Form 20-F 2021 Key performance indicators We assess the performance of the group across a wide range of measures and indicators that are consistent with our strategy and investor proposition. Our key performance indicators (KPIs) provide a balanced set of metrics that give emphasis to both financial and non-financial measures. These help the board and leadership team assess bp’s performance. Our leadership team uses these measures to evaluate operating performance and make financial, strategic and operating decisions. Measuring our progress Changes to KPIs Our greenhouse gas (GHG) emissions KPI now comprises Scope 1 and Scope 2 data included in our aim 1 – net zero operations on an operational control basis. We have retired our previous GHG KPI, which was on an equity share basis, as this is not aligned with our aim 1. We still track and report this data, see page 51. For more on our aims see page 51 Remuneration To help align the focus of our board and executive management with the interests of our shareholders, certain measures are used for executive remuneration. Directors’ remuneration report see page 116 Safety Tier 1 and 2 process safety eventsa We track tier 1 and tier 2 events and report the aggregated outcome. Tier 1 events are losses of primary containment from a process of greatest consequence, or causing harm to a member of the workforce, damage to equipment from a fire or explosion, a community impact or exceeding defined quantities. Tier 2 events are those of lesser consequence. Reported recordable injury frequencya Reported recordable injury frequency (RIF) measures the number of reported work-related employee and contractor incidents that result in a fatality or injury per 200,000 hours worked. 2021 performance The generally reducing trend in tier 1 and 2 process safety events continued into 2021. We had fewer tier 1 and tier 2 process safety events (PSEs) in 2021 compared with 2020. Our combined tier 1 and 2 PSEs have reduced year on year for 10 years, excluding 2019. 2021 performance Our RIF increased by over 20% compared with 2020, where the unique impact that the COVID-19 pandemic had on personal safety in 2020 was reflected in a lower RIF for that year. RIF has slightly improved compared to 2019 and we have seen a decrease in RIF of 25% over the past five years.

2020 (20.3) 2021 7.6 2019 4.0 2018 9.4 2017 3.4 (5.7) 12.8 10.0 12.7 6.2 Profit (loss) for the year attributable to bp shareholders Underlying RC profit for the year (non-GAAP) 2020 5.8 2021 (41.4) 2019 (4.6)2018 20.02017 1.1 (41.7) 36.4 36.4 0.5 9.5 ADS basis Ordinary share basis 2020 (3.8) 2021 13.3 2019 8.9 2018 11.2 2017 5.8 2020 12.2 2021 23.6 2019 25.8 2018 22.9 2017 18.9 25 Strategic report bp Annual Report and Form 20-F 2021 See glossary on page 377 Financial Underlying replacement cost (RC) profit ($ billion) Underlying RC profit (non-GAAP) is a useful measure for investors because it is one of the profitability measures bp management uses to assess performance. It assists management in understanding the underlying trends in operational performance on a comparable year-on-year basis. It reflects the replacement cost of inventories sold in the period and is arrived at by excluding inventory holding gains and losses, net impact of adjusting itemsb and related taxation from profit or loss attributable to bp shareholders. Operating cash flow ($ billion) Operating cash flow is net cash flow provided by operating activities, as reported in the group cash flow statement. Operating activities are the principal revenue-generating activities of the group and other activities that are not investing or financing activities. Total shareholder return (%) Total shareholder return (TSR) represents the change in value of a bp shareholding over a calendar year. It assumes that dividends are reinvested to purchase additional shares at the closing price on the ex-dividend date. Return on average capital employed (%) Return on average capital employed (non-GAAP) gives an indication of a company’s capital efficiency, dividing the underlying RC profit after adding back non-controlling interest and interest expense net of tax by the average of the beginning and ending balances of total equity plus finance debt, excluding cash and cash equivalents and goodwill as presented on the group balance sheet over the periods presented (see page 387). Key Used for the 2020 remuneration policy Strategy metrics T TCFD Recommendations and Recommended Disclosure 2021 performance Underlying RC profit improved as a result of higher oil and gas prices, refining margins and stronger trading results. Profit for the year attributable to bp shareholders included net adverse impact of adjusting items primarily relating to adverse fair value accounting effect. See Group performance on page 37 and Adjusting items on page 339 for more information. 2021 performance Improvement in TSR reflects an increase in the share price in 2021. 2021 performance Operating cash flow was higher than in 2020, reflecting higher oil and gas realizations and higher refining margins partly offset by higher tax payments. 2021 performance The increase reflects improved profit due to higher oil and gas prices, refining margins and stronger trading results. a This represents reported incidents occurring within bp’s operational HSSE reporting boundary. That boundary includes bp’s own operated facilities and certain other locations or situations. b Prior to 2021 adjusting items were reported under two different headings – non-operating items and fair value accounting effects.

2020 96.0 2021 94.8 2019 94.9 2018 95.0 2017 95.2 2020 4 2021 7 2019 5 2018 6 2017 7 2020 94.0 2021 94.0 2019 94.4 2018 95.7 2017 94.7 2020 6.39 2021 6.82 2019 6.84 2018 7.15 2017 7.11 41.7 3.8 49.2 5.2 48.8 5.4 50.5 6.1 2020 45.5 2021 2019 54.5 2018 54.2 2017 56.6 35.633.2 2.4 Scope 1 (direct) emissions Scope 2 (indirect) emissions 2020 0.12 2021 0.07 2019 0.14 2018 0.16 26 bp Annual Report and Form 20-F 2021 Key performance indicators continued Sustainable operations Non-financial Refining availability (%) bp-operated refining availability represents Solomon Associates’ operational availability for bp-operated refineries. The measure shows the percentage of the year that a unit is available for processing after subtracting the annualized time lost due to turnaround activity and all planned mechanical, process and regulatory downtime. Refining availability is an important indicator of the operational performance of our downstream businesses. Hydrocarbon plant reliability (%) bp-operated hydrocarbon plant reliability is calculated taking 100% less the ratio of total unplanned plant deferrals divided by installed production capacity, excluding non-operated assets and bpx energy. Unplanned plant deferrals are associated with the topside plant and, where applicable, the subsea equipment (excluding wells and reservoir). Unplanned plant deferrals include breakdowns, which does not include Gulf of Mexico weather-related downtime. Major project delivery We monitor the progress of our major projects to gauge whether we are delivering our core pipeline of projects under construction on time. Projects take many years to complete, requiring differing amounts of resource, so a smooth or increasing trend should not be anticipated. Major projects are defined as those with a bp net investment of at least $250 million, or considered to be of strategic importance to bp, or of a high degree of complexity. Greenhouse gas emissionsc – operational control (MtCO2e) T We report Scope 1 and Scope 2 greenhouse gas (GHG) emissions material to our business on a carbon dioxide-equivalent basis. This KPI comprises Scope 1 (from running the assets within our operational control boundary) and Scope 2 (associated with producing the electricity, heating and cooling that is bought in to run those operations) data covered by aim 1 (to be net zero across our operations by 2050 or sooner). It comprises 100% of Scope 1 and 2 emissions for activities within bp’s operational control boundary. Upstream unit production costs ($/boe) The upstream unit production cost is calculated as production cost divided by units of production. Production cost does not include ad valorem and severance taxes. Units of production are barrels for liquids and thousands of cubic feet for gas. Amounts disclosed are for bp subsidiaries only and do not include bp’s share of equity-accounted entities. Methane intensity (%) T We define methane intensity as the amount of methane emissions from our upstream oil and gas operations as a percentage of the gas that goes to market from those operations. This applies to methane emissions within our operational control boundary, where we have the highest degree of control. Methane emissions from non-producing activities, such as exploration drilling, are excluded. The 2021 methane intensity is calculated using existing methodology and, while it reflects progress in reducing methane emissions, it will not directly correlate with progress towards delivering the 2025 target under aim 4. 2021 performance Refining availability reduced slightly in 2021, due to a higher level of maintenance activity. 2021 performance Started up seven major projects, achieving our 2016 target to achieve 900mboe/d of new major project production by 2021, and around 15% under budget. 2021 performance Scope 1 (direct) emissions, covered by aim 1, were 33.2MtCO2e in 2021, a decrease of 20% from 41.7MtCO2e in 2020. This decrease is due to divestments, delivery of sustainable emissions reductions (SERs) and other permanent operational changes. Scope 2 (indirect) emissions were 2.4MtCO2e in 2021, a decrease of 37% from 3.8MtCO2e in 2020 . This decrease resulted from lower carbon power agreements, including at our Gelsenkirchen refinery and chemical facility, and the divestment of the petrochemicals business at the end of 2020. 2021 performance Operations were robust in 2021 with plant reliability remaining at 94%. 2021 performance Unit production costs increased slightly in 2021, but remained below their five-year average. 2021 performance Our methane intensity in 2021d was 0.07%, an improvement from 0.12% in 2020. Methane emissions from upstream operations, used to calculate our intensity, decreased to around 43.0kt, from 71.6kt in 2020. This continues a declining trend in absolute upstream methane emissions since 2016.

2020 25 2021 32 2019 242018 212017 25 30 29 31 24 24 Women in group leadership People from beyond the UK and US in group leadership 2020 64 2021 64 2019 65 2018 66 2017 66 2020 1.0 2021 1.6 2019 1.4 2018 1.3 2017 0.5 27 Strategic report bp Annual Report and Form 20-F 2021 See glossary on page 377 Non-financial Sustainable GHG emissions reductions (MtCO2e) T This measure includes actions taken by our businesses to improve energy efficiency and reduce methane emissions and flaring – all leading to ongoing, quantifiable GHG reductions. These refer to the GHG emissions on an operational control basis, which comprise 100% of emissions from activities that are operated by bp and would have occurred had we not made the change - i.e. they could be absolute in nature or underlying. Since 2019, progress against this target is used as a factor in determining bonuses for approximately 22,000 eligible employeese, including executives. Diversity and inclusionf Each year we report the percentage of women and individuals from countries other than the UK and the US among bp’s group leaders. Employee engagement We conduct an annual employee survey to understand and monitor levels of employee engagement and identify areas for improvement. Key Used for the 2020 remuneration policy Strategy metrics T TCFD Recommendations and Recommended Disclosure 2021 performance We delivered 1.6Mte of SERs from reduction projects including reductions in Scope 2 emissions through new lower carbon power agreements at Gelsenkirchen refinery, waste heat recovery modifications in our Azerbaijan, Georgia, Turkey (AGT) region and reductions through green completions and well-testing without flaring in Oman. 2021 performance The percentage of women in group leadership and the percentage of people from beyond the UK and US in group leadership increased. As a global business we are committed to increasing the diversity of our workforce and leadership. 2021 performance We introduced a new overall engagement metric in 2021, which scored 64%. Scores prior to 2021 are not directly comparable. Building on what we have heard, we are now focusing action planning on four key areas to strengthen engagement: connecting with purpose and strategy, employees’ future excitement at work, career development, and inclusion. c Total (100%) Scope 1 (direct) GHG emissions from source activities operated by bp or otherwise within bp’s operational control boundary. bp’s reported GHG emissions include CH4 and CO2. Other GHGs are not included as they are not material to our operations. d The 2021 methane intensity is calculated using existing methodology and, while it reflects progress in reducing methane emissions, it will not directly correlate with progress towards delivering the 2025 target under aim 4. e This figure was approximately 37,000 in February 2020. It has been updated to reflect the number of employees eligible for a cash bonus in 2021. f Relates to bp employees.

4 5 1 2 3 28 bp Annual Report and Form 20-F 2021 Our strategy in action Developing our presence in Asia-Pacific

29 Strategic report bp Annual Report and Form 20-F 2021 Creating an integrated gas value chain in China In 2021 we started directly supplying customers in China with gas from liquefied natural gas (LNG) imported by bp, completing our first fully integrated gas value chain into the country. The chain directly connects upstream resources, transportation and trading with downstream gas customers. The first cargo of gas was delivered under bp’s new terminal usage agreement at the Guangdong Dapeng LNG Company Limited (GDLNG) import terminal in Guangdong Province. This milestone builds on gas supply agreements we signed with ENN Group and Foran Energy in 2020. For each, we have agreed to supply 300,000 tonnes per year of pipeline gas, re-gasified from LNG, for two years from 2021. Increasing the availability of natural gas to customers across China supports the country’s aim to transition from coal to gas as well as our own aim to grow our integrated gas portfolio, including equity, LNG and merchant gas. With our world-class technologies, marketing and trading capabilities, we have developed an innovative, diversified and flexible integrated business model enabling us to both provide more LNG to the region and increase our access to downstream gas markets. Federica Berra SVP, integrated gas and power 30% bp’s interest in GDLNG ~22% of China’s total LNG imports accounted for by GDLNG 1 Reimagining convenience and mobility in India Jio-bp, our fuels and mobility joint venture with Reliance Industries Limited (RIL), has opened its first ’mobility station’, providing a fully integrated customer offer. This includes: high-quality fuels, EV charge points, tailored convenience offers – including our Wild Bean Cafe, and Castrol products and services. We expect the existing network of 1,400 Reliance fuel stations to be rebranded to Jio-bp over the coming months. 2 EV charging goes carbon neutral in China bp-xiaoju – an EV charging joint venture between bp and DiDi – now provides all customers using its network of charging sites across China with carbon neutral charging. The offer was built around China’s new national standard for carbon neutrality, and offsets the lifecycle carbon emissions from the power purchased by customers. 4 Powering bp service stations with 100% renewable energy Lightsource bp’s West Wyalong solar farm is set to supply renewable energy to 88 bp retail sites across New South Wales, Australia through a power purchase agreement with Snowy Hydro. The sites are expected to be powered by 100% renewables from January 2023, marking another step towards our net zero ambition. 5 Key Resilient hydrocarbons Convenience and mobility Low carbon energy Starting up a new deepwater gas field in India bp and RIL started production from the Satellite Cluster gas field in block KG D6 (operated by RIL) off the east coast of India in 2021. The Satellite Cluster is the second of three deepwater gas developments in the block to come onstream, which together are expected to produce around 1 billion cubic feet a day of natural gas by 2023, meeting up to 15% of India’s gas demand. 3 For more on our strategic focus areas, see page 16

30 bp Annual Report and Form 20-F 2021 What we mean by Paris-consistent As a reminder, the CA100+ 2019 resolution requires us to disclose the strategy that the board considers in good faith to be consistent with the Paris goals. When we refer to ‘consistency with Paris’ we consider this to mean consistency with the world meeting the goals set out in Articles 2.1(a) and 4.1 of the Paris Agreement on Climate Change. The Glasgow Climate Pact agreed by the Parties at COP26 in November 2021 reaffirmed the temperature goal set out in Article 2 of the Paris Agreement. We believe the world is on an unsustainable path – the carbon budget is running out – and needs to reach net zero greenhouse gas emissions. We believe there are a range of global pathways to achieve the Paris goals, with differing implications for regions, industries and sectors, so business strategies need to be flexible and resilient to this uncertainty. bp’s strategy is informed by all these considerations. It is designed to create long-term value for shareholders, while enabling delivery of our net zero ambition – to become a net zero company by 2050 or sooner, and to help the world get to net zero. It is designed to be resilient to the uncertainty of the energy transition across many different potential pathways, including various Paris-consistent pathways. In the 2020 bp Annual Report and Form 20-F we set out, based on three key principles, why the board considers our strategy to be consistent with the Paris goals. Here we set out, on the same three grounds, why the board continues to consider this to be the case, and why our progress over the last year has reinforced our confidence in this belief. 1. Informed by Paris-consistent energy transition scenarios We use scenarios described in the bp Energy Outlook and from other organizations to inform our core beliefs about the energy transition. We believe that it is neither useful nor sensible to try to identify one scenario as being more or less likely than another, and therefore considering a broad range of scenarios from multiple sources to develop and test our strategic thinking helps to increase our confidence in the robustness and resilience of our strategy to the range of uncertainty we face. Pursuing a strategy that is consistent with the Paris goals Consistency with the Paris goals We are confident that our approach is science- based. We see the Intergovernmental Panel on Climate Change (IPCC) as the most authoritative source of information on the evolving science of climate change and we use it and other sources to inform our strategy. The IPCC highlights that there are a range of global pathways by which the world can meet the Paris goals, with differing implications for regions, industry sectors and sources of energy. In the last year… The bp Energy Outlook 2022 has been updated to reflect the significant developments in the pace and nature of the energy transition. It includes two Paris-consistent scenarios that we use to inform the company’s strategy, specifically the Accelerated and Net Zero scenarios. See Energy Outlook, page 10 and bp.com/energyoutlook 2. Strategic resilience We believe our strategy positions bp for success and resilience in a Paris-consistent world – a world that is progressing on one of the many global trajectories considered to be Paris consistent, and ultimately meets the Paris goals. In setting the strategy, the board and management referred to a range of scenarios including those set out in the bp Energy Outlook 2022. The strategy diversifies bp’s portfolio and business interests, reducing the risk that challenges facing a single business area might adversely affect bp’s strategic resilience. In addition, within the inevitable constraints associated with factors such as long-term capital investments, contractual commitments and organizational capabilities at any given time, part of the company’s ability to maintain its strategic resilience rests on the governance by which the strategy can be kept under review as necessary in light of new information and changes in circumstances. In our climate-related financial disclosures on page 55 we describe how we have conducted a scenario analysis to test our view of the resilience of our strategy to different climate-related scenarios, including those that are classified by the World Business Council for Sustainable Development (WBCSD) to be consistent with well below 2°C and 1.5°C outcomes. As we explain on page 61, for the purposes of the scenario analysis, the resilience of our strategy to climate-related transition risks and opportunities was considered through three lenses – our ability to continue to (i) deliver shareholder value, (ii) maintain a strong balance sheet and (iii) invest in the energy transition under a range of possible transition pathways, including those that are Paris-consistent. The scenario analysis and resilience test were designed to identify the most relevant transition risk variables for each in-scope business area, and the most extreme range in 2030 for each of those variables across all of the scenarios included in the WBCSD Catalogue as of January 2022. Oil price was the only such variable we considered to have the potential to adversely affect the resilience of our strategy in the timeframe of the analysis. We therefore conducted a quantified test of the resilience of our strategy against the most extreme downside of that range for the oil price from 2023-2030. While the results of any such analysis must be treated with caution – because each is necessarily dependent on many assumptions and methodological choices, and each has its own limitations – overall, this resilience test reinforced our confidence in the resilience of our strategy to a wide range of ways in which the energy system could evolve throughout this decade, including in scenarios consistent with limiting temperature rise to 1.5°C. The analysis also reinforced our recognition that in a sustained very low oil price environment mitigating actions may be necessary, while highlighting that there is no clear-cut correspondence between oil price and the temperature goal with which a scenario is associated. Notably, while the lowest oil price was associated with a 1.5°C scenario, in four of the six 1.5°C scenarios we used – and in four of the six 2°C scenarios used – the oil price in 2030 was found to be higher than bp’s own oil price planning assumption for 2030. In the last year… For the purposes of the scenario analysis exercise referred to above, we used scenarios from the soon-to-be published WBCSD ‘Climate Scenario Analysis Reference Approach for Companies in the Energy System’, developed at the request of, and with support from, the Task Force on Climate-related Financial Disclosures (TCFD). Our chief economist participated in this work.

31 Strategic report bp Annual Report and Form 20-F 2021 See glossary on page 377 The WBCSD Scenario Catalogue comprises three ‘Climate Scenario Reference Families’: ‘Paris Ambitious 1.5°C ’, ‘Paris-Aligned Well-Below 2°C’ and ‘Current Policies/BAU’. We have drawn on the Scenario Catalogue to test the resilience of our strategy and understand the potential implications of a range of possible energy transition scenarios for a potential future bp portfolio mix. Our approach to this scenario analysis, and the outputs from it, are discussed in detail in our TCFD Strategy disclosures. See Climate-related financial disclosures, page 55 3. Contributes to net zero We believe that our strategy enables bp to make a positive contribution to the world achieving net zero GHG emissions and meeting the Paris temperature goals – outcomes which we believe to be in the best interests of bp as well as beneficial to society generally. We see huge opportunity in the energy transition – the transformation of the energy system that we believe to be a necessary feature of the world’s efforts to meet the Paris goals. There are many different ways in which a company at the heart of the energy sector can make a meaningful contribution to the world getting to net zero. These include: policy advocacy and seeking to use the company’s influence with trade associations who also conduct climate-related policy advocacy, low carbon collaboration and support for others, such as cities and companies, in their own decarbonization efforts, and investments in low carbon and technology development. bp seeks to advance these areas through our aims in support of our net zero ambition, including aims 6-10 which are focused on activities which can help the world get to net zero, see page 51. And as we pursue our strategy, our diversification and the growth of our low carbon businesses may also contribute to helping the world get to net zero. For example, in markets where we plan to scale our electric vehicle (EV) charging networks, this may contribute to reducing the ‘range anxiety’ which is one factor holding people back from purchasing electric vehicles. Some ways of contributing are more readily measured by quantitative metrics than others – but all can be important, whether or not they translate into GHG reductions for the company. To illustrate this, in terms of low carbon investment, by 2030 we aim to increase our amount of developed renewables to final investment decision to 50GW, as part of our increased capital expenditure on low carbon businesses. This aim supports the Paris goals by increasing the low carbon options available to energy consumers. However, it does not reduce our Scope 1, 2 or 3 emissions. And it may not result in a decrease in the overall intensity of bp’s marketed products, because that is dependent on the extent to which we – rather than another party such as a buyer of the developed project – market the resulting renewable power, which Responding to increased shareholder interest on Paris consistency In 2019 the board recommended that shareholders support a special resolution requisitioned by Climate Action 100+ (CA100+) on climate change disclosures. The CA100+ resolution passed with more than 99% of the vote. This is the third year we have included responses throughout the annual report. We have adopted a similar approach to that taken in the bp Annual Report and Form 20-F 2020. The CA100+ resolution, which includes safeguards such as protections for commercially confidential and competitively sensitive information, is on page 377. Key terms related to this resolution response are indicated with  and defined in the glossary on page 377. These should be reviewed with the following information. Element of the CA100+ resolution Related content Where Strategy that the board considers in good faith to be consistent with the Paris goals. Our strategy and business model Pursuing a strategy that is consistent with the Paris goals 12 30 How bp evaluates each new material capex investment for consistency with the Paris goals and other outcomes relevant to bp strategy. Our investment process 32 Disclosure of bp’s principal metrics and relevant targets or goals over the short, medium and long term, consistent with the Paris goals. Key performance indicators Sustainability: net zero targets and aims See ‘TCFD metrics and targets’ for an overview 24 51 66 Anticipated levels of investment in: (i) Oil and gas resources and reserves. (ii) Other energy sources and technologies. Financial frame: disciplined investment allocation Investment in non-oil and gas 20 33 bp’s targets to promote operational GHG reductions. Sustainability: net zero targets and aims (in table) 51 Estimated carbon intensity of bp’s energy products and progress over time. Sustainability: aim 3 52 Any linkage between above targets and executive pay remuneration. Directors’ remuneration report 2021 annual bonus outcome 2020 remuneration policy on page 116 122 137 is a commercial consideration. Where we do not sell that power, our development of the renewables is effectively ‘invisible’ in terms of our GHG metrics. Under aim 6 we aim to more actively advocate for policies that support net zero, including carbon pricing. Helping policymakers to design and put in place low carbon policies can help deliver our strategy and capitalize on the huge opportunities associated with achieving the Paris goals. Well-designed low carbon policies can advance the decarbonization of a whole economy – something potentially of far greater impact than anything a single company can achieve through its own portfolio. In the last year… Our progress against our strategy and growing confidence in business opportunities associated with net zero value chains meant that in February 2022 we were able to announce some changes to our net zero aims 1 and 3 as part of an update on our strategic progress. For more information see page 51. This creates a package of net zero carbon aims across our operations, production and sales. These announcements also reinforce our belief that our strategy enables us to make a positive contribution to meeting the Paris goals. We have also actively advocated for policy to support net zero, for some examples of this work, see page 52.

32 bp Annual Report and Form 20-F 2021 Our investment process Our investment process How we use price assumptions Our price assumptions are determined for use in our investment appraisal processes. They are also used to inform decisions about internal planning and the value-in-use impairment testing of assets for financial reporting. The role of price assumptions As part of our strategy development, we review our portfolio and capital development plans. This work informs our view of the price environment and its balanced investment criteria. Together these create a framework that seeks to ensure investments align with our strategy and add shareholder value. We attach increasing weight to the possibility that the pace of transition to a lower carbon economy and energy system could accelerate. While we increased our price assumption for Brent oil out to 2030 in the second quarter of 2021 to reflect near-term supply constraints, we also revised down our long- term Brent oil price assumptions to 2050. Over the next few years we expect to see continued periods of market volatility as demand recovers against a backdrop of reduced levels of investment. However the role of long-term price assumptions is to look through this near-term volatility and help us to confirm the resilience we expect of our future projects to the longer-term trends affecting our industry. In the second quarter of 2021 our investment appraisal long-term price assumptions were reviewed. For Brent oil and Henry Hub gas, they average around $56/bbl and $2.9/ mmBtu (2020 $ real) respectively, from 2022 to 2050, and we consider these long-term price assumptions to be in line with a range of transition paths consistent with the Paris goals. However, they do not correspond to any specific Paris-consistent scenario. Where applicable, we also continue to use carbon prices rising to $100/tCO2e in 2030 and $250/tCO2e by 2050 (2020 $ real) for operational greenhouse gas (GHG) emissions in certain investment cases, as explained on page 34. Investment process price assumptions All investments are evaluated against our long-term price assumptions across a range of alternative prices (central, upper and lower) for oil, natural gas and refining margins. In addition, all investment cases with anticipated annual GHG emissions (bp net basis) from operations above 20,000 tonnes of CO2 equivalent must estimate those anticipated GHG emissions and include an associated carbon price in the investment economics. All price assumptions place some weight on scenarios in which the transition to a low carbon energy system is sufficiently rapid to meet the goals of the Paris Agreement, as well as scenarios in which the transition is not, or may not be, sufficiently rapid. They also place some weight on a range of other factors, which can drive prices, and which are not related to the Paris goals. These price ranges do not link to specific scenarios or outcomes, but instead try to capture the range of different possibilities surrounding the future path of the global energy system. The nature of the uncertainty means that these price ranges inevitably reflect considerable judgement. The ranges are reviewed and updated on an annual basis as our understanding and judgement about the energy transition evolves. In addition to consideration of a range of price assumptions, investment cases are asked to assess the impact of alternative assumptions covering a range of other variables related to the economics of the investment, such as cost, resource, policy changes and schedule, to highlight the robustness of investment cases to a range of other factors. Key investment appraisal assumptions T 2020 $ real 2022 2025 2030 2040 2050 Brent oil ($/bbl) 60 60 60 55 45 Henry Hub gas ($/mmBtu) 3.00 3.00 3.00 3.00 2.75 Refining marker margina 11 12 12 10 10 Carbon price (US$/tCO2e) T 2020 $ real 2022 2025 2030 2040 2050 50 50 100 200 250 Impairment testing Our best estimate of future prices for use in value-in-use impairment testing continues to be based on the annual review of investment appraisal price assumptions, with quarterly review of near-term prices to confirm that the assumptions appropriately reflect any changes to expectations due to short-term market trends. As a result of the revision made in the second quarter of 2021 to oil and gas price assumptions used for investment appraisal, we also revised the price assumptions we use in value-in-use impairment testing. Other than the 2022 Brent and Henry Hub price assumptions, which are $70/bbl and $4.00/mmBtu (both 2020 $ real) respectively, for value-in-use impairment testing, these two price sets remain aligned, except that potential future emissions costs that could be borne by bp are included in investment appraisals as bp costs, generally without assuming incremental revenue, in order to incentivize engineering solutions to mitigate carbon emissions on projects. For the treatment of emission cost assumptions in value-in-use impairment testing, see Financial statements – Note 1 a The disclosed RMM assumption in this table excludes carbon pricing impacts and assumes a normalized cost of renewable identification numbers (RINs).

33 Strategic report bp Annual Report and Form 20-F 2021 See glossary on page 377 Investment in non-oil and gas Our aim 5 is to increase the proportion of investment we make into our non-oil and gas activities. Over time, as investment goes up in low and no carbon, we see it going down in oil and gas. As we continue towards our net zero ambition, we target increasing our low carbon investment to $3-4 billion per year in 2025, and aim to increase it to at least $5 billion per year in 2030. In 2021, our investment in low carbon increased from around $750 million in 2020 to nearly $2.2 billion, the majority of which is related to investments in offshore wind, electric vehicle charging and solar. Offshore wind: we completed the formation of a 50:50 strategic US offshore wind partnership with Equinor to jointly develop up to 4.4GW of capacity in two major lease areas off the US east coast through projects Empire Wind and Beacon. In the UK, bp and 50:50 partner EnBW were jointly selected as the preferred bidder for two 60-year leases in the UK’s first offshore wind leasing round in a decade, see page 23. Solar: Lightsource bp is further accelerating growth, now targeting up to 25GW of capacity by 2025 and has agreed to exclusively develop a 9GW solar pipeline for bp, following our 2021 acquisition of 7X Energy, see page 19. Convenience & mobility: we have increased investment in our EV charging business compared to 2020. This aligns with our aim to accelerate our EV charging ambition across key growth markets and to grow our network of around 13,100 charge points today, to more than 100,000 by 2030. In 2021, we acquired AMPLY Power, an EV charging and energy management provider for fleets in the US, accelerating our entry into one of the fastest growing fleet charging markets in the world. In Europe, we entered a strategic partnership with Mercedes- Benz and BMW with an investment in Digital Charging Solutions, a leading developer of digital charging software for automotive manufacturers and fleet operators, connecting EV drivers across Europe to our network of charge points. Hydrogen is another key area where we expect significant future scale-up through our announced H2 Teesside (see page 14), Lingen and Oman projects, which are part of our high- graded hopper. As announced in February 2022, going forward we expect to increase the proportion of capital expenditure invested in transition growth businesses to more than 40% of total spend by 2025 rising to around 50% by 2030. This is underpinned by five transition growth engines: bioenergy, convenience, EV charging, renewables and hydrogen see page 16. Investment governance and evaluating consistency with the Paris goals Governance framework bp’s investments fall within a governance framework. This seeks to ensure investments align with our strategy, fall within our prevailing financial frame, and add shareholder value. It also means that investments can be assessed consistently and against a range of outcomes relevant to our strategy, including a range of environmental and sustainability criteria. Investments follow an integrated stage-gate process designed to enable our businesses to choose and develop the most attractive investment cases. A balanced set of investment criteria is used, see page 34. This allows for the comparison and prioritization of investments across an increasingly diverse range of business models. The governance framework also specifies that proposed investments are tested against the relevant assumptions, including carbon prices for projected operational emissions where applicable, and are subject to assurance by functions independent of the business before a final investment decision (FID) is taken. The role of the board The board assesses capital allocation across the bp portfolio, including the level and mix of capital expenditures and divestments, strategic acquisitions, distribution choices and deleverage. The board reviews and approves capital investments that are more than $3 billion for investments in resilient hydrocarbons projects, more than $1 billion for investments in all non-oil and gas investments and, in addition, any significant inorganic acquisition that is exceptional or unique in nature. Resource commitment meeting For capital investments above defined financial thresholds for organic or inorganic spend, investment approval is conducted through the executive-level resource commitment meeting (RCM), which is chaired by the chief executive officer. The RCM reviews the merits of each investment case against a balanced set of criteria and considers any key issues raised in the assurance process. The CA100+ resolution requires bp to disclose how we evaluate the consistency of new material capex investments with (i) the Paris goals and (ii) a range of other outcomes relevant to bp’s strategy. bp’s evaluation of consistency of such investments with the Paris goals was undertaken by the RCM for new material capex investments sanctioned in 2021, see page 36. bp’s evaluation of an investment’s consistency with ‘a range of other relevant outcomes’ is achieved by considering its merits against bp’s balanced investment criteria, described on page 34. Cross-group meetings and forums Meetings and forums to allow cross-group discussions and integration. Includes country forums, regional energy plan forum, the production & operations carbon table and digital forum. The forums do not hold decision rights, but inform and underpin the decision- making process delivering integration opportunities across bp. bp board Reviews and approves investment cases more than $3 billion for resilient hydrocarbons, more than $1 billion for all transition or low carbon investments and any significant inorganic acquisition that is exceptional or unique in nature. Resource commitment meeting Forum for approval of investments related to existing and new lines of business above $250 million organic and $25 million inorganic, or which exceed the relevant EVP financial authority, and any project considered strategically important such as a new market entry. Investment allocation committees EVP-level forums to review investment cases within a business group as per individual EVP financial authority (up to $250 million organic, $25 million inorganic capital investment). Business unit investment governance meetings SVP-level forums which review investment cases within a business group, enabler or integrator up to the individual SVP financial authority.

34 bp Annual Report and Form 20-F 2021 Our investment process continued Six investment criteria T Strategic alignment Safety and risks Sustainability Optionality and integration Investment criteria Volatility and rateability Investment economics Strategic alignment For all investment cases, we consider whether the investment supports delivery of our strategy to become an integrated energy company and our net zero aims. We also assess if the investment case involves distinctive capability that bp has, or intends to develop, and whether it adds to an existing ‘scale’ business within the portfolio or could help us create one. Safety and risks For all investment cases, we provide an assessment of the key risks unique to the investment which have a significantly higher probability than usual or have a significantly greater impact (relative to the size of the project) were they to occur. Safety risk management at bp is underpinned by our operating management system, which is designed to sustainably deliver safe, reliable and compliant bp operations. Sustainability For all investment cases, we consider how any proposed business opportunity is connected to the energy transition and societal needs and the environment. This approach is underpinned by our sustainability frame and purpose. Investment cases above defined thresholds for anticipated annual GHG emissions from operations must estimate those anticipated emissions and factor carbon pricing for those emissions into the investment economics. Investment economics For all investment cases, we consider investment economics against a range of relevant measures, including internal rate of return, net present value, discounted payback, and profitability index, using relevant commodity prices, margins and carbon prices, see page 32. Investments are considered against differentiated hurdle rates at different price assumptions. 1. For our resilient hydrocarbons portfolio, a payback of less than 10 years for upstream oil and refining and 15 years for upstream gas; together with an internal rate of return hurdle of 15-20%. 2. For our convenience and mobility business, we seek a portfolio-level return in excess of 15%. 3. For renewables, which typically receive debt financing, we seek levered internal rates of return of 8-10%. Each investment’s expected internal rate of return in our lower-price case is also considered against a cost of capital hurdle rate. Volatility and rateability Our investment economics metrics also consider the degree of uncertainty of the cash flows when considering investment cases. For example, some cases have more certainty of future costs and revenue projections. Variations in net present values for the key variables in an investment case are quantified by sensitivity analysis to give a range of potential outcomes against our key investment hurdles. Optionality and integration Our assessments seek out integration along value chains. For example, we can integrate our US crude production with demand for refined products in Australia, Europe or China. We also look for integration across multiple products and services and multiple geographies and customers. For example, we explore ways to couple renewable power supply from wind and solar with gas- fired generation and investments in green hydrogen to address intermittency, which can offer customers more reliable electricity. We are also investing in technology companies with offerings designed to optimize energy use – these have the potential to leverage our trading activity and complement our own customer offers. Our investments from our natural climate solutions portfolio can offer credits to help offset carbon emissions associated with products offered to some of our customers. Balanced investment criteria All group-wide investment cases must set out their investment merits and are considered against a set of balanced investment criteria. This standardized approach is intended to create a level playing field for decision-making and allows portfolio-wide comparisons of investment cases. Further, the decision to endorse an investment based on the information provided represents bp’s evaluation that the investment is consistent with what the 2019 CA100+ resolution refers to as “a range of other outcomes relevant to bp’s strategy”. In 2021 the standardized approach for investment cases was reviewed to place more prominence on how the investment cases fit with our sustainability aims. The intent is to facilitate the discussion of an investment case’s consistency with the Paris goals, any significant sustainability issues that have been identified, and any impact on or contribution to our aims 1 to 3, in the context of the strategic rationale for the investment case. This helps to maintain the consistency of our investment framework with our strategy. When taking investment decisions, decision makers in bp are expected to consider the six investment criteria outlined below, although their decisions may also take other factors into account as appropriate. Strategy and business model, see page 12 Our net zero aims, see page 51

35 Strategic report bp Annual Report and Form 20-F 2021 See glossary on page 377 Quantitative evaluations T We considered quantitative guide levels to inform the evaluation of each investment’s consistency with the goals of the Paris Agreement. As we stated in the bp Annual Report and Form 20-F 2020, we continue to develop our approach. As a result, in the third quarter of 2021, we added a guide level for investment economics related to our lower-price case – that an investment’s expected internal rate of return (IRR) exceeds the expected cost of capital even under our lower-price case. We have also lowered our operational carbon intensity guide in line with our decreasing portfolio average. As our approach matures with experience, we may continue to adjust or supplement our methodology. There may be instances when new material capex investments are evaluated as consistent with the Paris goals despite either or both of these guide levels not being met. Investment economics We calculate economic indicators using our central and lower-price cases, and applying our carbon price assumptions to relevant operational GHG emissions. See page 32 for our key oil and natural gas price assumptions, which – as noted above – are in line with a range of scenarios consistent with the Paris goals. We then compare the economic indicators to the relevant economic hurdles, see page 34. We would typically target a minimum threshold of greater than 1.0x the relevant IRR guide levels, and less than 1.0x any relevant payback guide level. Sustainability Where appropriate, we measure the operational carbon intensity of the investment relative to that of the 2021 portfolio average for the segment or the related business activity (upstream and refining). We would normally target a ratio of less than 100%, meaning that the investment is expected to reduce the average operational carbon intensity of that portfolio. The potential impact of new material capex investments on bp’s net zero aims is a further consideration. Paris consistency evaluation process Our new material capex investments are intended to support the delivery of bp’s strategy. Investments in scope for evaluation are defined as: New: investment in a new project or extension of an existing project/asset or share of an entity that is new to bp or a substantial increase in bp’s share. Material: more than $250 million capex investment. When evaluating the consistency of our 2021 new material capex investments with the Paris goals, a focus of the evaluation was on their competitiveness and financial robustness as the prices of different forms of energy and products adjust in response to the changing market environment. For new material capex investment decisions, the evaluation used our central price assumptions, key elements of which are set out on page 32. Starting in the third quarter we also evaluated investments using our lower-price case. The evaluation also used our carbon price assumptions when relevant, applied to the anticipated operational greenhouse gas emissions associated with the investment, for the period to 2050. These include a price of $100/tCO2 in 2030 which rises to $250/tCO2 in 2050 (2020 $ real). In addition to the quantitative evaluations described below, the RCM may also evaluate new material capex investments against the six balanced investment criteria (see page 34) using qualitative assessments.

Investment economics Against economic hurdles Sustainabilityb Carbon intensity (%) Guide Guide Low carbon cases a The 2021 investments have been compared to relevant guides (as applicable to the evaluation of each investment) and are presented here in order of the ratio to the relevant central-price case IRR guide level. As a result, the evaluations against the two types of quantitative benchmark do not necessarily follow the same order. b For two of the investments, the carbon intensity was not calculated due to the nature of these investments. The projected carbon intensity of low carbon and electric vehicle businesses is not considered necessary to quantify for these purposes as the relevant operational emissions are not expected to be significant. 36 bp Annual Report and Form 20-F 2021 Our investment process continued Evaluation outcome Decisions taken in 2021 In 2021 three new material capex investment decisions (more than $250 million) were evaluated for Paris consistency. ScotWind offshore wind bp and Energie Baden-Württemberg AG (EnBW) have been awarded a lease option off the east coast of Scotland to develop a major offshore wind project called Morven. The location allows the partners to develop a fixed-bottom offshore wind project with a total generating capacity of around 2.9GW, sufficient to power more than three million homes. We also aim to accelerate Scotland’s energy transition and create a new global offshore wind operations and maintenance centre of excellence in Aberdeen. bp has a 50% interest in this investment. Irish Sea offshore wind bp and EnBW entered the UK’s offshore wind power sector, forming a 50:50 joint venture to jointly develop and operate two projects (Morgan and Mona) in the Irish Sea that we expect to offer a combined potential generating capacity of 3GW, sufficient to power the equivalent of approximately 3.4 million UK households with clean electricity. Mento gas development in Trinidad & Tobago bp and field operator EOG have approved gas development at the Mento project in Trinidad & Tobago. bp has a 50% working interest share of this investment. In 2021 three new material capex investments were approved. All three of these investments were evaluated as being consistent with the Paris goals. Two out of the three new material capex investments were offshore wind projects in our low carbon portfolio. Evaluation of investment performance against each of the quantitative guide levelsa All three investments met the relevant ‘central-price case’ IRR hurdle guide level as shown on the chart and are either low carbon investments (and therefore not evaluated against operational carbon intensity) or met the carbon intensity guide level. For this reason, the two in-scope low carbon investments are not presented in the carbon intensity evaluation.

