Exhibit
1.1
|
4Q23
SEA Part 1 of 1dated 06 February 2024
|
FOR IMMEDIATE RELEASE
|
|
London 6 February 2024
|
|
BP p.l.c. Group results
|
|
Fourth quarter and full year 2023
|
2023 : A year of delivery
|
Financial summary
|
|
Fourth
|
Third
|
Fourth
|
|
|
|
|
|
quarter
|
quarter
|
quarter
|
|
Year
|
Year
|
$ million
|
|
2023
|
2023
|
2022
|
|
2023
|
2022
|
Profit (loss) for the period attributable to bp
shareholders
|
|
371
|
4,858
|
10,803
|
|
15,239
|
(2,487)
|
Inventory holding (gains) losses*, net of tax
|
|
1,155
|
(1,212)
|
1,066
|
|
944
|
(1,019)
|
Replacement cost (RC) profit (loss)*
|
|
1,526
|
3,646
|
11,869
|
|
16,183
|
(3,506)
|
Net (favourable) adverse impact of adjusting items*, net of
tax
|
|
1,465
|
(353)
|
(7,062)
|
|
(2,347)
|
31,159
|
Underlying RC profit*
|
|
2,991
|
3,293
|
4,807
|
|
13,836
|
27,653
|
Operating cash flow*
|
|
9,377
|
8,747
|
13,571
|
|
32,039
|
40,932
|
Capital expenditure*
|
|
(4,711)
|
(3,603)
|
(7,369)
|
|
(16,253)
|
(16,330)
|
Divestment
and other proceeds(a)
|
|
300
|
655
|
614
|
|
1,843
|
3,123
|
Surplus cash flow*
|
|
2,755
|
3,107
|
4,985
|
|
7,876
|
19,065
|
Net issue (repurchase) of shares
|
|
(1,350)
|
(2,047)
|
(3,240)
|
|
(7,918)
|
(9,996)
|
Net
debt*(b)
|
|
20,912
|
22,324
|
21,422
|
|
20,912
|
21,422
|
Return
on average capital employed (ROACE)* (%)
|
|
|
|
|
|
18.1%
|
30.5%
|
Adjusted
EBITDA*
|
|
10,568
|
10,306
|
13,100
|
|
43,710
|
60,747
|
Adjusted
EBIDA*
|
|
|
|
|
|
34,345
|
45,695
|
Announced dividend per ordinary share (cents per
share)
|
|
7.270
|
7.270
|
6.610
|
|
28.420
|
24.082
|
Underlying RC profit per ordinary share* (cents)
|
|
17.77
|
19.14
|
26.44
|
|
79.69
|
145.63
|
Underlying RC profit per ADS* (dollars)
|
|
1.07
|
1.15
|
1.59
|
|
4.78
|
8.74
|
Highlights
|
● Resilient
financial and operational performance: 2023 Operating
cash flow $32.0bn; net debt reduced to $20.9bn
|
●
Executing with discipline: Started up four major projects* in 2023,
including Seagull in 4Q; Acquisition of TravelCenters of America;
Agreement to acquire Lightsource bp
|
●
Growing shareholder distributions: Dividend per ordinary share 7.270 cents per share
+10% versus 4Q22; 4Q23 $1.75bn share buyback announced; committed
to announcing $3.5bn share buyback for the first half of
2024
|
●
IOC to IEC - destination is unchanged: we
will deliver as a simpler and more focused
company
|
Looking back, 2023 was a year of strong operational performance
with real momentum in delivery right across the business. And as we
look ahead, our destination remains unchanged - from IOC to IEC -
focused on growing the value of bp. We are confident in our
strategy, on delivering as a simpler, more focused and higher-value
company, and committed to growing long-term value for our
shareholders.
|
|
Murray Auchincloss
Chief executive officer
|
Highlights
|
Underlying replacement cost profit* $3.0 billion
|
●
Underlying replacement cost profit for the quarter
was $3.0 billion, compared
with $3.3 billion for
the previous quarter. Compared to the third quarter 2023, the
result reflects a strong gas marketing and trading result, higher
oil realizations including the favourable impact of price-lags on
Gulf of Mexico and UAE realizations, higher gas realizations,
significantly lower industry refining margins albeit with a smaller
decrease in realized refining margins, a weak oil trading result,
higher exploration write-offs, and a higher level of refining
turnaround activity. An underlying effective tax rate (ETR)*
of 42% in the fourth
quarter brings the full year underlying ETR to 39%.
●
Reported profit for the quarter was $0.4 billion, compared
with $4.9 billion for
the third quarter 2023. The reported result for the fourth quarter
is adjusted for inventory holding losses* of $1.2 billion (net of
tax) and a net adverse impact of adjusting items*
of $1.5 billion (net
of tax) to derive the underlying replacement cost profit. Adjusting
items pre-tax include impairments of $4.6 billion, largely as a
result of changes in the group's price and discount rate
assumptions, activity phasing, economic forecasts (in particular
related to the Gelsenkirchen refinery) and portfolio composition,
and favourable fair value accounting effects* of $2.6
billion.
|
Operating cash flow* $9.4
billion and net debt* reduced to $20.9 billion
|
●
Operating cash flow in the quarter of $9.4 billion includes a working
capital* release (after adjusting for inventory holding losses,
fair value accounting effects and other adjusting items)
of $2.1
billion (see page
28).
●
Capital expenditure* in the fourth quarter was $4.7 billion and total 2023 capital
expenditure, including inorganic capital expenditure*
was $16.3
billion.
●
The $1.5 billion share buyback programme announced with
the third quarter
results was completed on 2 February 2024.
●
Net debt was reduced by $1.4 billion to $20.9 billion at the end of
the fourth quarter.
|
Further $1.75 billion share buyback announced for 4Q23; $3.5
billion for first half 2024
|
●
A resilient dividend is bp's first priority within its disciplined
financial frame, underpinned by a cash balance point*
of
around
$40 per barrel Brent, $11 per barrel RMM and $3 per mmBtu Henry Hub
(all 2021 real). For the fourth quarter, bp has announced a
dividend per ordinary share of 7.270 cents, up 10% from the fourth
quarter of 2022.
●
bp is committed to maintaining a strong investment grade credit
rating. Through the cycle, we are targeting to further improve our
credit metrics within an 'A' grade credit range.
●
bp continues to invest with discipline and a returns focused
approach in our transition growth engines* and in our oil, gas and
refining businesses. For 2024 and 2025 we expect capital
expenditure of around $16 billion per annum, in line with our
medium term target of $14-18 billion.
●
Related to the fourth quarter results, bp intends to execute a
$1.75 billion share buyback prior to reporting first quarter
results. Furthermore, bp is committed to announcing $3.5 billion
for the first half of 2024. At current market conditions and
subject to maintaining a strong investment grade credit rating, bp
plans share buybacks of at least $14 billion through 2025 as part
of our commitment, on a point forward basis, to returning at least
80% of surplus cash flow* to shareholders.
●
In setting the dividend per ordinary share and buyback each
quarter, the board will continue to take into account factors
including the cumulative level of and outlook for surplus cash
flow, the cash balance point and maintaining a strong investment
grade credit rating.
|
Continued progress in transformation to an integrated energy
company
|
●
In resilient hydrocarbons, bp announced the start-up of major
project* Seagull, expected to add around 15 thousand barrels of oil
equivalent per day of net production by 2025. In Gulf of Mexico bp
sanctioned Argos Southwest Expansion project and expansion of the
Great White development project. In Brazil, bp was awarded the
Tupinambá block located in the Santos pre-salt basin.Under aim
4, we met our first goal of deploying our methane measurement
approach to all our operated upstream oil and gas assets by the end
of 2023.
●
In convenience and mobility, bp continued to progress its
convenience strategy, delivering a record convenience gross margin*
for a fourth quarter, bringing full year to 9%(a) excluding
TravelCenters of America, underpinned by customer offers
driving stronger margin mix, continued roll-out of strategic
conveniences sites*, and strategic convenience partnerships. bp and
Iberdrola formed a joint venture to accelerate EV charging
infrastructure roll-out in Spain and Portugal, with plans to invest
up to €1 billion and install 5,000 fast EV charge points* by
2025 and around 11,700 by 2030.
●
In low carbon energy, bp has agreed to acquire the 50.03% interest
it does not already own in Lightsource bp, one of the world's
leading developers and operator of utility-scale solar and battery
storage assets. This transaction is expected to complete in the
second half of 2024, subject to regulatory approvals.
●
In November, bp announced that it will be expanding the use of
generative AI through the use of Copilot for Microsoft 365 - bp is
one of the first companies globally to act as a launch partner for
'intelligent AI assistant'.
|
(a)
Nearest equivalent IFRS
measure: Replacement cost profit (loss) before interest
and tax for the customers & products segment is -52% for 2023
compared with 2022. Convenience gross margins are at constant
foreign exchange - values are at end 2023 foreign exchange rates,
excluding TravelCenters of America and adjusting for other
portfolio changes.
|
|
bp delivered strong underlying financial performance in 2023 - we
raised dividend per ordinary share by 10% and bought back $7.9
billion of shares. We remain focused on strengthening the balance
sheet, with net debt falling to $20.9 billion, the lowest level
over the past decade. As we look forward, we are staying
disciplined, tightening our capital expenditure frame and
simplifying and enhancing our share buyback guidance through
2025.
|
Kate Thomson Chief financial
officer
|
The commentary above contains forward-looking statements and should
be read in conjunction with the cautionary statement on page
41.
