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BP » Topics » T AX CONSIDERATIONS

This excerpt taken from the BP 424B5 filed Aug 7, 2009.

TAX CONSIDERATIONS

STYLE="margin-top:12px;margin-bottom:0px">United States Taxation

This section describes the
material United States federal income tax consequences of owning the debt securities described in this prospectus. It applies to you only if you acquire debt securities in the offering or offerings contemplated by this prospectus and you hold your
debt securities as capital assets for tax purposes. It is the opinion of Sullivan & Cromwell LLP, our U.S. counsel. This section does not apply to you if you are a member of a class of holders subject to special rules, such as:


 







 • 

a dealer in securities or currencies,

 







 • 

a trader in securities that elects to use a mark-to-market method of accounting for your securities holdings,

STYLE="font-size:6px;margin-top:0px;margin-bottom:0px"> 







 • 

a bank,

 







 • 

a life insurance company,

 







 • 

a tax-exempt organization,

 







 • 

a person that owns debt securities that are a hedge or that are hedged against interest rate or currency risks,

STYLE="font-size:6px;margin-top:0px;margin-bottom:0px"> 







 • 

a person that owns debt securities as part of a straddle or conversion transaction for tax purposes, or

STYLE="font-size:6px;margin-top:0px;margin-bottom:0px"> 







 • 

a United States holder (as defined below) whose functional currency for tax purposes is not the U.S. dollar.

STYLE="margin-top:12px;margin-bottom:0px">This section deals only with debt securities that are due to mature 30 years or less from the date on which they are issued. The United States federal income tax
consequences of owning debt securities that are due to mature more than 30 years from their date of issue will be discussed in an applicable prospectus supplement. This section is based on the Internal Revenue Code of 1986, as amended (the
“Code”), its legislative history, existing and proposed regulations under the Code, published rulings and court decisions, all as currently in effect. These laws are subject to change, possibly on a retroactive basis.

STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%">If a partnership holds the debt securities, the United States federal income tax treatment of a partner will generally depend on the status of the
partner and the tax treatment of the partnership. A partner in a partnership holding the debt securities should consult its tax advisor with regard to the United States federal income tax treatment of an investment in the debt securities.

 








 

SIZE="2">Please consult your own tax advisor concerning the consequences of owning these debt securities in your particular circumstances under the Code and the laws of any other taxing jurisdiction.

STYLE="font-size:2px;margin-top:0px;margin-bottom:1px"> 

This excerpt taken from the BP 424B5 filed May 5, 2009.

TAX CONSIDERATIONS

STYLE="margin-top:12px;margin-bottom:0px">United States Taxation

This section describes the
material United States federal income tax consequences of owning the debt securities described in this prospectus. It applies to you only if you acquire debt securities in the offering or offerings contemplated by this prospectus and you hold your
debt securities as capital assets for tax purposes. It is the opinion of Sullivan & Cromwell LLP, our U.S. counsel. This section does not apply to you if you are a member of a class of holders subject to special rules, such as:


 







 • 

a dealer in securities or currencies,

 







 • 

a trader in securities that elects to use a mark-to-market method of accounting for your securities holdings,

STYLE="font-size:6px;margin-top:0px;margin-bottom:0px"> 







 • 

a bank,

 







 • 

a life insurance company,

 







 • 

a tax-exempt organization,

 







 • 

a person that owns debt securities that are a hedge or that are hedged against interest rate or currency risks,

STYLE="font-size:6px;margin-top:0px;margin-bottom:0px"> 







 • 

a person that owns debt securities as part of a straddle or conversion transaction for tax purposes, or

STYLE="font-size:6px;margin-top:0px;margin-bottom:0px"> 







 • 

a United States holder (as defined below) whose functional currency for tax purposes is not the U.S. dollar.

STYLE="margin-top:12px;margin-bottom:0px">This section deals only with debt securities that are due to mature 30 years or less from the date on which they are issued. The United States federal income tax
consequences of owning debt securities that are due to mature more than 30 years from their date of issue will be discussed in an applicable prospectus supplement. This section is based on the Internal Revenue Code of 1986, as amended (the
“Code”), its legislative history, existing and proposed regulations under the Code, published rulings and court decisions, all as currently in effect. These laws are subject to change, possibly on a retroactive basis.

STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%">If a partnership holds the debt securities, the United States federal income tax treatment of a partner will generally depend on the status of the
partner and the tax treatment of the partnership. A partner in a partnership holding the debt securities should consult its tax advisor with regard to the United States federal income tax treatment of an investment in the debt securities.

 








 

SIZE="2">Please consult your own tax advisor concerning the consequences of owning these debt securities in your particular circumstances under the Code and the laws of any other taxing jurisdiction.

STYLE="font-size:2px;margin-top:0px;margin-bottom:1px"> 

EXCERPTS ON THIS PAGE:

424B5
Aug 7, 2009
424B5
May 5, 2009

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