BP Fourth Quarter 2023 Results Group Databook

Financial and Operating Information 2019-2023
Note on the restated financial and operating information:

This Group databook contains pro-forma information for previously disclosed periods, which has been restated to reflect the new organisational
structure that became effective 1 January 2021.
These restatements apply to the quarterly and annual periods relating to 2019 and 2020. Previously disclosed information relating to these
periods and earlier periods can be found at bp.com.
Contents
Basis of preparation
Group information
Summary
Group income statement
Statement of comprehensive income
Summarized reported results
Replacement cost (RC) profit
Underlying RC profit
Adjusting items by segment
Adjusting items by geographical area
Sales and other operating revenues
Depreciation, depletion and amortization
Property, plant and equipment
Operating capital employed
Group cash flow statement
Group balance sheet
Gulf of Mexico oil spill
Working Capital reconciliation
Capital expenditure on a cash basis
Net debt and net debt including leases
Debt ratios
Dividends paid
Inventory holding gains & losses
Realizations
Segment information
gas & low carbon energy
oil production & operations
customers & products
Rosneft
other businesses & corporate
Group hydrocarbon data
Oil & Gas
Exploration interests
Exploration and development wells
Oil and gas exploration and production activities
Movements in reserves
Discounted future cash flow relating to proved oil and gas reserves
bp's net production by country
Glossary
_x000D_ Confidential
#
Financial and Operating Information 2019-2023
Basis of preparation
bp prepares its consolidated financial statements included within BP Annual Report and Form 20-F on the basis of International Financial Reporting Standards (IFRS) as issued by the
International Accounting Standards Board (IASB), IFRS as adopted by the United Kingdom (UK), and European Union (EU) and in accordance with the provisions of the UK Companies
Act 2006 as applicable to companies reporting under international accounting standards. IFRS as adopted by the UK does not differ from IFRS as adopted by the EU except for
International Tax Reform – Pillar Two Model Rules - Amendments to IAS 12 Income Taxes. IFRS as adopted by the EU and UK differ in certain respects from IFRS as issued by the IASB.
The differences have no impact on the group’s consolidated financial statements for the periods presented.
The financial information presented herein has been prepared in accordance with the accounting policies expected to be used in preparing bp Annual Report and Form 20-F 2023, which
are the same as those used in preparing BP Annual Report and Form 20-F 2022. There are no other new or amended standards or interpretations adopted from 1 January 2023 onwards,
including IFRS 17 'Insurance Contracts' that have a significant impact on the interim financial information.
Investment in Rosneft
Since the first quarter 2022, bp accounts for its interest in Rosneft and its other businesses with Rosneft within Russia, as financial assets measured at fair value within ‘Other
investments’. It is considered by management that any measure of fair value, other than nil, would be subject to such high measurement uncertainty that no estimate would provide useful
information even if it were accompanied by a description of the estimate made in producing it and an explanation of the uncertainties that affect the estimate. Accordingly, it is not currently
possible to estimate any carrying value other than zero when determining the measurement of the interest in Rosneft and the other businesses with Rosneft within Russia as at 31
December 2023.
The total pre-tax charge for the full year to 31 December 2022 relating to bp’s investment in Rosneft and other businesses with Rosneft in Russia was $25,520 million.
As a result of bp's decision to exit its shareholding in Rosneft in the first quarter 2022, the group ceased to report Rosneft as a separate segment in its financial reporting from 2022
onwards. Rosneft results from 1 January 2022 to 27 February 2022 are included within other businesses & corporate (OB&C).
2021 Voluntary change in accounting policy - Net presentation of revenues and purchases relating to physically settled derivative contracts
bp routinely enters into transactions for the sale and purchase of commodities that are physically settled and meet the definition of a derivative financial instrument. These contracts are
within the scope of IFRS 9 'Financial Instruments' and as such, prior to settlement, changes in the fair value of these derivative contracts are presented as gains and losses within other
operating revenues. The group previously presented revenues and purchases for such contracts on a gross basis in the income statement upon physical settlement. These transactions
have historically represented a substantial portion of the revenues and purchases reported in the group’s consolidated financial statements.
The change in strategic direction of the group supported by organisational changes to implement the strategy from 1 January 2021, resulted in the group determining that the revenue and
corresponding purchases relating to such transactions should be presented net, as gains or losses within other operating revenues, from that date. Additionally the group’s trading activity
has continued to evolve over time from one of capturing third-party physical trades to provide flow assurance to one with increasing levels of optimisation, taking advantage of price
volatility and fluctuations in demand and supply, which will continue under the new strategy, further supporting the change in presentation. The new presentation provides reliable and
more relevant information for users of the accounts as the group’s revenue recognition is more closely aligned with its assessment of ‘Scope 3’ emissions from its products, its ‘Net Zero’
ambition and how management monitors and manages performance of such contracts. Comparative information for sales and other operating revenues and purchases for 2019 and 2020
were restated in the attached tables. There is no significant impact on comparative information for profit before income and tax or earnings per share.
#
Change in segmentation for 2021 financial reporting
During the first quarter of 2021, the group's reportable segments changed consistent with a change in the way that resources are allocated and performance is assessed by the chief
operating decision maker, who for bp is the group chief executive, from that date. From the first quarter of 2021, the group's reportable segments were gas & low carbon energy, oil
production & operations, customers & products, and Rosneft. At 31 December 2020, the group's reportable segments were Upstream, Downstream and Rosneft.
Gas & low carbon energy comprises regions with upstream businesses that predominantly produce natural gas, gas marketing and trading activities and the group's renewables
businesses, solar and wind. Gas producing regions were previously in the Upstream segment. The group's renewables businesses were previously part of 'Other businesses and
corporate'.
Oil production & operations comprises regions with upstream activities that predominantly produce crude oil. These activities were previously in the Upstream segment.
Customers & products comprises the group’s customer-focused businesses, spanning convenience and mobility, which includes fuels retail and next-gen offers such as electrification, as
well as aviation, biofuels, midstream, and Castrol lubricants. It also includes our oil products businesses, refining & trading. The petrochemicals business is also reported in restated
comparative information as part of the customers and products segment up to its sale in December 2020. The customers & products segment is, therefore, substantially unchanged from
the former Downstream segment with the exception of the Petrochemicals disposal. Comparative numbers in this databook for 2019 and 2020 reflect the new segment structure.
The Rosneft segment was unchanged and continued to include equity-accounted earnings from the group's investment in Rosneft. As per "Investment in Rosneft" above, the group
ceased to report Rosneft as a separate segment in the group's financial reporting from 2022 onwards.
2020 Change in accounting policy – physically settled derivative contracts

bp changed its accounting policy for physically settled contracts to buy or sell a non-financial item, such as commodities, that are not accounted for as 'own-use' contracts, with effect from
1 April 2020. Revenues and purchases from such contracts are measured at the contractual transaction price plus the carrying amount of the related derivative at the date of settlement.
Realized derivative gains and losses on physically settled derivative contracts are included in other revenues. There was no significant effect on comparative information and therefore no
comparative information presented prior to 1 April 2020 was re-stated. There was no significant effect on net assets.
In addition, bp changed its presentation of revenues from physically settled derivative sales contracts from first quarter 2020. Revenues from physically settled derivative sales contracts
are no longer presented together with revenue from contracts with customers and are now presented as other revenues. Information in this databook relating to revenues from contract
with customers for 2019 was re-presented to align with this change.
#
Financial and Operating Information 2019 - 2023
Group information
Contents
Summary
$ million
Footnotes Q1 Q2 Q3 Q4 2019 Q1 Q2 Q3 Q4 2020 Q1 Q2 Q3 Q4 2021 Q1 Q2 Q3 Q4 2022 Q1 Q2 Q3 Q4 2023
Profit (loss) attributable to bp shareholders 2,934 1,822 (749) 19 4,026 (4,365) (16,848) (450) 1,358 (20,305) 4,667 3,116 (2,544) 2,326 7,565 (20,384) 9,257 (2,163) 10,803 (2,487) 8,218 1,792 4,858 371 15,239
Inventory holding (gains) losses, net of tax (839) (47) 398 (23) (511) 3,737 (809) (194) (533) 2,201 (1,342) (736) (390) (358) (2,826) (2,664) (1,607) 2,186 1,066 (1,019) 452 549 (1,212) 1,155 944
Replacement cost profit (loss) attributable to bp shareholders 2,095 1,775 (351) (4) 3,515 (628) (17,657) (644) 825 (18,104) 3,325 2,380 (2,934) 1,968 4,739 (23,048) 7,650 23 11,869 (3,506) 8,670 2,341 3,646 1,526 16,183
Net (favourable) adverse impact of adjusting items, net of tax 263 1,036 2,605 2,571 6,475 1,419 10,975 730 (710) 12,414 (695) 418 6,256 2,097 8,076 29,293 801 8,127 (7,062) 31,159 (3,707) 248 (353) 1,465 (2,347)
Underlying replacement cost profit (loss) attributable to bp shareholders 2,358 2,811 2,254 2,567 9,990 791 (6,682) 86 115 (5,690) 2,630 2,798 3,322 4,065 12,815 6,245 8,451 8,150 4,807 27,653 4,963 2,589 3,293 2,991 13,836
Operating cash flow 5,296 6,815 6,056 7,603 25,770 952 3,737 5,204 2,269 12,162 6,109 5,411 5,976 6,116 23,612 8,210 10,863 8,288 13,571 40,932 7,622 6,293 8,747 9,377 32,039
Capital expenditure 5,635 5,654 4,023 4,109 19,421 3,861 3,067 3,636 3,491 14,055 3,798 2,514 2,903 3,633 12,848 2,929 2,838 3,194 7,369 16,330 3,625 4,314 3,603 4,711 16,253
Divestment and other proceeds 600 78 707 1,382 2,767 681 1,135 597 4,173 6,586 4,839 215 313 2,265 7,632 1,181 722 606 614 3,123 800 88 655 300 1,843
Surplus cash flow c 1,704 655 899 2,955 6,213 4,037 6,546 3,496 4,985 19,065 2,283 (269) 3,107 2,755 7,876
Net issue (repurchase) of shares (45) (80) (215) (1,171) (1,511) (776) – – – (776) – (500) (926) (1,725) (3,151) (1,592) (2,288) (2,876) (3,240) (9,996) (2,448) (2,073) (2,047) (1,350) (7,918)
Net debt 45,084 46,501 46,494 45,442 45,442 51,404 40,920 40,379 38,941 38,941 33,313 32,706 31,971 30,613 30,613 27,457 22,816 22,002 21,422 21,422 21,232 23,660 22,324 20,912 20,912
ROACE% 8.9% -3.8% 13.3% 30.5% 18.1%
Adjusted EBIDA 31,606 19,244 30,783 45,695 34,345
upstream Production (mboe/d) 2,656 2,625 2,568 2,698 2,637 2,579 2,525 2,243 2,155 2,375 2,218 2,120 2,202 2,332 2,219 2,252 2,198 2,298 2,265 2,254 2,329 2,272 2,328 2,320 2,313
Announced dividend per ordinary share (cents per share) 10.25 10.25 10.25 10.50 41.25 10.50 5.25 5.25 5.25 26.25 5.25 5.46 5.46 5.46 21.63 5.460 6.006 6.006 6.610 24.082 6.610 7.270 7.270 7.270 28.420
RC profit (loss) per ordinary share (cents) 10.38 8.72 (1.72) (0.02) 17.32 (3.11) (87.32) (3.18) 4.08 (89.53) 16.38 11.74 (14.57) 9.94 23.53 (118.11) 39.45 0.12 65.29 (18.47) 48.46 13.35 21.19 9.06 93.21
RC profit (loss) per ADS (dollars) 0.62 0.52 (0.10) - 1.04 (0.19) (5.24) (0.19) 0.24 (5.37) 0.98 0.70 (0.87) 0.60 1.41 (7.09) 2.37 0.01 3.92 (1.11) 2.91 0.80 1.27 0.54 5.59
Underlying RC profit (loss) per ordinary share (cents) 11.69 13.82 11.06 12.67 49.24 3.92 (33.05) 0.42 0.57 (28.14) 12.95 13.80 16.48 20.53 63.65 32.00 43.58 43.15 26.44 145.63 27.74 14.77 19.14 17.77 79.69
Underlying RC profit (loss) per ADS (dollars) 0.70 0.83 0.66 0.76 2.95 0.24 (1.98) 0.03 0.03 (1.69) 0.78 0.83 0.99 1.23 3.82 1.92 2.61 2.59 1.59 8.74 1.66 0.89 1.15 1.07 4.78
hydrocarbons
bp-operated upstream plant reliability* % (YTD) 96.2 94.9 94.4 94.4 94.4 93.0 94.2 93.8 94.0 94.0 93.0 93.7 94.3 94.0 94.0 96.1 95.3 95.8 96.0 96.0 95.5 95.0 95.7 95.0 95.0
bp operated - Refining availability (%) 94.3 93.4 96.1 95.7 94.9 96.1 95.6 96.2 96.1 96.0 94.8 93.5 95.6 95.4 94.8 95.0 93.9 94.3 95.0 94.5 96.1 95.7 96.3 96.1 96.1
upstream unit production costs* ($/boe) 7.39 7.02 7.02 6.84 6.84 7.07 6.13 6.30 6.39 6.39 7.36 7.33 6.96 6.82 6.82 6.52 6.53 6.25 6.07 6.07 5.73 5.94 5.88 5.78 5.78
Total production - total hydrocarbons (mboe/d) 3,822 3,752 3,701 3,846 3,781 3,715 3,596 3,318 3,266 3,473 3,268 3,215 3,322 3,458 3,317 3,002 2,198 2,298 2,265 3,004 2,329 2,272 2,328 2,320 2,313

Strategic convenience sites (#) a 1,450 1,450 1,500 1,650 1,650 1,650 1,650 1,900 1,900 1,900 1,950 2,000 2,050 2,150 2,150 2,150 2,200 2,250 2,400 2,400 2,450 2,750 2,750 2,850 2,850
Margin share from convenience & electrification % 25.3% 27.6% 29.1% 28.5%
low carbon
bp's net bio-energy production (kb/d) b 23.1 30.1 26.1 27.7
Developed renewables to FID, GW 2.3 2.3 2.3 2.6 2.6 2.7 2.8 3.1 3.3 3.3 3.3 3.5 3.6 4.4 4.4 4.4 4.4 4.6 5.8 5.8 5.9 6.1 6.1 6.2 6.2
LNG Portfolio, MTPA 15 20 18 19
#
Group information
Contents
Group income statement by quarter

$ million
Sales and other operating revenues a 38,835 41,071 38,678 40,723 159,307 31,558 21,869 26,111 26,406 105,944 34,544 36,467 36,174 50,554 157,739 49,258 67,866 55,011 69,257 241,392 56,182 48,538 53,269 52,141 210,130
Earnings from joint ventures - after interest and tax 185 138 90 163 576 (22) (567) 73 214 (302) 160 (57) 197 243 543 379 62 498 189 1,128 195 360 (198) (290) 67
Earnings from associates - after interest and tax 649 608 784 640 2,681 (244) (100) (332) 575 (101) 601 856 1,103 896 3,456 871 127 275 129 1,402 173 231 271 156 831
Interest and other income 163 270 126 210 769 140 107 183 233 663 82 82 158 259 581 194 142 159 608 1,103 248 378 410 599 1,635
Gains on sale of businesses and fixed assets 89 55 1 48 193 16 74 27 2,757 2,874 1,105 250 235 286 1,876 518 1,309 1,866 173 3,866 153 (28) 264 (20) 369
Total revenues and other income 39,921 42,142 39,679 41,784 163,526 31,448 21,383 26,062 30,185 109,078 36,492 37,598 37,867 52,238 164,195 51,220 69,506 57,809 70,356 248,891 56,951 49,479 54,016 52,586 213,032
Purchases a 20,786 24,078 22,660 23,058 90,582 20,786 8,971 13,505 14,420 57,682 15,656 21,241 23,937 32,089 92,923 27,808 39,141 39,993 34,101 141,043 29,122 29,172 29,951 31,062 119,307
Production and manufacturing expenses 5,356 5,391 5,259 5,809 21,815 6,099 5,211 5,073 6,111 22,494 6,858 6,562 6,026 6,397 25,843 6,975 7,601 7,193 6,841 28,610 6,982 6,231 6,080 5,751 25,044
Production and similar taxes 424 371 340 412 1,547 203 124 140 228 695 253 295 354 406 1,308 505 624 639 557 2,325 474 404 456 445 1,779
Depreciation, depletion and amortization 4,461 4,588 4,297 4,434 17,780 4,059 3,937 3,467 3,426 14,889 3,367 3,631 3,944 3,863 14,805 3,625 3,512 3,467 3,714 14,318 3,800 3,923 4,145 4,060 15,928
Impairment and losses on sale of businesses and fixed assets 96 906 3,416 3,657 8,075 1,149 11,770 294 1,168 14,381 373 (2,937) 220 1,223 (1,121) 26,031 445 417 3,629 30,522 88 1,269 542 3,958 5,857
Exploration expense 367 146 185 266 964 202 9,674 190 214 10,280 99 107 116 102 424 92 128 225 140 585 106 293 97 501 997
Distribution and administration expenses 2,767 2,646 2,648 2,996 11,057 2,684 2,509 2,435 2,769 10,397 2,615 2,874 3,077 3,365 11,931 3,080 3,453 3,262 3,654 13,449 3,747 3,834 4,458 4,733 16,772
Profit (loss) before interest and taxation 5,664 4,016 874 1,152 11,706 (3,734) (20,813) 958 1,849 (21,740) 7,271 5,825 193 4,793 18,082 (16,896) 14,602 2,613 17,720 18,039 12,632 4,353 8,287 2,076 27,348
Finance costs (867) (853) (883) (886) (3,489) (783) (783) (800) (749) (3,115) (723) (682) (693) (759) (2,857) (664) (556) (649) (834) (2,703) (843) (920) (1,039) (1,038) (3,840)
Net finance expense relating to pensions and other
post-retirement benefits (15) (15) (16) (17) (63) (7) (8) (8) (10) (33) (6) (5) 5 8 2 20 17 16 16 69 58 61 61 61 241
Profit (loss) before taxation 4,782 3,148 (25) 249 8,154 (4,524) (21,604) 150 1,090 (24,888) 6,542 5,138 (495) 4,042 15,227 (17,540) 14,063 1,980 16,902 15,405 11,847 3,494 7,309 1,099 23,749
Taxation (1,783) (1,244) (706) (231) (3,964) 139 4,082 (457) 395 4,159 (1,642) (1,784) (1,850) (1,464) (6,740) (2,530) (4,527) (3,964) (5,741) (16,762) (3,425) (1,541) (2,240) (663) (7,869)
Profit (loss) for the period 2,999 1,904 (731) 18 4,190 (4,385) (17,522) (307) 1,485 (20,729) 4,900 3,354 (2,345) 2,578 8,487 (20,070) 9,536 (1,984) 11,161 (1,357) 8,422 1,953 5,069 436 15,880
Attributable to
bp shareholders 2,934 1,822 (749) 19 4,026 (4,365) (16,848) (450) 1,358 (20,305) 4,667 3,116 (2,544) 2,326 7,565 (20,384) 9,257 (2,163) 10,803 (2,487) 8,218 1,792 4,858 371 15,239
Non-controlling interests 65 82 18 (1) 164 (20) (674) 143 127 (424) 233 238 199 252 922 314 279 179 358 1,130 204 161 211 65 641
2,999 1,904 (731) 18 4,190 (4,385) (17,522) (307) 1,485 (20,729) 4,900 3,354 (2,345) 2,578 8,487 (20,070) 9,536 (1,984) 11,161 (1,357) 8,422 1,953 5,069 436 15,880
Earnings per share

Profit (loss) for the period attributable to bp shareholders
Per ordinary share (cents)
Basic 14.54 8.95 (3.68) 0.09 19.84 (21.63) (83.32) (2.22) 6.71 (100.42) 22.99 15.37 (12.63) 11.75 37.57 (104.46) 47.74 (11.45) 59.43 (13.10) 45.93 10.22 28.24 2.20 87.78
Diluted 14.47 8.92 (3.68) 0.09 19.73 (21.63) (83.32) (2.22) 6.68 (100.42) 22.89 15.30 (12.63) 11.66 37.33 (104.46) 47.18 (11.45) 58.36 (13.10) 45.06 10.01 27.59 2.15 85.85
Per ADS (dollars)
Basic 0.87 0.54 (0.22) 0.01 1.19 (1.30) (5.00) (0.13) 0.40 (6.03) 1.38 0.92 (0.76) 0.70 2.25 (6.27) 2.86 (0.69) 3.57 (0.79) 2.76 0.61 1.69 0.13 5.27
Diluted 0.87 0.54 (0.22) 0.01 1.18 (1.30) (5.00) (0.13) 0.40 (6.03) 1.37 0.92 (0.76) 0.70 2.24 (6.27) 2.83 (0.69) 3.50 (0.79) 2.70 0.60 1.66 0.13 5.15
#
Group information
Contents
Condensed group statement of comprehensive income

$ million
Other comprehensive income
Items that may be reclassified subsequently to profit or loss
Currency translation differences a 989 131 (986) 1,404 1,538 (4,642) 1,371 (166) 1,594 (1,843) (605) 902 (599) (619) (921) (1,749) (2,454) (1,725) 2,142 (3,786) 453 11 (590) 711 585
Exchange (gains) losses on translation of foreign operations reclassified b
to gain or loss on sale of businesses and fixed assets – – – 880 880 1 3 – (357) (353) – – – 36 36 10,791 – – (32) 10,759 – – (2) – (2)
Cash flow hedges and costs of hedging 19 133 (17) (76) 59 85 68 (90) 42 105 (62) (207) (398) 408 (259) 222 99 (142) 584 763 546 (56) (56) 125 559
Share of items relating to equity-accounted entities, net of tax (50) (30) 119 43 82 442 (333) 308 (105) 312 11 (68) (3) 104 44 85 59 (134) 392 402 (203) (27) 25 13 (192)
Income tax relating to items that may be reclassified (34) (9) 12 (39) (70) 117 (37) (16) 2 66 1 8 80 (24) 65 (102) (70) (54) (108) (334) (76) 71 (69) 64 (10)
924 225 (872) 2,212 2,489 (3,997) 1,072 36 1,176 (1,713) (655) 635 (920) (95) (1,035) 9,247 (2,366) (2,055) 2,978 7,804 720 (1) (692) 913 940
Items that will not be reclassified to profit or loss
Remeasurements of the net pension and other post-retirement benefit liability or asset (853) (39) (260) 1,480 328 1,719 (1,960) 78 333 170 2,026 590 494 1,306 4,416 2,128 (392) 112 (1,508) 340 (87) (855) (111) (1,209) (2,262)
Remeasurements of equity investments – – – – – – – – – – – – – – – – – – – – – – – 51 51
Share of items relating to equity-accounted entities, net of tax – – – – – – – – – – – – – – – – – – – – – – – – –
Cash flow hedges that will subsequently be transferred to the balance sheet 8 (7) (10) 6 (3) (8) (2) 8 9 7 2 1 (2) – 1 (1) (3) (1) 1 (4) – – (1) 16 15
Income tax relating to items that will not be reclassified 273 2 27 (459) (157) (623) 623 (16) (89) (105) (588) (165) (130) (434) (1,317) (668) 179 19 538 68 23 308 57 357 745
(572) (44) (243) 1,027 168 1,088 (1,339) 70 253 72 1,440 426 362 872 3,100 1,459 (216) 130 (969) 404 (64) (547) (55) (785) (1,451)
Other comprehensive income 352 181 (1,115) 3,239 2,657 (2,909) (267) 106 1,429 (1,641) 785 1,061 (558) 777 2,065 10,706 (2,582) (1,925) 2,009 8,208 656 (548) (747) 128 (511)
Total comprehensive income 3,351 2,085 (1,846) 3,257 6,847 (7,294) (17,789) (201) 2,914 (22,370) 5,685 4,415 (2,903) 3,355 10,552 (9,364) 6,954 (3,909) 13,170 6,851 9,078 1,405 4,322 564 15,369
Attributable to
bp shareholders 3,281 2,001 (1,848) 3,240 6,674 (7,217) (17,142) (364) 2,740 (21,983) 5,460 4,183 (3,084) 3,095 9,654 (9,678) 6,742 (4,042) 12,760 5,782 8,861 1,240 4,140 461 14,702
Non-controlling interests 70 84 2 17 173 (77) (647) 163 174 (387) 225 232 181 260 898 314 212 133 410 1,069 217 165 182 103 667
3,351 2,085 (1,846) 3,257 6,847 (7,294) (17,789) (201) 2,914 (22,370) 5,685 4,415 (2,903) 3,355 10,552 (9,364) 6,954 (3,909) 13,170 6,851 9,078 1,405 4,322 564 15,369
#
Group information
Contents
Analysis of RC profit (loss) before interest and tax

From first quarter 2022 the results of Rosneft, previously reported as a separate segment, are also included in other businesses & corporate.
Restated for 2021 reporting segments $ million
RC profit (loss) before interest and tax

gas & low carbon energy 1,077 705 935 228 2,945 1,070 (7,752) 252 (638) (7,068) 3,430 927 (4,135) 1,911 2,133 (1,524) 2,737 (2,956) 16,439 14,696 7,347 2,289 2,275 2,169 14,080
oil production & operations 1,733 1,741 (1,964) (461) 1,049 (179) (14,314) (156) 66 (14,583) 1,479 3,118 2,692 3,212 10,501 3,831 7,237 6,965 1,688 19,721 3,317 2,568 3,427 1,879 11,191
customers & products 1,765 1,288 2,016 1,433 6,502 664 594 915 1,245 3,418 934 640 1,060 (426) 2,208 1,981 3,531 2,586 771 8,869 2,680 555 1,549 (554) 4,230
Rosneft 486 525 802 503 2,316 (17) (124) (278) 270 (149) 363 643 868 555 2,429 – – – – – – – – – –
other businesses & corporate (472) (358) (433) (585) (1,848) (566) (259) (42) 288 (579) (678) (425) (750) (924) (2,777) (24,719) (1,028) (1,093) 103 (26,737) (90) (297) (500) (16) (903)
Consolidation adjustment - UPII (13) 34 30 24 75 178 (46) 34 (77) 89 13 (31) (42) (7) (67) 34 (21) (21) 147 139 (22) (30) (57) 95 (14)
RC profit (loss) before interest and tax 4,576 3,935 1,386 1,142 11,039 1,150 (21,901) 725 1,154 (18,872) 5,541 4,872 (307) 4,321 14,427 (20,397) 12,456 5,481 19,148 16,688 13,232 5,085 6,694 3,573 28,584
Finance costs and net finance expense relating to
pensions and other post-retirement benefits (882) (868) (899) (903) (3,552) (790) (791) (808) (759) (3,148) (729) (687) (688) (751) (2,855) (644) (539) (633) (818) (2,634) (785) (859) (978) (977) (3,599)
RC profit (loss) before taxation 3,694 3,067 487 239 7,487 360 (22,692) (83) 395 (22,020) 4,812 4,185 (995) 3,570 11,572 (21,041) 11,917 4,848 18,330 14,054 12,447 4,226 5,716 2,596 24,985
Taxation on a RC basis (1,534) (1,210) (820) (244) (3,808) (1,008) 4,361 (418) 557 3,492 (1,254) (1,567) (1,740) (1,350) (5,911) (1,693) (3,988) (4,646) (6,103) (16,430) (3,573) (1,724) (1,859) (1,005) (8,161)
RC profit (loss) for the period 2,160 1,857 (333) (5) 3,679 (648) (18,331) (501) 952 (18,528) 3,558 2,618 (2,735) 2,220 5,661 (22,734) 7,929 202 12,227 (2,376) 8,874 2,502 3,857 1,591 16,824
Attributable to
bp shareholders 2,095 1,775 (351) (4) 3,515 (628) (17,657) (644) 825 (18,104) 3,325 2,380 (2,934) 1,968 4,739 (23,048) 7,650 23 11,869 (3,506) 8,670 2,341 3,646 1,526 16,183
Earnings on RC profit (loss)
per ordinary share – cents 10.38 8.72 (1.72) (0.02) 17.32 (3.11) (87.32) (3.18) 4.08 (89.53) 16.38 11.74 (14.57) 9.94 23.53 (118.11) 39.45 .12 65.29 (18.47) 48.46 13.35 21.19 9.06 93.21
per ADS – dollars 0.62 0.52 (0.10) - 1.04 (0.19) (5.24) (0.19) 0.24 (5.37) 0.98 0.70 (0.87) 0.60 1.41 (7.09) 2.37 0.01 3.92 (1.11) 2.91 0.80 1.27 0.54 5.59
Inventory holding gains (losses) 1,088 81 (512) 10 667 (4,884) 1,088 233 695 (2,868) 1,730 953 500 472 3,655 3,501 2,146 (2,868) (1,428) 1,351 (600) (732) 1,593 (1,497) (1,236)
Taxation (charge) credit on inventory holding gains and losses (249) (34) 114 13 (156) 1,147 (279) (39) (162) 667 (388) (217) (110) (114) (829) (837) (539) 682 362 (332) 148 183 (381) 342 292
Earnings on profit (loss)
per ordinary share – cents
Basic 14.54 8.95 (3.68) 0.09 19.84 (21.63) -83.32 (2.22) 6.71 (100.42) 22.99 15.37 (12.63) 11.75 37.57 (104.46) 47.74 (11.45) 59.43 (13.10) 45.93 10.22 28.24 2.20 87.78
Diluted 14.47 8.92 (3.68) 0.09 19.73 (21.63) -83.32 (2.22) 6.68 (100.42) 22.89 15.30 (12.63) 11.66 37.33 (104.46) 47.18 (11.45) 58.36 (13.10) 45.06 10.01 27.59 2.15 85.85
per ADS – dollars
Basic 0.87 0.54 (0.22) 0.01 1.19 (1.30) (5.00) (0.13) 0.40 (6.03) 1.38 0.92 (0.76) 0.70 2.25 (6.27) 2.86 (0.69) 3.57 (0.79) 2.76 0.61 1.69 0.13 5.27
Diluted 0.87 0.54 (0.22) 0.01 1.18 (1.30) (5.00) (0.13) 0.40 (6.03) 1.37 0.92 (0.76) 0.70 2.24 (6.27) 2.83 (0.69) 3.50 (0.79) 2.70 0.60 1.66 0.13 5.15
ETR on replacement cost profit or loss 41.5% 39.5% 168.4% 102.1% 50.9% 280.0% 19.2% -503.6% -141.0% 15.9% 26.1% 37.4% -174.9% 37.8% 51.1% -8.0% 33.5% 95.8% 33.3% 116.9% 28.7% 40.8% 32.5% 38.7% 32.7%
Analysis of underlying RC profit before interest and tax

Restated for 2021 reporting segments $ million $ million
Footnote Q1 Q2 Q3 Q4 2019 Q1 Q2 Q3 Q4 2020 Q1 Q2 Q3 Q4 2021 Q1 Q2 Q3 Q4 2022 Q1 Q2 Q3 Q4 2023
Underlying RC profit (loss) before interest and tax

gas & low carbon energy 1,103 992 748 605 3,448 847 (814) 502 154 689 2,270 1,240 1,807 2,211 7,528 3,595 3,080 6,240 3,148 16,063 3,456 2,233 1,256 1,777 8,722
oil production & operations 1,753 2,400 1,412 2,100 7,665 895 (7,713) 367 563 (5,888) 1,565 2,242 2,461 4,024 10,292 4,683 5,902 5,211 4,428 20,224 3,319 2,777 3,136 3,549 12,781
customers & products 1,733 1,365 1,883 1,438 6,419 921 1,405 636 126 3,088 656 827 1,158 611 3,252 2,156 4,006 2,725 1,902 10,789 2,759 796 2,055 803 6,413
Rosneft 567 638 802 412 2,419 (17) (61) (177) 311 56 363 689 923 745 2,720 – – – – – – – – – –
other businesses & corporate (346) (269) (343) (277) (1,235) (432) (220) (121) (109) (882) (170) (305) (373) (535) (1,383) (259) (201) (405) (306) (1,171) (296) (170) (303) (97) (866)
Underlying RC profit before interest and tax 4,797 5,160 4,532 4,302 18,791 2,392 (7,449) 1,241 968 (2,848) 4,697 4,662 5,934 7,049 22,342 10,209 12,766 13,750 9,319 46,044 9,216 5,606 6,087 6,127 27,036
Finance costs and net finance expense relating to
pensions and other post-retirement benefits (754) (752) (754) (781) (3,041) (668) (677) (610) (568) (2,523) (581) (485) (513) (494) (2,073) (486) (509) (565) (649) (2,209) (681) (740) (882) (891) (3,194)
Underlying RC profit before taxation 4,043 4,408 3,778 3,521 15,750 1,724 (8,126) 631 400 (5,371) 4,116 4,177 5,421 6,555 20,269 9,723 12,257 13,185 8,670 43,835 8,535 4,866 5,205 5,236 23,842
Taxation on an underlying RC basis (1,620) (1,515) (1,506) (955) (5,596) (953) 770 (402) (158) (743) (1,253) (1,141) (1,900) (2,238) (6,532) (3,164) (3,527) (4,856) (3,505) (15,052) (3,368) (2,116) (1,701) (2,180) (9,365)
Underlying RC profit for the period 2,423 2,893 2,272 2,566 10,154 771 (7,356) 229 242 (6,114) 2,863 3,036 3,521 4,317 13,737 6,559 8,730 8,329 5,165 28,783 5,167 2,750 3,504 3,056 14,477
Attributable to
bp shareholders 2,358 2,811 2,254 2,567 9,990 791 (6,682) 86 115 (5,690) 2,630 2,798 3,322 4,065 12,815 6,245 8,451 8,150 4,807 27,653 4,963 2,589 3,293 2,991 13,836
Underlying RC profit for the period 2,423 2,893 2,272 2,566 10,154 771 (7,356) 229 242 (6,114) 2,863 3,036 3,521 4,317 13,737 6,559 8,730 8,329 5,165 28,783 5,167 2,750 3,504 3,056 14,477
Earnings on underlying RC profit
per ordinary share – cents 11.69 13.82 11.06 12.67 49.24 3.92 (33.05) 0.42 0.57 (28.14) 12.95 13.80 16.48 20.53 63.65 32.00 43.58 43.15 26.44 145.63 27.74 14.77 19.14 17.77 79.69
per ADS – dollars 0.70 0.83 0.66 0.76 2.95 0.24 (1.98) 0.03 0.03 (1.69) 0.78 0.83 0.99 1.23 3.82 1.92 2.61 2.59 1.59 8.74 1.66 0.89 1.15 1.07 4.78
0 0 0
ETR on underlying replacement cost profit or loss 40.1% 34.4% 39.9% 27.1% 35.5% 55.3% 9.5% 63.7% 39.5% -13.8% 30.4% 27.3% 35.0% 34.1% 32.2% 32.5% 28.8% 36.8% 40.4% 34.3% 39.5% 43.5% 32.7% 41.6% 39.3%
#
Group information
Contents
Replacement cost profit (loss) before interest and tax by segment and geographical area

US 45 (39) 83 218 307 217 1 384 34 636 1,244 147 548 85 2,024 715 175 464 (1,225) 129 846 782 (838) (114) 676
Non-US 1,032 744 852 10 2,638 853 (7,753) (132) (672) (7,704) 2,186 780 (4,683) 1,826 109 (2,239) 2,562 (3,420) 17,664 14,567 6,501 1,507 3,113 2,283 13,404
1,077 705 935 228 2,945 1,070 (7,752) 252 (638) (7,068) 3,430 927 (4,135) 1,911 2,133 (1,524) 2,737 (2,956) 16,439 14,696 7,347 2,289 2,275 2,169 14,080
oil production & operations 0
US 442 225 (2,861) (1,897) (4,091) (303) (5,063) (255) (124) (5,745) 560 910 1,097 1,511 4,078 1,256 1,671 2,052 1,689 6,668 994 908 1,492 870 4,264
Non-US 1,291 1,516 897 1,436 5,140 124 (9,251) 99 190 (8,838) 919 2,208 1,595 1,701 6,423 2,575 5,566 4,913 (1) 13,053 2,323 1,660 1,935 1,009 6,927
1,733 1,741 (1,964) (461) 1,049 (179) (14,314) (156) 66 (14,583) 1,479 3,118 2,692 3,212 10,501 3,831 7,237 6,965 1,688 19,721 3,317 2,568 3,427 1,879 11,191
US 593 576 648 479 2,296 708 579 147 534 1,968 215 241 395 (460) 391 515 1,805 1,541 1,194 5,055 1,378 755 937 1,124 4,194
Non-US 1,172 712 1,368 954 4,206 (44) 15 768 711 1,450 719 399 665 34 1,817 1,466 1,726 1,045 (423) 3,814 1,302 (200) 612 (1,678) 36
1,765 1,288 2,016 1,433 6,502 664 594 915 1,245 3,418 934 640 1,060 (426) 2,208 1,981 3,531 2,586 771 8,869 2,680 555 1,549 (554) 4,230
Rosneft
Non-US 486 525 802 503 2,316 (17) (124) (278) 270 (149) 363 643 868 555 2,429 – – – – – – – – – –
486 525 802 503 2,316 (17) (124) (278) 270 (149) 363 643 868 555 2,429 – – – – – – – – – –
US (281) (298) (323) (360) (1,262) (181) (172) (188) (445) (986) (142) (320) (82) (194) (738) (171) (353) (105) (250) (879) (152) (196) (106) (750) (1,204)
Non-US (191) (60) (110) (225) (586) (385) (87) 146 733 407 (536) (105) (668) (730) (2,039) (24,548) (675) (988) 353 (25,858) 62 (101) (394) 734 301
(472) (358) (433) (585) (1,848) (566) (259) (42) 288 (579) (678) (425) (750) (924) (2,777) (24,719) (1,028) (1,093) 103 (26,737) (90) (297) (500) (16) (903)
4,589 3,901 1,356 1,118 10,964 972 (21,855) 691 1,231 (18,961) 5,528 4,903 (265) 4,328 14,494 (20,431) 12,477 5,502 19,001 16,549 13,254 5,115 6,751 3,478 28,598
Replacement cost profit (loss) before interest and tax 4,576 3,935 1,386 1,142 11,039 1,150 (21,901) 725 1,154 (18,872) 5,541 4,872 (307) 4,321 14,427 (20,397) 12,456 5,481 19,148 16,688 13,232 5,085 6,694 3,573 28,584
0 0 0
By geographical area 0 0 0
US 771 498 (2,425) (1,603) (2,759) 595 (4,695) 105 (21) (4,016) 1,907 955 1,964 959 5,785 2,277 3,322 3,954 1,404 10,957 3,075 2,244 1,467 1,154 7,940
Non-US 3,805 3,437 3,811 2,745 13,798 555 (17,206) 620 1,175 (14,856) 3,634 3,917 (2,271) 3,362 8,642 (22,674) 9,134 1,527 17,744 5,731 10,157 2,841 5,227 2,419 20,644
Replacement cost profit (loss) before interest and tax 4,576 3,935 1,386 1,142 11,039 1,150 (21,901) 725 1,154 (18,872) 5,541 4,872 (307) 4,321 14,427 (20,397) 12,456 5,481 19,148 16,688 13,232 5,085 6,694 3,573 28,584
#
Group information
Contents
Underlying replacement cost profit (loss) by segment and geographical area