|
|
|
Fourth
|
Third
|
Fourth
|
|
|
|
|
|
quarter
|
quarter
|
quarter
|
|
Year
|
Year
|
$ million
|
|
2023
|
2023
|
2022
|
|
2023
|
2022
|
RC profit (loss) before interest and tax
|
|
|
|
|
|
|
|
gas
& low carbon energy
|
|
2,169
|
2,275
|
16,439
|
|
14,080
|
14,696
|
oil
production & operations
|
|
1,879
|
3,427
|
1,688
|
|
11,191
|
19,721
|
customers
& products
|
|
(554)
|
1,549
|
771
|
|
4,230
|
8,869
|
other
businesses & corporate
|
|
(16)
|
(500)
|
103
|
|
(903)
|
(26,737)
|
Of
which:
|
|
|
|
|
|
|
|
other
businesses & corporate excluding Rosneft
|
|
(16)
|
(500)
|
103
|
|
(903)
|
(2,704)
|
Rosneft
|
|
-
|
-
|
-
|
|
-
|
(24,033)
|
Consolidation
adjustment - UPII*
|
|
95
|
(57)
|
147
|
|
(14)
|
139
|
RC profit before interest and tax
|
|
3,573
|
6,694
|
19,148
|
|
28,584
|
16,688
|
Finance
costs and net finance expense relating to pensions and other
post-retirement benefits
|
|
(977)
|
(978)
|
(818)
|
|
(3,599)
|
(2,634)
|
Taxation on a RC basis
|
|
(1,005)
|
(1,859)
|
(6,103)
|
|
(8,161)
|
(16,430)
|
Non-controlling interests
|
|
(65)
|
(211)
|
(358)
|
|
(641)
|
(1,130)
|
RC profit (loss) attributable to bp shareholders*
|
|
1,526
|
3,646
|
11,869
|
|
16,183
|
(3,506)
|
Inventory holding gains (losses)*
|
|
(1,497)
|
1,593
|
(1,428)
|
|
(1,236)
|
1,351
|
Taxation (charge) credit on inventory holding gains and
losses
|
|
342
|
(381)
|
362
|
|
292
|
(332)
|
Profit (loss) for the period attributable to bp
shareholders
|
|
371
|
4,858
|
10,803
|
|
15,239
|
(2,487)
|
|
|
Fourth
|
Third
|
Fourth
|
|
|
|
|
|
quarter
|
quarter
|
quarter
|
|
Year
|
Year
|
$ million
|
|
2023
|
2023
|
2022
|
|
2023
|
2022
|
Underlying RC profit (loss) before interest and tax
|
|
|
|
|
|
|
|
gas
& low carbon energy
|
|
1,777
|
1,256
|
3,148
|
|
8,722
|
16,063
|
oil
production & operations
|
|
3,549
|
3,136
|
4,428
|
|
12,781
|
20,224
|
customers
& products
|
|
803
|
2,055
|
1,902
|
|
6,413
|
10,789
|
other
businesses & corporate
|
|
(97)
|
(303)
|
(306)
|
|
(866)
|
(1,171)
|
Of
which:
|
|
|
|
|
|
|
|
other
businesses & corporate excluding Rosneft
|
|
(97)
|
(303)
|
(306)
|
|
(866)
|
(1,171)
|
Rosneft
|
|
-
|
-
|
-
|
|
-
|
-
|
Consolidation
adjustment - UPII
|
|
95
|
(57)
|
147
|
|
(14)
|
139
|
Underlying RC profit before interest and tax
|
|
6,127
|
6,087
|
9,319
|
|
27,036
|
46,044
|
Finance
costs and net finance expense relating to pensions and other
post-retirement benefits
|
|
(891)
|
(882)
|
(649)
|
|
(3,194)
|
(2,209)
|
Taxation on an underlying RC basis
|
|
(2,180)
|
(1,701)
|
(3,505)
|
|
(9,365)
|
(15,052)
|
Non-controlling interests
|
|
(65)
|
(211)
|
(358)
|
|
(641)
|
(1,130)
|
Underlying RC profit attributable to bp shareholders*
|
|
2,991
|
3,293
|
4,807
|
|
13,836
|
27,653
|
Operating metrics
|
|
Year 2023
|
|
vs Year
2022
|
Tier 1 and tier 2 process safety events*(a)
|
|
39
|
|
-11
|
Reported recordable injury frequency*(a)
|
|
0.274
|
|
+46.7%
|
upstream* production(b) (mboe/d)
|
|
2,313
|
|
+2.6%
|
upstream unit production costs*(c) ($/boe)
|
|
5.78
|
|
-4.8%
|
bp-operated upstream plant reliability*
|
|
95.0%
|
|
-1.0
|
bp-operated refining availability*(b)
|
|
96.1%
|
|
1.6
|
The commentary above contains forward-looking statements and should
be read in conjunction with the cautionary statement on page
41.
|
|
|
Fourth
|
Third
|
Fourth
|
|
|
|
|
|
quarter
|
quarter
|
quarter
|
|
Year
|
Year
|
$ million
|
|
2023
|
2023
|
2022
|
|
2023
|
2022
|
Profit before interest and tax
|
|
2,169
|
2,275
|
16,429
|
|
14,081
|
14,688
|
Inventory holding (gains) losses*
|
|
-
|
-
|
10
|
|
(1)
|
8
|
RC profit before interest and tax
|
|
2,169
|
2,275
|
16,439
|
|
14,080
|
14,696
|
Net (favourable) adverse impact of adjusting items
|
|
(392)
|
(1,019)
|
(13,291)
|
|
(5,358)
|
1,367
|
Underlying RC profit before interest and tax
|
|
1,777
|
1,256
|
3,148
|
|
8,722
|
16,063
|
Taxation on an underlying RC basis
|
|
(746)
|
(448)
|
(1,163)
|
|
(2,730)
|
(4,367)
|
Underlying RC profit before interest
|
|
1,031
|
808
|
1,985
|
|
5,992
|
11,696
|
|
|
Fourth
|
Third
|
Fourth
|
|
|
|
|
|
quarter
|
quarter
|
quarter
|
|
Year
|
Year
|
$ million
|
|
2023
|
2023
|
2022
|
|
2023
|
2022
|
Depreciation, depletion and amortization
|
|
|
|
|
|
|
|
Total depreciation, depletion and amortization
|
|
1,290
|
1,543
|
1,373
|
|
5,680
|
5,008
|
|
|
|
|
|
|
|
|
Exploration write-offs
|
|
|
|
|
|
|
|
Exploration write-offs
|
|
349
|
15
|
(6)
|
|
362
|
2
|
|
|
|
|
|
|
|
|
Adjusted EBITDA*
|
|
|
|
|
|
|
|
Total adjusted EBITDA
|
|
3,416
|
2,814
|
4,515
|
|
14,764
|
21,073
|
|
|
|
|
|
|
|
|
Capital expenditure*
|
|
|
|
|
|
|
|
gas
|
|
848
|
833
|
1,032
|
|
3,025
|
3,227
|
low carbon energy
|
|
478
|
222
|
577
|
|
1,256
|
1,024
|
Total capital expenditure
|
|
1,326
|
1,055
|
1,609
|
|
4,281
|
4,251
|
|
|
Fourth
|
Third
|
Fourth
|
|
|
|
|
|
quarter
|
quarter
|
quarter
|
|
Year
|
Year
|
|
|
2023
|
2023
|
2022
|
|
2023
|
2022
|
Production (net of
royalties)(a)
|
|
|
|
|
|
|
|
Liquids* (mb/d)
|
|
99
|
106
|
121
|
|
105
|
118
|
Natural gas (mmcf/d)
|
|
4,637
|
4,875
|
4,844
|
|
4,778
|
4,866
|
Total hydrocarbons* (mboe/d)
|
|
899
|
946
|
956
|
|
929
|
957
|
|
|
|
|
|
|
|
|
Average realizations*(b)
|
|
|
|
|
|
|
|
Liquids ($/bbl)
|
|
78.87
|
76.69
|
80.50
|
|
77.03
|
89.86
|
Natural gas ($/mcf)
|
|
6.18
|
5.38
|
9.40
|
|
6.13
|
8.91
|
Total hydrocarbons* ($/boe)
|
|
40.17
|
36.82
|
57.60
|
|
40.21
|
56.34
|
|
|
31 December
|
30 September
|
31 December
|
low carbon energy(c)
|
|
2023
|
2023
|
2022
|
|
|
|
|
|
Renewables (bp net, GW)
|
|
|
|
|
Installed renewables capacity*
|
|
2.7
|
2.5
|
2.2
|
|
|
|
|
|
Developed renewables to FID*
|
|
6.2
|
6.1
|
5.8
|
Renewables pipeline
|
|
58.3
|
43.9
|
37.2
|
of which by geographical area:
|
|
|
|
|
Renewables
pipeline - Americas
|
|
18.8
|
18.4
|
17.0
|
Renewables
pipeline - Asia Pacific
|
|
21.3
|
12.1
|
11.8
|
Renewables
pipeline - Europe
|
|
14.6
|
13.4
|
8.3
|
Renewables
pipeline - Other
|
|
3.5
|
-
|
0.1
|
of which by technology:
|
|
|
|
|
Renewables
pipeline - offshore wind
|
|
9.3
|
9.3
|
5.2
|
Renewables
pipeline - onshore wind
|
|
12.7
|
6.1
|
6.3
|
Renewables
pipeline - solar
|
|
36.3
|
28.5
|
25.7
|
Total Developed renewables to FID and Renewables
pipeline
|
|
64.5
|
50.0
|
43.0
|
|
|
Fourth
|
Third
|
Fourth
|
|
|
|
|
|
quarter
|
quarter
|
quarter
|
|
Year
|
Year
|
$ million
|
|
2023
|
2023
|
2022
|
|
2023
|
2022
|
Profit before interest and tax
|
|
1,879
|
3,426
|
1,686
|
|
11,191
|
19,714
|
Inventory holding (gains) losses*
|
|
-
|
1
|
2
|
|
-
|
7
|
RC profit before interest and tax
|
|
1,879
|
3,427
|
1,688
|
|
11,191
|
19,721
|
Net (favourable) adverse impact of adjusting items
|
|
1,670
|
(291)
|
2,740
|
|
1,590
|
503
|
Underlying RC profit before interest and tax
|
|
3,549
|
3,136
|
4,428
|
|
12,781
|
20,224
|
Taxation on an underlying RC basis
|
|
(1,433)
|