51 Strategic report bp Annual Report and Form 20-F 2021 See glossary on page 377 Sustainability Sustainability at bp Our frame focuses on three areas where we believe we can make the biggest difference – getting to net zero, improving people’s lives and caring for our planet – with aims and objectives linked to the UN Sustainable Development Goals. We report on our progress embedding and delivering our frame in our latest sustainability report. Read more at bp.com/sustainability Our focus area: Getting to net zero Sustainability is a critical foundation of our strategy. Our sustainability frame links our strategy to our purpose – reimagining energy for people and our planet. Our ambition is to be a net zero company by 2050 or sooner, and to help the world get to net zero. In 2021 we continued to make progress against the five aims to help bp get to net zero that we announced in February 2020. In February 2022 we announced that our strategic progress, combined with growing confidence in the business opportunities that the energy transition offers, has enabled us to update some of our net zero aims. We now aim to be net zero across operations, production and sales. a Cumulative reductions against the 2019 baseline on an absolute basis. b Previously 30-35%. c Cumulative impact on average emissions intensity of marketed energy products against the 2019 baseline d Cumulative reduction in the carbon intensity of the energy products we sell against the 2019 baseline. e Previously >15%. f Previously 50% cumulative reduction in the average emissions intensity of marketed energy products against the 2019 baseline. g The 2021 methane intensity is calculated using existing methodology and, while it reflects progress in reducing methane emissions, will not directly correlate with progress towards delivering the 2025 target under aim 4. h The 0.20% carbon intensity target is based on our new measurement approach, which we aim to have in place across the relevant operations by the end of 2023. The 50% reduction we are aiming for is against a new baseline which we plan to set based on that new measurement approach. i In 2021, capital expenditure against our aim 5 activities has increased from $750 million in 2020 to nearly $2.2 billion, the majority of which related to investments in offshore wind, electric vehicle charging infrastructure and solar. Reporting on sustainability We updated our sustainability materiality assessment process in 2021 to take into account our sustainability frame as well as external developments related to sustainability and environmental, social and governance (ESG) issues. For the purposes of this section we have covered material issues, along with additional non-financial information in the following areas: • For aim 1, which encompasses our Scope 1 and 2 emissions from our operations, we are accelerating our 2030 aim from 30-35% to 50%. • For aim 3, we are aiming to reduce to net zero the carbon intensity of the energy products we sell by 2050 or sooner. Previously we had been aiming for a reduction of 50% in their carbon intensity. This aim now includes physical trades of energy products as well as marketing sales. For 2030 we are now aiming for a 15-20% reduction in the lifecycle carbon intensity of these products. These changes are not yet reflected in our basis of reporting. For 2021 purposes we report using the prior year basis. Looking ahead, we plan to report progress against these updated aims. What we mean by net zero See glossary on page 378 for our definition of net zero. • Getting to net zero – below. • Climate-related financial disclosures – see pages 55. • Improving people’s lives – see page 67. • Caring for our planet – see page 68. • Foundations – values and code of conduct, safety, people, ethics and compliance, see page 69. Read more bp Sustainability Report 2021 Aim 2021 performance 2025 target 2030 aim 2050, or sooner, aim 1 Net zero operations 35%a 20%a 50%a,b Net zero 2 Net zero production 16%a 20%a 35-40%a Net zero 3 Net zero sales 0%c 5%d 15-20%d,e Net zerof 4 Reducing methane 0.07%g 0.20%h 50% reductionh 5 More $ for new energies $2.2bni $3-4bn ~$5bn

52 bp Annual Report and Form 20-F 2021 Sustainability continued Aim 1 is to be net zero across our entire operations on an absolute basis by 2050 or sooner. This aim relates to our Scope 1 (from running the assets within our operational control boundary) and Scope 2 (associated with producing the electricity, heating and cooling that is bought in to run those operations) GHG emissions on an operational control boundary. Our combined Scope 1 and Scope 2 emissions decreased by 35% against the 2019 baseline (54.4MtCO2e)a and by 22% compared to 2020 (45.5MtCO2e)a. This means that while we have exceeded our 2025 target, we have more work to do to achieve our overall net zero aim by reducing emissions while bringing new projects online. Scope 1 (direct) emissions, covered by aim 1, were 33.2MtCO2ea in 2021, a decrease of 20% from 41.7MtCO2ea in 2020. 32.0MtCO2ea of those emissions were from CO2 and 1.1MtCO2ea from methaneb. Scope 2 (indirect) emissions decreased by 1.4MtCO2ea, to 2.4MtCO2ea in 2021, a 37% reduction compared to 2020. bp equity share reporting We also report our Scope 1 and 2 emissions on an equity share basisc. In 2021, our combined Scope 1 and 2 equity share emissions decreased by around 14% to 39.1MtCO2e (2020 45.5MtCO2e). The reduction was associated with a number of factors such as divestments, including of our Alaska operations, sustainable emissions reductions (SERs) and turnarounds. Find more data at bp.com/ESGdata Aim 2 is to be net zero on an absolute basis across the carbon in our upstream oil and gas production by 2050 or sooner. This is our Scope 3 aim and, based on bp’s net share of productionc, excluding bp’s share of production in Rosneft. It is associated with the CO2 emissions from the assumed combustion of upstream production of crude oil, natural gas and natural gas liquids (NGLs). The estimated emissions from the carbon in our upstream oil and gas production were 304MtCO2ea in 2021, a reduction of approximately 7% from 328MtCO2ea in 2020, mainly associated with portfolio changes, including divestments and existing field decline. This is in line with our aim to reduce our oil and gas production and was partially offset by major project start-ups and new well deliveries. We are on track to meet our 2025 target of a 20% reduction against a 2019 baseline. Aim 3 is to reduce to net zero the carbon intensity of the energy products we sell by 2050 or sooner. This is a lifecycle carbon intensity approach, per unit of energy. This aim relates to the rate of GHG emissions estimated on a lifecycle basis from the use, production, and distribution of energy products per unit of energy (MJ) delivered. For the 2019 to 2021 reporting years, it covers marketing sales of energy productsd. As updated in February 2022, the scope of aim 3 for future reporting years is expanding to include physically traded energy products as well as marketed sales. In future, it may also cover certain other products, for example, those associated with land carbon projects. Compared to the 2019 baseline, the carbon intensity of bp’s marketing sales of energy productse remained flat. This is because of a lower share in sales of gas and power products from 2019 to 2021, caused by a number of factors including a reduction in demand over the period and an increase in refined products demand post- COVID-19. Average emissions intensity of marketed energy productsefg (gCO2e/MJ) 2021 2020 2019 Average emissions intensity of marketed energy products 79a 79a 79a Refined energy products 92 92 93 Gas products 72 71 71 Bio-products 27 28 29 Power products 38 43 44 Aim 4 is to install methane measurement at all our existing major oil and gas processing sites by 2023, publish the data, and then drive a 50% reduction in methane intensity of our operations. And we will work to influence our joint ventures to set their own methane intensity targets of 0.2%. In 2020 we set an intensity target of 0.20% by 2025, using a measurement approach. Our methane intensity in 2021 was 0.07%ah, down from 0.12%a in 2020. Methane emissions from upstream operations, used to calculate our intensity, decreased by 40% to around 43.0kt, from 71.6kt in 2020. Marketed gas volumes decreased by 1% from 3,075bcf in 2020 to 3,058bcf in 2021. Aim 5 is to increase the proportion of investment we make into our non-oil and gas businesses. Our investment increased from around $750 million in 2020 to nearly $2.2 billion, the majority of which related to activities in offshore wind, solar and electric vehicle charging infrastructure. Read more about aim 5 on page 33. Aim 6 is to more actively advocate for policies that support net zero, including carbon pricing. We have stopped corporate reputation advertising campaigns and this is enabling us to redirect resources to promote well-designed climate policies. We publish examples of our activity in support of aim 6 online. See bp.com/advocacyactivities Aim 7 is to incentivize our global workforce to deliver on our aims and mobilize them to become advocates for net zero. This will include continuing to allocate a percentage of remuneration linked to emissions reductions for leadership and around 22,000i employees. a Deloitte has provided independent limited assurance, in accordance with the International Standard for Assurance Engagements (ISAE) 3000 (Revised), on selected sustainability information (subject matter), for the financial year ended 31 December 2021. Their assurance statement will be made available in the bp sustainability report 2021 at bp.com/sustainability. b Excluding bp’s share of production in Rosneft. On 27 February 2022, following the military action in Ukraine, the bp board announced that bp intends to exit its 19.75% shareholding in Rosneft Oil Company (Rosneft). c Due to rounding some totals may not agree exactly to the sum of their component parts. d Please see the Basis of reporting for the list of energy products covered at bp.com/basisofreporting e The weighted average GHG emissions per unit of energy delivered (in grams CO2e/MJ), estimated in respect of marketing sales of energy products. GHG emissions are estimated on a lifecycle basis covering production, distribution and use of the relevant products (assuming full stoichiometric combustion of the product to CO2). f We now report carbon intensity for aim 3 to the nearest whole number in gCO2e/MJ. Following publication of the 2020 bp Annual Report and Form 20-F, bp sustainability report and ESG datasheet, we identified minor data reporting corrections and implemented methodological improvements which have impacted the previously reported aim 3 figures. Recognizing that amendments and methodological enhancements may continue to occur in the future, we believe that the rounding of aim 3 figures in this way provides a more reliable and consistent representation of our performance. Since this is the first year of reporting on this basis, our ESG datasheet on bp.com also includes carbon intensity on the prior basis of rounding to one decimal place. g The aggregate lifecycle emissions and energy values used in the calculation of the average emissions intensity of marketed energy products is provided in our ESG datasheet on bp.com h The 2021 methane intensity is calculated using existing methodology and, while it reflects progress in reducing methane emissions, will not directly correlate with progress towards delivering the 2025 target under aim 4. i This figure was approximately 37,000 in February 2020. It has been updated to reflect the number of employees eligible for a cash bonus in 2021.

53 Strategic report bp Annual Report and Form 20-F 2021 See glossary on page 377 Our annual bonus for all eligible employees, including the bp leadership team, has been linked to a sustainability measure since 2019. The bonus scorecard against which our employees are measured incentivizes our people based on three themes: safety and sustainability (30%), operational performance (20%) and financial performance (50%). This includes a measure related to sustainable emissions reductions. In 2022 our annual bonus scorecard will remain unchanged for employees and we will expand sustainability measures in the long-term incentive plan scorecard for group leaders, through two social measures; employee engagement and an improvement in ethnic representation. From 2022, over 40% of the performance-based share awards for our senior leaders will be related to low carbon actions and delivering our purpose of reimagining energy for people and our planet. See the Directors’ remuneration report on page 116 and Share ownership on page 72 for more detail. Aim 8 is to set new expectations for our relationships with trade associations around the globe. We will make the case for our views on climate change within the associations we belong to and we will be transparent where we differ. And where we can’t reach alignment, we will be prepared to leave. In 2021 we published an update on the progress made by five organizations that we had found to be only partially aligned in our 2020 inaugural report. We plan to publish a further review in 2022. See bp.com/tradeassociations Aim 9 is to be recognized as an industry leader for the transparency of our reporting. On 12 February 2020, we declared our support for the recommendations of the Task Force on Climate-related Financial Disclosures (TCFD). We intend to work constructively with the TCFD and others – such as the Sustainability Accounting Standards Board (SASB)a – to develop good practices and standards for transparency. a SASB is now part of the Value Reporting Foundation (VRF). In 2021 we published our reporting against the SASB exploration & production standard. We also resumed submission to the CDP (Climate Disclosure Project) climate questionnaire and received an A- score. Streamlined energy and carbon reporting (SECR) information Further information on our greenhouse gas (GHG) emissions, energy consumption and energy efficiency is set out here and on the following page and includes disclosures in respect of the SECR requirements. Further breakdown of our GHG and energy data is available in our ESG datasheet at bp.com/ESG. Operational controlab Unit 2021 2020 Scope 1 (direct) emissionsc MtCO2e 33.2 41.7 UK and offshorec MtCO2e 1.0 1.7 Global (excluding UK and offshore)c MtCO2e 32.1 40.0 Scope 2 (indirect) emissions – location-basedd MtCO2e 2.4 3.2 UK and offshore MtCO2e 0.03 0.05 Global (excluding UK and offshore) MtCO2e 2.37 3.13 Scope 2 (indirect) emissions – market-basedcd MtCO2e 2.4 3.8 UK and offshorec MtCO2e 0.03 0.04 Global (excluding UK and offshore)c MtCO2e 2.38 3.77 Energy consumptione GWh 128,805 180,004 UK and offshorec GWh 4,386 7,005 Global (excluding UK and offshore)c GWh 124,419 172,999 Ratio of Scope 1 (direct) and Scope 2 (indirect) emissions to gross productionf teCO2e/te 0.17 0.20 UK and offshore teCO2e/te 0.13 0.17 Global (excluding UK and offshore) teCO2e/te 0.17 0.20 a Operational control data comprises 100% of emissions from activities operated by bp, going beyond the IPIECA guidelines by including emissions from certain other activities such as contracted drilling activities. b Due to rounding some totals may not agree exactly to the sum of their component parts. c Deloitte has provided independent limited assurance, in accordance with the International Standard for Assurance Engagements (ISAE) 3000 (Revised), on selected sustainability information (subject matter), for the financial year ended 31 December 2021. Their assurance statement will be made available in the bp sustainability report 2021 at bp.com/sustainability. d Value rounded to one decimal place. e Energy content of flared or vented gas is excluded from energy consumption reported as although it reflects loss of energy resources, it does not reflect energy use required for production or manufacturing of products. f Gross production comprises upstream production, refining throughput and petrochemicals produced. In support of our aim to work constructively with the TCFD and others, our chief economist participated in work with the World Business Council for Sustainable Development (WBCSD), co-ordinated by the Energy Forum and supported by the TCFD, to develop a Scenario Reference Catalogue to assist with corporate scenario analysis. We have used the WBCSD scenarios to inform our own scenario analysis and hope that others also find it useful. For our expanded TCFD disclosures, see page 55 Aim 10 is to launch a new team to create integrated clean energy and mobility solutions. We launched our regions, cities and solutions team in 2020. It will help countries, cities and corporations around the world decarbonize. In 2021 we continued to work towards our aim of partnering with 10-15 cities globally over the next decade. We now have three city or region partnerships. See bp.com/rcs

54 bp Annual Report and Form 20-F 2021 Energy efficiency measures Since 2016 we have delivered 6.5MtCO2e of sustainable emissions reductions (SERs) across our operated sites. This is our key metric for tracking annual reductions in greenhouse gas (GHG) emissions from energy efficiency savings and direct GHG emissions. A total of 120 SERs were delivered in 2021 leading to reductions of 1.6MtCO2e. This follows SERs of 1.0MtCO2e in 2020, which included reduced fuel use for water injection pumps through energy efficiency optimization in the Azerbaijan Georgia Turkey (AGT) region, and our US onshore operations, bpx energy, driving operational efficiencies and substantively reducing our methane emissions profile. Energy efficiency projects delivered in 2021 include: • AGT region – waste heat recovery logic modification to ensure the reliable performance and constant use of hot oil heater with fuel gas consumption reduction. • bpx energy – multiple projects across bpx sites including electrification and removal of existing compressors reducing fuel use in the Permian basin. • bp shipping – reduced fuel consumption by introducing more frequent hull cleaning, which improves the efficiency of our ships. • Oman operations – the automation of gas turbine generators (power export optimization) through automating the manual set point and reducing exported power to a minimum. • Eastern Trough Area Project (ETAP) facility in the North Sea – reduced fuel consumption through delivering spinning reserve reduction by running just one gas turbine. Sustainability continued Streamlined energy and carbon reporting (SECR) information continued We take a portfolio-wide approach to assessing and prioritizing spinning reserve reduction opportunities. Spinning reserve involves running additional power generation machines to provide an excess of energy supply to protect production from plant vulnerabilities, including power generation reliability. Reducing spinning reserve can cause greater production exposure to power fluctuations. We use a risk-based appraisal of the benefit and impact of implementing reductions when considering reducing the number of running machines. This allows bp to realize the emissions and maintenance cost reductions from fewer running machines, while managing the associated production risk. In 2021, we increased the size of the central energy efficiency team focusing on upstream and downstream assets. This team champions and builds knowledge within the energy efficiency discipline at bp by establishing energy best practices, benchmarking, and working on operational excellence. In 2021, several energy best practices were updated, and a scorecard was assembled to track key energy metrics for refineries. The team is involved in several external groups working on energy efficiency including OGCI, IOGP, and Energy Star. bp runs an annual training course for new chemical engineers which includes energy efficiency and offers GHG & energy efficiency training for more experienced engineers and practitioners. Reporting methodology Our approach to reporting GHG emissions broadly follows the IPIECA/API/IOGP Petroleum Industry Guidelines for Reporting GHG Emissions. We calculate CO2 emissions based on the fuel consumption and fuel properties for major sources, such as flares. We report CO2 and methane. We do not include nitrous oxide, hydrofluorocarbons, perfluorocarbons and sulphur hexafluoride as they are not material to our operations and it is not practical to collect this data. Ratio of Scope 1 and Scope 2 emissions to gross production bp reports a ratio of Scope 1 and Scope 2 emissions to gross production, see SECR table on page 53. This covers all our emissions and uses gross operated sales from our operated oil and gas facilities, refinery throughput and petrochemicals produced. The denominator uses output from production businesses, refineries and petrochemical facilities, which account for 95% of total operated emissions. The intensity ratio has improved due to our aim 1 reductions, as described on page 52.

55 Strategic report bp Annual Report and Form 20-F 2021 See glossary on page 377 Climate-related financial disclosures We support the recommendations of the Task Force on Climate-related Financial Disclosures (TCFD), which was established by the Financial Stability Board to improve the reporting of climate-related risks and opportunities. Consistent with our aim 9 – to be a recognized industry leader in the transparency of reporting – we announced in 2020 that we would work constructively with the TCFD, and others, to develop good practices and standards for transparency. In 2021 we contributed to work requested by the TCFD of the World Business Council for Sustainable Development (WBCSD) to develop a ‘Climate Scenario Analysis Reference Approach for Companies in the Energy System’. This work, due to be published in March 2022, is intended to provide business-relevant approaches to climate scenario analysis that support and inform disclosures about strategic resilience. Read more about how we have used the WBCSD Scenario Catalogue to inform our own scenario analysis under Strategy Recommended Disclosurea, page 61. TCFD statement This year we are reporting in line with the FCA listing rule for premium listed companies LR 9.8.6(8)b, which requires us to report on a ‘comply or explain’ basis against the TCFD Recommendations and Recommended Disclosures in respect of the financial year ended 31 December 2021c. We consider our climate-related financial disclosures to be consistent with all of the TCFD Recommendations and Recommended Disclosures and are therefore compliant with the requirements of Listing Rule 9.8.6(8). We have set out our disclosures against each TCFD Recommended Disclosure and in doing so have covered both the Recommended Disclosure and the related Recommendationd. Where applicable, therefore, we have made disclosures that take into consideration references made to the materiality of information in the Recommendations related to Strategy and Metrics & Targets. Although this is our first year of disclosing in compliance with the listing rule, our disclosures build on previous years. In preparing them we have had to make several judgements, and while we are satisfied that they are consistent with the Recommendations and Recommended Disclosures, we will continue to evaluate our options for future TCFD disclosures. We plan to monitor TCFD guidance as it evolves and will consider opportunities to enhance our disclosures. We welcome feedback on our disclosures. Governance TCFD Recommendation: Disclose the organization’s governance around climate-related issues and opportunities. Recommended Disclosure: a. Describe the board’s oversight of climate-related risks and opportunities. The role of the board is to promote the long-term sustainable success of the company, generating value for our shareholders while having regard to the interests of our other stakeholders, the impact of our operations on the communities where we operate and the environment. In performing this role, the board sets and monitors bp’s strategy and is responsible for monitoring bp’s management and operations and obtaining assurance about the delivery of its strategy. Any changes to the company’s purpose, strategy and values are reserved for the board for approval in accordance with the board-approved corporate governance framework. The board considers that the strategy allows us to be flexible to adapt to market changes and scenarios to remain consistent with the Paris goals, see page 30. The board’s responsibilities extend to oversight of bp’s internal control and risk management a Describe the resilience of the organization’s strategy, taking into consideration different climate-related scenarios, including a 2°C or lower scenario. b https://www.handbook.fca.org.uk/instrument/2020/FCA_2020_75.pdf c In considering the consistency of our disclosures with the TCFD Recommendations and Recommended Disclosures we have had regard to, among other things, the documents referred to in LR 9.8.6B and 6C, as applicable to the financial year 2021. d In preparing the disclosures we have referred to the TCFD implementation guidance ‘Annex: Implementing the Recommendations of the Task Force on Climate-related Financial Disclosures (June 2017)’, available from fsb-tcfd.org/publication e We interpret the term ‘climate-related issues’ to relate primarily to those climate-related risks and opportunities for bp which are relevant to the delivery of long-term shareholder value in the context of the low carbon transition. frameworks, including with respect to bp’s climate-related risks and opportunities. This is set out in the terms of reference of the board, which are available online at bp.com/governance. The board and its committees, including the safety and sustainability, audit, people and governance and remuneration committees, have oversight of climate-related issuese, which include climate-related risks and opportunities. The role of the committees in respect of climate- related risks and opportunities is set out below. Climate-related risks and opportunities were discussed at every board meeting covering strategy, of which six were held in 2021. The board committees consider climate-related issues where they consider it appropriate to do so in the execution of their responsibilities. Oral reports from each of the committee chairs are included at the board meeting so that the board is kept appraised of relevant matters discussed in those committees including, where applicable, in respect of climate-related risks and opportunities. The board continues to develop its knowledge and expertise on climate-related matters. For example, in 2021, it received a paper prepared by the chief economist to update them on key indicators which are used to track the energy transition, some of the key issues associated with these, and other developments shaping the political and societal trends affecting the energy transition. They also received training on Scope 1, 2 and 3 emissions to assist with their oversight of bp’s net zero aims 1-3. The board also reviewed corporate reporting documents containing climate-related disclosures. Our company secretary’s office manages the process by which board and committee agendas are set and works closely with teams in bp to develop materials that assist the board to discharge its responsibilities, including in respect of climate-related issues where relevant.

56 bp Annual Report and Form 20-F 2021 The table below sets out some examples from the year ended 31 December 2021, where the board and its committees considered climate-related issues: Forum How climate-related matters have been considered The board Reviewing and guiding the strategy and considering the annual plan and strategy • Consulted shareholders in a review of its aims and strategy to navigate the energy transition and meet the Paris goals. It considered and approved our new people and planet aims including those related to the just transition and natural climate solutions. • Reviewed individual business group strategy and performance, which in turn informed the budget and planning process for 2022. This review extended to understanding the capital commitments that are contemplated and their consistency with our strategy and with the Paris goals. • In considering the plan and budget for 2022 the board also considered, among other matters, our emissions and methane targets and aims, strategic priorities and opportunities, including electrification, offshore wind and hydrogen, alongside the ‘energy transition key indicators and issues’ paper from the chief economist. Risk Management • Approved revisions to the governance framework to give more clarity, to the extent considered appropriate, of how the board, committee and CEO’s roles relate to the management of climate change risk and opportunities. • The board receives yearly updates on Risk Management and, since July 2021, has received an update on emerging risk at each board meeting that includes transition risk. For further detail on the board’s role regarding risk oversight, see page 74. Monitoring implementation and performance • Monitored management’s progress in the execution of bp’s strategy, with updates from the CEO and CFO at board meetings covering, among other matters, performance against bp aims 1-3 and a sustainability and ESG update. • Reviewed the effectiveness of investment, including the emissions intensity of the project portfolio. Capital expenditure, acquisitions and divestments • At every board meeting the CEO provides an update on business development. This update covers projects across bp (which may include opportunities in the low carbon space, M&A opportunities and divestment options) which either involve investment or proceeds of more than $100 million or would represent a strategic business entry. The CFO provides a verbal update and where appropriate specific climate-related considerations are drawn out. • The board reviews and approves transition and low carbon investments above $1 billion and in 2021 considered bp’s bids alongside partner EnBW for leases in the UK’s offshore wind leasing round in the Irish Sea and the ScotWind bid in the North Sea, see page 33. Audit committee Read more on page 107 Risk Management • Evaluated the approach to governance of risk and recommended to the board for approval the allocation of the principal risks across the board and committees (including climate change and the transition to a lower carbon economy and process safety, personal safety and environmental risks). • Considered bp’s control and assurance framework in respect of bp’s ESG reporting and climate-related metrics. • Conducted its annual review of energy price assumptions covering the period 2022-2050 and challenged those assumptions for, among other matters, their consistency with the goals of the Paris Agreement compared to a broad spectrum of external Paris-consistent scenarios. Safety and sustainability committee Read more on page 114 Monitoring implementation and performance • Conducted a review of aims 1 and 4. The committee also received a summary of an executive outreach programme on the sustainability aims and considered the sustainability assurance findings. • Reviewed an update on the near-term and long-term reduction of emissions in the Permian including lower emission technologies and looked at GHG and methane measurements during its virtual site visit of Angola. • Received updates on the implementation of our sustainability frame (which includes our net zero ambition and aims) via reports from the EVP strategy, sustainability & ventures. Remuneration committee Read more on page 116 Performance objectives • Discussed and agreed the climate measures in the annual scorecards, for example the weighting for sustainable emissions reductions, required for bonus awards and the long-term incentive plans to align with bp’s purpose, strategy, values, culture and long-term sustainable success. People and governance committee Read more on page 104 Performance objectives • Reviewed people capability plans analyzing the skills and experience required for bp to deliver its strategy and net zero ambition including the skills requirements and programmes to develop capability and acquire knowledge across new businesses including offshore wind, hydrogen and electrification. Sustainability continued

57 Strategic report bp Annual Report and Form 20-F 2021 See glossary on page 377 authority flows down from the board, see page 74 for more information on risk governance and oversight. EVP level Where considered appropriate, climate-related risks and opportunities, were discussed at the bp leadership team meetings in 2021 as part of the regular business performance updates which are produced for these meetings. The resource commitment meeting reviews and evaluates investment decisions, see page 33. The bp leadership team provides oversight of risk, including climate-related risk, through the various committees described on page 74. The leadership team is informed about and monitors emerging risks via the ‘emerging risk paper’ produced by the SVP, finance, other businesses & corporate, which focuses primarily on short to medium term risk. They are also updated on the longer-term risks and opportunities associated with the energy transition via the ‘tracking the energy transition paper’ produced by our chief economist. These papers are shared with the board. The executive-level group sustainability committee was established to provide oversight, challenge and support in the implementation of bp’s sustainability frame and management of potentially significant non-operational sustainability (including climate-related) risks and opportunities. It met three times in 2021. During 2021 the committee considered entities’ progress embedding sustainability, performance against targets and bp’s position on certain strategic sustainability issues that present risks or opportunities to delivery. This committee is chaired by the EVP strategy, sustainability & ventures (SS&V) and comprises members of the bp leadership team. The outputs from the committee are shared with the board and its committees, including the safety and sustainability committee, as appropriate. The group operational risk committee provides oversight of safety and operational risk management performance for the group, where appropriate. Climate-related factors may affect certain sources of safety and operational risk such as severe weather events. The group financial risk committee monitors the effectiveness of bp’s financial reporting, systems of internal control and financial risk management, namely material group financial risks. In 2021, in relation to climate-related risks and opportunities, they considered the proposed TCFD disclosures and planned approach to assurance and verification of non-financial reporting (including climate-related reporting) ahead of discussion with the audit committee. Climate governance: management of climate-related matters As at 1 January 2022 Board CEO bp leadership team Group financial risk committee Chair: CFO Oversight of finance, treasury, trading and cyber risks. Group sustainability committee Chair: EVP SS&V Oversight of sustainability matters. Issues and advocacy meeting Chair: EVP SS&V, EVP C&A Policy and advocacy issues, including those related to climate matters. Resource commitment meeting Chair: CEO Attended by CFO, EVP SS&V, EVP I&E. Observed by EVP legal and SVP internal audit. Corporate reporting steering group Chair: CFO, EVP C&A, EVP SS&V Development and oversight of financial and non-financial reporting, including TCFD. Group operational risk committee Chair: CEO Oversight of the group’s safety and operational risk management performance, safety agenda and priorities. Safety and sustainability committee Audit committee Remuneration committee People and governance committee bp board level EVP level Sustainability forum Chair: SVP sustainability Focused on sustainability plans and progress. Brings together previously separate committees, including carbon steering group, policy and advocacy, and human rights. Production & operations carbon table Chair: SVP HSE & carbon, P&O Focuses on the delivery of lower carbon plans in P&O – particularly in relation to net zero aims 1 and 4. Meetings and forums to allow cross-group discussions, integration and implementation. SVP level Cross bp forums and meetings Recommended Disclosure: b. Describe management’s role in assessing and managing climate-related risks and opportunities. The board, subject to certain conditions and limitations, delegates day-to-day management of the business of the company to the CEO. The CEO is responsible for proposing bp’s strategy to the board for approval and leading the bp leadership team in delivering bp’s strategy and annual plan. Under their delegation, the CEO has the responsibility to oversee the implementation of a comprehensive system of internal controls that are designed to, among other things (a) identify and manage risks that are material to bp, (b) protect bp’s assets, and (c) monitor the application of bp’s resources in a manner which meets external regulatory standards. Risks, for these purposes, include the climate-related risks and opportunities for bp associated with the issue of climate change and the transition to a lower carbon economy. This is set out in the CEO role profile at bp.com/board. The assessment and management of climate- related risks and opportunities is embedded across bp at various levels and delegated

58 bp Annual Report and Form 20-F 2021 For more on how the relative significance of identified risks are evaluated, see Risk Management on page 65. Climate-related transition risks and opportunities At a group level, we have identified three broad, material climate-related transition risks, which are underpinned by underlying risks that are managed through the risk process outlined on page 65. These transition risks may cut across our short, medium and long-term time horizons, however we indicate below wherever there is a particular time horizon in which the risk has been considered. The transition risks are also global in nature, so we do not discuss specific geographies here, but the underlying risks refer to specific geographies where appropriatea. We also recognize significant potential for upside – or opportunity – associated with some of these risks. These are discussed under each risk and in respect of Recommended Disclosure (b) below we also describe the potential impacts of both the risks and opportunities to bp. #1 The value of our hydrocarbon business could be impacted by climate change and the energy transition. Changes in policy, legislation, consumer preferences or markets as a result of growing concerns about climate change and the energy transition could reduce demand for fossil fuels or lower their price relative to our financial planning assumptions, particularly in the medium to long term, negatively impacting returns from or the value of our hydrocarbon businesses. Alternatively, prices for oil and natural gas and refined products during the next decade could remain higher than our financial planning assumptions under certain transition pathways, including those that are aligned with 1.5°C. The energy transition could impact the demand for commodities such as oil, natural gas and refined products and their future prices relative to our financial planning assumptions, which in turn may affect the returns from our hydrocarbon businesses. Changes in regulations, including carbon pricing and fossil fuel policies, could also impact compliance and operating costs in our oil and natural gas production and refining businesses. If oil, natural gas and refined product prices are higher than our financial planning assumptions, this could strengthen returns from our hydrocarbon businesses (including securing higher proceeds from assets we choose to divest) which may enable us to deliver enhanced shareholder value, further strengthen our balance sheet and invest more in the transition, in line with our financial frame. Demand for oil, natural gas and/or refined products could also remain higher for longer, which could support stronger and more sustained refining and trading margins – particularly as we focus our oil, natural gas and refining portfolios as part of our strategy (see page 12). We intend to reduce our hydrocarbon production over time. #2 Our ability to grow or deliver expected returns from our transition growth businesses could be impacted by the energy transition. Factors including a lack of, or insufficient development and application of, policies, regulations and frameworks that support low carbon businesses; insufficient consumer demand for our low carbon offering; strong competition in the market; or the insufficiently rapid development of supporting technologies and supply chains for low carbon energies could restrict growth of, or returns from, our transition businesses. This could particularly impact bp in the short to medium term as we seek to grow our low carbon businesses but could also represent a longer-term risk. Alternatively, demand, policy support or enabling technology for renewables could support a more rapid portfolio shift with expansion of our low carbon businesses and higher returns from them. Some low carbon businesses, including renewable power, bioenergy and emerging technologies such as hydrogen and carbon capture and storage (CCS), rely on policy support to promote growth. Our aim 6 is to more actively advocate for policies that support net zero, including carbon pricing (see page 52). Changes in customer preferences, pace of technology development and costs could also impact the markets for low carbon products and services. For example, the pace of adoption of electric vehicles (EV) could impact utilization rates, and consequently returns, from our EV charging networks – this is an area we are seeing an acceleration in growth in some regions, and hence are stepping up our strategic plans (see page 16). We recognize that the pace of our transition relative to our core low carbon target sectors and regions is important. If we move more slowly than those markets, we may miss investment opportunities and customers may prefer different suppliers with potential negative consequences both to demand for our products and our reputation. If we move faster than these markets, we risk investing in technologies or low carbon products that are unsuccessful because there is insufficient demand for them – but our investment may also help to stimulate demand and provide us with a leading position in growth markets. SVP level and beyond The bp leadership team is supported by bp’s senior-level leadership and their respective teams, with dedicated business and functional expertise focused on climate-related risks and opportunities or on matters which may be affected by such risks and opportunities, including health, safety, environment and carbon; risk; strategy and sustainability (which includes our carbon ambition, policy and economics teams). Alignment between group, business and functional leaders is fostered through other meetings, for example, the C&P Sustainability Management Forum or the TCFD working group which leads the preparation of bp’s TCFD disclosures. Strategy TCFD Recommendation: Disclose the actual and potential impacts of climate-related risks and opportunities on the organization’s business, strategy and financial planning where such information is material. Recommended Disclosure: a. Describe the climate-related risk and opportunities that the organization has identified over the short, medium, and long term. In setting and monitoring delivery of bp’s strategy, the board and leadership team consider climate-related risks and opportunities across three time horizons: • Short term (to 2025): the next four years are defined by business and financial plans that are performance managed in order to deliver our 2025 targets. • Medium term (to 2030): looking out to the end of this decade enables us to think beyond our short-term targets and adjust course if appropriate. • Long term (to 2050): we use scenarios to help us explore the wide range of uncertainty surrounding the energy transition over the next 30 years. For more detail on our approach, see page 11. TCFD categorizes climate-related transition risk and opportunity as follows: policy and legal, market, reputation and technology. It also refers to climate-related acute and chronic physical risks and opportunities. Risks in each of these categories have been identified using a risk management process that our businesses, integrators and enablers are required to follow. a Underlying risks are specific, for example, local or business-specific risks identified by specific bp entities through the risk processes described below under Risk Management. Sustainability continued

59 Strategic report bp Annual Report and Form 20-F 2021 See glossary on page 377 #3 Our ability to implement our strategy could be impacted by evolving attitudes towards the energy sector, climate change and the energy transition. If bp, or the energy sector more broadly, is perceived negatively by stakeholders, this could have a number of consequences, for example: adverse litigation; reputational impacts, including our ability to attract and retain talent; and shareholder action. These consequences could occur in the short, medium or long term. Alternatively, increased support from our stakeholders could enable access to additional capital and new investors, strengthening our ability to deliver our strategy and enabling faster growth of our low carbon businesses. We see signs that the energy transition is accelerating, and along with the strategic progress we are already making, this gives us growing confidence in the opportunities of the energy transition, allowing us to accelerate our net zero ambition and aims, see page 51. Perceived inconsistencies between our business and the pace of our transition with policy and societal trends could have reputational and commercial impacts that impair our ability to deliver our strategy – but we also see potential for bp to be positively differentiated as a result of delivering against our strategy, ambition and aims. Climate-related physical risks In addition to transition risks, we have also identified potential climate-related physical risks. These primarily relate to severe weather and often represent potential for increased drivers for safety and operational risks to our operations, particularly process safety, personal safety, and environmental risks, see Risk factors page 76. In relation to our offshore facilities, climate change could create greater uncertainty around severe weather events, such as extreme waves, particularly in the medium to long term, which in turn could affect the future risk profile of an asset over its lifetime. We also recognize that we could face other forms of physical climate-related risk over the longer term, for example associated with sea level rise, extreme temperatures and flooding, which could impact our operations. Given the primarily operational, and locally specific, nature of the identified physical risks, they are not grouped in the same way as transition risks. Water resources are increasingly under pressure from various factors, including, climate change and those pose a potential risk to some of our operations that depend on the availability of freshwater. Based on analysis using the World Resources Institute (WRI) Aqueduct Global Water Risk Atlas, four of our 17 major operating sites were located in regions with medium to extremely high water stress in 2021. See page 68 for more information on steps we are taking to improve water efficiency. In common with other businesses around the world, in the longer term we could face adverse market conditions associated with large-scale cumulative impacts of physical climate change if global mitigation and adaptation efforts are insufficient or unsuccessful. The bp Energy Outlook 2022 used estimates that drew on available economic literature to explore the potential impact of climate change on GDP over the next 30 years. It assumed that in all scenarios, GDP is lower than in a hypothetical world where greenhouse gas concentrations do not rise any further. However, the analysis highlighted that estimating the potential size of these impacts is highly uncertain. We support the goals of the Paris Agreement and believe that the best mitigation against these types of physical risk is to seek to contribute along with others, to the success of global climate mitigation efforts. Our strategy seeks to position us to make such a positive contribution. We do not currently foresee any material opportunities arising from changes in the physical environment as a result of climate change. However, the actions we are taking to make our operations more resilient, for example through improving efficiency of our freshwater use, may also bring about benefits such as reduced costs. Recommended Disclosure: b. Describe the impact of climate-related risks and opportunities on the organization’s businesses, strategy, and financial planning. Our strategy to evolve from being an international oil company focused on producing resources to an integrated energy company focused on delivering solutions for customers, including our net zero ambition and aims (see page 51), has been informed by, among other inputs, the climate-related risks and opportunities associated with the energy transition described above; the same is true of our financial and business processes. We describe how we use scenarios to inform our strategy on page 11. The opportunities presented by the energy transition have enabled us to go further with our net zero aims. In February 2022 we announced that we are now aiming to be net zero across operations, production and sales by 2050 or sooner. We believe our ambition is both good business and supports society’s drive towards the Paris goals. • Resilient hydrocarbons: recognizing the risks that the energy transition could present to our hydrocarbons business, we are focusing our upstream portfolio to be smaller and more price resilient. In support of this, we are also working to manage down both our costs and the operational GHG emissions associated with bp’s hydrocarbon operations. In 2020 we raised the investment thresholds for new oil and natural gas projects (see page 32) to help our portfolio generate sustainable cash flows even in a lower price environment. We also adjusted our long-term oil and natural gas price assumptions downwards, and consequently recognized material impairment charges and exploration write-offs, totalling around $23 billion. In 2021 net impairment reversals of around $1 billion were recognized, see Financial statements – Note 3 and Note 7 for more information. As a result of future investments and divestments, and the natural depletion of fields, we expect our net production of oil, natural gas and natural gas liquids in 2030 to be around 1.5 million barrels of oil equivalent per day, or 40%, lower than in 2019 (see page 16), and the Scope 1 and 2 emissions from our operations (the majority of which are associated with the operating assets in our hydrocarbons portfolio) to be 50% lower in 2030 than in 2019. We see cash flow from our hydrocarbon businesses, as well as proceeds from divestments, as helping to fund our investment into transition growth businesses as well as delivering shareholder value and maintaining a strong balance sheet. The energy transition may also impact demand for certain refined products in the future, which could reduce prices for these products leading to lower refinery margins and forcing less efficient refineries to be retired. Consequently, we are improving and high-grading our refining business – through conversion, consolidation of less advantaged units, or divestments – to provide resilience in a lower margin environment, while simultaneously transforming parts of our portfolio into low carbon fuel production hubs. As a result, we are aiming for our oil refining throughput to fall from 1.7 million barrels a day (mmb/d) in 2019 to around 1.2mmb/d by 2030, and for biofuels production to triple over the same period. We also aim to increase production of biogas 20-fold by 2030 through leveraging our existing position as the largest US biogas supplier to the road transportation sector and expansion in Europe. Accounting judgements and estimates made in assessing the impact of climate change and the transition to a lower carbon economy on our hydrocarbon assets, including consideration of potential impacts over the expected useful lives of upstream oil and gas and refining assets, are described further in Financial statements – Note 1.

60 bp Annual Report and Form 20-F 2021 • Convenience & mobility: recognizing the growing opportunities in low carbon mobility that the energy transition offers, we are accelerating our EV charging rollout and aim to have >100,000 charge points installed by 2030 and are further expanding our Castrol business into the EV market. We see these and other businesses being supported by our focus on ‘on-the-go’ charging and end-to-end integrated fleet offer. As the aviation industry also transitions, we are aiming to be a sector leader in sustainable aviation fuel (SAF), with a 20% share of supply by 2030. We recognize the risk of a decline in demand for conventional vehicle fuels and products due to the energy transition and we are working to increase the efficiency and resiliency of our existing fuels and lubricants businesses through operating cost reductions and margin optimization. We are also leveraging digital solutions to deepen our customer-centricity and expand our customer and loyalty engagement platforms. Integration of the customer-facing aspects of our strategy with our production of biofuels, hydrogen, liquefied natural gas (LNG) and electricity also helps to provide security of supply and access to higher margins in a potentially supply-constrained faster transition. • Low carbon energy: recognizing the opportunity to scale up our low carbon businesses over the next decade to meet growing demand and regulatory requirements, we aim to grow our renewables businesses and seek early positions in hydrogen and carbon capture and storage (CCS). In renewable power, we aim to build a leadership position in offshore wind and accelerate our solar growth through Lightsource bp and bp’s US solar pipeline. We seek levered returns of 8 to 10% for renewable power investments (see Financial frame, page 20). In hydrogen, we aim to leverage bp’s existing refinery demand to build regional supply positions. As hydrogen markets develop, we aim to create a portfolio of globally advantaged supply hubs, and we are aiming to capture a 10% share of core markets. Increasingly, we will work to integrate CCS capability with our blue hydrogen and hydrocarbon projects. To help maintain resilience to the possibility of a slower transition, we continue to consider whether the necessary regulatory support is in place and seek to secure a customer- backed route to market for a reasonable share of energy produced by our renewable power and hydrogen projects prior to final investment. Impact on technology We are investing in technology that can help to generate value for bp and also help to accelerate the transition through focused scale-up and innovation. Over time, we expect bp’s research and development spend to be increasingly oriented towards technologies with the potential for reducing carbon emissions and enabling our new low carbon businesses. See page 50 for examples of our technology investments in 2021. Recognizing the potential for disruptive technologies to impact our strategy, our bp ventures and Launchpad portfolios include investments in emerging technologies and business models that may help enable the transition to a low carbon economy. By investing in both our existing portfolio and new companies we can respond to both short-term and longer- term technology trends. Physical risk The potential impacts of the physical risks we have identified could include reduced production or throughput, supply chain disruption, damage to facilities, or in a most extreme case loss of life or an asset. Due to the uncertainty associated with the impact of climate change on severe weather events in the future, it is difficult to quantify the potential impacts associated with any increase in these risks as a result of climate change. However, where appropriate, depending on both the location and academic consensus on the ability of climate models to adequately represent future trends in the parameter of interest, we seek to take this uncertainty resulting from climate-related physical risk into account in our approach to design criteria for existing assets and new major projects. We have updated our metocean design criteria, where appropriate, to include consideration of additional models including climate and synthetic models and both forward-looking and historic models in an attempt to mitigate both model and extrapolation uncertainty. The particular models chosen will depend in part on geographic location. See Risk Management, page 65, for how we manage these uncertainties. We are taking steps to improve the resilience of our operations to the physical changes that might occur as a result of climate change – including changes in the frequency or severity of extreme weather events, and the potential for increased water scarcity, as described above. We have undertaken screening of present-day and future potential physical risk exposure for selected key assets and identified those sites with potential for heightened exposure to physical risks in order to prioritize these for further site-based assessment. As part of this prioritized approach, in 2021 we began a detailed site-based study at our Whiting refinery in the US, where projected climate change may increase the frequency or severity of extreme heat, precipitation and storm surge events. Recognizing the potential impact of climate change on water resources, we are taking steps to be more efficient in operational freshwater use and effluent management. Our aim 17 is becoming water positive by 2035, see page 68. Impacts on our financial planning Capital allocation: We plan to allocate sufficient capital to advance our energy transition strategy – both to mitigate the risks and capture the opportunities we have identified. This includes continuing to invest in resilient hydrocarbons while seeking to maximize value and scaling-up investment in our transition growth engines: bioenergy, convenience, EV charging, renewables and hydrogen, see page 16. Over time, as investment goes up in our transition growth businesses, we see it going down in oil and natural gas. Investment into our transition growth businesses described on page 16 is expected to represent over 40% of total capital expenditure by 2025, rising to around 50% by 2030. We expect that the capital employeda in those businesses will rise from over 20% in 2025 to around 40% by 2030. Access to capital: Concerns about the energy transition could reduce the appetite of banks or debt investors to finance hydrocarbon activity. We do not anticipate any material change to funding in the short to medium term, and our financial frame includes working to reduce net debt and maintaining a strong investment grade credit rating. In 2021 we reduced our net debt by over $8 billion. Since the end of 2019 we have repurchased around $15 billion of short-dated existing bonds and issued over $11 billion of new bonds with a duration of 20 years or longer, more than doubling the duration of our debt book to over nine years. Additionally we have continued to have good access to the commercial paper markets. Subject to maintaining an investment grade credit rating, we plan to allocate 40% of surplus cash flow to further strengthen the balance sheet in 2022. Investment criteria: all investments are evaluated against our long-term price assumptions which we consider to be broadly in line with a range of transition paths consistent with the Paris goals, see page 32. In addition, all investment cases above defined thresholds for anticipated annual greenhouse gas (GHG) emissions from operations include an associated carbon price into the investment economics, including $100/teCO2 in 2030 (2020 $ real). a Excludes goodwill and cash and cash equivalents. Sustainability continued

61 Strategic report bp Annual Report and Form 20-F 2021 See glossary on page 377 Recommended Disclosure: c. Describe the resilience of the organization’s strategy, taking into consideration different climate-related scenarios, including a 2°C or lower scenario Our strategy is designed to be resilient to a range of climate-related scenarios including those consistent with well-below 2°C and 1.5°C outcomes (see page 30). This year we used a scenario-based approach to test this resilience (see box – Scenarios and risks). We see this approach as having the potential to inform our strategy in the future. For the purposes of our analysis we evaluated the potential financial impact that could occur on the majority of our businesses under business-as- usual (BAU), well-below 2°C and 1.5°C outcomes, based on the WBCSD Scenario Catalogue described on page 55, and assessed the possible impact on our 2030 group adjusted EBITDA in order to assess relative materiality of exposure. We then focused our resilience test on the most material downside scenario (lowest oil price) and assessed our resilience (as defined below) for the period from 2023 to 2030. We based these analyses on our reference group business outlook (see box: Our approach to testing resilience to transition risk, page 63) that aligns to our strategic aims and lies within the adjusted EBITDA range disclosed at our 4Q results and update on strategic progress on 8 February 2022. A core assumption of the analysis was necessarily that, aside from any implications of the external scenarios being used for the analysis, bp would deliver the assumed underlying strategic and planned financial outcomes for each in-scope business area out to 2030. We have not sought to mitigate the impact of the scenarios tested, for example through cost management or strategic adjustments, for the purpose of this assessment, but reflect that these remain potential future levers if required. In order to undertake this exercise, we needed to identify criteria which could be modelled as proxies for strategic resilience, and we chose to do this through three lenses – our ability to continue to (i) deliver shareholder value, (ii) maintain a strong balance sheet and (iii) invest in the energy transition (see box: Our approach to testing resilience to transition risk, page 63). This was not intended to represent a ‘definition’ of resilience beyond the purposes of this exercise. Scenarios and risks As described on page 11, given the inherent uncertainty in the pace and direction of the energy transition, scenarios can play a useful role in describing a wide range of external economic, market, policy, technological and societal conditions in which our strategy might be executed, and the outcomes we might see as a result. These outcomes can help test a judgement about the financial resilience of our strategy to the uncertainty surrounding the transition. Such scenarios do not and cannot represent all possible futures, however we value them as a simplified and schematic way to consider the potential implications of, and uncertainty inherent within, a range of possible energy transition pathways to a future bp portfolio mix. For the scenario analysis exercise described here, we used the WBCSD Scenario Catalogue, see the table on page 64. We used all of the scenarios contained in a pre-publication version of the catalogue for our work.a Recognizing the inherent uncertainty in the transition, our analysis did not consider the likelihood of any specific scenario, rather took the full range of possible outcomes for specific transition variables from the WBCSD Scenario Catalogue. The analysis we undertook is directly applicable to transition risks #1 and #2 – as well as their associated opportunities –as these lend themselves to a financially quantified scenario-based analysis. The scenario analysis did not directly address transition risk #3 – however, we believe that some of the potential drivers for transition risk #3, namely policy and societal trends, may be implicit in these scenarios, and we believe that the successful execution of our strategy will, over time, help to mitigate this risk to bp as well as positioning us to take advantage of the potential associated opportunities. This scenario analysis exercise also does not specifically address climate-related physical risk, our strategic resilience to which is further discussed below. Key insights from our scenario analysis and resilience test • There is significant uncertainty in the pace and nature of the transition to 2030. Across, and often within, each WBCSD Scenario Catalogue family (BAU, well-below 2°C and 1.5°C), the range of some of the variables selected for the scenario analysis is significant, reflecting the complexity and interdependencies of the energy transition, as shown in the table on page 64. Generally, we observed that the faster the pace of transition, the greater the uncertainty in the exact shape of the resulting energy system in 2030. As an example, while the minimum 2030 oil price in the WBCSD Scenario Catalogue 1.5°C family is lower than in the well-below 2°C or BAU families, a wide range of prices are observed and the majority of the oil prices in both the 1.5°C and the well-below 2°C scenario families of oil prices are higher than our long-term planning price of $60/bbl (2020 $ real) – see chart below. As explained above, while our resilience test was conducted against the most extreme low case oil price across all of these scenarios, it is observed that although some scenarios could result in a downside financial pressure, other scenarios, including several oil price scenarios consistent with a 1.5°C outcome, could offer financial upside relative to our reference group business outlook. Recognizing this complexity, we are cautious about placing too much weight on any one scenario or set of assumptions. WBCSD Scenario Catalogue oil prices in 2030 1.5°C BAUWell-below 2°C 100 90 80 70 60 50 40 30 20 10 0 $/ bb l ( 20 19 $ re al ) bp investment appraisal assumption ($60/bbl 2020 $ real) • Despite planning to grow the capital employed in the energy transition, we expect oil price to remain our primary climate-related uncertainty through 2030. Oil price is likely to remain the main source of climate-related transition uncertainty for our strategy through to 2030, reflecting both the wide range of outcomes and the share of our expected total adjusted EBITDA over this period, that oil-price-linked businesses represent – note that for the purposes of our scenario analysis and resilience test, we have assessed the impact of oil price across both our oil production businesses and those natural gas businesses for which commercial outcomes are linked to oil price. All of the oil prices in the WBCSD Scenario Catalogue BAU family offer upside opportunity in terms of group adjusted EBITDA, versus our a We used a catalogue dated 2022-01-21 for our analysis, which did not include the Bloomberg NEF New Energy Outlook 2021 and IEA World Energy Outlook 2021 Stated Policies Scenario (STEPS) scenarios which will be included in the first release of the WBCSD Scenario Catalogue due to be published in March 2022.