By segment
US 145 180 59 95 479 219 (17) 254 (50) 406 1,173 131 820 10 2,134 652 490 574 (139) 1,577 466 351 (63) 314 1,068
Non-US 958 812 689 510 2,969 628 (797) 248 204 283 1,097 1,109 987 2,201 5,394 2,943 2,590 5,666 3,287 14,486 2,990 1,882 1,319 1,463 7,654
gas & low carbon energy URCP before taxation 1,103 992 748 605 3,448 847 (814) 502 154 689 2,270 1,240 1,807 2,211 7,528 3,595 3,080 6,240 3,148 16,063 3,456 2,233 1,256 1,777 8,722
Taxation 404 230 262 86 982 261 111 249 152 773 535 244 389 509 1,677 1,009 717 1,478 1,163 4,367 961 575 448 746 2,730
gas & low carbon energy URCP post taxation 699 762 486 519 2,466 586 (925) 253 2 (84) 1,735 996 1,418 1,702 5,851 2,586 2,363 4,762 1,985 11,696 2,495 1,658 808 1,031 5,992

US 466 675 485 556 2,182 330 (2,944) (141) (43) (2,798) 472 746 993 1,275 3,486 1,090 1,945 1,967 1,531 6,533 995 947 1,367 1,501 4,810
Non-US 1,287 1,725 927 1,544 5,483 565 (4,769) 508 606 (3,090) 1,093 1,496 1,468 2,749 6,806 3,593 3,957 3,244 2,897 13,691 2,324 1,830 1,769 2,048 7,971
oil production & operations URCP before taxation 1,753 2,400 1,412 2,100 7,665 895 (7,713) 367 563 (5,888) 1,565 2,242 2,461 4,024 10,292 4,683 5,902 5,211 4,428 20,224 3,319 2,777 3,136 3,549 12,781
Taxation 958 1,131 884 811 3,784 503 (1,095) 247 275 (70) 729 939 1,220 1,235 4,123 1,912 2,295 2,921 2,015 9,143 1,766 1,413 1,386 1,433 5,998
oil production & operations URCP post taxation 795 1,269 528 1,289 3,881 392 (6,618) 120 288 (5,818) 836 1,303 1,241 2,789 6,169 2,771 3,607 2,290 2,413 11,081 1,553 1,364 1,750 2,116 6,783

US 531 566 537 556 2,190 557 719 96 (231) 1,141 47 291 429 419 1,186 589 1,873 1,448 994 4,904 1,546 869 1,020 1,119 4,554
Non-US 1,202 799 1,346 882 4,229 364 686 540 357 1,947 609 536 729 192 2,066 1,567 2,133 1,277 908 5,885 1,213 (73) 1,035 (316) 1,859
customers & products URCP before taxation 1,733 1,365 1,883 1,438 6,419 921 1,405 636 126 3,088 656 827 1,158 611 3,252 2,156 4,006 2,725 1,902 10,789 2,759 796 2,055 803 6,413
Taxation 378 289 259 288 1,214 365 221 51 (100) 537 133 123 314 640 1,210 400 783 725 400 2,308 777 271 167 239 1,454
customers & products URCP post taxation 1,355 1,076 1,624 1,150 5,205 556 1,184 585 226 2,551 523 704 844 (29) 2,042 1,756 3,223 2,000 1,502 8,481 1,982 525 1,888 564 4,959
Rosneft
Non-US 567 638 802 412 2,419 (17) (61) (177) 311 56 363 689 923 745 2,720 – – – – – – – – – –
Rosneft URCP before taxation 567 638 802 412 2,419 (17) (61) (177) 311 56 363 689 923 745 2,720 – – – – – – – – – –
Taxation 59 58 78 39 234 (3) (8) (17) 31 3 35 68 93 73 269 – – – – – – – – – –
Rosneft URCP post taxation 508 580 724 373 2,185 (14) (53) (160) 280 53 328 621 830 672 2,451 – – – – – – – – – –

US (154) (218) (241) (91) (704) (134) (128) (53) (142) (457) (110) (189) 2 (34) (331) (149) (242) (152) (155) (698) (128) (147) (66) (228) (569)
Non-US (192) (51) (102) (186) (531) (298) (92) (68) 33 (425) (60) (116) (375) (501) (1,052) (110) 41 (253) (151) (473) (168) (23) (237) 131 (297)
other businesses & corporate URCP before taxation (346) (269) (343) (277) (1,235) (432) (220) (121) (109) (882) (170) (305) (373) (535) (1,383) (259) (201) (405) (306) (1,171) (296) (170) (303) (97) (866)
Taxation (44) (85) 139 (140) (130) (100) 131 (13) (55) (37) (54) (101) (11) (128) (294) (23) (167) (206) (43) (439) (29) (10) (162) (121) (322)
other businesses & corporate URCP post taxation (302) (184) (482) (137) (1,105) (332) (351) (108) (54) (845) (116) (204) (362) (407) (1,089) (236) (34) (199) (263) (732) (267) (160) (141) 24 (544)
Underlying replacement cost profit before interest and tax 4,797 5,160 4,532 4,302 18,791 2,392 (7,449) 1,241 968 (2,848) 4,697 4,662 5,934 7,049 22,342 10,209 12,766 13,750 9,319 46,044 9,216 5,606 6,087 6,127 27,036
By geographical area
US 960 1,237 868 1,073 4,138 1,126 (2,410) 173 (486) (1,597) 1,612 956 2,250 1,688 6,506 2,144 4,090 3,837 2,228 12,300 2,889 2,014 2,240 2,729 9,872
Non-US 3,837 3,923 3,664 3,229 14,653 1,266 (5,039) 1,068 1,454 (1,251) 3,085 3,706 3,684 5,361 15,836 8,064 8,676 9,913 7,091 33,744 6,326 3,593 3,847 3,398 17,164
Underlying replacement cost profit before interest and tax 4,797 5,160 4,532 4,302 18,791 2,392 (7,449) 1,241 968 (2,848) 4,697 4,662 5,934 7,049 22,342 10,209 12,766 13,750 9,319 46,044 9,215 5,607 6,087 6,127 27,036
#
Group information
Contents
Adjusting items
Note: combines the previously separately disclosed items 'Non-operating items' and 'Fair value accounting effects'.
Gains on sale of businesses and fixed assets a – (4) – 3 (1) – – – – – 1,034 – – – 1,034 9 – 3 33 45 15 1 – 3 19
Impairment and losses on sale of businesses and fixed assets b,c,d – (161) (66) (1,044) (1,271) (3) (6,111) (83) (23) (6,220) (123) 1,270 (197) 553 1,503 (252) (265) (6) 1,111 588 (2) (1,058) (224) (937) (2,221)
Environmental and other provisions – – – – – – – – – – – – – – – – – – – – – – – – –
Restructuring, integration and rationalization costs e (1) – – – (1) 2 (6) (36) (87) (127) (8) (21) – (4) (33) 4 1 – 3 8 – 1 (1) – –
Fair value accounting effects f (46) (172) 270 662 714 223 (67) (217) (677) (738) 247 (1,311) (5,808) (790) (7,662) (5,015) (74) (9,224) 12,502 (1,811) 3,934 1,222 1,816 1,887 8,859
Other g 21 50 (17) 2 56 1 (754) 86 (5) (672) 10 (251) 63 (59) (237) 135 (5) 31 (358) (197) (56) (110) (572) (561) (1,299)
(26) (287) 187 (377) (503) 223 (6,938) (250) (792) (7,757) 1,160 (313) (5,942) (300) (5,395) (5,119) (343) (9,196) 13,291 (1,367) 3,891 56 1,019 392 5,358
Gains on sale of businesses and fixed assets a 58 47 – 38 143 7 87 9 257 360 168 216 261 224 869 249 1,278 1,851 68 3,446 137 (31) 246 (55) 297
Impairment and losses on sale of businesses and fixed assets b (69) (682) (3,340) (2,552) (6,643) (1,130) (4,861) (191) (830) (7,012) (209) 1,751 33 (799) 776 (1,204) 268 (326) (3,246) (4,508) 8 (140) (52) (1,635) (1,819)
Environmental and other provisions h – – – (32) (32) (13) – (9) 20 (2) (65) (776) (68) (235) (1,144) 58 (204) 244 420 518 (49) (44) 99 48 54
Restructuring, integration and rationalization costs e (35) (16) (26) (13) (90) (6) (18) (129) (125) (278) (4) (90) 4 (2) (92) (10) (7) 3 3 (11) – (1) – – (1)
Fair value accounting effects 6 (6) (5) (3) (8) – – – – – – – – – – – – – – – – – – – –
Other g 20 (2) (5) 1 14 68 (1,809) (203) 181 (1,763) 24 (225) 1 - (200) 55 - (18) 15 52 (98) 7 (2) (28) (121)
(20) (659) (3,376) (2,561) (6,616) (1,074) (6,601) (523) (497) (8,695) (86) 876 231 (812) 209 (852) 1,335 1,754 (2,740) (503) (2) (209) 291 (1,670) (1,590)
Gains on sale of businesses and fixed assets i 30 11 2 7 50 7 (13) 16 2,310 2,320 (97) 8 (25) 62 (52) 261 31 10 72 374 1 2 18 23 44
Impairment and losses on sale of businesses and fixed assets b (26) (62) (11) (23) (122) (5) (798) (20) (313) (1,136) (43) (35) (58) (961) (1,097) (13) (434) (85) (1,451) (1,983) (83) (36) (242) (1,396) (1,757)
Environmental and other provisions – – (1) (77) (78) – – – (33) (33) – (8) (1) (102) (111) – (35) (1) (65) (101) (10) (1) – (86) (97)
Restructuring, integration and rationalization costs e (2) 20 (4) 71 85 – 31 (142) (522) (633) (41) (10) 16 24 (11) 1 9 (4) 12 18 (2) 1 1 - –
Fair value accounting effects 36 (46) 147 23 160 (259) (31) 425 (284) (149) 459 (139) (30) 146 436 (377) (62) (59) 189 (309) 77 (109) (198) 144 (86)
Other j (6) – – (6) (12) – – – (39) (39) – (3) – (206) (209) (47) 16 – 112 81 (62) (98) (85) (42) (287)
32 (77) 133 (5) 83 (257) (811) 279 1,119 330 278 (187) (98) (1,037) (1,044) (175) (475) (139) (1,131) (1,920) (79) (241) (506) (1,357) (2,183)
Rosneft
Other k (81) (113) – 91 (103) – (63) (101) (41) (205) – (46) (55) (190) (291) (24,033) – – – (24,033) – – – – –
(81) (113) – 91 (103) – (63) (101) (41) (205) – (46) (55) (190) (291) (24,033) – – – (24,033) – – – – –
Gains on sale of businesses and fixed assets – – – – – 2 – 2 190 194 – – – – – (1) – 1 1 1 – – – 1 1
Impairment and losses on sale of businesses and fixed assets – – – (38) (38) – – – (1) (1) (1) (50) 1 (9) (59) (1) (15) – (1) (17) (6) (31) (23) 19 (41)
Environmental and other provisions q (6) (22) – (203) (231) (23) – (32) (122) (177) – (72) (65) (144) (281) (3) (89) 67 (67) (92) (14) (17) (8) (565) (604)
Restructuring, integration and rationalization costs e 11 (4) 2 (1) 8 (13) (33) (155) (57) (258) (25) (74) (12) (2) (113) 13 (3) 6 3 19 (10) – (3) 51 38
Gulf of Mexico oil spill l (115) (57) (84) (63) (319) (21) (31) (63) (140) (255) (11) (18) (17) (24) (70) (19) (21) (21) (23) (84) (9) (18) (19) (11) (57)
Fair value accounting effects – – – – – – (41) 266 450 675 (447) 73 (263) (212) (849) (425) (686) (785) 515 (1,381) 245 (48) (146) 579 630
Other j (16) (6) (8) (3) (33) (79) 66 61 77 125 (24) 21 (21) 2 (22) 9 (13) 44 (19) 21 – (13) 2 7 (4)
(126) (89) (90) (308) (613) (134) (39) 79 397 303 (508) (120) (377) (389) (1,394) (24,460) (827) (688) 409 (25,566) 206 (127) (197) 81 (37)
Total before interest and taxation (221) (1,225) (3,146) (3,160) (7,752) (1,242) (14,452) (516) 186 (16,024) 844 210 (6,241) (2,728) (7,915) (30,606) (310) (8,269) 9,829 (29,356) 4,016 (521) 607 (2,554) 1,548
Finance costs j,l,m (128) (116) (145) (122) (511) (122) (114) (198) (191) (625) (148) (202) (175) (257) (782) (158) (30) (68) (169) (425) (104) (119) (96) (86) (405)
Total before taxation (349) (1,341) (3,291) (3,282) (8,263) (1,364) (14,566) (714) (5) (16,649) 696 8 (6,416) (2,985) (8,697) (30,764) (340) (8,337) 9,660 (29,781) 3,912 (640) 511 (2,640) 1,143
Taxation credit (charge) on adjusting items n 86 305 686 711 1,788 310 3,477 (101) 648 4,334 12 (396) 193 881 690 1,499 (312) 1,092 (1,552) 727 (221) 164 (125) 1,154 972
Taxation - impact of foreign exchange n - - - - - (365) 114 85 67 (99) (13) (30) (33) 7 (69) (28) (149) (104) 10 (271) 16 (4) (33) 21 –
Taxation – Tax rate change effect of UK Energy Profits Levy o – – – – – – – – – – – – – – – – – (778) (1,056) (1,834) – 232 – – 232
Total taxation on adjusting items 86 305 686 711 1,788 (55) 3,591 (16) 715 4,235 (1) (426) 160 888 621 1,471 (461) 210 (2,598) (1,378) (205) 392 (158) 1,175 1,204
Total after taxation for period p (263) (1,036) (2,605) (2,571) (6,475) (1,419) (10,975) (730) 710 (12,414) 695 (418) (6,256) (2,097) (8,076) (29,293) (801) (8,127) 7,062 (31,159) 3,707 (248) 353 (1,465) 2,347
#
Group information
Contents
Adjusting items by geographical area

US (100) (219) 24 123 (172) (2) 18 130 84 230 71 16 (272) 75 (110) 63 (315) (110) (1,086) (1,448) 380 431 (775) (428) (392)
Non-US 74 (68) 163 (500) (331) 225 (6,956) (380) (876) (7,987) 1,089 (329) (5,670) (375) (5,285) (5,182) (28) (9,086) 14,377 81 3,511 (375) 1,794 820 5,750
(26) (287) 187 (377) (503) 223 (6,938) (250) (792) (7,757) 1,160 (313) (5,942) (300) (5,395) (5,119) (343) (9,196) 13,291 (1,367) 3,891 56 1,019 392 5,358
US (24) (450) (3,346) (2,453) (6,273) (633) (2,119) (114) (81) (2,947) 88 164 104 236 592 166 (274) 85 158 135 (1) (39) 125 (631) (546)
Non-US 4 (209) (30) (108) (343) (441) (4,482) (409) (416) (5,748) (174) 712 127 (1,048) (383) (1,018) 1,609 1,669 (2,898) (638) (1) (170) 166 (1,039) (1,044)
(20) (659) (3,376) (2,561) (6,616) (1,074) (6,601) (523) (497) (8,695) (86) 876 231 (812) 209 (852) 1,335 1,754 (2,740) (503) (2) (209) 291 (1,670) (1,590)
US 62 10 111 (77) 106 151 (140) 51 765 827 168 (50) (34) (879) (795) (74) (68) 93 200 151 (168) (114) (83) 5 (360)
Non-US (30) (87) 22 72 (23) (408) (671) 228 354 (497) 110 (137) (64) (158) (249) (101) (407) (232) (1,331) (2,071) 89 (127) (423) (1,362) (1,823)
32 (77) 133 (5) 83 (257) (811) 279 1,119 330 278 (187) (98) (1,037) (1,044) (175) (475) (139) (1,131) (1,920) (79) (241) (506) (1,357) (2,183)
Rosneft
Non-US (81) (113) – 91 (103) – (63) (101) (41) (205) – (46) (55) (190) (291) – – – – – – – – – –
(81) (113) – 91 (103) – (63) (101) (41) (205) – (46) (55) (190) (291) – – – – – – – – – –
US (127) (80) (82) (269) (558) (47) (44) (135) (303) (529) (32) (131) (84) (160) (407) (22) (111) 47 (95) (181) (24) (49) (40) (522) (635)
Non-US 1 (9) (8) (39) (55) (87) 5 214 700 832 (476) 11 (293) (229) (987) (24,438) (716) (735) 504 (25,385) 230 (78) (157) 603 598
(126) (89) (90) (308) (613) (134) (39) 79 397 303 (508) (120) (377) (389) (1,394) (24,460) (827) (688) 409 (25,566) 206 (127) (197) 81 (37)
Total before interest and taxation (221) (1,225) (3,146) (3,160) (7,752) (1,242) (14,452) (516) 186 (16,024) 844 210 (6,241) (2,728) (7,915) (30,606) (310) (8,269) 9,829 (29,356) 4,016 (521) 607 (2,554) 1,548
Finance costs (128) (116) (145) (122) (511) (122) (114) (198) (191) (625) (148) (202) (175) (257) (782) (158) (30) (68) (169) (425) (104) (119) (96) (86) (405)
Total before taxation (349) (1,341) (3,291) (3,282) (8,263) (1,364) (14,566) (714) (5) (16,649) 696 8 (6,416) (2,985) (8,697) (30,764) (340) (8,337) 9,660 (29,781) 3,912 (640) 511 (2,640) 1,143
Taxation credit (charge) on adjusting items 86 305 686 711 1,788 310 3,477 (101) 648 4,334 12 (396) 193 881 690 1,499 (312) 1,092 (1,552) 727 (221) 164 (125) 1,154 972
Taxation - impact of foreign exchange - - - - - (365) 114 85 67 (99) (13) (30) (33) 7 (69) (28) (149) (104) 10 (271) 16 (4) (33) 21 –
Taxation – Tax rate change effect of UK Energy Profits Levy – – – – – – – – – – – – – – – – – (778) (1,056) (1,834) – 232 – – 232
Total taxation on adjusting items 86 305 686 711 1,788 (55) 3,591 (16) 715 4,235 (1) (426) 160 888 621 1,471 (461) 210 (2,598) (1,378) (205) 392 (158) 1,175 1,204
Total after taxation for period (263) (1,036) (2,605) (2,571) (6,475) (1,419) (10,975) (730) 710 (12,414) 695 (418) (6,256) (2,097) (8,076) (29,293) (801) (8,127) 7,062 (31,159) 3,707 (248) 353 (1,465) 2,347
#
Group information Contents
Sales and other operating revenuesa

Restated for 2021 reporting segments and integrated books change $ million
gas & low carbon energy 7,880 6,034 6,263 6,868 27,045 5,656 3,604 3,827 3,188 16,275 8,002 5,739 2,554 14,545 30,840 8,166 13,243 8,053 26,793 56,255 17,886 10,428 10,313 11,670 50,297
oil production & operations 7,094 7,762 6,331 7,515 28,702 5,831 3,305 3,998 4,100 17,234 5,155 5,597 6,285 7,482 24,519 8,158 9,504 8,599 6,932 33,193 6,153 5,777 6,225 6,749 24,904
customers & products 31,104 35,068 32,604 34,088 132,864 26,268 18,013 22,430 24,033 90,744 27,107 31,160 34,382 37,446 130,095 42,163 55,557 47,831 43,072 188,623 38,882 38,051 42,908 40,374 160,215
other businesses & corporate 313 313 345 447 1,418 437 441 383 405 1,666 436 381 423 484 1,724 452 516 552 779 2,299 738 590 672 657 2,657
46,391 49,177 45,543 48,918 190,029 38,192 25,363 30,638 31,726 125,919 40,700 42,877 43,644 59,957 187,178 58,939 78,820 65,035 77,576 280,370 63,659 54,846 60,118 59,450 238,073
Less: sales and other operating revenues between segments

gas & low carbon energy 727 770 1,084 516 3,097 1,811 27 254 616 2,708 1,032 1,063 1,269 1,199 4,563 1,948 1,621 2,785 (441) 5,913 536 840 367 65 1,808
oil production & operations 6,109 7,108 5,786 6,867 25,870 5,501 2,870 3,726 3,782 15,879 4,855 4,928 5,423 7,202 22,408 7,036 8,753 7,589 6,916 30,294 6,261 5,236 5,747 6,464 23,708
customers & products 586 62 (59) 384 973 (782) 330 124 486 158 110 112 354 650 1,226 692 392 (276) 610 1,418 144 (180) 508 (105) 367
other businesses & corporate 134 166 54 428 782 104 267 423 436 1,230 159 307 424 352 1,242 5 188 (74) 1,234 1,353 536 412 227 885 2,060
7,556 8,106 6,865 8,195 30,722 6,634 3,494 4,527 5,320 19,975 6,156 6,410 7,470 9,403 29,439 9,681 10,954 10,024 8,319 38,978 7,477 6,308 6,849 7,309 27,943
External sales and other operating revenues

gas & low carbon energy 7,153 5,264 5,179 6,352 23,948 3,845 3,577 3,573 2,572 13,567 6,970 4,676 1,285 13,346 26,277 6,218 11,622 5,268 27,234 50,342 17,350 9,588 9,946 11,605 48,489
oil production & operations 985 654 545 648 2,832 330 435 272 318 1,355 300 669 862 280 2,111 1,122 751 1,010 16 2,899 (108) 541 478 285 1,196
customers & products 30,518 35,006 32,663 33,704 131,891 27,050 17,683 22,306 23,547 90,586 26,997 31,048 34,028 36,796 128,869 41,471 55,165 48,107 42,462 187,205 38,738 38,231 42,400 40,479 159,848
other businesses & corporate 179 147 291 19 636 333 174 (40) (31) 436 277 74 (1) 132 482 447 328 626 (455) 946 202 178 445 (228) 597
Total sales and other operating revenues 38,835 41,071 38,678 40,723 159,307 31,558 21,869 26,111 26,406 105,944 34,544 36,467 36,174 50,554 157,739 49,258 67,866 55,011 69,257 241,392 56,182 48,538 53,269 52,141 210,130
Sales and other operating revenues include the following in relation to

revenues from contracts with customers:
Crude oil 2,490 2,577 2,194 1,880 9,141 1,435 1,062 1,366 1,185 5,048 1,334 1,291 1,275 1,583 5,483 2,144 2,034 1,322 809 6,309 637 520 496 760 2,413
Oil products 22,705 27,210 26,547 25,946 102,408 20,254 10,452 16,642 16,216 63,564 19,278 24,651 27,699 29,790 101,418 31,751 43,267 40,036 34,800 149,854 30,141 31,218 35,486 32,124 128,969
Natural gas, LNG and NGLs b 4,461 3,440 3,813 3,442 15,156 3,144 2,575 2,348 2,695 10,762 4,181 4,273 5,475 10,449 24,378 10,680 8,944 11,106 11,040 41,770 9,644 5,841 6,396 7,660 29,541
Non-oil products and other revenues from contracts with customers b 2,954 3,124 2,754 2,006 10,838 2,449 2,147 2,594 2,589 9,779 1,398 1,603 2,275 806 6,082 2,345 1,825 2,267 1,459 7,896 1,872 2,750 2,765 2,911 10,298
Revenues from contracts with customers 32,610 36,351 35,308 33,274 137,543 27,282 16,236 22,950 22,685 89,153 26,191 31,818 36,724 42,628 137,361 46,920 56,070 54,731 48,108 205,829 42,294 40,329 45,143 43,455 171,221
Other operating revenues c 6,225 4,720 3,370 7,449 21,764 4,276 5,633 3,161 3,721 16,791 8,353 4,649 (550) 7,926 20,378 2,338 11,796 280 21,149 35,563 13,888 8,209 8,126 8,686 38,909
US 12,272 15,102 13,165 13,573 54,112 10,247 7,835 8,513 9,036 35,631 14,491 15,305 15,372 17,927 63,095 19,152 27,331 22,451 18,563 87,497 19,160 20,065 22,032 20,920 82,177
Non-US 31,708 32,312 31,665 34,639 130,324 26,835 17,251 22,188 22,447 88,721 26,883 29,700 28,578 43,423 128,584 42,797 54,331 45,111 61,593 203,832 46,350 38,492 43,382 40,808 169,032
43,980 47,414 44,830 48,212 184,436 37,082 25,086 30,701 31,483 124,352 41,374 45,005 43,950 61,350 191,679 61,949 81,662 67,562 80,156 291,329 65,510 58,557 65,414 61,728 251,209
Less: sales and other operating revenues between areas (5,145) (6,343) (6,152) (7,489) (25,129) (5,524) (3,217) (4,590) (5,077) (18,408) 6,830 8,538 7,776 10,796 33,940 12,691 13,796 12,551 10,899 49,937 9,328 10,019 12,145 9,587 41,079
#
Group information
Contents
Depreciation, depletion and amortization

US 14 24 16 25 79 20 23 21 32 96 23 16 22 19 80 18 18 19 20 75 21 21 24 30 96
Non-US 1,323 1,318 1,227 1,199 5,067 1,018 929 725 689 3,361 831 1,099 1,208 1,246 4,384 1,237 1,185 1,158 1,353 4,933 1,419 1,386 1,519 1,260 5,584
1,337 1,342 1,243 1,224 5,146 1,038 952 746 721 3,457 854 1,115 1,230 1,265 4,464 1,255 1,203 1,177 1,373 5,008 1,440 1,407 1,543 1,290 5,680
gas 1,309 1,298 1,234 1,224 5,065 1,033 946 741 712 3,432 846 1,107 1,222 1,257 4,432 1,247 1,195 1,168 1,364 4,974 1,429 1,395 1,531 1,276 5,631
low carbon 28 44 9 – 81 5 6 5 9 25 8 8 8 8 32 8 8 9 9 34 11 12 12 14 49
1,337 1,342 1,243 1,224 5,146 1,038 952 746 721 3,457 854 1,115 1,230 1,265 4,464 1,255 1,203 1,177 1,373 5,008 1,440 1,407 1,543 1,290 5,680
US 1,103 1,270 1,111 1,130 4,614 1,053 1,027 825 795 3,700 743 785 827 819 3,174 724 787 815 815 3,141 811 830 942 971 3,554
Non-US 1,199 1,116 1,071 1,166 4,552 1,064 1,043 989 991 4,087 831 774 940 809 3,354 705 584 566 568 2,423 516 540 490 592 2,138
2,302 2,386 2,182 2,296 9,166 2,117 2,070 1,814 1,786 7,787 1,574 1,559 1,767 1,628 6,528 1,429 1,371 1,381 1,383 5,564 1,327 1,370 1,432 1,563 5,692
US 323 333 336 343 1,335 342 344 336 337 1,359 333 337 337 342 1,349 322 334 327 345 1,328 402 466 490 525 1,883
Non-US 383 392 394 417 1,586 405 408 407 411 1,631 412 417 410 412 1,651 395 381 370 396 1,542 395 428 425 417 1,665
706 725 730 760 2,921 747 752 743 748 2,990 745 754 747 754 3,000 717 715 697 741 2,870 797 894 915 942 3,548
US 9 8 8 9 34 10 10 9 10 39 22 23 20 29 94 19 20 19 22 80 20 21 23 21 85
Non-US 107 127 134 145 513 147 153 155 161 616 172 180 180 187 719 205 203 193 195 796 216 231 232 244 923
116 135 142 154 547 157 163 164 171 655 194 203 200 216 813 224 223 212 217 876 236 252 255 265 1,008
Total depreciation, depletion and amortization 4,461 4,588 4,297 4,434 17,780 4,059 3,937 3,467 3,426 14,889 3,367 3,631 3,944 3,863 14,805 3,625 3,512 3,467 3,714 14,318 3,800 3,923 4,145 4,060 15,928
#
Group information
Contents
Condensed group cash flow statement

$ million
Operating activities
Profit (loss) before taxation 4,782 3,148 (25) 249 8,154 (4,524) (21,604) 150 1,090 (24,888) 6,542 5,138 (495) 4,042 15,227 (17,540) 14,063 1,980 16,902 15,405 11,847 3,494 7,309 1,099 23,749
Adjustments to reconcile profit (loss) before taxation to net cash provided by operating activities
Depreciation, depletion and amortization and exploration expenditure written off 4,745 4,665 4,412 4,589 18,411 4,157 13,555 3,517 3,580 24,809 3,428 3,659 3,976 3,909 14,972 3,674 3,591 3,657 3,781 14,703 3,850 4,164 4,219 4,441 16,674
Impairment and (gain) loss on sale of businesses and fixed assets 7 851 3,415 3,609 7,882 1,133 11,696 267 (1,589) 11,507 (732) (3,187) (15) 937 (2,997) 25,513 (864) (1,449) 3,456 26,656 (65) 1,297 278 3,978 5,488
Earnings from equity-accounted entities, less dividends received (589) (395) (236) (75) (1,295) 505 860 1,018 (538) 1,845 (633) (539) (784) (201) (2,157) (1,093) 72 (391) 582 (830) 1 (31) 421 803 1,194
Net charge for interest and other finance expense, less net interest paid 88 62 257 250 657 137 17 60 22 236 29 300 63 74 466 184 (46) 72 186 396 63 102 136 202 503
Share-based payments 297 117 149 167 730 (6) 351 199 179 723 (46) 228 219 226 627 170 208 251 166 795 (22) 243 298 97 616
Net operating charge for pensions and other post-retirement benefits, less contributions
and benefit payments for unfunded plans (77) (68) (50) (43) (238) (20) (34) (46) (182) (282) (20) (371) (80) (184) (655) (146) (36) (15) (60) (257) (43) (47) (40) (63) (193)
Net charge for provisions, less payments (116) (198) (132) 270 (176) (59) (365) 293 866 735 902 1,172 666 194 2,934 484 796 173 (1,013) 440 (1,099) (221) (342) (819) (2,481)
Movements in inventories and other current and non-current assets and liabilities (2,695) (58) 141 (306) (2,918) 683 (609) 556 (715) (85) (2,793) 26 3,850 (1,709) (626) (1,771) (4,416) 6,764 (6,847) (6,270) (3,755) (742) (783) 1,942 (3,338)
Income taxes paid (1,146) (1,309) (1,875) (1,107) (5,437) (1,054) (130) (810) (444) (2,438) (568) (1,015) (1,424) (1,172) (4,179) (1,265) (2,505) (2,754) (3,582) (10,106) (3,155) (1,966) (2,749) (2,303) (10,173)
Net cash provided by operating activities 5,296 6,815 6,056 7,603 25,770 952 3,737 5,204 2,269 12,162 6,109 5,411 5,976 6,116 23,612 8,210 10,863 8,288 13,571 40,932 7,622 6,293 8,747 9,377 32,039
Investing activities
Expenditure on property, plant and equipment, intangible and other assets (3,695) (3,833) (3,954) (3,936) (15,418) (3,789) (3,018) (2,577) (2,922) (12,306) (3,033) (2,435) (2,647) (2,772) (10,887) (2,602) (2,666) (3,105) (3,696) (12,069) (3,129) (3,453) (3,456) (4,247) (14,285)
Acquisitions, net of cash acquired (1,795) (1,747) 13 (33) (3,562) (17) – (10) (17) (44) (1) – (53) (132) (186) (8) 3 (3) (3,522) (3,530) 52 (804) (9) (38) (799)
Investment in joint ventures – (20) (60) (57) (137) (18) (8) (12) (529) (567) (742) (47) (70) (581) (1,440) (294) (159) (40) (107) (600) (540) (50) (102) (347) (1,039)
Investment in associates (145) (54) (22) (83) (304) (37) (41) (1,037) (23) (1,138) (22) (32) (133) (148) (335) (25) (16) (46) (44) (131) (8) (7) (36) (79) (130)
Total cash capital expenditure (5,635) (5,654) (4,023) (4,109) (19,421) (3,861) (3,067) (3,636) (3,491) (14,055) (3,798) (2,514) (2,903) (3,633) (12,848) (2,929) (2,838) (3,194) (7,369) (16,330) (3,625) (4,314) (3,603) (4,711) (16,253)
Proceeds from disposal of fixed assets 235 70 171 24 500 10 10 32 439 491 551 93 (19) 520 1,145 468 202 12 27 709 15 28 59 31 133
Proceeds from disposal of businesses, net of cash disposed 365 8 536 792 1,701 671 670 84 3,564 4,989 3,613 122 332 1,745 5,812 549 111 594 587 1,841 785 60 79 269 1,193
Proceeds from loan repayments 55 64 63 64 246 63 543 50 61 717 61 67 33 36 197 29 16 15 7 67 6 21 12 16 55
Net cash provided by (used in) investing activities (4,980) (5,512) (3,253) (3,229) (16,974) (3,117) (1,844) (3,470) 573 (7,858) 427 (2,232) (2,557) (1,332) (5,694) (1,883) (2,509) (2,573) (6,748) (13,713) (2,819) (4,205) (3,453) (4,395) (14,872)
Financing activities
Net issue (repurchase) of shares (45) (80) (215) (1,171) (1,511) (776) – – – (776) – (500) (926) (1,725) (3,151) (1,592) (2,288) (2,876) (3,240) (9,996) (2,448) (2,073) (2,047) (1,350) (7,918)
Lease liability payments (617) (595) (594) (566) (2,372) (569) (664) (578) (631) (2,442) (560) (514) (506) (502) (2,082) (498) (472) (478) (513) (1,961) (555) (620) (663) (722) (2,560)
Proceeds from long-term financing 2,124 4,381 213 1,879 8,597 2,684 6,846 2,587 2,619 14,736 1,956 1,985 2,398 648 6,987 2,002 – 1 10 2,013 2,395 3,643 8 1,522 7,568
Repayments of long-term financing (2,640) (3,602) (516) (360) (7,118) (3,717) (964) (4,307) (3,191) (12,179) (7,029) (67) (6,745) (2,963) (16,804) (892) (4,573) (4,035) (2,197) (11,697) (799) (2,828) (264) (11) (3,902)
Net increase (decrease) in short-term debt 1,089 (119) (852) 62 180 2,517 (215) (2,630) (906) (1,234) 222 (33) (81) 969 1,077 (276) (688) (618) 190 (1,392) (529) (348) (71) 87 (861)
Issue of perpetual hybrid bonds – – – – – – 11,861 – – 11,861 – – 859 65 924 66 62 194 48 370 45 87 30 13 175
Redemption of perpetual hybrid bonds – – – – – – – – – – – – – – – – – – – – – – – – –
Payments on perpetual hybrid bonds – – – – – – – (27) (62) (89) (55) (328) (55) (100) (538) (148) (161) (180) (219) (708) (236) (250) (258) (264) (1,008)
Payments relating to transactions involving non-controlling interests (other) – – – – – – (8) – – (8) – – (560) – (560) (5) (1) (2) (1) (9) (180) – – (7) (187)
Receipts relating to transactions involving non-controlling interests (other) – – – 566 566 9 – 483 173 665 668 3 – 12 683 7 – 3 1 11 7 2 527 10 546
Dividends paid
bp shareholders (1,435) (1,779) (1,656) (2,076) (6,946) (2,102) (2,119) (1,060) (1,059) (6,340) (1,064) (1,062) (1,101) (1,077) (4,304) (1,068) (1,062) (1,140) (1,088) (4,358) (1,183) (1,153) (1,249) (1,224) (4,809)
Non-controlling interests (36) (83) (47) (47) (213) (31) (74) (58) (75) (238) (51) (107) (87) (66) (311) (65) (63) (66) (100) (294) (68) (67) (191) (77) (403)
Net cash provided by (used in) financing activities (1,560) (1,877) (3,667) (1,713) (8,817) (1,985) 14,663 (5,590) (3,132) 3,956 (5,913) (623) (6,804) (4,739) (18,079) (2,469) (9,246) (9,197) (7,109) (28,021) (3,551) (3,607) (4,178) (2,023) (13,359)
Currency translation differences relating to cash and cash equivalents 32 (8) (118) 119 25 (183) (42) 268 336 379 (58) 24 (177) (58) (269) (125) (414) (322) 177 (684) (14) – (104) 145 27
Increase (decrease) in cash and cash equivalents (1,212) (582) (982) 2,780 4 (4,333) 16,514 (3,588) 46 8,639 565 2,580 (3,562) (13) (430) 3,733 (1,306) (3,804) (109) (1,486) 1,238 (1,519) 1,012 3,104 3,835
Cash and cash equivalents at beginning of period 22,468 21,256 20,674 19,692 22,468 22,472 18,139 34,653 31,065 22,472 31,111 31,676 34,256 30,694 31,111 30,681 34,414 33,108 29,304 30,681 29,195 30,433 28,914 29,926 29,195
Cash and cash equivalents at end of period a 21,256 20,674 19,692 22,472 22,472 18,139 34,653 31,065 31,111 31,111 31,676 34,256 30,694 30,681 30,681 34,414 33,108 29,304 29,195 29,195 30,433 28,914 29,926 33,030 33,030
#
Group information
Contents
Group balance sheet