(1,386)
|
(2,015)
|
|
(5,998)
|
(9,143)
|
Underlying RC profit before interest
|
|
2,116
|
1,750
|
2,413
|
|
6,783
|
11,081
|
|
|
Fourth
|
Third
|
Fourth
|
|
|
|
|
|
quarter
|
quarter
|
quarter
|
|
Year
|
Year
|
$ million
|
|
2023
|
2023
|
2022
|
|
2023
|
2022
|
Depreciation, depletion and amortization
|
|
|
|
|
|
|
|
Total depreciation, depletion and amortization
|
|
1,563
|
1,432
|
1,383
|
|
5,692
|
5,564
|
|
|
|
|
|
|
|
|
Exploration write-offs
|
|
|
|
|
|
|
|
Exploration write-offs
|
|
32
|
59
|
73
|
|
384
|
383
|
|
|
|
|
|
|
|
|
Adjusted EBITDA*
|
|
|
|
|
|
|
|
Total adjusted EBITDA
|
|
5,144
|
4,627
|
5,884
|
|
18,857
|
26,171
|
|
|
|
|
|
|
|
|
Capital expenditure*
|
|
|
|
|
|
|
|
Total capital expenditure
|
|
1,636
|
1,644
|
1,430
|
|
6,278
|
5,278
|
|
|
Fourth
|
Third
|
Fourth
|
|
|
|
|
|
quarter
|
quarter
|
quarter
|
|
Year
|
Year
|
|
|
2023
|
2023
|
2022
|
|
2023
|
2022
|
Production (net of
royalties)(a)
|
|
|
|
|
|
|
|
Liquids* (mb/d)
|
|
1,024
|
1,011
|
966
|
|
1,010
|
952
|
Natural gas (mmcf/d)
|
|
2,305
|
2,155
|
1,989
|
|
2,165
|
1,998
|
Total hydrocarbons* (mboe/d)
|
|
1,421
|
1,382
|
1,309
|
|
1,383
|
1,297
|
|
|
|
|
|
|
|
|
Average realizations*(b)
|
|
|
|
|
|
|
|
Liquids ($/bbl)
|
|
76.22
|
71.10
|
80.43
|
|
72.09
|
89.62
|
Natural gas ($/mcf)
|
|
3.65
|
3.44
|
10.20
|
|
4.17
|
10.46
|
Total hydrocarbons* ($/boe)
|
|
59.69
|
56.76
|
74.60
|
|
58.34
|
82.23
|
|
|
Fourth
|
Third
|
Fourth
|
|
|
|
|
|
quarter
|
quarter
|
quarter
|
|
Year
|
Year
|
$ million
|
|
2023
|
2023
|
2022
|
|
2023
|
2022
|
Profit (loss) before interest and tax
|
|
(2,051)
|
3,143
|
(645)
|
|
2,993
|
10,235
|
Inventory holding (gains) losses*
|
|
1,497
|
(1,594)
|
1,416
|
|
1,237
|
(1,366)
|
RC profit (loss) before interest and tax
|
|
(554)
|
1,549
|
771
|
|
4,230
|
8,869
|
Net (favourable) adverse impact of adjusting items
|
|
1,357
|
506
|
1,131
|
|
2,183
|
1,920
|
Underlying RC profit before interest and tax
|
|
803
|
2,055
|
1,902
|
|
6,413
|
10,789
|
Of
which:(a)
|
|
|
|
|
|
|
|
customers
- convenience & mobility
|
|
882
|
670
|
628
|
|
2,644
|
2,966
|
Castrol - included in customers
|
|
213
|
185
|
70
|
|
730
|
700
|
products
- refining & trading
|
|
(79)
|
1,385
|
1,274
|
|
3,769
|
7,823
|
Taxation on an underlying RC basis
|
|
(239)
|
(167)
|
(400)
|
|
(1,454)
|
(2,308)
|
Underlying RC profit before interest
|
|
564
|
1,888
|
1,502
|
|
4,959
|
8,481
|
|
|
Fourth
|
Third
|
Fourth
|
|
|
|
|
|
quarter
|
quarter
|
quarter
|
|
Year
|
Year
|
$ million
|
|
2023
|
2023
|
2022
|
|
2023
|
2022
|
Adjusted EBITDA*(b)
|
|
|
|
|
|
|
|
customers - convenience & mobility
|
|
1,348
|
1,151
|
962
|
|
4,380
|
4,252
|
Castrol - included in customers
|
|
256
|
228
|
110
|
|
897
|
853
|
products - refining & trading
|
|
397
|
1,819
|
1,681
|
|
5,581
|
9,407
|
|
|
1,745
|
2,970
|
2,643
|
|
9,961
|
13,659
|
|
|
|
|
|
|
|
|
Depreciation, depletion and amortization
|
|
|
|
|
|
|
|
Total depreciation, depletion and amortization
|
|
942
|
915
|
741
|
|
3,548
|
2,870
|
|
|
|
|
|
|
|
|
Capital expenditure*
|
|
|
|
|
|
|
|
customers - convenience & mobility
|
|
790
|
435
|
694
|
|
3,135
|
1,779
|
Castrol - included in customers
|
|
90
|
60
|
98
|
|
262
|
235
|
products
- refining & trading(c)
|
|
813
|
367
|
3,455
|
|
2,118
|
4,473
|
Total capital expenditure
|
|
1,603
|
802
|
4,149
|
|
5,253
|
6,252
|
Retail(d)
|
|
Fourth
|
Third
|
Fourth
|
|
|
|
|
|
quarter
|
quarter
|
quarter
|
|
Year
|
Year
|
|
|
2023
|
2023
|
2022
|
|
2023
|
2022
|
bp retail sites* - total (#)
|
|
21,100
|
21,150
|
20,650
|
|
21,100
|
20,650
|
Strategic
convenience sites*
|
|
2,850
|
2,750
|
2,400
|
|
2,850
|
2,400
|
Marketing sales of refined products (mb/d)
|
|
Fourth
|
Third
|
Fourth
|
|
|
|
|
|
quarter
|
quarter
|
quarter
|
|
Year
|
Year
|
|
|
2023
|
2023
|
2022
|
|
2023
|
2022
|
US
|
|
1,205
|
1,280
|
1,126
|
|
1,210
|
1,136
|
Europe
|
|
1,037
|
1,093
|
1,069
|
|
1,040
|
1,021
|
Rest of World
|
|
465
|
474
|
461
|
|
468
|
456
|
|
|
2,707
|
2,847
|
2,656
|
|
2,718
|
2,613
|
Trading/supply sales of refined products
|
|
355
|
392
|
325
|
|
358
|
350
|
Total sales volume of refined products
|
|
3,062
|
3,239
|
2,981
|
|
3,076
|
2,963
|
Refining marker margin*
|
|
Fourth
|
Third
|
Fourth
|
|
|
|
|
|
quarter
|
quarter
|
quarter
|
|
Year
|
Year
|
|
|
2023
|
2023
|
2022
|
|
2023
|
2022
|
bp
average refining marker margin (RMM)(e) ($/bbl)
|
|
18.5
|
31.8
|
32.2
|
|
25.8
|
33.1
|
Refinery throughputs (mb/d)
|
|
Fourth
|
Third
|
Fourth
|
|
|
|
|
|
quarter
|
quarter
|
quarter
|
|
Year
|
Year
|
|
|
2023
|
2023
|
2022
|
|
2023
|
2022
|
US
|
|
634
|
690
|
615
|
|
662
|
678
|
Europe
|
|
678
|
760
|
763
|
|
749
|
804
|
Rest of World
|
|
-
|
-
|
-
|
|
-
|
22
|
Total refinery throughputs
|
|
1,312
|
1,450
|
1,378
|
|
1,411
|
1,504
|
bp-operated refining availability* (%)
|
|
96.1
|
96.3
|
95.0
|
|
96.1
|
94.5
|
|
|
Fourth
|
Third
|
Fourth
|
|
|
|
|
|
quarter
|
quarter
|
quarter
|
|
Year
|
Year
|
$ million
|
|
2023
|
2023
|
2022
|
|
2023
|
2022
|
Profit (loss) before interest and tax
|
|
(16)
|
(500)
|
103
|
|
(903)
|
(26,737)
|
Inventory holding (gains) losses*
|
|
-
|
-
|
-
|
|
-
|
-
|
RC profit (loss) before interest and tax
|
|
(16)
|
(500)
|
103
|
|
(903)
|
(26,737)
|
Net
(favourable) adverse impact of adjusting items(a)
|
|
(81)
|
197
|
(409)
|
|
37
|
25,566
|
Underlying RC profit (loss) before interest and tax
|
|
(97)
|
(303)
|
(306)
|
|
(866)
|
(1,171)
|
Taxation on an underlying RC basis
|
|
121
|
162
|
43
|
|
322
|
439
|
Underlying RC profit (loss) before interest
|
|
24
|
(141)
|
(263)
|
|
(544)
|
(732)
|
|
|
Fourth
|
Third
|
Fourth
|
|
|
|
|
|
quarter
|
quarter
|
quarter
|
|
Year
|
Year
|
$ million
|
|
2023
|
2023
|
2022
|
|
2023
|
2022
|
Profit (loss) before interest and tax
|
|
(16)
|
(500)
|
103
|
|
(903)
|
(2,704)
|
Inventory holding (gains) losses*
|
|
-
|
-
|
-
|
|
-
|
-
|
RC profit (loss) before interest and tax
|
|
(16)
|
(500)
|
103
|
|
(903)
|
(2,704)
|
Net (favourable) adverse impact of adjusting items
|
|
(81)
|
197
|
(409)
|
|
37
|
1,533
|
Underlying RC profit (loss) before interest and tax
|
|
(97)
|
(303)
|
(306)
|
|
(866)
|
(1,171)
|
Taxation on an underlying RC basis
|
|
121
|
162
|
43
|
|
322
|
439
|
Underlying RC profit (loss) before interest
|
|
24
|
(141)
|
(263)
|
|
(544)
|
(732)
|
|
|
Fourth
|
Third
|
Fourth
|
|
|
|
|
|
quarter
|
quarter
|
quarter
|
|
Year
|
Year
|
$ million
|
|
2023
|
2023
|
2022
|
|
2023
|
2022
|
Profit (loss) before interest and tax
|
|
-
|
-
|
-
|
|
-
|
(24,033)
|
Inventory holding (gains) losses*
|
|
-
|
-
|
-
|
|
-
|
-
|
RC profit (loss) before interest and tax
|
|
-
|
-
|
-
|
|
-
|
(24,033)
|
Net (favourable) adverse impact of adjusting items
|
|
-
|
-
|
-
|
|
-
|
24,033
|
Underlying RC profit (loss) before interest and tax
|
|
-
|
-
|
-
|
|
-
|
-
|
Taxation on an underlying RC basis