62 bp Annual Report and Form 20-F 2021 2030 reference case (see the chart on page 61 and box: Our approach to testing resilience to transition risk on page 63 for the range of 2030 oil prices in the WBCSD Scenario Catalogue). In the 1.5°C family, the potential downside suggested by the lowest oil prices is around 26% of group adjusted EBITDA. However, oil price in several of the 1.5°C scenarios could offer a financial upside relative to our reference group business outlook. In comparison, the potential scale of impact to our remaining natural gas and refining and fossil fuel retail businesses, based on the WBCSD Scenario Catalogue ranges, is smaller (<5% maximum exposure to 2030 expected group adjusted EBITDA across the BAU and 1.5°C scenarios). While we aim to significantly grow capital employed and adjusted EBITDA in our transition businesses over this period, the transition-related uncertainty to any particular business as a proportion of the group adjusted EBITDA in 2030 remains small (<3% for each business area). Our diversified portfolio helps mitigate exposure risk to any one sector. • As a direct result of our strategy, we expect to be less exposed to low oil price in 2030 than we are today. Our strategy to grow our transition growth businesses, together with our aim to reduce net upstream oil and gas production by 40% by 2030 through active portfolio management (see page 16), is expected to reduce our exposure to oil price over the decade. Though the relationship is complex, in a sustained low oil price scenario, we could see some natural offsetting of the resulting decline in revenues from hydrocarbons from faster growth or higher margins from our growth engines by 2030. • Our analysis supports our view that our strategy is resilient to a range of climate- related oil price scenarios including those consistent with well-below 2°C and 1.5°C outcomes.a Having identified that oil price associated with the most extreme cases of the family of 1.5°C scenarios was the only variable with the potential to have financial impacts of sufficient materiality to potentially impact the resilience of our strategy, we then considered the resilience of our strategy to this potential downside. While the results of any such analysis must be treated with caution – each is necessarily dependent on numerous assumptions and methodological choices, and each has its own limitations – overall, this analysis and resilience test reinforced our confidence in the resilience of our strategy to a wide range of oil price scenarios throughout this decade, including in scenarios consistent with limiting temperature rise to 1.5°C. Even with the most extreme low oil price environment (as defined above) in any of the scenarios, sustained over the eight years from 2023-2030, in our analysis bp was found to be able to deliver shareholder value, maintain a strong balance sheet and invest in the energy transition, as defined below. In a BAU scenario, we believe our transitioning strategy mitigates against the risk of a delayed and disorderly transition which might follow. Should the growth of any one of our in-scope transition business areas be challenged by the downside range in the relevant variable, our analysis suggests that the impact of this on group adjusted EBITDA in 2030 would not be sufficient to impact the resilience of our strategy in that timeframe. It is reasonable to consider each potential outcome in isolation since the outcomes for different business areas vary across scenarios. Maintaining strategic resilience to the transition Within the inevitable constraints associated with factors such as long-term capital investment, contractual commitments and organizational capabilities at any given time, part of bp’s ability to maintain its strategic resilience rests in the governance by which the strategy can be kept under review as necessary in light of new information and changes in circumstances. To enable us to understand and respond to the changing pace of the energy transition, we monitor and assess key indicators and metrics, such as policy development, renewables installed capacity, electric vehicle sales, and low carbon technology costs. Our strategy as well as the associated risks, opportunities and our resilience, is also reviewed routinely by the bp leadership team and the board and updated where appropriate. Resilience to physical risk As described above, we have identified a number of physical risks which may affect our business and assets, the frequency or severity of which could be affected by climate change. We seek to manage these risks currently. We consider that our approach to managing these risks, described in Risk Management Recommended Disclosure (b) on page 65, supports our strategic resilience to them. For the purposes of this Recommended Disclosure, we have considered the potential for physical risks to bp operated assets to increase as a result of climate change (namely, increases in the potential frequency or intensity of extreme weather events) to such an extent as to have the potential to impact the resilience of our strategy. As with our transition risk scenario analysis described above, we have considered our medium-term timeframe to 2030. This is because, given the nature of our strategic plans, a It is important to note that conclusions from this analysis are necessarily limited by the scenarios, methodologies and business assumptions therein and are designed to be used as one of a number of sources to provide directional insight in a highly uncertain environment. They should not be taken as a prediction of the future nor as a basis for investment decisions. beyond that time horizon we do not consider it to be realistic or helpful to seek to present what would inevitably be an increasingly speculative view of the nature and potential location of assets we might expect to have in our operated portfolio; nor to seek to assess the impact of physical risk on them. Exposure to physical climate-related risk is highly dependent on geographical location and on factors such as asset design. We have considered the potential scale of financial impact that might be required to potentially affect our strategic resilience. Our transition risk scenario analysis identified impacts on the earnings of our oil-priced businesses as having the most potential to impact the resilience of our strategy in 2030. Therefore, and viewing resilience through the same lenses that we describe above, we have considered the extent to which our oil and gas production business would need to be impacted by evolving physical risk for the scale of financial impact to be sufficient to jeopardise the resilience of our strategy in 2030. We concluded that a significant proportion of our combined oil and gas portfolio would need to be either permanently shut-in or temporarily shutdown to jeopardise our strategic resilience in this way. Historically, severe weather risks to our operated assets have not manifested at a scale which could reduce earnings so significantly as to jeopardise the resilience of our strategy. As reflected in the latest science from the IPCC, it is in the nature of climate-induced severe weather events that their occurrence, intensity and severity are unpredictable and uncertain. Our own modelling work, undertaken on a subset of those bp-operated assets we consider to be potentially most exposed to present day physical risk, and which incorporated future projections of climate change, is consistent with this IPCC view. Despite this uncertainty, we have found no basis in either the IPCC report or the limited number of detailed studies we have undertaken, to conclude that climate change induced increases in the frequency or severity of severe weather events would be likely to result, at any point in time out to 2030, in disruption and shutdowns across our oil and gas portfolio on a scale that would reduce earnings so significantly as to jeopardise the resilience of our strategy. For the purposes of this Recommended Disclosure, the resilience of our strategy was considered separately for the relevant transition and physical risks; accordingly, we did not seek to take account of any interdependencies or cumulative effects between the two types of climate-related risk, and the associated potential financial impact. Sustainability continued

63 Strategic report bp Annual Report and Form 20-F 2021 See glossary on page 377 Our approach to testing resilience to transition risk The steps we took as part of our scenario analysis approach are outlined here at a high level. 1. We focused our analysis on our medium-term time horizon (2030) which is far enough ahead to provide a divergent range of scenarios, while not being so far ahead that it is unrealistic to attempt to generate credible financial metrics for bp or for an individual business area within bp. For variables considered material (see below), we also assessed resilience over the period 2023-2030. 2. Nine business areas, shown in the table on page 64, were included in the scope of the scenario analysis. These cover approximately three quarters of our expected 2030 adjusted EBITDA. Our analysis therefore covers the majority, though not all, of our expected 2030 portfolio. 3. Our analysis sought to quantify the potential impact of a range of scenarios on bp’s currently held (as at the time the analysis was completed) internal reference group business outlook to 2030. This outlook is used for internal corporate planning and holds a current deterministic view of our portfolio, activity set, cost and capital frame. The outlook used in our analysis aligned to the strategic direction shared in the ‘bp update on strategic progress’ announced on 8 February 2022, and the financials lie within the range of financial outcomes set out in that announcement. It also took into account a preliminary assessment of the revised adjusted EBITDA and cash flow, which bp may expect as a result of its decision to exit its 19.75% shareholding in Rosneft as disclosed in bp’s announcement on 27 February 2022. 4. For each business area, we selected appropriate variables from the WBSCD Scenario Catalogue representing what we consider to be the primary area of exposure to the energy transition, and the full range of 2030 outcomes within each scenario ‘family’ (using the ‘world’ values in the Catalogue except for gas price, see table on page 64). 5. By calibrating the WBCSD Scenario Catalogue 2030 scenarios to relevant business metrics underpinning our strategic planning (for example, oil price or EV demand/utilization), we were able to model the impact of each variable across the full range of scenarios and each scenario family, on associated 2030 expected earnings (adjusted EBITDA) for the business area(s) with which that variable was associated. For example, we applied an earnings rule of thumb appropriate to the period in question to the deviation of oil prices versus our reference case price. This analysis was unmitigated (see ’Other key considerations’). 6. This screening enabled us to assess the potential ability of each scenario to materially impact group adjusted EBITDA in 2030 (and by implication associated cash flows), against the reference group business outlook. By modelling the specific business area within the reference group business outlook (described in step 3 above), both the relative contribution of the business area to group earnings at that point in time, and its exposure to the most extreme range of the respective scenario, could be assessed to identify which variables(s) and scenario(s) could have the potential to impact strategic resilience (as defined below) most materially, and as such should be carried forward into a multi-year resilience assessment. In this case, only oil price was assessed as sufficiently material and hence carried forward. 7. Our multi-year (2023-30) oil price resilience test considered sustained low oil prices consistent with the most extreme WBCSD Scenario Catalogue 2025 and 2030 scenarios – for 2025 the IEA (World Energy Model Net Zero Energy 2050) price at $36/bbl, and for 2030 the UN PRI (Inevitable Policy Response Required Policy Scenario) at $30/bbl (both 2019 $ real). 8. For the purposes of this exercise, we considered the resilience of our strategy to climate-related transition risk through the three lenses described on page 61. We defined the following as proxy indicators for these lenses: • Positive group surplus cash flow, to confirm whether after funding, among other things, our disclosed capital frame (8 February 2022 investor update) and the dividend/share assumed in our reference group business outlook, sufficient surplus cash flow remains to maintain or reduce net debt and/or make share buybacks. • Healthy cash cover ratio as an indicator of the ability to maintain a strong investment grade credit rating. Other key considerations • To aid transparency, we made the simplifying assumption that, aside from the oil price modelled, our strategy, operating model, cost basis, volumes, margins, sales proceeds and taxes would remain unchanged out to 2030. We have also used bp’s internal view of potential shape of future distributions and uses of surplus cash as a basis for analysis. Hence, we do not consider actions which we might naturally expect to make in response to external trends, such as cost reductions, portfolio adjustments or capital reallocation. In reality, we keep our strategy under review and would seek to make use of opportunities to maintain our strategic flexibility in the face of the many uncertainties of the energy transition. • The design of a strategic resilience analysis involves numerous methodological choices and assumptions – any one of which could reasonably have been different, leading to different outcomes. We have found value in conducting this analysis; however, we are mindful of the limitations to any such exercise and the highly qualified nature of any conclusions which may be drawn from it. The disclosures provided here should be read in conjunction with the rest of our strategic report, where we discuss how we have developed, and continue to evolve, our strategic approach. • As outlined above, we have utilized our latest internal reference group business outlook as the basis against which resilience has been tested, as this is our latest deterministic view against which to model the transition sensitivities to 2030. Alongside disclosed elements such as the capital frame to 2030, this includes shaping assumptions such as future distribution and net debt management. Through conducting this analysis, we do not intend to imply or commit to a specific forward trajectory of usage of cash, beyond those disclosed in the full year and 4Q results update on 8 February 2022. While we cannot disclose, for confidentiality reasons, the detail of the deterministic case, the test assesses whether the resilience indicators in our reference group business outlook are impacted by the transition uncertainties tested. Further, by the nature of the timeframes considered, a variety of uncertainties exist around this deterministic case (including transition risk itself) as indicated by the range of adjusted EBITDA disclosed in the full year and 4Q results on 8 February 2022. It is not practical, and we have not attempted, to extend the analysis conducted here to any other potential outcomes within the disclosed range of group adjusted EBITDA. • Where rules of thumb have been applied, to convert variance in hydrocarbon price to variance in adjusted EBITDA, these are appropriate to the period in question – i.e. they reflect the respective 2025 and 2030 production portfolios and contract/price leverage for this period. Due to the evolution of bp’s portfolio, these rules of thumb may diverge from any short-term rule of thumb that we publish.

64 bp Annual Report and Form 20-F 2021 WBCSD Scenario Catalogue family ranges for 2030 key transition variables Business area TCFD/WBCSD variable Scenario family Min Max Resilient hydrocarbons Oil and natural gas production Oil pricea ($2019/bbl) BAU 62.82 81.77 Well-Below 2°C 45.00 78.45 1.5°C 30.00 71.22 Natural gas priceb ($2019/mmbtu) BAU 2.59 3.34 Well-Below 2°C 2.07 3.48 1.5°C 1.90 4.17 Refining Primary energy demand for oil (% vs 2020) BAU 0.4% 11.1% Well-Below 2°C -4.4% 11.6% 1.5°C -44.1% 1.4% Biojet fuels Final demand for liquid biofuels in aviation (EJ/yr) BAU 0.38 0.40 Well-Below 2°C 0.38 0.97 1.5°C 0.26 2.05 Biogas production Biogas demand in road transport (EJ/yr) BAU 0.01 0.01 Well-Below 2°C 0.01 0.01 1.5°C 0.01 0.18 Convenience and mobility EV charging Final energy demand for electricity in road transport (EJ/yr) BAU 1.69 3.80 Well-Below 2°C 1.64 3.87 1.5°C 1.85 6.69 Conventional fuel retail Final energy demand for liquid oil in road transport (EJ/yr) BAU 57.86 85.00 Well-Below 2°C 58.32 85.44 1.5°C 45.43 76.76 Low carbon energy Renewables Wind + solar photovoltaic capacity additions (GW vs 2020) BAU 1,553 3,614 Well-Below 2°C 1,553 5,892 1.5°C 4,585 8,077 Hydrogen production Hydrogen consumption (EJ/yr) BAU 0.83 2.64 Well-Below 2°C 0.73 2.64 1.5°C 0.79 9.15 a Oil price sensitivities have been applied to the oil and gas production portfolio that is linked to oil marker prices – as such it not only reflects oil production exposure, but also a proportion of bp’s natural gas production that is contracted off oil marker prices. b Gas prices shown reflect Henry Hub price ranges. Where available in the TCFD/WBCSD data sets Asian and UK gas price sensitivities have also been selected and compared to the Henry Hub sensitivity percentages with the maximum deviation selected and applied to the respective Asian and NBP rules of thumb for these parts of the gas portfolio, in order to provide the most conservative uncertainty range. Sustainability continued

65 Strategic report bp Annual Report and Form 20-F 2021 Risk Management TCFD Recommendation: Disclose how the organization identifies, assesses and manages climate-related risks. Recommended Disclosure: a. Describe the organization’s processes for identifying and assessing climate- related risks. bp’s risk management system and policy, described on page 73, are designed to address all types of risks including our principal risks and uncertainties described on page 76. As part of this system our businesses, integrators and enablers are responsible for identifying, assessing, managing, and monitoring risks associated with their business or functional area. Risks are identified as outlined on page 74 and guidance to support consistency has been made available to our businesses, integrators and enablers and provides them with a climate-related framework and taxonomy, which they are able to use if they consider it helpful. Where risks are identified, businesses, integrators and enablers are required by our policies to assess them, including climate-related risks, in line with bp’s risk management policy and this includes an impact and likelihood assessment which supports consideration of relative significance and risk prioritization of risk management activities. The impact criteria outlined on page 74 include health and safety, environmental, financial and non-financial (such as regulatory impact) criteria and are to be used for assessing risks, including climate-related risks. This provides a consistent basis for assessment across bp. For the purposes of our TCFD disclosures, we have made use of the TCFD’s distinction between ‘physical’ and ‘transition’ climate-related risks. Recommended Disclosures: b. Describe the organization’s processes for managing climate-related risks. c. Describe how processes for identifying, assessing and managing climate-related risks are integrated into the organization’s overall Risk Management. Risk Management process Risks which may be identified include potential effects on operations at asset level, performance at business level and developments at regional level from extreme weather or the transition to a lower carbon economy. As part of our annual process the bp leadership team and board review the group’s principal risks and uncertainties. Climate change and the transition to a lower carbon economy has been identified as a principal risk, see page 77. It covers various aspects of how risks associated with the energy transition could manifest. Similarly, physical risks such as extreme weather, which may be affected or intensified by climate change, are covered in our principal risks related to safety and operations. Physical risk Physical risks are typically identified at the asset or project level and are managed depending on the level of risk assessed. In the North Sea and Gulf of Mexico, regions more prone to severe weather conditions, our offshore facilities monitor meteorological and oceanographic conditions through the collection of measurements. This data is collated and periodically compared against the ‘Basis of Design’ for the facility. If significant differences are observed, then this may trigger an update to the Basis of Design, prompting action to re-assess risks such as structural integrity and station- keeping and if necessary, implement additional risk mitigations, for example updating procedures for shutting down and removing personnel from facilities ahead of severe weather events. Updates may also be made as a result of other new knowledge, analysis methods and data, including climate projections where appropriate. Our major projects are required to assess the potential impact of severe weather and projected climate-related physical impacts. Where relevant, potential changes in environmental conditions, such as sea level rise and ambient temperatures, over the expected lifetime of a project are to be considered as part of the design process. For other assets, such as our retail sites, that are typically not exposed to a comparable level of severe weather risk, climate-related risks such as flooding or wind damage may be managed where appropriate through the emergency response plans and business continuity plans which are mandated through company-wide policies. Additionally at a group level we recognize risk associated with the potential for increased water scarcity due to climate change and other factors and the impact this could have on our operations and in the catchments where we operate. The impact of this risk is assessed by looking at a combination of the water availability in the catchment area and the water needs of the relevant asset, see page 68. Transition risk The board establishes bp’s strategy and monitors bp’s management and operations to obtain assurance over the delivery of its strategy. This approach ensures the effective management of climate-related transition risks and opportunities facing bp associated with the energy transition. For the purposes of our TCFD disclosures, we have grouped transition risks identified by our businesses, integrators and enablers, as described above, into the three broad material climate-related transition risks to bp, see page 58. However, we still assess and manage the component parts of those broad transition risks. • Policy and legal risks Our policy & partnerships team monitors and develops policy positions in line with bp’s sustainability aims. This team works with bp’s regional organization as well as corporate entities to discuss regional and global policy trends and support external positioning and interactions relating to policy and advocacy topics. Our group sustainability committee provides oversight of sustainability matters and our issues and advocacy meeting covers emerging advocacy issues. Our legal team manage bp’s litigation, including climate-related litigation and advise on the management of associated risks. This includes the use of internal lawyers and, where appropriate, external counsel. • Market risks In developing our business strategies, we consider market risks, controls and mitigations including future demand in the different geographies in which we might operate, the competitive landscape and the potential value proposition. We manage these risks through our investment decisions, our hedge trading and optimization activity, and through key business processes including the group investment assurance and approval process. • Reputational risks Our investor relations and communications & advocacy teams work to mitigate reputation- related risks, which includes the risk of shareholder action. Our investor relations team co-ordinates engagement with key investors on both a bilateral basis and through investor initiatives to support understanding of bp’s strategy and gain insights to inform feedback they provide to the group. Our communications & advocacy team manages corporate reputation through identification and monitoring of key issues and both proactive and reactive engagement with relevant stakeholder groups to communicate bp’s positions. Under our aim 6, which is to actively advocate for policies that promote net zero, the team also leads advocacy campaigns for policies that support net zero, including carbon pricing, see page 52.

66 bp Annual Report and Form 20-F 2021 • Technology risks Our technology insights team work to both mitigate risks and identify opportunities associated with evolving and emerging technologies that play a role in the changing global energy system. The team generates technology assessments and disruptive technology reports for review by bp senior executives and the recommendations are overseen by the board through the Innovation Advisory Council. In appropriate cases this helps to underpin and appraise the business case for new investments, new partnerships, new customer offers or new business models where these are being driven by technology innovation. Sustainability continued Our group-wide principal metrics and relevant targets/goals TCFD recommended disclosures Where a. Disclose the metrics used by the organization to assess climate-related risks and opportunities in line with its strategy and Risk Management process • Our strategic metrics: low carbon energy and convenience and mobility 2025, 2030 metrics, pages 16 and 17 (in table, relevant metrics with a T ). • Sustainability at bp: five aims to get to net zero, page 51 (in table). Our financial frame and investor proposition. • Disciplined investment allocation: 2022-2025 guidance (~$5-7 billion in low carbon and convenience and mobility). #3 investing at scale in the energy transition: capital allocation in low carbon and convenience and mobility and internal rate of return (IRR) hurdle rates, page 20. Our investment process • Price assumptions, Key investment appraisal assumptions, page 32 (in table, indicated with a T ). • Carbon price, page 32 (in table, indicated with a T ). Consistency with the Paris goals: • Six investment criteria: Investment economics, page 32 (in green box, indicated with a T ). • Paris consistency evaluation process: Quantitative evaluations, page 35 (in green box, indicated with a T ). KPIs: • Key performance indicators, page 24 (relevant KPIs shown with a T ). Sustainability at bp: • Water metrics, page 68. • Biodiversity metrics, page 68. Directors’ remuneration report: • Director’s remuneration report, page 116. • 2021 annual bonus outcome, page 122. • 2022 remuneration policy on a page, page 137. Incentivizing our employees to advocate for net zero: • Aim 7, page 52. b. Disclose Scope 1, Scope 2, and, if appropriate, Scope 3 greenhouse gas (GHG) emissions, and the related risks. Sustainability at bp: • Scope 1,2 in SECR table, page 53. • Ratio of Scope 1 and 2 emissions: gross production, page 53. • Scope 3 (category 11, which is broadly aligned to our aim 2) performance, page 52a • TCFD: risks as described in Strategy A, page 56. • Risk factors, page 76. c. Describe the targets used by the organization to manage climate- related risks and opportunities and performance against targets. Sustainability: net zero aims • Aim 1-5 summary of 2020 performance, 2025 targets and 2030 aims, page 51. • Aim 1 performance (Scope 1 and 2), page 52. • Aim 2 performance (Scope 3), page 52. • Aim 3 performance (emissions from the carbon in our upstream oil and gas production), page 52. • Aim 4 performance (methane), page 52. a In determining the Scope 3 emissions that are ‘appropriate’ to be disclosed for the purposes of this Recommended Disclosure, we have considered this term in the context of the recommendation to disclose the metrics and targets used to assess and manage relevant climate related risks and opportunities. The relevant target that we use in respect of Scope 3 emissions is our aim 3, which is broadly aligned to category 11 of Scope 3. Metrics and targets TCFD Recommendation: Disclose the metrics and targets used to assess and manage relevant climate- related risks and opportunities where such information is material. The principal metrics and targets used at group level to help monitor progress on delivery of our strategic consistency with the Paris goals (including Scope 1, 2 and 3 emissions) – are disclosed at the most appropriate locations in this strategic report. We present the principal group-wide metrics and targets used to assess and manage climate-related risks and opportunities below. In addition, we report on selected energy group illustrative metrics. In the context of the strategic report as a whole, we have judged that it is best to present this reference table online at bp.com/TCFD. Looking ahead, we will consider the updated TCFD guidance on Metrics & Targets, published in October 2021.

67 Strategic report bp Annual Report and Form 20-F 2021 See glossary on page 377 Our focus area: Improving people’s lives We have five aims to improve people’s lives. We recognize the importance of health and wellbeing, supporting livelihoods, treating people with respect and working to enhance diversity, equity and inclusion. Our people aims build on strong social impact and risk management requirements and guidance in our operating management system. These aims focus on how we think bp can make the biggest difference in the places where we work. They are underpinned by specific objectives and targets. Summary of our aims and 2021 performance Aim 2021 performance More clean energy Aim 11 is to develop enough clean energy to benefit more than 36 million people. • We brought 4.4GW (2020 3.3GW) of developed renewables to FID by end of 2021 and have a renewables pipeline of 23GW. • Our development pipeline includes new solar development projects agreed by Lightsource bp in the US across 12 states and in New South Wales, Australia, as well as new offshore wind projects with Equinor in the US and EnBW in the UK. Just transition Aim 12 is to support a just energy transition which advances human rights and education. • We focused on defining and building the systems, processes and metrics we will need to progress towards our 2025 targets and 2030 aims. • We advanced initiatives that support a just transition for the bp workforce and for people living in communities where we operate. Sustainable livelihoods Aim 13 is helping more than 1 million people build sustainable livelihoods and resilience. • We are working to define a more systematic approach to helping people and communities develop sustainable livelihoods and become more resilient. • We partnered with the Fair Wage Network to increase our understanding of the different definitions of fair wages and to benchmark against their extensive fair and living wage database. Greater equity Aim 14 is greater diversity, equity and inclusion for our workforce and customers, and to increase supplier diversity spend to $1 billion. • Launched our Leadership Inclusion for Talent (LIFT) programme to support the progression of Black and African American colleagues into senior leadership roles. • Developed and rolled out Race for Equity, a mandatory racial equity and inclusion programme for bp leadership. • Published our first bp diversity, equity & inclusion report, which we plan to update annually. Read more about diversity, equity & inclusion and our people on page 71 Enhance wellbeing Aim 15 is to enhance the health and wellbeing of our employees, contractors and local communities. • Launched ‘Thrive’ – our new wellbeing portal – to support our workforce, and their friends and family, in building and maintaining healthy habits across all aspects of wellbeing. • Started to implement our global health hubs strategy that aims to improve access to health resources for employees and their families. Read more on page 72 For more information about our aims and performance in 2021, see the bp Sustainability Report 2021 Human rights We believe everyone deserves to be treated with fairness, respect and dignity. At bp we strive to conduct our business in a responsible way, respecting the human rights of our workers and everyone we come into contact with. Our human rights policy and our code of conduct help us do that. We respect internationally recognized human rights as set out in the International Bill of Human Rights and the International Labour Organization’s Declaration on Fundamental Principles and Rights at Work, including the core Conventions. These include the rights of our workforce and those living in communities potentially affected by our activities. We incorporate the UN Guiding Principles on Business and Human Rights, which set out how companies should prevent, address and remedy human rights impacts, into our business processes. When working to remediate any impacts on the rights of local communities we are open to co-operating in good faith to agree remedial actions through state-led mechanisms such as the Organisation for Economic Co-operation and Development National Contact Points. We recognize the importance of accessible and effective operational-level grievance mechanisms in addressing our impacts. See bp.com/humanrights

68 bp Annual Report and Form 20-F 2021 Our focus area: Caring for our planet We have set five aims to care for our planet. These aims focus on how we think bp can make the biggest difference in the places where we work. In 2021 much of our focus was on setting the foundations needed to deliver these aims. Our five planet aims build on our environmental impact and risk management requirements and guidance in our operating management system. They are underpinned by specific objectives and targets. Summary of our aims and 2021 performance Aim 2021 performance Enhancing biodiversity Aim 16 is making a positive impact through our actions to restore, maintain and enhance biodiversity where we work. • Joined the Taskforce on Nature-related Financial Disclosures (TNFD) Forum and the Science-Based Targets for Nature’s corporate engagement programme. • We are working on developing our methodology for achieving net positive impact (NPI) on biodiversity in new projects from planned activities. Water positive Aim 17 is becoming water positive by 2035. • A key focus for 2021 was evolving our water management by developing a methodology and approach to improve water efficiency. We are working to align our actions with international water stewardship good practices and to follow a water management framework. Championing nature-based solutions Aim 18 is championing nature- based solutions and enabling certified natural climate solutions. • We are working towards the delivery of a nature-based solutions (NbS) action plan by the end of 2022. • Continued our external engagement to support the scaling of high-quality natural climate solutions in carbon markets. Unlock circularity Aim 19 is to unlock new sources of value through circularity. • Continued building the foundations needed to embrace circularity in bp, by evaluating the suitability of respected third-party definitions and frameworks to be adopted as our internal methodology. • Focused on reducing generated waste in all our activities, from construction to operating and decommissioning. Around 270kt of hazardous and non-hazardous waste was disposed in 2021, a 4% decrease from around 280kt in 2020. Sustainable purchasing Aim 20 is developing a more sustainable supply chain. • Trialled the inclusion of sustainability factors in major purchasing decisions and focused on supplier sustainability strategies, greenhouse gas (GHG) emissions, use of renewable energy and circular approaches to product design. • Created a roadmap of high priority areas of goods and services with a focus on improving GHG emissions performance, continuing to act on opportunities as we identify them. For more information about our aims and performance in 2021, see the bp Sustainability Report 2021 Water consumption In 2021 we saw a 2.2% fall in freshwater withdrawals and a 4.1% fall in freshwater consumption compared with our 2020 baselinea. This was largely due to an improvement in the calculation of freshwater consumption across our retail sites and some measures of operational efficiency. At major operating sites, 0.1% of our total freshwater withdrawals and 0.6% of freshwater consumption were from regions with high or extremely high water stress in 2021 (compared to 4% and 8% in 2020 respectively). This is mainly due to the divestment of Geel Chemicals and a downgrading of Kwinana refinery to low baseline water stress by the WRI. Air emissions We monitor our air emissions and, where relevant, put measures in place to reduce the potential impact of our operational activities on local communities and the environment. In 2021 our total air emissions reduced by 38% from 2020 largely due to reductions in flaring at some of bp’s operating facilities, including US onshore operations. bp’s operated shipping fleet transitioned to very low or ultra-low sulphur fuels in 2020 to comply with the International Maritime Organization’s 2020 MARPOL regulation. Biodiversity Our biodiversity position, published in 2020, builds on the robust practices we already had in place to manage biodiversity across bp projects up to that date. We expect that from 2022 all new bp projects in scope will have plans in place aiming to achieve net positive impact (NPI), with a target to deliver 90% of actions within five years of project approval. We also aim to enhance biodiversity at our major operating sites and support biodiversity restoration and sustainable use of natural resource projects in the countries where we have current or growing investments. Sustainability continued a The baseline freshwater consumption is defined as 55.8 million m3 in the bp Sustainability Report 2020.

69 Strategic report bp Annual Report and Form 20-F 2021 See glossary on page 377 Our values and code of conduct Our values of safety, respect, excellence, courage and one team represent the qualities and actions we wish to see at bp. They inform how we do business and the decisions we make. We use these values as part of our recruitment, promotion and individual performance management processes. Our code of conduct is based on our values and sets clear expectations for how we work at bp. It applies to all bp employees and members of the board. Employees, contractors or other third parties who have a question about our code of conduct or see something that they feel is unethical or unsafe can discuss this with their managers, supporting teams, works councils (where relevant) or through OpenTalk, a confidential and anonymous helpline operated by an independent company. We received more than 1,400 concerns or enquiries through these channels in 2021 (2020 1,600). We take steps to identify and correct areas of non-conformance and take disciplinary action where appropriate. In 2021 our businesses dismissed approximately 26 bp employees for non-conformance with our code of conduct or unethical behaviour (2020 50c). This excludes dismissals of contractors and vendors, and employees at our retail service stations. Safety Safety is our core value and it is underpinned by our operating management system (OMS), which sets out how we aim to sustainably deliver safe, reliable and compliant operations. Tragically, in July 2021 a contractor died in a pipe lifting incident at our Castellón refinery in Spain. We deeply regret this loss. We are taking action to learn from this incident by codifying lessons into our OMS and sharing them internally and externally, so we can try to mitigate the potential for this kind of incident to happen again. e Incidents that result in an injury where a person is unable to work for a day (shift) or more per 200,000 hours worked. Foundations Our sustainability frame is built on strong foundations: our values, our continued focus on safety, our commitment to ethics and compliance, our people, and the economic value we create. Our safety goal is to eliminate tier 1 process safety events, fatalities and life-changing injuries and we have set out a bp-wide plan to help us achieve this. And in 2021, we continued work to strengthen our safety culture with the launch of a refreshed set of harmonized ‘safety leadership principles’, designed to guide behaviour and ways of working across bp – driving a robust, consistent safety culture. Keeping people safe We monitor and report on key workforce personal safety metrics in line with industry standards. We include both employees and contractors in our data. We have seen gradual improvements in our personal safety metrics over the past five years, which we believe reflect our increasingly systematic approach and improvements in safety leadership and human performance. This work is ongoing with a continuing focus on our updated safety leadership principles and initiatives such as our roll-out of the IOGP Life Saving Rules. These safety rules guide our workers on staying safe while performing tasks with the potential to cause most harm. The rules are aligned with our operating management system (OMS) and focus on areas such as working at heights, lifting operations and driving safety. Our recordable injury frequency (RIF) increased by over 20% compared with 2020, where the unique impact that the COVID-19 pandemic had on personal safety in 2020 was reflected in a lower RIF for that year. Compared with 2019, in 2021 our RIF slightly improved and, except for 2020, it was better than any time in the past 15 years. For absolute injuries, there was a small increase in recordable injuries (RI) between 2021 and 2020, and a small decrease in days away from work cases (DAFWC) over the same period. In 2021, DAFWC were at their lowest ever recorded level. Read more at bp.com/ESGdata 2021 2020 2019 Day away from work case frequencye 0.051 0.044 0.047 Severe vehicle accident rate 0.034 0.009 0.050 Recordable injury frequency Workforce incidents per 200,000 hours worked 2020 2021201920182017 0.14 0.18 0.20 0.19 0 0.1 0.2 0.3 Workforce 0.218 0.198 0.166 0.132 0.164 Employees 0.202 0.152 0.128 0.094 0.117 Contractors 0.229 0.233 0.193 0.163 0.204 International Association of Oil & Gas Producers benchmark* * IOGP 2021 data reports are not available until May 2022. Our operating management system The way our businesses around the world are expected to understand and manage their environmental and social impacts is set out in our OMS. This includes requirements on engaging with stakeholders who may be affected by our activities. OMS is a group-wide framework designed to help us manage risks in our operating activities and drive performance improvements.

70 bp Annual Report and Form 20-F 2021 It brings together bp requirements on health, safety, security, the environment, social responsibility and operational reliability, as well as related issues, such as maintenance, contractor relations and organizational learning, into a common management system. Our OMS also helps us improve the quality of our activities by setting a common framework that our operations must work to. We review and amend these requirements from time to time to reflect our priorities. Any variations in the application of our OMS, in order to meet local regulations or circumstances, are subject to a governance process. Recently acquired operations need to transition to our OMS. In planning our projects, we identify potential impacts from our activities and use the results to identify actions and mitigation measures and look to implement these in project design, construction and operations. Our OMS requires each of bp’s operating businesses and functions to create and maintain its own OMS handbook, describing how it will carry out its local operating activities. Through self-verification, local business processes are reviewed and areas for improvement are prioritized, allowing focus on delivering safe, reliable and compliant operations. Three lines of defence bp has a three lines of defence model to improve the effective management of all types of risk, including safety. The nature and extent of first, second and third lines of defence activities are based on the type and level of risk and comprise: • Businesses and functions – the first line of defence: accountable for working to meet business objectives, including risk management, and for self-verifying the effectiveness of their own risk management. • Group functions – the second line of defence: support the first line of defence in their management of risk and consider the effectiveness of their activities. Functions determine their activity set based on the type and level of risk which may include defining requirements, providing expertise (systems, tools and processes), building capability and conducting monitoring independent of the first line. The second line reports outside the line conducting the first line activity. • Internal audit – the third line of defence: considers whether the group’s system of internal control is adequately designed and operating effectively. Internal audit also tests the management of significant risks in the first and second lines of defence across the organization over time. The third line is independent of the first and second lines of defence. Preventing incidents We carefully plan our operations, with the aim of identifying potential hazards and having rigorous operating and maintenance practices applied by capable people to manage risks at every stage. We design our new facilities in line with process safety, good design and engineering principles. We track our safety performance using industry- aligned metrics such as those found in the American Petroleum Institute recommended practice 754 and the International Association of Oil & Gas Producers recommended practice 456. The overall downward trend in tier 1 and tier 2 process safety events (PSEs) continued into 2021. Our combined PSEs have generally decreased over the last 10 years, apart from 2019. Our performance improved in 2021 with one fewer tier 1 PSEs and seven fewer tier 2 PSEs, compared with 2020. The combined tier 1 and tier 2 PSEs were down 11% in 2021 compared to 2020. We investigate incidents including near misses, and we also use leading indicators, such as inspections and equipment tests, to monitor the strength of controls to prevent incidents. 2021 2020 2019 Tier 1 and tier 2 process safety events 62 70 98 Oil spills – number 121 121 152 Oil spills contained 73 70 90 Oil spills reaching land and water 47 46 58 Oil spilled – volume (thousand litres) 655 784 710 Oil unrecovered (thousand litres) 308 494 300 Emergency preparedness The scale and spread of bp’s operations means we must be prepared to respond to a range of possible disruptions and emergency events. We maintain disaster recovery, crisis and business continuity management plans and work to build day-to-day response capabilities to support local management of incidents. Security We monitor for hostile actions that could harm our people or disrupt our operations. These actions might be connected to political or social unrest, terrorism, armed conflict or criminal activity. We take these potential threats seriously and assess them continuously. Our 24-hour response information centre in the UK uses state-of-the-art technology to monitor evolving high-risk situations in real time. It helps us to assess the safety of our people and provide them with practical advice if there is an emergency. Cyber security The severity, sophistication and scale of cyber attacks continues to evolve. The increasing digitalization and reliance on IT systems and cloud platforms makes managing cyber risk an even greater priority for many industries, including our own. The risk comes from a variety of cyber threat actors, including nation states, criminals, terrorists, hacktivists and insiders. As with previous years, we’ve experienced threats to the security of our digital infrastructure, but none of these had a significant impact on our business in 2021. We have a range of measures to manage this risk, including the use of cyber-security policies and procedures, security protection tools, continuous threat monitoring and event detection capabilities, and incident response plans. We also conduct exercises to test our response to and recovery from cyber attacks. To encourage vigilance among our employees, our cyber security training and awareness programme covers topics such as phishing and the correct classification and handling of our information. We collaborate closely with governments, law enforcement and industry peers to understand and respond to new and emerging threats. Sustainability continued

71 Strategic report bp Annual Report and Form 20-F 2021 Working with contractors Through documents that help bridge between our policies and those of our contractors, we define the way our safety management system co-exists with those of our contractors to manage risk on a site. For our contractors facing the most serious risks, we conduct quality, technical, health, safety and security audits before awarding contracts. Once they start work, we continue to monitor their safety performance. Our OMS includes requirements and practices for working with contractors. Our standard model contracts include health, safety and security requirements. We expect and encourage our contractors and their employees to act in a way that is consistent with our code of conduct and take appropriate action if those expectations, or their contractual obligations, are not met. Our partners in joint arrangements In joint arrangements where we are the operator, our OMS, code of conduct and other policies apply. We aim to report on aspects of our business where we are the operator – as we directly manage the performance of these operations. We monitor performance and how risk is managed in our joint arrangements, whether we are the operator or not. Where we are not the operator, our OMS is available as a reference point for bp businesses when engaging with operators and co-venturers. We have a group framework to assess and manage bp’s exposure related to safety, operational and bribery and corruption risk from our participation in these types of arrangements. Where appropriate, we may seek to influence how risk is managed in arrangements where we are not the operator. Our people are the most important element of our success. We need a motivated, engaged, and diverse workforce to deliver our purpose and strategy. We promote a culture that generates the diversity of thought, approach and ideas needed to reimagine energy and move to a low carbon environment. The people and governance committee reviews workforce policies and practices and their alignment with bp’s strategy, purpose, values and culture and conducts workforce engagement measures. For more on the people and governance committee, see page 106 Number of employees at 31 Decemberb 2021 2020 2019 Gas & low carbon energy 4,000 – – Oil production & operations 8,800 – – Customers & products 43,600 – – Other businesses and corporate 9,500 – – Total 65,900 63,600 70,100 Attraction, retention and development We aim to recruit talented people from diverse backgrounds, and invest in training, development and competitive rewards for all our people. We invest in employee development – with a focus on driving safe, reliable and compliant operations, and on building technical, functional and leadership capability. This includes a range of development opportunities for our people through a mix of on-the-job learning, developmental relationships with mentors, managers and peers, and training delivered face-to-face, virtually and through simulation or e-learning. Diversity, equity & inclusion Our DE&I ambition is for bp to reflect the world around us. Gender equality Overall, the proportion of women employed across bp remained at 39% of our global workforce in 2021 (39% in 2020). 41% of our 120 extended leadership team are women and our goal is to increase this. At the end of 2021 we had four female directors (2020 5) on our board. Our people and governance committee remains mindful of diversity when considering potential candidates. See our gender pay gap report at bp.com/ukgenderpaygap Our people Workforce by gendera Male Female Female % As at 31 December 2021 2021 2020 2021 2020 2021 2020 Board directors 6 6 4 5 40 45 Leadership team 7 8 4 4 36 33 Group leaders 192 193 89 77 32 29 Subsidiary directors 674 1,351 303 284 31 17 All employees 39,912 38,826 25,933 24,719 39 39 Ethnic diversity Our global, US and UK frameworks for action guide how we aim to improve DE&I in bp. In 2021 we published a comprehensive global DE&I report, embedding expectations and metrics on DE&I delivery in our operating plans. In 2022 we reported on our UK ethnicity pay gap for the first time. We also aim to double our spend with US-based diverse suppliers by 2023. In 2021, 31% of our group leaders came from countries other than the UK and the US (2020 30%). See our DE&I report at bp.com/diversity For more on the composition of our board, see page 84 Inclusion To promote an inclusive culture we provide leadership training and support employee-run advocacy groups in areas such as gender, ethnicity, sexual orientation and disability. As well as bringing employees together, these groups support our recruitment programmes and provide feedback on the potential impact of policy changes. Each group is sponsored by a senior executive. We aim to provide equal opportunity in recruitment, career development, promotion, training and reward for all employees – regardless of ethnicity, national origin, religion, gender, age, sexual orientation, marital status, disability, or any other characteristic protected by applicable laws. Where existing employees become disabled, our policy is to engage and use reasonable accommodations or adjustments to enable continued employment. In 2021 bp joined the Valuable 500 – a global business collective made up of 500 CEOs and their companies, to drive lasting change for people around the world living with a disability. a The number of subsidiary directors is lower than prior years following a change in the way that the data is collated for subsidiary companies, with associated undertakings no longer included in the data set. b We do not report number of employees data against our new financial reporting segments for 2020 and 2019 as the numbers are not comparable following our reorganization in 2020.