$ million
Footnotes Q1 2019 Q2 2019 Q3 2019 Q4 2019 Q1 2020 Q2 2020 Q3 2020 Q4 2020 Q1 2021 Q2 2021 Q3 2021 Q4 2021 Q1 2022 Q2 2022 Q3 2022 Q4 2022 Q1 2023 Q2 2023 Q3 2023 Q4 2023
Non-current assets
Property, plant and equipment 144,625 145,291 134,661 132,642 130,226 117,208 116,580 114,836 112,927 116,177 114,458 112,902 109,884 107,151 105,045 106,044 105,744 108,126 107,163 104,719
Goodwill 12,277 12,158 11,712 11,868 11,692 12,352 12,457 12,480 12,460 12,497 12,428 12,373 11,883 11,462 11,145 11,960 12,003 12,206 12,283 12,472
Intangible assets 16,505 15,631 15,084 15,539 15,555 5,987 6,293 6,093 6,145 6,237 6,261 6,451 6,352 6,433 6,311 10,200 10,295 10,447 9,997 9,991
Investments in joint ventures 8,701 8,637 8,678 9,991 9,655 8,015 7,953 8,362 9,641 9,703 9,777 9,982 9,512 9,290 14,673 12,400 13,030 13,081 12,635 12,435
Investments in associates 19,073 19,587 19,492 20,334 17,319 16,982 16,929 18,975 19,199 20,194 21,359 21,001 5,476 8,042 7,836 8,201 8,101 7,941 7,954 7,814
Other investments 1,269 1,250 1,248 1,276 1,084 2,559 2,439 2,746 2,351 2,539 2,396 2,544 2,669 2,682 2,597 2,670 2,656 2,328 2,337 2,189
Fixed assets 202,450 202,554 190,875 191,650 185,531 163,103 162,651 163,492 162,723 167,347 166,679 165,253 145,776 145,060 147,607 151,475 151,829 154,129 152,369 149,620
Loans 642 689 642 630 619 724 711 840 866 776 972 922 912 1,097 1,185 1,271 1,238 1,468 1,656 1,942
Trade and other receivables 2,111 2,146 2,054 2,147 2,074 4,270 4,239 4,351 4,239 3,685 3,815 2,693 1,631 1,155 1,094 1,092 1,131 1,209 1,066 1,767
Derivative financial instruments 5,265 6,014 5,829 6,314 7,836 7,381 7,705 9,755 7,298 7,887 7,203 7,006 7,809 8,379 9,333 12,841 11,575 10,655 9,495 9,980
Prepayments 814 776 789 781 793 495 497 533 542 487 473 479 575 525 549 576 698 685 600 623
Deferred tax assets 3,593 3,624 4,195 4,560 4,693 6,891 6,816 7,744 6,687 6,662 6,259 6,410 5,516 4,965 5,271 3,908 3,401 3,747 3,470 4,268
Defined benefit pension plan surpluses 5,709 5,816 5,972 7,053 8,014 6,346 6,806 7,957 9,453 10,489 10,659 11,919 13,162 11,152 10,003 9,269 9,531 8,860 8,173 7,948
220,584 221,619 210,356 213,135 209,560 189,210 189,425 194,672 191,808 197,333 196,060 194,682 175,381 172,333 175,042 180,432 179,403 180,753 176,829 176,148
Current assets
Loans 340 313 350 339 356 370 555 458 361 366 478 355 353 282 285 315 369 304 363 240
Inventories 21,426 20,042 19,240 20,880 11,641 12,504 13,840 16,873 20,873 22,608 25,232 23,711 30,109 34,257 29,492 28,081 23,905 23,349 25,671 22,819
Trade and other receivables 24,490 24,343 22,788 24,442 17,210 16,522 15,954 17,948 20,095 23,540 25,327 27,139 35,610 39,114 34,817 34,010 29,426 27,701 31,558 31,123
Prepayments 1,082 1,001 1,138 857 834 679 645 1,269 1,524 1,298 1,479 2,486 2,625 2,581 1,148 2,092 1,791 1,673 1,333 2,520
Current tax receivable 965 930 1,090 1,282 1,600 637 681 672 445 425 494 542 255 290 293 621 637 660 674 837
Other investments 134 135 114 169 88 122 298 333 216 164 191 280 103 130 300 578 450 671 932 843
Cash and cash equivalents 21,256 20,674 19,692 22,472 18,139 34,217 30,749 31,111 31,676 34,256 30,694 30,681 34,414 33,108 29,304 29,195 30,433 28,914 29,926 33,030
72,697 70,822 67,758 74,594 58,092 69,802 66,284 71,656 78,086 86,719 90,437 90,938 112,859 119,942 107,130 106,446 99,258 95,314 103,407 103,995
Assets classified as held for sale – 721 8,149 7,465 6,212 4,169 4,541 1,326 31 34 39 1,652 7,272 6,858 1,310 1,242 – – – 151
72,697 71,543 75,907 82,059 64,304 73,971 70,825 72,982 78,117 86,753 90,476 92,590 120,131 126,800 108,440 107,688 99,258 95,314 103,407 104,146
Total assets 293,281 293,162 286,263 295,194 273,864 263,181 260,250 267,654 269,925 284,086 286,536 287,272 295,512 299,133 283,482 288,120 278,661 276,067 280,236 280,294
Current liabilities
Trade and other payables 46,749 44,774 43,203 46,829 34,420 32,134 33,823 36,014 40,709 45,198 49,406 52,611 61,195 64,015 56,270 63,984 57,854 56,183 60,440 61,155
Accruals 3,924 4,143 4,569 5,066 3,854 3,670 3,822 4,650 4,298 4,517 5,623 5,638 4,389 5,427 6,327 6,398 5,829 6,004 5,958 6,527
Lease liabilities 2,099 2,094 2,012 2,067 2,097 1,958 1,907 1,933 1,874 1,825 1,762 1,747 1,737 1,735 1,842 2,102 2,160 2,465 2,536 2,650
Finance debt 11,480 8,677 7,556 10,487 12,376 11,452 11,013 9,359 5,181 7,622 3,693 5,557 5,212 6,479 3,877 3,198 2,499 2,338 2,872 3,284
Current tax payable 2,348 2,384 1,805 2,039 1,673 1,159 804 1,038 1,245 1,429 1,346 1,554 2,917 3,817 4,120 4,065 3,583 3,550 3,054 2,732
Provisions 2,332 2,070 2,189 2,453 2,414 2,074 2,563 3,761 4,448 4,831 5,585 5,256 5,811 6,154 6,857 6,332 5,102 4,574 4,193 4,418
71,272 66,743 63,861 72,202 62,680 56,125 57,020 59,753 60,681 70,539 78,081 79,928 98,618 106,936 103,754 98,697 84,587 81,465 85,595 86,016
Liabilities directly associated with assets classified as held for sale – 112 1,107 1,393 1,018 948 1,057 46 34 31 31 359 2,567 2,571 388 321 – – – 62
71,272 66,855 64,968 73,595 63,698 57,073 58,077 59,799 60,715 70,570 78,112 80,287 101,185 109,507 104,142 99,018 84,587 81,465 85,595 86,078
Non-current liabilities
Other payables 13,898 12,654 12,550 12,626 12,323 11,777 11,908 12,112 11,958 10,886 10,603 10,567 10,385 9,124 9,313 10,387 10,181 9,282 9,465 10,076
Accruals 547 610 612 996 954 936 908 852 839 889 978 968 930 896 1,024 1,233 1,307 1,245 1,273 1,310
Finance debt 54,510 58,876 58,311 57,237 56,741 64,527 61,796 63,305 60,942 60,625 59,521 55,619 55,394 46,387 42,683 43,746 46,096 47,400 45,938 48,670
Deferred tax liabilities 9,770 9,672 9,715 9,750 9,771 6,585 6,634 6,831 7,159 7,854 8,044 8,780 8,498 8,360 9,016 10,526 10,886 10,648 10,293 9,617
Provisions 17,773 18,393 17,487 18,498 18,057 17,986 17,892 17,200 17,170 19,069 18,820 19,572 17,830 18,229 16,517 14,992 15,214 15,572 15,497 14,721
Defined benefit pension plan and other post-retirement benefit plan deficits 8,686 9,007 9,284 8,592 8,094 8,461 8,744 9,254 8,415 8,504 8,231 7,820 6,977 5,828 4,971 5,244 5,352 5,285 4,747 5,456
118,673 122,684 121,280 120,891 119,686 123,297 120,018 122,287 118,624 120,284 119,158 116,546 115,808 108,063 106,007 106,112 106,893 108,999 106,965 108,723
Total liabilities 189,945 189,539 186,248 194,486 183,384 180,370 178,095 182,086 179,339 190,854 197,270 196,833 216,993 217,570 210,149 205,130 191,480 190,464 192,560 194,801
Net assets 103,336 103,623 100,015 100,708 90,480 82,811 82,155 85,568 90,586 93,232 89,266 90,439 78,519 81,563 73,333 82,990 87,181 85,603 87,676 85,493
Equity
bp shareholders’ equity 101,199 101,485 97,922 98,412 88,286 68,864 67,955 71,250 75,959 78,797 74,475 75,463 63,299 66,609 58,181 67,553 71,775 70,339 72,418 70,283
Non-controlling interests 2,137 2,138 2,093 2,296 2,194 13,947 14,200 14,318 14,627 14,435 14,791 14,976 15,220 14,954 15,152 15,437 15,406 15,264 15,258 15,210
Total equity 103,336 103,623 100,015 100,708 90,480 82,811 82,155 85,568 90,586 93,232 89,266 90,439 78,519 81,563 73,333 82,990 87,181 85,603 87,676 85,493
#
Group information
Contents
Gulf of Mexico oil spill

$ million
Trade and other payables (13,751) (12,623) (12,402) (12,480) (12,480) (12,374) (11,294) (11,298) (11,387) (11,387) (11,343) (10,248) (10,320) (10,430) (10,430) (10,493) (9,387) (9,461) (9,563) (9,563) (9,656) (8,546) (8,636) (8,733) (8,733)
Provisions (368) (199) (207) (189) (189) (124) (29) (23) (49) (49) (11) (10) (9) (3) (3) (3) (3) (3) (3) (3) (3) (3) (3) (2) (2)
Gulf of Mexico oil spill payables and provisions (14,119) (12,822) (12,609) (12,669) (12,669) (12,498) (11,323) (11,321) (11,436) (11,436) (11,354) (10,258) (10,329) (10,433) (10,433) (10,496) (9,390) (9,464) (9,566) (9,566) (9,659) (8,549) (8,639) (8,735) (8,735)
Of which - current (2,262) (2,022) (1,829) (1,800) (1,800) (1,622) (1,511) (1,427) (1,444) (1,444) (1,296) (1,270) (1,272) (1,279) (1,279) (1,254) (1,217) (1,204) (1,216) (1,216) (1,220) (1,111) (1,122) (1,133) (1,133)
Deferred tax asset 5,626 5,600 5,610 5,526 5,526 5,549 5,456 5,449 5,471 5,471 4,684 4,326 4,016 3,959 3,959 3,438 2,340 2,255 1,444 1,444 1,455 1,293 1,306 1,320 1,320
Pre-tax cash flows (654) (1,472) (443) (125) (2,694) (281) (1,209) (180) (116) (1,786) (181) (1,222) (53) (29) (1,485) (66) (1,230) (50) (24) (1,370) (21) (1,222) (25) (11) (1,279)
Post tax cash flows (649) (1,413) (409) 42 (2,429) (281) (1,097) (142) (88) (1,608)
#
Group information
Working capital reconciliationa

$ million
Movements in inventories and other current and non-current assets and liabilities b (2,695) (58) 141 (306) (2,918) 683 (609) 556 (715) (85) (2,793) 26 3,850 (1,709) (626) (1,771) (4,416) 6,764 (6,847) (6,270) (3,755) (742) (783) 1,942 (3,338)
Adjusted for inventory holding gains (losses) (excluding Rosneft) 1,048 83 (433) (21) 677 (4,683) 1,035 199 670 (2,779) 1,642 885 465 404 3,396 3,501 2,146 (2,868) (1,428) 1,351 (600) (732) 1,593 (1,497) (1,236)
Adjusted for fair value accounting effects relating to subsidiaries (4) (224) 412 682 866 (36) (139) 474 (511) (212) 259 (1,377) (6,101) (856) (8,075) (5,817) (676) (10,068) 13,288 (3,273) 4,242 1,053 1,443 2,610 9,348
Other adjusting items c 930 635 83 (85) 1,563 438 1,011 645 (815) 1,279 (1,298) 558 (300) (966) (2,006)
Working capital release (build) after adjusting for net inventory gains (losses)
(1,651) (199) 120 355 (1,375) (4,036) 287 1,229 (556) (3,076) 38 169 (1,703) (2,246) (3,742) (3,649) (1,935) (5,527) 4,198 (6,913) (1,411) 137 1,953 2,089 2,768
and fair value accounting effects
#
Group information
Contents
Capital expenditure on a cash basis

Total capital expenditure by segment
US a 8 11 2 9 30 21 10 8 511 550 739 46 323 111 1,219 144 117 69 507 837 257 152 131 278 818
Non-US 1,276 1,506 1,543 1,335 5,660 1,163 1,009 927 959 4,058 1,146 701 749 926 3,522 717 706 889 1,102 3,414 756 735 924 1,048 3,463
1,284 1,517 1,545 1,344 5,690 1,184 1,019 935 1,470 4,608 1,885 747 1,072 1,037 4,741 861 823 958 1,609 4,251 1,013 887 1,055 1,326 4,281
gas a,d 1,253 1,481 1,521 1,274 5,529 1,181 1,009 892 929 4,011 811 705 736 928 3,180 642 681 872 1,032 3,227 647 697 833 848 3,025
low carbon 31 36 24 70 161 3 10 43 541 597 1,074 42 336 109 1,561 219 142 86 577 1,024 366 190 222 478 1,256
1,284 1,517 1,545 1,344 5,690 1,184 1,019 935 1,470 4,608 1,885 747 1,072 1,037 4,741 861 823 958 1,609 4,251 1,013 887 1,055 1,326 4,281
oil production & operations b
US 2,711 2,715 1,013 1,026 7,465 1,168 1,015 586 560 3,329 622 657 657 723 2,659 678 869 1,014 1,024 3,585 1,013 1,100 1,187 1,176 4,476
Non-US 829 584 652 828 2,893 792 604 531 573 2,500 697 491 442 549 2,179 576 339 372 406 1,693 507 378 457 460 1,802
3,540 3,299 1,665 1,854 10,358 1,960 1,619 1,117 1,133 5,829 1,319 1,148 1,099 1,272 4,838 1,254 1,208 1,386 1,430 5,278 1,520 1,478 1,644 1,636 6,278
customers & products c
US 188 271 197 258 914 123 74 139 237 573 118 147 177 444 886 262 249 278 3,377 4,166 411 1,383 251 688 2,733
Non-US 596 469 564 522 2,151 534 295 1,380 533 2,742 414 372 420 780 1,986 453 426 435 772 2,086 579 475 551 915 2,520
784 740 761 780 3,065 657 369 1,519 770 3,315 532 519 597 1,224 2,872 715 675 713 4,149 6,252 990 1,858 802 1,603 5,253
US 4 10 8 10 32 11 14 8 (3) 30 8 40 19 27 94 13 18 16 21 68 16 25 14 23 78
Non-US 23 88 44 121 276 49 46 57 121 273 54 60 116 73 303 86 114 121 160 481 86 66 88 123 363
27 98 52 131 308 60 60 65 118 303 62 100 135 100 397 99 132 137 181 549 102 91 102 146 441
5,635 5,654 4,023 4,109 19,421 3,861 3,067 3,636 3,491 14,055 3,798 2,514 2,903 3,633 12,848 2,929 2,838 3,194 7,369 16,330 3,625 4,314 3,603 4,711 16,253
Total capital expenditure by geographical area

US 2,911 3,007 1,220 1,303 8,441 1,323 1,113 741 1,305 4,482 1,487 890 1,176 1,305 4,858 1,097 1,253 1,377 4,929 8,656 1,697 2,661 1,583 2,164 8,105
Non-US 2,724 2,647 2,803 2,806 10,980 2,538 1,954 2,895 2,186 9,573 2,311 1,624 1,727 2,328 7,990 1,832 1,585 1,817 2,440 7,674 1,928 1,653 2,020 2,547 8,148
5,635 5,654 4,023 4,109 19,421 3,861 3,067 3,636 3,491 14,055 3,798 2,514 2,903 3,633 12,848 2,929 2,838 3,194 7,369 16,330 3,625 4,314 3,603 4,711 16,253
Capital expenditure split by organic/inorganic
Organic capital expenditure 3,648 3,686 3,946 3,958 15,238 3,539 3,034 2,512 2,949 12,034 2,906 2,511 2,850 3,512 11,779 2,573 2,845 3,191 3,861 12,470 3,495 3,233 3,597 4,673 14,998
Inorganic capital expenditure d,e 1,987 1,968 77 151 4,183 322 33 1,124 542 2,021 892 3 53 121 1,069 356 (7) 3 3,508 3,860 130 1,081 6 38 1,255
5,635 5,654 4,023 4,109 19,421 3,861 3,067 3,636 3,491 14,055 3,798 2,514 2,903 3,633 12,848 2,929 2,838 3,194 7,369 16,330 3,625 4,314 3,603 4,711 16,253
#
Group information
Contents
Net debt and net debt including leases

$ million
Finance debt a,b 65,990 67,553 65,867 67,724 69,117 76,003 72,828 72,664 66,123 68,247 63,214 61,176 60,606 52,866 46,560 46,944 48,595 49,738 48,810 51,954
Fair value (asset) liability of hedges related to finance debt c 350 (378) 319 190 426 (430) (1,384) (2,612) (1,134) (1,285) (549) 118 1,265 3,058 4,746 3,673 3,070 2,836 3,440 1,988
66,340 67,175 66,186 67,914 69,543 75,573 71,444 70,052 64,989 66,962 62,665 61,294 61,871 55,924 51,306 50,617 51,665 52,574 52,250 53,942
Less: cash and cash equivalents 21,256 20,674 19,692 22,472 18,139 34,653 31,065 31,111 31,676 34,256 30,694 30,681 34,414 33,108 29,304 29,195 30,433 28,914 29,926 33,030
Net debt 45,084 46,501 46,494 45,442 51,404 40,920 40,379 38,941 33,313 32,706 31,971 30,613 27,457 22,816 22,002 21,422 21,232 23,660 22,324 20,912
Net partner (receivable) payable for leases entered into on behalf of joint operations (303) (230) (197) (158) (159) (90) (41) (7) 37 109 111 187 206 14 22 19 19 (136) (124) (131)
Net debt including leases 55,075 56,650 55,936 55,006 60,618 50,161 49,620 48,196 42,380 41,678 40,710 39,411 36,129 30,886 29,919 29,990 29,856 34,485 33,079 31,902
#
Debt ratios and Debt ratios including leases

$ million, except ratios
Finance debt a 65,990 67,553 65,867 67,724 69,117 76,003 72,828 72,664 66,123 68,247 63,214 61,176 60,606 52,866 46,560 46,944 48,595 49,738 48,810 51,954
Fair value (asset) liability of hedges related to finance debt b 350 (378) 319 190 426 (430) (1,384) (2,612) (1,134) (1,285) (549) 118 1,265 3,058 4,746 3,673 3,070 2,836 3,440 1,988
66,340 67,175 66,186 67,914 69,543 75,573 71,444 70,052 64,989 66,962 62,665 61,294 61,871 55,924 51,306 50,617 51,665 52,574 52,250 53,942
Less: cash and cash equivalents c 21,256 20,674 19,692 22,472 18,139 34,653 31,065 31,111 31,676 34,256 30,694 30,681 34,414 33,108 29,304 29,195 30,433 28,914 29,926 33,030
Net debt 45,084 46,501 46,494 45,442 51,404 40,920 40,379 38,941 33,313 32,706 31,971 30,613 27,457 22,816 22,002 21,422 21,232 23,660 22,324 20,912
Equity d 103,336 103,623 100,015 100,708 90,480 82,811 82,155 85,568 90,586 93,232 89,266 90,439 78,519 81,563 73,333 82,990 87,181 85,603 87,676 85,493
Gearing 30.4% 31.0% 31.7% 31.1% 36.2% 33.1% 33.0% 31.3% 26.9% 26.0% 26.4% 25.3% 25.9% 21.9% 23.1% 20.5% 19.6% 21.7% 20.3% 19.7%
Net debt including leases 60,618 50,161 49,620 48,196 42,380 41,678 40,710 39,411 36,129 30,886 29,919 29,990 29,856 34,485 33,079 31,902
Equity d 90,480 82,811 82,155 85,568 90,586 93,232 89,266 90,439 78,519 81,563 73,333 82,990 87,181 85,603 87,676 85,493
Gearing including leases 40.1% 37.7% 37.7% 36.0% 31.9% 30.9% 31.3% 30.4% 31.5% 27.5% 29.0% 26.5% 25.5% 28.7% 27.4% 27.2%
#
Group information
Contents
Dividends paid

Dividends paid per ordinary share
cents 10.250 10.250 10.250 10.250 41.000 10.500 10.500 5.250 5.250 31.500 5.250 5.250 5.460 5.460 21.420 5.460 5.460 6.006 6.006 22.932 6.610 6.610 7.270 7.270 27.760
pence 7.738 8.066 8.348 7.825 31.977 8.156 8.342 4.043 3.917 24.458 3.768 3.712 3.953 4.105 15.538 4.160 4.356 5.168 4.940 18.624 5.551 5.309 5.732 5.737 22.328
Dividends paid per ADS (cents) 61.50 61.50 61.50 61.50 246.00 63.00 63.00 31.50 31.50 189.00 31.50 31.50 32.76 32.76 128.52 32.76 32.76 36.04 36.04 137.59 39.66 39.66 43.62 43.62 166.56
Scrip dividends
Number of shares issued (millions) 90.1 46.3 72.5 – 208.9 – – – – – – – – – – – – – – – – – – – –
Value of shares issued ($ million) 629 318 440 – 1,387 – – – – – – – – – – – – – – – – – – – –
#
Group information
Contents
Inventory holding gains (losses)

gas & low carbon energy – (9) 1 2 (6) (9) 11 7 10 19 22 4 15 (8) 33 25 (9) (14) (10) (8) 1 – – – 1
oil production & operations 2 (1) (1) (2) (2) (59) 46 1 10 (2) 15 (6) (1) – 8 1 (7) 1 (2) (7) 1 – (1) – –
customers & products 1,046 93 (433) (21) 685 (4,615) 978 191 650 (2,796) 1,605 887 451 412 3,355 3,475 2,162 (2,855) (1,416) 1,366 (602) (732) 1,594 (1,497) (1,237)
Rosneft (net of tax) 40 (2) (79) 31 (10) (201) 53 34 25 (89) 88 68 35 68 259 – – – – – – – – – –
other businesses & corporate – – – – – – – – – – – – – – – – – – – – – – – – –
Inventory holding gains (losses) 1,088 81 (512) 10 667 (4,884) 1,088 233 695 (2,868) 1,730 953 500 472 3,655 3,501 2,146 (2,868) (1,428) 1,351 (600) (732) 1,593 (1,497) (1,236)
Taxation (charge) credit on inventory holding gains and losses (249) (34) 114 13 (156) 1,147 (279) (39) (162) 667 (388) (217) (110) (114) (829) (837) (539) 682 362 (332) 148 183 (381) 342 292
Total inventory holding gains (losses), net of tax 839 47 (398) 23 511 (3,737) 809 194 533 (2,201) 1,342 736 390 358 2,826 2,664 1,607 (2,186) (1,066) 1,019 (452) (549) 1,212 (1,155) (944)
#
Group information
Contents
Realizations
Restated for 2021 reporting segments
gas & low carbon energy Footnotes Q1 Q2 Q3 Q4 2019 Q1 Q2 Q3 Q4 2020 Q1 Q2 Q3 Q4 2021 Q1 Q2 Q3 Q4 2022 Q1 Q2 Q3 Q4 2023
Average realizations a
Liquids ($/bbl)
US – – – – – – – – – – – – – – – – – – – – – – – – –
Europe – – – – – – – – – – – – – – – – – – – – – – – – –
Rest of World b 56.90 62.71 57.26 46.44 56.92 45.70 22.59 37.77 36.51 35.63 55.38 61.69 66.39 71.63 63.60 86.09 105.50 88.03 80.50 89.86 79.44 73.57 76.69 78.87 77.03
bp Average b 56.90 62.71 57.26 46.44 56.92 45.70 22.59 37.77 36.51 35.63 55.38 61.69 66.39 71.63 63.60 86.09 105.50 88.03 80.50 89.86 79.44 73.57 76.69 78.87 77.03
Natural gas ($/mcf)

US – – – – – – – – – – – – – – – – – – – – – – – – –
Europe – – – – – – – – – – – – – – – – – – – – – – – – –
Rest of World 4.67 4.13 3.82 3.77 4.10 3.51 3.12 2.99 3.37 3.25 3.94 4.14 5.26 6.94 5.11 7.88 8.42 9.85 9.40 8.91 7.41 5.53 5.38 6.18 6.13
bp Average 4.67 4.13 3.82 3.77 4.10 3.51 3.12 2.99 3.37 3.25 3.94 4.14 5.26 6.94 5.11 7.88 8.42 9.85 9.40 8.91 7.41 5.53 5.38 6.18 6.13
Total hydrocarbons ($/boe)

US – – – – – – – – – – – – – – – – – – – – – – – – –
Europe – – – – – – – – – – – – – – – – – – – – – – – – –
Rest of World b 31.18 29.64 26.99 24.05 28.00 23.30 18.63 19.64 21.27 20.71 26.84 28.97 34.91 43.68 33.75 50.91 55.79 60.80 57.60 56.34 46.95 36.96 36.82 40.17 40.21
bp Average b 31.18 29.64 26.99 24.05 28.00 23.30 18.63 19.64 21.27 20.71 26.84 28.97 34.91 43.68 33.75 50.91 55.79 60.80 57.60 56.34 46.95 36.96 36.82 40.17 40.21
oil production & operations Footnotes Q1 Q2 Q3 Q4 2019 Q1 Q2 Q3 Q4 2020 Q1 Q2 Q3 Q4 2021 Q1 Q2 Q3 Q4 2022 Q1 Q2 Q3 Q4 2023
Average realizations a
Liquids ($/bbl)
US 50.57 56.98 50.46 49.34 51.88 45.96 21.63 31.74 32.40 33.06 45.21 53.64 59.87 65.25 56.15 70.34 89.80 82.23 71.21 78.40 62.66 60.53 63.95 67.66 63.81
Europe 61.78 68.73 61.90 63.01 63.95 50.71 28.91 43.52 43.39 41.79 61.72 69.19 74.02 80.49 70.82 104.41 113.90 94.21 86.62 99.90 79.26 75.14 90.76 81.02 80.70
Rest of World 60.96 67.36 59.75 62.52 62.72 48.72 22.58 42.26 42.45 37.77 58.10 65.24 69.33 74.85 66.97 89.68 107.10 107.57 93.63 99.55 83.83 82.08 79.11 90.43 83.83
bp Average 56.41 62.62 55.47 56.59 57.83 47.64 22.76 38.21 38.58 36.21 52.92 60.55 65.53 71.07 62.57 83.47 100.34 93.14 80.43 89.62 71.63 69.19 71.10 76.22 72.09
Natural gas ($/mcf)

US 2.57 1.80 1.72 1.65 1.93 1.28 0.97 1.29 1.76 1.30 3.45 3.03 3.51 4.59 3.68 3.90 6.28 7.25 4.84 5.61 2.47 1.58 2.24 2.04 2.08
Europe b 5.84 3.63 3.03 4.06 4.01 3.23 1.38 2.34 5.37 3.13 6.94 6.84 12.44 29.21 14.59 34.58 26.78 36.72 35.56 33.45 26.83 12.46 11.22 15.12 16.71
Rest of World 0.95 0.22 (0.24) 1.24 0.75 1.40 1.45 1.44 2.48 1.70 2.99 2.23 2.67 2.61 2.63 3.68 – – – 3.68 – – – – –
bp Average 2.69 1.86 1.79 1.85 2.04 1.44 1.03 1.42 2.38 1.53 4.12 3.59 4.89 8.73 5.49 9.55 9.83 12.12 10.20 10.46 6.57 3.23 3.44 3.65 4.17
Total hydrocarbons ($/boe)

US 34.17 35.94 31.23 31.84 33.30 29.94 16.05 22.04 24.20 23.25 36.91 41.14 45.39 51.09 43.88 52.17 69.71 66.82 55.67 61.21 45.00 40.84 45.39 45.68 44.29
Europe b 58.89 63.40 52.47 51.91 56.87 43.97 23.00 36.14 39.39 35.52 55.43 60.11 73.42 112.26 75.22 136.17 129.12 137.66 130.61 133.48 107.07 74.20 80.61 83.21 86.36
Rest of World 60.90 67.31 59.72 62.46 62.67 48.68 22.58 42.24 42.43 37.75 58.06 65.20 69.27 74.80 66.92 89.66 107.12 107.57 93.63 99.55 83.83 82.08 79.11 90.43 83.83
bp Average 44.83 47.74 41.23 43.75 44.43 37.10 19.32 31.21 33.18 29.88 46.83 52.09 56.73 66.19 55.65 76.85 90.03 86.83 74.60 82.23 62.36 54.57 56.76 59.69 58.34
#
gas & low carbon energy Contents

$ million
Profit (loss) before interest and tax 1,077 696 936 230 2,939 1,061 (7,741) 259 (628) (7,049) 3,452 931 (4,120) 1,903 2,166 (1,499) 2,728 (2,970) 16,429 14,688 7,348 2,289 2,275 2,169 14,081
Inventory holding (gains) losses – 9 (1) (2) 6 9 (11) (7) (10) (19) (22) (4) (15) 8 (33) (25) 9 14 10 8 (1) – – – (1)
Replacement cost profit (loss) before interest and tax 1,077 705 935 228 2,945 1,070 (7,752) 252 (638) (7,068) 3,430 927 (4,135) 1,911 2,133 (1,524) 2,737 (2,956) 16,439 14,696 7,347 2,289 2,275 2,169 14,080
Net (favourable) adverse impact of adjusting items 26 287 (187) 377 503 (223) 6,938 250 792 7,757 (1,160) 313 5,942 300 5,395 5,119 343 9,196 (13,291) 1,367 (3,891) (56) (1,019) (392) (5,358)
Underlying replacement cost profit before interest and tax 1,103 992 748 605 3,448 847 (814) 502 154 689 2,270 1,240 1,807 2,211 7,528 3,595 3,080 6,240 3,148 16,063 3,456 2,233 1,256 1,777 8,722
Taxation on underlying replacement cost profit 404 230 262 86 982 261 111 249 152 773 535 244 389 509 1,677 1,009 717 1,478 1,163 4,367 961 575 448 746 2,730
Underlying replacement cost profit before interest 699 762 486 519 2,466 586 (925) 253 2 (84) 1,735 996 1,418 1,702 5,851 2,586 2,363 4,762 1,985 11,696 2,495 1,658 808 1,031 5,992
By region
Underlying replacement cost profit (loss) before interest and tax
US 145 180 59 95 479 219 (17) 254 (50) 406 1,173 131 820 10 2,134 652 490 574 (139) 1,577 466 351 (63) 314 1,068
Non-US 958 812 689 510 2,969 628 (797) 248 204 283 1,097 1,109 987 2,201 5,394 2,943 2,590 5,666 3,287 14,486 2,990 1,882 1,319 1,463 7,654
1,103 992 748 605 3,448 847 (814) 502 154 689 2,270 1,240 1,807 2,211 7,528 3,595 3,080 6,240 3,148 16,063 3,456 2,233 1,256 1,777 8,722
Adjusting items
US 100 219 (24) (123) 172 2 (18) (130) (84) (230) (71) (16) 272 (75) 110 (63) 315 110 1,086 1,448 (380) (431) 775 428 392
Non-US (74) 68 (163) 500 331 (225) 6,956 380 876 7,987 (1,089) 329 5,670 375 5,285 5,182 28 9,086 (14,377) (81) (3,511) 375 (1,794) (820) (5,750)
26 287 (187) 377 503 (223) 6,938 250 792 7,757 (1,160) 313 5,942 300 5,395 5,119 343 9,196 (13,291) 1,367 (3,891) (56) (1,019) (392) (5,358)
Replacement cost profit (loss) before interest and tax
US 45 (39) 83 218 307 217 1 384 34 636 1,244 147 548 85 2,024 715 175 464 (1,225) 129 846 782 (838) (114) 676
Non-US 1,032 744 852 10 2,638 853 (7,753) (132) (672) (7,704) 2,186 780 (4,683) 1,826 109 (2,239) 2,562 (3,420) 17,664 14,567 6,501 1,507 3,113 2,283 13,404
1,077 705 935 228 2,945 1,070 (7,752) 252 (638) (7,068) 3,430 927 (4,135) 1,911 2,133 (1,524) 2,737 (2,956) 16,439 14,696 7,347 2,289 2,275 2,169 14,080
Depreciation
US 14 24 16 25 79 20 23 21 32 96 23 16 22 19 80 18 18 19 20 75 21 21 24 30 96
Non-US 1,323 1,318 1,227 1,199 5,067 1,018 929 725 689 3,361 831 1,099 1,208 1,246 4,384 1,237 1,185 1,158 1,353 4,933 1,419 1,386 1,519 1,260 5,584
1,337 1,342 1,243 1,224 5,146 1,038 952 746 721 3,457 854 1,115 1,230 1,265 4,464 1,255 1,203 1,177 1,373 5,008 1,440 1,407 1,543 1,290 5,680
Exploration expenditure written off
US – – – – – – – – – – – – – – – – – – – – – – – – –
Non-US 156 19 74 91 340 3 1,631 65 42 1,741 6 21 14 2 43 (2) – 10 (6) 2 (1) (1) 15 349 362
156 19 74 91 340 3 1,631 65 42 1,741 6 21 14 2 43 (2) – 10 (6) 2 (1) (1) 15 349 362
Adjusted EBITDA
US 159 204 75 120 558 239 6 275 (18) 502 1,196 147 842 29 2,214 670 508 593 (119) 1,652 487 372 (39) 344 1,164
Non-US 2,437 2,149 1,990 1,800 8,376 1,649 1,095 1,036 932 4,712 1,934 2,229 2,209 3,449 9,821 4,178 3,775 6,834 4,634 19,421 4,408 3,267 2,853 3,072 13,600
2,596 2,353 2,065 1,920 8,934 1,888 1,101 1,311 914 5,214 3,130 2,376 3,051 3,478 12,035 4,848 4,283 7,427 4,515 21,073 4,895 3,639 2,814 3,416 14,764
Total Capital expenditure
US 8 11 2 9 30 21 10 8 511 550 739 46 323 111 1,219 144 117 69 507 837 257 152 131 278 818
Non-US 1,276 1,506 1,543 1,335 5,660 1,163 1,009 927 959 4,058 1,146 701 749 926 3,522 717 706 889 1,102 3,414 756 735 924 1,048 3,463
1,284 1,517 1,545 1,344 5,690 1,184 1,019 935 1,470 4,608 1,885 747 1,072 1,037 4,741 861 823 958 1,609 4,251 1,013 887 1,055 1,326 4,281
gas 1,253 1,481 1,521 1,274 5,529 1,182 1,009 892 929 4,012 811 705 736 928 3,180 642 681 872 1,032 3,227 647 697 833 848 3,025
low carbon energy a 31 36 24 70 161 2 10 43 541 596 1,074 42 336 109 1,561 219 142 86 577 1,024 366 190 222 478 1,256
1,284 1,517 1,545 1,344 5,690 1,184 1,019 935 1,470 4,608 1,885 747 1,072 1,037 4,741 861 823 958 1,609 4,251 1,013 887 1,055 1,326 4,281
gas
Production (net of royalties)
Liquids (mb/d)
US – – – – – – – – – – – – – – – – – – – – – – – – –
Europe – – – – – – – – – – – – – – – – – – – – – – – – –
Rest of World 137 134 125 105 125 96 99 92 98 96 112 109 109 122 113 121 112 117 121 118 114 103 106 99 105
137 134 125 105 125 96 99 92 98 96 112 109 109 122 113 121 112 117 121 118 114 103 106 99 105
Natural gas (mmcf/d)

US – – – – – – – – – – – – – – – – – – – – – – – – –
Europe – – – – – – – – – – – – – – – – – – – – – – – – –
Rest of World 5,013 4,730 4,796 4,968 4,876 4,665 4,463 4,343 4,049 4,379 4,623 4,440 4,520 4,941 4,632 4,897 4,709 5,011 4,844 4,866 4,962 4,641 4,875 4,637 4,778
5,013 4,730 4,796 4,968 4,876 4,665 4,463 4,343 4,049 4,379 4,623 4,440 4,520 4,941 4,632 4,897 4,709 5,011 4,844 4,866 4,962 4,641 4,875 4,637 4,778
Total hydrocarbons (mboe/d)
US – – – – – – – – – – – – – – – – – – – – – – – – –
Europe – – – – – – – – – – – – – – – – – – – – – – – – –
Rest of World 1,001 950 952 962 966 900 869 841 796 851 909 875 889 974 912 966 924 981 956 957 969 903 946 899 929
1,001 950 952 962 966 900 869 841 796 851 909 875 889 974 912 966 924 981 956 957 969 903 946 899 929
Average realizations
Total liquids ($/bbl) 56.90 62.71 57.26 46.44 56.92 45.70 22.59 37.77 36.51 35.63 55.38 61.69 66.39 71.63 63.60 86.09 105.50 88.03 80.50 89.86 79.44 73.57 76.69 78.87 77.03
Natural gas ($/mcf) 4.67 4.13 3.82 3.77 4.10 3.51 3.12 2.99 3.37 3.25 3.94 4.14 5.26 6.94 5.11 7.88 8.42 9.85 9.40 8.91 7.41 5.53 5.38 6.18 6.13
Total hydrocarbons ($/boe) 31.18 29.64 26.99 24.05 28.00 23.30 18.63 19.64 21.27 20.71 26.84 28.97 34.91 43.68 33.75 50.91 55.79 60.80 57.60 56.34 46.95 36.96 36.82 40.17 40.21
#
low carbon energy
Low Carbon Energy b
Installed renewables capacity bp net, GW 1.1 1.1 1.1 1.1 1.1 1.1 1.1 1.2 1.5 1.5 1.6 1.6 1.7 1.9 1.9 1.9 2.0 2.0 2.2 2.2 2.2 2.4 2.5 2.7 2.7
Developed renewables to FID bp net, GW 2.3 2.3 2.3 2.6 2.6 2.7 2.8 3.1 3.3 3.3 3.3 3.5 3.6 4.4 4.4 4.4 4.4 4.6 5.8 5.8 5.9 6.1 6.1 6.2 6.2
Renewables Pipeline bp net, GW 10.9 10.9 13.8 21.2 23.3 23.1 23.1 24.9 25.8 26.9 37.2 37.2 38.8 39.6 43.9 58.3 58.3
Of which by geographical area:
Renewables Pipeline - Americas bp net, GW 6.3 6.3 7.3 15.3 16.8 16.2 16.2 16.3 16.9 17.5 17.0 17.0 17.5 17.8 18.4 18.8 18.8
Renewables Pipeline - Asia Pacific bp net, GW c 0.8 0.8 1.4 .8 1.1 1.4 1.4 1.4 1.4 1.7 11.8 11.8 12.2 12.2 12.1 21.3 21.3
Renewables Pipeline - Europe bp net, GW 3.7 3.7 5.1 5.1 5.2 5.3 5.3 7.0 7.2 7.6 8.3 8.3 8.9 9.5 13.4 14.6 14.6
Renewables Pipeline - Other bp net, GW 0.1 0.1 – – 0.2 0.2 0.2 0.2 0.2 0.1 0.1 0.1 0.1 0.1 – 3.5 3.5
Of which by technology:
Renewables Pipeline - Offshore Wind bp net, GW 2.2 2.2 3.7 3.7 3.7 3.7 3.7 5.2 5.2 5.2 5.2 5.2 5.3 5.3 9.3 9.3 9.3
Renewables Pipeline - Onshore Wind bp net, GW 6.3 6.3 6.3 6.3 6.1 12.7 12.7
Renewables Pipeline - Solar bp net, GW 8.7 8.7 10.1 17.5 19.6 19.4 19.4 19.7 20.6 21.7 25.7 25.7 27.2 28.1 28.5 36.3 36.3
Total Developed Renewables to FID and Renewables Pipeline bp net, GW 14.1 14.1 17.10 24.70 26.90 27.5 27.5 29.20 30.10 31.50 43.0 43.0 44.7 45.7 50.0 64.5 64.5
LNG Portfolio, MTPA 15 20 18 19
#
oil production & operations Contents