|
|
-
|
-
|
-
|
|
-
|
-
|
Underlying RC profit (loss) before interest
|
|
-
|
-
|
-
|
|
-
|
-
|
|
|
Fourth
|
Third
|
Fourth
|
|
|
|
|
|
quarter
|
quarter
|
quarter
|
|
Year
|
Year
|
$ million
|
|
2023
|
2023
|
2022
|
|
2023
|
2022
|
|
|
|
|
|
|
|
|
Sales
and other operating revenues (Note
5)
|
|
52,141
|
53,269
|
69,257
|
|
210,130
|
241,392
|
Earnings from joint ventures - after interest and
tax
|
|
(290)
|
(198)
|
189
|
|
67
|
1,128
|
Earnings from associates - after interest and
tax
|
|
156
|
271
|
129
|
|
831
|
1,402
|
Interest and other income
|
|
599
|
410
|
608
|
|
1,635
|
1,103
|
Gains on sale of businesses and fixed assets
|
|
(20)
|
264
|
173
|
|
369
|
3,866
|
Total revenues and other income
|
|
52,586
|
54,016
|
70,356
|
|
213,032
|
248,891
|
Purchases
|
|
31,062
|
29,951
|
34,101
|
|
119,307
|
141,043
|
Production and manufacturing expenses
|
|
5,751
|
6,080
|
6,841
|
|
25,044
|
28,610
|
Production and similar taxes
|
|
445
|
456
|
557
|
|
1,779
|
2,325
|
Depreciation,
depletion and amortization (Note
6)
|
|
4,060
|
4,145
|
3,714
|
|
15,928
|
14,318
|
Net
impairment and losses on sale of businesses and fixed assets
(Note 3)
|
|
3,958
|
542
|
3,629
|
|
5,857
|
30,522
|
Exploration expense
|
|
501
|
97
|
140
|
|
997
|
585
|
Distribution and administration expenses
|
|
4,733
|
4,458
|
3,654
|
|
16,772
|
13,449
|
Profit (loss) before interest and taxation
|
|
2,076
|
8,287
|
17,720
|
|
27,348
|
18,039
|
Finance costs
|
|
1,038
|
1,039
|
834
|
|
3,840
|
2,703
|
Net
finance (income) expense relating to pensions and other
post-retirement benefits
|
|
(61)
|
(61)
|
(16)
|
|
(241)
|
(69)
|
Profit (loss) before taxation
|
|
1,099
|
7,309
|
16,902
|
|
23,749
|
15,405
|
Taxation
|
|
663
|
2,240
|
5,741
|
|
7,869
|
16,762
|
Profit (loss) for the period
|
|
436
|
5,069
|
11,161
|
|
15,880
|
(1,357)
|
Attributable to
|
|
|
|
|
|
|
|
bp
shareholders
|
|
371
|
4,858
|
10,803
|
|
15,239
|
(2,487)
|
Non-controlling
interests
|
|
65
|
211
|
358
|
|
641
|
1,130
|
|
|
436
|
5,069
|
11,161
|
|
15,880
|
(1,357)
|
|
|
|
|
|
|
|
|
Earnings per share (Note 7)
|
|
|
|
|
|
|
|
Profit (loss) for the period attributable to bp
shareholders
|
|
|
|
|
|
|
|
Per
ordinary share (cents)
|
|
|
|
|
|
|
|
Basic
|
|
2.20
|
28.24
|
59.43
|
|
87.78
|
(13.10)
|
Diluted
|
|
2.15
|
27.59
|
58.36
|
|
85.85
|
(13.10)
|
Per
ADS (dollars)
|
|
|
|
|
|
|
|
Basic
|
|
0.13
|
1.69
|
3.57
|
|
5.27
|
(0.79)
|
Diluted
|
|
0.13
|
1.66
|
3.50
|
|
5.15
|
(0.79)
|
|
|
Fourth
|
Third
|
Fourth
|
|
|
|
|
|
quarter
|
quarter
|
quarter
|
|
Year
|
Year
|
$ million
|
|
2023
|
2023
|
2022
|
|
2023
|
2022
|
|
|
|
|
|
|
|
|
Profit (loss) for the period
|
|
436
|
5,069
|
11,161
|
|
15,880
|
(1,357)
|
Other comprehensive income
|
|
|
|
|
|
|
|
Items that may be reclassified subsequently to profit or
loss
|
|
|
|
|
|
|
|
Currency
translation differences(a)
|
|
711
|
(590)
|
2,142
|
|
585
|
(3,786)
|
Exchange (gains)
losses on translation of foreign operations reclassified to gain or
loss on sale of businesses and fixed assets(b)
|
|
-
|
(2)
|
(32)
|
|
(2)
|
10,759
|
Cash
flow hedges and costs of hedging
|
|
125
|
(56)
|
584
|
|
559
|
763
|
Share
of items relating to equity-accounted entities, net of
tax
|
|
13
|
25
|
392
|
|
(192)
|
402
|
Income
tax relating to items that may be reclassified
|
|
64
|
(69)
|
(108)
|
|
(10)
|
(334)
|
|
|
913
|
(692)
|
2,978
|
|
940
|
7,804
|
Items that will not be reclassified to profit or loss
|
|
|
|
|
|
|
|
Remeasurements of
the net pension and other post-retirement benefit liability or
asset(c)
|
|
(1,209)
|
(111)
|
(1,508)
|
|
(2,262)
|
340
|
Remeasurements
of equity investments
|
|
51
|
-
|
-
|
|
51
|
-
|
Cash
flow hedges that will subsequently be transferred to the balance
sheet
|
|
16
|
(1)
|
1
|
|
15
|
(4)
|
Income
tax relating to items that will not be reclassified
|
|
357
|
57
|
538
|
|
745
|
68
|
|
|
(785)
|
(55)
|
(969)
|
|
(1,451)
|
404
|
Other comprehensive income
|
|
128
|
(747)
|
2,009
|
|
(511)
|
8,208
|
Total comprehensive income
|
|
564
|
4,322
|
13,170
|
|
15,369
|
6,851
|
Attributable to
|
|
|
|
|
|
|
|
bp
shareholders
|
|
461
|
4,140
|
12,760
|
|
14,702
|
5,782
|
Non-controlling
interests
|
|
103
|
182
|
410
|
|
667
|
1,069
|
|
|
564
|
4,322
|
13,170
|
|
15,369
|
6,851
|
|
|
bp shareholders'
|
Non-controlling interests
|
Total
|
|
$ million
|
|
equity
|
Hybrid bonds
|
Other interest
|
equity
|
At 1 January 2023
|
|
67,553
|
13,390
|
2,047
|
82,990
|
|
|
|
|
|
|
Total comprehensive income
|
|
14,702
|
586
|
81
|
15,369
|
Dividends
|
|
(4,831)
|
-
|
(403)
|
(5,234)
|
Cash
flow hedges transferred to the balance sheet, net of
tax
|
|
(1)
|
-
|
-
|
(1)
|
Repurchase of ordinary share capital
|
|
(8,167)
|
-
|
-
|
(8,167)
|
Share-based payments, net of tax
|
|
669
|
-
|
-
|
669
|
Share
of equity-accounted entities' changes in equity, net of
tax
|
|
1
|
-
|
-
|
1
|
Issue of perpetual hybrid bonds
|
|
(1)
|
176
|
-
|
175
|
Payments on perpetual hybrid bonds
|
|
(5)
|
(586)
|
-
|
(591)
|
Transactions
involving non-controlling interests, net of tax
|
|
363
|
-
|
(81)
|
282
|
At 31 December 2023
|
|
70,283
|
13,566
|
1,644
|
85,493
|
|
|
|
|
|
|
|
|
bp shareholders'
|
Non-controlling interests
|
Total
|
|
$ million
|
|
equity(a)
|
Hybrid bonds
|
Other interest
|
equity
|
At 1 January 2022
|
|
75,463
|
13,041
|
1,935
|
90,439
|
|
|
|
|
|
|
Total comprehensive income
|
|
5,782
|
519
|
550
|
6,851
|
Dividends
|
|
(4,365)
|
-
|
(294)
|
(4,659)
|
Cash
flow hedges transferred to the balance sheet, net of
tax
|
|
1
|
-
|
-
|
1
|
Issue
of ordinary share capital(b)
|
|
820
|
-
|
-
|
820
|
Repurchase of ordinary share capital
|
|
(10,493)
|
-
|
-
|
(10,493)
|
Share-based payments, net of tax
|
|
847
|
-
|
-
|
847
|
Issue of perpetual hybrid bonds
|
|
(4)
|
374
|
-
|
370
|
Payments on perpetual hybrid bonds
|
|
15
|
(544)
|
-
|
(529)
|
Transactions
involving non-controlling interests, net of tax
|
|
(513)
|
-
|
(144)
|
(657)
|
At 31 December 2022
|
|
67,553
|
13,390
|
2,047
|
82,990
|
|
|
31 December
|
31 December
|
$ million
|
|
2023
|
2022
|
Non-current assets
|
|
|
|
Property, plant and equipment
|
|
104,719
|
106,044
|
Goodwill
|
|
12,472
|
11,960
|
Intangible assets
|
|
9,991
|
10,200
|
Investments in joint ventures
|
|
12,435
|
12,400
|
Investments in associates
|
|
7,814
|
8,201
|
Other investments
|
|
2,189
|
2,670
|
Fixed assets
|
|
149,620
|
151,475
|
Loans
|
|
1,942
|
1,271
|
Trade and other receivables
|
|
1,767
|
1,092
|
Derivative financial instruments
|
|
9,980
|
12,841
|
Prepayments
|
|
623
|
576
|
Deferred tax assets
|
|
4,268
|
3,908
|
Defined benefit pension plan surpluses
|
|
7,948
|
9,269
|
|
|
176,148
|
180,432
|
Current assets
|
|
|
|
Loans
|
|
240
|
315
|
Inventories
|
|
22,819
|
28,081
|
Trade and other receivables
|
|
31,123
|
34,010
|