72 bp Annual Report and Form 20-F 2021 We are making progress in the areas of recruitment, workspaces and assistive technology. We have also formed partnerships to help source talent, assist with research and training and support students with disabilities build the skills they need to access the workplace. Employee engagement Our managers hold team and one-to-one meetings with their team members, complemented by formal processes through works councils in parts of Europe. We regularly communicate with employees on factors that affect bp’s performance, and seek to maintain constructive relationships with labour unions formally representing our employees. To understand what our employees think and feel about bp, we run an annual ‘Pulse’ survey as well as ‘Pulse Live’ surveys, which enable us to monitor changes in employee sentiment on a weekly basis. We introduced a new overall engagement metric in 2021, which scored 64%. Pride in working for bp remained strong at 73%, but has declined by two percentage points since 2019. Employees participating in the 2021 ‘Pulse’ survey told us that their trust in our senior leadership had increased and more employees believe we are making progress on transformation with a simplified organizational structure. Some employees told us they do not fully understand our strategy. bp has committed to centrally focus and direct action planning in four key areas to strengthen engagement: connecting with purpose and strategy, future excitement, career development and inclusion. Mental health and wellbeing In 2021 we continued to offer employees access to a range of mental health support services. This included support from our well-established 24/7 Employee Assistance Programme, which saw increased usage in most regions. We also enabled employees to share access to the Headspace meditation app with two family members. Share ownership We continue to encourage employee share ownership and have a number of employee share plans in place. For example, we operate a ShareMatch plan in more than 50 countries, matching bp shares purchased by our employees. We also make annual share awards as part of our total reward package all for senior and mid-level employees globally, and a portion of our more junior professional grade employees. In February 2021, we introduced the Reinvent bp share award to incentivize our employees in meeting our aims. All individuals employed by the bp group at the grant date will receive a one-off grant of either share units or share options, depending on employee level, that will become available to keep, sell or transfer in the first quarter of 2025, provided the employee remains in employment to this date. Ethics and compliance Anti-bribery and corruption We operate in parts of the world where bribery and corruption present a high risk. We have a responsibility to our employees, our shareholders and the countries and communities in which we do business to be ethical and lawful in all our work. Our code of conduct explicitly prohibits engaging in bribery or corruption in any form. Our group-wide anti-bribery and corruption policy and procedures include measures and guidance to assess risks, understand relevant laws and report concerns. They apply to all bp-operated businesses. We provide training to employees appropriate to the nature or location of their role. In 2021, over 12,700 employees completed anti-bribery and corruption training (2020 7,700). We assess any exposure to bribery and corruption risk when working with suppliers and business partners. Where appropriate, we put in place a risk mitigation plan or we reject them if we conclude that risks are too high. We also conduct anti-bribery compliance audits on selected suppliers to assess their conformance with our anti-bribery and corruption contractual requirements. We take corrective action with suppliers and business partners that fail to meet our expectations, which may include terminating contracts. In 2021 we issued 4a audit reports (2020 35). Political donations and activity We prohibit the use of bp funds or resources to support any political candidate or party. We recognize the rights of our employees to participate in the political process and these rights are governed by the applicable laws in the countries where we operate. The way in which we interact with those governments depends on the legal and regulatory framework in each country. Our stance on political activity is defined in our code of conduct. In the US we provide administrative support for the bp employee political action committee (PAC), which is a non-partisan committee that encourages voluntary employee participation in the political process. All bp employee PAC contributions are reviewed for compliance with federal and state law and are publicly reported in accordance with US election laws. The PAC paused all contributions beginning in January 2021 and we expect to restart them in 2022. During this time PAC re-evaluated its criteria for candidate support. Tax transparency Our code of conduct informs the responsible approach we take to managing taxes. We endorse the B Team responsible tax principles and we engage in open and constructive dialogue with governments and tax authorities. We do not tolerate the facilitation of tax evasion by people who act for or on behalf of bp. We are committed to transparency around our tax principles and the taxes we pay. We paid $5.4 billion in corporate income and production taxes to governments in 2021 (2020 $3.3 billion). In 2021 we published the latest bp tax report, providing more detailed information on how we approach tax matters and the tax payments we make. Read more bp.com/tax Sustainability continued a Fewer reports were issued in-year in 2021 as the audit programme was delayed as a result of the COVID-19 pandemic and the Reinvent bp programme.

Day-to-day risk management Identify, manage and report risks Business and strategic risk management Plan, manage performance and assure Oversight and governance Set policy and monitor principal risks Facilities, assets and operations Businesses, integrators and enablers Leadership team and enablers The board 73 Strategic report bp Annual Report and Form 20-F 2021 How we manage risk and risk factors How we manage risk bp’s system of internal control is a holistic set of internal controls that includes policies, processes, management systems, organizational structures, culture and behaviours employed to conduct bp’s business and manage associated risks. bp’s risk management system bp’s risk management system and policy is designed to be a consistent and clear framework for managing and reporting risks from the group’s business activities and operations to management and to the board. The system seeks to avoid incidents and enhance business outcomes by allowing us to: • Understand the risk environment, identify the specific risks and assess the potential exposure for bp. • Determine how best to deal with these risks to manage overall potential exposure. • Manage the identified risks in appropriate ways. • Monitor and seek assurance of the effectiveness of the management of these risks and intervene for improvement where necessary. • Report up the management chain and to the board on a periodic basis on how principal risks are being managed, monitored, assured and the improvements that are being made. Our risk management activities Day-to-day risk management Management and employees at our facilities, assets, and within our businesses, integrators and enablers (see page 12) seek to identify and manage risk, promoting safe, compliant and reliable operations. bp requirements, which take into account applicable laws and regulations, underpin the practical plans developed to help reduce risk and deliver safe, compliant and reliable operations as well as greater efficiency and sustainable financial results. Business and strategic risk management Our businesses, integrators and enablers integrate risk management into key business processes such as strategy, planning, performance management, resource and capital allocation and project appraisal. We do this by using a standard framework for collating risk data, assessing risk management activities, making further improvements and in connection with planning new activities. bp manages, monitors and reports on the principal risks and uncertainties we have identified that can impact our ability to deliver our strategy. These risks are described in the Risk factors on page 76. Oversight and governance Throughout the year, management, the leadership team, the board and relevant committees provide oversight of how principal risks to bp are identified, assessed and managed. They support appropriate governance of risk management including having relevant policies in place to help manage risks. Such oversight may include internal audit reports, group risk reports and reviews of the outcomes of business processes including strategy, planning and resource and capital allocation. bp’s group risk team analyses the group’s risk profile and maintains the group’s risk management system. Our internal audit team provides independent assurance to the chief executive and board as to whether the group’s system of internal control is adequately designed and operating effectively to respond appropriately to the risks that are significant to bp.

74 bp Annual Report and Form 20-F 2021 How we manage risk and risk factors continued • Inform prioritization of specific risk management activities and resource allocation. bp’s risk management policy sets out requirements for businesses, integrators and enablers to follow. These requirements support the consideration of the following risk types: • Strategic and commercial • Safety and operational • Compliance and control Risk identification – businesses, integrators and enablers identify risks across the three risk types. Risks are identified on an ongoing basis – this can be done using a range of approaches including workshops, subject matter expertise, hazard identification processes and engineering requirements. Risk assessment – identified risks are assessed for potential impact across a number of criteria including: • Health and safety • Environmental • Financial • Non-financial (includes reputation and regulatory impact levels) Likelihood is also assessed using a standardized set of criteria. This aims to provide a consistent basis for the evaluation of potential impact and likelihood, facilitating a comparison across risks. Risk management and monitoring – risk management activities can be prioritized where improvements are needed based on a number of factors, including the risk assessment, strength of existing risk management measures, strategy and plans and legal and regulatory requirements. Risk management measures, including mitigations, are to be identified for each risk and monitored to the extent considered appropriate. To support leadership oversight of decisions relating to the risk assessment and management measures, risks are to be notified to, and the business’s risk management measures are subject to endorsement at, the appropriate organizational level (EVP, SVP, VP) depending on the assessed potential impact and likelihood. As part of bp’s annual planning process, the leadership team and the board review the group’s principal risks and uncertainties and determine risks for particular oversight by the leadership team, the board and their respective committees. These may be updated during the year in response to changes in internal and external circumstances. There can be no certainty that our risk management activities will mitigate or prevent these, or other risks, from occurring. Further details of the principal risks and uncertainties we face are set out in Risk factors on page 74. Our risk profile The nature of our business operations is long term, resulting in many of our risks being enduring in nature. Nonetheless, risks can develop and evolve over time and their potential impact or likelihood may vary in response to internal and external events. These may include emerging risks which are considered through existing processes, including an emerging risk paper considered at board meetings, bp’s risk management system, the bp Energy Outlook, bp’s Technology Insights Radar and ongoing emerging technology scanning and group strategic reviews. We identify risks for particular oversight by the board and its various committees in the coming year. Risks for particular oversight by the leadership team, the board and their committees in 2022 Areas of risk for particular oversight in 2022 have been reviewed and are listed below. These may be updated during the year in response to changes in internal and external circumstances. The oversight of other risks is undertaken in the normal course of business. Climate-related risks Risks associated with climate change and the transition to a lower carbon economy impact many elements of our strategy and, as such, these risks are considered through key business processes including agreeing the strategy, annual plan, capital allocation and investment decisions. The outputs of these key business processes are reviewed in line with the cadence of these activities. Further details are described in Climate-related financial disclosures on page 55. Strategic and commercial risks Financial liquidity External market conditions can impact our financial performance. Supply and demand and the prices achieved for our products can be affected by a wide range of factors including Risk oversight and governance Key risk oversight and governance committees include the following: Leadership team and its committees • Leadership team meeting – for oversight and for strategic and commercial risks. • Group operations risk committee – for health, safety, security, environment and operations integrity risks. • Group financial risk committee – for finance, treasury, trading and cyber risks. • Group disclosure committee – for financial reporting risks. • People and culture committee – for employee risks. • Group ethics and compliance committee – for legal and regulatory compliance and ethics risks. • Group sustainability committee – for non-operational sustainability risks. • Resource commitment meeting – for investment decision risks. • bp quarterly internal audit meeting – for assurance on the oversight of bp’s principal risks. Board and its committees • bp board. • Audit committee. • Safety and sustainability committee. • Remuneration committee. • People and governance committee. For Board activities see page 90, bp governance framework see page 92 and committee reports see pages 104-117 Risk management processes We aim for a consistent basis of measuring risk to: • Establish a common understanding of risks on a like-for-like basis, taking into account potential impact and likelihood. • Report risks and their management to the appropriate levels of the organization.

75 Strategic report bp Annual Report and Form 20-F 2021 See glossary on page 377 political developments, consumer preferences for low carbon energy, global economic conditions and the influence of OPEC+. We seek to manage this risk through bp’s diversified portfolio, our financial framework, liquidity stress testing, maintaining a significant cash buffer, regular reviews of market conditions and our planning and investment processes. See Energy markets, page 8 and Liquidity, financial capacity and financial, including credit, exposure, page 76 The impact of COVID-19 The continued impacts of COVID-19, including the impacts of measures implemented around the world in response to the pandemic, have contributed to significant volatility in the oil and gas prices and refining margins. bp’s future financial performance will be impacted by the extent and duration of the current market conditions and the effectiveness of the actions that it and others take, including its financial interventions. Our financial frame is designed to be robust to periods of low price, whether or not due to COVID-19, with flexibility to reduce cost and capital expenditure if required. COVID-19 can also have operational impacts. We continue to monitor the impact of COVID-19 on our employees and operations and have instigated and maintained mitigation plans where the business considers them necessary. Cyber security Both targeted and indiscriminate threats to the security of our digital infrastructure and those of third parties continue to evolve rapidly and are increasingly prevalent across industries worldwide. We seek to manage this risk through a range of measures, which include cyber security standards, security protection tools, ongoing detection and monitoring of threats and testing of cyber response and recovery procedures. We collaborate with governments, law enforcement agencies and industry peers to understand and respond to new and emerging cyber threats. We build awareness with our employees, share information on incidents with leadership for continuous learning and conduct regular exercises including with the leadership team to test response and recovery procedures. Geopolitical The diverse locations of our business activities and operations around the world expose us to a wide range of political developments and consequent changes to the economic and operating environment. Geopolitical risk is inherent to many regions in which we operate, and heightened political or social tensions or changes in key relationships could adversely affect the group. We seek to manage this risk through development and maintenance of relationships with governments and stakeholders and by being trusted partners in each country and region. In addition, we closely monitor events and implement risk mitigation plans where deemed appropriate. bp’s exit from its businesses in Russia bp announced it will exit its 19.75% shareholding in Rosneft and its other businesses with Rosneft in Russia. This decision was approved by the bp board on 27 February 2022. In response to the conflict in Ukraine, bp’s business continuity plans have been activated and executive, country and business support teams have been established. We continue to monitor impacts to our people and our operations, and mitigation plans are being implemented where needed. For further information see the segmental overviews on pages 3, 48 and 49. Safety and operational risks Process safety, personal safety and environmental risks The nature of the group’s operating activities exposes us to a wide range of significant health, safety and environmental risks such as incidents associated with releases of hydrocarbons when drilling wells, operating facilities and transporting hydrocarbons. Our operating management system helps us manage these risks and drive performance improvements. It sets out the standards and requirements which govern key risk management activities such as inspection, maintenance, testing, business continuity and crisis response planning and competency development. In addition, we conduct our drilling activity through a wells organization in order to promote a consistent approach for designing, constructing and managing wells. Security Hostile acts such as terrorism or piracy could harm our people and disrupt our operations. We monitor for emerging threats and vulnerabilities to manage our physical and information security. Our intelligence, security and crisis management teams provide strategic and operational risk management to our businesses through a network of regional security managers who provide front line risk management as well as conduct assurance activities through a team independent of the business. We continue to monitor threats globally and maintain disaster recovery, crisis and business continuity management plans. Compliance and control risks Ethical misconduct and legal or regulatory non-compliance Ethical misconduct or breaches of applicable laws or regulations could damage our reputation, result in litigation, regulatory action and penalties, adversely affect results and shareholder value, and potentially affect our licence to operate. Our code of conduct and our values and behaviours, applicable to all employees, are central to managing this risk. Additionally, we have various group requirements and training covering areas such as anti-bribery and corruption, anti-money laundering, competition/ anti-trust law and international trade regulations. We seek to keep abreast of new regulations and legislation that could materially affect the implementation of our strategy or business and plan our response to them. We offer an independent confidential helpline, OpenTalk, for employees, contractors and other third parties. Trading non-compliance In the normal course of business, we are subject to risks around our trading activities which could arise from shortcomings or failures in our systems, risk management methodology, internal control processes or employee conduct. We have specific operating standards and control processes to manage these risks, including guidelines specific to trading, and seek to monitor compliance through our dedicated compliance teams. We also seek to maintain a positive and collaborative relationship with regulators and the industry at large.

76 bp Annual Report and Form 20-F 2021 How we manage risk and risk factors continued Risk factors Strategic and commercial risks Prices and markets – our financial performance is impacted by fluctuating prices of oil, gas and refined products, technological change, exchange rate fluctuations, and the general macroeconomic outlook. Oil, gas and product prices are subject to international supply and demand and margins can be volatile. Political developments, increased supply from new oil and gas or alternative low carbon energy sources, technological change, global economic conditions, public health situations (including the continued impact of the COVID-19 pandemic or any future epidemic or pandemic), the introduction of new carbon costs and the influence of OPEC+ can impact supply and demand and prices for our products. Decreases in oil, gas or product prices could have an adverse effect on revenue, margins, profitability and cash flows. If these reductions are significant or for a prolonged period, we may have to write down assets and reassess the viability of certain projects, which may impact future cash flows, profit, capital expenditure, the ability to work within our financial frame and maintain our long-term investment programme. Conversely, an increase in oil, gas and product prices may not improve margin performance as there could be increased fiscal take, cost inflation and more onerous terms for access to resources. The profitability of our refining activities can be volatile, with periodic over-supply or supply tightness in regional markets and fluctuations in demand. Exchange rate fluctuations can create currency exposures and impact underlying costs and revenues. Crude oil prices are generally set in US dollars, while products vary in currency. Many of our major project development costs are denominated in local currencies, which may be subject to fluctuations against the US dollar. Accessing and progressing hydrocarbon resources and low carbon opportunities – inability to access and progress hydrocarbon resources and low carbon opportunities could adversely affect delivery of our strategy. Delivery of our strategy depends partly on our ability to progress hydrocarbon resources from our existing portfolio and access new resources in our existing core regions. Our ability to progress upstream resources and develop technologies at a level in line with our strategic outlook for hydrocarbon production could impact our future production and financial performance. Furthermore, our ability to access low carbon opportunities and the commercial terms associated with those opportunities could impact our financial performance and the pace of our transition to an integrated energy company in line with our strategy. Major project delivery – failure to invest in the best opportunities or deliver major projects successfully could adversely affect our financial performance. We face challenges in developing major projects, particularly in geographically and technically challenging areas. Poor investment choice, efficiency or delivery, or operational challenges at any major project that underpins production or production growth, could adversely affect our financial performance. Geopolitical – exposure to a range of political developments and consequent changes to the operating and regulatory environment could cause business disruption. We operate and may seek new opportunities in countries, regions and cities where political, economic and social transition may take place. Political instability, changes to the regulatory environment or taxation, international trade disputes and barriers to free trade, international sanctions, expropriation or nationalization of property, civil strife, strikes, insurrections, acts of terrorism, acts of war and public health situations (including the continued impact of the COVID-19 pandemic or any future epidemic or pandemic) may disrupt or curtail our operations, business activities or investments. These may in turn cause production to decline, limit our ability to pursue new opportunities, affect the recoverability of our assets and our related earnings and cash flow or cause us to incur additional costs, particularly due to the long-term nature of many of our projects and significant capital expenditure required. Events in, or relating to Russia and the conflict in Ukraine, including trade restrictions, international sanctions or any other actions taken by governmental authorities or other relevant persons will adversely impact our income and investment in or relating to Russia and could impact our ability to exit our interests in Rosneft and our other businesses with Rosneft within Russia, and the value we can realise for those interests. Liquidity, financial capacity and financial, including credit, exposure – failure to work within our financial framework could impact our ability to operate and result in financial loss. Failure to accurately forecast or work within our financial framework could impact our ability to operate and result in financial loss. Trade and other receivables, including overdue receivables, may not be recovered, divestments may not be successfully completed and a substantial and unexpected cash call or funding request could disrupt our financial framework or overwhelm our ability to meet our obligations. An event such as a significant operational incident, legal proceedings or a geopolitical event in an area where we have significant activities, could reduce our financial liquidity and our credit ratings. Credit rating downgrades could potentially increase financing costs and limit access to financing or engagement in our trading activities on acceptable terms, which could put pressure on the group’s liquidity. The risks discussed below, separately or in combination, could have a material adverse effect on the implementation of our strategy, our business, financial performance, results of operations, cash flows, liquidity, prospects, shareholder value and returns and reputation.

77 Strategic report bp Annual Report and Form 20-F 2021 See glossary on page 377 They could also potentially require the company to review the funding arrangements with the bp pension trustees. In the event of extended constraints on our ability to obtain financing, we could be required to reduce capital expenditure or increase asset disposals in order to provide additional liquidity. See Liquidity and capital resources, page 342 and Financial statements – Note 28 Joint arrangements and contractors – varying levels of control over the standards, operations and compliance of our partners, contractors and sub-contractors could result in legal liability and reputational damage. We conduct many of our activities through joint arrangements, associates or with contractors and sub-contractors where we may have limited influence and control over the performance of such operations. Our partners and contractors are responsible for the adequacy of their resources and capabilities. If these are found to be lacking, there may be financial, operational or safety exposures for bp. Should an incident occur in an operation that bp participates in, our partners and contractors may be unable or unwilling to fully compensate us against costs we may incur on their behalf or on behalf of the arrangement. Where we do not have operational control of a venture or direct oversight of contractor activity, we may still be pursued by regulators or claimants in the event of an incident. Digital infrastructure, cyber security and data protection – breach or failure of our or third parties’ digital infrastructure or cyber security, including loss or misuse of sensitive information could damage our operations, increase costs and damage our reputation. The energy industry is subject to fast-evolving risks, including ransomware, from cyber threat actors, including nation states, criminals, terrorists, hacktivists and insiders. Current geopolitical factors have increased these risks. There is also growing regulation around data protection and data privacy. A breach or failure of our or third parties’ digital infrastructure – including control systems – due to breaches of our cyber defences, or those of third parties, negligence, intentional misconduct or other reasons, could seriously disrupt our operations. This could result in the loss or misuse of data or sensitive information, including employees’ and customers’ personal data, injury to people, disruption to our business, harm to the environment or our assets, legal or regulatory breaches, legal liability and significant costs including fines, cost of remediation or reputational consequences. Furthermore, the rapid detection of attempts to gain unauthorized access to our digital infrastructure, often through the use of sophisticated and co-ordinated means, is a challenge and any delay or failure to detect could compound these potential harms. Climate change and the transition to a lower carbon economy – developments in policy, law, regulation, technology and markets, including societal and investor sentiment, related to the issue of climate change could increase costs, reduce revenues, constrain our operations and affect our business plans and financial performance. Laws, regulations, policies, obligations, government actions, social attitudes and customer preferences relating to climate change and the transition to a lower carbon economy, including the pace of change to any of these factors, and also the pace of the transition itself, could have adverse impacts on our business including on our access to and realization of competitive opportunities in any of our strategic focus areas, a decline in demand for, or constraints on our ability to sell certain products, constraints on production and supply, adverse litigation and regulatory or litigation outcomes, increased costs from compliance and increased provisions for environmental and legal liabilities. Investor preferences and sentiment are influenced by environmental, social and corporate governance (ESG) considerations including climate change and the transition to a lower carbon economy. Changes in those preferences and sentiment could affect our access to capital markets and our attractiveness to potential investors, potentially resulting in reduced access to financing, increased financing costs and impacts upon our business plans and financial performance. Technological improvements or innovations that support the transition to a lower carbon economy, and customer preferences or regulatory incentives that alter fuel or power choices, could impact demand for oil and gas. Depending on the nature and speed of any such changes and our response, these changes could increase costs, reduce our profitability, reduce demand for certain products, limit our access to new opportunities, require us to write down certain assets or curtail or cease certain operations, and affect investor sentiment, our access to capital markets, our competitiveness and financial performance. Policy, legal regulatory, technological and market developments related to climate change could also affect future price assumptions used in the assessment of recoverability of asset carrying values including goodwill, the judgement as to whether there is continued intent to develop exploration and appraisal intangible assets, the timing of decommissioning of assets and the useful economic lives of assets used for the calculation of depreciation and amortization. See Climate-related financial disclosures, page 55 and Financial statements – Note 1 Competition – inability to remain efficient, maintain a high-quality portfolio of assets and innovate could negatively impact delivery of our strategy in a highly competitive market. Our strategic progress and performance could be impeded if we are unable to control our development and operating costs and margins, if we fail to scale our businesses at pace, or to sustain, develop and operate a high-quality portfolio of assets efficiently. Furthermore, as we transition from an international oil company to an integrated energy company, we face an expanded and rapidly evolving range of competitors in the sectors in which we operate. We could be adversely affected if competitors offer superior terms for access rights or licences, or if our innovation in areas such as new low carbon technologies, digital, customer offer, exploration, production, refining, manufacturing or renewable energy lags behind those of our competitors. Our performance could also be negatively impacted if we fail to protect our intellectual property. Talent and capability – inability to attract, develop and retain people with necessary skills and capabilities could negatively impact delivery of our strategy. The sectors in which we operate face increasing challenges to attract and retain diverse, skilled and capable talent. An inability to successfully recruit, develop and retain core skills and capabilities and to reskill existing talent could negatively impact delivery of our strategy.

79 Strategic report bp Annual Report and Form 20-F 2021 See glossary on page 377 Compliance and control risks Ethical misconduct and non-compliance – ethical misconduct or breaches of applicable laws by our businesses or our employees could be damaging to our reputation, and could result in litigation, regulatory action and penalties. Incidents of ethical misconduct or non- compliance with applicable laws and regulations, including anti-bribery and corruption, competition and antitrust, and anti-fraud laws, trade restrictions or other sanctions, could damage our reputation, and result in litigation, regulatory action, penalties and potentially affect our licence to operate. In relation to trade restrictions or other sanctions, current geopolitical factors have increased these risks. Regulation – changes in the law and regulation could increase costs, constrain our operations and affect our business plans and financial performance. Our businesses and operations are subject to the laws and regulations applicable in each country, state or other regional or local area in which they occur. These laws and regulations result in an often complex, uncertain and changing legal and regulatory environment for our global businesses and operations. Changes in laws or regulations, including how they are interpreted and enforced, can and does impact all aspects of our business. Royalties and taxes, particularly those applied to our hydrocarbon activities, tend to be high compared with those imposed on similar commercial activities. In certain jurisdictions there is also a degree of uncertainty relating to tax law interpretation and changes. Governments may change their fiscal and regulatory frameworks in response to public pressure on finances, resulting in increased amounts payable to them or their agencies. Changes in law or regulation could increase the compliance and litigation risk and costs, reduce our profitability, reduce demand for or constrain our ability to sell certain products, limit our access to new opportunities, require us to divest or write down certain assets or curtail or cease certain operations, or affect the adequacy of our provisions for pensions, tax, decommissioning, environmental and legal liabilities. Changes in laws or regulations could result in the nationalization, expropriation, cancellation, non- renewal or renegotiation of our interests, assets and related rights. Potential changes to pension or financial market regulation could also impact funding requirements of the group. Following the Gulf of Mexico oil spill, we may be subjected to a higher level of fines or penalties imposed in relation to any alleged breaches of laws or regulations, which could result in increased costs. See Regulation of the group’s business, page 356 Trading and treasury trading activities – ineffective oversight of trading and treasury trading activities could lead to business disruption, financial loss, regulatory intervention or damage to our reputation and affect our permissions to trade. We are subject to operational risk around our trading and treasury trading activities in financial and commodity markets, some of which are regulated. Failure to process, manage and monitor a large number of complex transactions across many markets and currencies while complying with all regulatory requirements could hinder profitable trading opportunities. There is a risk that a single trader or a group of traders could act outside of our delegations and controls, leading to regulatory intervention and resulting in financial loss, fines and potentially damaging our reputation, and could affect our permissions to trade. See Financial statements – Note 28 Reporting – failure to accurately report our data could lead to regulatory action, legal liability and reputational damage. External reporting of financial and non-financial data, including reserves estimates, relies on the integrity of the control environment, our systems and people operating them. Failure to report data accurately and in compliance with applicable standards could result in regulatory action, legal liability and damage to our reputation.

80 bp Annual Report and Form 20-F 2021 Compliance information Section 172 statement In accordance with the requirements of Section 172 of the Companies Act 2006 (‘the Act’), the directors consider that, during the financial year ended 31 December 2021, they have acted in a way that they consider, in good faith, would most likely promote the success of the company for the benefit of its members as a whole, having regard to the likely consequences of any decision in the long term and the broader interests of other stakeholders, as required by the Act. See page 97 for more information in support of this statement, including a description of the board’s activities during 2021. bp non-financial reporting information statement Produced in compliance with Sections 414CA and 414CB of the Companies Act. Information incorporated by cross reference. Requirement Relevant policies and standards Information related to policies, any due diligence process and the outcome (a-e) a. Environmental matters • Net zero aims • TCFD (governance and risk management) • Sustainability frame • Biodiversity position (online) • Climate-related financial disclosures– pages 55-66. • Caring for our planet aims – page 68. • Our operating management system (OMS) – page 69. • Decision making by the board – page 97. b. Employees • Reinvent bp guidelines • bp values and code of conduct (online) • Our people – pages 71-72. • Safety – pages 69-71 • Our values and code of conduct – page 69. • Employee engagement (Pulse survey) – page 72. • How the board engaged with stakeholders (workforce) – pages 93-96. c. Social matters • Sustainability frame • Caring for our planet – page 68. • Our operating management system – page 69. • Improving people’s lives – page 67. • Decision making by the board – page 97. d. Respect for human rights • Business and human rights policy (online) • Modern slavery statement (online) • Labour rights and modern slavery principles (online) • Code of conduct (online) • Human rights – page 67. • Our values and code of conduct – page 69. e. Anti-corruption and anti-bribery • Anti-bribery and corruption policy • Code of conduct (online) • Ethics and compliance – page 72. • Our partners in joint arrangements – page 71. Description of principal risks relating to matters (a-e above) • How we manage risk – pages 73-75. • Risk factors – pages 76-79. • TCFD (climate-related risk management) – page 65. Relevant information Business model description • Business model – pages 12-15. Description of non-financial KPIs • Measuring our progress – pages 24, 26-27. TCFD index table Our expanded TCFD disclosures can be found on the following pages. TCFD Recommendation TCFD Recommended Disclosure Where reported Governance Disclose the organization’s governance around climate-related issues and opportunities. a. Describe the board’s oversight of climate-related risks and opportunities. • Pages 55-57. b. Describe the management’s role in assessing and managing climate-related risks and opportunities. • Page 57-58. Strategy Disclose the actual and potential impacts of climate-related risks and opportunities on the organization’s business, strategy and financial planning where such information is material. a. Describe the climate-related risks and opportunities the organization has identified over the short, medium, and long term. • Pursuing a strategy that is consistent with the Paris goals, page 30. • Strategy – page 58-60. • Risk factors, page 76. b. Describe the impact of climate-related risks and opportunities on the organization’s businesses, strategy, and financial planning. • Risk factors, page 76 – description of principal risks. • Strategy – page 58-60. c. Describe the resilience of the organization’s strategy, taking into consideration different climate-related scenarios, including a 2°C or lower scenario. • Strategy, page 58-60. • Pursuing a strategy that is consistent with the Paris goals, page 30. Risk management Disclose how the organization identifies, assesses and manages climate-related risks. a. Describe the organization’s processes for identifying and assessing climate-related risks. • Risk management – page 65. • How we manage risk, pages 73. • Risk factors – page 76. b. Describe the organization’s processes for managing climate-related risks. • Risk management, pages 65. • How we manage risk, page 73. c. Describe how processes for identifying, assessing, and managing climate-related risks are integrated into the organization’s overall risk management. • Risk management, pages 65. • How we manage risk, page 73. • Risk factors – pages 76. Metrics and targets Disclose the metrics and targets used to assess and manage relevant climate-related risks and opportunities where such information is material. a. Disclose the metrics used by the organization to assess climate- related risks and opportunities in line with its strategy and risk management process. • Our strategic focus areas and metrics, page 16. • Our group-wide principal metrics and relevant targets – page 66. b. Disclose Scope 1, Scope 2, and, if appropriate, Scope 3 GHG emissions, and the related risks. • GHG emissions data – pages 51-54. c. Describe the targets used by the organization to manage climate- related risks and opportunities and performance against targets. • Our net zero targets and aims at a glance – pages 51. The Strategic report was approved by the board and signed on its behalf by Ben J.S.Mathews, company secretary, on 18 March 2022

81 Corporate governance bp Annual Report and Form 20-F 2021 Corporate governance Introduction from the chair 82 Board of directors 84 Leadership team 88 Board activities and governance framework 90 How the board has engaged with shareholders, the workforce and other stakeholders 93 Decision making by the board 97 Learning, development and induction 100 Board evaluation 102 People and governance committee 104 Audit committee 107 Safety and sustainability committee 114 Directors’ remuneration report 116 Remuneration committee 116

82 bp Annual Report and Form 20-F 2021 Introduction from the chair Dear fellow shareholders, It has now been two years since bp set out its new purpose, ambition and aims – shortly followed by a new strategy and financial and sustainability frames. Within just a few weeks of bp launching its new direction, the world was struck by a global pandemic. As we said in last year’s annual report, it was a period in which the board felt especially keenly its responsibilities for overseeing the delivery of the new strategy and for monitoring the performance of the new organization. Turning to 2021, this was a year of further change – the reinvention of bp, helping to ensure that we have the right skills and capabilities in support of the energy transition, while delivering on our investor proposition and increasing distributions to shareholders. At the beginning of the year, we put in place a new governance framework underpinning the board’s role and its responsibilities to its shareholders. Founded upon four pillars – Strategy, People, Performance, and Governance – this new framework has stood up well against the challenges of the pandemic and a rapidly evolving and increasingly complex external environment. Commissioning an independent effectiveness review of the board in 2021 provided an objective view of the performance of the board operating against that framework. It proposed some areas for focus as we seek to continue modernizing our approach. Details are set out on page 104. In February 2022, bp’s governance was tested once again, this time by Russia’s attack on Ukraine. Within days of military action, the board had met, undertaken a thorough process of review, and after careful consideration announced bp’s decision to exit from its shareholding of Rosneft in Russia. bp’s governance framework provided the clarity and flexibility we needed to act decisively and promptly, having satisfied ourselves that to do so was in the long-term interests of the company’s shareholders. 2021 was a year of further change – the re-invention of bp, helping to ensure that we have the right skills and capabilities in support of the energy transition, while delivering on our investor proposition and increasing distributions to shareholders. Helge Lund Chair Extensive engagement One of the privileges of serving on bp’s board is being able to meet such a variety of people, with different roles, backgrounds and experiences, and in so many places around the world – inside and outside bp. Our formal engagement programme allowed the board to meet people based in the tropical rainforests of West Papua, the Abu Dhabi desert, our US retail stations, a refinery in Spain, and our Indian offices – to highlight just a fraction. These were mostly digital meetings, but the gradual lifting of lockdown restrictions opened opportunities to visit bp’s new EV charging infrastructure on London’s Park Lane, colleagues in front-line roles during a visit to Aberdeen, and representatives from the local community surrounding our proposed low carbon hydrogen projects on Teesside in England. Our investors are also a vital part of bp’s community. We have spent a great deal of time with them, seeking their views on matters ranging from our climate strategy to board governance, diversity and to remuneration. Discussion with our investors ultimately helped to inform the adjustments we announced to some of our net zero aims on 8 February 2022, and our decision to offer shareholders a vote on bp Net zero ambition report. We are hugely grateful for these important engagement opportunities. Diversity, equity and inclusion One of the most striking conversations we had in 2021 was with a range of UK and US colleagues representing ethnic minority groups. Hearing people, some of whom had worked with bp for more than 20 years, reflect on changing attitudes over that period was enlightening, but also encouraging. It was clear that there is still work to do in improving diversity and promoting inclusion across bp.

83 Corporate governance bp Annual Report and Form 20-F 2021 The need to improve diversity is why in 2021 the board introduced a diversity policy of its own. I believe board diversity matters; it sets the tone for the rest of the organization and allows us to draw upon a variety of experiences and perspectives. I am pleased that bp’s board already meets the FTSE Women Leaders Review targets of 40% for representation of women and a female appointed to the position of senior independent director. We have also met the Parker Review’s target for black and minority ethnic directors. But I believe bp should consider all dimensions of diversity. Our new diversity policy sets a standard from which we will build. It will see the board encouraging an inclusive environment and overseeing a diverse succession pipeline – among other important commitments. In addition, bp has expanded its gender ambition to cover all levels of the business and the board will oversee bp’s progress. The board has also increased its focus on the talent management and development of all bp’s people. Evolution of board During 2021, we said goodbye to two longstanding board members who served bp and its shareholders with distinction. Professor Dame Ann Dowling and Brendan Nelson stood down after nine and 11 dedicated years’ service, respectively. We are grateful to Brendan for continuing beyond the nine-year tenure to properly hand over his role as chair of the audit committee to Tushar Morzaria. We were pleased to welcome Karen Richardson and Johannes Teyssen to the board. Karen has brought exceptional knowledge of technology, start-ups and cybersecurity, and a digital mindset honed during a career in Silicon Valley. Johannes’s long experience leading one of Europe’s largest energy companies means he brings deep and valued knowledge of our sector and its continuing transformation. Closing thanks Many people contributed to bp’s success in 2021 – our suppliers, our strategic partners, and, of course, our customers. It would be impossible to thank everyone, but I do want to mention three groups. First, I am deeply grateful to bp’s investors, especially those of you who in 2021 shared your views on bp’s direction, whether through voting, in writing, or in conversation with the board. We look forward to repaying the faith you have placed in this company. Second, my fellow directors. They have made a strong contribution to bp through a challenging period. Third, Bernard and his leadership team, for all they have achieved so far, and for how they have achieved it – with characteristic determination. But perhaps the greatest thanks should go to bp’s people. I could not hope for a better team to entrust the challenge of reimagining energy for people and our planet. Thank you for all you do for bp. Helge Lund Chair 18 March 2022

Board gender diversity 1. Male 2. Female 6 4 1. 2. Non executive directors’ tenure 1. 2. 1. 1–3 years 2. 4–6 years 5 3 Board nationality 1. 2. 1. UK 2. US 2 4 3. Non UK/US 4 3. 84 bp Annual Report and Form 20-F 2021 Board of directors As at 18 March 2022 P Helge Lund Chair Appointed Board: 26 July 2018; Chair: 1 January 2019 Nationality Norwegian Outside interests Chair of Novo Nordisk AS; Operating advisor to Clayton Dubilier & Rice; Member of the Board of Trustees of the International Crisis Group; Member of the European Round Table for Industry; Mentor at Chair Mentors International Career summary Helge Lund was appointed chair of the bp board on 1 January 2019. He served as chief executive of BG Group from 2015 to 2016, when it merged with Shell. He joined BG Group from Equinor (formerly Statoil) where he served as its president and chief executive officer for 10 years from 2004. Prior to Equinor, Helge was president and chief executive officer of the industrial conglomerate Aker Kvaerner, and has also held executive positions in the Norwegian industrial holding company, Aker RGI, and the former Norwegian power and industry company, Hafslund Nycomed. He worked as a consultant with McKinsey & Company and served as a political advisor for the parliamentary group of the Conservative party in Norway. Prior to joining bp, he was a non-executive director of the oil service group Schlumberger from 2016 to 2018, and Nokia from 2011 to 2014. He served as a member of the United Nations Secretary-General’s Advisory Group on Sustainable Energy from 2011 to 2014. Skills and experience Helge’s distinguished career as a leader in the energy industry and his open-minded and forward-looking approach is vital as he leads the board in its oversight of the delivery of bp’s new strategy. He has deep industry knowledge and global business experience – not only in the oil and gas industry but also in pharmaceuticals, healthcare and construction. His innovative leadership of the board drives cohesion and a strong environment for constructive challenge and oversight as bp works to transform into an integrated energy company. P Bernard Looney Chief executive officer Appointed 5 February 2020 Nationality Irish Outside interests Fellow of the Royal Academy of Engineering; Fellow of the Energy Institute; Mentor for the FTSE 100 Cross-Company Mentoring Executive Programme Career summary Bernard Looney was appointed chief executive officer in February 2020. He previously ran bp’s Upstream business from April 2016 and has been a member of the company’s executive management team since November 2010. As chief executive, Upstream, Bernard was responsible for bp’s oil and gas exploration, development and production activities worldwide. In this role, Bernard oversaw improvements in both process and personal safety performances, and production grew by 20%. He led access into new countries, high-graded the portfolio and created innovative new business models. In earlier Upstream executive roles, he was responsible for all bp-operated oil and gas production worldwide and for all bp’s drilling and major project activity. Bernard joined bp in 1991 as a drilling engineer and worked in operational roles in the North Sea, Vietnam and the Gulf of Mexico. Skills and experience Bernard has spent his career at bp and has demonstrated dynamic leadership and vision while progressing through various roles. During his 10 years as a leader of Upstream, Bernard saw the segment through one of the most difficult periods in bp’s history, helping transform the organization into a safer, stronger and more resilient business. He has been instrumental in a number of workforce-based initiatives to promote a diverse and inclusive environment. Bernard set out bp’s new strategy in 2020 and is guiding the company through its transformation from international oil company to integrated energy company. Committee membership key Chair A Audit committee S Safety and sustainability committee R Remuneration committee P People and governance committee

85 Corporate governance bp Annual Report and Form 20-F 2021 P Murray Auchincloss Chief financial officer Appointed 1 July 2020 Nationality Canadian Outside interests Board member of Aker BP ASA; Member of The 100 Group Main Committee Career summary Murray Auchincloss qualified as a chartered financial analyst in the US, leading on to a wide range of tax and financial roles, first for Amoco and then for bp after the two organizations merged in 1998. Murray has worked in both the US and UK, in a range of roles including chief financial officer, Upstream, and chief financial officer, North Sea. He held responsibility for the company’s North American Gas business and, as head of the chief executive’s office for three years, managed all aspects of that office and the executive process. As chief financial officer, Murray heads up finance, tax, treasury, planning and performance management, mergers and acquisitions, investor relations, audit, global business services and procurement. Murray is currently a member of the board of directors for Aker BP ASA, Norway, and a member of The 100 Group Main Committee. Skills and experience Murray’s financial expertise, experience and knowledge make him a trusted advisor and Group leader. His broad experience of working across the group has provided him with deep insight into bp’s assets and businesses. Murray has a degree in commerce from the University of Calgary, Canada, and qualified as a chartered financial analyst at the University of West Virginia, US. His drive to modernize is improving bp’s financial teams, controlling costs and continuing to deliver transparent financial disclosures to investors and markets. A R Pamela Daley Independent non-executive director Appointed 26 July 2018 Nationality American Outside interests Director of BlackRock, Inc.; Director of SecureWorks, Inc. Career summary Pamela Daley joined General Electric Company (GE) in 1989 as tax counsel and held a number of senior executive roles in the company, including senior vice president of business development from 2004 to 2013 overseeing a wide range of corporate transactions, and serving as senior vice president and senior advisor to the chair in 2013, before retiring from GE at the end of 2013. Pamela has served as a director of BlackRock since 2014 and of SecureWorks since 2016. She was a director of BG Group plc from 2014 to 2016 until its acquisition by Shell. She was a director of Patheon N.V. from 2016 to 2017 until its acquisition by Thermo Fisher. Prior to joining GE, she was a partner at Morgan, Lewis & Bockius, a major US law firm, where she specialized in domestic and cross-border tax-oriented financings and commercial transactions. Skills and experience Pamela is a qualified lawyer with significant management insight obtained from previous senior positions held at companies that operate in highly regulated industries. Pamela has a wealth of experience in global business and strategy gained from over 20 years in an executive role at GE. She also has experience in the UK oil and gas industry from her time served on the BG Group plc board. Pamela contributes important insight to the audit committee from her previous executive experience. In 2019, she joined the remuneration committee, where her understanding of employee and investor perspectives brings value. R A P Paula Rosput Reynolds Senior independent director Appointed Board: 14 May 2015; senior independent director: 27 May 2020 Nationality American Outside interests Director and chair of National Grid plc; Non-executive director of General Electric Company; Chair of the Seattle Cancer Care Alliance Career summary Paula Rosput Reynolds started her energy career at Pacific Gas & Electric Corp in 1979 and spent over 25 years in the energy industry. She has held a number of executive positions during her career, including CEO of Duke Energy Power Services; chair, president and CEO of AGL Resources; chair and CEO of Safeco Corporation; and vice chair and chief restructuring officer of AIG. Paula was previously a non-executive director of TransCanada Corporation, CBRE Group, Inc, BAE Systems PLC, Anadarko Petroleum, Delta Air Lines and Coca Cola Enterprises. Paula was awarded the National Association of Corporate Directors (US) Lifetime Achievement Award in 2014. She was appointed chair of National Grid plc in 2021. Skills and experience Paula has had a long career leading global companies in the energy and financial sectors. Her experience with international and US companies, including several restructuring processes and mergers, gives her insight into strategic and regulatory issues, which is an asset to the board. Her wider business experience and understanding of the views of investors make her well-suited to her roles as chair of bp’s remuneration committee and senior independent director.