$ million
Profit (loss) before interest and tax 1,735 1,740 (1,965) (463) 1,047 (238) (14,268) (155) 76 (14,585) 1,494 3,112 2,691 3,212 10,509 3,832 7,230 6,966 1,686 19,714 3,318 2,568 3,426 1,879 11,191
Inventory holding (gains) losses (2) 1 1 2 2 59 (46) (1) (10) 2 (15) 6 1 – (8) (1) 7 (1) 2 7 (1) – 1 – –
Replacement cost profit (loss) before interest and tax 1,733 1,741 (1,964) (461) 1,049 (179) (14,314) (156) 66 (14,583) 1,479 3,118 2,692 3,212 10,501 3,831 7,237 6,965 1,688 19,721 3,317 2,568 3,427 1,879 11,191
Net (favourable) adverse impact of adjusting items 20 659 3,376 2,561 6,616 1,074 6,601 523 497 8,695 86 (876) (231) 812 (209) 852 (1,335) (1,754) 2,740 503 2 209 (291) 1,670 1,590
Underlying replacement cost profit before interest and tax 1,753 2,400 1,412 2,100 7,665 895 (7,713) 367 563 (5,888) 1,565 2,242 2,461 4,024 10,292 4,683 5,902 5,211 4,428 20,224 3,319 2,777 3,136 3,549 12,781
Taxation on underlying replacement cost profit 958 1,131 884 811 3,784 503 (1,095) 247 275 (70) 729 939 1,220 1,235 4,123 1,912 2,295 2,921 2,015 9,143 1,766 1,413 1,386 1,433 5,998
Underlying replacement cost profit before interest 795 1,269 528 1,289 3,881 392 (6,618) 120 288 (5,818) 836 1,303 1,241 2,789 6,169 2,771 3,607 2,290 2,413 11,081 1,553 1,364 1,750 2,116 6,783
By region
US 466 675 485 556 2,182 330 (2,944) (141) (43) (2,798) 472 746 993 1,275 3,486 1,090 1,945 1,967 1,531 6,533 995 947 1,367 1,501 4,810
Non-US 1,287 1,725 927 1,544 5,483 565 (4,769) 508 606 (3,090) 1,093 1,496 1,468 2,749 6,806 3,593 3,957 3,244 2,897 13,691 2,324 1,830 1,769 2,048 7,971
1,753 2,400 1,412 2,100 7,665 895 (7,713) 367 563 (5,888) 1,565 2,242 2,461 4,024 10,292 4,683 5,902 5,211 4,428 20,224 3,319 2,777 3,136 3,549 12,781
Adjusting items
US 24 450 3,346 2,453 6,273 633 2,119 114 81 2,947 (88) (164) (104) (236) (592) (166) 274 (85) (158) (135) 1 39 (125) 631 546
Non-US (4) 209 30 108 343 441 4,482 409 416 5,748 174 (712) (127) 1,048 383 1,018 (1,609) (1,669) 2,898 638 1 170 (166) 1,039 1,044
20 659 3,376 2,561 6,616 1,074 6,601 523 497 8,695 86 (876) (231) 812 (209) 852 (1,335) (1,754) 2,740 503 2 209 (291) 1,670 1,590
US 442 225 (2,861) (1,897) (4,091) (303) (5,063) (255) (124) (5,745) 560 910 1,097 1,511 4,078 1,256 1,671 2,052 1,689 6,668 994 908 1,492 870 4,264
Non-US 1,291 1,516 897 1,436 5,140 124 (9,251) 99 190 (8,838) 919 2,208 1,595 1,701 6,423 2,575 5,566 4,913 (1) 13,053 2,323 1,660 1,935 1,009 6,927
1,733 1,741 (1,964) (461) 1,049 (179) (14,314) (156) 66 (14,583) 1,479 3,118 2,692 3,212 10,501 3,831 7,237 6,965 1,688 19,721 3,317 2,568 3,427 1,879 11,191
Depreciation
US 1,103 1,270 1,111 1,130 4,614 1,053 1,027 825 795 3,700 743 785 827 819 3,174 724 787 815 815 3,141 811 830 942 971 3,554
Non-US 1,199 1,116 1,071 1,166 4,552 1,064 1,043 989 991 4,087 831 774 940 809 3,354 705 584 566 568 2,423 516 540 490 592 2,138
2,302 2,386 2,182 2,296 9,166 2,117 2,070 1,814 1,786 7,787 1,574 1,559 1,767 1,628 6,528 1,429 1,371 1,381 1,383 5,564 1,327 1,370 1,432 1,563 5,692
Exploration expenditure written off
US 16 54 43 63 176 12 2,546 3 82 2,643 4 6 4 5 19 4 3 22 49 78 54 150 59 14 277
Non-US 112 4 (2) 1 115 83 5,441 (18) 30 5,536 52 2 12 40 106 47 76 158 24 305 (3) 92 – 18 107
128 58 41 64 291 95 7,987 (15) 112 8,179 56 8 16 45 125 51 79 180 73 383 51 242 59 32 384
Adjusted EBITDA
US 1,585 1,999 1,639 1,749 6,972 1,395 474 687 834 3,390 1,219 1,537 1,824 2,099 6,679 1,818 2,735 2,804 2,395 9,752 1,860 1,927 2,368 2,486 8,641
Non-US 2,598 2,845 1,996 2,711 10,150 1,712 569 1,479 1,627 5,387 1,976 2,272 2,420 3,598 10,266 4,345 4,617 3,968 3,489 16,419 2,837 2,462 2,259 2,658 10,216
4,183 4,844 3,635 4,460 17,122 3,107 1,043 2,166 2,461 8,777 3,195 3,809 4,244 5,697 16,945 6,163 7,352 6,772 5,884 26,171 4,697 4,389 4,627 5,144 18,857
US 2,711 2,715 1,013 1,026 7,465 1,168 1,015 586 560 3,329 622 657 657 723 2,659 678 869 1,014 1,024 3,585 1,013 1,100 1,187 1,176 4,476
Non-US 829 584 652 828 2,893 792 604 531 573 2,500 697 491 442 549 2,179 576 339 372 406 1,693 507 378 457 460 1,802
3,540 3,299 1,665 1,854 10,358 1,960 1,619 1,117 1,133 5,829 1,319 1,148 1,099 1,272 4,838 1,254 1,208 1,386 1,430 5,278 1,520 1,478 1,644 1,636 6,278
Production (net of royalties)
Liquids (mb/d)
US 455 506 449 517 482 505 472 363 359 424 379 364 374 392 377 346 366 378 395 371 405 402 444 440 423
Europe 159 137 118 149 141 147 166 143 160 154 154 120 139 141 138 139 127 131 140 134 148 149 124 143 141
Rest of World 549 524 532 557 541 559 628 531 502 555 464 454 462 471 463 463 442 450 431 446 452 449 443 440 446
1,163 1,167 1,099 1,223 1,163 1,211 1,266 1,037 1,021 1,133 997 938 975 1,004 978 948 935 959 966 952 1,005 1,000 1,011 1,024 1,010
Natural gas (mmcf/d)

US 2,310 2,410 2,396 2,317 2,358 2,050 1,549 1,419 1,232 1,561 1,086 1,128 1,257 1,315 1,197 1,231 1,279 1,361 1,292 1,292 1,356 1,448 1,475 1,663 1,486
Europe 145 132 188 275 185 244 298 265 320 282 325 248 302 332 301 349 340 328 332 337 333 321 283 286 306
Rest of World 404 408 415 385 403 429 415 431 409 421 400 409 403 407 405 384 344 387 365 370 371 371 397 355 373
2,859 2,950 2,999 2,977 2,947 2,723 2,262 2,115 1,962 2,264 1,810 1,786 1,961 2,053 1,903 1,964 1,964 2,075 1,989 1,998 2,060 2,140 2,155 2,305 2,165
Total hydrocarbons (mboe/d)
US 853 921 862 916 888 858 739 608 571 694 567 558 591 619 584 558 587 613 618 594 639 652 698 727 679
Europe 184 160 151 196 173 189 217 188 215 202 210 162 191 198 190 199 185 188 197 192 206 204 173 193 194
Rest of World 618 594 603 624 610 632 700 606 573 628 533 525 531 541 532 529 502 517 494 510 516 513 512 501 510
1,655 1,675 1,616 1,736 1,671 1,679 1,656 1,402 1,359 1,524 1,309 1,245 1,313 1,358 1,307 1,286 1,274 1,317 1,309 1,297 1,360 1,369 1,382 1,421 1,383
Average realizations
Total liquids ($/bbl) 56.41 62.62 55.47 56.59 57.83 47.64 22.76 38.21 38.58 36.21 52.92 60.55 65.53 71.07 62.57 83.47 100.34 93.14 80.43 89.62 71.63 69.19 71.10 76.22 72.09
Natural gas ($/mcf) a 2.69 1.86 1.79 1.85 2.04 1.44 1.03 1.42 2.38 1.53 4.12 3.59 4.89 8.73 5.49 9.55 9.83 12.12 10.20 10.46 6.57 3.23 3.44 3.65 4.17
Total hydrocarbons ($/boe) a 44.83 47.74 41.23 43.75 44.43 37.10 19.32 31.21 33.18 29.88 46.83 52.09 56.73 66.19 55.65 76.85 90.03 86.83 74.60 82.23 62.36 54.57 56.76 59.69 58.34
#
customers & products Contents

$ million
Profit (loss) before interest and tax 2,811 1,381 1,583 1,412 7,187 (3,951) 1,572 1,106 1,895 622 2,539 1,527 1,511 (14) 5,563 5,456 5,693 (269) (645) 10,235 2,078 (177) 3,143 (2,051) 2,993
Inventory holding (gains) losses (1,046) (93) 433 21 (685) 4,615 (978) (191) (650) 2,796 (1,605) (887) (451) (412) (3,355) (3,475) (2,162) 2,855 1,416 (1,366) 602 732 (1,594) 1,497 1,237
Replacement cost profit (loss) before interest and tax 1,765 1,288 2,016 1,433 6,502 664 594 915 1,245 3,418 934 640 1,060 (426) 2,208 1,981 3,531 2,586 771 8,869 2,680 555 1,549 (554) 4,230
Net (favourable) adverse impact of adjusting items (32) 77 (133) 5 (83) 257 811 (279) (1,119) (330) (278) 187 98 1,037 1,044 175 475 139 1,131 1,920 79 241 506 1,357 2,183
Underlying replacement cost profit before interest and tax 1,733 1,365 1,883 1,438 6,419 921 1,405 636 126 3,088 656 827 1,158 611 3,252 2,156 4,006 2,725 1,902 10,789 2,759 796 2,055 803 6,413
Taxation on underlying replacement cost profit 378 289 259 288 1,214 365 221 51 (100) 537 133 123 314 640 1,210 400 783 725 400 2,308 777 271 167 239 1,454
Underlying replacement cost profit before interest 1,355 1,076 1,624 1,150 5,205 556 1,184 585 226 2,551 523 704 844 (29) 2,042 1,756 3,223 2,000 1,502 8,481 1,982 525 1,888 564 4,959
By business
customers - convenience & mobility 820 960 1,066 944 3,790 688 432 1,081 682 2,883 658 951 806 637 3,052 522 679 1,137 628 2,966 391 701 670 882 2,644
Castrol - included in customers 272 321 332 333 1,258 167 63 326 262 818 334 265 231 207 1,037 256 223 151 70 700 161 171 185 213 730
products - refining & trading 744 322 704 457 2,227 168 926 (533) (589) (28) (2) (124) 352 (26) 200 1,634 3,327 1,588 1,274 7,823 2,368 95 1,385 (79) 3,769
petrochemicals 169 83 113 37 402 65 47 88 33 233 – – – – – – – – – – – – – – –
1,733 1,365 1,883 1,438 6,419 921 1,405 636 126 3,088 656 827 1,158 611 3,252 2,156 4,006 2,725 1,902 10,789 2,759 796 2,055 803 6,413
Adjusting items
customers - convenience & mobility – 27 (10) (8) 9 (4) (77) (110) (443) (634) (72) (8) (43) (253) (376) 235 (326) – (14) (105) (18) (82) (172) (85) (357)
Castrol - included in customers (4) 22 – 39 57 – (51) (7) (121) (179) 6 10 (12) (2) 2 (28) (13) (2) 49 6 – (2) – (9) (11)
products - refining & trading 33 (104) 145 6 80 (253) (722) 391 (715) (1,299) 449 (166) (32) (790) (539) (410) (149) (139) (1,117) (1,815) (61) (159) (334) (1,272) (1,826)
petrochemicals (1) – (2) (3) (6) – (12) (2) 2,277 2,263 (99) (13) (23) 6 (129) – – – – – – – – – –
32 (77) 133 (5) 83 (257) (811) 279 1,119 330 278 (187) (98) (1,037) (1,044) (175) (475) (139) (1,131) (1,920) (79) (241) (506) (1,357) (2,183)
customers - convenience & mobility 820 987 1,056 936 3,799 684 355 971 239 2,249 586 943 763 384 2,676 757 353 1,137 614 2,861 373 619 498 797 2,287
products - refining & trading 777 218 849 463 2,307 (85) 204 (142) (1,304) (1,327) 447 (290) 320 (816) (339) 1,224 3,178 1,449 157 6,008 2,307 (64) 1,051 (1,351) 1,943
petrochemicals 168 83 111 34 396 65 35 86 2,310 2,496 (99) (13) (23) 6 (129) – – – – – – – – – –
1,765 1,288 2,016 1,433 6,502 664 594 915 1,245 3,418 934 640 1,060 (426) 2,208 1,981 3,531 2,586 771 8,869 2,680 555 1,549 (554) 4,230
Adjusted EBITDA
customers - convenience & mobility 1,089 1,235 1,338 1,241 4,903 975 715 1,387 1,006 4,083 982 1,280 1,130 966 4,358 848 994 1,448 962 4,252 732 1,149 1,151 1,348 4,380
products - refining & trading 1,129 719 1,111 871 3,830 578 1,345 (98) (167) 1,658 419 301 775 399 1,894 2,025 3,727 1,974 1,681 9,407 2,824 541 1,819 397 5,581
petrochemicals 221 136 164 86 607 115 97 90 35 337 – – – – – – – – – – – – – – –
2,439 2,090 2,613 2,198 9,340 1,668 2,157 1,379 874 6,078 1,401 1,581 1,905 1,365 6,252 2,873 4,721 3,422 2,643 13,659 3,556 1,690 2,970 1,745 9,961
Depreciation
customers - convenience & mobility 269 275 272 297 1,113 287 283 306 324 1,200 324 329 324 329 1,306 326 315 311 334 1,286 341 448 481 466 1,736
Castrol - included in customers 34 36 36 38 144 38 43 38 42 161 39 39 36 36 150 39 38 36 40 153 39 42 43 43 167
products - refining & trading 385 397 407 414 1,603 410 419 435 422 1,686 421 425 423 425 1,694 391 400 386 407 1,584 456 446 434 476 1,812
petrochemicals 52 53 51 49 205 50 50 2 2 104 – – – – – – – – – – – – – – –
706 725 730 760 2,921 747 752 743 748 2,990 745 754 747 754 3,000 717 715 697 741 2,870 797 894 915 942 3,548
customers - convenience & mobility 395 333 382 433 1,543 340 150 1,266 401 2,157 316 255 301 692 1,564 347 334 404 694 1,779 458 1,452 435 790 3,135
Castrol - included in customers 55 56 55 63 229 48 23 33 69 173 41 42 37 53 173 52 43 42 98 235 68 44 60 90 262
products - refining & trading 370 380 353 282 1,385 262 196 244 365 1,067 216 264 296 532 1,308 368 341 309 3,455 4,473 532 406 367 813 2,118
petrochemicals 19 27 26 65 137 55 23 9 4 91 – – – – – – – – – – – – – – –
784 740 761 780 3,065 657 369 1,519 770 3,315 532 519 597 1,224 2,872 715 675 713 4,149 6,252 990 1,858 802 1,603 5,253
Convenience, fuels & next-gen mobility
bp retail sites - total (#) a 18,700 18,700 18,850 18,900 18,900 18,900 18,900 20,550 20,300 20,300 20,300 20,300 20,350 20,500 20,500 20,550 20,600 20,550 20,650 20,650 20,700 21,100 21,150 21,100 21,100
Strategic convenience sites (#) a 1,450 1,450 1,500 1,650 1,650 1,650 1,650 1,900 1,900 1,900 1,950 2,000 2,050 2,150 2,150 2,150 2,200 2,250 2,400 2,400 2,450 2,750 2,750 2,850 2,850
Convenience gross margin 1,249 1,328 1,537 1,526
Convenience gross margin growth, % (at constant forex) 5.7% 10.9% 8.5%
Retail fuels gross margin 3,715 3,502 3,779 3,900
Retail fuels volumes (mb/d) 1,180 1,014 1,076 1,062
Premium fuels, % of volume sold 15.1% 16.3% 16.9% 15.9%
Customer touchpoints (# millions) >10 >11 >12 ~12
Electric vehicle charge points (#) a >7,500 10,100 13,100 21,900
Castrol
Castrol premium lubricants, % of volume sold (Global) 49.4% 49.2% 51.2% 51.9%
Marketing sales of refined products (mb/d) b

US 1,077 1,174 1,172 1,156 1,145 1,038 872 1,083 1,055 1,011 1,016 1,131 1,161 1,151 1,115 1,113 1,163 1,143 1,126 1,136 1,078 1,275 1,280 1,205 1,210
Europe 993 1,091 1,157 1,051 1,073 954 685 849 801 823 706 838 968 936 863 883 1,032 1,098 1,069 1,021 973 1,056 1,093 1,037 1,040
Rest of World 520 520 459 537 509 519 364 422 457 441 440 469 439 496 461 471 439 451 461 456 462 472 474 465 468
2,590 2,785 2,788 2,744 2,727 2,511 1,921 2,354 2,313 2,275 2,162 2,438 2,568 2,583 2,439 2,467 2,634 2,692 2,656 2,613 2,513 2,803 2,847 2,707 2,718
Of which retail fuels volumes 1,180 1,014 1,076 1,062
Trading/supply sales of refined products 408 427 468 534 460 457 403 435 370 416 336 415 425 395 393 352 369 355 325 350 333 353 392 355 358
Total sales volumes of refined products 2,998 3,212 3,256 3,278 3,187 2,968 2,324 2,789 2,683 2,691 2,498 2,853 2,993 2,978 2,832 2,819 3,003 3,047 2,981 2,963 2,846 3,156 3,239 3,062 3,076
Refining
Refining marker margin (RMM) ($/bbl)
US North West Coast 11.1 21.7 18.7 18.6 17.6 10.7 9.6 11.2 12.3 11.0 13.9 23.8 25.6 26.9 22.6 34.2 62.2 52.0 39.0 46.9 39.0 33.5 49.7 24.4 36.6
US Midwest 13.4 21.6 16.8 12.4 16.0 8.7 6.3 7.9 7.0 7.5 13.0 20.5 20.7 16.0 17.6 18.6 46.6 38.8 32.4 34.2 28.8 28.8 26.0 13.2 24.2
North West Europe 8.5 11.9 13.2 10.8 11.1 8.2 4.8 4.2 3.8 5.2 5.0 7.7 9.8 11.5 8.5 15.4 39.8 28.6 30.0 28.5 24.3 20.0 29.7 19.4 23.3
Mediterranean 7.7 9.2 10.8 8.5 9.1 6.5 3.2 4.0 3.6 4.3 6.0 7.6 10.4 11.5 8.9 15.4 40.9 30.0 31.5 29.5 26.4 19.7 29.4 19.7 23.8
Australia, New Zealand and South Africa 9.1 9.0 13.1 13.0 11.1 9.8 6.1 4.6 4.6 6.3 5.4 6.6 8.1 12.7 8.3 12.7 – – – 12.7 – – – – –
bp Average RMM 10.2 15.2 14.7 12.4 13.2 8.8 5.9 6.2 5.9 6.7 8.7 13.7 15.2 15.1 13.2 18.9 45.5 35.5 32.2 33.1 28.1 24.7 31.8 18.5 25.8
Refinery throughputs (mb/d)
US 735 673 781 761 737 748 614 701 708 693 725 692 737 720 719 758 637 703 615 678 686 638 690 634 662
#
Europe 767 715 815 848 787 835 716 699 720 742 747 763 804 833 787 807 841 809 763 804 832 726 760 678 749
Rest of World 237 209 217 238 225 223 157 187 200 192 129 52 81 91 88 85 2 – – 22 – – – – –
Total throughput 1,739 1,597 1,813 1,847 1,749 1,806 1,487 1,587 1,628 1,627 1,601 1,507 1,622 1,644 1,594 1,650 1,480 1,512 1,378 1,504 1,518 1,364 1,450 1,312 1,411
bp operated - Refining availability (%) 94.3 93.4 96.1 95.7 94.9 96.1 95.6 96.2 96.1 96.0 94.8 93.5 95.6 95.4 94.8 95.0 93.9 94.3 95.0 94.5 96.1 95.7 96.3 96.1 96.1
By region
US 531 566 537 556 2,190 557 719 96 (231) 1,141 47 291 429 419 1,186 589 1,873 1,448 994 4,904 1,546 869 1,020 1,119 4,554
Non-US 1,202 799 1,346 882 4,229 364 686 540 357 1,947 609 536 729 192 2,066 1,567 2,133 1,277 908 5,885 1,213 (73) 1,035 (316) 1,859
1,733 1,365 1,883 1,438 6,419 921 1,405 636 126 3,088 656 827 1,158 611 3,252 2,156 4,006 2,725 1,902 10,789 2,759 796 2,055 803 6,413
Adjusting items
US (62) (10) (111) 77 (106) (151) 140 (51) (765) (827) (168) 50 34 879 795 74 68 (93) (200) (151) 168 114 83 (5) 360
Non-US 30 87 (22) (72) 23 408 671 (228) (354) 497 (110) 137 64 158 249 101 407 232 1,331 2,071 (89) 127 423 1,362 1,823
(32) 77 (133) 5 (83) 257 811 (279) (1,119) (330) (278) 187 98 1,037 1,044 175 475 139 1,131 1,920 79 241 506 1,357 2,183
US 593 576 648 479 2,296 708 579 147 534 1,968 215 241 395 (460) 391 515 1,805 1,541 1,194 5,055 1,378 755 937 1,124 4,194
Non-US 1,172 712 1,368 954 4,206 (44) 15 768 711 1,450 719 399 665 34 1,817 1,466 1,726 1,045 (423) 3,814 1,302 (200) 612 (1,678) 36
1,765 1,288 2,016 1,433 6,502 664 594 915 1,245 3,418 934 640 1,060 (426) 2,208 1,981 3,531 2,586 771 8,869 2,680 555 1,549 (554) 4,230
Depreciation
US 323 333 336 343 1,335 342 344 336 337 1,359 333 337 337 342 1,349 322 334 327 345 1,328 402 466 490 525 1,883
Non-US 383 392 394 417 1,586 405 408 407 411 1,631 412 417 410 412 1,651 395 381 370 396 1,542 395 428 425 417 1,665
706 725 730 760 2,921 747 752 743 748 2,990 745 754 747 754 3,000 717 715 697 741 2,870 797 894 915 942 3,548
Total Capital Expenditure
US 188 271 197 258 914 123 74 139 237 573 118 147 177 444 886 262 249 278 3,377 4,166 411 1,383 251 688 2,733
Non-US 596 469 564 522 2,151 534 295 1,380 533 2,742 414 372 420 780 1,986 453 426 435 772 2,086 579 475 551 915 2,520
784 740 761 780 3,065 657 369 1,519 770 3,315 532 519 597 1,224 2,872 715 675 713 4,149 6,252 990 1,858 802 1,603 5,253
Reconciliations to GAAP measures

Convenience, retail fuels and electrification gross margin c
Replacement cost profit before interest and tax for customers & products 6,502 3,418 2,208 8,869
Subtract replacement cost profit (loss) before interest and tax for refining & trading and
petrochemicals 2,703 1,169 (468) 6,608
3,799 2,249 2,676 2,861
Net (favourable) adverse impact of adjusting items for convenience & mobility (9) 634 376 105
Underlying replacement cost profit before interest and tax for convenience & mobility 3,790 2,883 3,052 2,966
Subtract underlying replacement cost profit for Castrol 1,258 818 1,037 700
Add back convenience & mobility (excluding Castrol) depreciation, depletion and
amortization 969 1,039 1,156 1,133
Add back convenience & mobility (excluding Castrol) production and manufacturing,
distribution and administration expenses and adjusted for fuels, EV charging, aviation,
B2B and midstream gross margin (1,959) -1,548 (1,304) (1,648)
Subtract earnings from equity-accounted entities in convenience & mobility (excluding
Castrol) 293 228 330 225
Convenience gross margin 1,249 1,328 1,537 1,526
Foreign exchange effects (56) (62) (131) –
At constant foreign exchange d 1,193 1,266 1,406 1,526
Convenience gross margin growth 6% 11% 9%
#
Segment information Contents
The group will cease to report Rosneft as a separate segment in the group's financial reporting for
2022 (see "Events after the 2021 reporting period" on the "Basis of Prep" tab for more
information). The 1Q22 numbers have been reported within other businesses and corporate, but
have been shown in here for information purposes.
Rosnefta
$ million
Footnotes Q1 Q2 Q3 Q4 2019 Q1 Q2 Q3 Q4 2020 Q1 Q2 Q3 Q4 2021 Q1 Q2 Q3 Q4 2022
Profit before interest and tax b 526 523 723 534 2,306 (218) (71) (244) 295 (238) 451 711 903 623 2,688 (24,033) – – – (24,033)
Inventory holding (gains) losses (40) 2 79 (31) 10 201 (53) (34) (25) 89 (88) (68) (35) (68) (259) – – – – –
Replacement cost profit before interest and tax 486 525 802 503 2,316 (17) (124) (278) 270 (149) 363 643 868 555 2,429 (24,033) – – – (24,033)
Net charge (credit) for adjusting items 81 113 – (91) 103 – 63 101 41 205 – 46 55 190 291 24,033 – – – 24,033
Underlying replacement cost profit before interest and tax 567 638 802 412 2,419 (17) (61) (177) 311 56 363 689 923 745 2,720 – – – – –
Taxation on underlying replacement cost profit 59 58 78 39 234 (3) (8) (17) 31 3 35 68 93 73 269 – – – – –
Underlying replacement cost profit before interest 508 580 724 373 2,185 (14) (53) (160) 280 53 328 621 830 672 2,451 – – – – –
Production (net of royalties) (bp share)

Liquids (mb/d) 937 912 920 923 923 916 856 858 876 877 827 858 876 879 860 584 – – – 584
Natural gas (mmcf/d) 1,327 1,250 1,236 1,306 1,279 1,275 1,248 1,260 1,360 1,286 1,294 1,374 1,418 1,433 1,380 963 – – – 963
Total hydrocarbons (mboe/d) 1,166 1,127 1,133 1,148 1,144 1,136 1,071 1,075 1,111 1,098 1,050 1,095 1,120 1,126 1,098 750 – – – 750
#
other businesses & corporate Contents

$ million
Profit (loss) before interest and tax (472) (358) (433) (585) (1,848) (566) (259) (42) 288 (579) (678) (425) (750) (924) (2,777) (24,719) (1,028) (1,093) 103 (26,737) (90) (297) (500) (16) (903)
Inventory holding (gains) losses – – – – – – – – – – – – – – – – – – – – – – – – –
Replacement cost profit (loss) before interest and tax (472) (358) (433) (585) (1,848) (566) (259) (42) 288 (579) (678) (425) (750) (924) (2,777) (24,719) (1,028) (1,093) 103 (26,737) (90) (297) (500) (16) (903)
Net charge (credit) for adjusting items 126 89 90 308 613 134 39 (79) (397) (303) 508 120 377 389 1,394 24,460 827 688 (409) 25,566 (206) 127 197 (81) 37
Underlying replacement cost profit (loss) before interest and tax (346) (269) (343) (277) (1,235) (432) (220) (121) (109) (882) (170) (305) (373) (535) (1,383) (259) (201) (405) (306) (1,171) (296) (170) (303) (97) (866)
Taxation on underlying replacement cost profit (44) (85) 139 (140) (130) (100) 131 (13) (55) (37) (54) (101) (11) (128) (294) (23) (167) (206) (43) (439) (29) (10) (162) (121) (322)
Underlying replacement cost profit before interest (302) (184) (482) (137) (1,105) (332) (351) (108) (54) (845) (116) (204) (362) (407) (1,089) (236) (34) (199) (263) (732) (267) (160) (141) 24 (544)
By region
US (154) (218) (241) (91) (704) (134) (128) (53) (142) (457) (110) (189) 2 (34) (331) (149) (242) (152) (155) (698) (128) (147) (66) (228) (569)
Non-US (192) (51) (102) (186) (531) (298) (92) (68) 33 (425) (60) (116) (375) (501) (1,052) (110) 41 (253) (151) (473) (168) (23) (237) 131 (297)
(346) (269) (343) (277) (1,235) (432) (220) (121) (109) (882) (170) (305) (373) (535) (1,383) (259) (201) (405) (306) (1,171) (296) (170) (303) (97) (866)
Adjusting items
US 127 80 82 269 558 47 44 135 303 529 32 131 84 160 407 22 111 (47) 95 181 24 49 40 522 635
Non-US (1) 9 8 39 55 87 (5) (214) (700) (832) 476 (11) 293 229 987 24,438 716 735 (504) 25,385 (230) 78 157 (603) (598)
126 89 90 308 613 134 39 (79) (397) (303) 508 120 377 389 1,394 24,460 827 688 (409) 25,566 (206) 127 197 (81) 37
US (281) (298) (323) (360) (1,262) (181) (172) (188) (445) (986) (142) (320) (82) (194) (738) (171) (353) (105) (250) (879) (152) (196) (106) (750) (1,204)
Non-US (191) (60) (110) (225) (586) (385) (87) 146 733 407 (536) (105) (668) (730) (2,039) (24,548) (675) (988) 353 (25,858) 62 (101) (394) 734 301
(472) (358) (433) (585) (1,848) (566) (259) (42) 288 (579) (678) (425) (750) (924) (2,777) (24,719) (1,028) (1,093) 103 (26,737) (90) (297) (500) (16) (903)
#
upstream information Contents
Oil & Gasa

$ million
Average realizations b
Total liquids ($/bbl) c 56.47 62.63 55.68 55.90 57.73 47.47 22.75 38.17 38.42 36.16 53.20 60.69 65.63 71.12 62.69 83.80 100.94 92.44 80.44 89.65 72.58 69.76 71.85 76.50 72.69
Natural gas ($/mcf) k 4.02 3.35 3.11 3.12 3.39 2.83 2.53 2.56 3.10 2.75 3.98 4.01 5.17 7.38 5.20 8.28 8.77 10.41 9.59 9.29 7.20 4.91 4.88 5.45 5.60
Total hydrocarbons ($/boe) c,k 39.37 40.64 35.48 36.42 38.00 31.80 19.06 26.42 28.48 26.31 37.75 41.63 47.02 56.05 45.79 64.81 74.65 74.08 66.18 69.95 54.96 46.27 47.28 50.90 49.84
upstream operating metrics on a year to date basis Q1 YTD Q2 YTD Q3 YTD Q4 YTD 2019 Q1 YTD Q2 YTD Q3 YTD Q4 YTD 2020 Q1 YTD Q2 YTD Q3 YTD Q4 YTD 2021 Q1 YTD Q2 YTD Q3 YTD Q4 YTD 2022 Q1 YTD Q2 YTD Q3 YTD Q4 YTD 2023
upstream unit production costs ($/boe) 7.39 7.02 7.02 6.84 6.84 7.07 6.13 6.30 6.39 6.39 7.36 7.33 6.96 6.82 6.82 6.52 6.53 6.25 6.07 6.07 5.73 5.94 5.88 5.78 5.78
bp-operated upstream plant reliability % 96.2 94.9 94.4 94.4 94.4 93.0 94.2 93.8 94.0 94.0 93.0 93.7 94.3 94.0 94.0 96.1 95.3 95.8 96.0 96.0 95.5 95.0 95.7 95.0 95.0
Finding and development costs ($ per barrel of oil equivalent ($/boe),