Derivative financial instruments
|
|
12,583
|
11,554
|
Prepayments
|
|
2,520
|
2,092
|
Current tax receivable
|
|
837
|
621
|
Other investments
|
|
843
|
578
|
Cash and cash equivalents
|
|
33,030
|
29,195
|
|
|
103,995
|
106,446
|
Assets
classified as held for sale (Note
2)
|
|
151
|
1,242
|
|
|
104,146
|
107,688
|
Total assets
|
|
280,294
|
288,120
|
Current liabilities
|
|
|
|
Trade and other payables
|
|
61,155
|
63,984
|
Derivative financial instruments
|
|
5,250
|
12,618
|
Accruals
|
|
6,527
|
6,398
|
Lease liabilities
|
|
2,650
|
2,102
|
Finance debt
|
|
3,284
|
3,198
|
Current tax payable
|
|
2,732
|
4,065
|
Provisions
|
|
4,418
|
6,332
|
|
|
86,016
|
98,697
|
Liabilities
directly associated with assets classified as held for sale
(Note 2)
|
|
62
|
321
|
|
|
86,078
|
99,018
|
Non-current liabilities
|
|
|
|
Other payables
|
|
10,076
|
10,387
|
Derivative financial instruments
|
|
10,402
|
13,537
|
Accruals
|
|
1,310
|
1,233
|
Lease liabilities
|
|
8,471
|
6,447
|
Finance debt
|
|
48,670
|
43,746
|
Deferred tax liabilities
|
|
9,617
|
10,526
|
Provisions
|
|
14,721
|
14,992
|
Defined benefit pension plan and other post-retirement benefit plan
deficits
|
|
5,456
|
5,244
|
|
|
108,723
|
106,112
|
Total liabilities
|
|
194,801
|
205,130
|
Net assets
|
|
85,493
|
82,990
|
Equity
|
|
|
|
bp
shareholders' equity
|
|
70,283
|
67,553
|
Non-controlling interests
|
|
15,210
|
15,437
|
Total equity
|
|
85,493
|
82,990
|
|
|
Fourth
|
Third
|
Fourth
|
|
|
|
|
|
quarter
|
quarter
|
quarter
|
|
Year
|
Year
|
$ million
|
|
2023
|
2023
|
2022
|
|
2023
|
2022
|
Operating activities
|
|
|
|
|
|
|
|
Profit (loss) before taxation
|
|
1,099
|
7,309
|
16,902
|
|
23,749
|
15,405
|
Adjustments to
reconcile profit (loss) before taxation to net cash provided by
operating activities
|
|
|
|
|
|
|
|
Depreciation,
depletion and amortization and exploration expenditure written
off
|
|
4,441
|
4,219
|
3,781
|
|
16,674
|
14,703
|
Net
impairment and (gain) loss on sale of businesses and fixed
assets
|
|
3,978
|
278
|
3,456
|
|
5,488
|
26,656
|
Earnings from
equity-accounted entities, less dividends received
|
|
803
|
421
|
582
|
|
1,194
|
(830)
|
Net
charge for interest and other finance expense, less net interest
paid
|
|
202
|
136
|
186
|
|
503
|
396
|
Share-based
payments
|
|
97
|
298
|
166
|
|
616
|
795
|
Net
operating charge for pensions and other post-retirement benefits,
less contributions and benefit payments for unfunded
plans
|
|
(63)
|
(40)
|
(60)
|
|
(193)
|
(257)
|
Net
charge for provisions, less payments
|
|
(819)
|
(342)
|
(1,013)
|
|
(2,481)
|
440
|
Movements in
inventories and other current and non-current assets and
liabilities
|
|
1,942
|
(783)
|
(6,847)
|
|
(3,338)
|
(6,270)
|
Income
taxes paid
|
|
(2,303)
|
(2,749)
|
(3,582)
|
|
(10,173)
|
(10,106)
|
Net cash provided by operating activities
|
|
9,377
|
8,747
|
13,571
|
|
32,039
|
40,932
|
Investing activities
|
|
|
|
|
|
|
|
Expenditure on property, plant and equipment, intangible and other
assets
|
|
(4,247)
|
(3,456)
|
(3,696)
|
|
(14,285)
|
(12,069)
|
Acquisitions, net of cash acquired
|
|
(38)
|
(9)
|
(3,522)
|
|
(799)
|
(3,530)
|
Investment in joint ventures
|
|
(347)
|
(102)
|
(107)
|
|
(1,039)
|
(600)
|
Investment in associates
|
|
(79)
|
(36)
|
(44)
|
|
(130)
|
(131)
|
Total cash capital expenditure
|
|
(4,711)
|
(3,603)
|
(7,369)
|
|
(16,253)
|
(16,330)
|
Proceeds from disposal of fixed assets
|
|
31
|
59
|
27
|
|
133
|
709
|
Proceeds from disposal of businesses, net of cash
disposed
|
|
269
|
79
|
587
|
|
1,193
|
1,841
|
Proceeds from loan repayments
|
|
16
|
12
|
7
|
|
55
|
67
|
Cash provided from investing activities
|
|
316
|
150
|
621
|
|
1,381
|
2,617
|
Net cash used in investing activities
|
|
(4,395)
|
(3,453)
|
(6,748)
|
|
(14,872)
|
(13,713)
|
Financing activities
|
|
|
|
|
|
|
|
Net
issue (repurchase) of shares (Note
7)
|
|
(1,350)
|
(2,047)
|
(3,240)
|
|
(7,918)
|
(9,996)
|
Lease liability payments
|
|
(722)
|
(663)
|
(513)
|
|
(2,560)
|
(1,961)
|
Proceeds from long-term financing
|
|
1,522
|
8
|
10
|
|
7,568
|
2,013
|
Repayments of long-term financing
|
|
(11)
|
(264)
|
(2,197)
|
|
(3,902)
|
(11,697)
|
Net increase (decrease) in short-term debt
|
|
87
|
(71)
|
190
|
|
(861)
|
(1,392)
|
Issue of perpetual hybrid bonds
|
|
13
|
30
|
48
|
|
175
|
370
|
Payments relating to perpetual hybrid bonds
|
|
(264)
|
(258)
|
(219)
|
|
(1,008)
|
(708)
|
Payments
relating to transactions involving non-controlling interests (Other
interest)
|
|
(7)
|
-
|
(1)
|
|
(187)
|
(9)
|
Receipts
relating to transactions involving non-controlling interests (Other
interest)
|
|
10
|
527
|
1
|
|
546
|
11
|
Dividends paid - bp shareholders
|
|
(1,224)
|
(1,249)
|
(1,088)
|
|
(4,809)
|
(4,358)
|
-
non-controlling interests
|
|
(77)
|
(191)
|
(100)
|
|
(403)
|
(294)
|
Net cash provided by (used in) financing activities
|
|
(2,023)
|
(4,178)
|
(7,109)
|
|
(13,359)
|
(28,021)
|
Currency translation differences relating to cash and cash
equivalents
|
|
145
|
(104)
|
177
|
|
27
|
(684)
|
Increase (decrease) in cash and cash equivalents
|
|
3,104
|
1,012
|
(109)
|
|
3,835
|
(1,486)
|
Cash and cash equivalents at beginning of period
|
|
29,926
|
28,914
|
29,304
|
|
29,195
|
30,681
|
Cash and cash equivalents at end of period
|
|
33,030
|
29,926
|
29,195
|
|
33,030
|
29,195
|
|
|
|
2024
|
2025
|
2030
|
2040
|
2050
|
Brent oil ($/bbl)
|
|
|
70
|
70
|
70
|
63
|
50
|
Henry Hub gas ($/mmBtu)
|
|
|
4.00
|
4.00
|
4.00
|
4.00
|
4.00
|
|
|
Fourth
|
Third
|
Fourth
|
|
|
|
|
|
quarter
|
quarter
|
quarter
|
|
Year
|
Year
|
$ million
|
|
2023
|
2023
|
2022
|
|
2023
|
2022
|
gas & low carbon energy
|
|
2,169
|
2,275
|
16,439
|
|
14,080
|
14,696
|
oil production & operations
|
|
1,879
|
3,427
|
1,688
|
|
11,191
|
19,721
|
customers & products
|
|
(554)
|
1,549
|
771
|
|
4,230
|
8,869
|
other businesses & corporate
|
|
(16)
|
(500)
|
103
|
|
(903)
|
(26,737)
|
|
|
3,478
|
6,751
|
19,001
|
|
28,598
|
16,549
|
Consolidation adjustment - UPII*
|
|
95
|
(57)
|
147
|
|
(14)
|
139
|
RC profit (loss) before interest and tax
|
|
3,573
|
6,694
|
19,148
|
|
28,584
|
16,688
|
Inventory holding gains (losses)*
|
|
|
|
|
|
|
|
gas
& low carbon energy
|
|
-
|
-
|
(10)
|
|
1
|
(8)
|
oil
production & operations
|
|
-
|
(1)
|
(2)
|
|
-
|
(7)
|
customers
& products
|
|
(1,497)
|
1,594
|
(1,416)
|
|
(1,237)
|
1,366
|
Profit (loss) before interest and tax
|
|
2,076
|
8,287
|
17,720
|
|
27,348
|
18,039
|
Finance costs
|
|
1,038
|
1,039
|
834
|
|
3,840
|
2,703
|
Net
finance expense/(income) relating to pensions and other
post-retirement benefits
|
|
(61)
|
(61)
|
(16)
|
|
(241)
|
(69)
|
Profit (loss) before taxation
|
|
1,099
|
7,309
|
16,902
|
|
23,749
|
15,405
|
|
|
|
|
|
|
|
|
RC profit (loss) before interest and tax*
|
|
|
|
|
|
|
|
US
|
|
1,154
|
1,467
|
1,404
|
|
7,940
|