86 bp Annual Report and Form 20-F 2021 Board of directors continued As at 18 March 2022 A R Tushar Morzaria Independent non-executive director Appointed 1 September 2020 Nationality British Outside interests Group finance director of Barclays plc; Member of The 100 Group Main Committee; Chair of the Sterling Risk-Free Reference Rates Working Group Career summary Tushar Morzaria is a chartered accountant with over 25 years of strategic financial management, investment banking, operational and regulatory relations experience. He will step down from his current role as group finance director and member of the board of Barclays plc, the British universal banking and financial services company, in April 2022. Prior to joining Barclays in 2013, Tushar held various senior roles at JP Morgan including the CFO of its Corporate & Investment Bank at the time of the merger of the investment bank and the wholesale treasury/ security services business. Tushar will be joining the board of Legal & General Group plc as a non-executive director from May 2022. Skills and experience Tushar’s position as group finance director of Barclays PLC gives him a breadth of knowledge and insight into financial, tax, treasury, investor relations and strategic matters which provides benefit to Tushar’s role as the audit committee chair. He has strong experience in delivering corporate change programmes while maintaining a focus on performance. A Karen Richardson Independent non-executive director Appointed 1 January 2021 Nationality American Outside interests Chair of Origin Materials Inc.; Partner at Artius Capital Partners; Director of Exponent Inc.; Director of Doma Holdings, Inc. Career summary Karen Richardson was vice president of sales at Netscape Communications Corporation from 1995 to 1998 before embarking on several senior executive roles at E.piphany from 1998 to 2003 and was chief executive officer between 2003 and 2006. In 2011 she became a non-executive director of BT plc where she served for seven years and between 2016 and 2019 Karen was a director of Worldpay Inc. (Worldpay Group plc). Karen is currently chair at Origin Materials and a director of Doma Holdings. She has also been a director of Exponent Inc., the engineering and scientific consulting company, since 2013. Karen has a Bachelor of Science degree in Industrial Engineering from Stanford University and was awarded distinctions from the Stanford Industrial Engineering Department and the American Institute of Industrial Engineers. Skills and experience Karen’s 30 years’ experience in the technology industry means that she brings exceptional knowledge of digital, technology, cyber and IT security matters from working with innovative companies in Silicon Valley. Karen is considered to have the necessary skills and experience to help drive strong performance, in particular across the growth businesses of Convenience & Mobility and Gas & Low Carbon Energy. S R Melody Meyer Independent non-executive director Appointed 17 May 2017 Nationality American Outside interests Non-executive director of AbbVie Inc.; Non-executive director of NOV, Inc; Non-executive director of Energy Internet Corporation; President of Melody Meyer Energy LLC; Director of the National Bureau of Asian Research; Trustee of Trinity University Career summary Melody Meyer retired as President of Chevron Asia Pacific E&P in 2016 after 37 years of distinguished service in key leadership roles in global exploration and production across many operational assignments, projects and technology. Melody is an advocate for the advancement of women in energy as the prior executive sponsor of the Chevron Women’s Network, a member of the advisory board for McKinsey Advancing Women in Energy and through other venues. Melody is a C200 member, and has received recognition throughout her career: by Hart Energy as an ‘Influential Woman in Energy’ in 2018; by Women Inc as one of 2018’s ‘Most Influential Corporate Board Directors’; by 50/50 Women on Boards as an ‘Outstanding Director’ in 2020; and by Transition Economist TE100 as one of the ‘Women of the Energy Transition’ in 2021. Skills and experience Melody brings a world-class operational perspective to the board, with a deep understanding of the factors influencing safe, efficient and commercially high-performing projects in a global organization. Her extensive career in the oil and gas industry is predicated on a dedication to excellence, safety and performance improvements. She has expertise in the execution of major capital projects, technology, R&D, creation of businesses in new countries, strategic business planning, merger integration, leading change, and safe and reliable operations. Melody’s vast experience and knowledge in these areas have made her an ideal chair of the safety and sustainability committee, a position she has held since November 2019.

87 Corporate governance bp Annual Report and Form 20-F 2021 S P Sir John Sawers Independent non-executive director Appointed 14 May 2015 Nationality British Outside interests Visiting professor at King’s College London; Senior adviser at Chatham House; Senior fellow at the Royal United Services Institute; Global adviser at the Council on Foreign Relations; Governor of the Ditchley Foundation; Director of the Bilderberg Association, UK; Executive chair of Newbridge Advisory Limited Career summary Sir John Sawers spent 36 years in public service in the UK, working on foreign policy, international security and intelligence. He was chief of the Secret Intelligence Service, MI6, from 2009 to 2014 and prior to that spent the bulk of his career in the Diplomatic Service, representing the British government around the world and leading negotiations at the UN, in the European Union and in the G8. After he left public service, Sir John was chair and general partner of Macro Advisory Partners, a firm that advises clients on the intersection of policy, politics and markets, from February 2015 to May 2019. He then set up his own firm, Newbridge Advisory, to carry out similar work. Sir John was appointed Knight Grand Cross of the Order of St Michael and St George in the 2015 New Year Honours for services to national security. Skills and experience Sir John’s deep experience of international political and commercial matters is an asset to the board in navigating the geopolitical issues faced by a modern global company. Sir John’s unique skill set make him an ideal chair of the recently established geopolitical advisory council. S Dr Johannes Teyssen Independent non-executive director Appointed 1 January 2021 Nationality German Outside interests Senior advisor to Kohlberg Kravis Roberts; President of Alpiq Holding Ltd Career summary Johannes began his professional career at VEBA AG in 1989. There he held a number of leadership positions across Legal Affairs and Key Account Sales. In 2000 VEBA became part of E.ON and in 2001 Johannes became a member of the Board of Management of the E.ON Group’s central management company in Munich. In 2004, he was also appointed to the Board of Management of E.ON SE in Düsseldorf and later went on to become Vice Chairman in 2008 and CEO in 2010. He was president of Eurelectric from 2013 to 2015 and the World Energy Council’s vice chair responsible for Europe between 2006 to 2012. Johannes was a member of the Supervisory Board of Deutsche Bank AG between 2008 and 2018. He is a senior advisor to Kohlberg Kravis Roberts (KKR) for their European infrastructure and impact interests and was recently appointed as president of Alpiq Holding Ltd, a leading Swiss energy company (power generator and trader). Skills and experience Johannes brings exceptional experience and deep knowledge of the sector and its continuing transformation. His skill set further diversifies and strengthens the overall demographic and attributes of the board. His experience in the energy sector is a key asset for the entire board which enhances its ability to support and oversee the delivery of bp’s new strategy. Johannes has a doctorate in law from the University of Göttingen. Ben J S Mathews Company secretary Appointed 7 May 2019 Career summary Ben joined bp as a company secretary in May 2019. He is chair of the Association of General Counsel and Company Secretaries of the FTSE 100 (GC100) and the co-chair of the Corporate Governance Council of the Conference Board. Ben is also a Fellow of the Institute of Chartered Secretaries and Administrators. Former appointments include Group Company Secretary of HSBC Holdings plc and Rio Tinto.

88 bp Annual Report and Form 20-F 2021 Leadership team As at 18 March 2022 The leadership team represents the principal executive leadership of the bp group. Its members include bp’s executive directors (Bernard Looney and Murray Auchincloss, whose biographies appear on page 84-85) and the members of senior management listed here. Kerry Dryburgh EVP, people & culture Leadership team tenure Appointed on 1 July 2020 Nationality British Other board memberships Kerry is one of the Commissioners leading on the Levelling Up Goals, an architecture for purpose-led organizations to support levelling up in the UK in the wake of COVID-19, and a director of the 25x25 initiative, which aims for 25 women CEOs in the FTSE100 by 2025 Career summary Kerry was previously head of HR for the Upstream and has held a series of senior HR positions. She was a key driver behind the Upstream people transformation during 2015-2017. Kerry previously ran HR in bp’s Shipping, IST and corporate functions teams. She brings experience from other sectors in Europe and Asia, having worked at both BT and Honeywell before joining bp. William Lin EVP, regions, cities & solutions Leadership team tenure Appointed on 1 July 2020 Nationality American Other board memberships William is a non-executive director of Pan American Energy Group, a leading private integrated energy producer in Argentina. He is currently an advisor to the supervisory board for Corbion, a Dutch-listed global food ingredients and biochemicals company, as his nomination as a member of the supervisory board is progressing. Career summary William served as chief operating officer, Upstream regions before joining the leadership team. He has worked in bp for 26 years, having spent most of his career working abroad in different countries. His previous senior roles include vice president – gas development and operations for Egypt, regional president for Asia Pacific and head of the group chief executive’s office. William managed the successful completion, start-up and operation of the Tangguh LNG facility during his time in Indonesia. Gordon Birrell EVP, production & operations Leadership team tenure Appointed on 1 July 2020 Gordon previously served on bp’s executive team starting on 12 February 2020. Nationality British Other board memberships None Career summary Before being appointed to his new role, Gordon was chief operating officer for production, transformation and carbon. In his bp career, Gordon has spent time in various leadership, technical, safety and operational risk roles, including four years as bp president Azerbaijan, Georgia and Turkey. Gordon is a Fellow of the Royal Academy of Engineering. Business groups Integrators Enablers

89 Corporate governance bp Annual Report and Form 20-F 2021 Carol Howle EVP, trading & shipping Leadership team tenure Appointed on 1 July 2020 Nationality British Other board memberships None Career summary Before taking on her current role, Carol ran bp Shipping and was the chief operating officer for IST oil. She has more than 20 years’ experience in the energy industry, many in integrated supply and trading. Her previous roles include chief operating officer for natural gas liquids, regional leader of global oil Europe and finance. Carol also served as the head of the group chief executive’s office. Emma Delaney EVP, customers & products Leadership team tenure Appointed on 1 July 2020 Emma previously served on bp’s executive team starting on 1 April 2020 Nationality Irish Other board memberships None Career summary Emma has spent 26 years working in bp, both in the Upstream and the Downstream. Prior to joining bp’s executive team on 1 April 2020, she was Regional President for West Africa. She has held a variety of senior roles including Upstream Chief Financial Officer for Asia Pacific and Head of Business Development for gas value chains. In Downstream she held roles in retail and commercial fuels and planning. Leigh-Ann Russell EVP, innovation & engineering Leadership team tenure Appointed on 1 March 2022 Nationality British Other board memberships Leigh-Ann is a non-executive director of Hill & Smith Holdings. Career summary Leigh-Ann was previously bp’s SVP for procurement, accountable for a supply chain of around $30 billion of global spend. Prior to this, she was global head of upstream supply chain and VP of technical functions and performance in the global wells organization. Leigh-Ann holds a degree in mechanical engineering and is a Chartered Petroleum Engineer. She is a Fellow of the Royal Academy of Engineering and a Fellow of the Energy Institute. Giulia Chierchia EVP, strategy, sustainability & ventures Leadership team tenure Appointed on 1 July 2020 Nationality Belgian and Italian Other board memberships None Career summary Giulia joined bp from McKinsey, where she was a senior partner. She led the global downstream oil and gas practice and was a key member of the chemicals and electricity, power and natural gas practices. She has more than 10 years’ experience in the energy sector, including helping companies shape their strategies for the energy transition. Anja Dotzenrath EVP, gas & low carbon energy Leadership team tenure Appointed on 1 March 2022 Nationality German Other board memberships Anja is an independent member of the board of directors of Elkem; an Honorary Consul of Norway; a member of the UK Government’s new Investment Council; and a member of the Senate of the Fraunhofer-Gesellschaft. Career summary Anja joins bp with 30 years of experience in the global energy industry. Prior to her appointment, Anja was chief executive officer of RWE Renewables, one of the world’s leading renewables businesses. She previously held a broad range of leadership roles in E.ON, including chief executive officer of E.ON Climate & Renewables. Anja held a number of senior roles in management consultancy over 15 years before joining E.ON, with a focus on energy and the industrial sector. Eric Nitcher EVP, legal Leadership team tenure Appointed on 1 July 2020 Eric previously served on bp’s executive team starting on 1 January 2017. Nationality American Other board memberships Eric is a non-executive director of Pan American Energy Group, a leading private integrated energy producer in Argentina. Career summary Eric sat on the executive team as group general counsel from 2017. He played a key role in forming the Russian joint venture TNK-BP and resolving Deepwater Horizon claims. He began his career as a litigation and regulatory lawyer in Wichita, Kansas. He joined Amoco in 1990 and over the years has held a wide variety of roles, both in the US and elsewhere.

90 bp Annual Report and Form 20-F 2021 Board activities and governance framework Board activities The board and its committees met regularly in 2021, as well as on an ad hoc basis, as required by business needs. Despite the challenges and global travel restrictions that carried on from 2020 into 2021, the board continued to embrace the opportunities identified during the earlier stages of the pandemic. These included more frequent use of hybrid meetings and other productivity and efficiency gains that could be derived given the reduced demands of global travel. Despite these benefits, board members recognized that the optimum meeting format was in-person, as this maximized opportunities for interaction among board members, and also with the bp leadership team and the workforce more generally. The ways of working we put in place in 2020 also carried on through 2021. Board meeting agendas continued to be structured along four distinct pillars: strategy, performance, people and governance, with the overarching focus being on monitoring strategic progress and performance as bp transforms into an integrated energy company. Primary tasks of the board during 2021 included: • Oversight of strategic progress: The board continued to monitor and oversee the activities and performance of bp’s leadership team in delivering against the targets and aims that we communicated to the market in 2020. This was the second year of strategy execution since bp announced its transformative net zero ambition. • People: Throughout the year, the board reflected on key reinvent bp activities delivered in 2020 and 2021, including design and selection, health and wellbeing, management of change and employee engagement. The board was also consulted in the development of bp’s new leadership framework, which seeks to enhance leaders’ understanding of bp’s expectations of them. • Value generation for shareholders: In the second quarter, the board approved an increase in the resilient dividend of 4% per ordinary share and in addition, the commencement of share buybacks from first half surplus cash flow, taking into account factors including the cumulative level of and outlook for surplus cash flow, the cash balance point and maintenance of a strong investment grade credit rating. 1 Strategy Building on work undertaken to establish bp’s purpose and strategy in 2020, the board’s approach was informed by output from the 2020 board effectiveness review. This was underpinned by the strength of relationship with the CEO and his leadership team to monitor and oversee progress against the targets and aims set out in 2020. This was undertaken through a comprehensive schedule of thematic deep-dives and business reviews including the following: • Convenience & mobility, with particular focus on electrification and next generation mobility. • Resilient hydrocarbons and options to high-grade the portfolio while lowering emissions. • The value of integration in creating value as bp participates across the value chain, de-risking cash flows and customer success. • Low carbon energy and the acceleration of bp’s participation in the renewables sector, with particular focus on wind and solar. • Other strategic reflections since the September 2020 capital markets day. Through these engagements, the board supported and provided guidance to management. For more information see Decision-making by the board on page 97. Sustainability continued to be a key area of focus for the board in 2021. The board reviewed the environment, social and governance landscape, noting the importance of steps that management was taking to deliver the sustainability framework, announced in September 2020. The importance of defining what bp stands for in sustainability and embedding this across the organization, while engaging with stakeholders was underscored. It was against this backdrop that the board approved an update to our sustainability framework, with five further aims to help improve people’s lives and another five aims to care for our planet. Early in 2022, following on from board discussions during the fourth quarter of 2021, the board approved changes to bp’s aims. Further information on these changes can be found on page 51. Early in 2021, demonstrating the new governance framework in action, the board supported a request from management to bid for up to 3GW (1.5GW net to bp) of offshore wind capacity in the UK’s Offshore Wind Round 4, together with EnBW (through a 50/50 joint venture). This project aligns with bp’s net zero ambitions, including bp’s aims to have increased its annual low carbon investment to around $5 billion a year by 2030, as well as achieving 50GW of developed renewables to final investment decision by 2030, contributing 1.5GW. 2 Performance The board reviewed project, operational and safety performance throughout the year, as well as a retrospective look at the full-year delivery against plan. The company’s financial performance, liquidity, credit position and associated financial risks were closely and regularly monitored by the board. Inputs that assisted the board in discharging its oversight of performance included reports from the CEO and CFO, quarterly and full-year results, and the annual plan and associated capital allocation commitments. T he board’s focus

91 Corporate governance bp Annual Report and Form 20-F 2021 With regard to distributions, underpinned by the underlying performance of our business, an improving environment and confidence in our balance sheet, the board approved an increase of our resilient dividend by 4% per ordinary share and in addition, the commencement of share buybacks in the second quarter from first half surplus cash flow, taking into account factors including the cumulative level of and outlook for surplus cash flow, the cash balance point and maintenance of a strong investment grade credit rating. The board also approved at the time of our third quarter results that, based on bp’s current forecasts, at around $60 per barrel Brent and subject to the board’s discretion each quarter, bp expected to be able to deliver buybacks of around $1.0 billion per quarter and have capacity for an annual increase in the dividend per ordinary share of around 4% through 2025. As required under the UK Corporate Governance Code, the board carried out a robust assessment of bp’s emerging and principal risks. Following this assessment, the board approved a new framework for the oversight of principal risks by the board and its committees. The new approach creates a clearer linkage between bp’s underlying risk profile and its principal risks. On internal controls, the board assessed the effectiveness of the group’s system of internal control and risk management as part of the process through which it reviews and ultimately, approves the bp Annual Report and Form 20-F. No specific areas were identified in this assessment. The board concluded that the group’s system of internal control continued to be resilient. The board also concluded that the overall design of the group’s system of internal control generally meets external expectations of components to be included in internal control frameworks. In arriving at these conclusions, the board took into account reports from group risk and internal audit, as well as deep-dives and business reviews undertaken by the board and its committees during the year. For more information on bp’s system of risk management see How we manage risk on page 73. 3 People Throughout 2021, the board, through its people & governance committee, discussed key people priorities. This included bp’s journey to reinvent bp, a continued focus on employee engagement and management’s early thinking on how bp will develop high performing, inspiring leaders under a proposed leadership framework that is being developed by management. The board received direct updates during the year on reinvent bp as well as leadership development and succession planning. It was recognized that bp’s talent management arrangements would need to evolve as the organization continues to deliver against its stated net zero ambitions and aims. This included the recruitment of new talent from outside the organization, to drive growth and innovation in pivotal areas such as digital, mobility and convenience and low carbon energy. The board considered and approved the adoption of the ‘alternative arrangements’ method as its workforce engagement mechanism for 2021. To help inform board discussions and decisions and in line with these arrangements, board members engaged directly with the workforce in various events as set out on page 95. Diversity continued to be a key area of focus during 2021. As stated in the board’s terms of reference which became effective in January 2021, the board developed and approved a new board diversity, equity and inclusion policy. The policy contains statements which align to the requirements of the UK Corporate Governance Code alongside aspirational targets for board diversity. A copy of the policy is available on our website, bp.com/governance. 4 Governance During 2021, the board embedded the governance framework that it established in 2020. For more information on this framework, see page 92. Under the leadership of the board chair and the people & governance committee, an externally facilitated evaluation of the board was conducted in 2021. For more information on the board evaluation, see page 102. Strategy Establishing Monitoring Performance Metrics & information Monitoring Supporting & challenging People Diversity Competency Succession Governance Risk management Controls Conflicts, ethics and integrity How the board works Reimagining energy for people and our planet Culture Values Our purpose 1 2 3 4

92 bp Annual Report and Form 20-F 2021 Board activities and governance framework continued Role of the board The board’s role is to promote the long-term sustainable success of the company, generating value for its shareholders, while having regard to its other stakeholders, the impact of its operations on the communities within which it operates and the environment. The board has established four committees, some of which have roles that are prescribed under the UK’s Corporate Governance Code, with the aim of supporting the board in fulfilling its responsibilities. These are the safety and sustainability committee, audit committee, people and governance committee and remuneration committee. The terms of reference for the board (including matters reserved for the board) and the board committees together with the role profiles of the chair, CEO and senior independent director can be found on bp.com/investors. Delegation and matters reserved The board delegates day-to-day management of the business of the company to the CEO, save for those matters which are reserved for the board’s approval and cannot be delegated. The matters reserved include: • Entry into new countries • Cessation of all or any material part of bp’s operating activities in a country • Changes to the company’s capital structure • Distributions • Changes to the company’s code of conduct. The board reviews and approves capital expenditure over $3 billion for resilient hydrocarbons and over $1 billion for all transition or low carbon investments. In addition, it reviews any significant inorganic acquisition that is exceptional or unique in nature. Annual review Following an annual review of the governance framework, amendments were made to reflect evolving trends externally as well as bp’s own governance needs. The main amendment was to make clear reference to climate-related risks and opportunities in light of the increasing profile and significance of such risks and opportunities in bp’s strategy and the formal introduction of requirements to make climate related financial disclosures consistent with the Task Force on Climate-Related Financial Disclosure (TCFD) recommendations and recommended disclosures on a ‘comply or explain’ basis. The amendments enhance bp’s corporate governance framework addressing such risks and opportunities explicitly rather than implicitly. This transparency of the complementary accountabilities of the board, its committees and the CEO is in line with bp’s aim 9 to be recognized as an industry leader for the transparency of our reporting. Governance framework D elegation A ccountability Matters reserved Chief executive Shareholders Terms of reference Board of directors Safety and sustainability committee Audit committee Remuneration committee People and governance committee bp leadership team Group sustainability committee People & culture committee Resource commitment meeting Quarterly audit meeting Group disclosure committee Group ethics & compliance committee Group financial risk committee Group performance committee Group operations risk committee Geopolitical advisory councila Innovation advisory councila a Collaborative for both executive and non-executive directors to benefit from insights and discussions, with updates provided to the board and leadership team.

93 Corporate governance bp Annual Report and Form 20-F 2021 See glossary on page 377 Stakeholder engagement Institutional investors We regularly engage with our institutional shareholders through an active investor relations programme including face-to-face or virtual meetings. The board receives feedback from shareholders in many ways, including through the executive engagement led by the CEO and CFO, as well as other members of the leadership team. From a non-executive perspective, this engagement is primarily led by the chair. In 2021, he hosted several one-to-one meetings with major institutional investors and proxy advisory groups. These engagements generated valuable and insightful feedback which was shared with other board members and committees, as well as the executive management, and has helped to inform the formulation and execution of our strategy. During 2021, investor engagement by executive management focused on financial and business performance and the execution of the new strategy and its associated targets and aims. For the chair, this engagement covered board, governance, strategy (including bp’s climate strategy), financial frame and people and succession topics. Additional information on investor engagement activity following the 2021 AGM is set out below. Retail investors In May we held our annual event for retail investors in conjunction with the UK Shareholders’ Association (UKSA) and the UK Individual Shareholders Society. The chair, company secretary and SVP investor relations gave presentations on bp’s annual results, strategy and the work of the board. Shareholder questions primarily focused on bp’s sustainability strategy, financial frame and performance, as well as the resolutions proposed at the 2021 AGM. AGM The 2021 AGM was a hybrid meeting. In line with government rules at the time, attendance in person was limited to the directors and support staff only. Shareholders were able to submit questions before or during the meeting and participate by telephone to speak with the directors. The event was broadcast on bp.com, enabling non-bp shareholders to view the meeting. Shareholders who were not able to attend the meeting electronically were able to vote by proxy in the usual way. The overall turnout was 58.7% of the total voting rights, including voting rights cast as withheld by the shareholder. This compares to 62.1% in 2020 and 67.1% in 2019. All resolutions were passed at the meeting in line with the board’s recommendations. We anticipate that the 2022 AGM will be a hybrid meeting, building on the successful format introduced in 2021 and allowing for wider shareholder participation. Shareholders will be able to attend the meeting via bp’s electronic meeting platform or in person. Further details on how to join and participate in the meeting are set out in the notice of meeting, available on bp.com/agm. Response to resolution 13 at the 2021 AGM Resolution 13, a shareholder resolution on climate change targets, was not supported by the board. Shareholders strongly supported the board’s recommendation to reject this resolution, but 20.65% of the votes cast still supported it. Despite the low level of shareholder support, bp recognizes that some shareholders chose to support the resolution. On 2 December 2021 bp published its response to the vote on resolution 13 in accordance with Provision 4 of the UK Corporate Governance Code (‘Code’). The response explained that extensive engagement with shareholders had been undertaken prior to the AGM and that this dialogue continued after the vote to better understand shareholders’ views on bp’s climate plans. Through the consultation bp gained valuable insights on the evolution of shareholders’ views on strategy, targets and aims – irrespective of how they voted on resolution 13. The response was published a few weeks later than the 6 month period set out in the Code to allow for the extensive engagement process to be concluded. Overall, through our engagement activity, we heard clear support for our strategy. Shareholders told us they recognize the importance of maintaining a strategy that remains resilient to the risks and opportunities of the evolving energy transition and are encouraging bp to continue focusing on value-generating activities to fulfil our ambition to get to net zero by 2050 or sooner and to help the world get to net zero. Net zero: from ambition to action Since the 2021 AGM, bp has seen the world’s ambition accelerating. This, coupled with the insights gained from the consultation and our wider engagement with investors, has created an opportunity for us to raise our low carbon ambitions and we now aim to be net zero across operations, production and sales by 2050 or sooner. In addition, as announced on 8 February 2022, we intend to provide shareholders with the opportunity of an advisory vote on our net zero ambition report at the 2022 AGM. Further information, including the notice of meeting for the 2022 AGM, can be found on bp.com/agm. Other stakeholders The board received regular updates from the CEO and CFO and other members of the leadership team on engagements with other stakeholders, including customers, suppliers and governments and regulators. The regular updates were considered as part of the board’s formulation of bp’s strategy. For example, as part of the decision-making process for the UK Offshore Wind Round 4 bid, the board received updates on community and environmental matters. For more information see page 97. The board also received a report from ethics and compliance where any matters raised by external stakeholders were reported to the board. For more on our stakeholders see Business model, page 12 How the board has engaged with shareholders, the workforce and other stakeholders

94 bp Annual Report and Form 20-F 2021 Shareholder engagement cycle Matters raised Subsequent feedback/engagement Q1 • Fourth quarter and full-year 2020 results presentation • Investor roadshows with executive management following fourth quarter 2020 results • bp Annual Report and Form 20-F 2020 • bp Sustainability Report 2020 • Regular meetings with Climate Action 100+ (CA100+) co-leads • Performance during 2020 and ongoing impact of COVID-19; strategy and bp’s sustainability aims • Remuneration outcomes for executive directors and leadership team • Further engagement with groups of investors such as CA100+ to discuss sustainability aims and strategy Q2 • Investor roadshows with executive management following publication of the annual report and sustainability report • First quarter 2021 results presentation • Investor roadshows with executive management following first quarter 2021 results • Regular meetings with CA100+ co-leads • UK Shareholders’ Association (UKSA) (retail shareholders’) meeting with the chair • Institutional shareholder engagement with the chair and executive management • 2021 AGM • bp Statistical Review of World Energy 2021 • Performance during first quarter 2021 • Financial frame and distributions • Sustainability frame and bp’s climate strategy • Updates to financial frame in third quarter 2021 to provide greater clarity Q3 • Second quarter 2021 results presentation • Investor roadshows with executive management follow second quarter 2021 results • Regular meetings with CA100+ co-leads • Investor engagement with the chair and executive management, including in respect of resolution 13, continuing into the fourth quarter • Updated financial frame • Feedback on resolution 13 • The board published a response to resolution 13 on 2 December 2021 and on 8 February 2022 announced strategic updates, including the intention to include an advisory vote on bp’s climate plan at the 2022 AGM Q4 • Third quarter 2021 results presentation • Regular meetings with CA100+ co-leads • Feedback on resolution 13 Employee engagement Overview In 2020 we developed and put in place a framework of engagement to build on existing mechanisms for the board to engage with bp’s workforce. This programme was successfully delivered during 2021 allowing all board members to participate and hear the views of a wide range of workforce members. Further details of the programme are set out below. To complement the programme, a range of other activities were undertaken throughout the year for the board to engage with members of the workforce. These included: • Receiving reports on key performance indicators on employee engagement, including voluntary attrition rates and engagement scores as measured by employee ‘Pulse’ surveys. • Receiving reports on Speak up, bp’s anonymous whistleblowing service. • Site visits undertaken by the whole board as well as individual board members or small groups of directors e.g. the audit committee visit to the trading team at the Canary Wharf office, London and S&SC virtual site visit to Angola • CEO ‘Keeping Connected’ webcasts with approximately 3,000 colleagues joining each live webcast. • Town hall events hosted by bp chair Helge Lund including during his visit to Aberdeen. Stakeholder engagement continued

95 Corporate governance bp Annual Report and Form 20-F 2021 Workforce engagement programme The workforce engagement programme supports the UK Corporate Governance Code requirement that the board establishes a mechanism to have meaningful and regular dialogue with the workforce to capture key insights and to bring the employee voice into the boardroom. Through the programme, small group sessions with 10-12 individuals are scheduled throughout the year. These are facilitated by the people & Key features of the workforce engagement programme: Representation areas Formal workforce representatives e.g. • European works council leadership • First level leaders in non-UK/US locations Strategically relevant position e.g. • Digital/cyber security colleagues • Low carbon business representatives Special interest groups e.g. • Graduate programme trainees • Business resource group representatives Rotating across different representation areas The broad coverage achieved in hearing views from members of the workforce with diversity in representation of seniority, tenure with bp, business sector and geographic location to promote balance across the full range of bp’s activities. Involving every board member Allowing each board member to participate directly rather than first-hand insights being concentrated in one individual Small group sessions with 10-12 participants Provides for a focused discussion with the opportunity for all voices present to be heard in a meaningful way. Open and honest views encouraged Sessions are ‘unsupervised’ i.e. without line managers/function leaders present in order to allow an unconstrained exchange of views. Sessions are held throughout the year Takes account of different cycles of workstreams and provides a consistent flow of employee feedback for the board. Focus on virtual attendance Having a focus on sessions being held virtually allows colleagues to be drawn from across our global operations including remote locations with a parity of engagement exposure for all attendees. 1 or 2 board members present Maximizes directors’ time by allowing for the whole board to benefit from a greater number of sessions being held across the year. Wide variety of topics covered Each session has a specific engagement purpose but not a set agenda in order to encourage free flowing discussion and the opportunity to explore specific points that may arise during the discussion itself. Front-line workers e.g. • Retail convenience store managers • Refinery operations colleagues Board of directors People and governance committee all non-executive directors individually participate in the programme culture team and the company secretary’s office and give every board member the opportunity to engage directly with different areas of the bp workforce. bp’s workforce encompasses a wide range of employees, contractors, remote and agency workers. These individuals are spread across multiple jurisdictions and carry out a range of different roles, from our retail sites to our refineries to our offshore wind teams. Given the breadth and geographic diversity of our workforce, having this bespoke mechanism provides an effective way for directors to hear from a broad cross-section of our colleagues. The programme is overseen by the people & governance committee which monitors the effectiveness of the programme and also undertakes an annual review to determine the optimum engagement mechanism for the board to use.

96 bp Annual Report and Form 20-F 2021 Stakeholder engagement continued Outcome of 2021 programme During 2021, all eight non-executive directors attended at least one session, engaging in meaningful dialogue with over 90 colleagues representing ten different jurisdictions. These colleagues were drawn from business areas covering all three of our strategic focus areas (resilient hydrocarbons, convenience & mobility and low carbon energy) as well as our integrator and enabler functions. Participants ranged in tenure from a few months to over 20 years’ service including recent graduates as well as senior leaders. Despite the broad range of perspectives represented, it was clear from the feedback that there were common themes impacting individuals from across different business areas and locations, for example: • a sense of excitement about bp’s new purpose of reimagining energy. Colleagues reported that this was helping to attract new talent that would not previously have considered joining our sector. Board members gained valuable insights into how, given the scale of the change across bp, some participants experienced challenges as the new strategy was being implemented; • the significance of supporting remote working arrangements following the COVID-19 pandemic and how this will impact our ongoing ability to retain and attract individuals; • front-line retail colleagues expressed pride in the way that bp enabled them to support local communities during the COVID-19 pandemic but highlighted how their depth of knowledge of local retail markets could be better leveraged when broad marketing campaigns were developed; • motivation levels among our low carbon colleagues are high with a recognition that building strong relationships with our partners will help accelerate this business area. Linkage to board decisions The board recognizes the value of having workforce views in advance of making decisions. In 2021, the board engaged with colleagues to gain a more holistic perspective of the impact of decisions taken. This helps inform the approach for future board decisions and places directors in a stronger position to constructively challenge management on the decisions that they take, for example: • the decision in 2020 to adopt a new strategy and purpose through the Reinvent bp programme. Board members heard from representatives of European Works Councils as well a cross-section of senior leaders to hear about the impact of this transition on delivery, workload and mental wellbeing. Given the open discussion approach used, the impact of the Reinvent bp programme was raised by colleagues at almost every session held in 2021 regardless of the topic of the session. This provided a broad view of the impact of the new strategy and purpose upon many different business areas from retail sites to offshore wind; • a session was held with members of our business resource groups that focus on ethnic diversity. These are employee-led groups offering support and networking opportunities to particular under-represented groups. 2021 Workforce engagement programme Impact of the Reinvent bp programme: tier 2 leaders Melody Meyer held a session with a cross- section of our senior leadership group to learn about the impact of the transition to bp’s new strategy and purpose on the functions they lead. Views were heard from leaders of our hydrocarbons businesses as well as our new low carbon areas and key enabler functions such as strategy, finance and digital. Among the topics discussed were: • How Reinvent bp has strengthened the ability to deliver with a renewed ‘one team’ mindset. • How Reinvent bp has amplified opportunities to offer diverse careers which harness our global capability. • Reflections on what has been learned through the Reinvent bp transition. Groups from the UK and US joined a session in the same period that directors approved and published the board diversity policy. Feedback from this session highlighted how bp’s support for under-represented groups had improved over the years but that there are more opportunities to continue to promote inclusion for all colleagues. These principles are reflected in the board diversity policy which seeks to improve diversity both at board level and also the pipeline of succession to the board; • the decisions taken to support retail customers and colleagues through the COVID-19 pandemic. Review of engagement mechanism After the 2021 programme was completed, the P&GC reflected on its outcomes and effectiveness. A review was undertaken of the approach of other companies including a consideration of alternative options for engagement set out under the Code of a: • director appointed from the workforce; • formal workforce advisory panel; or, • designated non-executive director. It was determined that the current approach remained best suited to the broad range of bp’s workforce and was an effective alternative to the options set out in the Code. Opportunities to refine: Looking ahead to the 2022 programme, a schedule has been developed which targets additional employee groups with a particular focus on understanding bp’s culture. As set out on page 99, this will complement other measures to enhance the board’s assessment of culture. Hosting virtual sessions allowed for participants from different jurisdictions to be brought together so that they could benefit from hearing each other’s views on specific topics. It is expected that the programme will continue on a predominantly virtual basis although some in-person sessions may also be arranged where there are recognized benefits. Consideration will be given to opportunities for engagement with non-English speakers e.g. through the use of interpreters. When new directors join the board, consideration will be given to the use of introductory profiles or videos to be placed on bp’s intranet site so employees can learn more about the director and their role. • Opportunities to improve retention and also the attraction of new colleagues. 10 jurisdictions (including Australia, Poland, Oman, Azerbaijan, Singapore and the US) 9 sessions held >90 colleagues participated

97 Corporate governance bp Annual Report and Form 20-F 2021 Key decisions made The board delegates day-to-day management of the business of the company to the CEO, save for those matters which are reserved for the board’s approval. The board retains responsibility for – and regularly monitors – the execution of this delegation of authority, taking action to update it, as required. The board’s corporate governance framework is set out on page 92. It includes certain matters that are specifically reserved for decision by the board as a whole and which cannot therefore be delegated under its terms of reference. Given the size and scale of bp, there are relatively few matters that come to the board for a decision. These would include transactions involving a capital commitment of more than $3 billion or $1 billion, depending on the business, as well as decisions on strategy and distribution policy. In the context of the board’s activities during 2021, the table below sets out some examples of decision-making during the year and how directors have performed their duty under Section 172. More information on how the board had regard to the Section 172 factors Section 172 factor Key examples The likely consequences of any decision in the long term Our strategy and business model, page 12. Interests of employees How the board has engaged with shareholders, the workforce and other stakeholders, page 93. Sustainability: our people, page 71. Fostering the company’s business relationships with suppliers, customers and others. How the board has engaged with shareholders, the workforce and other stakeholders, page 93. Our strategy and business model, page 12. Sustainability: ethics and compliance, page 72. Sustainability: our values and code of conduct, page 69. Impact of operations on the community and the environment Sustainability: caring for our planet, page 68. Sustainability: safety, page 69. Maintaining a reputation for high standards of business conduct Role of the board, page 90. Sustainability: ethics and compliance, page 72. Sustainability: our values and code of conduct, page 69. Acting fairly between members of the company How the board has engaged with shareholders, the workforce and other stakeholders, page 93. Matters reserved for the board and Section 172 Decision taken How the board had regard to the feedback in its decision-making, including section 172(1)(a) to (f) matters considered, including stakeholder group(s) affected Shareholder distributions: commencement of buybacks and growing dividend The board approved the commencement of share buybacks in the third quarter, and at the same time increased the dividend 4% per ordinary share. • Likely consequences of any decision in the long term: The board’s decision was made with due regard to bp’s financial framework which is underpinned by a resilient dividend, reduction of net debt, investing into the transition, subject to maintaining a strong investment-grade credit rating. • Shareholders: The decision was taken after broad engagement with investors, via roadshows and other bilateral meetings with the chair, CEO and CFO. UK Offshore Wind Round 4 bid The board supported a request from management to bid for up to 3GW (1.5GW net to bp) of offshore wind capacity in the UK’s Offshore Wind Round 4, together with EnBW (through a 50/50 joint venture) • Likely consequences of any decision in the long term: In supporting the request from management, the board considered consistency of the request with bp’s net zero ambitions, including near- and long-term targets and aims. • Fostering business relationships: As bp progresses against its transformative strategic journey, new business relationships are required, as exemplified by EnBW. • Community and the environment: bp’s goal of developing significant renewable energy capacity by 2030 takes into account the UK’s drive towards renewable energy sources. Decision-making by the board

98 bp Annual Report and Form 20-F 2021 Decision-making by the board continued Independence and conflicts of interest All directors have a statutory duty to exercise independent judgement. Independence of non-executive directors (NEDs) is a crucial in bringing constructive challenge to the CEO and the leadership team at board meetings, while providing support and guidance to promote meaningful discussion and, ultimately, informed and effective decision-making. In addition, each director has a statutory duty to disclose actual or potential conflicts of interest. In accordance with the criteria set out in the UK Corporate Governance Code (the Code), the chair was considered independent at the time he was appointed. NEDs are required to provide sufficient information to allow the board to evaluate their independence prior to and following their appointment. During 2021, the board reviewed the process for declaration, review and authorization of conflicts of interest for directors. Formal procedures are in place for new potential conflicts to be reported and recorded during the year. As a consequence of regular reviews in 2021, the board is satisfied that there were no matters giving rise to conflicts of interest which could not be authorized by the board. It has therefore concluded that all bp NEDs are independent. Appointment and time commitment The chair, senior independent director and other NEDs each have letters of appointment with BP p.l.c. and do not serve, nor are they employed, in any executive capacity by bp. NEDs are generally appointed for three-year fixed terms; however, in line with what is considered good governance practice, bp proposes all directors for annual re-election by shareholders at the annual general meeting (AGM) where letters of appointment for each NED are available for inspection. Details on the skills and experience of each director seeking re-election, as well as their individual contributions to the long-term success of the company, are set out in the notice of meeting. In accordance with the recommendations of the Code, NEDs would not be expected to serve beyond nine years unless there are exceptional circumstances. Attendance Board Audit committee Safety and sustainability committee Remuneration committee People and governance committee Non-executive directors Helge Lund 11/11• 4/4• Pamela Daley 11/11 9/9 6/6 Professor Dame Ann Dowling 5/5 2/2 Melody Meyer 11/11 6/6• 6/6 Tushar Morzaria 11/11 9/9• 6/6 Brendan Nelson 5/5 3/3• 3/3 2/2 Paula Reynolds 11/11 9/9 6/6• 4/4 Karen Richardson 10/11 5/6 Sir John Sawers 11/11 6/6 4/4 Johannes Teyssen 10/11 6/6 Executive directors Murray Auchincloss 11/11 Bernard Looney 11/11 Attended meetings/possible meetings • Chair of board/committee Of the 11 board meetings held in 2021, six were board meetings covering a full agenda across strategy, performance, people and governance. Four board meetings were focused on the quarterly results and one board meeting was solely focused on discussing the board evaluation. Karen and Johannes were unable to attend one board meeting each due to commitments made prior to their appointments to bp’s board.

99 Corporate governance bp Annual Report and Form 20-F 2021 On behalf of the board, the people and governance committee reviews the formal appointment process and succession plan. Appointments and succession plans are both based on merit and assessed against objective criteria with the promotion of diversity, equity and inclusion as central considerations. This includes diversity of gender, social and ethnic backgrounds as well as cognitive and personal strengths. In reviewing appointments and succession plans, due consideration is given to ensure smooth transition of board members with specific responsibilities (e.g. committee chair roles) by allowing sufficient time for a detailed handover. This is balanced by the need to have new board members join at regular intervals such that over time there is a controlled approach to board members reaching the end of their tenure. This was reflected in the handover from Brendan Nelson as chair of the audit committee to Tushar Morzaria. Notwithstanding that Brendan had reached the end of nine years’ service as a bp director, it was deemed appropriate for Brendan to extend his tenure in order to have a thorough handover with Tushar. Further details on succession and tenure are set out in the people and governance committee report on page 104. The expectation regarding time commitment for board members to effectively discharge their duties is set out in the directors’ letters of appointment. The time commitment varies with the demands of bp business and other events. In practice, in 2020 and 2021, the impact of the COVID-19 pandemic on the company, as well as the need for the board to oversee the execution of bp’s new strategy, resulted in the NEDs spending additional time fulfilling their responsibilities. The NEDs’ external time commitments – whether through executive, non-executive, advisory or other roles – are regularly reviewed by the company secretary to ensure that, even in the exceptional circumstances of a global pandemic, they are able to allocate appropriate time to bp. The review process takes into account outside appointments and other external commitments, factoring in the complexity of the company in question and the industry, in particular regulated and potentially competing sectors. NEDs are also required to consult with the company secretary and chair before accepting any other role that may impact their ability to commit appropriate time to bp. During 2021, the process for approval of all new external appointments of existing directors was refreshed. In addition to reviewing the time commitment required for the new external appointments to ensure the director has sufficient capacity for their role with bp, a review of independence and potential conflicts of interest is now also undertaken at the same time. The board has concluded that, notwithstanding the NEDs’ other appointments, they are each able to dedicate sufficient time to fulfil their bp duties. As recommended by the Code, neither of the executive directors hold more than one non- executive directorship in a FTSE 100 company or other significant appointments, as set out on pages 84-87. Diversity and culture The board is fully supportive of bp’s UK, US and global frameworks for action which set out how we will advance and integrate diversity, equity and inclusion across our regions and the global businesses. These frameworks include three pillars -transparency, accountability and the development and attraction of diverse talent. The board believes that better decision-making and better overall outcomes can be achieved when people from different backgrounds with different perspectives come together with a common ambition. The board supports a culture of inclusion where everyone is valued and able to play their part in building the success of our company. Further details on our approach to diversity and the board’s diversity, equity and inclusion policy can be found on bp.com and in the people and governance committee report on page 106. Culture is monitored by the board through a number of mechanisms. These include reviews by the people and governance committee of bp’s ways of working, regular updates from the EVP people and culture, information from employee pulse surveys and feedback from both the NED workforce engagement sessions and the global engagement sessions led by the CEO, such as ‘Keeping Connected’. Alongside these mechanisms there are formal and informal channels for employees to raise concerns and significant concerns and insights are shared as part of the ethics and compliance update at the safety and sustainability committee. The board considers all these measures alongside the implementation of our DE&I policies to help satisfy itself that bp’s culture is and remains aligned to its purpose, strategy and values. To further enhance the board’s assessment of culture, plans are being developed for the various data points and reporting measures to be brought together in one place. It is expected that this will complement the approach for workforce engagement in 2022 where a specific focus on culture has been introduced. Our workforce engagement programme (further details set out on pages 95-96 already provides our directors with valued insights directly from our colleagues through small group sessions across the organization. Questions can also be tailored to each engagement session for directors to raise with participants. These questions will be aimed at stimulating discussion and drawing out individuals’ own experience of bp’s culture in their particular part of the business. In this way, the board will have the opportunity to gain a perspective beyond the facts and figures, which provide a useful statistical view of cultural measures, and hear how bp’s culture is operating in practice.