five-year rolling average) d,e,f,g 23.67 20.16 23.02 36.46
Finding costs ($/boe, five-year rolling average) d,f,g 8.59 7.61 7.06 11.00
Production costs ($/boe) h,i 6.84 6.39 6.82 6.07
Cost of supply ($/boe) j 22.84 32.78 21.40 20.34
#
Contents
Glossary
Adjusted earnings before interest, Adjusted EBIDA is a non-IFRS measure and is defined as profit or loss attributable to bp shareholders before finance costs and net finance expense relating to pensions and
depreciation and amortization (EBIDA) other post-retirement benefit and taxation, adjusting for inventory holding gains or losses and related tax, and net adjusting items* (as defined below) and total taxation on
adjusting items, adding back profit or loss attributable to non-controlling interests, depreciation, depletion and amortization and exploration expenditure written-off (net of
adjusting items). bp believes that adjusted EBIDA is a useful measure for investors because it is a measure closely tracked by management to evaluate bp’s operating
performance and to make financial, strategic and operating decisions and because it may help investors to understand and evaluate, in the same manner as management,
the underlying trends in bp’s operational performance on a comparable basis, period on period. The nearest equivalent measure on an IFRS basis is profit or loss attributable
to bp shareholders.
Adjusted Earnings before interest, taxation, Adjusted EBITDA is a non-IFRS measure presented for bp's operating segments and is defined as replacement cost (RC) profit before interest and tax, excluding net
depreciation and amortization (Adjusted adjusting items* (as defined below), adding back depreciation, depletion and amortization and exploration write-offs (net of adjusting items). Adjusted EBITDA by business is
EBITDA) a further analysis of adjusted EBITDA for the customers & products businesses. bp believes it is helpful to disclose adjusted EBITDA by operating segment and by business
because it reflects how the segments measure underlying business delivery. The nearest equivalent measure on an IFRS basis for the segment is RC profit or loss before
interest and tax, which is bp's measure of profit or loss that is required to be disclosed for each operating segment under IFRS.
Adjusting items Adjusting items are items that bp discloses separately because it considers such disclosures to be meaningful and relevant to investors. They are items that management
considers to be important to period-on-period analysis of the group's results and are disclosed in order to enable investors to better understand and evaluate the group’s
reported financial performance. Adjusting items include gains and losses on the sale of businesses and fixed assets, impairments, environmental and other provisions,
restructuring, integration and rationalization costs, fair value accounting effects, financial impacts relating to Rosneft for the 2022 financial reporting period and costs relating
to the Gulf of Mexico oil spill and other items. Adjusting items within equity-accounted earnings are reported net of incremental income tax reported by the equity-accounted
entity. Adjusting items are used as a reconciling adjustment to derive underlying RC profit or loss and related underlying measures which are non-IFRS measures. Prior to
2021 adjusting items were reported under two different headings – non-operating items and fair value accounting effects.
bp net Bioenergy production Bioenergy production is average thousands of barrels of Biofuel production per day during the period covered net to bp. This includes equivalent ethanol production, bp bunge
biopower for grid export, biogas and refining co-processing and standalone HVO.
Capital expenditure Capital expenditure is total cash capital expenditure as stated in the condensed group cash flow statement. Capital expenditure for the operating segments, gas & low carbon
energy businesses and customers & products businesses is presented on the same basis.
Consolidation adjustment – UPII Consolidation adjustment – UPII is unrealized profit in inventory arising on inter-segment transactions.
Convenience gross margin Convenience gross margin is a non-IFRS measure. It is calculated as RC profit before interest and tax for the customers & products segment, excluding RC profit before
interest and tax for the refining & trading and petrochemicals businesses, and adjusting items* (as defined above) for the convenience & mobility business to derive underlying
RC profit before interest and tax for the convenience & mobility business; subtracting underlying RC profit before interest and tax for the Castrol business; adding back
depreciation, depletion and amortization, production and manufacturing, distribution and administration expenses for convenience & mobility (excluding Castrol); subtracting
earnings from equity-accounted entities in the convenience & mobility business (excluding Castrol) and gross margin for the retail fuels, EV charging, aviation, B2B and
midstream businesses. bp believes it is helpful because this measure may help investors to understand and evaluate, in the same way as management, our progress against
our strategic objectives of convenience growth. The nearest IFRS measure is RC profit before interest and tax for the customers & products segment.
Customer digital downloads Customer digital downloads is the number of times the mobile application has been installed on a mobile device, currently limited to bpme.
Customer touchpoints Customer touchpoints are the number of retail customer transactions per day on bp forecourts globally. These include transactions involving fuel and/or convenience across
all channels of trade.
Developed Renewables to FID Total Generating Capacity for assets developed to Final Investment Decision by all entities where bp has an equity share (proportionate to equity share). If asset is
subsequently sold bp will continue to record capacity as developed to FID. If bp equity share increases developed capacity to FID will increase proportionately to share
increase for any assets where bp held equity at the point of FID.
Divestment and other proceeds Divestment and other proceeds are proceeds from disposal of fixed assets, proceeds from disposal of businesses net of cash disposed. Divestment proceeds are disposal
proceeds as per the group cash flow statement. In addition
- Other proceeds for the second quarter and half year 2022 consist of $0.4 billion and $0.6 billion respectively of proceeds from the disposal of a loan note related to the
Alaska divestment.
- Other proceeds in the full year 2021 were $0.7 billion from the sale of a 49% interest in a controlled affiliate holding certain refined product and crude logistics assets
onshore US. In the fourth quarter and full year 2020 other proceeds were $0.2 billion in relation to the sale of an interest in bp's New Zealand retail property portfolio and also
in the full year 2020 $0.5 billion in relation to the sale of an interest in bp's UK retail property portfolio and $0.5 billion in relation to TANAP pipeline refinancing. The other
proceeds from the US transaction in 2021 and the UK and New Zealand transactions in 2020 are reported within financing activities in the condensed group cash flow
statement.
- in 2020 other proceeds were $1.1 billion and included proceeds from the sale of non-controlling interests in the group’s UK and New Zealand retail property portfolios and
proceeds from the TANAP pipeline refinancing.
- 2019 other proceeds were $0.6 billion.
Effective tax rate (ETR) on replacement Effective tax rate (ETR) on replacement cost (RC) profit or loss is a non-IFRS measure. The ETR on RC profit or loss is calculated by dividing taxation on a RC basis by RC
cost (RC) profit or loss profit or loss before tax. Taxation on a RC basis for the group is calculated as taxation as stated on the group income statement adjusted for taxation on inventory holding
gains and losses. Information on RC profit or loss is provided below. bp believes it is helpful to disclose the ETR on RC profit or loss because this measure excludes the
impact of price changes on the replacement of inventories and allows for more meaningful comparisons between reporting periods. Taxation on a RC basis and ETR on RC
profit or loss are non-IFRS measures. The nearest equivalent measure on an IFRS basis is the ETR on profit or loss for the period.
Effective tax rate (ETR) on underlying Underlying effective tax rate (ETR) is a non-IFRS measure. The underlying ETR is calculated by dividing taxation on an underlying replacement cost (RC) basis by underlying
replacement cost profit or loss RC profit or loss before tax. Taxation on an underlying RC basis for the group is calculated as taxation as stated on the group income statement adjusted for taxation on
inventory holding gains and losses and total taxation on adjusting items. Information on underlying RC profit or loss is provided below. Taxation on an underlying RC basis
presented for the operating segments is calculated through an allocation of taxation on an underlying RC basis to each segment. bp believes it is helpful to disclose the
underlying ETR because this measure may help investors to understand and evaluate, in the same manner as management, the underlying trends in bp’s operational
performance on a comparable basis, period on period. Taxation on an underlying RC basis and underlying ETR are non-IFRS measures. The nearest equivalent measure on
an IFRS basis is the ETR on profit or loss for the period.
Electric vehicle charge points Defined as the number of connectors on a charging device, operated by either bp or a bp joint venture as adjusted to be reflective of bp's accounting share of joint
arrangements.
Ethanol-equivalent production Ethanol-equivalent production (which includes ethanol and sugar) is converted to thousands of barrels a day at 6.289 million litres = 1 thousand barrels divided by the total
number of days in the period reported.
#
Fair value accounting effects Fair value accounting effects are non-IFRS adjustments to our IFRS profit (loss). They reflect the difference between the way bp manages the economic exposure and
internally measures performance of certain activities and the way those activities are measured under IFRS. Fair value accounting effects are included within adjusting items.
They relate to certain of the group's commodity, interest rate and currency risk exposures as detailed below. Other than as noted below, the fair value accounting effects
described are reported in both the gas & low carbon energy and customer & products segments.
bp uses derivative instruments to manage the economic exposure relating to inventories above normal operating requirements of crude oil, natural gas and petroleum
products. Under IFRS, these inventories are recorded at historical cost. The related derivative instruments, however, are required to be recorded at fair value with gains and
losses recognized in the income statement. This is because hedge accounting is either not permitted or not followed, principally due to the impracticality of effectiveness-
testing requirements. Therefore, measurement differences in relation to recognition of gains and losses occur. Gains and losses on these inventories, other than net realizable
value provisions, are not recognized until the commodity is sold in a subsequent accounting period. Gains and losses on the related derivative commodity contracts are
recognized in the income statement, from the time the derivative commodity contract is entered into, on a fair value basis using forward prices consistent with the contract
maturity.
bp enters into physical commodity contracts to meet certain business requirements, such as the purchase of crude for a refinery or the sale of bp’s gas production. Under
IFRS these physical contracts are treated as derivatives and are required to be fair valued when they are managed as part of a larger portfolio of similar transactions. Gains
and losses arising are recognized in the income statement from the time the derivative commodity contract is entered into.
IFRS require that inventory held for trading is recorded at its fair value using period-end spot prices, whereas any related derivative commodity instruments are required to be
recorded at values based on forward prices consistent with the contract maturity. Depending on market conditions, these forward prices can be either higher or lower than
spot prices, resulting in measurement differences.
bp enters into contracts for pipelines and other transportation, storage capacity, oil and gas processing, liquefied natural gas (LNG) and certain gas and power contracts that,
under IFRS, are recorded on an accruals basis. These contracts are risk-managed using a variety of derivative instruments that are fair valued under IFRS. This results in
measurement differences in relation to recognition of gains and losses.
The way that bp manages the economic exposures described above, and measures performance internally, differs from the way these activities are measured under IFRS. bp
calculates this difference for consolidated entities by comparing the IFRS result with management’s internal measure of performance. We believe that disclosing
management’s estimate of this difference provides useful information for investors because it enables investors to see the economic effect of these activities as a whole.
These include:
Under management’s internal measure of performance the inventory, transportation and capacity contracts in question are valued based on fair value using relevant forward
prices prevailing at the end of the period.
Fair value accounting effects also include changes in the fair value of the near-term portions of LNG contracts that fall within bp’s risk management framework. LNG contracts
are not considered derivatives, because there is insufficient market liquidity, and they are therefore accrual accounted under IFRS. However, oil and natural gas derivative
financial instruments used to risk manage the near-term portions of the LNG contracts are fair valued under IFRS. The fair value accounting effect, which is reported in the
gas and low carbon energy segment, represents the change in value of LNG contracts that are being risk managed and which is reflected in the underlying result, but not in
reported earnings. Management believes that this gives a better representation of performance in each period.
Furthermore, the fair values of derivative instruments used to risk manage certain other oil, gas, power and other contracts, are deferred to match with the underlying
exposure. The commodity contracts for business requirements are accounted for on an accruals basis.
In addition, fair value accounting effects include changes in the fair value of derivatives entered into by the group to manage currency exposure and interest rate risks relating
to hybrid bonds to their respective first call periods. The hybrid bonds which were issued on 17 June 2020 are classified as equity instruments and were recorded in the
balance sheet at that date at their USD equivalent issued value. Under IFRS these equity instruments are not remeasured from period to period, and do not qualify for
application of hedge accounting. The derivative instruments relating to the hybrid bonds, however, are required to be recorded at fair value with mark to market gains and
losses recognized in the income statement. Therefore, measurement differences in relation to the recognition of gains and losses occur. The fair value accounting effect,
which is reported in the other businesses & corporate segment, eliminates the fair value gains and losses of these derivative financial instruments that are recognized in the
income statement. We believe that this gives a better representation of performance, by more appropriately reflecting the economic effect of these risk management activities,
in each period.
Gearing and net debt non-IFRS measures. Net debt is calculated as finance debt, as shown in the balance sheet, plus the fair value of associated derivative financial instruments that are used to
hedge foreign currency exchange and interest rate risks relating to finance debt, for which hedge accounting is applied, less cash and cash equivalents. Net debt does not
include accrued interest, which is reported within other receivables and other payables on the balance sheet and for which the associated cash flows are presented as
operating cash flows in the group cash flow statement. Gearing is defined as the ratio of net debt to the total of net debt plus total equity. bp believes these measures provide
useful information to investors. Net debt enables investors to see the economic effect of finance debt, related hedges and cash and cash equivalents in total. Gearing enables
investors to see how significant net debt is relative to total equity. The derivatives are reported on the balance sheet within the headings ‘Derivative financial instruments’. The
nearest equivalent measures on an IFRS basis are finance debt and finance debt ratio.
We are unable to present reconciliations of forward-looking information for net debt or gearing to finance debt and total equity, because without unreasonable efforts, we are
unable to forecast accurately certain adjusting items required to present a meaningful comparable IFRS forward-looking financial measure. These items include fair value
asset (liability) of hedges related to finance debt and cash and cash equivalents, that are difficult to predict in advance in order to include in an IFRS estimate.
Gearing including leases and net debt Gearing including leases and net debt including leases are non-IFRS measures. Net debt including leases is calculated as net debt plus lease liabilities, less the net amount
including leases of partner receivables and payables relating to leases entered into on behalf of joint operations. Gearing including leases is defined as the ratio of net debt including leases to
the total of net debt including leases plus total equity. bp believes these measures provide useful information to investors as they enable investors to understand the impact of
the group’s lease portfolio on net debt and gearing. The nearest equivalent measures on an IFRS basis are finance debt and finance debt ratio.
Gross margin Gross margin for customers & products businesses is a non-IFRS measure. Gross margin is RC profit before interest and tax for the reported business, adjusted for adjusting
items to derive underlying RC profit before interest and tax. Business underlying RC profit before interest and tax is further adjusted by adding-back depreciation, depletion
and amortization, production and manufacturing, distribution and administration expenses for the business and subtracting earnings from equity accounted entities in that
business.
Hydrocarbons Liquids and natural gas. Natural gas is converted to oil equivalent at 5.8 billion cubic feet = 1 million barrels.
Inorganic capital expenditure Inorganic capital expenditure is a subset of capital expenditure on a cash basis and a non-IFRS measure. Inorganic capital expenditure comprises consideration in business
combinations and certain other significant investments made by the group. It is reported on a cash basis. bp believes that this measure provides useful information as it allows
investors to understand how bp’s management invests funds in projects which expand the group’s activities through acquisition. The nearest equivalent measure on an IFRS
basis is capital expenditure on a cash basis.
Inventory holding gains and losses Inventory holding gains and losses are non-IFRS adjustments to our IFRS profit (loss) and represent:
a. the difference between the cost of sales calculated using the replacement cost of inventory and the cost of sales calculated on the first-in first-out (FIFO) method after
adjusting for any changes in provisions where the net realizable value of the inventory is lower than its cost. Under the FIFO method, which we use for IFRS reporting of
inventories other than for trading inventories, the cost of inventory charged to the income statement is based on its historical cost of purchase or manufacture, rather than its
replacement cost. In volatile energy markets, this can have a significant distorting effect on reported income. The amounts disclosed as inventory holding gains and losses
represent the difference between the charge to the income statement for inventory on a FIFO basis (after adjusting for any related movements in net realizable value
provisions) and the charge that would have arisen based on the replacement cost of inventory. For this purpose, the replacement cost of inventory is calculated using data
from each operation’s production and manufacturing system, either on a monthly basis, or separately for each transaction where the system allows this approach; and
b. an adjustment relating to certain trading inventories that are not price risk managed which relate to a minimum inventory volume that is required to be held to maintain
underlying business activities. This adjustment represents the movement in fair value of the inventories due to prices, on a grade by grade basis, during the period. This is
calculated from each operation’s inventory management system on a monthly basis using the discrete monthly movement in market prices for these inventories.
The amounts disclosed are not separately reflected in the financial statements as a gain or loss. No adjustment is made in respect of the cost of inventories held as part of a
trading position and certain other temporary inventory positions that are price risk-managed. See Replacement cost (RC) profit or loss definition below.
Installed Renewables capacity bp's share of capacity for operating assets owned by entities where bp has an equity share.
Liquids Liquids comprises crude oil, condensate and natural gas liquids. For the oil production & operations segment, liquids also includes bitumen.
LNG Portfolio LNG Portfolio refers to bp group’s LNG equity production plus additional long-term merchant LNG volumes.
Margin share from convenience and Margin share for convenience and electrification is the ratio of convenience and electrification gross margin of total consumer energy (retail fuels and electrification) and
electrification convenience gross margin, excluding equity accounted entities.
Marketing sales of refined products Marketing sales include branded and unbranded sales of refined fuel products and lubricants to business-to-business and business-to-consumer customers, including service
station dealers, jobbers, airlines, small and large resellers such as hypermarkets, and the military.
Operating capital employed Operating capital employed is a non-IFRS measure. Total assets (excluding goodwill) less total liabilities, excluding finance debt and current and deferred taxation.
#
Operating cash flow Operating cash flow is net cash provided by (used in) operating activities as stated in the condensed group cash flow statement. When used in the context of a segment rather
than the group, the terms refer to the segment’s share thereof.
Operating cash flow excluding Gulf of Operating cash flow excluding Gulf of Mexico oil spill payments is a non-IFRS measure. It is calculated by excluding post-tax operating cash flows relating to the Gulf of
Mexico oil spill payments Mexico oil spill from net cash provided by operating activities as reported in the condensed group cash flow statement. bp believes net cash provided by operating activities
excluding amounts related to the Gulf of Mexico oil spill is a useful measure as it allows for more meaningful comparisons between reporting periods. The nearest equivalent
measure on an IFRS basis is net cash provided by operating activities.
Organic capital expenditure Organic capital expenditure is a non-IFRS measure. Organic capital expenditure comprises capital expenditure on a cash basis less inorganic capital expenditure. bp believes
that this measure provides useful information as it allows investors to understand how bp’s management invests funds in developing and maintaining the group’s assets. The
nearest equivalent measure on an IFRS basis is capital expenditure on a cash basis.
Premium fuels % of volume sold The premium fuel ratio is the volume of premium products sold as a percentage of the volume of branded Retail fuels volume sold.
Premium lubricants % of volume sold Premium lubricants ratio is the volume of premium car, motorcycle and commercial vehicle engine oil products sold to total engine oil products sold. The definition of premium
products is based on the grade / viscosity of the product i.e. 0W/5W for cars and commercial vehicles and 0W/5W/10W for motorcycles.
Production-sharing agreement/contract Production-sharing agreement (PSA) is an arrangement through which an oil company bears the risks and costs of exploration, development and production. In return, if
(PSA/PSC) exploration is successful, the oil company receives entitlement to variable physical volumes of hydrocarbons, representing recovery of the costs incurred and a stipulated
share of the production remaining after such cost recovery.
Realizations Realizations are the result of dividing revenue generated from hydrocarbon sales, excluding revenue generated from purchases made for resale and royalty volumes, by
revenue generating hydrocarbon production volumes. Revenue generating hydrocarbon production reflects the bp share of production as adjusted for any production which
does not generate revenue. Adjustments may include losses due to shrinkage, amounts consumed during processing, and contractual or regulatory host committed volumes
such as royalties. For the gas & low carbon energy and oil production & operations segments, realizations include transfers between businesses.
Refining availability Refining availability represents Solomon Associates’ operational availability for bp-operated refineries, which is defined as 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 marker margin (RMM) The Refining marker margin (RMM) is the average of regional indicator margins weighted for bp’s crude refining capacity in each region. Each regional marker margin is
based on product yields and a marker crude oil deemed appropriate for the region. The regional indicator margins may not be representative of the margins achieved by bp in
any period because of bp’s particular refinery configurations and crude and product slate.
Refinery capacity utilization Refinery utilization is calculated as annual throughput (thousands of barrels per day) divided by crude distillation capacity.
Renewables pipeline Renewable projects satisfying the following criteria until the point they can be considered developed to final investment decision (FID): Site based projects that have obtained
land exclusivity rights, or for PPA (power purchase agreement) based projects an offer has been made to the counterparty, or for auction projects pre-qualification criteria has
been met, or for acquisition projects post a binding offer being accepted.
Replacement cost (RC) profit or loss Replacement cost (RC) profit or loss / RC profit or loss attributable to bp shareholders reflects the replacement cost of inventories sold in the period and is calculated as profit
or loss attributable to bp shareholders, adjusting for inventory holding gains and losses (net of tax). RC profit or loss for the group is not a recognized IFRS measure. bp
believes this measure is useful to illustrate to investors the fact that crude oil and product prices can vary significantly from period to period and that the impact on our
reported result under IFRS can be significant. Inventory holding gains and losses vary from period to period due to changes in prices as well as changes in underlying
inventory levels. In order for investors to understand the operating performance of the group excluding the impact of price changes on the replacement of inventories, and to
make comparisons of operating performance between reporting periods, bp’s management believes it is helpful to disclose this measure. The nearest equivalent measure on
an IFRS basis is profit or loss attributable to bp shareholders. RC profit or loss before interest and tax is bp's measure of profit or loss that is required to be disclosed for each
operating segment under IFRS.
RC profit or loss per share RC profit or loss per share is a non-IFRS measure. Basic earnings per ordinary share (EpS) amounts are calculated by dividing the profit for the period attributable to ordinary
shareholders by the weighted average number of ordinary shares outstanding during the period. RC profit or loss per share is calculated using the same denominator. The
numerator used is RC profit or loss attributable to bp shareholders rather than profit or loss attributable to bp shareholders. RC profit or loss per ADS is calculated as outlined
above for RC profit or loss per share except the denominator is adjusted to reflect one ADS equivalent to six ordinary shares. bp believes it is helpful to disclose the RC profit
or loss per ordinary share and per ADS because this measure excludes the impact of price changes on the replacement of inventories and allows for more meaningful
comparisons between reporting periods. The nearest equivalent measure on an IFRS basis is basic earnings per share based on profit or loss for the period attributable to bp
shareholders.
Retail fuels gross margin Retail fuels gross margin is retail fuels gross revenue less commissions & rebates and less cost of goods sold. This excludes store, other merchandise and service
contribution and exchange gain / loss. Does not include fuels gross margin for equity accounted entities.
Retail fuels volumes Retail fuel volumes are fuel volumes sold from bp branded retail sites and includes gasoline, diesel, LPG sales and other fuel sales (e.g. ad blue sold at the pump). Does not
include fuels volume for equity accounted entities.
Retail sites Includes sites operated by dealers, jobbers, franchisees or brand licensees or JV partners, under the bp brand. These may move to and from the bp brand as their fuel supply
agreement or brand licence agreement expires and are renegotiated in the normal course of business. Retail sites are primarily branded bp, ARCO, Amoco, Aral, Thorntons
and TravelCenters of America and also includes sites in India through our Jio-bp JV.
Return on average capital employed Return on average capital employed (ROACE) is a non-IFRS measure and is underlying replacement cost profit or loss*, which is defined as profit or loss attributable to bp
(ROACE) shareholders adjusted for inventory holding gains and losses and related taxation, and net adjusting items (as defined above) and total taxation on adjusting items, after
adding back non-controlling interest and interest expense net of tax, divided 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. Interest expense before tax is finance costs as presented on
the group income statement, excluding lease interest and the unwinding of the discount on provisions and other payables and other adjusting items reported in interest
expense. bp believes it is helpful to disclose the ROACE because this measure gives an indication of the company's capital efficiency. The nearest IFRS measures of the
numerator and denominator are profit or loss for the period attributable to bp shareholders and total equity respectively.
Strategic convenience sites Strategic convenience sites are retail sites, within the bp portfolio, which sell bp-supplied vehicle energy (e.g. bp, Aral, Arco, Amoco, Thorntons, bp pulse, TravelCenters of
America and PETRO) and either carry one of the strategic convenience brands (e.g. M&S, Rewe to Go) or a differentiated bp-controlled convenience offer. To be considered
a strategic convenience site, the convenience offer should have a demonstrable level of differentiation in the market in which it operates. Strategic convenience site count
includes sites under a pilot phase.
Underlying RC profit or loss Underlying RC profit or loss / underlying RC profit or loss attributable to bp shareholders is a non-IFRS measure and is RC profit or loss* (as defined above) after excluding
net adjusting items and related taxation. Adjusting items are used to arrive at underlying RC profit or loss in order to enable a full understanding of the items and their financial
impact. Underlying RC profit or loss before interest and tax for the operating segments or customers & products businesses is calculated as RC profit or loss including profit
or loss attributable to non-controlling interests before interests and tax for the operating segments and excluding net adjusting items for the respective operating segment or
business.
bp believes that underlying RC profit or loss is a useful measure for investors because it is a measure closely tracked by management to evaluate bp’s operating performance
and to make financial, strategic and operating decisions and because it may help investors to understand and evaluate, in the same manner as management, the underlying
trends in bp’s operational performance on a comparable basis, period on period, by adjusting for the effects of these adjusting items. The nearest equivalent measure on an
IFRS basis for the group is profit or loss attributable to bp shareholders. The nearest equivalent measure on an IFRS basis for segments is RC profit or loss before interest
and taxation.
Underlying RC profit or loss per share Underlying RC profit or loss per share is a non-IFRS measure. Underlying RC profit or loss per ordinary share is calculated using the same denominator as earnings per
share as defined in the consolidated financial statements. The numerator used is underlying RC profit or loss attributable to bp shareholders rather than profit or loss
attributable to bp shareholders. Underlying RC profit or loss per ADS is calculated as outlined above for underlying RC profit or loss per share except the denominator is
adjusted to reflect one ADS equivalent to six ordinary shares. bp believes it is helpful to disclose the underlying RC profit or loss per ordinary share and per ADS because
these measures may help investors to understand and evaluate, in the same manner as management, the underlying trends in bp’s operational performance on a comparable
basis, period on period. The nearest equivalent measure on an IFRS basis is basic earnings per share based on profit or loss for the period attributable to bp shareholders.
#
upstream upstream includes oil and natural gas field development and production within the gas & low carbon energy and oil production & operations segments. References to
upstream exclude Rosneft.
upstream plant reliability upstream plant reliability (bp-operated) 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.
upstream unit production costs upstream unit production costs is calculated as production costs divided by units of production. Production costs do 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.
#
Section Reference Footnote
Summary a Rounded to the nearest 50.
Summary b Includes refining bio co-processing volumes that are also reflected in the refining throughput volumes in the customers & products disclosures.
Summary c From 1Q23 onwards surplus cash includes adjustments for net operating cash received or paid which is held on behalf of third parties for medium-term deferred payment and prior periods have been adjusted accordingly.
Group income statement a Restated for net presentation of revenues and purchases relating to physically settled derivative contracts for the accounting policy change effective 1 January 2021. For more information see basis of preparation tab.
SOCI a Fourth, third and second quarter 2022 principally affected by movements in the Pound Sterling against the US dollar. First quarter 2022 is principally affected by movements in the Russian rouble against the US dollar. Full
year 2022 is principally affected by movements in the Russian rouble and Pound Sterling against the US dollar.
Second quarter and first half 2021 and 2020 principally affected by movements in the Russian rouble against the US dollar.
Second quarter and full year 2020 was principally affected by movements in the Russian rouble against the US dollar
SOCI b First quarter 2022 predominantly relates to the loss of significant influence over Rosneft.
Adjusting items by segment a Full year 2022 in the oil production & operations segment includes a non-taxable gain of $1,951 million arising from the contribution of bp's Angolan business to Azule Energy; gains of $904 million related to the deemed
disposal of 12% of the group's interest in Aker BP, an associate of bp, following completion of Aker BP's acquisition of Lundin Energy; and $361 million in relation to the disposal of the group's interest in the Rumaila field in
Iraq to Basra Energy Company, an associate of bp.
Third quarter 2022 in the oil production & operations segment includes a non-taxable gain of $1,951 million arising from the contribution of bp's Angolan business to Azule Energy.
Second quarter 2022 in the oil production & operations segment include gains of $904 million related to the deemed disposal of 12% of the group's interest in Aker BP, an associate of bp, following completion of Aker BP's
acquisition of Lundin Energy, and $361 million in relation to the disposal of the group's interest in the Rumaila field in Iraq to Basra Energy Company, an associate of bp.
First quarter 2021 in the gas & low carbon energy segment relates to a gain from the divestment of a 20% stake in Oman Block 61.
Adjusting items by segment b Full year 2023 - For the gas & low carbon energy segment, 2023 includes amounts in Trinidad and Mauritania & Senegal. For the oil production & operations segment, 2023 includes amounts in the North Sea and BPX
Energy.
For the customers & products segment, 2023 principally arises from changes in economic assumptions in the products business impacting the Gelsenkirchen refinery.
Full year 2022 - For the gas & low carbon energy segment, there was a net impairment reversal of $588 million. For the oil production & operations segment there was a net impairment charge of $3,587 million which
included charges related to the decision to exit other businesses with Rosneft within Russia. In the customer & products segment charges principally relate to changes in long-term economic assumptions in the Products
business and announced portfolio changes.
Full year 2021 - Impairment reversals in the gas & low carbon energy segment mainly relate to producing assets and principally arose as a result of changes to the group’s oil and gas price assumptions and re-assessment
of reserves. They include amounts in Azerbaijan, India and Trinidad. The recoverable amounts of the cash generating units within these businesses were based on value-in-use calculations.
Full year 2020 - Net impairment charges in the oil production & operations segment were $6,637 million for the full year. Impairment charges mainly relate to producing assets and principally arose as a result of changes to
the group’s oil and gas price assumptions. They include amounts in BPX Energy, Canada and the North Sea. Also included in impairment charges in the fourth quarter and full year 2020 for oil production & operations is
$156 million in relation to the likely disposal of an exploration asset.
Full year 2020 - Net impairment charges in the gas & low carbon energy segment were $6,194 million for the full year. Impairment charges for the full year mainly relate to producing assets and principally arose as a result
of changes to the group’s oil and gas price assumptions. They include amounts in Azerbaijan, India, Mauritania & Senegal, and Trinidad.
First quarter 2020 includes impairment charges in oil production & operations segment relating to the disposal of the group's interest in its Alaska business.
Fourth quarter 2019 includes impairment charges of $2,506 million principally resulting from the announcements to dispose of certain assets in the US (oil production & operations) and Egypt (gas & low carbon energy).
Third quarter 2019 include impairment charges of $3,317 million principally resulting from the announcements to dispose of certain assets in the US (oil production & operations) and Egypt (gas & low carbon energy).
Second quarter 2019 includes impairment charges of $634 million resulting from the announcements to dispose of certain assets in US (oil production & operations) and Egypt (gas & low carbon energy).
Adjusting items by segment c Second quarter 2020 include exploration write-offs of $1,969 million relating to fair value ascribed to certain licences as part of the accounting at the time of acquisition of upstream assets in Brazil, India and the Gulf of
Mexico and the impairment of certain intangible assets in Mauritania and Senegal.
Adjusting items by segment d Fourth quarter 2019 includes $877 million relating to the reclassification of accumulated foreign exchange losses from reserves to the income statement upon the contribution of our Brazilian biofuels business to bp Bunge
Bioenergia.
Adjusting items by segment e Third and fourth quarter 2020 and 2021 includes include charges and write-backs on provisions for restructuring costs associated with the reinvent programme that was formalized in 2020.
Adjusting items by segment f Under IFRS bp marks-to-market the value of the hedges used to risk-manage LNG contracts, but not the contracts themselves, resulting in a mismatch in accounting treatment. The fair value accounting effect includes the
change in value of LNG contracts that are being risk managed, and the underlying result reflects how bp risk-manages its LNG contracts.
Adjusting items by segment g Fourth quarter and full year 2023 in the gas & low carbon energy segment include $600 million and $1,140 million respectively of impairment charges recognized through equity-accounted earnings relating to our US
offshore wind projects.
Third quarter and nine months 2023 in the gas & low carbon energy segment include a $540 million impairment charge recognized through equity-accounted earnings relating to our US offshore wind projects.
Nine months 2021 includes a $415 million charge relating to a remeasurement of deferred tax balances in our equity-accounted entity in Argentina following income tax rate changes partially offset by impairment reversals
in equity-accounted entities.
Second quarter 2021 includes $585 million of impairments reported by equity-accounted entities.
Full year 2020 includes the exploration write-off of $673 million in gas and low carbon energy relating to fair value ascribed to certain licences as part of the accounting at the time of acquisition of gas & low carbon assets in
India and the impairment of certain intangible assets in Mauritania and Senegal and $1,301 million in oil production & operations relating to fair value ascribed to certain licences as part of the accounting at the time of
acquisition of oil production & operations assets in Brazil and the Gulf of Mexico.
Adjusting items by segment h 2022 includes a provision reversal relating to the change in discount rate on retained decommissioning provisions.
Second quarter and full year 2021 include adjustments relating to the change in discount rate on retained decommissioning provisions and the recognition of a decommissioning provision in relation to certain assets
previously sold to a third party where the decommissioning obligation transferred may revert to bp due to the financial condition of the current owner.
Adjusting items by segment i Fourth quarter and full year 2020 include a gain of $2.3 billion on the sale of our petrochemicals business.
Adjusting items by segment j Fourth quarter and full year 2021 include amounts arising in relation to the amendment of the timing of recognition of certain customer incentives in our customers business in customers & products segment.
From first quarter 2021 bp is presenting temporary valuation differences associated with the group’s interest rate and foreign currency exchange risk management of finance debt as an adjusting item within finance costs. In
2020 these amounts were presented within production and manufacturing expenses and as an 'other' adjusting item in the other business & corporate segment. Relevant amounts in the comparative periods presented were
not material.
Adjusting items by segment k From first quarter 2022 the results of Rosneft, previously reported as a separate segment, are also included in other businesses & corporate. Comparative information for 2021 has been restated to reflect the changes in
reportable segments
#
Adjusting items by segment l Includes costs relating to the Gulf of Mexico oil spill. See Gulf of Mexico oil spill section for further information.
Adjusting items by segment m From third quarter and nine months 2020, also includes the income statement impact associated with the buyback of finance debt.
All periods include the unwinding of discounting effects relating to Gulf of Mexico oil spill payables.
Adjusting items by segment n From first quarter 2020, bp is presenting certain foreign exchange effects on tax as adjusting items. These amounts represent the impact of: (i) foreign exchange on deferred tax balances arising from the conversion of local
currency tax base amounts into functional currency, and (ii) taxable gains and losses from the retranslation of US dollar-denominated intra-group loans to local currency. Relevant amounts in the comparative periods
presented were not material.
Adjusting items by segment o Full year 2023 includes a revision to the deferred tax impact of the introduction of the UK Energy Profits Levy (EPL) on temporary differences existing at 31 December 2022 that are expected to unwind over the period 1
January 2023 to 31 March 2028. Fourth quarter and full year 2022 includes the deferred tax impact of the introduction of the EPL. The EPL increases the headline rate of tax to 75% and applies to taxable profits from bp’s
North Sea business made from 1 January 2023 until 31 March 2028.
Fourth quarter and full year 2022 include the deferred tax impact of the UK Energy Profits Levy (EPL) on existing temporary differences unwinding over the period 1 January 2023 to 31 March 2028. The revised EPL
substantively enacted in the fourth quarter 2022 increases the headline rate of tax to 75% and applies to taxable profits from bp’s North Sea business made from 1 January 2023 until 31 March 2028. Third quarter 2022
includes the deferred tax impact of the original UK EPL enacted in the third quarter which increased the headline rate of tax to 65% on taxable profits between 26 May 2022 and 31 December 2025. The revised EPL
supersedes the original EPL from 1 January 2023.
Third quarter 2022 includes the deferred tax impact of the UK Energy Profits Levy on existing temporary differences unwinding over the period 1 October 2022 to 31 December 2025. The levy increases the headline rate of
tax from 40% to 65% on profits from bp’s North Sea business made from 26 May 2022 until 31 December 2025.
Adjusting items by segment p Fourth quarter and full year 2023 include a $25-million charge and a $146-million charge respectively for the EU Solidarity Contribution.
Third quarter and nine months 2023 include a $43 million charge and a $121 million charge respectively for the EU Solidarity Contribution.
Second quarter and first half 2023 include a $34-million charge and a $78-million charge respectively for the EU Solidarity Contribution.
First quarter 2023 includes a $44-million charge in respect of the EU Solidarity Contribution.
Fourth quarter and full year 2022 include a $505-million charge in respect of the EU Solidarity Contribution.
Adjusting items by segment q Fourth quarter and full year 2023 include charges for costs related to the control, abatement, clean-up or elimination of environmental pollution and legal settlements.
#
Sales and other operating revenues a Restated for net presentation of revenues and purchases relating to physically settled derivative contracts for the accounting policy change effective 1 January 2021. For more information see basis of preparation tab.
Sales and other operating revenues b Comparative information has been amended for certain contracts that have been reclassified to other operating revenues.
Sales and other operating revenues c Principally relates to commodity derivative transactions.
Group cash flow statement a Third quarter 2020 includes $316 million of cash and cash equivalents classified as assets held for sale in the group balance sheet.
Second quarter 2020 includes $436 million of cash and cash equivalents classified as assets held for sale in the group balance sheet.
Working capital reconciliation a Commencing with second quarter 2021 results fair value accounting effects have been included in the working capital reconciliation. For further information see Glossary
Working capital reconciliation b The movement in working capital includes outflows relating to the Gulf of Mexico oil spill on a pre-tax basis:
For 2023, first quarter was $12 million, second quarter was $1,204 million ($1,216 million for the first half of 2023), third quarter was $6 million ($1,222 million for the nine months of 2023), fourth quarter was nil ($1,222
million for the full year of 2023).
For 2022, first quarter was $47 million, second quarter was $1,209 million ($1,256 million for the first half of 2022), third quarter was $29 million ($1,285 million for the nine months of 2022), fourth quarter was $1 million
($1,286 million for full year of 2022).
For 2021, second quarter was $1,204 million ($1,339 for the first half of 2021), third quarter was $36 million ($1,375 million for the nine months of 2021), fourth quarter was $7 million ($1,382 million for the full year of 2021).
For 2020, third quarter was $180 million ($1,670 million for the nine months of 2020), fourth quarter was $41 million ($1,580 million for the full year of 2020).
Net cash outflows relating to the Gulf of Mexico oil spill in 2021 and 2020 include payments made under the 2016 consent decree and settlement agreement with the United States and the five Gulf coast states.
Working capital reconciliation c Relate to the non-cash movement of US emissions obligations carried as a provision through allowances held as inventory.
Capital expenditure on a cash basis a Fourth quarter 2020 includes a $500 million deposit in respect of the strategic partnership with Equinor and first quarter 2021 includes the final payment of $712 million.
Capital expenditure on a cash basis b 2020 and 2019 also include amounts relating to the 25-year extension to our ACG production-sharing agreement* in Azerbaijan.
Capital expenditure on a cash basis c Full year 2023 includes $1.1 billion, net of adjustments, in respect of the TravelCenters of America acquisition.
Fourth quarter and full year 2022 include $3,030 million in respect of the Archaea Energy acquisition.
Third quarter 2020 includes $1 billion relating to an investment in a 49% interest in the group's Indian fuels and mobility venture with Reliance industries.
Capital expenditure on a cash basis d Fourth quarter and full year 2023 include $1.1 billion, net of adjustments, in respect of the TravelCenters of America acquisition.
Fourth quarter and full year 2022 include $3,030 million in respect of the Archaea Energy acquisition.
2021 includes the final payment of $712 million in respect of the strategic partnership with Equinor.
Capital expenditure on a cash basis e Third quarter and nine months 2020 include $1 billion relating to an investment in a 49% interest in the group's Indian fuels and mobility venture with Reliance industries. Nine months 2020 also includes amounts relating to
the 25-year extension to our ACG production-sharing agreement* in Azerbaijan.
Net debt & net debt including leases a The fair value of finance debt at 31 March 2019 was $67,003 million, 30 June 2019 was $68,857 million, 30 September 2019 was $66,879 million, 31 December 2019 was $69,376 million.
The fair value of finance debt at 31 March 2020 was $67,500 million, 30 June 2020 was $77,990 million, 30 September 2020 was $75,338 million, 31 December 2020 was $76,092 million.
Net debt & net debt including leases b Third quarter 2020 includes $316 million of cash and $19 million of finance debt included in assets and liabilities held for sale in the group balance sheet.
Net debt & net debt including leases c Second quarter
Derivative 2020
financial includes $436
instruments million
entered intooffor
cash
the and $24 million
purpose of finance
of managing debtrate
interest included in assets
and foreign and liabilities
currency exchange held forassociated
risk sale in thewith
groupnetbalance
debt forsheet.
which hedge accounting is not applied are not included in the
calculation of net debt shown above. The fair value position of these instruments were as follows:
For 2023, first quarter liability of $97 million, second quarter liability of $98 million, third quarter liability of $102 million, fourth quarter liability $73 million.
For 2020, first quarter liability of $663 million, second quarter liability of $554 million, third quarter liability of $372 million, fourth quarter liability of $236 million.
For 2019, first quarter liability of $609 million, second quarter liability of $563 million, third quarter liability of $682 millio, fourth quarter liability of $601 million.
Debt ratios a The fair value of finance debt at 31 March 2019 was $67,003 million, 30 June 2019 was $68,857 million, 30 September 2019 was $66,879 million, 31 December 2019 was $69,376 million.
Debt ratios b Derivative financial instruments entered into for the purpose of managing interest rate and foreign currency exchange risk associated with net debt for which hedge accounting is not applied are not included in the
calculation of net debt shown above. The fair value position of these instruments were as follows:
For 2020, first quarter liability of $663 million, second quarter liability of $554 million, third quarter liability of $372 million, fourth quarter liability of $236 million.
For 2019, first quarter liability of $609 million, second quarter liability of $563 million, third quarter liability of $682 million and fourth quarter liability of $601 million.
Debt ratios c Third quarter 2020 includes $316 million (second quarter 2020 $436 million) of cash and cash equivalents classified as assets held for sale in the group balance sheet. Second quarter 2020 includes $436 million of cash and
cash equivalents classified as assets held for sale in the group balance sheet.
Debt ratios d Total equity from second quarter 2020 onwards includes $11.9 billion related to perpetual hybrid bonds issued on 17 June 2020. See Note 1 for further information.
Realizations a Based on sales of consolidated subsidiaries only – this excludes equity-accounted entities.
Realizations b For 1Q23, a minor amendment has been made to both Liquids and Total Hydrocarbons for Rest of World and bp Average.
Realizations calculation methodology has been changed to reflect gas price fluctuations within the North Sea region. Comparatives from 1Q21 are restated. There is no impact on financial results.
gas & low carbon energy a Does not include capital expenditure invested through our JVs, e.g. Lightsource bp, BP Bunge.
#
gas & low carbon energy b Because of rounding, some totals may not exactly agree with the sum of their component parts.
gas & low carbon energy c 2023 and 31 December 2022 include 10.3GW of onshore wind and solar pipeline in support of hydrogen.
oil production & operations a Realizations calculation methodology has been changed to reflect gas price fluctuations within the North Sea region. Comparatives from 1Q21 are restated. There is no impact on financial results.
customers & products a Reported to the nearest 50.
customers & products b Restatements to net presentation of volumes relating to physically settled derivative contracts for the accounting policy change effective 1 January 2021 are not presented in this document and will be available with the
1Q21 reporting. For more information see basis of preparation tab.
customers & products c Because of rounding, some totals may not exactly agree with the sum of their component parts.
customers & products d Values are all at end 2022 foreign exchange rates.
Rosneft a The operational and financial information of the Rosneft segment for the most recent quarter and full year is based on preliminary operational and financial results of Rosneft for the period. Actual results may differ from
these amounts. Amounts reported for 3Q21, 2Q21 and 1Q21 are based on bp’s 22.03% average economic interest for the quarter (4Q20 22.01%,3Q20 21.96%, 2Q20 21.2%)and include adjustments to reflect the
finalization of Rosneft’s previous quarter results. Amounts reported for the 1Q20 and all comparative periods are based on bp’s 19.75% economic interest.
Rosneft b The Rosneft segment result includes equity-accounted earnings arising from bp’s economic interest in Rosneft as adjusted for accounting required under IFRS relating to bp’s purchase of its interest in Rosneft, and the
amortization of the deferred gain relating to the divestment of bp’s interest in TNK-BP.
oil & gas group metrics a Except where indicated, all the data in this table relates to BP subsidiaries only.
oil & gas group metrics b Realizations are based on sales by consolidated subsidiaries only - this excludes equity-accounted entities.
oil & gas group metrics c Includes condensate, natural gas liquids and bitumen.
oil & gas group metrics d Reserves calculated on an SEC basis.
oil & gas group metrics e Finding costs are described in footnote g. Development costs include expenditure on construction, installation or completion of infrastructure facilities such as platforms, pipelines and the drilling of development wells,
including service and unsuccessful development wells.
oil & gas group metrics f Based on additions to reserves including revisions of previous estimates, improved recovery, discoveries and extensions.
oil & gas group metrics g Finding costs are exploration and appraisal drilling expenditures, which are capitalized within intangible assets, and geological and geophysical exploration costs, which are charged to income as incurred.
oil & gas group metrics h Production costs are costs incurred to operate and maintain wells and related equipment and facilities. Amounts do not include ad valorem and severance taxes.
oil & gas group metrics i Based on production volumes.
oil & gas group metrics j Cost of supply comprises exploration expenditure, production costs and depreciation, depletion and amortization.
#
Restated Financial and Operating Information 2019 - 2023
Property, plant and equipment

2019 2020 2021 2022 2023
Net book amount by segment
US 193 250 482 745
Non-US 34,784 27,279 27,420 26,063
34,977 27,529 27,902 26,808
US 33,249 30,188 30,819 30,837
Non-US 27,914 22,041 20,432 16,013
61,163 52,229 51,251 46,850
US 16,416 15,992 15,009 15,622
Non-US 17,189 16,462 15,781 13,819
33,605 32,454 30,790 29,441
US 110 101 457 447
Non-US 2,787 2,523 2,502 2,498
2,897 2,624 2,959 2,945
Net book amount by geographical area
US 49,968 46,531 46,767 47,651 –
Non-US 82,674 68,305 66,135 58,393 –
132,642 114,836 112,902 106,044 –
Cost, accumulated depreciation and right-of-use asset
Cost 67,293 69,609 72,413 71,165
Accumulated depreciation (32,922) (42,554) (44,856) (44,693)
Right-of-use asset 606 474 345 336
34,977 27,529 27,902 26,808 –
Cost 157,872 155,742 147,058 119,000
Right-of-use asset 1,750 1,233 705 839
61,162 52,229 51,251 46,850 –
Cost 54,212 51,651 51,685 51,186
Right-of-use asset 4,252 4,720 4,592 4,477
33,605 32,454 30,790 29,441 –
Cost 1,430 1,060 1,378 1,443
Accumulated depreciation (945) (700) (859) (829)
Right-of-use asset 2,413 2,264 2,440 2,331
2,898 2,624 2,959 2,945 –
Group
Cost 280,807 278,062 272,534 242,794 –
Accumulated depreciation (157,186) (171,917) (167,714) (144,733) –
Right-of-use asset 9,021 8,691 8,082 7,983 –
132,642 114,836 112,902 106,044 –
#
Group hydrocarbon data Contents
Oil and natural gas exploration and production activities

Europe North South Africa Asia Australasia Total Total Total Total
G&LCE OP&O Rosneft
America America
Rest of
Rest of North Rest of
UK Europe US America Russia Asia
2022
Subsidiaries
Capitalized costs at 31 Decembera b
Gross capitalized costs
Proved properties 30,010 – 65,126 6 16,720 20,257 – 39,899 6,324 178,342 61,492 116,850 –
Unproved properties 397 – 2,976 1,875 2,507 2,535 – 1,622 659 12,571 3,936 8,635 –
30,407 – 68,102 1,881 19,227 22,792 – 41,521 6,983 190,913 65,428 125,485 –
Accumulated depreciation 21,757 – 37,461 1,586 13,849 18,207 – 21,642 4,588 119,090 42,251 76,839 –
Net capitalized costs 8,650 – 30,641 295 5,378 4,585 – 19,879 2,395 71,823 23,177 48,646 –
Costs incurred for the year ended 31 Decembera b

Acquisition of properties
Proved 12 – 183 – – – – 245 – 440 245 195 –
Unproved – – 37 164 2 14 – – – 217 14 203 –
12 – 220 164 2 14 – 245 – 657 259 398 –
Exploration and appraisal costsc 39 – 288 137 235 103 – 73 17 892 302 590 –
Developmentd 318 – 3,825 15 483 1,378 – 1,555 176 7,750 2,534 5,216 –
Total costs 369 – 4,333 316 720 1,495 – 1,873 193 9,299 3,095 6,204 –
Results of operations for the year ended 31 Decembera