10,957
|
Non-US
|
|
2,419
|
5,227
|
17,744
|
|
20,644
|
5,731
|
|
|
3,573
|
6,694
|
19,148
|
|
28,584
|
16,688
|
|
|
Fourth
|
Third
|
Fourth
|
|
|
|
|
|
quarter
|
quarter
|
quarter
|
|
Year
|
Year
|
$ million
|
|
2023
|
2023
|
2022
|
|
2023
|
2022
|
By segment
|
|
|
|
|
|
|
|
gas & low carbon energy
|
|
11,670
|
10,313
|
26,793
|
|
50,297
|
56,255
|
oil production & operations
|
|
6,749
|
6,225
|
6,932
|
|
24,904
|
33,193
|
customers & products
|
|
40,374
|
42,908
|
43,072
|
|
160,215
|
188,623
|
other businesses & corporate
|
|
657
|
672
|
779
|
|
2,657
|
2,299
|
|
|
59,450
|
60,118
|
77,576
|
|
238,073
|
280,370
|
|
|
|
|
|
|
|
|
Less: sales and other operating revenues between
segments
|
|
|
|
|
|
|
|
gas & low carbon energy
|
|
65
|
367
|
(441)
|
|
1,808
|
5,913
|
oil production & operations
|
|
6,464
|
5,747
|
6,916
|
|
23,708
|
30,294
|
customers & products
|
|
(105)
|
508
|
610
|
|
367
|
1,418
|
other businesses & corporate
|
|
885
|
227
|
1,234
|
|
2,060
|
1,353
|
|
|
7,309
|
6,849
|
8,319
|
|
27,943
|
38,978
|
|
|
|
|
|
|
|
|
External sales and other operating revenues
|
|
|
|
|
|
|
|
gas & low carbon energy
|
|
11,605
|
9,946
|
27,234
|
|
48,489
|
50,342
|
oil production & operations
|
|
285
|
478
|
16
|
|
1,196
|
2,899
|
customers & products
|
|
40,479
|
42,400
|
42,462
|
|
159,848
|
187,205
|
other businesses & corporate
|
|
(228)
|
445
|
(455)
|
|
597
|
946
|
Total sales and other operating revenues
|
|
52,141
|
53,269
|
69,257
|
|
210,130
|
241,392
|
|
|
|
|
|
|
|
|
By geographical area
|
|
|
|
|
|
|
|
US
|
|
20,920
|
22,032
|
18,563
|
|
82,177
|
87,497
|
Non-US
|
|
40,808
|
43,382
|
61,593
|
|
169,032
|
203,832
|
|
|
61,728
|
65,414
|
80,156
|
|
251,209
|
291,329
|
Less: sales and other operating revenues between areas
|
|
9,587
|
12,145
|
10,899
|
|
41,079
|
49,937
|
|
|
52,141
|
53,269
|
69,257
|
|
210,130
|
241,392
|
|
|
|
|
|
|
|
|
Revenues from contracts with customers
|
|
|
|
|
|
|
|
Sales and other operating revenues include the following in
relation to revenues from contracts with customers:
|
|
|
|
|
|
|
|
Crude oil
|
|
760
|
496
|
809
|
|
2,413
|
6,309
|
Oil products
|
|
32,124
|
35,486
|
34,800
|
|
128,969
|
149,854
|
Natural gas, LNG and NGLs
|
|
7,660
|
6,396
|
11,040
|
|
29,541
|
41,770
|
Non-oil products and other revenues from contracts with
customers
|
|
2,911
|
2,765
|
1,459
|
|
10,298
|
7,896
|
Revenue from contracts with customers
|
|
43,455
|
45,143
|
48,108
|
|
171,221
|
205,829
|
Other
operating revenues(a)
|
|
8,686
|
8,126
|
21,149
|
|
38,909
|
35,563
|
Total sales and other operating revenues
|
|
52,141
|
53,269
|
69,257
|
|
210,130
|
241,392
|
|
|
Fourth
|
Third
|
Fourth
|
|
|
|
|
|
quarter
|
quarter
|
quarter
|
|
Year
|
Year
|
$ million
|
|
2023
|
2023
|
2022
|
|
2023
|
2022
|
Total depreciation, depletion and amortization by
segment
|
|
|
|
|
|
|
|
gas & low carbon energy
|
|
1,290
|
1,543
|
1,373
|
|
5,680
|
5,008
|
oil production & operations
|
|
1,563
|
1,432
|
1,383
|
|
5,692
|
5,564
|
customers & products
|
|
942
|
915
|
741
|
|
3,548
|
2,870
|
other businesses & corporate
|
|
265
|
255
|
217
|
|
1,008
|
876
|
|
|
4,060
|
4,145
|
3,714
|
|
15,928
|
14,318
|
Total depreciation, depletion and amortization by geographical
area
|
|
|
|
|
|
|
|
US
|
|
1,547
|
1,479
|
1,202
|
|
5,618
|
4,624
|
Non-US
|
|
2,513
|
2,666
|
2,512
|
|
10,310
|
9,694
|
|
|
4,060
|
4,145
|
3,714
|
|
15,928
|
14,318
|
|
|
Fourth
|
Third
|
Fourth
|
|
|
|
|
|
quarter
|
quarter
|
quarter
|
|
Year
|
Year
|
$ million
|
|
2023
|
2023
|
2022
|
|
2023
|
2022
|
Results for the period
|
|
|
|
|
|
|
|
Profit (loss) for the period attributable to bp
shareholders
|
|
371
|
4,858
|
10,803
|
|
15,239
|
(2,487)
|
Less: preference dividend
|
|
-
|
-
|
-
|
|
1
|
1
|
Profit (loss) attributable to bp ordinary shareholders
|
|
371
|
4,858
|
10,803
|
|
15,238
|
(2,488)
|
|
|
|
|
|
|
|
|
Number of shares (thousand)(a)(b)
|
|
|
|
|
|
|
|
Basic
weighted average number of shares outstanding
|
|
16,834,354
|
17,204,488
|
18,178,821
|
|
17,360,288
|
18,987,936
|
ADS
equivalent(c)
|
|
2,805,725
|
2,867,414
|
3,029,803
|
|
2,893,381
|
3,164,656
|
|
|
|
|
|
|
|
|
Weighted average
number of shares outstanding used to calculate diluted earnings per
share
|
|
17,269,574
|
17,609,601
|
18,509,421
|
|
17,750,078
|
18,987,936
|
ADS
equivalent(c)
|
|
2,878,262
|
2,934,933
|
3,084,903
|
|
2,958,346
|
3,164,656
|
|
|
|
|
|
|
|
|
Shares in issue at period-end
|
|
16,824,651
|
17,061,004
|
17,974,112
|
|
16,824,651
|
17,974,112
|
ADS
equivalent(c)
|
|
2,804,108
|
2,843,500
|
2,995,685
|
|
2,804,108
|
2,995,685
|
|
|
Fourth
|
Third
|
Fourth
|
|
|
|
|
|
quarter
|
quarter
|
quarter
|
|
Year
|
Year
|
|
|
2023
|
2023
|
2022
|
|
2023
|
2022
|
Dividends paid per ordinary share
|
|
|
|
|
|
|
|
cents
|
|
7.270
|
7.270
|
6.006
|
|
27.760
|
22.932
|
pence
|
|
5.737
|
5.732
|
4.940
|
|
22.328
|
18.624
|
Dividends paid per ADS (cents)
|
|
43.62
|
43.62
|
36.04
|
|
166.56
|
137.59
|
Net debt*
|
|
31 December
|
30 September
|
31 December
|
$ million
|
|
2023
|
2023
|
2022
|
Finance
debt(a)
|
|
51,954
|
48,810
|
46,944
|
Fair
value (asset) liability of hedges related to finance
debt(b)
|
|
1,988
|
3,440
|
3,673
|
|
|
53,942
|
52,250
|
50,617
|
Less: cash and cash equivalents
|
|
33,030
|
29,926
|
29,195
|
Net
debt(c)
|
|
20,912
|
22,324
|
21,422
|
Total equity
|
|
85,493
|
87,676
|
82,990
|
Gearing*
|
|
19.7%
|
20.3%
|
20.5%
|
|
|
Fourth
|
Third
|
Fourth
|
|
|
|
|
|
quarter
|
quarter
|
quarter
|
|
Year
|
Year
|
$ million
|
|
2023
|
2023
|
2022
|
|
2023
|
2022
|
Capital expenditure
|
|
|
|
|
|
|
|
Organic capital expenditure*
|
|
4,673
|
3,597
|
3,861
|
|
14,998
|
12,470
|
Inorganic
capital expenditure*(a)
|
|
38
|
6
|
3,508
|
|
1,255
|
3,860
|
|
|
4,711
|
3,603
|
7,369
|
|
16,253
|
16,330
|
|
|
Fourth
|
Third
|
Fourth
|
|
|
|
|
|
quarter
|
quarter
|
quarter
|
|
Year
|
Year
|
$ million
|
|
2023
|
2023
|
2022
|
|
2023
|
2022
|
Capital expenditure by segment
|
|
|
|
|
|
|
|
gas & low carbon energy
|
|
1,326
|
1,055
|
1,609
|
|
4,281
|
4,251
|
oil production & operations
|
|
1,636
|
1,644
|
1,430
|
|
6,278
|
5,278
|
customers
& products(a)
|
|
1,603
|
802
|
4,149
|
|
5,253
|
6,252
|
other businesses & corporate
|
|
146
|
102
|
181
|
|
441
|
549
|
|
|
4,711
|
3,603
|
7,369
|
|
16,253
|
16,330
|
Capital expenditure by geographical area
|
|
|
|
|
|
|
|
US
|
|
2,164
|
1,583
|
4,929
|
|
8,105
|
8,656
|
Non-US
|
|
2,547
|
2,020
|
2,440
|
|
8,148
|
7,674
|
|
|
4,711
|
3,603
|
7,369
|
|
16,253
|
16,330
|
|
|
Fourth
|
Third
|
Fourth
|
|
|
|
|
|
quarter
|
quarter
|
quarter
|
|
Year
|
Year
|
$ million
|
|
2023
|
2023
|
2022
|
|
2023
|
2022
|
gas & low carbon energy
|
|
|
|
|
|
|
|
Gains on sale of businesses and fixed assets
|
|
3
|
-
|
33
|
|
19
|
45
|
Net
impairment and losses on sale of businesses and fixed