100 bp Annual Report and Form 20-F 2021 Learning, development and induction Induction of new directors, continuing learning and development Following the announcement of a new director’s appointment to the board, a structured and wide-ranging induction programme is compiled. This reflects their individual needs, to help ensure that they are best placed to maximize their contribution to and effectiveness on the board. In 2021, following their appointment to the board, tailored induction programmes were put together for Karen Richardson and Johannes Teyssen (see opposite). Following appointment, the skills and experience of individual board members are routinely reviewed to ensure that they continue to be well placed to assess and inform the evolution of bp’s strategy and purpose, while scrutinizing and holding to account the performance of the leadership team against agreed performance objectives. This review process is also informed by the chair’s individual meetings with the directors and the outputs from the annual effectiveness review process. Together, these steps help to identify learning and development opportunities to plug identified gaps or to provide deeper educational dives into new and evolving business areas. Activities during the year Learning and development activity is divided between developmental and educational needs, mandatory training (being training that all bp employees undertake such as code of conduct and cyber risk, among others) and site visits. During 2021, the board participated in several developmental briefings hosted by subject matter experts to deepen their understanding of their areas of focus. A deep-dive was held on the opportunity presented by growing momentum in the development of renewable energy sources, and how bp is positioned to play an increasingly significant role in this space through its ongoing transformation to become an integrated energy company. Mandatory training sessions were provided on sustainability, ethics and compliance, and directors undertook site visits and meetings with key colleagues to develop their knowledge of bp’s strategy and operations. Despite the challenges of the global pandemic, creative approaches were taken to provide immersive training for board members without the need to travel to the site in question. Further details are set out below: 10 developmental briefings 2 site visits (in person and virtual) Board induction programme A formal and comprehensive induction is provided to all directors following their appointment. Karen Richardson and Dr Johannes Teyssen, appointed on 1 January 2021, undertook robust and tailored inductions including meetings with a wide range of senior management within bp and key external advisors. The importance of the induction cannot be overstated: it is one of the key mechanisms to support directors in meeting their statutory duties, embedding their understanding of bp’s strategic priorities and bringing the board closer to decision-makers and those tasked with the day-to-day management of the business. A selection of these activities is outlined below. Before arrival and within the first month • Introductory meetings with the chair and group company secretary, covering an overview of board and committee matters, priority areas for the board, the governance framework and bp’s corporate structure • Pre-read of board and relevant committee papers from the previous 12 months Within the first three months • Introductions with leadership team members, providing an overview of their business unit and subject matter expertise • Meetings with relevant committee chairs and members to understand ways of working and priority areas • Teach-ins on topics of strategic importance • Briefings from key external advisors on legal, regulatory, audit, finance and other matters Within the first year • Employee engagement session to enable direct feedback opportunities from the workforce to the board • Visit to a bp site, which is facilitated virtually where an in-person visit is not possible

101 Corporate governance bp Annual Report and Form 20-F 2021 I have been impressed with the digital vision at bp. My induction to the bp board has been thorough, informative and rewarding. It hasn’t been without challenge: the lasting effects of the COVID-19 pandemic meant in-person meetings weren’t always possible, though the digital solutions deployed throughout the process to facilitate meaningful engagement were excellent. I was delighted to be able to visit bp’s security operations centre in Houston, Texas during 2021 and look forward to further site visits during 2022 and beyond to continue developing my understanding of bp’s operations. Karen Richardson Independent non-executive director The digital skills programme has successfully raised the profile of bp’s digital strategy. Deep-dives with subject matter experts created rich two-way discussions which, alongside comprehensive e-learning content, helped to develop board members’ understanding of key digital topic areas. These sessions also showcased some of the great digital talent the business has – I welcome the next phase of the programme in 2022. Dr Johannes Teyssen Independent non-executive director Digital skills programme A particular focus of the learning and development programme for 2021 was on enhancing digital skills, intended to empower the board’s oversight of bp’s digital strategy. Each quarter, directors were offered virtual learning content and invited to participate in a discussion with a relevant subject matter experts across four distinct topic areas: digital foundations, digital mindset, emerging digital technology and transformational digital technology. In addition, board members were provided reverse mentoring opportunities with final- year graduates from bp’s innovation & engineering team. In these sessions, digital topics were explored further in order to gain a fresh perspective on digital fluency.

102 bp Annual Report and Form 20-F 2021 Board evaluation Evaluating performance Each year bp evaluates the performance of the board, its committees, the chair and individual directors. This is a well-established process and an important and valued opportunity to take stock of the board’s progress and to test that the board is well placed to provide constructive challenge and be a trusted thought partner for the leadership team. Good progress was made following the 2020 board evaluation. There have been improvements in the quality and cadence of information flows from management to the board, a risk governance review has been completed and board education sessions have been directed at strategic priorities, such as the emerging renewables and low carbon energy businesses, climate change risk and how bp is mitigating it consistent with its financial and sustainability aims. Board and committee time has been optimized and co-ordinated through board roadmaps and the board and committees’ terms of reference. Every third year, recommended practice is for the board evaluation to be externally facilitated. Having completed two annual cycles of internally- facilitated reviews, the people and governance committee oversaw the review process for 2021, including the appointment of an independent provider of board review services. Given the significant strategic progress by bp since 2020, the new leadership and organization that is now in place and the roll-out of bp’s new corporate governance framework, a specialist board review firm was considered the best option to provide an objective perspective on the progress made by the board over this period. Following a request for proposal process, bp selected Independent Board Evaluation to complete an external board evaluation. There is no connection between Independent Board Evaluation and either bp or the directors. The process followed in the evaluation is set out in the graphic to the right. Board evaluation Stage 1 Planning Stage 3 Evaluation Stage 4 Reporting Stage 5 Review Stage 6 Actions agreed Stage 2 Briefing by external evaluator P&GC endorse review process, selection of preferred provider agreed by company secretary and chair. Evaluator sets scope of review; attends board and committee meetings, holds meetings with individual directors and non-board contributors and benchmarks against other boards. Draft reports discussed with board and committee chairs. Final reports discussed by the chair with individual directors, the whole board and committees. Senior independent director hosts session for chair feedback. Board agrees actions to take forward. Evaluator discusses evaluation process with chair and company secretary. Actions implemented and monitored as part of three-year evaluation cycle. Stage 7 Implementation

103 Corporate governance bp Annual Report and Form 20-F 2021 The evaluation supported an overall view that the board performs at a high level. It is focused and engaged, takes effectiveness in governance very seriously and works well with the leadership team. The recommendations made aim to help the board towards optimal effectiveness. The board agreed to implement actions across three areas: Strategy and performance: The board’s overarching focus through 2021 has been on monitoring strategic progress and performance as bp transforms into an integrated energy company. As we move from setting a new strategic direction in 2020, to our re-invention in 2021, 2022 will be about delivery of that strategy. Accordingly, there will be an increasing focus at board meetings on the journey of each of the businesses to deliver the targets and aims that have been set. The leadership team is being encouraged to engage with the board, to take soundings, to build credible and enduring relationships and to use time with the board to bring ideas before they are fully developed. This will help provide greater awareness of the risks and opportunities that are considered, alternative options, while also bringing their experience to the decision-making process. People and culture: Throughout 2021 we have made significant progress on employee engagement with our NEDs, through the structured workforce programme. The chair has also attended drop-ins with the business and other teams. Complementing this will be a gradual return to the board’s (and committees’) practice of in-person site visits to allow for more in person engagement opportunities. In addition to the reverse digital mentoring, we will evaluate other relationship and networking opportunities outside the formality of the boardroom such as informal breakfasts/dinners with some of the leadership team and those employees identified as having the talent to become part of the leadership team over time. Governance and reporting: Recommendations to improve the end-to-end board experience and flow of information are being progressed. In particular: • Further improving the information flows between the board and management through a common frame for board papers. • Adjusting the timing and allocation of time to the CEO and CFO’s report, the committee sessions and the committee feedback so that those matters which are of most importance to bp are raised. Feedback from the evaluation for the committees was considered at each of the committees and the chair held sessions with each director to discuss their individual feedback. In February 2022, the senior independent director led a meeting with the NEDs without the chair present to provide board members with an opportunity to provide any feedback regarding his performance. Strong support for the continued leadership shown by the chair and his engagement with the CEO, CFO and other members of the bp leadership team was provided and relayed by the senior independent director.

104 bp Annual Report and Form 20-F 2021 People and governance committee Chair’s introduction I am delighted to present my report as chair of the people and governance committee. Our focus in 2021 has been across three areas: Overseeing the organizational change resulting from the Reinvent bp programme; providing guidance around a new leadership frame for bp and progressing the design and roll-out of a robust framework for talent management; and the continuing refresh of the board, ensuring we have the right skills, experience, and diversity around the board table to deliver our strategy. Helge Lund Committee chair Committee overview Purpose of the committee The people and governance committee seeks to ensure an orderly succession of candidates for directors, the leadership team and the company secretary. It oversees corporate governance matters, reviewing developments in law, regulation and evolving practice in this space. The committee reviews workforce policies and practices and monitors their consistency with bp’s purpose, strategy and values. Key responsibilities during 2021 • Oversee the development of a diverse pipeline for succession to the board and leadership team (across immediate, medium and long-term time horizons), taking into account the challenges and opportunities facing bp, its strategic priorities and the skills and expertise needed on the board in the future. • Review the outside directorships/commitments/ conflicts of the non-executive directors. • Review workforce policies and practices, and in particular those that have an impact on talent and capability, diversity and inclusion and engagement and culture (including employee wellbeing). • Conduct workforce engagement measures through a range of formal and informal channels. Review and report back to the board on workforce views and priorities in order to strengthen the ‘employee voice’ in the boardroom. • Review and develop the board’s corporate governance framework and monitor its compliance with corporate governance standards and practices while ensuring that it remains appropriate to the size, complexity, and strategy of bp. • Review the board’s diversity policy and the effectiveness of its implementation. Meetings and attendance The committee met four times in 2021 with all members attending each meeting. Membership Helge Lund Member since July 2018 and chair since September 2018 Brendan Nelson Member (Resigned 12 May 2021) Paula Reynolds Member Sir John Sawers Member Helge Lund Committee chair Activities during the year Overseeing organizational change As part of our oversight responsibility on work force engagement and culture we put in place new ground rules for engagement in line with applicable corporate governance rules. We also took a retrospective look at bp’s reinvent journey to ensure that the organization had maintained its focus on safety in its successful delivery of a new structure, a new leadership team, and new ways of working (with the committee reviewing the processes and procedures in place for the adoption of agile working). New leadership frame We provided guidance on the new leadership frame further to an assessment of the core leadership principles and provided oversight on its submission to the board and implementation with a detailed section on page 90. We reviewed the new board governance framework to ensure that bp continues to maintain the highest standards of board and committee governance. Additionally, and as part of this work, we engaged an external provider to complete a detailed board effectiveness review with a detailed summary together with recommendations on page 102. Our focus has been to safely deliver organizational change as part of reinvent bp and develop a robust framework for talent management for both executive and non- executive succession.

105 Corporate governance bp Annual Report and Form 20-F 2021 Board succession planning Karen Richardson and Johannes Teyssen joined the board on 1 January 2021. Dame Alison Carnwath stepped down from the board on 14 January 2021 and Dame Ann Dowling and Brendan Nelson stepped down on 12 May 2021 following the AGM. The new board members bring extensive financial, technological, transformation and energy industry experience to the board and ensure that a strong focus on strategic execution, safety and sustainability and connectivity to bp’s core businesses and markets continues. Under its new terms of reference, the committee has responsibility for identifying and articulating the objectives and criteria of any board appointment process. This is based upon requirements identified from a review of the experience, skills and diversity of background of the board and its committees. For executive directors, the committee gives consideration to existing succession plans. The committee is responsible for engaging an independent executive search consultant, who assists in preparing shortlists of candidates, co-ordinating interviews and seeking references. In accordance with the board diversity, equity and inclusion policy (DE&I policy), the committee engages with external search firms who are able to align with bp’s approach to diversity, equity and inclusion in identifying suitable individuals from diverse pools of candidates. During 2021, the committee engaged with Egon Zehnder, MWM Consulting and Spencer Stuart in support of its ongoing search for new board candidates. Egon Zehnder and Spencer Stuart also provide advice and support on executive recruitment matters to bp. It is expected that all members of the committee meet or speak with the shortlisted candidates and agree upon a recommendation which is put to the board for review, taking account of matters such as the candidate’s existing appointments and associated time commitments as well as any actual or potential conflicts of interest. Diversity: board In line with the transparency and accountability arms of the global framework, in July 2021 further to a recommendation by the people and governance committee, the board approved a DE&I policy which complements bp’s wider diversity policies and which embraces the group’s values, code of conduct and sustainability frame. The full DE&I policy is available on online at bp.com/corporategovernance. Under the DE&I policy, the board commits to: • Encourage a diverse and inclusive working environment in the boardroom, where everyone is accepted, valued and receives fair treatment according to their different needs and situations without discrimination or prejudice. • Continue our journey towards greater diversity on the board across all dimensions, aspiring to achieve gender parity and greater representation of those with an ethnic minority background over time. • Consider all aspects of diversity when reviewing the board’s composition, its skills, experience and overall balance, including when conducting the annual board effectiveness review. • Oversee the development of a diverse pipeline for succession to the board and monitor that all board appointments are subject to a formal, rigorous, and transparent procedure and that such appointments are based on merit and objective criteria taking into account (among other things) factors such as diversity of gender, age, educational and professional background, social, ethnic and geographical background and cognitive and personal strengths. Engage search firms who understand bp’s values and approach to diversity, equity and inclusion and agree to comply with those values and approach in identifying suitable board candidates from diverse candidate pools. Given changes to the composition of the board during 2021, bp currently has a board that is smaller than in previous years. Although work to add new and suitably qualified skills and experience to refresh its composition continues, at the end of 2021 the board had 10 members. Skills matrix Background and experiencea Energy markets Operational excellence and risk management Global business leadership and governance Technology, digital and innovation Climate change and sustainability People leadership and organizational transformation Society, politics and geopolitics Finance, risk and trading Non-executive directors Helge Lund Paula Rosput Reynolds Tushar Morzaria Melody Meyer Sir John Sawers Karen Richardson Pamela Daley Johannes Teyssen a The skills set out here are defined based on bp’s internal assessment.

106 bp Annual Report and Form 20-F 2021 Through these 10 members, a range of personal strengths, industry expertise and nationalities is represented and further details on the skills and backgrounds of individual board members is set out in the board biography section on pages 84-87. From a gender perspective, the board is comprised of four female directors and six male directors, representing 40% female representation (2020 45%, 2019 42%). Two of the four main board committees are chaired by a female director, one of whom holds the position of senior independent director. While the board aspires to achieve gender parity, progress against diversity targets is sensitive to the size of the board. In respect of other forms of diversity, one member of the board self-identifies as being from a non-white ethnic minority background. In accordance with the board’s policy, the board as a whole aspires to have greater representation of those from an ethnic minority over time. Diversity: senior leaders Our senior management, as defined in the Corporate Governance Code 2018 and their direct reports comprise 49% women (2020 43%) and 26% Black, Asian and minority ethnic (BAME individuals (2020 25%). In reviewing the succession pipeline, the committee recognizes the challenges faced by women and those from minority groups, and particularly the additional issues they face in progressing to senior roles. The committee supports the work undertaken by management to support career progression of under-represented groups in a sector that has historically been male-dominated with limited diversity in other forms. Specifically, this includes the ambition to have females in 50% of the top 120 leader roles by 2025, our US minority ambition to have 20% of our group and senior leader roles held by minorities by 2025 and our UK ethnicity ambition to achieve 15% of our senior leader roles to be held by minorities. Diversity: employees The committee recognizes that improving the diversity of senior leaders cannot be achieved without promoting diversity throughout the whole workforce. Diversity, equity and inclusion considerations remain key to the group’s people strategy with a commitment to ensure that talented individuals are able to access fulfilling careers across all of bp’s areas of operations regardless of their background. The board, as a whole, is supportive of the group’s employee-led business resource groups (BRGs) which centre around specific themes including, among others, ethnicity, sexual orientation, working parents and people with disabilities. BRGs provide support and networking opportunities for their members and are open for all employees to join in order to support the group’s diversity and inclusion initiatives. The board is also supportive of awareness training sessions and ‘huddles’ including those hosted this year on neurodiversity and mental wellbeing. During 2021, the chair of the committee held a feedback session with members of two BRGs focused on ethnic minority groups, the USAAN (US-based ‘African American Network’) and the PEN (UK-based ‘Positively Ethnic Network’). This session formed part of the broader workforce engagement programme (details of which are set out on page 95) and brought together ethnic minority colleagues from across bp’s operations and with a range of tenure from over 20 years’ service to those who had recently joined through the graduate programme. A broad range of topics were discussed including how opportunities for ethnic minorities had improved over recent years. The feedback from this session was received by the people and governance committee and later reported to the whole board to deepen directors’ insights into employees’ views and experiences. Succession Karen Richardson and Johannes Teyssen joined the board on 1 January 2021. Dame Alison Carnwath stepped down from the board on 14 January 2021 and Brendan Nelson and Dame Ann Dowling stepped down on 12 May 2021 following the AGM. The new board members bring extensive financial, technological, transformation and energy industry experience to the board and will ensure that a strong focus on strategic execution, safety and sustainability and connectivity to bp’s core businesses and markets continues. Under its terms of reference, the committee has responsibility for identifying and articulating the objectives and criteria of any board appointment process. This is based upon requirements identified from a review of the experience, skills and diversity of background of the board and its committees. For executive directors, the committee gives consideration to existing succession plans. The committee is responsible for engaging an independent executive search consultant, who assists in preparing shortlists of candidates, co-ordinating interviews and seeking references. In accordance with the DE&I policy, the committee engages with external search firms who are able to align with bp’s approach to diversity, equity and inclusion in identifying suitable individuals from diverse pools of candidates. It is expected that all members of the committee meet or speak with the shortlisted candidates and agree upon a recommendation which is put to the board for review, taking account of matters such as the candidate’s existing appointments and associated time commitments as well as any actual or potential conflicts of interest. People and governance committee continued

107 Corporate governance bp Annual Report and Form 20-F 2021 Audit committee Chair’s introduction I am pleased to introduce my first report as audit committee chair. The committee has continued to assist the board in fulfilling its responsibilities, by monitoring the integrity of the group’s financial reporting and risk management systems and challenging management and the external auditor across a number of areas, including key accounting judgements and control matters. Karen Richardson joined the committee following the AGM in May 2021. She brings broad financial and commercial experience to the committee. Brendan Nelson stepped down from the committee and the board at the AGM. I would like to thank him for his diligent leadership, constructive challenge and contribution to the committee over the last 11 years. Prior to standing down, a thorough handover was completed and I held meetings with the committee’s key stakeholders which, among other things, sought to identify possible areas for improvement. The outcome of these meetings was overwhelmingly positive, with stakeholders noting that the committee was working well. Some small improvements were implemented, including the quality of materials presented to the committee and placing additional emphasis on risk and control matters. The committee spent considerable time reviewing trading activities, including how this ‘integrator’ supports bp’s strategy and execution. The committee also considered energy price volatility and how this risk was managed by the business, particularly in the US in February and in Europe and Asia in the latter half of the year. Following the board’s decision to exit its shareholding in Rosneft, the committee has undertaken a preliminary review with the external auditor of the accounting implications arising from that decision. This included consideration of the implications for the going concern assumption, longer-term viability and resilience statements in the context of the current economic and geopolitical environment and to ensure the consistency of the disclosures in the annual report with this decision. In 2022, the committee will monitor the progress in the UK of audit and corporate governance reform proposals by the UK government as well as the work being undertaken by the new International Sustainability Standards Board announced at COP26. Tushar Morzaria Committee chair Committee overview Role of the committee The committee monitors the effectiveness of the group’s financial reporting (including climate-related financial disclosures), systems of internal control and risk management and the integrity of the group’s external and internal audit processes. Key responsibilities • Monitor and critically assess bp’s financial statements and financial information, including the integrity of the financial reporting and related processes, context in which statements are made, compliance with relevant legal and regulatory requirements and financial reporting standards, including TCFD. • Assess the going concern assumption and the longer-term viability statement as to bp’s ability to continue to operate and meet its liabilities. • Review and challenge the application and appropriateness of significant accounting policies and financial reporting judgements. • Evaluate the risk to quality and effectiveness of the financial reporting process and, where requested by the board, advise whether the annual report and accounts are fair, balanced and understandable. • Review the affordability of distributions to shareholders. • Oversee the appointment, remuneration, independence and performance of the external auditor and the integrity of the audit process as a whole, including the engagement of the external auditor to supply non-audit services to bp. • Review the effectiveness of the internal audit function, bp’s internal financial controls and its systems of internal control and risk management. • Monitor the principal risks allocated to the committee by the board and review the mitigations proposed by management in respect of risks associated with bp internal financial controls and reporting responsibilities and such emerging risks that may fall within scope. • Review the systems in place to enable those who work for bp to raise concerns about possible improprieties in financial reporting or other issues, and for those matters to be investigated. Meetings and attendance in 2021 There were nine committee meetings in 2021. All members attended each meeting with the exception of Karen Richardson who was unable to attend one of the meetings. Regular attendees include the chief financial officer, SVP accounting reporting control, SVP internal audit, EVP legal and the external auditor. Membership Tushar Morzaria Member since September 2020 and chair since May 2021 Pamela Daley Member Paula Reynolds Member Karen Richardson Member since May 2021 Brendan Nelson Member and chair - resigned from the board May 2021 Alison Carnwath Member - resigned from the board January 2021 Tushar Morzaria is chair of the audit committee. See page 86 for his biography. The board is satisfied that he is the audit committee member with recent and relevant financial experience as provided for by the UK Corporate Governance Code and that he is competent in accounting and auditing in accordance with the FCA’s Disclosure and Transparency Rules. It considers that the committee as a whole has an appropriate and experienced blend of commercial, financial and audit expertise to assess the issues it is required to address, as well as competence in the oil and gas sector. The board has also determined that, as bp is a foreign private issuer, the audit committee meets the independence criteria provisions of Rule 10A-3 of the US Securities Exchange Act of 1934 and that Mr Morzaria can be regarded as an audit committee financial expert as defined in Item 16A of Form 20-F. Tushar Morzaria Committee chair The committee spent considerable time reviewing trading activities, including how this ‘integrator’ supports bp’s strategy and execution.

108 bp Annual Report and Form 20-F 2021 Fair, balanced and understandable (FBU) reporting Regular audit committee review The committee received updates on key sections of the bp Annual Report and Form 20-F 2021 early in the drafting process to provide sufficient time for comment and review. Report on the financial control environment The committee received updates on the control environment and integrity of the financial reporting process. Verification and management assurance The committee reviewed the assurance process in place for non-financial reporting (incorporating TCFD disclosures) and received reports from internal audit and risk on the system of internal controls and risk management. External auditor report The committee received a report from the external auditor on the outcome of its audit work. Recommendation to the board The committee made a recommendation to the board, which in turn reviewed the report as a whole and confirmed the assessment. Activities during the year How the committee reviewed financial disclosure The committee reviewed the quarterly, half-year and annual financial statements with management, focusing on the: • Integrity of the group’s financial reporting process. • Clarity of disclosure. • Compliance with relevant legal and financial reporting standards. • Application of accounting policies and judgements. As part of its review, the committee received regular updates from management and the external auditor in relation to accounting judgements and estimates, including those relating to recoverability of asset carrying values and the impact of climate risk and opportunities. In considering the bp Annual Report and Form 20-F 2021, the committee assessed whether the report was fair, balanced and understandable and also whether it provided the information necessary for shareholders to assess the group’s position and performance, business model and strategy. In making this assessment, the committee examined disclosures during the year, discussed the requirements with senior management, confirmed that representations to the external auditor had been evidenced and reviewed reports relating to internal control over financial reporting. The committee reviewed the consistency of the narrative disclosures and financial statements with climate risks and opportunities. It received a report from management on the verification process undertaken in respect of the annual report, including TCFD disclosures. The committee made a recommendation to the board, which in turn reviewed the report as a whole, confirmed the assessment and approved the report’s publication. See page 110 for how the committee considered climate risks and opportunities in reviewing financial disclosure. How accounting judgements and estimates were considered and addressed The committee was briefed on a quarterly basis in 2021 on the group’s key accounting judgements and estimates during the preparation of these financial statements, which were discussed with management and the external auditor. The key accounting judgements and estimates are set out on pages 178-196. The committee also considered and addressed key accounting estimates and judgements relating to exploration and appraisal intangibles and pensions and other post-retirement benefits. See Financial statements – Note 1 for further information. The committee is satisfied that the financial statements appropriately address the key accounting judgements and estimates in respect of both the amounts reported and disclosures made and in particular that they reflect the impact of the group’s transition strategy. How risks were reviewed The principal risks allocated to the audit committee for monitoring in 2021 included those associated with: Trading and shipping activities: including risks arising from shortcomings or failures in systems, risk management methodology, internal control processes or employees. In reviewing this risk, the committee focused on external market developments and how bp’s trading and shipping integrator had continued to enhance its control environment and policies to strengthen its compliance and control culture. This was particularly important in relation to the price volatility seen during 2021. The committee further considered updates in trading and shipping’s risk management programme, including compliance with regulatory developments, activities in response to cyber threats and efficiencies derived from more collaborative ways of working across bp and the use of digital technologies. The committee also reviewed the continued impact of COVID-19 on operations and the control environment associated with trading activities, with particular reference to operational considerations associated with increased remote working. Compliance with business and regulations: including ethical misconduct or breaches of applicable laws or regulations that could damage bp’s reputation, adversely affect operational results and/or shareholder value and potentially affect bp’s licence to operate. The committee reviewed the group’s programme of controls and contingencies for managing this risk, including enhanced approaches to monitor the risk in light of business evolution (such as an increase in venturing), as well as other internal and external trends. Digital and cyber security risk: including user access controls, misuse of information and systems and disruption of business activity. The committee reviewed ongoing developments in bp’s digital environment, incorporating aspects of cyber security related to user access controls, the optimization of core services and the modernization of bp. Financial liquidity: including the risk associated with external market conditions, supply and demand and prices achieved for bp’s products which could impact financial performance. The committee reviewed the key assumptions and underlying judgements used to manage the group’s liquidity and capital investments (including appraisal, effectiveness and efficiency) and considered the impact of price volatility on available liquidity. Audit committee continued

109 Corporate governance bp Annual Report and Form 20-F 2021 How other reviews were undertaken Other reviews undertaken in 2021 by the committee included the following, and in each case where the committee received segment and function reviews, each reported on strategy, performance, capability and risk management as well as on their first, second and third lines of defence policies as appropriate: • bp ventures and Launchpad: including the purpose, capabilities, operating model, governance and performance of these entities. • Lightsource bp: including strategy, performance, capital structures, governance and controls and financial and cashflow profiles. • Tax: including strategy, performance, key drivers of the group’s effective tax rate, the global indirect tax environment, the tax modernization programme and the evolving approach to management of key risks. • Trading and shipping: including strategy, performance, capability and risk management. • Effectiveness of investment: review of performance of projects with sanctioned capital over a certain threshold. • Internal controls: assessments of management’s plans to remediate the external auditor’s control findings. How internal control and risk management was assessed Internal audit Internal audit provides key assurance to the committee on the group’s governance, risk management and internal control. The SVP internal audit attends the meetings of the committee. Internal audit has a five-year strategy setting out the goals and vision for the function and an update on progress was provided to the committee during the year. The committee also reviewed and approved the internal audit charter, which sets out the expectations for the function in accordance with the Chartered Institute of Internal Auditors’ (IIA) guidelines. The committee received quarterly reports on the findings of internal audit in 2021, setting out progress against the internal audit plan for the year, adaptations made to the plan as the year progressed and key audit findings, together with management’s response. The committee continued to monitor and review the effectiveness and capabilities of internal audit during the year. In assessing its effectiveness, the committee followed the guidance included in the Financial Reporting Council Guidance on Audit Committees which, in addition to approving the annual plan and reviewing reports on the same as mentioned above, included meeting privately with the SVP internal audit, and receiving feedback from other key stakeholders on the effectiveness of the function. The committee concluded that internal audit had unrestricted scope, together with access to information and sufficient resources to fulfil its mandate. Separately, the committee reviewed the independence and objectivity of the SVP internal audit, who has now served for seven years, in line with IIA best practice guidelines. The committee concluded that the SVP internal audit remained independent and objective. In reaching this conclusion, the committee considered feedback from key stakeholders, access to information Site visit during the year In October 2021, the committee conducted a visit to the trading & shipping integrator in London, UK, including presentations from the trading floor covering low carbon trading, European power and global biofuels. Key areas of discussion during this site visit included the impacts of oil and gas price volatility, business development of global power trading and opportunities and risks associated with the transition to a low carbon economy. and the resources available and the response of management to the challenge received. The committee also received a report from internal audit on its annual review of the system of internal control and risk management, together with an assessment from management on the system of internal control. Further information can be found in the risk management and internal control update on pages 142-143. Non-financial reporting assurance framework In the second half of the year, the committee discussed the control and assurance framework for non-financial reporting (NFR) included in the annual report and other documents published by bp under a broad range of regulatory and voluntary disclosure frameworks and standards, including TCFD. As these frameworks and standards evolve and investors and other stakeholders increasingly come to rely on these data points it is important that a suitable control and assurance framework is put in place. Management presented proposals for the development of the NFR assurance framework. The committee considered the role of the second and third lines of defence, including how the internal audit plan would capture material metrics, and the role of external assurance. Those metrics relevant to TCFD ‘comply or explain’ disclosures were considered material. Internal audit completed an audit of certain metrics and TCFD disclosures and reported the outcome of its work to the committee. The committee will monitor the implementation of the NFR assurance framework as part of its role in overseeing the system of internal control. Training and briefings The committee considered market updates and developments throughout the year. This included technical accounting updates from the SVP accounting reporting control on developments in financial reporting and accounting policy, as well as on accounting and disclosure changes that would be introduced as a result of the reorganization of the group. The committee also received briefings on specific topics, including risk governance and the audit and corporate governance consultation undertaken by the UK government during 2021. The committee, together with the board, received an update on the non-financial disclosures included in the bp Annual Report and Form 20-F 2021 and the assurance process underlying the same shortly after the year end. Above: Tushar and Pamela speaking to colleagues on the trading floor.

110 bp Annual Report and Form 20-F 2021 How the committee considered climate risks and opportunities The committee’s primary role in monitoring the effectiveness of bp’s financial reporting, systems of internal control and risk management means that it is well placed to consider the risks and opportunities associated with climate change and the transition to a lower carbon economy. There are several ways in which the committee has considered climate risk and opportunities during the year, which are set out below. In March 2021, the committee reviewed the Lightsource bp business and received an update on strategy, performance, capability and risk management as well as on its first, second and third lines of defence policies. The committee discussed the capital structures and process for investment decisions. In July 2021, the committee conducted its annual review of energy price assumptions, covering the period 2022-50. The scope included oil, natural gas, refining margins and carbon prices within a broad range of scenarios. The committee reviewed and challenged the underlying assumptions provided by management, the changes from the prior year and their consistency with the goals of the Paris agreement compared to a broad spectrum of external Paris-consistent scenarios. The energy price assumptions are used in investment appraisal assumptions and for determining impairments. The committee assessed the differing treatment of carbon emission costs under each judgement and management’s best estimate of how future changes were likely to affect the future cash flows of the group. The committee reviewed impairments and reversals during the year as part of its review of quarterly financial disclosures and, in February 2022, the committee reviewed the full year. The committee reviewed the process for estimating decommissioning liabilities for our operations, in particular for oil and gas property, plant and equipment, and challenged the assumptions used in determining the same, including the anticipated time period over which decommissioning liabilities were expected to be incurred in respect of the pace of transition to a low carbon economy and the alignment to bp’s aims and ambitions to 2030, particularly with respect to refineries. The committee also assessed the process for monitoring decommissioning reversion risk. The committee considered the impact of energy prices, consistent with those noted above for investment appraisal and impairment, as part of its assessment of going concern and the longer-term viability statement. In the latter half of the year, the committee reviewed bp ventures and Launchpad and received an update on how the investment portfolio was integrated into bp’s strategy. Shortly after the year-end the committee reviewed management’s scenario analysis and the inputs used to determine the resilience of our strategy to different climate scenarios. Further details on the key accounting judgements can be found on pages 178-196. For more information on the resilience of our strategy see the Sustainability section on pages 61 to 64. FRC thematic review The bp Annual Report and Form 20-F 2020 was included in the Financial Reporting Council’s (FRC) sample for its thematic review on the disclosure of alternative performance measures (APMs). The committee noted the findings from the thematic review, where bp’s disclosures were considered to be examples of better practice and how further improvements could be incorporated into bp’s 2021 Annual Report. An FRC review provides no assurance that bp’s 2020 Annual Report was correct in all material respects. The FRC’s role was not to verify the information provided, but to consider compliance with reporting requirements. Its letters are written on the basis that the FRC (which includes the FRC’s officers, employees and agents) accepts no liability for reliance on them by bp or any third party, including but not limited to investors and shareholders. External audit How the committee assessed audit risk The external auditor set out its audit plan for 2021, identifying significant audit risks to be addressed during the course of the audit. These included: • Impairment and reversal of oil and gas property, plant and equipment values. • Accounting for structured commodity transactions. • Valuation of level 3 instruments in trading and shipping. • Management override of controls. A summary of the audit approach is set out in the independent auditor’s report on page 147. The committee received updates during the year on the audit process, including how the auditor had challenged the group’s assumptions on the significant audit risks. How the committee assessed audit fees The audit committee reviews the fee structure, resourcing and terms of engagement for the external auditor annually; in addition it reviews the non-audit services that the auditor provides to the group on a quarterly basis. Fees paid to the external auditor for the year were $58 million (2020 $54 million), of which nil% was for non-audit and other assurance services (see Financial statements – Note 35). The audit committee is satisfied that this level of fee is appropriate in respect of the audit services provided and that an effective audit can be conducted for this fee. There were no non-audit or non-audit related assurance fees for the year (2020 $1 million). Non-audit or non-audit related services consisted of other assurance services. How the committee assessed audit effectiveness As part of its overall assessment of audit effectiveness, the committee considers reports from the external auditor and management (see below) on the audit process and quality procedures, together with responses to questions on the same, and the handling of key judgements. The committee also held private meetings with the external auditor during the year and the committee chair met separately with the external auditor and SVP internal audit at least quarterly. The committee assessed the auditor’s approach to providing audit services, taking account of the insights report and management survey, together with the reporting to the committee. The committee concluded that the audit team was providing the required quality in relation to the provision of the services. The audit team had shown the necessary commitment and ability to provide the services together with a demonstrable depth of knowledge, robustness, independence and objectivity as well as an appreciation of complex issues. The team had posed constructive challenge to management and the committee noted the quality of reporting provided to it. Audit committee continued

111 Corporate governance bp Annual Report and Form 20-F 2021 Audit quality reports received by the committee External auditor insights report: the committee receives a summary of areas of opportunity for improvements to processes related to financial reporting or internal control identified as part of the audit process, management’s response to the recommendations identified and progress made against any prior year items together with areas of focus for the forthcoming year. Management survey: the survey sought views from key internal stakeholders and comprised questions across the following: (i) The external auditor’s performance, for which the main measurement criteria were: – Planning and scope – Robustness of the audit process – Independence and objectivity – Quality of delivery – Quality of people and service. (ii) bp’s commitment to the audit. The overall score from the survey remained flat against the prior year, following an increase in 2020 versus 2019. However, strong improvements were seen across communication, international co-operation and knowledge of controls and risks. How the auditor reappointment and independence were assessed The committee considers the reappointment of the external auditor each year before making a recommendation to the board. The committee assesses the independence of the external auditor on an ongoing basis, taking account of the information and assurances provided by the external auditor and the level of non- audit fees. The external auditor is required to rotate the lead audit partner every five years and other senior audit staff every five to seven years. No partners or senior staff associated with the bp audit may transfer to the group. External audit services were last tendered in 2016 and the external auditor has been in role for four years (since 2018). It is anticipated that a retender will be completed by 2026 or sooner, in line with relevant guidelines. The committee believes that the anticipated timeline for the retender of audit services is in the best interests of shareholders. It provides an appropriate balance of factors such as the auditor knowledge of controls and risks, maintaining audit quality, independence and objectivity, and providing value for money. The company is in compliance with the requirements of the Statutory Audit Services for Large Companies Market Investigation (Mandatory Use of Competitive Tender Processes and Audit Committee Responsibilities) Order 2014. How the committee had oversight of non-audit services The audit committee is responsible for bp’s policy on non-audit services and the approval of non-audit services. Audit objectivity and independence are safeguarded through the prohibition of non-audit tax services being provided by the external auditor and the limitation of audit-related work which falls within defined categories. bp’s policy on non-audit services states that the auditor may not perform non-audit services that are prohibited by the SEC, Public Company Accounting Oversight Board (PCAOB), International Auditing and Assurance Standards Board (IAASB) or the UK Financial Reporting Council (FRC). The audit committee approves the terms of all audit services as well as permitted audit- related and non-audit services in advance. The external auditor is considered for permitted non-audit services only when its expertise and experience of bp is important. Approvals for individual engagements of pre- approved permitted services below certain thresholds are delegated to the SVP accounting reporting control or the chief financial officer. Any proposed service not included in the permitted services categories must be approved in advance either by the audit committee chair or the audit committee before engagement commences. The audit committee, chief financial officer and SVP accounting reporting control monitor overall compliance with bp’s policy on audit-related and non-audit services, including whether the necessary pre-approvals have been obtained. The categories of permitted and pre-approved services are outlined in principal accountant’s fees and services on page 362. Other matters The committee reviewed the affordability of the distribution policy elements of the financial frame (covering dividend increases and share buybacks) as part of its review of the quarterly results. The committee considered bp’s cash flow forecasts as it transitions to an international energy company and the risks associated with oil and gas price changes over the medium term. The committee reviewed, and recommended to the board, updates to the risk framework and changes to the highest priority group risks. The committee reviewed its Terms of reference and minor updates were agreed, including making clear how the committee considers climate risks and opportunities. Further details can be found in the corporate governance framework on page 92. An assessment of going concern was made as part of the quarterly results process. The committee also reviewed the longer-term viability statement.

112 bp Annual Report and Form 20-F 2021 Audit committee continued Examples of how accounting judgements and estimates were considered and addressed Key judgements and estimates in financial report Audit committee activity Conclusions/outcomes Impact of climate change and the energy transition Climate change and the transition to a lower carbon economy may have significant impacts on the currently reported amounts of the group’s assets and liabilities and on similar assets and liabilities that may be recognized in the future. • Reviewed management’s best estimate of oil and natural gas price assumptions for value-in-use impairment testing and investment appraisal. • Reviewed management’s assessment of recoverability of exploration intangibles. • Reviewed management’s assessment on decommissioning provisions. • See how the committee considered climate risks and opportunities on page 110. • Management’s revised best estimate of oil and natural gas prices are in line with a range of transition paths consistent with the goals of the Paris climate change agreement. • How bp applies carbon pricing in its impairment testing is disclosed in Note 1. • Sensitivity analyses estimating the effect of changes in net revenue due to prices, production or carbon prices are disclosed in Note 1. • Reasonable changes in the expected timing of decommissioning do not have a significant impact on the associated provisions. Provisions bp’s most significant provisions relate to decommissioning, environmental remediation and litigation. The group holds provisions for the future decommissioning of oil and natural gas production facilities and pipelines at the end of their economic lives. Most of these decommissioning events are many years in the future and the exact requirements that will have to be met when a removal event occurs are uncertain. Assumptions are made by bp in relation to settlement dates, technology, legal requirements and discount rates. The timing and amounts of future cash flows are subject to significant uncertainty and estimation is required in determining the amounts of provisions to be recognized. There is also a risk that decommissioning obligations from previously divested assets revert to bp. • Received briefings on decommissioning (including the process for managing the risk of decommissioning reversion), environmental, asbestos and litigation provisions. These included the requirements, governance and controls for the development and approval of cost estimates and provisions in the financial statements. • Reviewed the group’s discount rates for calculating provisions. • Decommissioning provisions of $16.7 billion were recognized on the balance sheet at 31 December 2021. • The discount rate used by bp to determine the balance sheet obligation at the end of 2021 was a nominal rate of 2.0% – based on long-dated US government bonds – a reduction of 0.5% from 2020. Recoverability of asset carrying values Determination as to whether and how much an asset, cash generating unit (CGU) or group of CGUs containing goodwill is impaired involves management judgement and estimates on uncertain matters such as future commodity prices, discount rates, production profiles, reserves and the impact of inflation on operating expenses. Reserves estimates based on management’s assumptions for future commodity prices have a direct impact on the assessment of the recoverability of asset carrying values reported in the financial statements. • Reviewed policy and guidelines for compliance with oil and gas reserves disclosure regulation, including the group’s reserves governance framework and controls. • Reviewed the group’s oil and gas price assumptions. • Reviewed the group’s discount rates for impairment testing purposes. • Impairment charges, reversals and ‘watch-list’ items were reviewed as part of the quarterly due diligence process. • The group’s price assumption for Brentoil and for Henry Hub gas were increased in the short term and revised downward in the long-term as set out on page 32 and Note 1. Sensitivity analyses estimating the effect of changes in net revenue and discount rate assumptions have been disclosed in Note 1. • Net impairment reversals/charges of $4.1 billion as disclosed in Note 4.

113 Corporate governance bp Annual Report and Form 20-F 2021 Examples of how accounting judgements and estimates were considered and addressed Key judgements and estimates in financial report Audit committee activity Conclusions/outcomes Impact of COVID-19 The following areas involving judgement and estimates were identified as most relevant with regard to the impact of the COVID-19 pandemic and current economic environment: going concern, discount rate assumptions, oil and natural gas price assumptions, pensions and other post-retirement benefits, impairment of financial assets measured at amortized cost and income taxes. • Received briefings on COVID-19 impacts as part of the quarterly due diligence process. • Reviewed liquidity forecast assessments, performed to support the going concern assertion. • Reviewed discount rates used for impairment testing and provisions. • Reviewed management’s best estimate of oil and natural gas price assumptions for value-in-use impairment testing. • bp continues to be resilient despite current economic conditions. The committee is satisfied with management’s assessment that the group can continue to operate as a going concern for at least 12 months from the date of approval of the financial statements. Investment in Rosneft and Aker BP Judgement is required in assessing the level of control or influence over another entity in which the group holds an interest. bp uses the equity method of accounting for its investment in Rosneft and Aker BP and bp’s share of Rosneft’s and Aker BP’s oil and natural gas reserves are included in the group’s estimated net proved reserves of equity-accounted entities. The equity-accounting treatment of bp’s 19.75% interest in Rosneft in 2021 was dependent on the judgement that bp had significant influence over Rosneft. bp announced on 27 February 2022 that it will exit its shareholding in Rosneft. bp’s interest in Aker BP is expected to fall to 15.9% following Aker BP’s proposed transaction with Lundin Energy however bp expects it will continue to have significant influence over Aker BP. • Reviewed the judgement on whether the group had significant influence over Rosneft during 2021 and expects to continue to have significant influence over Aker BP following completion of the Lundin Energy transaction. • Considered IFRS guidance on evidence of participation in policy- making processes. • Received reports from management which assessed the extent of significant influence, including bp’s participation in decision-making. • Reviewed the accounting implications of bp’s announcement to exit its shareholding in Rosneft. • bp retained significant influence over Rosneft throughout 2021 as defined by IFRS. • As a result of bp’s two nominated directors stepping down from the Rosneft board on 27 February 2022, bp has determined that it no longer has significant influence over Rosneft from that date. See Notes 1 and 37 for further information. • The committee supported the judgement that bp will retain significant influence over Aker BP following the proposed Lundin Energy transaction and therefore has not classified the whole investment as an asset held for sale. See Note 1 and 2 for further information. Derivatives For its level 3 derivative financial instruments, bp estimates their fair values using internal models due to the absence of quoted market pricing or other observable, market-corroborated data. Judgement may be required to determine whether contracts to buy or sell commodities meet the definition of a derivative, in particular LNG contracts. • Received regular reports on derivative accounting judgements. • Received a briefing on the group’s trading risks and reviewed the system of risk management and controls in place. • Reviewed the control process and risks relating to the trading business. • bp considers that contracts to buy or sell LNG do not meet the definition of a derivative under IFRS. • bp has assets and liabilities of $5.7 and $7.6 billion, respectively, recognized on the balance sheet for level 3 derivative financial instruments at 31 December 2021 mainly relating to the activities of the trading and shipping function. • bp’s use of internal models to value certain of these contracts has been disclosed in Note 1.