Sales and other operating revenuesd
Third parties 549 – 2,101 420 2,977 3,836 – 6,551 1,588 18,022 14,902 3,120 –
Sales between businesses 5,747 – 12,746 – 538 2,146 – 9,932 1,472 32,581 2,891 29,690 –
6,296 – 14,847 420 3,515 5,982 – 16,483 3,060 50,603 17,793 32,810 –
Exploration expenditure 11 – 144 109 172 57 – 94 (2) 585 87 498 –
Production costs 498 – 2,102 83 327 592 – 723 107 4,432 934 3,498 –
Production taxes 1 – 194 – 513 – – 1,544 73 2,325 631 1,694 –
Other costs (income)e (210) (47) 2,926 63 96 206 32 (44) 300 3,322 335 2,987 –
Depreciation, depletion and amortization 1,242 – 3,122 18 680 2,075 1 2,495 384 10,017 4,537 5,480 –
Net impairments and (gains) losses on sale of
businesses and fixed assetsf (433) (901) 217 (3) 1,570 (1,189) 1,523 (341) (43) 400 (635) 1,035 –
1,109 (948) 8,705 270 3,358 1,741 1,556 4,471 819 21,081 5,889 15,192 –
Profit (loss) before taxationg 5,187 948 6,142 150 157 4,241 (1,556) 12,012 2,241 29,522 11,904 17,618 –
Allocable taxes 4,443 – 1,409 50 1,814 886 (5) 6,651 842 16,090 4,868 11,222 –
Results of operations 744 948 4,733 100 (1,657) 3,355 (1,551) 5,361 1,399 13,432 7,036 6,396 –
a
These tables contain information relating to oil and natural gas exploration and production activities of subsidiaries, which includes bp's share of oil and natural gas exploration and production activities of joint operations. They do not
include any costs relating to the Gulf of Mexico oil spill. Amounts relating to the management and ownership of crude oil and natural gas pipelines, LNG liquefaction and transportation operations are excluded. In addition, bp's
midstream activities of marketing and trading of natural gas, power and NGLs in the US, Canada, UK, Asia and Europe are excluded. The most significant midstream pipeline interests include the South Caucasus Pipeline, the Baku-
Tbilisi-Ceyhan pipeline, the Trans Adriatic Pipeline and the Trans Anatolian Pipeline. Major LNG activities are located in Trinidad, Indonesia and Australia.
b
Costs of decommissioning are included in capitalized costs at 31 December but are excluded from costs incurred for the year.
c
Includes exploration and appraisal drilling expenditures, which are capitalized within intangible assets, and geological and geophysical exploration costs, which are charged to income as incurred.
d
Presented net of transportation costs, purchases and sales taxes.
e
Includes property taxes and other government take. The UK region includes a $256-million gain which is offset by corresponding charges primarily in the US region, relating to the group self-insurance programme.
f
Russia impairments include other businesses with Rosneft, which were reported in the oil production and operation segment. The Rosneft impairment is reported in the other businesses and corporate segment. See Note 1 -
g Investment in unwinding
Excludes the Rosneft and
of Note 17 Investments
the discount in Associates
on provisions in the bp
and payables Annual Report
amounting to $294and Form
million 20-Fis2022.
which included in finance costs in the group income statement.
Europe North South Africa Asia Australasia Total Total Total Total
America America G&LCE OP&O Rosneft
Rest of
2021
Subsidiaries
Proved properties 30,285 – 62,157 3,385 16,351 51,157 – 45,767 6,641 215,743 63,506 152,237 –
30,648 – 65,045 6,035 18,868 54,710 – 47,457 7,291 230,054 67,469 162,585 –
Net capitalized costs 9,355 – 30,894 1,027 4,475 8,523 – 20,850 2,674 77,798 24,735 53,063 –

Proved – – 81 – – – – – – 81 – 81 –
Unproved – – 18 – – – – – – 18 – 18 –
– – 99 – – – – – 99 – 99 –
Exploration and appraisal costsc 28 – 138 88 90 85 – 159 18 606 176 430 –
Developmentd 262 – 2,541 (50) 586 1,246 – 1,849 162 6,596 2,364 4,232 –
Total costs 290 – 2,778 38 676 1,331 – 2,008 180 7,301 2,540 4,761 –

Sales and other operating revenuese
Third parties 182 – 1,700 384 1,330 2,934 2 2,469 994 9,995 7,729 2,266 –
Sales between businesses 3,204 – 9,034 1 321 2,172 – 7,064 743 22,539 1,622 20,917 –
3,386 – 10,734 385 1,651 5,106 2 9,533 1,737 32,534 9,351 23,183 –
Exploration expenditure 76 – 78 90 29 84 – 52 15 424 109 315 –
Production costs 653 – 1,953 121 371 781 – 967 121 4,967 988 3,979 –
Production taxes (35) – 108 – 266 – – 918 51 1,308 331 977 –
Other costs (income)f 170 (2) 2,506 35 50 121 37 (12) 139 3,044 441 2,603 –
#
businesses and fixed assets (755) (124) (1,599) 1,075 (693) 750 – (2,762) (1) (4,109) (2,540) (1,569) –
1,369 (126) 6,199 1,404 547 4,633 39 1,353 657 16,075 3,335 12,740 –
Profit (loss) before taxationg 2,017 126 4,535 (1,019) 1,104 473 (37) 8,180 1,080 16,459 6,016 10,443 –
Allocable taxes 302 1 1,127 171 696 363 – 3,055 404 6,119 1,282 4,837 –
Results of operations 1,715 125 3,408 (1,190) 408 110 (37) 5,125 676 10,340 4,734 5,606 –
a
midstream activities of marketing and trading of natural gas, power and NGLs in the US, Canada, UK, Asia and Europe are excluded. The most significant midstream pipeline interests include the South Caucasus Pipeline, the Baku-
Tbilisi-Ceyhan pipeline, the Trans Adriatic Pipeline and the Trans Anatolian Pipeline. Major LNG activities are located in Trinidad, Indonesia and Australia.
b
c
d
Development costs in Rest of North America are negative due to a true-up of prior period spend.
e
f
g
Excludes the unwinding of the discount on provisions and payables amounting to $325-million which is included in finance costs in the group income statement.
Europe North South Africa Asia Australasia Totalc Total Total Total
Rest of
2020
Subsidiaries
Proved properties 31,729 – 63,803 3,431 15,526 49,736 – 44,031 6,409 214,665 61,428 153,237 –
32,139 – 66,905 6,075 18,003 53,296 – 45,615 7,049 229,082 65,348 163,734 –
Net capitalized costs 9,638 – 29,729 2,223 3,515 10,721 – 19,369 2,767 77,962 24,668 53,294 –

Proved – – 1 – – – – – – 1 – 1 –
Unproved – – 25 2 (1) – – 16 – 42 19 23 –
– – 26 2 (1) – – 16 – 43 19 24 –
Exploration and appraisal costsc 86 – 233 127 69 168 1 265 43 992 245 747 –
Development 365 – 2,966 9 451 1,507 – 2,222 130 7,650 2,745 4,905 –
Total costs 451 – 3,225 138 519 1,675 1 2,503 173 8,685 3,009 5,676 –

Third parties 36 – 687 113 813 1,553 2 1,378 610 5,192 4,289 903 –
Sales between businesses 1,759 – 6,274 – 53 1,641 – 4,805 277 14,809 679 14,130 –
1,795 – 6,961 113 866 3,194 2 6,183 887 20,001 4,968 15,033 –
Exploration expenditure 93 – 2,724 2,579 2,185 2,289 1 367 42 10,280 1,848 8,432 –
Production costs 636 – 2,058 102 421 817 – 875 114 5,023 1,003 4,020 –
Production taxes (22) – 57 – 140 – – 508 12 695 152 543 –
Other costs (income)e (130) 1 1,633 301 117 157 44 97 113 2,333 368 1,965 –
businesses and fixed assets 2,712 5 1,716 866 2,693 2,042 – 1,839 – 11,873 6,190 5,683 –
4,659 6 11,843 3,941 6,234 7,764 47 5,680 616 40,790 12,490 28,300 –
Profit (loss) before taxationf (2,864) (6) (4,882) (3,828) (5,368) (4,570) (45) 503 271 (20,789) (7,522) (13,267) –
Allocable taxes (1,344) – (1,125) (682) (1,802) (308) 1 1,923 91 (3,246) (1,294) (1,952) –
Results of operations (1,520) (6) (3,757) (3,146) (3,566) (4,262) (46) (1,420) 180 (17,543) (6,228) (11,315) –
a
b include
Costs ofany costs relating toare
decommissioning theincluded
Gulf of Mexico oil spill.costs
in capitalized Amounts
at 31 relating
December to the
butmanagement
are excludedand
fromownership of crude
costs incurred oil and
for the year.natural gas pipelines, LNG liquefaction and transportation operations are excluded. In addition, bp's
c
d
e
f
Excludes the unwinding of the discount on provisions and payables amounting to $369 million which is included in finance costs in the group income statement.
Rest of
2019
Subsidiaries
Proved properties 31,655 - 67,319 3,421 15,194 48,150 42,629 6,300 214,668 59,824 154,844 –
Unproved properties 425 - 3,106 2,547 3,262 3,495 1,865 606 15,306 3,796 11,510 –
32,080 - 70,425 5,968 18,456 51,645 - 44,494 6,906 229,974 63,620 166,354 –
Accumulated depreciation 18,481 - 35,379 409 9,922 35,572 22,481 3,924 126,168 29,862 96,306 –
Net capitalized costs 13,599 - 35,046 5,559 8,534 16,073 - 22,013 2,982 103,806 33,758 70,048 –

Proved 2 - 5 - - - - 188 - 195 188 7 –
Unproved 13 - 50 1 220 18 - - - 302 18 284 –
#
15 - 55 1 220 18 188 - 497 206 291 –
Exploration and appraisal costsc 128 - 271 15 220 417 2 171 61 1,285 653 632 –
Development 717 - 4,047 33 737 2,530 - 2,614 137 10,815 4,420 6,395 –
Total costs 860 - 4,373 49 1,177 2,965 2 2,973 198 12,597 5,279 7,318 –

Third parties 229 - 1,780 274 1,620 2,736 2 1,588 1,142 9,371 6,931 2,440 –
Sales between businesses 2,345 - 10,785 1 142 2,815 - 7,596 554 24,238 1,575 22,663 –
2,574 - 12,565 275 1,762 5,551 2 9,184 1,696 33,609 8,506 25,103 –
Exploration expenditure 157 - 233 13 124 222 2 187 26 964 447 517 –
Production costs 607 - 2,742 118 437 1,045 - 961 131 6,041 1,189 4,852 –
Production taxes (75) - 315 - 293 - - 951 63 1,547 358 1,189 –
Other costs (income)e (308) - 2,527 67 92 33 42 (124) 153 2,482 245 2,237 –
Depreciation, depletion and amortization 1,383 – 4,456 118 1,056 3,806 2 2,384 297 13,502 4,567 8,935 –
businesses and fixed assets 483 (10) 5,726 (1) 160 151 - 1 - 6,510 380 6,130 –
2,247 (10) 15,999 315 2,162 5,257 46 4,360 670 31,046 7,186 23,860 –
Profit (loss) before taxationf 327 10 (3,434) (40) (400) 294 (44) 4,824 1,026 2,563 1,320 1,243 –
Allocable taxes (141) - (776) (76) (234) 593 (8) 3,078 392 2,828 518 2,310 –
Results of operations 468 10 (2,658) 36 (166) (299) (36) 1,746 634 (265) 802 (1,067) –
a
midstream activities of marketing and trading of natural gas, power and NGLs in the US, Canada, UK, Asia and Europe are excluded. The most significant midstream pipeline interests include the Trans-Alaska Pipeline System, the
b
Costs
South of decommissioning
Caucasus arethe
Pipeline and included in capitalized costs
Baku-Tbilisi-Ceyhan at 31Major
pipeline. December but are excluded
LNG activities from
are located in costs incurred
Trinidad, for theand
Indonesia year.
Australia.
c
d
e
f Excludes the unwinding of the discount on provisions and payables amounting to $369 million which is included in finance costs in the group income statement.
Rest of
UK Europe US America Russiaa Asia
2022
Equity-accounted entities (BP share)
Capitalized costs at 31 Decemberb c
Proved properties – 3,739 – – 12,000 7,927 – 8,381 – 32,047 – 32,047 –
Unproved properties – 611 – – 120 371 – – – 1,102 – 1,102 –
– 4,350 – – 12,120 8,298 – 8,381 – 33,149 – 33,149 –
Accumulated depreciation – 1,800 – – 6,356 572 – 553 – 9,281 – 9,281 –
Net capitalized costs – 2,550 – – 5,764 7,726 – 7,828 – 23,868 – 23,868 –
Costs incurred for the year ended 31 Decemberb d e

Acquisition of propertiesc
Proved – 1,224 – – – – – – – 1,224 – - –
Unproved – 204 – – – – – – – 204 – - –
– 1,428 – – – – – – – 1,428 – - –
Exploration and appraisal costsd – 46 – – 22 60 28 – – 156 – 130 26
Developmentf – (24) – – 673 292 428 625 – 1,994 – 1,595 399
Total costs – 1,450 – – 695 352 456 625 – 3,578 – 3,153 425
Results of operations for the year ended 31 Decemberb

Sales and other operating revenuesg
Third parties – 2,050 – – 2,171 1,137 – 829 – 6,187 – 6,187 –
Sales between businesses – – – – – – 6,052 – – 6,052 – 158 5,894
– 2,050 – – 2,171 1,137 6,052 829 – 12,239 – 6,345 5,894
Exploration expenditure – 39 – – – 7 13 – – 59 – 47 12
Production costs – 148 – – 628 246 411 191 – 1,624 – 1,229 395
Production taxes – – – – 397 15 4,435 – – 4,847 – 493 4,354
Other costs (income) – (6) – – 16 152 97 20 – 279 – 186 93
Depreciation, depletion and amortization – 348 – – 462 572 535 553 – 2,470 – 1,952 518
Net impairments and (gains) losses on sale of - -
businesses and fixed assets – 164 – – – – – – – 164 – 164 –
– 693 – – 1,503 992 5,491 764 – 9,443 – 4,071 5,372
Profit (loss) before taxation – 1,357 – – 668 145 561 65 – 2,796 – 2,274 522
Allocable taxes – 1,098 – – 77 81 109 66 – 1,431 – 1,329 102
Results of operations – 259 – – 591 64 452 (1) – 1,365 – 945 420
a
Amounts reported for Russia in this table are bp’s estimated share of the equity-accounted entities, including Rosneft’s worldwide activities (of which insignificant amounts relate to outside Russia). See Note 1 - Investment in Rosneft
and Note 17 - Investments in Associates in the bp Annual Report and Form 20-F 2022.
b
These tables contain information relating to oil and natural gas exploration and production activities of equity-accounted entities. Amounts relating to the management and ownership of crude oil and natural gas pipelines, LNG
c liquefaction, transportation are
Costs of decommissioning operations
includedasinwell as downstream
capitalized costs at and other activities
31 December areexcluded
but are excluded.
from costs incurred for the year.
d
e
The amounts shown reflect bp’s share of equity-accounted entities’ costs incurred, and not the costs incurred by bp in acquiring an interest in equity-accounted entities.
f
Rest of Europe development costs are negative due to a true-up of prior period spend.
g
Presented net of sales tax.
Rest of
2021
Equity-accounted entities (BP share)
Capitalized costs at 31 Decemberb c
#
Proved properties – 2,507 – – 11,287 – 24,172 – – 37,966 – 15,402 22,564
Unproved properties – 383 – – 98 – 4,362 – – 4,843 – 646 4,197
– 2,890 – – 11,385 – 28,534 – – 42,809 – 16,048 26,761
Accumulated depreciation – 1,267 – – 5,894 – 7,389 – – 14,550 – 7,529 7,021
Net capitalized costs – 1,623 – – 5,491 – 21,145 – – 28,259 – 8,519 19,740
Costs incurred for the year ended 31 Decemberb d e

Acquisition of propertiesc
Proved – – – – – – – – – – – – –
Unproved – – – – – – 75 – – 75 – – 75
– – – – – – 75 – – 75 – – 75
Exploration and appraisal costsd – 60 – – 8 – 196 – – 264 – 76 188
Development – 430 – – 539 – 2,677 – – 3,646 – 1,117 2,529
Total costs – 490 – – 547 – 2,948 – – 3,985 – 1,193 2,792
Results of operations for the year ended 31 Decemberb

Sales and other operating revenuesf
Third parties – 1,677 – – 1,637 – – – – 3,314 – 3,314 –
Sales between businesses – – – – – – 17,120 – – 17,120 – 692 16,428
– 1,677 – – 1,637 – 17,120 – – 20,434 – 4,006 16,428
Exploration expenditure – 105 – – 3 – 50 – – 158 – 110 48
Production costs – 222 – – 487 – 1,335 – – 2,044 – 783 1,261
Production taxes – – – – 308 – 9,291 – – 9,599 – 608 8,991
Other costs (income) – 26 – – 34 – 293 – – 353 – 102 251
Depreciation, depletion and amortization – 347 – – 404 – 1,633 – – 2,384 – 842 1,542
businesses and fixed assets – 108 – – (32) – 191 – – 267 – 75 192
– 808 – – 1,204 – 12,793 – – 14,805 – 2,519 12,286
Profit (loss) before taxation – 869 – – 433 – 4,327 – – 5,629 – 1,487 4,142
Allocable taxes – 599 – – 684 – 852 – – 2,135 – 1,314 821
Results of operations – 270 – – (251) – 3,475 – – 3,494 – 173 3,321
a
Amounts reported for Russia in this table include bp’s share of Rosneft’s worldwide activities, including insignificant amounts outside Russia. See Note 37 Events after the reporting period in the bp Annual Report and Form 20-F
2021.
These tables contain information relating to oil and natural gas exploration and production activities of equity-accounted entities. Amounts relating to the management and ownership of crude oil and natural gas pipelines, LNG
b
liquefaction, transportation operations as well as downstream and other activities are excluded.
c
d
e
The amounts shown reflect bp’s share of equity-accounted entities’ costs incurred, and not the costs incurred by bp in acquiring an interest in equity-accounted entities.
#
Movements in reserves
Europe North South Africae Asia Australasia Total Total Total Total
G&LCE OP&O Rosneft
America America
Rest of
Crude oil ab
million barrels
2022
Subsidiaries
At 1 January
Developed 178 – 705 24 5 117 930 28 1,987 141 1,847 –
Undeveloped 101 – 601 167 7 14 449 4 1,343 87 1,256 –
279 – 1,306 191 12 131 1,379 33 3,330 228 3,102 –
Changes attributable to:

Revisions of previous estimates 9 – (11) – (1) 1 – (40) (4) (47) (40) (7) –
Improved recovery 2 – (2) – – 4 – – – 5 1 4 –
Purchases of reserves-in-place – – – – – – – 3 – 3 3 – –
Discoveries and extensions – – 22 – – 1 – – – 23 1 22 –
Production (29) – (108) (5) (2) (31) – (112) (5) (292) (38) (254) –
Sales of reserves-in-place – – (1) (185) – (80) – (157) (3) (426) (3) (423) –
(18) – (100) (191) (3) (105) – (306) (11) (734) (77) (657) –
At 31 Decemberc
Developed 153 – 679 – 4 24 – 717 20 1,596 94 1,502 –
Undeveloped 109 – 527 – 5 2 – 356 1 1,000 57 943 –
261 – 1,206 – 9 26 – 1,073 21 2,596 151 2,445 –
Equity-accounted entities (bp share)d
At 1 January
Developed – 100 – 10 275 3 3,045 1 – 3,434 – 451 2,983
Undeveloped – 21 – 12 253 – 2,540 1 – 2,826 – 319 2,507
– 121 – 22 527 3 5,585 1 – 6,260 – 770 5,490

Revisions of previous estimates – (17) – 1 (1) 23 4 (46) – (37) – (41) 4
Improved recovery – 1 – – 14 25 – – – 40 – 40 –
Purchases of reserves-in-place – 42 – – – 165 – 152 – 359 – 359 –
Discoveries and extensions – 2 – – – – – – – 2 – 2 –
Production – (17) – (1) (21) (12) (55) (9) – (115) – (62) (52)
Sales of reserves-in-placef – (25) – (10) – (3) (5,535) (1) – (5,574) – (132) (5,442)
– (15) – (10) (8) 198 (5,585) 95 – (5,325) – 165 (5,490)
At 31 December
Developed – 90 – 5 276 127 – 95 – 592 – 592 –
Undeveloped – 16 – 7 244 74 – 1 – 342 – 342 –
– 106 – 12 520 201 – 96 – 935 – 935 –
Total subsidiaries and equity-accounted entities (bp share)
At 1 January
Developed 178 100 705 34 280 119 3,045 931 28 5,421 141 2,297 2,983
Undeveloped 101 21 601 179 259 14 2,540 450 4 4,169 87 1,575 2,507
279 121 1,306 213 539 134 5,585 1,381 33 9,590 228 3,872 5,490
At 31 December
Developed 153 90 679 5 279 151 – 812 20 2,188 94 2,094 –
Undeveloped 109 16 527 7 249 76 – 358 1 1,343 57 1,286 –
261 106 1,206 12 529 227 – 1,169 21 3,531 151 3,380 –
a
Crude oil includes condensate and bitumen. Proved reserves exclude royalties due to others, whether payable in cash or in kind, where the royalty owner has a direct interest in the underlying production and the option and ability to
make lifting and sales arrangements independently.
b Because of rounding, some totals may not exactly agree with the sum of their component parts.
c Includes 3 million barrels of crude oil in respect of the 30% non-controlling interest in bp Trinidad and Tobago LLC.
d Volumes of equity-accounted entities include volumes of equity-accounted investments of those entities.
e Includes assets held for sale in Algeria.
f
bp's decision to exit our Russia business, including our shareholding in Rosneft, is treated as sales of reserves in place
Europe North South Africaf Asia Australasia Total Total Total Total
Natural gas liquids (NGL) ab

million barrels Rest of
UK Europe USc America Russia Asia
2022
Subsidiaries
At 1 January
Developed 8 – 132 – 2 9 – – 2 153 12 141 –
Undeveloped – – 195 – 19 1 – – – 215 20 195 –
9 – 328 – 21 10 – – 2 368 32 336 –

Revisions of previous estimates (1) – 101 – (18) (1) – – – 81 (19) 100 –
Improved recovery – – 16 – – 1 – – – 17 1 16 –
Purchases of reserves-in-place – – – – – – – – – – – – –
Discoveries and extensions – – 1 – – 1 – – – 2 – 2 –
Productionc (2) – (28) – (2) (2) – – (1) (34) (5) (30) –
Sales of reserves-in-place – – (1) – – (1) – – – (1) – (1) –
(2) – 90 – (19) (2) – – (1) 64 (23) 87 –
At 31 Decemberd
Developed 6 – 181 – 1 6 – – 1 196 8 187 –
Undeveloped – – 236 – – 1 – – – 237 1 236 –
6 – 417 – 1 7 – – 1 432 9 423 –
Equity-accounted entities (bp share)e
At 1 January
Developed – 6 – – 2 17 100 – – 125 – 25 100
Undeveloped – – – – – – 41 – – 41 – – 41
– 6 – 2 17 140 – – 166 – 25 140

Revisions of previous estimates – (1) – – 2 7 – – – 8 – 8 –
Improved recovery – – – – – – – – – – – – –
Purchases of reserves-in-place – 2 – – – 20 – – – 21 – 21 –
Discoveries and extensions – – – – – – – – – – – – –
Production – (1) – – – (1) – – – (2) – (2) –
Sales of reserves-in-placeg – (2) – – – (17) (140) – – (159) – (19) (140)
– (2) – – 2 9 (140) – – (132) – 8 (140)
At 31 December
Developed – 4 – – 3 17 – – – 23 – 24 –
Undeveloped – – – – 1 9 – – – 10 – 10 –
– 4 – – 4 26 – – – 34 – 34 –
#
At 1 January
Developed 8 6 132 – 4 26 100 – 2 278 12 166 100
Undeveloped – – 195 – 19 1 41 – – 256 20 196 41
9 6 328 22 27 140 – 2 534 32 361 140
#
At 31 December
Developed 6 4 181 – 4 23 – – 1 219 8 211 –
Undeveloped – – 236 – 1 10 – – – 247 1 246 –
6 4 417 – 5 33 – – 1 466 9 457 –
a
Proved reserves exclude royalties due to others, whether payable in cash or in kind, where the royalty owner has a direct interest in the underlying production and the option and ability to make lifting and sales arrangements
independently.
b
Because of rounding, some totals may not exactly agree with the sum of their component parts.
c
Excludes NGLs from processing plants in which an interest is held of 2 thousand barrels per day for equity-accounted entities.
d
Includes 0.4 million barrels of NGL in respect of the 30% non-controlling interest in bp Trinidad and Tobago LLC.
e
Volumes of equity-accounted entities include volumes of equity-accounted investments of those entities.
f
Includes assets held for sale in Algeria.
g
bp's decision to exit its Russia business, including its shareholding in Rosneft, is treated as sales of reserves in place.
Total liquids ab
UK Europe USc America Russia Asia
2022
Subsidiaries
At 1 January
Developed 187 – 837 24 7 125 – 930 30 2,141 153 1,987 –
Undeveloped 101 – 796 167 25 15 – 449 4 1,558 107 1,451 –
288 – 1,634 191 32 140 – 1,379 34 3,699 260 3,439 –

Revisions of previous estimates 8 – 89 – (19) – – (40) (4) 34 (59) 93 –
Improved recovery 2 – 14 – – 5 – – – 22 2 20 –
Purchases of reserves-in-place 1 – – – – – – 3 – 3 3 1 –
Discoveries and extensions – – 23 – – 1 – – – 25 2 23 –
Productionc (31) – (136) (5) (3) (34) – (112) (5) (326) (43) (283) –
(20) – (11) (191) (22) (107) – (306) (13) (670) (100) (570) –
At 31 Decemberd
Developed 159 – 860 – 5 30 – 717 20 1,791 102 1,689 –
Undeveloped 109 – 763 – 5 3 – 356 1 1,237 58 1,179 –
267 – 1,623 11 33 – 1,073 22 3,029 160 2,868 –
At 1 January
Developed – 106 – 10 276 20 3,145 1 – 3,558 – 475 3,083
Undeveloped – 21 – 12 253 – 2,581 1 – 2,867 – 320 2,547
– 127 – 22 529 20 5,726 1 – 6,425 – 795 5,630

Revisions of previous estimates – (18) – 1 1 30 4 (46) – (29) – (33) 4
Production – (18) – (1) (21) (13) (55) (9) – (117) – (64) (53)
Sales of reserves-in-placeg – (27) – (10) – (19) (5,675) (1) – (5,733) – (151) (5,582)
– (17) – (10) (6) 207 (5,726) 95 – (5,457) – 173 (5,630)
At 31 December
Developed – 94 – 5 278 144 – 95 – 616 – 616 –
Undeveloped – 16 – 7 245 83 – 1 – 352 – 352 –
– 110 – 12 523 227 – 96 – 968 – 968 –
At 1 January
Developed 187 106 837 34 284 146 3,145 931 30 5,699 153 2,463 3,083
Undeveloped 101 21 796 179 278 15 2,581 450 4 4,425 107 1,771 2,547
288 127 1,634 213 561 161 5,726 1,381 34 10,124 260 4,234 5,630
At 31 December
Developed 159 94 860 5 283 174 – 812 20 2,407 102 2,305 –
Undeveloped 109 16 763 7 250 86 – 358 1 1,590 58 1,532 –
267 110 1,623 12 534 260 – 1,169 22 3,997 160 3,836 –
a
independently.
b
c
d
Also includes 3 million barrels in respect of the 30% non-controlling interest in BP Trinidad and Tobago LLC.
e
f
Includes assets held for sale in Algeria.
g
bp's decision to exit its Russia business, including its shareholding in Rosneft, is treated as sales of reserves in place.
Natural gasa b America America G&LCE OP&O Rosneft

billion cubic feet Rest of
2022
Subsidiaries
At 1 January
Developed 455 – 2,401 – 1,152 1,433 – 3,266 1,584 10,291 7,160 3,131 –
Undeveloped 45 – 3,404 – 1,147 154 – 2,522 939 8,211 4,722 3,489 –
501 – 5,805 2,299 1,587 – 5,788 2,523 18,502 11,882 6,620 –

Revisions of previous estimates 6 – 449 – 2 180 – (575) (165) (102) (557) 455 –
Improved recovery 1 – 46 – – – – – – 47 – 47 –
Discoveries and extensions – – 10 – – 87 – 21 10 128 103 24 –
Productionc (109) – (493) – (476) (517) – (561) (276) (2,432) (1,812) (620) –
Sales of reserves-in-place – – (9) – – (93) – (47) – (149) – (149) –
(100) – 4 – (474) (344) – (1,069) (431) (2,414) (2,174) (240) –
At 31 Decemberd
Developed 360 – 2,655 – 1,077 1,021 – 2,594 1,684 9,392 6,243 3,149 –
Undeveloped 41 – 3,154 – 748 221 – 2,125 407 6,696 3,465 3,231 –
401 – 5,809 1,825 1,242 – 4,719 2,091 16,087 9,708 6,380 –
At 1 January
Developed – 130 – 4 929 689 11,399 – – 13,149 – 4,289 8,861
Undeveloped – 11 – 4 536 133 7,279 – – 7,964 – 591 7,372
– 140 – 8 1,465 822 18,678 – – 21,113 – 4,880 16,233

Revisions of previous estimates – (7) – 1 162 131 53 – – 340 – 287 52
Improved recovery – – – – 82 – – – – 82 – 82 –
Productionc – (25) – – (128) (36) (86) (2) – (277) – (191) (86)
Sales of reserves-in-placeg – (49) – (4) – (803) (18,645) – – (19,501) – (3,302) (16,199)
– (64) – (3) 115 (133) (18,678) 43 – (18,719) – (2,486) (16,233)
#
At 31 December
Developed – 72 – 3 974 534 – 43 – 1,627 – 1,627 –
Undeveloped – 5 – 2 606 154 – – – 767 – 767 –
– 77 – 5 1,580 689 – 43 – 2,394 – 2,394 –
#
At 1 January
Developed 455 130 2,401 4 2,081 2,121 11,399 3,266 1,584 23,440 7,160 7,420 8,861
Undeveloped 45 11 3,404 4 1,683 287 7,279 2,522 939 16,174 4,722 4,080 7,372
501 140 5,805 8 3,764 2,408 18,678 5,788 2,523 39,615 11,882 11,499 16,233
At 31 December
Developed 360 72 2,655 3 2,051 1,556 – 2,637 1,684 11,018 6,243 4,776 –
Undeveloped 41 5 3,154 2 1,355 375 – 2,125 407 7,463 3,465 3,998 –
401 77 5,809 5 3,405 1,931 – 4,762 2,091 18,481 9,708 8,774 –
a
independently.
c Includes 122 billion cubic feet of natural gas consumed in operations, 86 billion cubic feet in subsidiaries, 36 billion cubic feet in equity-accounted entities.
d Includes 547 billion cubic feet of natural gas in respect of the 30% non-controlling interest in BP Trinidad and Tobago LLC.
e Volumes of equity-accounted entities include volumes of equity-accounted investments of those entities.
f Includes assets held for sale in Algeria.
g bp's decision to exit our Russia business, including our shareholding in Rosneft, is treated as sales of reserves in place.
Europe North South Africah Asia Australasia Total Total Total Total
Total hydrocarbons ab
million barrels of oil equivalentc Rest of
UK Europe USf America Russia Asia
2022
Subsidiaries
At 1 January
Developed 265 – 1,251 24 206 372 – 1,494 303 3,915 1,388 2,527 –
Undeveloped 109 – 1,383 167 223 41 – 884 166 2,973 921 2,053 –
374 – 2,634 191 429 414 – 2,377 469 6,889 2,309 4,580 –

Revisions of previous estimates 9 – 167 – (18) 31 – (139) (33) 17 (155) 172 –
Improved recovery 2 – 22 – – 5 – – – 30 2 28 –
Discoveries and extensions – – 25 – – 16 – 4 2 47 20 28 –
Productiond e (50) – (221) (5) (85) (123) – (209) (53) (746) (355) (390) –
(37) – (10) (191) (103) (167) – (491) (87) (1,086) (474) (612) –
At 31 Decemberf
Developed 221 – 1,318 – 191 206 – 1,164 311 3,411 1,179 2,232 –
Undeveloped 116 – 1,306 – 134 41 – 723 72 2,392 656 1,736 –
337 – 2,624 – 325 247 – 1,887 382 5,802 1,834 3,968 –
Equity-accounted entities (bp share)g
At 1 January
Developed – 128 – 11 437 139 5,110 1 – 5,825 – 1,215 4,610
Undeveloped – 23 – 12 345 23 3,836 1 – 4,240 – 422 3,819
– 151 – 23 782 162 8,946 1 – 10,065 – 1,637 8,429

Revisions of previous estimates – (19) – 1 29 53 13 (46) – 30 – 16 13
Productione – (22) – (1) (43) (19) (70) (10) – (165) – (97) (67)
Sales of reserves-in-placei – (36) – (10) – (158) (8,890) (1) – (9,095) – (720) (8,375)
– (28) – (11) 14 184 (8,946) 102 – (8,685) – (256) (8,429)
At 31 December
Developed – 106 – 6 446 236 – 102 – 896 – 896 –
Undeveloped – 17 – 7 349 110 – 1 – 485 – 485 –
– 123 – 13 796 346 – 103 – 1,381 – 1,381 –
At 1 January
Developed 265 128 1,251 35 642 511 5,110 1,494 303 9,740 1,388 3,742 4,610
Undeveloped 109 23 1,383 179 568 65 3,836 884 166 7,214 921 2,474 3,819
374 151 2,634 214 1,210 576 8,946 2,379 469 16,954 2,309 6,216 8,429
At 31 December
Developed 221 106 1,318 6 637 442 – 1,266 311 4,307 1,179 3,128 –
Undeveloped 116 17 1,306 7 484 151 – 724 72 2,877 656 2,221 –
337 123 2,624 13 1,121 593 – 1,990 382 7,183 1,834 5,349 –
a
independently.
c 5.8 billion cubic feet of natural gas = 1 million barrels of oil equivalent.
d Excludes NGLs from processing plants in which an interest is held of 2 thousand barrels per day for equity-accounted entities.
e Includes 21 million barrels of oil equivalent of natural gas consumed in operations, 15 million barrels of oil equivalent in subsidiaries, 6 million barrels of oil equivalent in equity-accounted entities.
f Includes 98 million barrels of oil equivalent in respect of the 30% non-controlling interest in BP Trinidad and Tobago LLC.
g Volumes of equity-accounted entities include volumes of equity-accounted investments of those entities.
h Includes assets held for sale in Algeria.
i
bp's decision to exit our Russia business, including our shareholding in Rosneft, is treated as sales of reserves in place.
G&LCE OP&O Rosneft
America America
Rest of
UK Europe USc America Russiab Asia
Crude oila b
million barrels
2021
Subsidiaries
At 1 January
Developed 162 – 697 37 8 116 – 1,100 34 2,154 176 1,978 –
Undeveloped 148 – 742 195 9 21 – 547 5 1,666 116 1,549 –
309 – 1,438 232 16 137 – 1,647 38 3,819 292 3,527 –

Revisions of previous estimates – – (46) (32) (3) 32 – (121) (1) (171) 3 (174) –
Improved recovery – – 29 – – 2 – – – 32 – 32 –
Discoveries and extensions – – 2 – – – 5 – 7 5 2 –
Production (30) – (113) (9) (2) (41) – (116) (5) (315) (36) (279) –
Sales of reserves-in-place (1) – (5) – – – (36) – (41) (36) (5) –
(30) – (132) (41) (5) (7) – (268) (6) (489) (64) (425) –
At 31 Decemberc
Developed 178 – 705 24 5 117 – 930 28 1,987 141 1,847 –
Undeveloped 101 – 601 167 7 14 – 449 4 1,343 87 1,256 –
279 – 1,306 191 12 131 – 1,379 33 3,330 228 3,102 –
#
Equity-accounted entities (bp share)d
At 1 January
Developed – 112 – 5 275 2 3,123 – – 3,517 – 449 3,068
Undeveloped – 24 – 21 237 – 2,493 – – 2,776 – 311 2,464
– 136 – 26 512 3 5,615 1 – 6,293 – 760 5,533
#
Revisions of previous estimates – 9 – (5) (4) 1 166 1 – 168 – 26 142
Improved recovery – 1 – – – – – – – 1 – 1 –
Purchases of reserves-in-place – – – – 13 – – – – 13 – 13 –
Discoveries and extensions – 1 – 2 25 – 238 – – 266 – 28 238
Production – (18) – (1) (19) – (323) – – (361) – (49) (312)
Sales of reserves-in-place – (9) – – – – (111) – – (119) – (9) (111)
– (15) – (4) 15 – (30) 1 – (33) – 10 (43)
At 31 Decembere f
Developed – 100 – 10 275 3 3,045 1 – 3,434 – 451 2,983
Undeveloped – 21 – 12 253 – 2,540 1 – 2,826 – 319 2,507
– 121 – 22 527 3 5,585 1 – 6,260 – 770 5,490
At 1 January
Developed 162 112 697 42 283 119 3,123 1,100 34 5,671 176 2,426 3,068
Undeveloped 148 24 742 215 246 22 2,493 548 5 4,441 116 1,861 2,464
309 136 1,438 258 529 140 5,615 1,648 38 10,112 292 4,287 5,533
At 31 December
Developed 178 100 705 34 280 119 3,045 931 28 5,421 141 2,297 2,983
Undeveloped 101 21 601 179 259 14 2,540 450 4 4,169 87 1,575 2,507
279 121 1,306 213 539 134 5,585 1,381 33 9,590 228 3,872 5,490
a
b
c
Includes 4 million barrels of crude oil in respect of the 30% non-controlling interest in bp Trinidad and Tobago LLC.
d
e
Includes
Total 393 crude
proved millionoilbarrels of crude
reserves oil part
held as in respect of the 7.16%
of our equity interestnon-controlling interest
in Rosneft is 5,490 in Rosneft,
million barrels,including 221mmbbl
comprising millionheld through
barrels bp's
in Iraq andinterests in 1Russia
less than millionother than
barrels Rosneft.
each in Egypt, Vietnam, and Canada, and 5,487 million barrels in
f
Russia.
Natural gas liquids (NGL)a b America America G&LCE OP&O Rosneft

UK Europe USc America Russiab Asiac
2021
Subsidiaries
At 1 January
Developed 7 – 115 – 2 13 – – 2 139 17 122 –
Undeveloped – – 218 – 19 1 – – – 237 20 218 –
7 – 333 – 21 14 – – 2 376 37 340 –

Revisions of previous estimates 5 – (1) – 1 (1) – – – 4 – 4 –
Improved recovery – – 25 – – – – – – 25 – 25 –
Productionc (2) – (25) – (1) (3) – – (1) (32) (5) (27) –
Sales of reserves-in-place (1) – (4) – – – – – – (5) – (5) –
2 – (5) – – (4) – – – (8) (5) (3) –
At 31 Decemberd
Developed 8 – 132 – 2 9 – – 2 153 12 141 –
Undeveloped – – 195 – 19 1 – – – 215 20 195 –
9 – 328 – 21 10 – – 2 368 32 336 –
At 1 January
Developed – 6 – – 2 12 108 – – 129 – 21 108
Undeveloped – 1 – – – – 43 – – 44 – 1 43
– 7 – – 2 12 151 – – 172 – 22 151

Revisions of previous estimates – – – – – 6 (9) – – (2) – 6 (9)
Improved recovery – – – – – – – – – – – – –
Production – (1) – – – (1) (1) – – (4) – (3) (1)
Sales of reserves-in-place – – – – – – – – – – – – –
– (1) – – – 5 (10) – – (7) – 4 (10)
At 31 Decemberf g
Developed – 6 – – 2 17 100 – – 125 – 25 100
Undeveloped – – – – – – 41 – – 41 – – 41
– 6 – – 2 17 140 – – 166 – 25 140
At 1 January
Developed 7 6 115 – 4 25 108 – 2 268 17 142 108
Undeveloped – 1 218 – 19 1 43 – – 281 20 219 43
7 7 333 – 23 26 151 – 2 549 37 361 151
At 31 December
Developed 8 6 132 – 4 26 100 – 2 278 12 166 100
Undeveloped – – 195 – 19 1 41 – – 256 20 196 41
9 or in kind,6where the328
Proved reserves exclude royalties due to others, whether payable in cash – a direct interest
royalty owner has 22 in the27
underlying 140
production and –the option and
2 ability to534 32 arrangements
make lifting and sales 361 140
a
independently.
b
c
d
Includes 6 million barrels of NGL in respect of the 30% non-controlling interest in bp Trinidad and Tobago LLC.
e
f
Includes 3 million barrels of NGLs in respect of the 2.3% non-controlling interest in Rosneft.
g
Total proved NGL reserves held as part of our equity interest in Rosneft is 140 million barrels, comprising less than 1 million barrels in Canada and 140 million barrels in Russia.
Total liquidsa b America America G&LCE OP&O Rosneft

UK Europe USc America Russiab Asiac
2021
Subsidiaries
At 1 January
Developed 168 – 812 37 10 129 – 1,100 36 2,293 193 2,100 –
#
Undeveloped 148 – 959 195 27 22 – 547 5 1,903 136 1,767 –
316 – 1,771 232 37 151 – 1,647 41 4,196 329 3,867 –

Revisions of previous estimates 5 – (47) (32) (2) 31 – (121) (1) (167) 3 (170) –
Discoveries and extensions – – 2 – – – – 5 7 5 2 –
Productionc (32) – (138) (9) (3) (44) – (116) (5) (348) (41) (306) –
Sales of reserves-in-place (1) – (9) – – – – (36) – (46) (36) (10) –
(29) – (137) (41) (5) (11) – (268) (6) (497) (69) (428) –
At 31 Decemberd
Developed 187 – 837 24 7 125 – 930 30 2,141 153 1,987 –
Undeveloped 101 – 796 167 25 15 – 449 4 1,558 107 1,451 –
288 – 1,634 191 32 140 – 1,379 34 3,699 260 3,439 –
At 1 January
Developed – 118 – 5 277 15 3,231 – – 3,645 – 469 3,176
Undeveloped – 25 – 21 237 – 2,535 – – 2,819 – 312 2,507
– 143 – 26 514 15 5,766 1 – 6,465 – 782 5,683

Improved recovery – 1 – – – – – – – 1 – 1
Purchases of reserves-in-place – – – – 13 – – – – 13 – 13
Production – (19) – (1) (19) (1) (325) – – (365) – (51) (314)
Sales of reserves-in-place – (9) – – – – (111) – – (120) – (9) (111)
– (16) – (4) 15 5 (40) 1 – (39) – 14 (53)
At 31 Decemberf g
Developed – 106 – 10 276 20 3,145 1 – 3,558 – 475 3,083
Undeveloped – 21 – 12 253 – 2,581 1 – 2,867 – 320 2,547
– 127 – 22 529 20 5,726 1 – 6,425 – 795 5,630
At 1 January
Developed 168 118 812 42 287 144 3,231 1,100 36 5,938 193 2,569 3,176
Undeveloped 148 25 959 215 265 23 2,535 548 5 4,722 136 2,079 2,507
316 143 1,771 258 552 166 5,766 1,648 41 10,661 329 4,648 5,683
At 31 December
Developed 187 106 837 34 284 146 3,145 931 30 5,699 153 2,463 3,083
Undeveloped 101 21 796 179 278 15 2,581 450 4 4,425 107 1,771 2,547
Proved reserves exclude royalties due to others, whether payable in288 127where the
cash or in kind, 1,634 213
royalty owner has a direct561 161
interest in the 5,726
underlying production 1,381 34 ability10,124
and the option and to make lifting and 260 4,234
sales arrangements 5,630
a
independently.
b
c
d
Also includes 10 million barrels in respect of the 30% non-controlling interest in bp Trinidad and Tobago LLC.
e
f
Includes 396 million barrels of liquids in respect of the non-controlling interest in Rosneft, including 22 mmboe held through bp’s interests in Russia other than Rosneft.
g
Total proved liquid reserves held as part of our equity interest in Rosneft is 5,630 million barrels, comprising 1 million barrels in Iraq, less than 1 million barrels each in Canada, Egypt and Vietnam and 5,628 million barrels in Russia.