assets(a)
|
|
(937)
|
(224)
|
1,111
|
|
(2,221)
|
588
|
Environmental and other provisions
|
|
-
|
-
|
-
|
|
-
|
-
|
Restructuring, integration and rationalization costs
|
|
-
|
(1)
|
3
|
|
-
|
8
|
Fair
value accounting effects(b)(c)
|
|
1,887
|
1,816
|
12,502
|
|
8,859
|
(1,811)
|
Other(d)
|
|
(561)
|
(572)
|
(358)
|
|
(1,299)
|
(197)
|
|
|
392
|
1,019
|
13,291
|
|
5,358
|
(1,367)
|
oil production & operations
|
|
|
|
|
|
|
|
Gains
on sale of businesses and fixed assets(e)
|
|
(55)
|
246
|
68
|
|
297
|
3,446
|
Net
impairment and losses on sale of businesses and fixed
assets(a)
|
|
(1,635)
|
(52)
|
(3,246)
|
|
(1,819)
|
(4,508)
|
Environmental and other provisions
|
|
48
|
99
|
420
|
|
54
|
518
|
Restructuring, integration and rationalization costs
|
|
-
|
-
|
3
|
|
(1)
|
(11)
|
Fair value accounting effects
|
|
-
|
-
|
-
|
|
-
|
-
|
Other
|
|
(28)
|
(2)
|
15
|
|
(121)
|
52
|
|
|
(1,670)
|
291
|
(2,740)
|
|
(1,590)
|
(503)
|
customers & products
|
|
|
|
|
|
|
|
Gains on sale of businesses and fixed assets
|
|
23
|
18
|
72
|
|
44
|
374
|
Net
impairment and losses on sale of businesses and fixed
assets(a)
|
|
(1,396)
|
(242)
|
(1,451)
|
|
(1,757)
|
(1,983)
|
Environmental and other provisions
|
|
(86)
|
-
|
(65)
|
|
(97)
|
(101)
|
Restructuring, integration and rationalization costs
|
|
-
|
1
|
12
|
|
-
|
18
|
Fair
value accounting effects(c)
|
|
144
|
(198)
|
189
|
|
(86)
|
(309)
|
Other
|
|
(42)
|
(85)
|
112
|
|
(287)
|
81
|
|
|
(1,357)
|
(506)
|
(1,131)
|
|
(2,183)
|
(1,920)
|
other businesses & corporate
|
|
|
|
|
|
|
|
Gains on sale of businesses and fixed assets
|
|
1
|
-
|
1
|
|
1
|
1
|
Net impairment and losses on sale of businesses and fixed
assets
|
|
19
|
(23)
|
(1)
|
|
(41)
|
(17)
|
Environmental
and other provisions(f)
|
|
(565)
|
(8)
|
(67)
|
|
(604)
|
(92)
|
Restructuring, integration and rationalization costs
|
|
51
|
(3)
|
3
|
|
38
|
19
|
Fair
value accounting effects(c)
|
|
579
|
(146)
|
515
|
|
630
|
(1,381)
|
Rosneft
|
|
-
|
-
|
-
|
|
-
|
(24,033)
|
Gulf of Mexico oil spill
|
|
(11)
|
(19)
|
(23)
|
|
(57)
|
(84)
|
Other
|
|
7
|
2
|
(19)
|
|
(4)
|
21
|
|
|
81
|
(197)
|
409
|
|
(37)
|
(25,566)
|
Total before interest and taxation
|
|
(2,554)
|
607
|
9,829
|
|
1,548
|
(29,356)
|
Finance
costs(g)
|
|
(86)
|
(96)
|
(169)
|
|
(405)
|
(425)
|
Total before taxation
|
|
(2,640)
|
511
|
9,660
|
|
1,143
|
(29,781)
|
Taxation
on adjusting items(h)
|
|
1,175
|
(158)
|
(1,542)
|
|
972
|
456
|
Taxation
- tax rate change effect of UK energy profits levy(i)
|
|
-
|
-
|
(1,056)
|
|
232
|
(1,834)
|
Total
after taxation for period(j)
|
|
(1,465)
|
353
|
7,062
|
|
2,347
|
(31,159)
|
Net debt including leases*
|
|
31 December
|
30 September
|
31 December
|
$ million
|
|
2023
|
2023
|
2022
|
Net debt
|
|
20,912
|
22,324
|
21,422
|
Lease liabilities
|
|
11,121
|
10,879
|
8,549
|
Net
partner (receivable) payable for leases entered into on behalf of
joint operations
|
|
(131)
|
(124)
|
19
|
Net debt including leases
|
|
31,902
|
33,079
|
29,990
|
Total
equity
|
|
85,493
|
87,676
|
82,990
|
Gearing including leases*
|
|
27.2%
|
27.4%
|
26.5%
|
|
|
31 December
|
31 December
|
$ million
|
|
2023
|
2022
|
Gulf of Mexico oil spill payables and provisions
|
|
(8,735)
|
(9,566)
|
Of
which - current
|
|
(1,133)
|
(1,216)
|
|
|
|
|
Deferred tax asset
|
|
1,320
|
1,444
|
|
|
Fourth
|
Third
|
Fourth
|
|
|
|
|
|
quarter
|
quarter
|
quarter
|
|
Year
|
Year
|
$ million
|
|
2023
|
2023
|
2022
|
|
2023
|
2022
|
Movements in
inventories and other current and non-current assets and
liabilities as per condensed group cash flow statement(a)
|
|
1,942
|
(783)
|
(6,847)
|
|
(3,338)
|
(6,270)
|
Adjusted
for inventory holding gains (losses)* (Note 4)
|
|
(1,497)
|
1,593
|
(1,428)
|
|
(1,236)
|
1,351
|
Adjusted for fair value accounting effects relating to
subsidiaries
|
|
2,610
|
1,443
|
13,288
|
|
9,348
|
(3,273)
|
Other
adjusting items(b)
|
|
(966)
|
(300)
|
(815)
|
|
(2,006)
|
1,279
|
Working capital release (build) after adjusting for net inventory
gains (losses), fair value accounting effects and other adjusting
items
|
|
2,089
|
1,953
|
4,198
|
|
2,768
|
(6,913)
|
|
|
Fourth
|
Third
|
Fourth
|
|
|
|
|
|
quarter
|
quarter
|
quarter
|
|
Year
|
Year
|
$ million
|
|
2023
|
2023
|
2022
|
|
2023
|
2022
|
Sources:
|
|
|
|
|
|
|
|
Net cash provided by operating activities
|
|
9,377
|
8,747
|
13,571
|
|
32,039
|
40,932
|
Cash provided from investing activities
|
|
316
|
150
|
621
|
|
1,381
|
2,617
|
Other(a)
|
|
(78)
|
503
|
(94)
|
|
324
|
360
|
Cash inflow
|
|
9,615
|
9,400
|
14,098
|
|
33,744
|
43,909
|
|
|
|
|
|
|
|
|
Uses:
|
|
|
|
|
|
|
|
Lease liability payments
|
|
(722)
|
(663)
|
(513)
|
|
(2,560)
|
(1,961)
|
Payments on perpetual hybrid bonds
|
|
(264)
|
(258)
|
(219)
|
|
(1,008)
|
(708)
|
Dividends paid - BP shareholders
|
|
(1,224)
|
(1,249)
|
(1,088)
|
|
(4,809)
|
(4,358)
|
-
non-controlling interests
|
|
(77)
|
(191)
|
(100)
|
|
(403)
|
(294)
|
Total capital expenditure*
|
|
(4,711)
|
(3,603)
|
(7,369)
|
|
(16,253)
|
(16,330)
|
Net repurchase of shares relating to employee share
schemes
|
|
-
|
(225)
|
-
|
|
(675)
|
(500)
|
Payments relating to transactions involving non-controlling
interests
|
|
(7)
|
-
|
(1)
|
|
(187)
|
(9)
|
Currency translation differences relating to cash and cash
equivalents
|
|
145
|
(104)
|
177
|
|
27
|
(684)
|
Cash outflow
|
|
(6,860)
|
(6,293)
|
(9,113)
|
|
(25,868)
|
(24,844)
|
|
|
|
|
|
|
|
|
Surplus cash flow
|
|
2,755
|
3,107
|
4,985
|
|
7,876
|
19,065
|
|
|
|
|
|
|
|
|
|
|
Fourth
|
Third
|
Fourth
|
|
|
|
|
|
quarter
|
quarter
|
quarter
|
|
Year
|
Year
|
$ million
|
|
2023
|
2023
|
2022
|
|
2023
|
2022
|
Profit (loss) for the period
|
|
436
|
5,069
|
11,161
|
|
15,880
|
(1,357)
|
Finance costs
|
|
1,038
|
1,039
|
834
|
|
3,840
|
2,703
|
Net finance (income) expense relating to pensions and other
post-retirement benefits
|
|
(61)
|
(61)
|
(16)
|
|
(241)
|
(69)
|
Taxation
|
|
663
|
2,240
|
5,741
|
|
7,869
|
16,762
|
Profit before interest and tax
|
|
2,076
|
8,287
|
17,720
|
|
27,348
|
18,039
|
Inventory holding (gains) losses*, before tax
|
|
1,497
|
(1,593)
|
1,428
|
|
1,236
|
(1,351)
|
RC profit (loss) before interest and tax
|
|
3,573
|
6,694
|
19,148
|
|
28,584
|
16,688
|
Net (favourable) adverse impact of adjusting items*, before
interest and tax
|
|
2,554
|
(607)
|
(9,829)
|
|
(1,548)
|
29,356
|
Underlying RC profit before interest and tax
|
|
6,127
|
6,087
|
9,319
|
|
27,036
|
46,044
|
Add back:
|
|
|
|
|
|
|
|
Depreciation, depletion and amortization
|
|
4,060
|
4,145
|
3,714
|
|
15,928
|
14,318
|
Exploration expenditure written off
|
|
381
|
74
|
67
|
|
746
|
385
|
Adjusted EBITDA
|
|
10,568
|
10,306
|
13,100
|
|
43,710
|
60,747
|
|
|
Year
|
Year
|
$ million
|
|
2023
|
2022
|
Profit (loss) for the period
|
|
15,880
|
(1,357)
|
Finance costs