114 bp Annual Report and Form 20-F 2021 Safety and sustainability committee Melody Meyer Committee chair Committee overview Role of the committee The role of the safety and sustainability committee (S&SC) is to oversee the execution and review the processes that are established and maintained by the leadership team to identify and mitigate significant non-financial risk. This role extends to the leadership team’s management of personal and process safety risks, security and cyber security risks, operational, environmental and social risks, ethics and compliance risks and modern slavery risk management. It also includes monitoring the effectiveness of the implementation of bp’s sustainability frame, including the implementation of bp’s net zero ambition and associated aims and targets. To support with this oversight, the S&SC receives assurance that processes to identify and mitigate such non-financial risks are appropriate in their design and effective in their implementation. Key responsibilities of the S&SC The S&SC terms of reference are available on bp’s website, its responsibilities include: 1. Monitoring and or testing: • bp’s performance in respect of safety and sustainability matters; and • the effectiveness of bp’s system of internal control for the safety and sustainability matters, including applicable management systems, policies, practices, processes, leadership and culture; informed by the receipt of performance and assurance reports. 2. Monitoring the management and mitigation of the principal risks allocated to the S&SC by the board and such emerging risks as the S&SC may determine fall within its scope from time to time. 3. Reviewing and testing management’s responses to relevant quarterly reports of group internal audit and the findings of selected safety investigations. 4. Reviewing bp’s modern slavery risk management, annual sustainability report and such other materials intended for disclosure or publication as may be allocated to it by the board from time to time. 5. Conducting such other oversight activities as may be allocated to it by the board from time to time. However, the S&SC is entitled to investigate all matters falling within its scope. Meetings and attendance There were six S&SC meetings in 2021. Four of these meetings were attended by the CEO and by the chair of the board. The SVP safety and operational risk (S&OR) attended every meeting. The SVP internal audit and/or his delegate and the EVP legal also attended meetings, as required. At the conclusion of each meeting the S&SC holds private sessions purely for its members, without management in attendance, to discuss any issues arising and the quality of the meeting. The CEO receives invitations to join the private meetings on an ad hoc basis. At least once a year the SVP internal audit is invited to a private meeting with the S&SC. The S&SC chair reports to the board after each meeting to ensure that the key matters arising at each S&SC meeting are brought to its attention. S&SC members and appointment dates Melody Meyer Member since May 2017 and chair since November 2019 Professor Dame Ann Dowling Member (resigned 12 May 2021) Sir John Sawers Member Johannes Teyssen (appointed 1 January 2021) Chair’s introduction During 2021, the S&SC continued to monitor the work of the leadership team to drive continued improvement in overall safety and environmental performance, with a specific focus on reducing tier 1 process safety incidents. The committee monitored processes and performance in mitigating personal security and cyber security risks. Overall, I am pleased to report that bp maintained solid safety, environmental, and security performance while managing the continued impacts of the COVID-19 pandemic. Early in 2021, the S&SC agreed a plan for monitoring the effectiveness and implementation of bp’s sustainability frame, which includes embedding many sustainability processes and aims into the operating management system (OMS) as it is a proven process for safety and environmental performance improvement. In July, the S&SC received feedback on the executive outreach programme for the sustainability aims; collecting feedback from academics, corporate partners, government representatives, NGOs and investors. Overall this feedback was positive and the inputs were considered as the sustainability frame evolved. From September, the S&SC assumed primary oversight responsibility for the quarterly review of ethics and compliance matters; with the full board continuing to receive ethics and compliance updates annually as part of its oversight responsibility of bp’s ethics and compliance programme. In December, after a full board evaluation of the risk framework, the S&SC high priority group risks were modified to ensure S&SC oversight of the board principal risks that are assigned to the committee. The S&SC terms of reference were updated and the role of the S&SC clarified with respect to the board’s oversight of climate-related risks and opportunities. For more information, see the corporate governance framework on page 92. During the year the S&SC also held additional focused reviews on process safety improvements, cyber security drills, modern slavery, and took part in deeper dives with the full board on aim 3 and TCFD. In 2022, while continuing to monitor the risks and performance in safety, security and sustainability, the committee will focus on the continued goal to eliminate tier 1 process safety incidents by 2025 and the implementation of bp’s net zero ambition and associated aims and targets. The S&SC will monitor bp’s work to provide input to the newly- formed International Sustainability Standards Board, which plans to establish a global baseline for sustainability-related disclosure standards that can inform decision-making on sustainability- related risks and opportunities. We also look forward to additional site visits in person in 2022. Melody Meyer Committee chair The committee monitored and promoted safe, secure, and reliable operations during the continued impacts of the global pandemic in 2021, and had an expanded focus on embedding bp’s sustainability frame.

115 Corporate governance bp Annual Report and Form 20-F 2021 S&SC’s year in review The S&SC and audit committee worked together, through their chairs and secretaries, to ensure that agendas did not overlap or omit coverage of any key risks during the year. The S&SC is entitled to ask for any independent advice and counsel on an unrestricted basis. Safety, system of internal control and risk management The S&SC received specific reports from the business segments and functions, which include, but are not limited to, the safety and operational risk function, shipping, internal audit and group security. The review of operational risk and performance forms a large part of the S&SC’s agenda. Internal audit provided quarterly reports on its assurance work and its annual review of the system of internal control and risk management. The S&SC also received regular reports from the CEO and SVP S&OR on operational risk, including regular reports prepared on the group’s health, safety, security and environmental performance and operational integrity. These included meeting-by-meeting measures of personal and process safety, environmental and regulatory compliance, security and cyber risk, as well as quarterly reports from internal audit on its activity. In addition, the SVP, internal audit regularly met in private with the chair and other members of the S&SC over the course of the year. During the year the S&SC received separate reports on bp’s management of risks relating to: • Marine • Wells • Pipelines • Explosion or release at our facilities • Major security incidents • Cyber security (process control networks) • Ethics and compliance The S&SC reviewed these risks and their management and mitigation in depth with relevant executive management. Additionally, the S&SC reviewed and approved the 2022 audit plan for the internal audit function. The S&SC also has responsibility for reviewing bp’s modern slavery risk management progress and has responsibility for considering focus areas for bp’s future plans. Corporate reporting The S&SC reviewed the bp sustainability report 2020. They also received an update from the external auditor with respect to their limited assurance of selected sustainability key performance indicators and reviewed the scope of 2021-related sustainability assurance. Embedding the sustainability frame In 1Q 2021, the S&SC reviewed the sustainability frame, with sessions on getting to net zero, improving people’s lives and caring for the planet. In September, the S&SC reviewed progress against aims 1 and 4 on net zero operations and reducing methane. This included plans for emissions management across flaring, operating efficiencies, such as spinning reserve monitoring, and methane measurement. Progress and forward plans on aim 16 enhancing biodiversity was also reviewed. In December, the S&SC endorsed sustainable emissions reduction targets for 2022 and reviewed sustainability implementation progress and plans for 2022. Read more about bp’s approach to sustainability on pages 51 to 54. Virtual site visit In April 2021 the S&SC members made a virtual site visit to Angola, one of bp’s key centres for hydrocarbon exploration. Discussions during this visit covered a broad range of topics including the steps being undertaken to address tier 1 and tier 2 process safety events, integrity and hazard recognition, the impact of COVID-19, the methane measurement project and social impact investment. The virtual site visit was also an opportunity for effective virtual engagement with the local staff in Angola.

116 bp Annual Report and Form 20-F 2021 Directors’ remuneration report Paula Rosput Reynolds Committee chair Dear shareholder, On behalf of the board, I am pleased to present our 2021 directors’ remuneration report. As reflected elsewhere in this annual report, 2021 was another challenging year. The pandemic lingered. Yet, bp people completed the most significant restructuring in the company’s history, safely delivering strong operational results and a return to profitability. For all of this and their commitment to progressing the energy transition, we owe our thanks. Overview of bp performance, and the remuneration outcomes arising for 2021 Every year, we seek to reward performance throughout the organization via an annual bonus plan. The 2021 bonus scorecard consists of three categories of measures, safety and sustainability, operational, and financial. The company met its safety targets which were in line with the preceding year. Emissions reductions were well in excess of target, reflecting a cumulative reduction of almost 5.6 million tonnes since 2017 when we first set goals for emissions reductions. While outcomes for availability and reliability for bp’s hydrocarbon plants and refining operations were below target, the effects of the pandemic continued to make operations challenging in 2021. By contrast, our margin share from convenience and electrification exceeded target as our retail network continued to grow. Financial performance, as measured by free cash flow and cumulative cash cost reductions, was outstanding. Taking all of these measures into account, the formulaic outcome was 1.61 out of 2.0. Given the more than satisfactory achievements overall, the committee did not apply any discretion and the plan should pay out, unadjusted, at 80.5% of maximum. For our employees, this result will be a welcome outcome as last year the vast majority of our workforce received no bonus. Contents Alignment with our strategy and investor proposition 119 2021 performance and pay outcomes 121 Executive directors’ pay for 2021 122 2021 annual bonus outcome 122 2019-21 performance share plan outcome 123 Wider workforce in 2021 126 Stewardship and executive director interests 129 Chair and non-executive director outcomes and interests 132 Past directors 133 Other disclosures 135 Policy implementation for 2022 137 Committee overview Role of the committee The role of the committee is to determine and recommend to the board the remuneration policy and to set chair, executive director and leadership team remuneration. It reviews workforce remuneration and monitors related policies, satisfying itself that incentives and rewards are aligned with bp’s culture. In determining the policy, the committee takes into account various factors, including workforce remuneration structures, the policy to promote the long-term success of the company, and an approach to linking reward to performance. Key responsibilities • Recommend to the board the remuneration principles and policies for the executive directors while considering remuneration and related policies for employees below the board and leadership team. • Set and approve the terms of employment, remuneration, benefits and termination of employment for the executive directors, leadership team, chief internal auditor and the company secretary in accordance with the policy. • Prepare the annual remuneration report for shareholders to show how the policy has been implemented. • Approve the principles of any equity plan that requires shareholder approval. • Ensure termination terms and payments to executive directors and the leadership team are fair. • Receive and consider regular updates on workforce views and engagement initiatives related to remuneration, insights and data from pay ratios, potential pay gaps and workforce remuneration as appropriate. • Maintain appropriate dialogue with shareholders on remuneration matters. Membership Paula Rosput Reynolds Member since September 2017 and chair since May 2018 Pamela Daley Member Melody Meyer Member Tushar Morzaria Member (since January 2021) Brendan Nelson Member (retired May 2021) Meetings and attendance The committee met six times during the year. All directors attended each meeting that they were eligible to attend. In addition to the committee, the chair of the board and the chief executive officer (CEO) attend meetings of the committee except for matters relating to their own remuneration. The CEO is consulted on the remuneration of the chief financial officer (CFO) and the leadership team. The committee advises more broadly on remuneration across the wider employee population, which is chiefly the CEO’s responsibility to set. Both the CEO and CFO are consulted on matters relating to the group’s performance and changes to specific measures. bp’s EVP people and culture, SVP reward and wellbeing, and the committee’s independent advisors attend meetings, other executives may attend where necessary. The committee consults other board committees on the group’s performance and on issues relating to the exercise of judgement or discretion as necessary. 2021 was another challenging year. The pandemic lingered. Yet, bp people completed the most significant restructuring in the company’s history, safely delivering strong operational results and a return to profitability. For all of this and their commitment to progressing the energy transition, we owe our thanks.

117 Corporate governance bp Annual Report and Form 20-F 2021 We also reward executives through the vesting of performance share awards. The 2019-21 awards were the last shares granted under the 2017 remuneration policy, and consist of three measures: relative total shareholder return (rTSR) weighted at 50%; return on average capital employed (ROACE) weighted at 20%; and strategic progress imperatives weighted at 30%. On a formulaic basis, neither the rTSR nor ROACE measures met threshold for vesting. Only the strategic progress measure was met, through a blend of quantitative assessments and qualitative judgements which are described later in this report on pages 123 and 124. The committee considered the outcome in the round, taking into account the external environment. Whilst there will be no vesting in respect of the financial measures, the committee recognizes the strong strategic progress made over the period and concluded that the formulaic outcome of 30% of the maximum was appropriate and there would be no application of discretion. Forward-looking committee decisions When making pay decisions for the wider workforce for 2022, the leadership team has been especially sensitive to the wage trends being experienced across the globe. The committee realizes that these are inflationary times and endorsed a somewhat larger budget for pay increases for the wider workforce this year, confirming our long-held aim to align jobs with market rates. Within the UK, bp has matched increases in the real living wage which exceeds the national minimums, and remains a real living wage employer. Bernard continues to lead the enterprise with a bold vision and has also demonstrated that his goal of ‘performing while transforming’ is being met. Given his continued strong performance for the company, we propose to adjust Bernard’s salary by 4.25% in 2022, in line with the budget for the majority of the wider workforce in the UK. Murray has also continued to grow and fully meet the challenges of the CFO role. He now leads as a seasoned CFO. You will recall that we set his pay upon appointment at a level significantly below that of his predecessor. We increased his salary in 2021 by a rate higher than that of the budget for the majority of the wider workforce in the UK, based on his performance and market comparables. We described our thinking in last year’s report, and signalled that the 2021 increase was likely to be the first of two adjustments to move Murray’s base salary to be more in line with that of his predecessor. We therefore propose to increase Murray’s salary by 6.6% to £800,000 which, in our view, appropriately reflects his many contributions. This also aligns him competitively with CFOs across the FTSE 30 and with roles of similar complexity. Our 2020 remuneration policy established flexibility to adjust performance measures and weightings in our bonus and performance share plans so we can respond to circumstances and tailor incentives. While we have deliberated on our performance measures during our recent meetings, we have determined that the measures and weightings used in our most recent scorecards (2021 bonus and 2021-23 performance shares) continue to align remuneration outcomes with the strategic imperatives. Therefore, we will not make adjustments to measures for the 2022 bonus or the 2022-24 performance share plan. Keeping goals constant should assist in evaluating our progress over the next several years. Shareholder and stakeholder engagement In reaching the remuneration decisions described above, we have appreciated the input which we solicited and received from our largest shareholders and from selected shareholder representative bodies in the first quarter of 2022. Over the last year we have also reflected on the counsel we have received from shareholders, with a particular focus on the need to improve transparency around our long-term incentive targets, the updates we provide on strategy, and the links to remuneration. With this in mind, we have taken strides to improve these disclosures and we hope you will find that your concerns have been addressed with the detail on pages 139 and 140. Wider workforce activities bp aspires to offer a well-balanced, progressive and structured approach to reward, with appropriate variations by business area and location. We also find that the ‘non-financial’ reward elements are essential to a supportive culture, with the wellbeing of staff and family playing an increasingly prominent role in bp’s employment proposition. As part of the programme of board/workforce engagement, we held two engagement sessions with a cross-section of UK and global employees in 2021. In these, members of the committee heard views on remuneration matters and a broad range of other topics including job satisfaction, career development, the transformation and culture. In addition, as covered elsewhere on pages 95 and 96, other board members hosted a variety of engagement sessions with selected members of the workforce, throughout 2021. Employees were candid and constructive, which gave us confidence in the outlook and culture of the company. They showed tremendous commitment and rose to the occasion during the pandemic. However, attitudes regarding career and reward are changing in the aftermath and we must respond accordingly, evolving the reward structures, career opportunities and people processes which are described in more detail on page 126. In last year’s report we covered our aim to grant a one-off share award to every bp employee in 2021, vesting in 2025. This reflected our belief in investing for success broadly while aligning employees’ longer-term interests with those of all shareholders. Having delivered on this ambition, we were delighted to see these awards win the ProShare Awards for Best International Share Plan and for Best Overall Performance in Fostering Employee Share Ownership for a company of over 50,000 employees. Our employees throughout bp have demonstrated their commitment to contribute towards the company’s recovery and future performance; seeing the share price recover and the value of their shares increase is a source of optimism about the future. Other matters For the most part this report looks back at the performance pay outcomes to the end of 2021 and is largely silent on the board’s decision, announced on 27 February 2022, to exit its shareholding in Rosneft. The board believes that this decision is in the best long-term interests of all our shareholders. The changes to bp’s financial reporting and finances will be determined in the first quarter of 2022 which may, in turn, affect some of the performance measures and targets that drive incentive pay outcomes for the entire organization. Therefore, at the end of 2022, the committee will carefully consider the impact of this decision, taken under extraordinary circumstances by the board itself, and we expect to make adjustments, where appropriate, to bring this into account. Separately, I would like to acknowledge the many outstanding contributions Brendan Nelson made to our work prior to his retirement from the board last year. He was always a source of analytically sound and well-balanced advice and his presence is greatly missed. At the same time, we are fortunate to have Tushar Morzaria join the committee and bring a fresh perspective and new valuable insights to our deliberations. As ever, we hope you find our report informative. We welcome feedback from you and, where there are material issues of disagreement, the chance to discuss those differences with an eye to finding common ground. In closing, we ask for your support of this directors’ remuneration report, and the decisions described herein, at the forthcoming annual general meeting. Paula Rosput Reynolds Chair of the remuneration committee 18 March 2022

118 bp Annual Report and Form 20-F 2021 Remuneration at a glance Purpose and key features Outcomes for 2021 Implementation in 2022 Salary and benefits • Fixed remuneration reflecting the scale and complexity of our business, enabling us to attract and keep the highest calibre of global talent. • Reviewed annually and, if appropriate, increased following the annual general meeting. • Benchmarked to market at inception with increases reflective of those of our wider workforce. • Bernard’s salary increased by 2.75% to £1,335,750. • Murray’s salary increased by 8% to £750,500. • Benefits were unchanged. • Bernard’s salary to increase by 4.25% to £1,392,519 from the annual general meeting, in line with the budget for the majority of the wider workforce in the UK. • Murray’s salary to increase by 6.6% to £800,000 from the annual general meeting, see further details on page 117. • Benefits will remain unchanged. Retirement benefits • To recognize competitive practice in home country. • Bernard is a deferred member of a UK final salary pension plan. Since appointment, he has received a cash allowance in lieu of retirement benefits. This was set at 15% of salary, in line with rates for new non-retail UK hires at that time • Murray is a deferred member of a US final salary pension plan. Since appointment, he has received a cash allowance in lieu of retirement benefits. This was set at 15% of salary, in line with rates for new non-retail UK hires at that time. • Bernard’s cash allowance remained unchanged at 15% of salary, and he accrues no further value under his UK deferred pension. • Murray’s cash allowance remained unchanged at 15% of salary, and he accrues no further value under his US deferred pension. • Bernard’s cash allowance will remain unchanged at 15% of salary, and he accrues no further value under his UK deferred pension. • Murray’s cash allowance will remain unchanged at 15% of salary, and he accrues no further value under his US deferred pension. Annual bonus • To incentivize delivery of our annual and strategic goals. • 112.5% of salary at target, and 225% of salary at maximum. • To reinforce the long-term nature of our business and the importance of sustainability, 50% of the bonus is paid in cash and 50% is mandatorily deferred and held in bp shares for three years. • For our 2021 bonus, our scorecard was weighted to the following measures: safety and sustainability (30%), operational (20%) and financial (50%). • Against those scorecard measures, the bonus outcome was 80.5% of maximum, and thus the respective 2021 bonus amounts for Bernard and Murray are £2,419,377 and £1,359,343. • 50% of these amounts have been deferred and are now held in bp shares for three years. • Our 2022 bonus scorecard, measures and weightings will remain unchanged relative to the 2021 scorecard. Performance shares • To align reward to our strategy and long-term performance. Vesting outcomes vary relative to our financial returns and strategic priorities. • Annual grant of performance shares, representing the maximum outcome: 500% of salary for the CEO and 450% of salary for the CFO. • Awards granted in 2019 (the last under our 2017 remuneration policy) were measured against three measures: rTSR (50%), ROACE (20%) averaged over the three-year period, and four strategic progress imperatives (30%). Our 2019-21 performance share vesting outcome is 30% of maximum. • This outcome also determines the vesting of the 2019–21 group share value plan (GSVP) awards granted to Bernard and Murray prior to their appointment as executive directors, and thus Bernard and Murray received shares valued at £493,365 and £224,611 respectively. • For our 2022-24 cycle, grant levels will be the same as the 2021-23 cycle at 500% of salary for Bernard and 450% of salary for Murray. • Similarly, our 2022-24 performance shares scorecard will remain unchanged relative to the 2021-23 plan. Shareholding requirement • To ensure sustained alignment between shareholder and executive director interests. • The CEO and other executive directors are required to maintain shareholdings equivalent to 500% and 450% of salary respectively, including for two years post employment (2020 policy). • Bernard and Murray have not yet achieved their minimum shareholding requirement. The policy requires Bernard and Murray to meet their minimum shareholding requirement five years from their dates of appointment (i.e. by 5 February 2025 for Bernard and 1 July 2025 for Murray). • The minimum shareholding requirements will remain unchanged. Directors’ remuneration report continued

119 Corporate governance bp Annual Report and Form 20-F 2021 Alignment with our strategy and investor proposition It is always challenging to design a remuneration policy that will remain fit for purpose throughout a three-year period. In general, the committee believes our 2020 remuneration policy covers the right components and has flexibility to act in service of our transitioning business. In discussions with shareholders most recently, we identified several areas where greater clarity in the 2023 policy will be beneficial. So, rather than simply use our flexibility, we will handle clarifications in the renewal process. For now, we believe we have the flexibility to address most circumstances that have arisen. Overall, the current policy reflects the five broad themes that emerged from our engagement with shareholders: • Aligns strategy, performance, shareholders’ experience, and reward outcomes • Benchmarks company performance to the performance of peers who are also undergoing transition • Uses clear measures to reflect bp’s operating and financial progress • Provides measures to monitor progress in the energy transition and reductions to carbon impact • Provides committee discretion to respond to the economic environment through the energy transition. How we achieve this Throughout the year, the board reviews and discusses company strategy as well as monitors company performance. The board receives significant shareholder input and we also consider independent analysis available on bp’s strategy and performance as we discuss and debate the options. These deliberations culminate in agreed-upon annual plans and multi-year deployment of capital. In turn, this work forms the basis of the goals and measures the committee adopts for the annual bonus and performance share awards. The outcomes of these incentive arrangements are largely governed through two performance scorecards, each comprising of clear measures and targets relating to safety, sustainability, operational, strategic and financial performance. At the end of each performance period, the committee assesses quantitative performance outcomes relative to targets, and reviews the qualitative strategic accomplishments. To conclude whether any discretionary adjustment is appropriate, we then make an ‘underpin’ assessment to consider safety outcomes and, more broadly, how the result aligns with shareholder experience, environmental stewardship, and societal obligations and expectations. Aligning pay outcomes to results delivered is among the most important tasks that the committee undertakes. Our commitment is to oversee this alignment with care, and to explain the basis for the judgements we make. Flexibility through the transition Generating cash from our resilient hydrocarbons business is the foundation for growth areas. We expect to be directing more than 40% or more of our investment into our transition growth businesses. The reallocation of spend to these future-facing endeavours will be a gradual and non-linear matter, requiring flexibility and judgement from the leadership team. From a committee perspective, as more fully discussed on pages 123 and 124, we must apply judgement in assessing this strategic progress, knowing that there are many factors that impinge on management’s judgement as to the pace and scope of change. Convenience and mobility Sustainability Integration Low carbon energy Resilient hydrocarbons For our most senior leaders, remuneration measures are aligned with our strategy, shown above, while maintaining a balance with delivery against the financial frame of our investor proposition, and with our core value, safety. Our measures and weightings across the bonus plans and three performance share plan cycles under the 2020 policy remain largely unchanged, bringing about continuity for plan participants. Alignment of annual bonus scorecards under the 2020 policy 2020 annual bonus 2021 annual bonus 2022 annual bonus Safety, our core value    Strategic progress: • Resilient hydrocarbons    • Convenience and mobility   • Low carbon energy   Sustainability    Financial frame: • Cash flow    • Profit  • Cumulative cash cost reduction   Alignment of performance share scorecards under the 2020 policy 2020-22 performance shares 2021-23 performance shares 2022-24 performance shares Safety, our core value Underpin Underpin Underpin Strategic progress: • Resilient hydrocarbons  } 30%  } 40%  } 40%• Convenience and mobility    • Low carbon energy    Sustainability    Financial frame: } 70%• rTSR   } 60%  } 60%• ROACE    • Adjusted EBIDA CAGR   In this directors’ remuneration report EBIDA per share CAGR, free cash flow excluding Deepwater Horizon costs, return on average capital employed, margin share from convenience and electrification and cumulative cash cost reductions are non-GAAP measures. These measures, together with sustainable emissions reductions, upstream plant reliability and refining availability, are defined in the glossary on page 377.

120 bp Annual Report and Form 20-F 2021 Directors’ remuneration report continued Strategic progress for the three performance share cycles under our 2020 policy is determined using a balance of quantitative assessments and qualitative judgements. To improve transparency through these performance cycles, we have been tracking key performance indicators that will help inform in-flight progress. The table below represents measures we are tracking and our delivery in 2021. For overall delivery in 2021, all measures delivered at target or better, with the exception of plant reliability and refining availability which delivered below plan (see pages 122 and 123 for more detail). Delivery in 2021 2025 targets Resilient hydrocarbons Production costs per barrel $6.82/boe ~$6/boe Plant reliability 94% 96% Refining availability 94.8% 96% Accelerate growth in convenience and mobility Electric vehicle charge points 13,100 >40,000 Strategic convenience sites 2,150 ~3,000 Margin share from convenience and electrification 29.1% ~35% Demonstrate track record, scale and value in low carbon energy Developed renewables to FID 4.4GW 20GW Bioenergya 26mb/d 50mb/d LNG portfolioa 18Mtpa 25Mtpa a Since establishing the scorecards for the 2020 remuneration policy, a portion of these two business areas have subsequently been positioned under the resilient hydrocarbons strategic theme. Environmental, social and governance (ESG) matters and remuneration bp continues to demonstrate significant commitment to ESG matters, not only through the purpose and net zero ambition announced with our new strategy in 2020, but also through the use of relevant measures in the scorecards for annual bonus and long-term incentive plans. Environmental measures involve a focus on both low carbon and on emissions reductions. The continued use of safety as an underpin for the long-term incentive plan, and as a measure in the annual bonus plan, speaks to our commitment to social matters in the broadest sense. In 2022, bp is expanding the impact of ESG measures through the introduction of two additional social measures: employee engagement and an improvement in ethnic representation. Recognizing the latter, we realize that, as a global company, the opportunity to become more ethnically diverse deserves the same focus and energy that we have put to gender representation and an inclusive environment. We will embed this commitment by incorporating these measures as part of the long-term incentive plan scorecard for the senior leaders of the company. Looking ahead, the committee will assess the appropriateness of including these social measures in the scorecards for executive directors during the 2023 remuneration policy review. Governance is not a specific scorecard measure for management. However, it is woven through our corporate governance framework as described on pages 90-92.

1. 2. 3. 4. £4.46m 2020 £1.7m 1. 2. 3. 4. £2.44m 2020 £0.6m Bernard Looney CEO Murray Auchincloss CFO 2.07 times salary, 773,710 shares 1.86 times salary, 391,407 shares Policy requirements Actual 121 Corporate governance bp Annual Report and Form 20-F 2021 See glossary on page 377 2021 performance and pay outcomes Business performance Performance outcomes See pages 123 and 125 Total remuneration 2021 Share ownership $12.8bn Underlying replacement cost profit $23.6bn Operating cash flow $7.5bn Dividends paid, including share buybacks 30% Formulaic outcome (% of maximum) – Committee judgement, no adjustment 30% Final outcome (% of maximum) 80.5% Formulaic outcome (% of maximum) – Committee judgement, no adjustment 80.5% Final outcome (% of maximum) Performance dimensions (% weighting) Annual bonus outcome (80.5% of maximum) Bernard Looney £2,419,377 Murray Auchincloss £1,359,343 Performance dimensions (% weighting) Performance shares outcome (30% of maximum) Bernard Looney £493,365 Murray Auchincloss £224,611 Key strategic highlights • Seven major projects delivered • Achieved record levels of convenience store sales • Accelerated our EV strategy • Continued to build a disciplined low carbon energy business – now with over 5GW of wind projects and significant opportunities in hydrogen 2021 was another challenging year as the company navigated the energy transition, but despite this bp produced strong financial results, safely, and achieved many important operational and environmental targets. Outstanding financial performance, strongly supported across non-financial measures. Strong strategic progress but financial returns, particularly from 2020, were disappointing. Share ownership is a key means by which the interests of executive directors are aligned with those of shareholders. As at 1 March 2022, Bernard and Murray are building towards the policy requirement (mandatory within five years of appointment). 2019-21 performance shares Safety and sustainability (30%) Operational (20%) Financial (50%) Financial (70%) Strategic progress (30%) 2021 annual bonus 30/306.7/20 24.6/30 49.2/50 0/70 1.Salary and benefits 2. Retirement benefits 3. Annual bonus 4. Performance shares 1.Salary and benefits 2. Retirement benefits 3. Annual bonus 4. Performance shares Bernard Looney Murray Auchincloss

122 bp Annual Report and Form 20-F 2021 Executive directors’ pay for 2021 Single figure table – executive directors (audited) Bernard Looney CEO (thousand) 2021 Murray Auchincloss CFO (thousand) 2021 Bernard Looneya CEO (thousand) 2020 Murray Auchinclossa CFO (thousand) 2020 Salary £1,323 £730 £1,181 £348 Benefits £23 £14 £26 £8 Cash in lieu of retirement benefits £198 £110 £177 £52 Annual bonus, cash (50%) £1,210 £680 – – Annual bonus, deferred (50%) £1,210 £680 – – Performance sharesbc £493 £225 £351 £215 Total remunerationd £4,457 £2,438 £1,735 £623 Total fixed remuneration £1,544 £854 £1,384 £408 Total variable remunerationd £2,913 £1,584 £351 £215 Please refer to the overview section below for additional detail, except where noted otherwise. a Bernard Looney and Murray Auchincloss joined the board on 5 February and 1 July 2020 respectively. 2020 values reflect remuneration outcomes from the date of appointment to the board. b Performance shares for Bernard and Murray relate to awards granted prior to their appointment to the board, and the values shown reflect share prices at close on 16 February 2022 of £4.04 per ordinary share and $32.48 per ADS. c Murray’s 2019-21 performance share award was granted in ADS. The value shown has been converted from USD to pound sterling at 1.3753. d Due to rounding, the totals may not agree exactly with the sum of their component parts. Overview of single figure outcomes Salary and benefits Bernard Looney’s salary increased from £1,300,000 to £1,335,750 from the 2021 annual general meeting. Murray Auchincloss’s salary increased from £695,000 to £750,500 from the 2021 annual general meeting. Both the executive directors receive car-related benefits, coverage of tax return preparation, security assistance, insurance and medical benefits. Cash in lieu of retirement benefits From their appointment as executive directors, Bernard and Murray ceased to receive any retirement benefits for their service, but receive a cash allowance fixed at 15% of salary. They may choose to direct these allowances into retirement plans at their sole discretion, and the amounts are therefore identified as cash in lieu of retirement benefits in the single figure table. Since that decision was made, and as is described on page 126, bp has made significant changes to the retirement benefits of the wider non-retail workforce in the UK. For our wider non-retail workforce in the UK (54% of the full UK workforce), we increased the flexible cash benefits allowance from 15% to 20% of salary from July 2021. Therefore, the 15% allowance for bp’s executive directors may no longer be representative of the wider non-retail workforce in the UK and the committee will review this as part of the 2023 policy review. 2021 annual bonus outcome For 2021 the committee established a bonus scorecard of six measures across three areas: safety and sustainability, operational, and financial performance. These measures align with our strategy and investor proposition (see page 119 for a detailed illustration). bp’s continued focus on safety delivered a year with record low levels of tier 1 and tier 2 process safety events, finishing the year with a total of 62 events. As part of our overview of formulaic outcomes, we rely on the judgement of the safety and sustainability committee (S&SC) for an evaluation of safety outcomes and this year we have given particular regard to the S&SC analysis of the two fatalities (one workforce and one third-party fatality) related to bp’s operations. After review, the S&SC recommended that no adjustment be made and the committee concurred with that view. The S&SC noted that an adjustment should be made if there is a material deterioration in safety and environmental performance, or there have been major incidents that reveal an underlying weakness in safety and environmental management. Emissions reductions were well in excess of target, reflecting a cumulative reduction of almost 5.6 million tonnes since 2017 when we first set goals for emissions reductions. All operating entities within production & operations and shipping contributed to this achievement. Within bpx energy, progress has been made with the reduction of flaring, refining through conversion to green power contracts, and in Angola & North Sea through energy efficiency projects. Availability and reliability of our hydrocarbon plants and refining operations were below target outcome, at 94.5%, due to unplanned hydrocarbon plant outages and higher levels of refining maintenance activity. By contrast, margin share from convenience and electrification exceeded target at 29.1%, with a record annual convenience gross margin. This was supported by the addition of over 200 strategic convenience sites and increased average purchase value. bp also continued the roll-out of electric vehicle charge points with nearly half of the 13,100 charge points now either rapid or ultra-fast charging, which are preferred by motorists. Financial performance, as measured by free cash flow and cumulative cost reductions, was outstanding. Achieving a free cash flow of $16.36 billion was very strong relative to the environment-adjusted target of $15.42 billion, and full-year earnings delivery was supported by lower capital spend from disciplined capital management and accelerated divestment proceeds. Cumulative cash cost reductions of $3.0 billion were delivered above the plan maximum, $2.8 billion. Directors’ remuneration report continued

123 Corporate governance bp Annual Report and Form 20-F 2021 See glossary on page 377 Formulaic scorecard outcome 1.61 out of 2.0 Input from audit committee and safety and sustainability committee no adjustment Remuneration committee judgement no adjustment 80.5% of maximum Formulaic score 1.61 out of 2.0 Safety and sustainability 30% Operational performance 20% Financial performance 50% Formulaic score 1.61 out of 2.0 Safety and sustainability (30% weighting) Operational performance (20% weighting) Financial performance (50% weighting) 2021 annual bonus scorecard These measures were set out under the terms of our 2020 policy. Measures OutcomeWeighting Threshold (0) Target (1) Maximum (2) + =+ Sustainable emissions reductions (million tonnes) Margin share from convenience and electrification Cumulative cash cost reductions 2021 vs 2019 ($bn) Process safety tier 1 and tier 2 events bp-operated reliability and availability Free cash flow, ex Deepwater Horizon costs ($bn) 73 events 0 94.2% 0 $14.42bn 0 4.63 0 26.10% 0 $2.2bn 0 15% 10% 25% 15% 10% 25% 66 events 0.15 95.3% 0.1 $15.42bn 0.25 52 events 0.3 96.4% 0.2 $16.42bn 0.5 4.88 0.15 28.90% 0.1 $2.5bn 0.25 5.43 0.3 31.70% 0.2 $2.8bn 0.5 62 events 94.5% $16.357bn 5.6 million tonnes 29.1% $3.0bn 0.19 0.30 0.03 0.11 0.48 0.5 2019-21 performance share plan outcome Bernard and Murray were granted 2019-21 performance share awards prior to their appointment as executive directors. Therefore, they hold 2019-21 awards under the group share value plan (GSVP) for senior leaders of the company, rather than under the executive director incentive plan (EDIP). However, vesting under both plans is assessed using the same group performance scorecard shown on page 125. The formulaic outcome can then be adjusted on a discretionary basis either by the committee (for executive directors) or the CEO (for senior leaders of the company). The scorecard for the 2019-21 cycle – the last under our 2017 shareholder-approved remuneration policy – consists of three measures: rTSR (50%), ROACE (20%) averaged over the three-year period, and four strategic progress imperatives (30%). On a formulaic basis, performance against the rTSR and ROACE measures disappointed, yielding nil outcomes. The committee closely reviewed the four indicators of strategic progress which, in light of the major strategy shift, required much judgement to bridge achievement of the goals set in 2019 with the ongoing efforts to deliver the new strategy adopted in 2020. We started from a recognition that substantial progress has been made in improving bp’s financial condition. The debt reduction achieved in 2021, the strong 2021 ROACE, and the significant reductions in underlying cost base demonstrate that the right foundation has been laid for continued strategic progress. The committee next turned to the dimensions of strategic progress set for the 2019-21 period and examined which remained relevant, what progress had been made, and where the dimensions were no longer strictly applicable. We also considered what other strategic progress could reasonably substitute and be recognized. This latter activity – deciding if there were substitute actions – included the use of both quantitative assessments and qualitative judgements by the committee. Based on the above considerations and material provided by management, the committee concluded that the strategic progress goals were fully achieved for the 2019-21 performance shares, resulting in full scorecard recognition for this measure. Our assessment of strategic progress is as follows overleaf. See pages 24-27 for key performance indicators. We took input from the audit committee to ensure our conclusions were robust and properly reflected underlying financial performance relative to markets. This included a review of free cash flow, noting in particular the adjustments made to financial targets to reflect environmental pricing impacts (thereby avoiding windfall outcomes), and the effects of COVID-19, to better reflect the underlying performance of bp. Taking all of these measures into account, the formulaic outcome was 1.61 out of 2.0, or 80.5% of maximum, and the committee concluded there were no reasons to adjustment this outcome.

124 bp Annual Report and Form 20-F 2021 Directors’ remuneration report continued Progress against the four strategic imperatives: 1. Growing gas and advantaged oil in the upstream. bp aims to invest in new large-scale gas projects, pursue quality oil projects in core basins and seek out new opportunities in selected regions. bp has indicated that it intends to change its investment plans to dedicate more of its capital to projects with a low or no carbon character. The consequence of this clearly changes the investment pattern of how bp meets the goal described above. We are satisfied that management has made wise choices in this regard. Despite the severe challenges presented by the pandemic, bp’s production mix of gas improved from 50% in 2018 to 51% in 2021 and oil project development costs reduced from $17.2/bbl to $15.9/bbl over the same period. The company, despite the change in focus, managed the successful start-up of 16 major projects over the three-year period. The oil-related projects deliver lower average development costs while both oil and gas projects deliver lower carbon intensity than the pre-existing portfolio. 2. Market-led growth in the downstream. bp aims to innovate with advanced products and strategic partnerships. The work to advance what is now convenience & mobility falls well within the ambit of the goal established in 2019. The pandemic presented specific challenges for the customer-focused businesses with fuel sales impacted by demand destruction. However, bp’s continued focus on improving its convenience competitive position is evident through the number of strategic convenience sites increasing from 1,400 in 2018 to 2,150 in 2021. With the Thornton’s transaction, bp is now a leading operator in the US Midwest. The extension of the UK partnership with Marks & Spencer until at least 2030 provides further confidence that the UK forecourts offer can evolve as customers’ behaviour changes. 3. Venturing and low carbon across multiple fronts. bp aims to pursue new ventures and partnerships to meet rapidly evolving trends and develop cross-business solutions to create opportunities or strengthen relationships. This aspect of bp’s ambition has proceeded as it is also highly consistent with bp’s revised strategy. Critically, over 3.9MtCO2e of sustainable emissions reductions were delivered over the 2019 to 2021 period, an important step in our aim 1 to be net zero across our entire operations on an absolute basis by 2050 or sooner. bp Launchpad continued to build its portfolio of companies in the advanced analytics and energy management space with the acquisition of Open Energi and Blueprint Power. bp ventures continued to create options for bp in new technologies and advanced mobility that will support the energy transition with investments in Lightning eMotors, BluSmart, and IoTecha. Material progress has also been made in creating low carbon businesses, as 3.5GW net offshore wind licences have been secured in the US and Irish Sea. Progress has been made in hydrogen with a 1.3mtpa project hopper built, together with Abu Dhabi partnerships and East Coast Cluster selection. In total 33 projects were delivered to final investment decision (FID) stage during 2021. 4. Gas power and renewables trading and marketing growth. bp aims to compete and seize new opportunities with partners and stakeholders in a changing world. This goal too is consistent with the revised strategy and significant progress has been made. bp remains the largest US gas and power marketing company and one of the largest in the world; bp also secured a material deal of 250MW of power for the next 15 years. Trading is integrally related to several segments and therefore results are not compiled as a separate business. In fact, bp finished 2021 with increased earnings and a wider footprint of trading. Moreover, the increase in the scope of renewables trading has been significant. As the world recognizes the value of natural gas as a transition fuel, bp has added three advanced LNG tankers to the bp-operated fleet since 2019, grown US Gulf Coast liquefaction capacity by 7.4mtpa and more than doubled the number of non-equity LNG cargoes versus 2018 levels. Other vesting considerations Along with the results from the scorecard measures, the committee considers an ‘underpin’ to the formulaic outcome in order to determine the final vesting percentage. The underpin broadens our performance assessment, allowing us to consider overall alignment with absolute shareholder returns, environmental and safety factors (including fatalities) and progress in low carbon and climate change matters. Where relevant, we take input from the safety and sustainability committee and the audit committee to deepen our perspective. Having considered the above matters, we concluded that there was no reason to apply a discretionary adjustment to the formulaic vesting outcome for the executive directors, and that the plan should vest in line with the scorecard outcome at 30% of maximum. This yields the outcomes shown in the table below. The scorecard detail is shown on page 125. 2019-21 performance share plan outcomes (audited) Shares awardeda Shares vesting including dividends Value of vested shares, Feb 2022 Impact of share price changeb Bernard Looney 167,960 122,120 £493,365 -£145,117 Murray Auchinclossc 78,234 57,066 £224,611 -£62,856 a Share grants under the GSVP are made at 50% of maximum, not at 100% of maximum as for the EDIP. b These values reflect the impact of the reduction in share price since grant related to the number of shares that vest, excluding dividend equivalents. c Murray’s awards were granted and delivered in respect of ADSs. The numbers in the table reflect calculated equivalents in ordinary shares, and the value has been converted from US dollars to pound sterling at 1.3753. The value of vested shares reflects the share price changes all shareholders have experienced over the three-year period. For this 2019-21 award cycle, the original grant was calculated based on ordinary share and ADS prices of £5.48 and $43.53 respectively, while the values at vesting were £4.04 and $32.48 on 16 February 2022 (see page 129 for more detail). Consequently, the share price fall has reduced the initial face value of these awards by approximately 26% for ordinary shares and 25% for ADSs. The committee has made no discretionary adjustments to vesting outcomes related to these share price changes.

125 Corporate governance bp Annual Report and Form 20-F 2021 See glossary on page 377 Financial Measures OutcomeWeighting Threshold performance Maximum performance Return on average capital employed (2019-21 average) Market-led growth in the downstream Gas power and renewables trading and marketing growth Relative total shareholder return Formulaic vesting 30% Underpin: Committee review of absolute returns, long-term safety and environmental performance, low carbon and climate change considerations: No adjustment Final vesting after committee judgement 30% Venturing and low carbon across multiple fronts Third 8.5% 50% 7.5% 20% 7.5% 7.5% First 12.5% Outcome Outcome 0% 30% Fifth Formulaic 6.2% Strategic progress Growing gas and advantaged oil in the upstream 7.5% Qualitative and quantitative assessment by the committee. No numeric scale for the vesting outcome (see page 124 for more detail) Relative total shareholder return 0% Return on average capital employed 0% Strategic progress 30% Formulaic vesting 30% + =+ 0% 0% 7.5% 7.5% 7.5% 7.5% 30% History of chief executive officer remuneration Year Chief executive officer Total remuneration thousand Annual bonus % of maximum Performance shares % of maximum 2012 Bob Dudley $9,609 64.9 0 2013 Bob Dudley $15,086 88.0 45.5 2014 Bob Dudley $16,390 73.3 63.8 2015 Bob Dudley $19,376 100.0 74.3 2016 Bob Dudley $11,904 61.0 40.0 2017 Bob Dudley $15,108 71.5 70.0 2018 Bob Dudley $15,253 40.5 80.0 2019 Bob Dudley $13,336 67.5 71.2 2020a Bob Dudley $188 0 32.5 Bernard Looney £1,735 0 32.5 2021 Bernard Looney £4,457 80.5 30 a 2020 figures show remuneration for the periods of qualifying service as CEO during 2020. 2019-21 performance share plan scorecard (audited) These measures were set under the terms of our 2017 policy. See pages 24-27 for key performance indicators.