UK Europe US America Russia Asiac
2021
Subsidiaries
At 1 January
Developed 306 – 1,921 – 1,567 1,382 – 3,883 2,058 11,118 8,615 2,503 –
Undeveloped 51 – 3,423 – 1,964 158 – 3,641 1,029 10,267 6,752 3,514 –
358 – 5,344 – 3,531 1,541 – 7,524 3,087 21,385 15,367 6,018 –

Revisions of previous estimates 254 – 717 1 (767) 537 – (66) (285) 390 (613) 1,003 –
Purchases of reserves-in-place – – – – – – – – – – – –
Discoveries and extensions – – 1 – – 25 – 116 – 142 141 1 –
Productionc (103) – (445) (1) (465) (516) – (489) (279) (2,297) (1,716) (582) –
Sales of reserves-in-place (7) – (60) – – – – (1,298) – (1,365) (1,298) (67) –
143 – 461 – (1,232) 46 – (1,736) (564) (2,883) (3,485) 602 –
At 31 Decemberd
Developed 455 – 2,401 – 1,152 1,433 – 3,266 1,584 10,291 7,160 3,131 –
Undeveloped 45 – 3,404 – 1,147 154 – 2,522 939 8,211 4,722 3,489 –
501 – 5,805 – 2,299 1,587 – 5,788 2,523 18,502 11,882 6,620 –
At 1 January
Developed – 141 – 2 965 600 11,373 7 – 13,088 – 4,207 8,881
Undeveloped – 21 – 6 513 142 7,312 – – 7,994 – 551 7,443
– 162 – 8 1,478 741 18,685 7 – 21,082 – 4,758 16,324

Revisions of previous estimates – 8 – (2) (115) 152 422 – – 467 – 98 369
Productionc – (25) – – (124) (72) (478) (3) – (702) – (199) (504)
Sales of reserves-in-place – (9) – – – – (102) (4) – (115) – (9) (106)
– (22) – (1) (13) 80 (7) (7) – 31 – 121 (90)
At 31 Decemberf g
Developed – 130 – 4 929 689 11,399 – – 13,149 – 4,289 8,861
Undeveloped – 11 – 4 536 133 7,279 – – 7,964 – 591 7,372
– 140 – 8 1,465 822 18,678 – – 21,113 – 4,880 16,233
At 1 January
Developed 306 141 1,921 2 2,532 1,982 11,373 3,890 2,058 24,206 8,615 6,711 8,881
Undeveloped 51 21 3,423 6 2,477 300 7,312 3,641 1,029 18,260 6,752 4,065 7,443
358 162 5,344 8 5,009 2,282 18,685 7,531 3,087 42,467 15,367 10,776 16,324
#
At 31 December
Developed 455 130 2,401 4 2,081 2,121 11,399 3,266 1,584 23,440 7,160 7,420 8,861
Undeveloped 45 11 3,404 4 1,683 287 7,279 2,522 939 16,174 4,722 4,080 7,372
501 140 5,805 8 3,764 2,408 18,678 5,788 2,523 39,615 11,882 11,499
Proved reserves exclude royalties due to others, whether payable in cash or in kind, where the royalty owner has a direct interest in the underlying production and the option and ability to make lifting and sales arrangements 16,233
a
independently.
b
c
Includes 135 billion cubic feet of natural gas consumed in operations, 83 billion cubic feet in subsidiaries, 52 billion cubic feet in equity-accounted entities.
d
Includes 690 billion cubic feet of natural gas in respect of the 30% non-controlling interest in bp Trinidad and Tobago LLC.
e
f
Includes 1,656 billion cubic feet of natural gas in respect of the 10.20% non-controlling interest in Rosneft including 621 billion cubic feet held through bp’s interests in Russia other than Rosneft.
g
Total proved gas reserves held as part of our equity interest in Rosneft is 16,233 billion cubic feet, comprising less than 1billion cubic feet in Vietnam and Canada, 376 billion cubic feet in Egypt and 15,857 billion cubic feet in Russia.
Total hydrocarbonsa b America America G&LCE OP&O Rosneft

UK Europe USf America Russia Asiad

2021
Subsidiaries
At 1 January
Developed 221 – 1,143 37 280 367 – 1,770 391 4,210 1,678 2,531 –
Undeveloped 157 – 1,549 195 366 50 – 1,175 182 3,673 1,300 2,373 –
378 – 2,692 232 646 417 – 2,945 573 7,883 2,979 4,904 –

Revisions of previous estimates 49 – 77 (32) (134) 123 – (132) (50) (100) (102) 3 –
Discoveries and extensions – – 2 – – 4 – 25 – 31 29 2 –
Productiond e (50) – (214) (9) (83) (133) – (200) (54) (744) (337) (407) –
Sales of reserves-in-place (3) – (19) – – – – (260) – (282) (260) (22) –
(4) – (58) (41) (217) (3) – (567) (104) (994) (670) (324) –
At 31 Decemberf
Developed 265 – 1,251 24 206 372 – 1,494 303 3,915 1,388 2,527 –
Undeveloped 109 – 1,383 167 223 41 – 884 166 2,973 921 2,053 –
374 – 2,634 191 429 414 – 2,377 469 6,889 2,309 4,580 –
Equity-accounted entities (bp share)g
At 1 January
Developed – 142 – 5 443 118 5,192 1 – 5,902 – 1,194 4,708
Undeveloped – 29 – 22 326 25 3,796 – – 4,198 – 407 3,790
– 171 – 27 769 143 8,988 2 – 10,100 – 1,602 8,498

Production – (23) – (1) (41) (14) (407) – – (486) – (85) (401)
Sales of reserves-in-place – (11) – – – – (128) (1) – (139) – (11) (129)
– (20) – (4) 12 19 (42) – – (34) – 35 (69)
At 31 Decemberh i
Developed – 128 – 11 437 139 5,110 1 – 5,825 – 1,215 4,610
Undeveloped – 23 – 12 345 23 3,836 1 – 4,240 – 422 3,819
– 151 – 23 782 162 8,946 1 – 10,065 – 1,637 8,429
At 1 January
Developed 221 142 1,143 43 724 485 5,192 1,771 391 10,112 1,678 3,726 4,708
Undeveloped 157 29 1,549 217 692 74 3,796 1,175 182 7,871 1,300 2,780 3,790
378 171 2,692 259 1,415 560 8,988 2,946 573 17,982 2,979 6,506 8,498
At 31 December
Developed 265 128 1,251 35 642 511 5,110 1,494 303 9,740 1,388 3,742 4,610
Undeveloped 109 23 1,383 179 568 65 3,836 884 166 7,214 921 2,474 3,819
Proved reserves exclude royalties due to others, whether payable in374 151where the
cash or in kind, 2,634 214
royalty owner 1,210
has a direct 576
interest in the 8,946
underlying production 2,379
and the option 469
and ability16,954 2,309
to make lifting and 6,216
sales arrangements 8,429
a
independently.
b
c
5.8 billion cubic feet of natural gas = 1 million barrels of oil equivalent.
d
e
Includes 23 million barrels of oil equivalent of natural gas consumed in operations, 14 million barrels of oil equivalent in subsidiaries, 9 million barrels of oil equivalent in equity-accounted entities.
f
Includes 130 million barrels of oil equivalent in respect of the 30% non-controlling interest in bp Trinidad and Tobago LLC.
g
h
Includes
Total 682 reserves
proved million barrels of part
held as oil equivalent in respect
of our equity interestofinthe 8.09%
Rosneft is non-controlling interest
8,429 million barrels of in
oilRosneft, including
equivalent, 129mmboe
comprising held
less than throughbarrels
1 million bp’s interests in Russia
of oil equivalent in other
Canadathan Rosneft.
and Vietnam, 1million barrels of oil equivalent in Iraq, 65
i
million barrels of oil equivalent in Egypt and 8,362 million barrels of oil equivalent in Russia.
Rest of

UK Europe USc America Russiab Asia
Crude oila b
million barrels
2020
Subsidiaries
At 1 January
Developed 206 – 1,063 40 7 156 – 1,074 26 2,572 153 2,419 –
Undeveloped 200 – 842 179 5 40 – 525 4 1,794 129 1,665 –
406 – 1,905 218 12 196 – 1,599 30 4,367 283 4,084 –

Revisions of previous estimates (62) – (17) 22 – (17) – 175 14 114 20 94 –
Discoveries and extensions – – 2 – 5 – – 11 – 18 15 2 –
Production (35) – (125) (8) – (44) – (137) (5) (355) (26) (329) –
#
Sales of reserves-in-place – – (351) – – – – – – (351) – (351) –
(97) – (467) 14 5 (58) – 48 8 (547) 10 (557) –
At 31 Decemberd
Developed 162 – 697 37 8 116 – 1,100 34 2,154 176 1,978 –
Undeveloped 148 – 742 195 9 21 – 547 5 1,666 116 1,549 –
309 – 1,438 232 16 137 – 1,647 38 3,819 292 3,527
At 1 January
Developed – 115 – – 291 2 3,159 – – 3,567 – 454 3,113
Undeveloped – 35 – 20 257 – 2,535 – – 2,847 – 356 2,492
– 150 – 20 548 2 5,695 – – 6,414 – 810 5,604

Revisions of previous estimates – (5) – 6 2 1 31 – – 35 – (37) 72
Purchases of reserves-in-place – – – – 1 – 643 – – 644 – 1 643
Discoveries and extensions – – – – 17 – 238 – – 255 – 25 230
Production – (18) – – (21) – (330) – – (369) – (49) (320)
Sales of reserves-in-place – – – – (35) – (662) – – (697) – (0) (697)
– (14) – 6 (36) 1 (79) – – (122) – (50) (72)
At 31 Decemberf g
Developed – 112 – 5 275 2 3,123 – – 3,517 – 449 3,068
Undeveloped – 24 – 21 237 – 2,493 – – 2,776 – 311 2,464
– 136 – 26 512 3 5,615 1 – 6,293 – 760 5,533
At 1 January
Developed 206 115 1,063 40 298 158 3,159 1,074 26 6,140 153 2,874 3,113
Undeveloped 200 35 842 198 262 40 2,535 525 4 4,642 129 2,021 2,492
406 150 1,905 238 560 198 5,695 1,599 30 10,781 283 4,894 5,604
At 31 December
Developed 162 112 697 42 283 119 3,123 1,100 34 5,671 176 2,426 3,068
Undeveloped 148 24 742 215 246 22 2,493 548 5 4,441 116 1,861 2,464
309 136 1,438 258 529 140 5,615 1,648 38 10,112 292 4,287 5,533
a
b
c
Includes 37 million barrels of crude oil associated with Assets Held for Sale in Oman.
d
Includes 5 million barrels of crude oil in respect of the 30% non-controlling interest in bp Trinidad and Tobago LLC.
e
f
Includes 393 crude
Total proved millionoil
barrels of crude
reserves oil part
held as in respect
of our of the 7.09%
equity non-controlling
interest interest
in Rosneft is 5,533 in Rosneft,
million barrels,including 26 mmbbl
comprising held
less than throughbarrels
1 million bp’s interests
in Egypt,inVietnam,
Russia other thanCanada,
Iraq and Rosneft.0 million barrels in Venezuela and 5,531 million barrels in
g
Russia.
Natural gas liquids (NGL)a b America America G&LCE OP&O Rosneft
UK Europe US America Russiab Asiac
2020
Subsidiaries
At 1 January
Developed 8 – 229 – 2 12 – – 4 255 18 238 –
Undeveloped 5 – 250 – 21 4 – – – 280 25 255 –
13 – 479 – 23 16 – – 4 535 43 492 –

Revisions of previous estimatesd (5) – (22) – – 1 – – (1) (26) 1 (27) –
Productiond (2) – (31) – (3) (3) – – (1) (39) (6) (32) –
(7) – (146) – (2) (2) – – (2) (159) (6) (153) –
At 31 Decembere
Developed 7 – 115 – 2 13 – – 2 139 17 122 –
Undeveloped – – 218 – 19 1 – – – 237 20 218 –
7 – 333 – 21 14 – – 2 376 37 340 –
Equity-accounted entities (bp share)f
At 1 January
Developed – 5 – – 2 11 89 – – 107 – 18 89
Undeveloped – 3 – – – – 52 – – 55 – 3 52
– 7 – – 2 11 141 – – 162 – 21 141

Revisions of previous estimates – 1 – – – 3 9 – – 12 – 3 9
Improved recovery – – – – – – – – – – – 0 –
Purchases of reserves-in-place – – – – – – 16 – – 16 – – 16
Production – (1) – – – (2) (2) – – (5) – (3) (2)
Sales of reserves-in-place – – – – – – (14) – – (14) – (0) (14)
– – – – – 1 10 – – 10 – 1 10
At 31 Decemberg h
Developed – 6 – – 2 12 108 – – 129 – 21 108
Undeveloped – 1 – – – – 43 – – 44 – 1 43
– 7 – – 2 12 151 – – 172 – 22 151
At 1 January
Developed 8 5 229 – 4 23 89 – 4 363 18 256 89
#
Undeveloped 5 3 250 – 21 4 52 – – 334 25 257 52
13 7 479 – 25 27 141 – 4 697 43 513 141
At 31 December
Developed 7 6 115 – 4 25 108 – 2 268 17 142 108
Undeveloped – 1 218 – 19 1 43 – – 281 20 219 43
7 7 333 – 23 26 151 – 2 549 37 361 151
a
independently.
b
c
Includes 0 million barrels of NGL associated with Assets Held for Sale in Oman.
d
Excludes NGLs from processing plants in which an interest is held of less than 1 thousand barrels per day for subsidiaries and 3 thousand barrels per day for equity-accounted entities
e
Includes 6 million barrels of NGL in respect of the 30% non-controlling interest in bp Trinidad and Tobago LLC.
f
g
Includes 12 million barrels of NGLs in respect of the 7.99% non-controlling interest in Rosneft.
h
Total proved NGL reserves held as part of our equity interest in Rosneft is 151 million barrels, comprising less than 1 million barrels in Egypt, Venezuela, Vietnam and Canada, and 151 million barrels in Russia.
Total liquidsa b America America G&LCE OP&O Rosneft
UK Europe US America Russiab Asiac
2020
Subsidiaries
At 1 January
Developed 214 – 1,292 40 9 168 – 1,074 30 2,828 171 2,657 –
Undeveloped 205 – 1,092 179 26 43 – 525 4 2,074 154 1,920 –
420 – 2,384 218 35 211 – 1,599 34 4,902 325 4,577 –

Revisions of previous estimates (67) – (40) 22 1 (16) – 175 13 87 21 67 –
Discoveries and extensions – – 2 – 5 – – 11 – 18 15 2 –
Productiond (37) – (155) (8) (3) (47) – (137) (6) (394) (32) (362) –
(104) – (613) 14 2 (60) – 48 6 (706) 4 (710) –
At 31 Decembere
Developed 168 – 812 37 10 129 – 1,100 36 2,293 193 2,100 –
Undeveloped 148 – 959 195 27 22 – 547 5 1,903 136 1,767 –
316 – 1,771 232 37 151 – 1,647 41 4,196 329 3,867 –
At 1 January
Developed – 120 – – 293 13 3,248 – – 3,675 – 473 3,202
Undeveloped – 37 – 20 257 – 2,588 – – 2,902 – 358 2,544
– 157 – 20 550 13 5,836 – – 6,576 – 831 5,745

Revisions of previous estimatesd – (4) – 6 2 4 39 – – 47 – (33) 81
Purchases of reserves-in-place – – – – 1 – 660 – – 661 – 1 660
Production – (19) – – (21) (2) (331) – – (374) – (52) (322)
Sales of reserves-in-place – (1) – – (35) – (675) – – (711) – (1) (710)
– (14) – 6 (36) 2 (70) – – (112) – (50) (62)
At 31 Decemberg h
Developed – 118 – 5 277 15 3,231 – – 3,645 – 469 3,176
Undeveloped – 25 – 21 237 – 2,535 – – 2,819 – 312 2,507
– 143 – 26 514 15 5,766 – – 6,465 – 782 5,683
At 1 January
Developed 214 120 1,292 40 302 181 3,248 1,074 30 6,502 171 3,130 3,202
Undeveloped 205 37 1,092 198 283 43 2,588 525 4 4,976 154 2,278 2,544
420 157 2,384 238 585 224 5,836 1,599 34 11,478 325 5,408 5,745
At 31 December
Developed 168 118 812 42 287 144 3,231 1,100 36 5,938 193 2,569 3,176
Undeveloped 148 25 959 215 265 23 2,535 548 5 4,722 136 2,079 2,507
316 143 1,771 258 552 166 5,766 1,648 41 10,661 329 4,648 5,683
a
independently.
b
c
Includes 37 million barrels associated with Assets Held for Sale in Oman.
d
Excludes NGLs from processing plants in which an interest is held of less than 1 thousand barrels per day for subsidiaries and 3 thousand barrels per day for equity-accounted entities.
e
Also includes 11 million barrels in respect of the 30% non-controlling interest in bp Trinidad and Tobago LLC.
f
g
Includes 405 million barrels in respect of the non-controlling interest in Rosneft, including 19 mmboe held through bp’s interests in Russia other than Rosneft.
h Total proved liquid reserves held as part of our equity interest in Rosneft is 5,683 million barrels, comprising 0 million barrels in Venezuela, less than 1 million barrels in Iraq, Canada, Egypt and Vietnam and 5,682 million barrels in
Russia.
UK Europe US America Russia Asiac
2020
Subsidiaries
At 1 January
Developed 493 – 6,330 – 2,192 1,163 – 3,667 2,256 16,101 8,910 7,191 –
Undeveloped 207 – 2,127 – 2,235 742 – 3,401 1,132 9,844 7,467 2,378 –
700 – 8,458 – 4,427 1,905 – 7,068 3,389 25,946 16,377 9,569 –
#
Revisions of previous estimates (252) – 580 1 (362) (26) – 570 (9) 503 258 244 –
Improved recovery 1 – 545 – – – – – – 546 – 546 –
Discoveries and extensions – – 1 – 93 28 – 263 – 386 384 1 –
Productiond (92) – (603) (1) (627) (367) – (376) (293) (2,358) (1,652) (707) –
Sales of reserves-in-place – – (3,636) – – – – – – (3,636) – (3,636) –
(342) – (3,114) – (896) (364) – 457 (301) (4,561) (1,009) (3,551) –
At 31 Decembere
Developed 306 – 1,921 – 1,567 1,382 – 3,883 2,058 11,118 8,615 2,503 –
Undeveloped 51 – 3,423 – 1,964 158 – 3,641 1,029 10,267 6,752 3,514 –
358 – 5,344 – 3,531 1,541 – 7,524 3,087 21,385 15,367 6,018 –
At 1 January
Developed – 108 – – 1,130 508 9,324 10 – 11,080 – 3,930 7,149
Undeveloped – 56 – 6 447 – 8,067 – – 8,576 – 1,021 7,556
– 164 – 6 1,577 508 17,391 10 – 19,656 – 4,951 14,705

Revisions of previous estimatesd – 29 – 2 (86) 285 1,022 – – 1,251 – (125) 1,376
Purchases of reserves-in-place – – – – – 18 1,681 1 – 1,701 – – 1,701
Productiond – (35) – – (124) (69) (470) (5) – (703) – (214) (489)
Sales of reserves-in-place – (3) – – (28) – (1,361) – – (1,393) – (3) (1,390)
– (2) – 2 (99) 234 1,294 (4) – 1,426 – (193) 1,619
At 31 Decemberg h
Developed – 141 – 2 965 600 11,373 7 – 13,088 – 4,207 8,881
Undeveloped – 21 – 6 513 142 7,312 – – 7,994 – 551 7,443
– 162 – 8 1,478 741 18,685 7 – 21,082 – 4,758 16,324
At 1 January
Developed 493 108 6,330 – 3,323 1,670 9,324 3,677 2,256 27,181 8,910 11,122 7,149
Undeveloped 207 56 2,127 6 2,682 742 8,067 3,401 1,132 18,421 7,467 3,398 7,556
700 164 8,458 6 6,004 2,413 17,391 7,078 3,389 45,601 16,377 14,520 14,705
At 31 December
Developed 306 141 1,921 2 2,532 1,982 11,373 3,890 2,058 24,206 8,615 6,711 8,881
Undeveloped 51 21 3,423 6 2,477 300 7,312 3,641 1,029 18,260 6,752 4,065 7,443
358 162 5,344 8 5,009 2,282 18,685 7,531 3,087 42,467 15,367 10,776 16,324
a Proved reserves exclude royalties due to others, whether payable in cash or in kind, where the royalty owner has a direct interest in the underlying production and the option and ability to make lifting and sales arrangements
independently.
b
c
Includes 1,316 billion cubic feet of natural gas associated with Assets Held for Sale in Oman.
d
Includes 158 billion cubic feet of natural gas consumed in operations, 103 billion cubic feet in subsidiaries, 55 billion cubic feet in equity-accounted entities.
Includes 1,059 billion cubic feet of natural gas in respect of the 30% non-controlling interest in bp Trinidad and Tobago LLC.
f
g
Includes 1,640
Total proved billion
gas cubicheld
reserves feetas
of part
natural gasequity
of our in respect of the
interest 10.01%isnon-controlling
in Rosneft interest
16,324 billion cubic in Rosneft
feet, including
comprising 614
0 billion billion
cubic feetcubic feet held through
in Venezuela, 7 billion bp’s
cubicinterests in Russia420
feet in Vietnam, other thancubic
billion Rosneft.
feet in Egypt and 15,897 billion cubic feet
h
in Russia.
Total hydrocarbons ab
UK Europe US America Russia Asiad
2020
Subsidiaries
At 1 January
Developed 300 – 2,384 40 387 369 – 1,707 419 5,604 1,707 3,897 –
Undeveloped 241 – 1,459 179 411 171 – 1,111 199 3,771 1,441 2,330 –
540 – 3,842 218 798 540 – 2,818 618 9,375 3,149 6,226 –

Revisions of previous estimatesd (110) – 60 22 (62) (21) – 273 11 174 65 109 –
Discoveries and extensions – – 3 – 21 5 – 56 – 84 82 3 –
Productionf g (53) – (259) (8) (111) (110) – (202) (57) (800) (317) (483) –
Sales of reserves-in-place – – (1,072) – – – – – – (1,072) – (1,072) –
(163) – (1,150) 14 (152) (123) – 127 (46) (1,492) (170) (1,322) –
At 31 Decemberh
Developed 221 – 1,143 37 280 367 – 1,770 391 4,210 1,678 2,531 –
Undeveloped 157 – 1,549 195 366 50 – 1,175 182 3,673 1,300 2,373 –
378 – 2,692 232 646 417 – 2,945 573 7,883 2,979 4,904 –
Equity-accounted entities (bp share)i
At 1 January
Developed – 139 – – 488 100 4,856 2 – 5,585 – 1,151 4,434
Undeveloped – 47 – 21 334 – 3,978 – – 4,381 – 534 3,846
– 186 – 21 822 100 8,834 2 – 9,965 – 1,685 8,281

Revisions of previous estimatesd – 1 – 7 (13) 53 216 – – 263 – (55) 318
Purchases of reserves-in-place – – – – 1 3 949 – – 954 – 1 953
Productionf – (25) – – (42) (14) (412) (1) – (495) – (89) (406)
Sales of reserves-in-place – (1) – – (40) – (910) – – (951) – (1) (950)
#
– (15) – 7 (53) 42 153 – – 134 – (83) 217
At 31 Decemberj k
Developed – 142 – 5 443 118 5,192 1 – 5,902 – 1,194 4,708
Undeveloped – 29 – 22 326 25 3,796 – – 4,198 – 407 3,790
– 171 – 27 769 143 8,988 2 – 10,100 – 1,602 8,498
At 1 January
Developed 300 139 2,384 40 875 469 4,856 1,708 419 11,189 1,707 5,047 4,434
Undeveloped 241 47 1,459 199 746 171 3,978 1,112 199 8,152 1,441 2,864 3,846
540 186 3,842 239 1,621 640 8,834 2,820 618 19,341 3,149 7,911 8,281
At 31 December
Developed 221 142 1,143 43 724 485 5,192 1,771 391 10,112 1,678 3,726 4,708
Undeveloped 157 29 1,549 217 692 74 3,796 1,175 182 7,871 1,300 2,780 3,790
378 171 2,692 259 1,415 560 8,988 2,946 573 17,982 2,979 6,506 8,498
a
independently.
b
c
5.8 billion cubic feet of natural gas = 1 million barrels of oil equivalent.
d
Includes 264 million barrels of oil equivalent associated with Assets Held for Sale in Oman.
e
Excludes NGLs from processing plants in which an interest is held of less than 1 thousand barrels per day for subsidiaries and 3 thousand barrels per day for equity-accounted entities.
f
Includes 27 million barrels of oil equivalent of natural gas consumed in operations, 18 million barrels of oil equivalent in subsidiaries, 10 million barrels of oil equivalent in equity-accounted entities.
g
Includes 194 million barrels of oil equivalent in respect of the 30% non-controlling interest in bp Trinidad and Tobago LLC.
h
i
Includes 687 million
Total proved reservesbarrels of oil
held as partequivalent in respect
of our equity ofin
interest the non-controlling
Rosneft interestbarrels
is 8,498 million in Rosneft,
of oil including 124
equivalent, mmboe held
comprising lessthrough bp’s interests
than 1 million barrels in
of Russia other than
oil equivalent Rosneft.
in Iraq and Canada, 0 million barrels of oil equivalent in Venezuela, 1
j
million barrels of oil equivalent in Vietnam, 73 million barrels of oil equivalent in Egypt and 8,423 million barrels of oil equivalent in Russia.
Rest of
Crude oila b Rest of North Rest of
#
Standardized measure of discounted future net cash flows and changes therein relating to proved oil and gas reserves
Rest of
UK Europe US America Russiab Asia
2022
Subsidiaries
Future cash inflowsa 34,900 – 154,500 – 16,400 9,400 – 151,500 23,600 390,300 104,600 285,700 –
Future production costb 13,600 – 36,000 – 5,300 1,300 – 42,700 5,200 104,100 26,900 77,200 –
Future development costb 1,100 – 12,200 – 1,400 700 – 8,800 1,900 26,100 7,000 19,100 –
Future taxationc 12,600 – 19,800 – 5,000 1,900 – 65,200 5,500 110,000 24,800 85,200 –
Future net cash flows 7,600 – 86,500 – 4,700 5,500 – 34,800 11,000 150,100 45,900 104,200 –
10% annual discountd 3,400 – 38,200 – 700 1,000 – 11,800 4,000 59,100 13,400 45,700 –
Standardized measure of discounted future net cash flowse 4,200 – 48,300 – 4,000 4,500 – 23,000 7,000 91,000 32,500 58,500 –
Equity-accounted entities (BP share)f

Future cash inflowsa – 12,800 – – 49,800 20,500 – 9,200 – 92,300 – 92,300 –
Future production costb – 2,100 – – 22,000 6,300 – 4,900 – 35,300 – 35,300 –
Future development costb – 400 – – 4,900 2,800 – 3,000 – 11,100 – 11,100 –
Future taxationc – 8,100 – – 7,100 4,300 – 400 – 19,900 – 19,900 –
Future net cash flows – 2,200 – – 15,800 7,100 – 900 – 26,000 – 26,000 –
10% annual discountd – 400 – – 9,300 2,200 – 200 – 12,100 – 12,100 –
Standardized measure of discounted future net cash flowsg – 1,800 – – 6,500 4,900 – 700 – 13,900 – 13,900 –
Total subsidiaries and equity-accounted entities

Standardized measure of discounted future net cash flowsh 4,200 1,800 48,300 – 10,500 9,400 – 23,700 7,000 104,900 32,500 72,400 –
Equity
accounted
Subsidiaries entities Total
Sales and transfers of oil and gas produced, net of production costs (22,800) (4,600) (27,400) (8,400) (18,100) (900)
Development costs for the current year as estimated in previous year 5,500 1,800 7,300 1,700 5,300 300
Extensions, discoveries and improved recovery, less related costs 1,600 900 2,500 500 2,000 –
Net changes in prices and production cost 80,800 11,100 91,900 35,900 56,000 –
Revisions of previous reserves estimates (18,300) (2,700) (21,000) (15,700) (5,300) –
Net change in taxation (23,000) 1,400 (21,600) (5,800) (22,000) 6,200
Future development costs (2,100) (800) (2,900) (1,200) (1,700) –
Net change in purchase and sales of reserves-in-place (4,300) (34,800) (39,100) 100 (600) (38,600)
Addition of 10% annual discount 6,700 3,800 10,500 2,300 5,200 3,000
Total change in the standardized measure during the yeari 24,100 (23,900) 200 9,400 20,800 (30,000)
a
The marker prices used were Brent $101.24/bbl, Henry Hub $6.19/mmBtu.
b
Production costs, which include production taxes, and development costs relating to future production of proved reserves are based on the continuation of existing economic conditions. Future decommissioning costs are included.
c
Taxation is computed with reference to appropriate year-end statutory corporate income tax rates.
d
Future net cash flows from oil and natural gas production are discounted at 10% regardless of the group assessment of the risk associated with its producing activities.
e
Non-controlling interests in BP Trinidad and Tobago LLC amounted to $1,216 million.
f
The standardized measure of discounted future net cash flows of equity-accounted entities includes standardized measure of discounted future net cash flows of equity-accounted investments of those entities.
g
No reserves are reported for Russia following bp's announcement that it will exit the country. The impact of this change is primarily included within sales of reserves-in-place. See Note 1 - Significant judgements and estimates:
h investment in Rosneft
Includes future in the
net cash bpfor
flows Annual Report
assets andsale
held for Form 20-F
at 31 2022. 2022.
December
i
Total change in the standardized measure during the year includes the effect of exchange rate movements.
Rest of
2021
Subsidiaries
Future cash inflowsa 25,600 – 108,600 8,400 10,300 17,100 – 126,800 20,400 317,200 84,000 233,200 –
Future production costb 13,400 – 33,900 3,700 4,300 4,800 – 46,100 6,400 112,600 29,500 83,100 –
Future development costb 1,100 – 12,600 1,100 1,300 1,100 – 12,400 2,100 31,700 7,000 24,700 –
Future taxationc 4,300 – 10,100 500 1,400 2,900 – 44,100 4,100 67,400 15,500 51,900 –
Future net cash flows 6,800 – 52,000 3,100 3,300 8,300 – 24,200 7,800 105,500 32,000 73,500 –
10% annual discountd 2,100 – 21,600 1,700 600 1,400 – 8,300 2,900 38,600 9,200 29,400 –
Standardized measure of discounted future net cash flows e 4,700 – 30,400 1,400 2,700 6,900 – 15,900 4,900 66,900 22,800 44,100 –
Equity-accounted entities (BP share) f
Future cash inflowsa – 10,500 – – 40,100 – 370,000 – – 420,600 – 59,600 361,000

Future production costb – 3,400 – – 16,600 – 254,000 – – 274,000 – 26,000 248,000
Future development costb – 400 – – 3,900 – 24,300 – – 28,600 – 5,100 23,500
Future taxationc – 5,100 – – 6,100 – 15,600 – – 26,800 – 11,600 15,200
Future net cash flows – 1,600 – – 13,500 – 76,100 – – 91,200 – 16,900 74,300
10% annual discount d
– 400 – – 7,800 – 45,200 – – 53,400 – 9,100 44,300
Standardized measure of discounted future net cash flows g h – 1,200 – – 5,700 – 30,900 – – 37,800 – 7,800 30,000

Standardized measure of discounted future net cash flows i 4,700 1,200 30,400 1,400 8,400 6,900 30,900 15,900 4,900 104,700 22,800 51,900 30,000
Equity
accounted
Sales and transfers of oil and gas produced, net of production costs (12,200) (7,700) (19,900) (6,000) (7,500) (6,400)
Development costs for the current year as estimated in previous year 5,800 3,600 9,400 2,900 3,800 2,700
Extensions, discoveries and improved recovery, less related costs 1,700 2,400 4,100 800 1,200 2,100
Net changes in prices and production cost 71,900 29,700 101,600 28,900 51,000 21,700
Revisions of previous reserves estimates (8,800) 1,000 (7,800) (800) (8,200) 1,200
Net change in taxation (17,900) (7,200) (25,100) (7,000) (14,800) (3,300)
Future development costs (3,200) (5,300) (8,500) (1,300) (2,100) (5,100)
Net change in purchase and sales of reserves-in-place (3,100) (600) (3,700) (3,400) 100 (400)
Total change in the standardized measure during the year j 37,200 17,900 55,100 15,600 25,400 14,100
a
b
c
d
e
Non-controlling interests in BP Trinidad and Tobago LLC amounted to $820 million.
f
g
Non-controlling interests in Rosneft amounted to $2,422 million in Russia. See Note 37 Events after the reporting period in the bp Annual Report and Form 20-F 2021.
h
No equity-accounted future cash flows in Africa because proved reserves are received as a result of contractual arrangements, with no associated costs.
i
Includes future net cash flows for assets held for sale at 31 December 2021.
j Total change in the standardized measure during the year includes the effect of exchange rate movements. Exchange rate effects arising from the translation of our share of Rosneft changes to US dollars are included within ‘Net changes in prices
and production cost’.
Rest of
2020
Subsidiaries
Future development costb 800 – 12,700 1,200 1,700 1,100 – 13,300 1,900 32,700 8,600 24,100 –
Future taxationc 1,200 – 1,100 – 500 1,800 – 26,100 2,600 33,300 10,900 22,400 –
Future net cash flows 1,900 – 22,400 (500) 900 5,500 – 8,800 6,000 45,000 14,200 30,800 –
10% annual discountd 500 – 9,200 (200) 200 1,100 – 2,000 2,500 15,300 3,200 12,100 –
Standardized measure of discounted future net cash flows e f 1,400 – 13,200 (300) 700 4,400 – 6,800 3,500 29,700 11,000 18,700 –
Equity-accounted entities (BP share) g

Future net cash flows – 500 – – 7,100 – 40,300 – – 47,900 – 9,600 38,300
10% annual discount d
– 100 – – 4,400 – 23,500 – – 28,000 – 5,500 22,500
Standardized measure of discounted future net cash flows h i – 400 – – 2,700 – 16,800 – – 19,900 – 4,100 15,800

Standardized measure of discounted future net cash flows j 1,400 400 13,200 (300) 3,400 4,400 16,800 6,800 3,500 49,600 11,000 22,800 15,800
Equity
accounted
Extensions, discoveries and improved recovery, less related costs 1,100 1,400 2,500 700 600 1,200
Net changes in prices and production cost (51,600) (19,200) (70,800) (13,200) (44,600) (13,000)
Revisions of previous reserves estimates 6,900 400 7,300 1,200 4,800 1,300
Net change in taxation 22,900 4,600 27,500 3,600 22,500 1,400
Future development costs 100 (2,700) (2,600) 400 (100) (2,900)
Net change in purchase and sales of reserves-in-place (6,200) – (6,200) – (6,200) –
Total change in the standardized measure during the year k (33,000) (14,000) (47,000) (8,600) (28,200) (10,200)
a
b
c
d
e In certain situations, revenues and costs are included in the standardized measure of discounted future net cash flows valuation and excluded from the determination of proved reserves and vice versa. This can result in the standardized
measure of discounted future net cash flows being negative.
f
g
h
Non-controlling interests in Rosneft amounted to $1,600 million in Russia.
i
j
k Total change in the standardized measure during the year includes the effect of exchange rate movements. Exchange rate effects arising from the translation of our share of Rosneft changes to US dollars are included within ‘Net changes in prices
G&LCE OP&O Rosneft
America America
Rest of
2019
Subsidiaries
Future development costb 1,700 – 16,400 1,200 2,000 1,300 – 16,700 2,700 42,000 11,000 31,000 –
Future taxationc 5,200 – 8,700 200 1,300 3,300 – 46,000 5,300 70,000 16,300 53,700 –
Future net cash flows 8,000 – 51,600 2,600 2,500 9,900 – 19,900 9,900 104,400 29,100 75,300 –
10% annual discountd 2,700 – 23,100 1,400 600 2,300 – 7,200 4,400 41,700 9,500 32,200 –
Standardized measure of discounted future net cash flows e f 5,300 – 28,500 1,200 1,900 7,600 – 12,700 5,500 62,700 19,600 43,100 –
Equity-accounted entities (BP share)g