|
|
3,840
|
2,703
|
Net finance (income) expense relating to pensions and other
post-retirement benefits
|
|
(241)
|
(69)
|
Taxation
|
|
7,869
|
16,762
|
Profit before interest and tax
|
|
27,348
|
18,039
|
Inventory holding (gains) losses*, before tax
|
|
1,236
|
(1,351)
|
RC profit before interest and tax
|
|
28,584
|
16,688
|
Net (favourable) adverse impact of adjusting items*, before
interest and tax
|
|
(1,548)
|
29,356
|
Underlying RC profit before interest and tax
|
|
27,036
|
46,044
|
Taxation on an underlying RC basis
|
|
(9,365)
|
(15,052)
|
|
|
17,671
|
30,992
|
Add back:
|
|
|
|
Depreciation, depletion and amortization
|
|
15,928
|
14,318
|
Exploration expenditure written off
|
|
746
|
385
|
Adjusted EBIDA
|
|
34,345
|
45,695
|
|
|
Year
|
Year
|
$ million
|
|
2023
|
2022
|
Profit
(loss) for the year attributable to bp shareholders
|
|
15,239
|
(2,487)
|
Inventory holding (gains) losses*, net of tax
|
|
944
|
(1,019)
|
Net (favourable) adverse impact of adjusting items*, after
taxation
|
|
(2,347)
|
31,159
|
Underlying replacement cost (RC) profit*
|
|
13,836
|
27,653
|
Interest
expense, net of tax(a)
|
|
1,908
|
1,336
|
Non-controlling interests
|
|
641
|
1,130
|
Adjusted underlying RC profit
|
|
16,385
|
30,119
|
Total equity
|
|
85,493
|
82,990
|
Finance debt
|
|
51,954
|
46,944
|
Capital employed
|
|
137,447
|
129,934
|
Less: Goodwill
|
|
12,472
|
11,960
|
Cash
and cash equivalents
|
|
33,030
|
29,195
|
|
|
91,945
|
88,779
|
Average capital employed (excluding goodwill and cash and cash
equivalents)
|
|
90,362
|
98,670
|
ROACE
|
|
18.1%
|
30.5%
|
|
|
Fourth
|
Third
|
Fourth
|
|
|
|
|
|
quarter
|
quarter
|
quarter
|
|
Year
|
Year
|
$ million
|
|
2023
|
2023
|
2022
|
|
2023
|
2022
|
RC profit before interest and tax for customers &
products
|
|
(554)
|
1,549
|
771
|
|
4,230
|
8,869
|
Less: Adjusting items* gains (charges)
|
|
(1,357)
|
(506)
|
(1,131)
|
|
(2,183)
|
(1,920)
|
Underlying RC profit before interest and tax for customers
& products
|
|
803
|
2,055
|
1,902
|
|
6,413
|
10,789
|
By business:
|
|
|
|
|
|
|
|
customers
- convenience & mobility
|
|
882
|
670
|
628
|
|
2,644
|
2,966
|
Castrol - included in customers
|
|
213
|
185
|
70
|
|
730
|
700
|
products
- refining & trading
|
|
(79)
|
1,385
|
1,274
|
|
3,769
|
7,823
|
|
|
|
|
|
|
|
|
Add back: Depreciation, depletion and amortization
|
|
942
|
915
|
741
|
|
3,548
|
2,870
|
By business:
|
|
|
|
|
|
|
|
customers
- convenience & mobility
|
|
466
|
481
|
334
|
|
1,736
|
1,286
|
Castrol - included in customers
|
|
43
|
43
|
40
|
|
167
|
153
|
products
- refining & trading
|
|
476
|
434
|
407
|
|
1,812
|
1,584
|
|
|
|
|
|
|
|
|
Adjusted EBITDA for customers & products
|
|
1,745
|
2,970
|
2,643
|
|
9,961
|
13,659
|
By business:
|
|
|
|
|
|
|
|
customers
- convenience & mobility
|
|
1,348
|
1,151
|
962
|
|
4,380
|
4,252
|
Castrol - included in customers
|
|
256
|
228
|
110
|
|
897
|
853
|
products
- refining & trading
|
|
397
|
1,819
|
1,681
|
|
5,581
|
9,407
|
|
|
|
|
|
|
Year
|
Year
|
$ million
|
|
2023
|
2022
|
RC
profit (loss) before interest and tax for customers &
products
|
|
4,230
|
8,869
|
Subtract
RC profit (loss) before interest and tax for refining &
trading
|
|
1,943
|
6,008
|
RC
profit before interest and tax for convenience &
mobility
|
|
2,287
|
2,861
|
Net
(favourable) adverse impact of adjusting items for convenience
& mobility
|
|
357
|
105
|
Underlying
RC profit before interest and tax for convenience &
mobility
|
|
2,644
|
2,966
|
Subtract
underlying RC profit before interest and tax for
Castrol
|
|
730
|
700
|
Add
back convenience & mobility (excluding Castrol) depreciation,
depletion and amortization
|
|
1,569
|
1,133
|
Subtract
convenience & mobility (excluding Castrol) production and
manufacturing, distribution and administration expenses and
adjusted for retail fuels, EV charging, aviation, B2B and midstream
gross margin(a)
|
|
1,363
|
1,655
|
Subtract
earnings from equity-accounted entities in convenience &
mobility (excluding Castrol)
|
|
457
|
225
|
Convenience
gross margin(b)
|
|
1,663
|
1,519
|
Foreign
exchange effects
|
|
n/a
|
7
|
Convenience
gross margin at constant foreign exchange(c)
|
|
1,663
|
1,526
|
|
|
|
|
Convenience gross margin growth* (%)
|
|
9%
|
|
|
|
Fourth
|
Third
|
Fourth
|
|
|
|
|
|
quarter
|
quarter
|
quarter
|
|
Year
|
Year
|
|
|
2023
|
2023
|
2022
|
|
2023
|
2022
|
Average realizations(a)
|
|
|
|
|
|
|
|
Liquids* ($/bbl)
|
|
|
|
|
|
|
|
US
|
|
67.66
|
63.95
|
71.21
|
|
63.81
|
78.40
|
Europe
|
|
81.02
|
90.76
|
86.62
|
|
80.70
|
99.90
|
Rest of World
|
|
87.27
|
78.34
|
89.38
|
|
81.78
|
97.03
|
BP Average
|
|
76.50
|
71.85
|
80.44
|
|
72.69
|
89.65
|
Natural gas ($/mcf)
|
|
|
|
|
|
|
|
US
|
|
2.04
|
2.24
|
4.84
|
|
2.08
|
5.61
|
Europe
|
|
15.12
|
11.22
|
35.56
|
|
16.71
|
33.45
|
Rest of World
|
|
6.18
|
5.38
|
9.40
|
|
6.13
|
8.91
|
BP Average
|
|
5.45
|
4.88
|
9.59
|
|
5.60
|
9.29
|
Total hydrocarbons* ($/boe)
|
|
|
|
|
|
|
|
US
|
|
45.68
|
45.39
|
55.67
|
|
44.29
|
61.21
|
Europe
|
|
83.21
|
80.61
|
130.61
|
|
86.36
|
133.48
|
Rest of World
|
|
50.74
|
45.61
|
64.73
|
|
49.23
|
67.49
|
BP Average
|
|
50.90
|
47.28
|
66.18
|
|
49.84
|
69.95
|
Average oil marker prices ($/bbl)
|
|
|
|
|
|
|
|
Brent
|
|
84.34
|
86.75
|
88.87
|
|
82.64
|
101.32
|
West Texas Intermediate
|
|
78.60
|
82.54
|
82.82
|
|
77.67
|
94.58
|
Western Canadian Select
|
|
55.06
|
65.42
|
53.52
|
|
59.34
|
73.28
|
Alaska North Slope
|
|
84.23
|
87.95
|
87.89
|
|
82.36
|
98.76
|
Mars
|
|
78.35
|
82.99
|
78.81
|
|
77.19
|
91.74
|
Urals (NWE - cif)
|
|
72.48
|
73.62
|
61.04
|
|
61.79
|
74.16
|
Average natural gas marker prices
|
|
|
|
|
|
|
|
Henry
Hub gas price(b) ($/mmBtu)
|
|
2.88
|
2.54
|
6.26
|
|
2.74
|
6.65
|
UK Gas - National Balancing Point (p/therm)
|
|
98.68
|
82.04
|
166.54
|
|
98.93
|
203.81
|
|
|
Fourth
|
Third
|
Fourth
|
|
|
|
|
|
quarter
|
quarter
|
quarter
|
|
Year
|
Year
|
|
|
2023
|
2023
|
2022
|
|
2023
|
2022
|
$/£ average rate for the period
|
|
1.24
|
1.27
|
1.17
|
|
1.24
|
1.23
|
$/£ period-end rate
|
|
1.28
|
1.22
|
1.21
|
|
1.28
|
1.21
|
|
|
|
|
|
|
|
|
$/€ average rate for the period
|
|
1.07
|
1.09
|
1.02
|
|
1.08
|
1.05
|
$/€ period-end rate
|
|
1.11
|
1.06
|
1.07
|
|
1.11
|
1.07
|
|
|
|
|
|
|
|
|
$/AUD average rate for the period
|
|
0.65
|
0.65
|
0.66
|
|
0.66
|
0.69
|
$/AUD period-end rate
|
|
0.69
|
0.64
|
0.68
|
|
0.69
|
0.68
|
|
|
|
|
|
|
|
|
|
|
London
|
Houston
|
|
|
|
Press Office
|
David Nicholas
|
Paul Takahashi
|
|
+44 (0) 7831 095541
|
+1
713 903 9729
|
|
|
|
Investor Relations
|
Craig Marshall
|
Graham Collins
|
bp.com/investors
|
+44 (0) 203 401 5592
|
+1 832 753 5116
|
|
BP
p.l.c.
|
|
(Registrant)
|
|
|
Dated: 06
February 2024
|
|
|
/s/ Ben
J. S. Mathews
|
|
------------------------
|
|
Ben J.
S. Mathews
|
|
Company
Secretary
|