126 bp Annual Report and Form 20-F 2021 Wider workforce in 2021 Workforce experience During 2021 the committee continued to receive and review information on pay outcomes and processes for our wider workforce in order to take account of wider workforce pay and conditions when making decisions on executive remuneration. To further deepen our insights into the workforce experience, we have not relied only upon reports from senior leadership, but this year have engaged directly with representative employees from different parts of the workforce in two specific engagement sessions. In planning these engagement sessions we looked for diversity of input across multiple fronts: including type of role, tenure, location, and nationality. At these sessions we discussed bp’s purpose and ambition, and how this aligns with the organization’s reward programmes. In one of these sessions, we focused on the impact of changes to the UK reward package implemented during the year. Our enquiries ranged from success in attracting and retaining talent, employee preferences in how pay is delivered, the structure of the reward package, and bp’s programmes for international mobility. A recurring theme in the discussions was employees’ desire for flexibility, with empowerment to make individual choices about both work and pay. During 2021 bp conducted a full review of the reward package available to the wider non-retail workforce in the UK. The company completed the final step in closing its defined benefit pension plan, which had remained open for legacy employees only, and adopted a flexible cash-in-lieu benefit arrangement instead. This allowed the company to improve the consistency of benefits across the wider non-retail workforce in the UK, thus increasing the cash-in-lieu value from 15% to 20% of salary. The 20% allowance applies to the wider non-retail workforce in the UK only; bp’s retail employee population are automatically enrolled in the National Employment Savings Trust (NEST), a UK defined contribution pension plan which is aligned with the typical market practice for UK retail businesses. In the interest of fairness, bp has not set a minimum earnings threshold for this population and allows all of the retail population to participate. The fact two very separate schemes exist in the UK does complicate the definition of ‘wider workforce’ in determining the qualifying benefit for executive directors. As mentioned on page 122 we will seek to address this matter as part of the 2023 policy review. We were also pleased to note the enthusiasm felt for the one-off share grant made to every bp employee in 2021. These awards, due to vest in 2025, reflect a belief that employees should be personally invested in the value that can be created through bp’s reinvention, thus aligning their longer-term interests with all shareholders. Looking beyond direct pay into the broader employee proposition, we note the strong emphasis on maintaining a supportive and inclusive working environment, and a general ‘culture of care’. For instance, we note bp’s commitment to family-friendly leave policies, recognition of bp as a top global employer in Stonewall’s list of the best multinational employers for LGBT+ staff, and a fourth consecutive 100% score in the Human Rights Campaign’s 2021 Corporate Equality Index which measures adoption of non-discrimination policies, equitable benefits for LGBT+ employees and families, and supporting an inclusive culture and corporate social responsibility. We are also delighted that bp is and continues to be accredited by the Living Wage Foundation as a real Living Wage employer in the UK. bp is actively developing plans for an equivalent global standard on fair/living wages. With all these programmes bp seeks to avoid bias through the design of appropriate reward programmes and processes. We have reviewed data from bp’s gender and ethnicity pay gap analyses and are satisfied that, while there are pay gaps, these are mainly attributable to difference in representation across the pay hierarchy and not an indicator of bias in programmes or decision-making. As the gender and ethnicity report has already been published on the company’s website bp.com, and with bp’s ongoing commitment to annual diversity, equity and inclusion reporting (first published in 2021), we won’t expand any further here. In conclusion, we find bp employees are positively engaged by their work and conditions, and that the pay structures summarized on page 127 are well-balanced for employees’ needs. Approaches to pay vary by business area and location and therefore the following table covers the ‘core’ offering for the majority of the workforce. Directors’ remuneration report continued

127 Corporate governance bp Annual Report and Form 20-F 2021 Element Policy features for the wider workforce Comparison with executive director remuneration Salary Our salary is the basis for a competitive total reward package for all employees, and we conduct an annual salary review for all non-unionized employees. As we determine salaries in this review, we take account of comparable pay rates at other relevant employers, the skills, knowledge and experience of each individual, and the overall budget we set for each country. In setting the budget each year, we assess how employee pay is currently positioned relative to market rates, forecasts of any further market increases, and business context related to such things as growth plans, workforce turnover and affordability. The salaries of our executive directors form the basis of their total remuneration, and we review these salaries annually. The primary purpose of the review is to stay aligned with relevant market comparators. We intend to keep increases within the salary review budgets set for our wider workforce, except in specific circumstances. Pensions and benefits We offer market-aligned benefits packages reflecting normal practice in each country in which we operate. Where appropriate, and subject to scale, we offer significant elements of personal benefit choice to our employees. For our wider non-retail employees in the UK, covering 54% of the UK workforce, we increased the flexible cash benefits allowance from 15% to 20% of salary from July 2021, following the closure of the defined benefit pension arrangement. Other than the addition of security-related benefits, our executive director benefit packages are broadly aligned with those of other employees who joined bp in the same country at the same time. Under our 2020 remuneration policy, pension benefits have been sharply reduced for our executive directors, who receive a cash-in-lieu of pension allowance set at 15% of salary. Their previously accrued defined benefit calculations are capped on pre-appointment salary and service. Annual bonus Over half of our global workforce participate in an annual cash bonus plan that multiplies a target bonus amount by a bp performance factor in the range 0 to 2. We operate different bonus plans for those distinct parts of our business where remuneration models in the market are markedly different, such as our trading businesses. Annual bonus for executive directors is directly related to the same bp performance measures and outcomes as those for the wider workforce. Performance shares We operate a performance share plan with three-year vesting for employees from our professional entry level and above. Opportunity varies based on seniority in three broad tiers: group leaders (approximately 300); senior leaders (approximately 4,000); and all other professional employees (approximately 30,000 potential participants, of whom 20% will participate). Vesting is subject to bp performance outcomes for the group leader population only. Performance shares for our executive directors have been assessed using the same bp performance scorecard as is used for the group leader performance shares. For the next cycle, 2022-24, we are modifying the scorecard for group leaders to fit more closely with their sphere of influence. We will consider whether to make similar amendments for executive directors next year, as part of our considerations for the 2023 policy.

128 bp Annual Report and Form 20-F 2021 Directors’ remuneration report continued Chief executive officer to employee pay ratio Year Method 25th percentile: pay ratio, total pay and benefits, (salary) 50th percentile: pay ratio, total pay and benefits, (salary) 75th percentile: pay ratio, total pay and benefits, (salary) 2019a Option A 543:1 188:1 82:1 £19,108 £55,071 £126,085 (£18,845) (£38,800) (£74,200) 2020a Option A 99:1 40:1 19:1 £18,984 £46,933 £98,546 (£18,984) (£29,040) (£80,475) 2021 Option A 208:1 87:1 35:1 £21,450 £50,959 £126,334 (£21,450) (£35,000) (£77,475) a Bob Dudley’s pay has been converted from US dollars as per the ratios reported in the 2019 and 2020 reports. This is our third year reporting the CEO pay ratio following the requirements introduced in 2018. As per the last two years, we have selected Option A as our reporting basis, being the most accurate approach available, and we confirm that no broadly applicable components of pay have been omitted. Where necessary, part year or part time pay has been adjusted by a simple engrossment of part-year or part time values to get to a full time equivalent number. Employee values relate to pay and benefits for the year ended 31 December 2021. There was a substantial decrease in the 50th percentile from 2019 to 2020 (188:1 to. 40:1), with an increase from 2020 to 2021 of 40:1 to 87:1. These changes reflect the fact that CEO remuneration is more heavily weighted to variable pay, resulting in larger year-on-year swings than wider workforce pay. This is a natural reason for volatility in pay ratio reporting from year to year, and illustrates one of the challenges in commenting on whether pay differentials are appropriate. Our considered view as to appropriateness is that the policies for our CEO, and for the wider workforce, are both fit for purpose and that they deliver pay outcomes appropriate to the circumstances of the year, with differentials that reflect the relative contributions made at different levels in our organization. Taken in the round and with all of the insights gained into pay policies and practices, the committee is satisfied that the median pay ratio reported this year is consistent with bp’s pay policies for employees and does not constitute a reason to modify our pay programmes. Percentage change comparisons: directors’ remuneration versus employees In the table below, values in column ‘a’ represent the percentage change in salary and fees; values in column ‘b’ represent the percentage change in taxable benefits including business travel costs; and values in column ‘c’ represent the percentage change in bonus outcomes for performance periods in respect of each financial year. The employee percentages shown below represent the relative change between the mean full-time equivalent pay for every employee employed in bp p.l.c. at any point during the relevant financial year, and the equivalent mean value for the preceding financial year. For the chair and non-executive directors, the increase in the value of taxable benefits reflects the resumption of business travel in 2021. There is no correlating increase in the employee percentage change because travel cost reimbursements do not constitute taxable benefits for employees. 2021 v 2020 2020 v 2019 Percentage change for: a b c a b c Employees 7% -9% 100%a 0% 0% -100% Bernard Looney 2% -29% 100%a – – – Murray Auchincloss 5% 5% 100%a – – – Dame Alison Carnwath 0% -100% n/a -4% -94% n/a Pamela Daley 4% 1385% n/a -15% -92% n/a Professor Dame Ann Dowling 0% -100% n/a -4% -96% n/a Helge Lund (chair) 0% -24% n/a 0% -74% n/a Melody Meyer -4% 283% n/a 9% -77% n/a Tushar Morzaria 5% 0% n/a – – n/a Brendan Nelson 14% -100% n/a -7% -71% n/a Paula Rosput Reynolds 6% 228% n/a 2% -92% n/a Karen Richardson – – n/a – – – Sir John Sawers 0% 1588% n/a 0% -83% n/a Johannes Teyssen – – n/a – – – a The resumption of bonus for 2021 is, mathematically, an infinite increase relative to the nil bonus for 2020; we have shown the increase as 100% for illustration. Dame Alison Carnwath, Professor Dame Ann Dowling and Brendan Nelson resigned during 2021, therefore, other than for one-time items, their 2021 pay has been annualized for comparison. Tushar Morzaria, Bernard Looney and Murray Auchincloss were appointed to the board part-way through 2020, therefore, other than for one-time items, their 2020 pay has been annualized for comparison. Karen Richardson and Johannes Teyssen were appointed to the board in 2021 and therefore no comparison to 2020 is available.

129 Corporate governance bp Annual Report and Form 20-F 2021 Stewardship and executive director interests We believe that our executive directors should have a material interest in the company, both during their tenure and after they leave bp. Our shareholding policy therefore requires the CEO and CFO to build a personal shareholding of five times and four and a half times, respectively, their salary within five years of their appointment. They are expected to maintain this level of personal shareholdings for two years post employment. Directors’ shareholdings (audited) The table below details the personal shareholdings of each current executive director. Bernard Looney and Murray Auchincloss are building towards the policy requirement that applies five years from their dates of appointment, 5 February and 1 July 2020 respectively. These figures include all beneficial and non-beneficial ownership of shares of bp (or calculated equivalents) that have been disclosed to the company, but exclude shares delivered under 2019-21 performance share awards (as these are included in the performance shares table below). Director Ordinary shares or equivalents at 1 Jan 2021 Ordinary shares or equivalents at 31 Dec 2021 Changes from 31 Dec 2021 to 1 Mar 2022 Ordinary shares or equivalents at 1 Mar 2022 Appointment date Value of current shareholdinga Multiple of salary achieved Bernard Looney 331,711 544,919 228,791 773,710 5 Feb 2020 £2,762,145 2.07x Murray Auchincloss 139,525 286,870 104,537 391,407 1 Jul 2020 £1,397,323 1.86x a Based on ordinary share price at 1 March 2022 of £3.57. The executive directors have additional interests in restricted and performance shares. These interests are shown in aggregate, and by plan, in the tables below. For performance shares, the figures reflect maximum possible vesting levels (excluding the addition of reinvested dividends) even though the actual number of shares that vest will depend on the extent to which performance conditions are satisfied. Aggregated interests, all plans (audited) Director Unvested ordinary shares or equivalents at 1 Jan 2021 Unvested ordinary shares or equivalents as 31 Dec 2021 Changes from 31 Dec 2021 to 1 Mar 2022 Unvested ordinary shares or equivalents at 1 Mar 2022 Bernard Looney 3,193,599 4,882,082 -293,650 4,588,432 Murray Auchincloss 1,581,899 2,447,213 -81,662 2,365,551 Performance shares (audited) Performance period Date of award of performance shares Share element interests Interests vested in 2022 Potential maximum performance sharesa Number of ordinary shares vested Vesting date Face value of awardb, £ At 1 Jan 2021 Awarded 2021 At 31 Dec 2021 Bernard Looney 2019-21c 25 Mar 2019 335,920 – 335,920 122,120 16 Feb 2022 – 2020-22d 11 Aug 2020 2,076,677 – 2,076,677 – – 6,396,165 2021-23d 1 Jun 2021 – 2,218,853 2,218,853 – – 6,989,387 Murray Auchincloss 2019-21ce 25 Mar 2019 156,468 – 156,468 57,066 16 Feb 2022 – 2020-22d 11 Aug 2020 999,201 – 999,201 – – 3,077,539 2021-23d 1 Jun 2021 – 1,122,009 1,122,009 – – 3,534,328 a For awards under the 2019-21 plans, performance conditions are measured 50% on TSR relative to Chevron, ExxonMobil, Shell and Total (comparator companies) over three years, 20% on ROACE averaged over the full performance period, and 30% on strategic progress assessed over the performance period. For awards under the 2020-22 plans performance conditions are measured 40% on TSR relative to an expanded peer group composed of the comparator companies and ENI, Equinor and Repsol (expanded comparator companies) over three years, 30% on ROACE averaged over the full performance period, and 30% on strategic progress assessed over the performance period. For awards under the 2021-23 plans performance conditions are measured 20% on TSR relative to the expanded comparator companies over three years, 20% on ROACE averaged over the performance period, 20% on adjusted EBIDA CAGR per share measured versus year ending June 2020, and 40% on strategic progress assessed over the performance period. See pages 139 and 140 for detail. Each performance period ends on 31 December of the third year. b Face values have been calculated using market prices of ordinary shares at closing on the dates of the award, as follows; £3.08 on 11 August 2020 and £3.15 on 1 June 2021. c Awards granted under the GSVP prior to appointment as executive directors (disclosed share interests reflect maximum vesting, though under this plan awards are granted at 50% of maximum). Represents vesting of shares at the end of the performance period based on performance achieved under the rules of the plan and includes reinvested dividends on the shares vested. Bernard Looney’s 2019-21 award vested on 16 February, when the market price was £4.04 for each share, and Murray Auchincloss’s award vested on 16 February when the market price for each ADS was $32.48. The amounts reported as 2021 income on the single figure table are therefore £493k for Bernard Looney and $309k/£225k for Murray Auchincloss. d Minimum vesting under these awards (below threshold performance) is 0%. At threshold performance of each measure, vesting would be 10% of maximum for 2020-22 and 5% of maximum for 2021-23. e This award was made in the form of ADSs. The above numbers reflect calculated equivalents in ordinary shares. One ADS is equivalent to six ordinary shares.

130 bp Annual Report and Form 20-F 2021 Directors’ remuneration report continued Restricted shares (audited) Restricted period Date of award of restricted shares Share element interests Face value of awarda, £ Number of restricted shares At 1 Jan 2021 Awarded 2021 At 31 Dec 2021 Bernard Looney 2018-21b 20 Mar 2018 104,577 – 104,577 485,237 2019-21c 25 Mar 2019 146,055 – 146,055 800,381 Murray Auchincloss 2018-22b 20 Mar 2018 43,170 – 43,170 200,309 2019-21d 25 Mar 2019 2,835 – 2,835 15,536 2019-21c 25 Mar 2019 86,928 – 86,928 476,365 2020-22d 28 Aug 2020 4,840 – 4,840 12,778 2021-23d 25 Mar 2021 – 21,277 21,277 62,554 2021-23d 16 Jun 2021 – 10,485 10,485 34,496 a Face values have been calculated using market prices of ordinary shares at closing on the dates of award, as follows: £4.64 on 20 March 2018; £5.48 on 25 March 2019; £2.64 on 28 August 2020; £2.94 on 25 March 2021; and £3.29 on 16 June 2021. b Award made under the Restricted Share Plan II prior to appointment as a director. c Awards made under the Individual Share Value Plan prior to appointment as a director. Awards under this plan were granted at 100% of salary. d Interests of person closely associated with Murray Auchincloss. Deferred sharesa (audited) Bonus year Performance period Date of award of deferred shares Deferred share element interests Potential maximum deferred shares Number of ordinary shares Face value of the awardb, £ Bernard Looney 2021 2022-24 16 February 2022 292,902 £1,183,324 Murray Auchincloss 2021 2022-24 16 February 2022 164,569 £664,859 a Since 2010, vesting of the deferred shares has been subject to a safety and environmental sustainability hurdle. If the committee assesses that there has been a material deterioration in safety and environmental performance, or there have been major incidents, either of which reveal underlying weaknesses in safety and environmental management, then it may conclude that shares should vest only in part, or not at all. In reaching its conclusion, the committee obtains advice from the S&SC. There is no identified minimum vesting threshold level. b Face values have been calculated using the market price of ordinary shares on the date of award, as follows; £4.04 on 16 February 2022.

131 Corporate governance bp Annual Report and Form 20-F 2021 Share interests in share option plans (audited) In common with many of our UK employees, Bernard Looney holds options under the bp group Save As You Earn (SAYE) scheme as shown below. These options are not subject to performance conditions. Director Option type At 1 Jan 2021 Granted Exercised At 31 Dec 2021a Option price Market price at date of exercise Date from which first exercisable Expiry date Bernard Looney SAYE 6,024 – – 6,024 £2.49 – 01 Sep 2025 28 Feb 2026 Bernard Looney SAYE – 5,952 – 5,952 £2.52 – 01 Sep 2026 28 Feb 2027 Murray Auchincloss SAYEb 3,614 – – 3,614 £2.49 – 01 Sep 2023 28 Feb 2024 Murray Auchincloss SAYEb – 3,571 – 3,571 £2.52 – 01 Sep 2024 28 Feb 2025 Murray Auchincloss Reinvent bpc – 150,000 – 150,000 £3.15 – 11 Mar 2025 10 Mar 2031 a The closing market price of an ordinary share on 31 December 2021 was £3.31. During 2021 the highest market price was £3.66, and the lowest market price was £2.50. b Interest of person closely associated with Murray Auchincloss. c The Reinvent bp Plan – these options were granted to a person closely associated with Murray Auchincloss and are not subject to performance conditions. Bernard and Murray have no interests in bp preference shares, debentures or option plans (other than as listed above), and neither have interests in shares or loan stock of any subsidiary company. Directors and leadership team No directors or other leadership team members own more than 1% of the ordinary shares in issue. At 1 March 2022, bp’s directors and leadership team members collectively held interests of: 4,147,295 ordinary shares or their calculated equivalents; 7,192,952 restricted share units (with or without conditions) or their calculated equivalents; 6,874,211 performance shares or their calculated equivalents; and 5,953,999 options over ordinary shares or their calculated equivalents, under bp share option schemes. Post-employment share ownership interests Bob Dudley and Brian Gilvary have, and continued to retain, significant interests in bp post employment. They gave their personal commitment as executive directors to maintain actual holdings equivalent to two and a half times salary for two years post employment. That commitment is guaranteed by the fact that their anticipated interests in share awards under group plans which remain subject to vesting and/or holding periods at the time they left bp exceeded the two and a half times salary threshold. Although we instituted a formal post-employment share ownership requirement as part of our 2020 policy, given the foregoing, we have not modified the requirements for these former executives.

132 bp Annual Report and Form 20-F 2021 Chair and non-executive director outcomes and interests The remuneration policy for the chair and non-executive directors (NEDs) was approved at the 2020 annual general meeting and adopted for implementation with effect from 1 June 2020. However, its implementation was postponed on account of the COVID-19 pandemic and actions taken by bp in response. Following board approval, the remuneration arrangements for the NEDs have been adjusted with effect from 1 January 2022 as follows: • The annual base fee for board members has been increased to £115,000. • The annual fee for the senior independent director has been increased to £160,000. • The annual fee for committee chairs has been increased to £35,000. • The intercontinental travel allowance has been removed. The levels of the new fee arrangement were benchmarked against UK peers. The annual base fee and fee for committee chairs were last increased in 2012, and the base fee for the senior independent director has not increased since 2007. The intercontinental travel allowance was removed to ensure greater simplicity and transparency in NED fee arrangements. The chair requested that his fees were not increased at this time. As disclosed in our 2020 report and reflected in the table below, a fee for membership of the people and governance committee was introduced with effect from 1 January 2021. The senior independent director has waived her entitlement to this committee membership fee. The fee structure for 2022 remains otherwise unchanged and the board will review the situation again during the year. Fee structure The table below shows the fee structure for the chair and NEDs, per our 2020 policy. The chair is not eligible for committee chairship and membership fees or intercontinental travel allowance. 2021 fees £ thousand per annum 2022 fees £ thousand per annum Chair 785 785 Senior independent directora 120 160 Board member 90 115 Audit, remuneration and safety and sustainability committees chairship feesb 30 35 Committee membership fee 20 20 Intercontinental travel allowance 5 – a The senior independent director is eligible for committee chairship and membership fees. b Committee chairs do not receive an additional membership fee for the committee they chair. 2021 remuneration (audited) The table below shows the fees paid and applicable benefits for the year ended 31 December 2021. Benefits include business travel and other expenses relating to attendance at board and other meetings. As chair throughout 2021, Helge Lund had the use of a fully maintained office for company business, a car and driver, and security in London. Benefits values have been grossed up using a tax rate of 45%, where relevant, as an estimation of tax due. Fees Benefits Totala £ thousand 2021 2020 2021 2020 2021 2020 Dame Alison Carnwathb 8 110 0 2 8 112 Pamela Daley 145 140 46 3 191 143 Professor Dame Ann Dowlingbc 51 135 0 0 51 135 Helge Lund (Chair) 785 785 19 25 804 810 Melody Meyer 160 166 14 4 174 170 Tushar Morzaria 136 37 0 0 136 37 Brendan Nelsonb 68 140 0 3 68 143 Paula Rosput Reynolds 185 174 9 3 194 177 Karen Richardsonbc 123 – 12 – 135 – Sir John Sawersd 145 140 3 0 148 140 Johannes Teyssenbe 120 – 8 – 128 – a Due to rounding, the totals may not agree exactly with the sum of the component parts. b Dame Alison Carnwath resigned on 14 January 2021. Professor Dame Ann Dowling and Brendan Nelson retired on 12 May 2021. Karen Richardson and Johannes Teyssen were appointed on 1 January 2021. c Fee includes £25,000 per annum for chairing the bp technology advisory council, which was undertaken by Professor Dame Ann Dowling until her retirement, and Karen Richardson thereafter. d Fee includes £15,000 per annum for chairing the bp geopolitical advisory council. e Fee includes £10,000 per annum for being a member of the bp geopolitical advisory council. Directors’ remuneration report continued

133 Corporate governance bp Annual Report and Form 20-F 2021 Chair and non-executive directors’ interests (audited) The figures below include all the beneficial and non-beneficial interests of the chair and each non-executive director of the company in shares of bp (or calculated equivalents) that have been disclosed according to the disclosure guidance and transparency rules in the Financial Conduct Authority handbook (the DTRs) as at the applicable dates. Please see page 141 for more details on the non-executive director shareholding guidelines. Ordinary shares or equivalents at 1 Jan 2021 Ordinary shares or equivalents at 31 Dec 2021 Changes from 31 Dec 2021 to 1 Mar 2022 Ordinary shares or equivalents at 1 Mar 2022 Value of current shareholdinga % of guideline achieved Dame Alison Carnwathb 17,700 – – – – – Pamela Daley 40,332 40,332 0 40,332 $191,510 116% Professor Dame Ann Dowlingb 22,320 – – – – – Helge Lund (Chair) 600,000 600,000 0 600,000 £2,142,000 273% Melody Meyer 20,646 20,646 0 20,646 $98,034 59% Tushar Morzaria 36,726 51,972 0 51,972 £185,540 155% Brendan Nelsonb 21,626 – – – – – Paula Rosput Reynolds 73,200 73,200 0 73,200 $347,578 211% Karen Richardsonb – 10,746 0 10,746 $51,026 31% Sir John Sawers 23,116 24,242 0 24,242 £86,544 72% Johannes Teyssenb – 35,000 0 35,000 £124,950 104% a Based on share and ADS prices at 1 March 2022 of £3.57 and $28.49. Where a US$ value is provided these shares are held as ADSs. b Dame Alison Carnwath resigned on 14 January 2021. Professor Dame Ann Dowling and Brendan Nelson retired on 12 May 2021. Karen Richardson and Johannes Teyssen were appointed on 1 January 2021. Past directors Payments for loss of office (audited) No payments were made during the financial year for loss of office. Payments to past directors (audited) Since leaving employment, Bob Dudley and Brian Gilvary have received shares upon vesting of awards as detailed in the two tables below. These relate to performance share awards made under the Executive Director Incentive Plan, and to the deferred share elements of prior year annual bonuses. Performance shares Bob and Brian are both regarded as ‘good leavers’ under the terms of the performance share plan, and therefore received shares upon vesting of the 2019-21 performance share plan, as detailed on pages 123-125. Their share vesting has been pro-rated to reflect their periods of actual service, relative to the three-year cycle. Outcomes are as follows: Performance period Date of award of performance shares Shares originally granted Vesting date Value of shares vested (including dividends) Bob Dudleya 2019-21 19 Feb 2019 1,340,766 16 Feb 2022 $1,102,826 Brian Gilvary 2019-21 19 Feb 2019 654,315 16 Feb 2022 £480,493 a These awards were received in the form of ADSs. The above numbers reflect calculated equivalents in ordinary shares. One ADS is equivalent to six ordinary shares. b In addition to the detail above, Bob Dudley’s and Brian Gilvary’s 2018-20 performance share awards vested on 19 February 2021 as disclosed in our 2020 report. Subsequent to that report, on 31 March 2021 Bob and Brian received additional dividend equivalents (the Q4 2020 dividend) on those 2018-20 awards valued at $20,819 and £8,349 respectively. Deferred shares from prior year bonuses As previously reported, Bob Dudley requested that the final assessment and vesting determination of various share awards related to annual bonus outcomes from 2014 to 2019, be deferred until at least one year post retirement. Similarly, Brian Gilvary made the same request of his 2016 matching share award, and that his 2015 matching share award be deferred for an additional two years. Thus the committee extended the original safety and environmental sustainability performance conditions for these awards in line with the extended deferral. Of these voluntary deferrals, awards under the 2014 policy were not reportable in the single figures of total remuneration for the performance years in question (relating to bonus years 2014, 2015 and 2016), but fall instead to be disclosed on vesting.

134 bp Annual Report and Form 20-F 2021 As reported in our 2020 report, the committee concluded, with input from the safety and sustainability committee, that safety performance continued to show improvement with safety embedded in the culture of the organization. As a result, the original safety and environmental sustainability conditions were considered to have been met and these awards vested in 2021, one year after retirement. These vesting outcomes are as follows: Bonus year Type Performance period Date of award of deferred shares Shares originally granted Vesting date Value of shares vested (including dividends) Bob Dudleya 2014 Compulsory 2015-17 11 Feb 2015 147,054 31 Mar 21 $908,742 2014 Voluntary 2015-17 11 Feb 2015 147,054 31 Mar 21 $908,742 2014 Matching 2015-17 11 Feb 2015 294,108 31 Mar 21 $1,590,299 2015 Compulsory 2016-18 4 Mar 2016 275,892 31 Mar 21 $1,592,320 2015 Voluntary 2016-18 4 Mar 2016 275,892 31 Mar 21 $1,592,320 2015 Matching 2016-18 4 Mar 2016 551,784 31 Mar 21 $2,706,990 2016 Compulsory 2017-19 19 May 2017 147,642 31 Mar 21 $779,541 2016 Matching 2017-19 19 May 2017 147,642 31 Mar 21 $633,372 Brian Gilvaryb 2016 Matching 2017-19 19 May 2017 73,070 30 Jun 21 £264,493 a These awards were received in the form of ADSs. The above numbers reflect calculated equivalents in ordinary shares. One ADS is equivalent to six ordinary shares. b In addition to the detail above, Brian Gilvary’s 2015 matching and 2017 compulsory deferred bonus share awards vested on 19 February 2021 as disclosed in our 2020 report. Subsequent to that report, on 31 March 2021 Brian received additional dividend equivalents (the Q4 2020 dividend) on those 2015 and 2017 awards valued at £14,844 and £5,667 respectively. The committee is grateful to Bob and Brian for the act of leadership that these voluntary deferrals signified, and in particular for their commitment to the long-term interests of the company. This has meant that beyond the original vesting date, and even beyond their tenure as executive directors, the size and value of the vestings were not guaranteed. Post-employment benefits Bob Dudley was provided with a car benefit in the UK amounting to $20,581, and coverage with tax return preparation amounting to $7,189. Brian Gilvary was provided coverage with tax return preparation amounting to £26,727. We made no other payments within the scope of the disclosure requirements to any past director of bp during 2021 (we have no de minimis threshold for such disclosures). Directors’ remuneration report continued

135 Corporate governance bp Annual Report and Form 20-F 2021 Other disclosures Historical TSR performance 2020 2021201920182017201620152014201320122011 £0 £50 £100 £150 £200 £250 BP FTSE 100 This graph shows the growth in value of hypothetical £100 investments in bp p.l.c. ordinary shares, and in the FTSE 100 Index (of which bp is a constituent), over 10 years from 31 December 2011 to 31 December 2021. Independence and advice The board considers all committee members to be independent with no personal financial interest, other than as shareholders, in the committee’s decisions. Further detail on the activities of the committee, advice received, and shareholder engagement is set out in the remuneration committee report on page 116. During 2021 Ben Mathews, who was employed by the company and reported to the chair of the board, acted as secretary to the remuneration committee. The committee also received advice on various matters relating to the remuneration of executive directors and senior management from Kerry Dryburgh, EVP people and culture and Ashok Pillai, SVP reward and wellbeing. PricewaterhouseCoopers LLP (PwC) continued to provide independent advice to the committee in 2021, following its appointment as independent advisor to the committee in September 2017 following a competitive tender process. PwC advice included, for example, support with remuneration benchmarking and updates on market practice. PwC is a member of the Remuneration Consulting Group and, as such, operates under the code of conduct in relation to executive remuneration consulting in the UK. The committee is satisfied that the advice received is objective and independent. The committee is comfortable that the PwC engagement partner and team who provides remuneration advice to the committee do not have connections with the company or its directors that may impair their independence. Total fees or other charges (based on an hourly rate) for the provision of remuneration advice to the committee in 2021 (save in respect of legal advice) were £80,121 to PwC. Freshfields Bruckhaus Deringer LLP (Freshfields) provided legal advice on specific compliance matters to the committee. PwC and Freshfields provide other advice in their respective areas to the group. Considerations related to the Corporate Governance Code When setting the 2020 policy, the committee concluded that the scorecard based approach to setting targets and measuring outcomes provides great clarity in our ability to engage transparently with shareholders and the wider workforce on remuneration. Thus, bp continues to operate a simple structure of market-aligned salary with annual and three-year performance-based incentives. Risks are managed through careful setting of performance measures and targets and broad flexibility to apply committee discretion in assessing outcomes. These are complemented with robust malus and clawback measures. Remuneration outcomes are predictable, as shown in the scenario charts of the 2020 policy, and proportional by virtue of the challenging performance levels required to achieve target pay outcomes. Through material weighting in measures related to safety, sustainability and strategy, as shown on page 119, remuneration aligns closely with bp’s culture, as expressed through our purpose and ambition. Relative importance of spend on pay ($ million) 20212020 4,304 Distributions to shareholders 20212020 8,857 Remuneration paid to all employees 20212020 11,779a 6,340 9,878 12,034 Capital investment a Organic capital expenditure

136 bp Annual Report and Form 20-F 2021 Shareholder engagement Throughout 2021 we continued to discuss remuneration policy and approach with many of our largest shareholders, as well as their representative bodies. We plan to continue this dialogue in 2022, as we consider issues and make decisions related to the design of our remuneration policy for 2023 and beyond. The table below shows the votes on the report for the last three years. Annual general meeting directors’ remuneration report vote results Year % vote ‘for’ % vote ‘against’ Votes withheld 2021 95.20% 4.80% 220,577,221 2020 96.05% 3.95% 67,623,825 2019 95.93% 4.07% 337,586,814 The remuneration policy was approved by shareholders at the 2020 annual general meeting in May 2020. The votes on the policy are shown below. 2020 annual general meeting directors’ remuneration policy vote results Year % vote ‘for’ % vote ‘against’ Votes withheld 2020 96.58% 3.42% 65,652,222 Service contracts and letters of appointment The service contracts of executive directors do not have a fixed term. Service agreements for each executive director are available for inspection at the company’s registered office. Each executive director’s service contract contains a 12-month notice period. Consistent with the best interests of the group, the committee will seek to minimize termination payments. Date of contract Effective date Bernard Looney 4 October 2019 5 February 2020 Murray Auchincloss 20 January 2020 1 July 2020 The non-executive directors (NEDs) have letters of appointment, which are available to view at the company’s registered office. Each NED is expected to serve on the board until the end of the annual general meeting following the third anniversary of their appointment. This is subject to election and subsequent annual re-election. Subject to mutual agreement, they are each expected to serve a further three years, and normally up to nine years from appointment in line with the provisions of the 2018 Code, subject to annual re-election. External appointments The board supports executive directors taking up appointments outside the company to broaden their knowledge and experience. Each executive director is permitted to retain any fee from their external appointments. Such external appointments are subject to agreement by the chair and reported to the board. Any external appointment must not conflict with a director’s duties and commitments to bp. Details of appointments as non-executive directors of publicly listed companies during 2021 are shown below. Director Appointee company Additional position held at appointee company Total fees Bernard Looney Rosneftab Director 0 Murray Auchincloss Aker BP ASAa Director 0 a Held as a result of the company’s shareholdings in Rosneft and Aker BP ASA. b As of 27 February 2022, Bernard stepped down from his role as non-executive director of Rosneft. Directors’ remuneration report continued

137 Corporate governance bp Annual Report and Form 20-F 2021 Policy implementation for 2022 The table below shows how the remuneration policy approved by shareholders at the 2020 annual general meeting will be implemented in 2022, alongside a summary of key features. For the full remuneration policy, please go to bp.com/remuneration. Salary and benefits To provide fixed remuneration to reflect the scale and complexity of both the business and the role, and to be competitive with the external market. When setting salaries, the committee considers practice in other oil and gas majors as well as European and US companies of a similar size, geographic spread and business dynamic to bp. Percentage increases for executive directors will not exceed increases for the wider workforce, other than in specific circumstances identified by the committee (e.g. in response to a substantial change in responsibilities). • Bernard Looney’s salary will increase by 4.25% to £1,392,519 following the 2022 annual general meeting. • This compares to the 4.25% budget for the majority of the wider workforce in the UK effective from 1 April, bp’s annual salary review date. • Murray Auchincloss’s salary will increase by 6.6% to £800,000 following the 2022 annual general meeting. • Benefits will remain unchanged for 2022 and include car-related provisions (or cash in lieu), security assistance, insurance and medical cover. Retirement benefits Executive directors normally participate in the company retirement plans that operate in their home country. New appointees from within the bp group retain previously accrued benefits. For their service as a director, retirement benefits will be no more than the median provision offered to the wider workforce in the UK. For future appointments, the committee will carefully review any retirement benefits to be granted to a new director, taking account of retirement policies across the wider group and any arrangements currently in place. • Bernard and Murray are deferred members of final salary pension plans related to their service prior to appointment as executive directors, but now receive a cash allowance in lieu of retirement benefits. • Bernard’s cash allowance will be unchanged at 15% of salary, and he accrues no further value under his UK deferred pension. • Murray’s cash allowance will be unchanged at 15% of salary, and he accrues no further value under his US deferred pension. Annual bonus Bonus is measured against an annual scorecard. The committee has discretion to choose the specific measures and the relative weightings adopted in the annual scorecard, to reflect the annual plan as agreed with the board. Numeric scales are set for each measure, to score outcomes relative to targets. A scorecard outcome of 1.0 reflects the target outcome, and half of the maximum outcome. Target bonus is 112.5% of salary, and maximum bonus is 225% of salary. Half of the bonus for each year is paid in cash, and half is delivered as a deferred share award vesting in three years. • For our 2022 bonus, our scorecard will remain unchanged relative to 2021, with three measures; safety and sustainability (30%), operational (20%), and financial (50%). Please see annual bonus measures on page 139 for more detail. • Awards are subject to robust malus and clawback provisions as described below.

138 bp Annual Report and Form 20-F 2021 Performance shares Performance shares are granted with a three-year performance period, measured against a scorecard. The committee holds discretion to choose the specific measures and the relative weightings adopted in the scorecard, to ensure they are focused on the near-term priorities for delivering the bp strategy in the interests of shareholders. Annual grants are 500% of salary for the CEO, and 450% of salary for any other executive director. Awards will vest in proportion to the outcomes measured through the performance scorecard, subject to any adjustment by the committee. • For our 2022-24 cycle, the measures and weighting remain unchanged from the 2021-23 cycle at 20% for rTSR, 20% for ROACE, 20% for adjusted EBIDA CAGR, and 40% for strategic progress. Please see performance share plan measures on page 139 for more detail. • The 2022-24 awards will be granted based on the average closing share price of each trading day in the 90-day period ending on the date of bp’s 2022 annual general meeting. • Awards are subject to robust malus and clawback provisions as described below. Shareholding requirement Group chief executive to build a shareholding of at least five times salary, and other executive directors four and a half times salary, within five years of appointment. Executive directors are required to maintain that level for at least two years post employment. • Bernard and Murray have not yet reached five years since appointment, and are therefore building their share interests towards the level required by policy. Malus and clawback Malus provisions may apply where there is: a material safety or environmental failure; an incorrect award outcome due to miscalculation or incorrect information; a restatement due to financial reporting failure or misstatement of audited results; material misconduct; or other exceptional circumstances that the committee consider similar in nature. Clawback provisions may apply where there is: an incorrect outcome due to miscalculation or incorrect information; a restatement due to financial reporting failure or misstatement of audited results; or material misconduct. Committee flexibility The committee holds discretion to adjust performance measures and weightings, and to revise the peer group for the rTSR measure. This discretion allows appropriate re-alignment, throughout the policy term, for changes in the annual plan and for the anticipated evolution of the low carbon business environment. The committee also holds discretion in determining the outcomes for annual bonus and performance shares, allowing them to take broad views on alignment with shareholder experience and environmental, societal and other relevant considerations. • The committee has agreed to an ongoing review of the outcomes of the 2020-22 and 2021-23 performance shares to ensure appropriateness, given the market turmoil in share price at the time the awards were granted. • On 27 February 2022, bp announced its decision to exit its shareholding in Rosneft. The board believes that this decision is in the best long-term interests of all our shareholders. The changes to bp’s financial reporting and finances will be determined in the first quarter of 2022 which may, in turn, affect some of the performance measures and targets that drive incentive pay outcomes for the entire organization. Therefore, at the end of 2022, the committee will carefully consider the impact of this decision, taken under extraordinary circumstances by the board itself, and we expect to make adjustments, where appropriate, to bring this into account. Directors’ remuneration report continued

139 Corporate governance bp Annual Report and Form 20-F 2021 – Underpin will take into account safety outcomes prior to determining final vesting percentage. – RemCo discretion will reflect shareholder experience, environment, societal and other inputs (including bringing into account potential impacts arising from bp’s announced intention to exit its shareholding in Rosneft). – Robust malus and clawback may apply in certain circumstances. Safety and sustainability 30% Measures include Weighting Tier 1 and 2 process safety events 15% Sustainable emissions reductions 15% Relative total shareholder return (rTSR) vs eight peers 20% Peer group of eight companies: Chevron, Eni, Equinor, ExxonMobil, Repsol, Shell, TotalEnergies (and bp) Operations 20% Measures include Weighting bp-operated reliability and availability 10% Margin share from convenience and electrification 10% Financials 20% ROACE (average 2022-24) Financials 50% Measures include Weighting Free cash flow (%bn) 25% Cumulative cash cost reductions (2022 vs 2019) ($bn) 25% Growth 20% Adjusted EBIDA per share CAGR Strategic progress 40% Weighting of measures subject to remuneration committee judgement: • Deliver value through a resilient hydrocarbon business (13.3%). • Accelerate growth in customers and products (13.3%). • Demonstrate track record, scale and value in low carbon energy (13.3%). See page 120 for key performance indicators related to the strategic progress measures. The tables below illustrate the performance measures and weightings for the 2022 annual bonus and 2022-24 performance shares. The targets for the 2022 annual bonus are commercially sensitive and will be disclosed in the 2022 report. Having reflected on the counsel received from shareholders, disclosure for the long-term incentive targets have been improved. Performance measures for incentive plans commencing in 2022 Measures for 2022 annual bonus Measures for 2022-24 performance shares Peer ranking 8 7 6 5 4 3 2 1 0% 25% 50% 75% 100% rTSR ranking Ve st in g % fo r e ac h el em en t Below 13.1% 13.35% 13.60% 13.85% Above 14.1% 0% 25% 50% 75% 100% ROACE Ve st in g % fo r e ac h el em en t Adjusted EBIDA per share CAGR Below 7.7% 8.20% 8.70% 9.20% Above 9.7% 0% 25% 50% 75% 100% Ve st in g % fo r e ac h el em en t

140 bp Annual Report and Form 20-F 2021 Relative total shareholder return (rTSR) vs eight peers 20% Peer group of eight companies: Chevron, Eni, Equinor, ExxonMobil, Repsol, Shell, TotalEnergies (and bp) Relative total shareholder return (rTSR) vs eight peers 40% Peer group of eight companies: Shell, TotalEnergies, ExxonMobil, Chevron, Eni, Equinor, Repsol (and bp) Financials 20% ROACE (average 2021-23) Returns 30% ROACE (average 2020-22) Growth 20% Adjusted EBIDA per share CAGR Strategic progress 30% Weighting of measures subject to remuneration committee judgement: • Deliver value through a resilient hydrocarbon business (10%). • Accelerate growth in customers and products (10%). • Demonstrate track record, scale and value in low carbon energy (10%). See page 120 for key performance indicators related to the strategic progress measures. Strategic progress 40% Weighting of measures subject to remuneration committee judgement: • Deliver value through a resilient hydrocarbon business (13.3%). • Accelerate growth in customers and products (13.3%). • Demonstrate track record, scale and value in low carbon energy (13.3%). See page 120 for key performance indicators related to the strategic progress measures. Measures for 2021-23 performance shares Measures for 2020-22 performance shares – Underpin will take into account safety outcomes prior to determining final vesting percentage. – Remuneration committee discretion will reflect shareholder experience, environment, societal and other inputs (including bringing into account potential impacts arising from bp’s announced intention to exit its shareholding in Rosneft). – Robust malus and clawback may apply in certain circumstances. – Underpin will take into account safety outcomes prior to determining final vesting percentage. – RemCo discretion will reflect shareholder experience, environment, societal and other inputs (including bringing into account potential impacts arising from bp’s announced intention to exit its shareholding in Rosneft). – Robust malus and clawback may apply in certain circumstances. Performance measures for long term incentive plans 2021-23 and 2020-22 Having reflected on the counsel received from shareholders, our disclosure for the long-term incentive targets have been improved. In the interest of completeness, we have also included below the long-term incentive targets for the 2021-23 performance shares and 2020-22 performance shares. Peer ranking Peer ranking 8 7 6 5 4 3 2 1 0% 25% 50% 75% 100% rTSR ranking Ve st in g % fo r e ac h el em en t 0% 25% 50% 75% 100% 8 7 6 5 4 3 2 1 rTSR ranking Ve st in g % fo r e ac h el em en t Below 9.50% 9.75% 10.00% 10.25% Above 10.5% 0% 25% 50% 75% 100% ROACE Ve st in g % fo r e ac h el em en t Below 9.00% 10.00% 11.00% 12.00% Above 13.00% 0% 25% 50% 75% 100% ROACE Ve st in g % fo r e ac h el em en t Adjusted EBIDA per share CAGR Below 4.5% 5.00% 5.50% 6.00% Above 6.5% 0% 25% 50% 75% 100% Ve st in g % fo r e ac h el em en t Directors’ remuneration report continued

141 Corporate governance bp Annual Report and Form 20-F 2021 Policy table – non-executive directors Non-executive chair Fees Approach Remuneration is in the form of cash fees, payable monthly. The level and structure of the chair’s remuneration will primarily be compared against UK best practice. Operation and opportunity The quantum and structure of the non-executive chair’s remuneration is reviewed annually by the remuneration committee, which makes a recommendation to the board. Benefits and expenses Approach The chair is provided with support and reasonable travelling expenses. Operation and opportunity The chair is provided with an office and full-time secretarial and administrative support in London and a contribution to an office and secretarial support in his home country as appropriate. A car and the use of a driver is provided in London, together with security assistance. All reasonable travelling and other expenses (including any relevant tax) incurred in carrying out his duties are reimbursed. Non-executive directors Fees Approach Remuneration is in the form of cash fees, payable monthly. Remuneration practice is consistent with recognized best practice standards for non-executive directors’ remuneration and, as a UK-listed company, the level and structure of non-executive directors’ remuneration will primarily be compared against UK best practice. Additional fees may be payable to reflect additional board responsibilities, for example committee chairship and membership and for the role of senior independent director. Operation and opportunity The level and structure of non-executive directors’ remuneration is reviewed by the chair, the CEO and the company secretary who make a recommendation to the board. Non-executive directors do not vote on their own remuneration. Remuneration for non-executive directors is reviewed annually. Intercontinental allowancea Approach Non-executive directors may receive an allowance to reflect the global nature of the company’s business. The intercontinental travel allowance may be payable for the purpose of attending board or committee meetings or site visits. Operation and opportunity The allowance is paid in cash following each event of intercontinental travel. Benefits and expenses Approach Non-executive directors are provided with administrative support and reasonable travelling expenses. Professional fees are reimbursed in the form of cash, payable following the provision of advice and assistance. Operation and opportunity Non-executive directors are reimbursed for all reasonable travelling and subsistence expenses (including any relevant tax) incurred in carrying out their duties. Non-executive directors based outside the UK are entitled to the reimbursement of professional fees incurred in connection with advice and assistance on UK tax compliance matters. Shareholding guidelines Approach Non-executive directors are encouraged to establish a holding in bp shares of the equivalent value of one year’s base fee. a Removed with effect from 1 January 2022. This directors’ remuneration report was approved by the board and signed on its behalf by Ben J. S. Mathews, company secretary, on 18 March 2022.

142 bp Annual Report and Form 20-F 2021 Pages 142-143 have been removed as they do not form part of bp’s Annual Report on Form 20-F as filed with the SEC.

143 Corporate governance bp Annual Report and Form 20-F 2021 Pages 142-143 have been removed as they do not form part of bp’s Annual Report on Form 20-F as filed with the SEC.

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