Future net cash flows – 1,400 – – 13,900 – 64,300 – – 79,600 – 17,600 62,000
10% annual discountd – 400 – – 8,200 – 37,100 – – 45,700 – 9,700 36,000
Standardized measure of discounted future net cash flows h i – 1,000 – – 5,700 – 27,200 – – 33,900 – 7,900 26,000

Standardized measure of discounted future net cash flows j 5,300 1,000 28,500 1,200 7,600 7,600 27,200 12,700 5,500 96,600 19,600 51,000 26,000
Equity
accounted
Extensions, discoveries and improved recovery, less related costs 3,800 2,600 6,400 400 4,200 1,800
Net changes in prices and production cost (28,100) (8,200) (36,300) (7,300) (22,900) (6,100)
Revisions of previous reserves estimates 300 1,100 1,400 (1,100) 1,700 800
Net change in taxation 16,600 2,400 19,000 4,000 14,000 1,000
Future development costs (1,500) (4,300) (5,800) (600) (1,400) (3,800)
Net change in purchase and sales of reserves-in-place (1,400) – (1,400) (800) (600) –
Total change in the standardized measure during the year k (20,200) (6,600) (26,800) (6,900) (13,500) (6,400)
a
b
c
d
e In certain situations, revenues and costs are included in the standardized measure of discounted future net cash flows valuation and excluded from the determination of proved reserves and vice versa. This can result in the standardized
measure of discounted future net cash flows being negative.
f
g
h
Non-controlling interests in Rosneft amounted to $2,100 million in Russia.
i
j
k Total change in the standardized measure during the year includes the effect of exchange rate movements. Exchange rate effects arising from the translation of our share of Rosneft changes to US dollars are included within ‘Net changes in prices
#
bp's net production by country

bp's net production by country - crude oil a thousand barrels per day
bp net share of productionb 2019 2020 2021 2022 2023 2019 2019 2019 2020 2020 2020 2021 2021 2021 2022 2022 2022 2023 2023 2023
Total Total Total Total Total Total Total Total Total Total Total Total Total Total Total The group has ceased to report Rosneft as a separate seg
Subsidiaries G&LCE OP&O Rosneft G&LCE OP&O Rosneft G&LCE OP&O Rosneft G&LCE OP&O Rosneft G&LCE OP&O Rosneft "Investment in Rosneft" on the "Basis of Prep" tab for more
UKd 100 96 82 80 – 100 – – 96 – – 82 – – 80 –
Total Europe 100 96 82 80 – 100 – – 96 – – 82 – – 80 –
Lower 48 onshorec 66 72 69 71 – 66 – – 72 – – 69 – – 71 –
Gulf of Mexico deepwaterc 263 235 239 225 – 263 – – 235 – – 239 – – 225 –
Alaskac 71 38 – – – 71 – – 38 – – – – – – –
Total US 400 345 308 296 – 400 – – 345 – – 308 – – 296 –
Canadae 24 22 25 15 – 24 – – 22 – – 25 – – 15 –
Total Rest of North America 24 22 25 15 – 24 – – 22 – – 25 – – 15 –
Total North America 424 367 333 311 – 424 – – 367 – – 333 – – 311 –
Trinidad & Tobago 7 7 5 5 7 – – 7 – – 5 – – 5 – –
Total South America 7 7 5 5 7 – – 7 – – 5 – – 5 – –
Angola 115 108 80 49 – 115 – – 108 – 80 – – 49 –
Egyptc 34 9 23 28 34 – – 9 – – 23 – – 28 – –
Algeria 7 6 6 5 7 – – 6 – – 6 – – 5 – –
Total Africa 156 123 110 83 41 115 – 15 108 – 29 80 – 34 49 –
Abu Dhabi 180 158 171 195 – 180 – – 158 – – 171 – – 195 –
Azerbaijan 79 97 77 73 18 61 – 19 78 – 24 54 – 28 45 –
Iraq 64 100 43 15 – 64 – – 100 – – 43 – – 15 –
Omanc 20 21 26 24 20 – – 21 – – 26 – – 24 – –
Total Rest of Asia 343 375 318 307 38 305 – 40 336 – 50 268 – 52 255 –
Total Asia 343 375 318 307 38 305 – 40 336 – 50 268 – 52 255 –
Australia 15 13 11 11 15 – – 13 – – 11 – – 11 – –
Eastern Indonesia 2 2 2 1 2 – – 2 – – 2 – – 1 – –
Total Australasia 17 15 13 12 17 – – 15 – – 13 – – 12 – –
Total subsidiaries 1,046 983 860 797 103 943 – 77 906 – 97 764 – 102 695 –
Equity-accounted entities (bp share)

Rosnefth (Russia, Egypt) 920 873 857 144 – – 920 – – 873 – 857 – – 144
Argentina 54 52 50 51 – 54 – – 52 – – 50 – – 51 –
Bolivia 2 2 2 2 – 2 – – 2 – – 2 – – 2 –
Mexico – – 3 6 – – – – – – – 3 – – 6 –
Norway 35 50 48 47 – 35 – – 50 – – 48 – – 47 –
Russia 35 30 30 7 – 35 – – 30 – – 30 – – 7 –
Iraq – – – 25 – – – – – – – – – – 25 –
Angola 1 1 1 33 – 1 – – 1 – – 1 – – 33 –
Total equity-accounted entities 1,047 1,009 991 314 – 127 920 – 136 873 – 134 857 – 170 144
Total subsidiaries and equity-accounted entitiesf 2,093 1,991 1,851 1,111 103 1,070 920 77 1,041 873 97 897 857 102 865 144
bp's net production by country - natural gas liquids thousand barrels per day
Total Total Total Total Total Total Total Total Total Total Total Total Total Total Total
Subsidiaries G&LCE OP&O Rosneft G&LCE OP&O Rosneft G&LCE OP&O Rosneft G&LCE OP&O Rosneft G&LCE OP&O Rosneft
UKd 3 5 5 5 – 3 – – 5 – – 5 – – 5 –
Total Europe 3 5 5 5 – 3 – – 5 – – 5 – – 5 –
Lower 48 onshorec 58 59 48 56 – 58 – – 59 – – 48 – – 56 –
Alaskac – – – – – – – – – – – – – – – –
Total US 81 79 70 76 – 81 – – 79 – – 70 – – 76 –
Canada – – – – – – – – – – – – – – – –
Total Rest of North America – – – – – – – – – – – – – – – –
Total North America 81 79 70 76 – 81 – – 79 – – 70 – – 76 –
Trinidad & Tobago 9 7 4 4 9 – – 7 – – 4 – – 4 – –
Total South America 9 7 4 4 9 – – 7 – – 4 – – 4 – –
Egyptc – – – – – – – – – – – – – – –
Algeria 8 8 7 6 8 – – 8 – – 7 – – 6 – –
Total Africa 8 8 7 6 8 – – 8 – – 7 – – 6 – –
Azerbaijan – – – – – – – – – – – – – – – –
India – – – – – – – – – – – – – – – –
Omanc – – – – – – – – – – – – – – – –
Total Rest of Asia – – – – – – – – – – – – – – – –
Total Asia – – – – – – – – – – – – – – – –
Australia 2 2 2 2 2 – – 2 – – 2 – – 2 – –
Eastern Indonesia – – – – – – – – – – – – – – – –
Total subsidiaries 104 101 88 93 20 84 – 17 84 – 13 75 – 12 81 –

Rosnefth (Russia, Egypt) 3 3 3 – – – 3 – – 3 – – 3 – – –
Argentina 1 1 1 1 – 1 – – 1 – – 1 – – 1 –
Bolivia – – – – – – – – – – – – – – – –
Mexico – – – – – – – – – – – – – – – –
Egypt 3 2 3 3 3 – – 2 – – 3 – – 3 – –
Norway 2 3 3 2 – 2 – – 3 – – 3 – – 2 –
Russia – – – – – – – – – – – – – – – –
Angola 5 5 3 2 – 5 – – 5 – – 3 – – 2 –
Total equity-accounted entities 14 14 12 9 3 8 3 2 9 3 3 6 3 3 5 –
Total subsidiaries and equity-accounted entitiesf 118 115 100 102 23 92 3 19 93 3 16 81 3 15 86 –
bp's net production by country - natural gas million cubic feet per day
Total Total Total Total Total Total Total Total Total Total Total Total Total Total Total
Subsidiaries G&LCE OP&O Rosneft G&LCE OP&O Rosneft G&LCE OP&O Rosneft G&LCE OP&O Rosneft G&LCE OP&O Rosneft
UK 129 221 236 271 – 129 – – 221 – – 236 – – 271 –
Total Europe 129 221 236 271 – 129 – – 221 – – 236 – – 271 –
Lower 48 onshorec 2,175 1,405 1,043 1,148 – 2,175 – – 1,405 – – 1,043 – – 1,148 –
Alaskac 4 3 – – – 4 – – 3 – – – – – – –
Total US 2,358 1,561 1,197 1,291 – 2,358 – – 1,561 – – 1,197 – – 1,291 –
Canada 2 2 2 – 2 – – 2 – – 2 – – –
Total Rest of North America 2 2 2 – 2 – – 2 – – 2 – – –
Total North America 2,361 1,563 1,199 1,291 – 2,361 – – 1,563 – – 1,199 – – 1,291 –
Trinidad & Tobago 1,977 1,695 1,260 1,276 1,977 – – 1,695 – – 1,260 – – 1,276 – –
Total South America 1,977 1,695 1,260 1,276 1,977 – – 1,695 – – 1,260 – – 1,276 – –
Egyptc 952 782 1,206 1,272 952 – – 782 – – 1,206 – – 1,272 – –
Algeria 186 141 126 81 186 – – 141 – – 126 – – 81 – –
Total Africa 1,138 923 1,332 1,353 1,138 – – 923 – – 1,332 – – 1,353 – –
Azerbaijan 367 413 539 670 367 – – 413 – – 539 – – 670 – –
India 15 2 169 216 15 – – 2 – – 169 – – 216 – –
Omanc 594 550 571 599 594 – – 550 – – 571 – – 599 – –
Total Rest of Asia 976 966 1,279 1,485 976 – – 966 – – 1,279 – – 1,485 – –
Total Asia 976 966 1,279 1,485 976 – – 966 – – 1,279 – – 1,485 – –
Australia 411 396 332 331 411 – – 396 – – 332 – – 331 – –
Eastern Indonesia 375 399 429 421 375 – – 399 – – 429 – – 421 – –
Total subsidiariesg 7,366 6,163 6,067 6,428 4,877 2,489 – 4,379 1,784 – 4,632 1,435 – 4,866 1,562 –

Rosnefth (Russia, Canada, Egypt, Vietnam) 1,279 1,286 1,380 238 – – 1,279 – – 1,286 – – 1,380 – – 238
Argentina 250 230 223 238 – 250 – – 230 – – 223 – – 238 –
Bolivia 64 56 60 56 – 64 – – 56 – – 60 – – 56 –
Mexico – – 1 2 – – – – – – – 1 – – 2 –
Norway 56 61 66 66 – 56 – – 61 – – 66 – – 66 –
Russia – 41 42 10 – – – – 41 – – 42 – – 10 –
Angola 87 92 77 64 – 87 – – 92 – – 77 – – 64 –
Total equity-accounted entitiesg 1,736 1,766 1,849 674 – 457 1,279 – 480 1,286 – 468 1,380 – 436 238
Total subsidiaries and equity-accounted entities 9,102 7,929 7,915 7,101 4,877 2,946 1,279 4,379 2,264 1,286 4,632 1,903 1,380 4,866 1,998 238
Because of rounding, some totals may not agree exactly with the sum of their component parts.
a Includes condensate.
b Production excludes royalties due to others whether payable in cash or in kind where the royalty owner has a direct interest in the underlying production and the option and ability to make lifting and sales arrangements independently.
c
In 2022, bp disposed of its interests in Angola, its interest in Sunrise Oil Sands in Canada, its interest in Rumaila in Iraq, and certain Lower 48 onshore interests in the US and certain offshore interests in Australia. In 2021, bp disposed 20% of its interest in Block 61 in Oman, its interest in Shearwater in the UK North Sea, and certain Lower 48 onshore
interests in the US. In 2020, bp disposed of its Alaska interests and certain Lower 48 onshore interests in the US. In 2019, bp completed the sale of its interest in the Gulf of Suez Petroleum Company (GUPCO) in Egypt and certain US assets in Lower 48 onshore and disposed of its interests in the Gulf of Mexico Santiago and Santa Cruz wells.
d Volumes relate to six bp-operated fields within ETAP. bp has no interests in the remaining three ETAP fields, which are operated by Shell.
e All of the production from Canada in Subsidiaries is bitumen.
f Includes 2 net mboe/d of NGLs from processing plants in which bp has an interest (2021 3mboe/d, 2020 3mboe/d and 2019 3mboe/d).
g Natural gas production volumes exclude gas consumed in operations within the lease boundaries of the producing field, but the related reserves are included in the group’s reserves.
#
Exploration and development wellsa

Europe North South Africa Asia Australasia Totalc Total Total Total The group has ceased to report Rosneft as a separate segment in the
America America G&LCE OP&O Rosneft Prep" tab for more information).
Rest of
2023
Exploratory Productive
Dry
Development Productive
Dry
2022
Exploratory Productive – – 0.5 1.0 1.0 0.6 – 0.5 0.3 4.0 0.3 3.7 –
Dry – – – 1.2 0.3 0.1 – 0.8 – 2.3 – 2.3 –
Development Productive 0.9 1.5 137.2 0.3 71.4 2.8 – 39.0 1.4 254.5 4.4 250.1 –
Dry – – 1.1 – 0.5 0.1 – 1.1 – 2.8 – 2.8 –
2021
Exploratory Productive – – 0.2 – 1.1 1.4 16.3 1.2 – 20.2 1.9 2.7 15.6
Dry – – 0.6 – – 1.4 – 0.3 0.4 2.7 1.8 0.9 –
Development Productive 2.4 0.6 107.2 0.8 69.4 2.5 285.2 27.3 1.3 496.6 8.7 207.5 280.4
Dry – 0.1 7.3 – 0.7 – – 0.1 – 8.2 – 8.0 0.2
2020
Exploratory Productive – – 1.1 0.8 – 0.6 14.3 0.4 – 17.2 0.6 2.8 13.8
Dry – – 1.8 – – – – 0.2 – 2.0 – 2.0 –
Dry – – 3.0 – 1.0 – – 0.6 – 4.6 0.6 4.0 –
2019
Exploratory Productive – 0.2 0.8 0.8 3.5 2.3 11.6 5.2 – 24.4 8.7 4.2 11.5
Dry 1.0 0.3 1.6 0.5 1.1 0.3 0.5 0.4 0.2 5.9 1.3 4.5 0.1
Dry – 0.3 10.0 – 0.6 – – 1.0 – 11.9 0.6 11.2 0.1
a
Number of net productive and dry exploratory and development oil and natural gas wells completed or abandoned in the years indicated by the group and its equity-accounted entities.
Productive wells include wells in which hydrocarbons were encountered and the drilling or completion of which, in the case of exploratory wells, has been suspended pending further
drilling or evaluation. A dry well is one found to be incapable of producing hydrocarbons in sufficient quantities to justify completion.
b
Based on information received from Rosneft as at 31 December.
c
Number of productive wells at 31 December

Europe North South Africa Asia Australasia Totalb Total Total Total
Rest of
2023
Oil wellsc Gross
Net
gas wellsd Gross
Net
2022
Oil wellsc Gross 108 122 1,248 7 5,231 839 – 2,580 – 10,135 4 10,131 –
Net 60 19 702 2 2,579 77 – 566 – 4,005 4 4,001 –
gas wellsd Gross 35 9 4,559 – 1,163 206 – 153 89 6,214 557 5,657 –
Net 6 1 2,507 – 417 88 – 58 18 3,096 270 2,826 –
2021
Oil wellsc Gross 106 92 1,441 178 5,125 297 58,704 2,275 12 68,230 16 10,055 58,159
Net 59 26 791 50 2,526 63 13,030 506 2 17,053 6 4,248 12,799
gas wellsd Gross 35 3 4,305 237 1,135 233 435 149 86 6,618 557 5,617 444
Net 6 1 2,365 117 413 97 99 54 17 3,171 274 2,802 95
2020
Oil wellsc Gross 125 90 1,326 175 5,551 291 68,286 2,020 12 77,876 16 9,603 68,257
Net 73 27 741 47 2,557 62 13,594 475 2 17,578 6 4,142 13,430
gas wellsd Gross 39 2 6,405 238 1,118 241 455 138 78 8,714 547 7,706 461
Net 8 1 3,898 118 403 102 93 70 16 4,709 293 4,328 89
2019
Oil wellsc Gross 117 80 2,775 177 5,526 290 66,696 2,067 12 77,740 22 10,949 66,769
Net 70 24 1,152 48 2,528 65 13,278 477 2 17,644 12 4,499 13,133
gas wellsd Gross 36 1 18,552 238 1,119 220 447 129 78 20,820 518 19,850 452
Net 7 – 8,811 118 401 91 92 60 16 9,596 271 9,238 87
a
b
c
Includes approximately 159 gross (28 net) (2021 5,821 gross (1,261 net), 2020 6,978 gross (1,343 net), 2019 6,916 gross (1,134 net)) multiple completion wells (more than one formation producing into the same well bore).
d
Includes approximately 125 gross (93 net) (2021 161 gross (135 net), 2020 430 gross (203 net), 2019 2,618 gross (1,265 net)) multiple completion wells. If one of the multiple completions in a well is an oil completion, the well is classified as an oil well.
Drilling and production activities in progress at 31 Decembera

Europe North South Africa Asia Australasia Totalb Total Total
America America G&LCE OP&O
Rest of
2023
Exploratory Gross
Net
Development Gross
Net
2022
Exploratory Gross – – 4.0 – – – – 6.0 – 10.0 – 10.0
Net – – 2.8 – – – – 0.6 – 3.4 – 3.4
Development Gross 3.0 2.6 185.0 – 22.0 15.0 – 122.0 11.0 360.6 32.0 328.6
Net 1.5 0.4 91.0 – 5.4 4.6 – 28.1 4.4 135.4 12.7 122.7
2021
Exploratory Gross – – 3.0 1.0 – – – 6.0 – 10.0 – 10.0
Net – – 2.3 0.4 – – – 0.9 – 3.6 – 3.6
Development Gross 3.0 3.5 181.0 6.0 21.0 15.0 – 160.0 3.0 392.5 23.0 369.5
Net 1.5 1.0 106.7 3.0 5.6 3.6 – 22.8 1.0 145.0 7.9 137.1
2020
Exploratory Gross – – 5.0 1.0 2.0 7.0 – 4.0 1.0 20.0 7.0 13.0
Net – – 3.1 0.4 0.1 3.2 – 0.8 0.4 8.0 3.4 4.6
Net 0.7 0.2 104.8 3.0 4.7 4.8 – 25.0 0.8 144.0 10.0 134.0
2019
Exploratory Gross – – 8.0 – 2.0 4.0 – 5.0 – 19.0 4.0 15.0
Net – – 4.9 – 0.5 1.6 – 0.5 – 7.5 1.6 5.9
Net 2.0 1.1 140.0 3.0 4.1 14.5 – 29.1 0.8 194.6 23.0 171.6
a
Includes suspended development and long-term suspended exploratory wells.
b
#
Operating capital employeda

2019 2020 2021 2022 2023 The group has ceased to report Rosneft as a separate segment in the group's financial reporting fo
By segment 2022 (see "Investment in Rosneft" on the "Basis of Prep" tab for more information).
US 1,207 1,790 2,221 1,510
Non-US 38,855 28,969 27,177 29,855
40,062 30,759 29,398 31,365
US 29,962 23,596 22,232 22,515
Non-US 43,803 31,640 30,809 29,927
73,765 55,236 53,041 52,442
US 15,126 12,821 12,606 17,149
Non-US 15,920 14,878 11,315 9,861
31,046 27,699 23,921 27,010
Rosneft
US – – – –
Non-US 12,927 11,808 14,354 –
12,927 11,808 14,354 –
USb (16,393) (15,145) (12,303) (10,776)
Non-US 21,294 34,949 34,380 28,024
4,901 19,804 22,077 17,248
Consolidation adjustment (190) (101) (167) (29)
162,511 145,205 142,624 128,036
US 29,748 23,018 24,744 30,369
Non-US 132,763 122,187 117,880 97,667
Total operating capital employeda 162,511 145,205 142,624 128,036
Assets (Liabilities) for current and deferred taxation (5,947) 547 (3,382) (10,062)
Goodwill 11,868 12,480 12,373 11,960
Capital employed 168,432 158,232 151,615 129,934
Financed by
Finance debt 67,724 72,664 61,176 46,944
Non-controlling interests 2,296 14,318 14,976 15,437
bp shareholders’ equity 98,412 71,250 75,463 67,553
Capital employed 168,432 158,232 151,615 129,934
a
Operating capital employed is total assets (excluding goodwill) less total liabilities, excluding finance debt and current and deferred taxation.
b
All amounts relating to the Gulf of Mexico oil spill are included in other businesses & corporate - US.
#
Exploration interests
Oil and natural gas acreage at 31 December Thousands of acres
Europe North South Africa Asia Australasia Totalb Total Total Total

Rest of
2023
Developed - gross
- net
Undevelopedc - gross
- net
2022
Developed - gross 69 98 1,811 8 1,298 1,374 – 1,315 840 6,813 1,890 4,923 –
- net 40 16 1,039 1 367 389 – 271 148 2,270 599 1,671 –
Undeveloped
Undevelopeda c
- gross 666 172 3,876 9,339 12,302 22,107 – 5,925 10,260 64,647 33,873 30,774 –
- net 492 27 3,260 5,971 5,595 9,189 – 1,863 7,121 33,518 17,854 15,664 –
2021
Developed - gross 68 64 3,167 147 1,293 1,025 7,605 1,313 181 14,863 1,215 6,118 7,530
- net 38 18 1,869 64 360 379 1,489 269 44 4,529 488 2,595 1,447
Undeveloped
Undevelopeda c
- gross 2,154 140 4,241 15,595 21,565 30,997 436,104 10,306 7,491 528,592 36,224 46,101 446,267
- net 1,171 39 3,248 8,539 7,833 17,839 91,408 2,543 3,234 135,854 22,354 22,676 90,824
2020
Developed - gross 86 64 3,645 144 1,364 850 8,210 1,281 181 15,824 1,035 6,587 8,202
- net 50 19 2,200 63 365 303 1,459 285 44 4,788 434 2,931 1,423
Undevelopedc - gross 1,892 140 4,590 14,948 23,683 34,246 442,967 9,662 7,571 539,699 38,745 49,100 451,854
- net 1,010 42 3,518 7,887 8,358 19,817 85,477 2,520 3,299 131,928 24,200 23,745 83,982
2019
Developed - gross 75 81 6,232 143 1,354 823 7,709 1,322 173 17,912 1,045 9,156 7,711
- net 44 24 3,658 62 361 287 1,377 292 41 6,146 419 4,384 1,343
Undeveloped
Undevelopeda c
- gross 2,851 150 5,311 14,953 23,892 51,105 439,848 9,793 4,022 551,925 51,707 51,165 449,053
- net 1,594 45 3,749 7,890 8,456 33,683 84,689 2,430 1,889 144,425 36,637 24,763 83,025
a
b
c
Undeveloped acreage includes leases and concessions.
#
Liquefied natural gas projects 2020 disclosures relating to this metric will not be published until after the bp group annual report and accounts has been released.
2020 disclosures
Liquefaction project participation
bp net
Gross capacity bp % capacity
Country Project/train (mtpa) equity (mtpa) Markets served New reported Segment
Trinidad & Tobago Atlantic LNG Train 1 3.0 34.0 1.0 Dominican Republic, Spain, South America gas & low carbon energy
Atlantic LNG Trains 2-3 6.6 42.5 2.8 Dominican Republic, Spain, South America gas & low carbon energy
Atlantic LNG Train 4 5.2 37.8 2.0 Dominican Republic, Spain, South America gas & low carbon energy
Australia North West Shelf Trains 1-5 16.9 16.7 2.8 Japan, China, S. Korea gas & low carbon energy
Indonesia Tangguh Trains 1-2 7.6 40.2 3.1 China, S. Korea, Mexico, Japan, Indonesia gas & low carbon energy
UAE ADNOC Trains 1-3 6.0 10.0 0.6 India, Japan, Pakistan, UAE, Taiwan, China oil production & operations
Angola Angola LNG 5.2 13.6 0.7 Global oil production & operations
Total 50.5 13.0
Regasification terminal participation

bp net
Gross capacity ownership bp capacity rights
(million standard bp % (million standard (million standard
Country Facility cubic feet/d) equity cubic feet/d) cubic feet/d)
US Cove Point 960 – – 320
UK Isle of Grain Phase 1 450 – – 225
Italy Adriatic LNG (Rovigo) 800 – – 100
Total 2,210 – 645
Equity gas production into LNG plant

Trinidad & Tobago Australia Indonesia Angola UAE bp total
Atlantic LNG North West Shelf Bontang Angola ADNOC LNG (million standard
Trains 1-4 Trains 1-5 Tangguh Ph1 LNG Trains 1-3 cubic feet/d)
2016 1,095 373 418 18 138 2,042
2017 1,276 365 357 77 129 2,204
2018 1,516 378 382 138 126 2,540
2019 1,454 350 375 103 139 2,421
2020
a
Arrangements to supply gas to LNG plants were not in place in 2015 and 2016.
LNG shippinga
Vessel name Status Ownership Delivery date Capacity (m3)
British Emerald Operational Operating lease 3Q 2007 155,000
British Ruby Operational Operating lease 3Q 2008 155,000
British Sapphire Operational Operating lease 3Q 2008 155,000
British Diamond Operational Operating lease 4Q 2008 155,000
British Partner Operational Operating lease 2Q 2018 173,644
British Achiever Operational Operating lease 4Q 2018 173,644
British Contributor Operational Operating lease 4Q 2018 173,644
British Listener Operational Operating lease 1Q 2019 173,644
British Mentor Operational Operating lease 1Q 2019 173,644
British Sponsor Operational Operating lease 2Q 2019 173,644
Kinisis Operational Time-charter 4Q 2018 174,000
Sean Spirit Operational Time-charter 4Q 2018 174,000
Patris Operational Time-charter 1Q 2019 174,000
Adam LNG Operational Time-charter 2Q 2019 174,000
BW MAGNOLIA Operational Time-charter 1Q 2020 174,000
ARISTOS I Operational Time-charter 4Q 2020 174,000 Updated
Total 2,705,864
a
Excludes shipping owned and operated within joint-arrangement projects.
#
Refineries Contents
Refinery capacitiesab
thousand barrels per day
Crude distillation
capacities cd
Major upgrading plant capacities c
Hydro-
Hydro- treating
Alkylation treating jet, Aromatics
Group Fluid and gasoline distillates and Nelson
Wholly and partly owned refineries interest bp Vacuum catalytic Hydro- Catalytic poly- and and Vis- iso- Complexity
at 31 December 2023 %e Total share distilation cracking cracking reforming merization naphtha heavier breaking Coker merization Asphalt Hydrogenf Sulphurg Otherh Indexi
US Rounded
Washington Cherry Point
Indiana Whiting
Ohio Toledoj
Europe
Germany Gelsenkirchen
Lingen
Netherlands Rotterdam
Spain Castellón
a
This does not include bp’s interest in Pan American Energy Group.
b
SAPREF shareholders (bp and Shell) announced the pause of refinery operations in South Africa for an indefinite period from the end of March 2022. In April 2022, the New Zealand Whangarei refinery, in which bp holds a share, converted to an import-only terminal.
c
Crude distillation capacity is gross rated capacity, which is defined as the highest average sustained unit rate for a consecutive 30-day period under normal operational conditions.
d
These are shown as bp share of capacities; bp has varying interests.
e
bp share of equity, which is not necessarily the same as bp share of processing entitlements.
f
Reported as standard cubic feet per day.
g
Reported as tonnes per day.
h
Other consists of ethyl tertiary butyl ether, methyl tertiary butyl ether and lubricants units.
i
Nelson Complexity Index is calculated as defined by the Oil and Gas Journal. In general, the higher a refinery’s Nelson Complexity Index, the greater that refinery’s ability to make higher-value products from a given feedstock.
j
On 28 February 2023, bp completed the sale of its 50% interest in the bp-Husky Toledo refinery in Ohio US to Cenovus Energy, its partner in the facility.

Crude distillation
capacitiescd Major upgrading plant capacities c
Hydro-
Hydro- treating
at 31 December 2022 %e Total share distilation cracking cracking reforming merization naphtha heavier breaking Coker merization Asphalt Hydrogen f
Sulphur g
Other h
Indexi
US Rounded
Washington Cherry Point 100.0 251 251 139 – 65 65 – 102 79 – 62### 26 – 186 258 – 10
Indiana Whiting 100.0 440 440 276 177 – 67 32 220 360 – 102### 30 30 30 1,700 – 12
#
Ohio Toledoj 50.0 160 80 36 28 16 21 6 21 38 – 18### – 5 – 206 – 12
851 771 451 205 81 153 38 343 477 – 182### 56 35 216 2,164 – 11
Europe
Germany Gelsenkirchen 100.0 265 265 154 30 57 32 – 71 105 19 30 14 – 266 711 – 10
Lingen 100.0 97 97 45 – 30 30 – 38 45 – 25 19 – 128 147 – 14
Netherlands Rotterdam 100.0 394 394 91 67 – 32 8 79 285 34 – – – 37 228 3 6
Spain Castellón 100.0 110 110 47 30 – 17 3 58 88 – 25 19 – 37 65 – 10
866 866 337 127 87 111 11 246 523 53 80 52 – 468 1,151 3 9
1,717 1,637 788 332 168 264 49 589 1,000 53 262### 108 35 684 3,315 3 10
a
b
SAPREF shareholders (bp and Shell) announced the pause of refinery operations in South Africa for an indefinite period from the end of March 2022. In April 2022, the New Zealand Whangarei refinery, in which bp holds a share, converted to an import-only terminal.
c
d
e
f
g
h
i
j
On 28 February 2023, bp completed the sale of its 50% interest in the bp-Husky Toledo refinery in Ohio US to Cenovus Energy, its partner in the facility.
Crude distillation
Hydro-
Hydro- treating
US Rounded
Washington Cherry Point 100.0 251 251 139 – 65 65 – 102 79 – 62### 26 – 186 258 – 10
Indiana Whiting 100.0 440 440 276 177 – 67 32 220 360 – 102### 30 30 30 1,700 – 12
Ohio Toledo 50.0 160 80 36 28 16 21 6 21 38 – 18### – 5 – 206 – 11
851 771 451 205 81 153 38 343 477 – 182### 56 35 216 2,164 – 11
Europe
Lingen 100.0 97 97 45 – 30 30 – 38 45 – 25 19 – 128 147 – 14
Spain Castellón 100.0 110 110 47 30 – 17 3 58 88 – 25 19 – 48 65 – 10
866 866 337 127 86 111 11 243 522 53 80### 52 – 479 1,151 3 9
Rest of world
New Zealand Whangareij 8.5 85 24 12 – 10 6 – 9 13 – – – – 6 43 – 6
South Africa Durbank 50.0 180 90 38 19 – 17 1 25 44 13 – 8 – 1 63 3 9
265 114 50 19 10 23 1 34 57 13 – 8 – 7 106 3 8
1,982 1,751 838 351 177 287 50 620 1,056 66 262 116 35 702 3,421 6 10
a
b
Kwinana refinery ceased operations in February 2021.
#
c
d
e
f
g
h
i
j
Indicates refineries not operated by bp. Share of capacities reflects bp share of processing entitlement, which is not the same as bp share of equity. In April 2022, the New Zealand Whangarei refinery, in which bp holds a share, converted to an import-only terminal.
k
Indicates refinery not operated by bp.SAPREF shareholders (bp and Shell) announced the pause of refinery operations in South Africa for an indefinite period from the end of March 2022.

Crude distillation
Hydro-
Hydro- treating
US Rounded
Washington Cherry Point 100.0 251 251 139 – 65 65 – 102 79 – 62 26 – 186 258 – 10
Indiana Whiting 100.0 440 440 276 177 – 65 32 217 359 – 102 30 30 30 1,700 – 12
Ohio Toledo 50.0 160 80 36 28 16 21 6 21 38 – 18 – 5 – 206 – 11
851 771 451 205 81 151 38 340 476 – 182 56 35 216 2,164 – 11
Europe
Lingen 100.0 97 97 45 – 30 30 – 31 45 – 25 19 – 128 147 – 13
Spain Castellón 100.0 110 110 47 30 – 17 4 58 88 – 25 19 – 48 65 – 10
862 862 334 127 86 111 12 233 520 53 80 52 – 479 1,151 3 9
Rest of world
Australia Kwinanab 100.0 152 152 22 35 – 25 7 44 53 – – 21 – – 70 – 6
New Zealand Whangareij 10.1 125 34 12 – 9 6 – 8 12 – – – – 5 41 – 6
South Africa Durbank 50.0 180 90 38 19 – 17 1 25 44 13 – 8 – 1 63 3 9
457 276 72 54 9 48 8 77 109 13 – 29 – 6 174 3 7
2,170 1,909 857 386 176 310 58 650 1,105 66 262 137 35 701 3,489 6 9
a
b
Kwinana refinery ceased operations in February 2021.
c
d
e
f
g
h
i
j
Indicates refinery not operated by bp. Share of capacities reflects bp share of processing entitlement, which is not the same as bp share of equity.
k
Indicates refinery not operated by bp.

Crude distillation
capacitiescd Major upgrading plant capacitiesc
Hydro-
#
Hydro- treating
US Rounded
Washington Cherry Point 100.0 251 251 139 – 65 65 – 102 79 – 62 26 – 183 254 – 10
Indiana Whiting 100.0 440 440 276 177 – 65 32 132 359 – 102 30 30 30 1,700 – 12
Ohio Toledo 50.0 160 80 36 28 16 21 6 20 37 – 18 – 5 – 176 – 11
851 771 451 205 81 151 38 254 475 – 182### 56 35 213 2,130 – 11
Europe
Lingen 100.0 97 97 45 – 30 30 – 31 45 – 24 19 – 128 147 – 13
#
Refinery throughputs and utilization

Refinery throughputsabcd
2019 2020 2021

US 737 693 719
Europe 787 742 787
Rest of world 225 192 88
1,749 1,627 1,594
Crude distillation capacity at 31 December e 1,906 1,909 1,751
Refinery capacity utilizationf 91% 85% 90%
a This does not include bp’s interest in Pan American Energy Group
b Refinery throughputs reflect crude oil and other feedstock volumes.
c Kwinana refinery ceased operations in February 2021.
d SAPREF shareholders (bp and Shell) announced the pause of refinery operations in South Africa for an indefinite period from the end of March 2022. In April 2022, the New
e Crude distillation capacity is gross rated capacity, which is defined as the highest average sustained unit rate for a consecutive 30-day period.
f Refinery utilization is annual throughput (thousands of barrels per day) divided by the average crude distillation capacity, expressed as a percentage.
Crude oil input

2019 2020 2021
Low sulphur crudea 49 51 52
High sulphur crude 51 49 48
a
Low sulphur crude is a crude which has sulphur content of less than 0.5%.
Refinery yielda
2019 2020 2021

Aviation fuels 242 121 132
gasolines 611 587 552
Middle distillates 586 606 568
Fuel oil 60 56 58
Other productsb 260 256 305
1,759 1,626 1,615
a
Refinery yields exceed throughputs because of volumetric expansion.
b
Other products include lubricants, petrochemicals, bitumen, petroleum coke and LPG.
#
Contents

2022 2023
678
804
22
1,504
1,637
90%
of March 2022. In April 2022, the New Zealand Whangarei refinery, in which bp holds a share, converted to an import-only terminal.
%
2022 2023
48
52

2022 2023
164
483
531
66
293
1,537
#
customers & products Contents
Retail sitesa
at 31 December
2019 2020 2021 2022 2023
US 7,200 7,250 7,450 7,750
Europe 8,250 8,250 8,250 8,150
Rest of world 3,450 4,800 4,800 4,750
18,900 20,300 20,500 20,650
a Reported to the nearest 50. Includes sites operated by dealers, jobbers, franchisees, brand licensees or JV partners, under the bp brand. These may move to and
from the bp brand as their fuel supply agreement or brand licence agreement expires and are renegotiated in the normal course of business. Retail sites are
primarily branded bp, ARCO, Amoco, Aral and Thorntons, and also include sites in India through our Jio-bp JV.
Oil sales volumesa

2019 2020 2021 2022 2023
Refined product marketing sales volumes by region
US
Aviation fuels 154 91 121 141
gasolines 778 704 770 730
Middle distillates 148 148 151 196
Fuel oil – – – –
Other productsb 65 68 73 70
1,145 1,011 1,115 1,137
Europe
gasolines 201 171 178 180
Fuel oil 32 16 24 7
1,073 823 863 1,020
Rest of world
gasolines 133 114 121 120
Fuel oil 50 59 56 49
509 441 461 456
Total marketing sales volumes by product
gasolines 1,112 989 1,069 1,030
Fuel oil 82 75 80 56
Total marketing salesc 2,727 2,275 2,439 2,613
Trading/supply salesd f 460 416 393 350
Total refined product sales 3,187 2,691 2,832 2,963
Crude oil salese f 271 295 249 184
Total oil sales 3,458 2,986 3,081 3,147
a
Excludes sales to other bp businesses and sales of petrochemicals products.
b
Other products include lubricants, petroleum coke, bitumen and LPG.
c Marketing sales include branded and unbranded sales of refined fuel products and lubricants to both business-to-business and business-to-consumer customers,
including service station dealers, jobbers, airlines, small and large resellers such as hypermarkets, and the military.
d
Trading/supply sales are sales to large unbranded resellers and other oil companies.
e
Crude oil sales relate to third-party transactions executed primarily by trading and shipping. In addition, reported crude oil sales in 2022 includes 67 thousand barrels
per day (2021 50 thousand barrels per day) relating to volumes sold directly by the gas & low carbon energy and oil production & operations segments.
#

BP Fourth Quarter 2023 Results Group Databook

Uploaded by

Document Information

Original Title

Copyright

Available Formats

Share this document

Share or Embed Document

Sharing Options

Did you find this document useful?

Is this content inappropriate?

Copyright:

Available Formats

BP Fourth Quarter 2023 Results Group Databook

Uploaded by

Copyright:

Available Formats

Financial and Operating Information 2019-2023

Note on the restated financial and operating information:

2020 Change in accounting policy – physically settled derivative contracts

customers & products

Group income statement by quarter

Earnings per share

Condensed group statement of comprehensive income

Analysis of RC profit (loss) before interest and tax

RC profit (loss) before interest and tax

Analysis of underlying RC profit before interest and tax

Underlying RC profit (loss) before interest and tax

gas & low carbon energy

Underlying replacement cost profit (loss) by segment and geographical area

oil production & operations

customers & products

other businesses & corporate

Adjusting items by geographical area

Sales and other operating revenuesa

Less: sales and other operating revenues between segments

External sales and other operating revenues

Sales and other operating revenues include the following in relation to

Depreciation, depletion and amortization

Condensed group cash flow statement

Group balance sheet

Gulf of Mexico oil spill

Working capital reconciliationa

Capital expenditure on a cash basis

Total capital expenditure by geographical area

Net debt and net debt including leases

Debt ratios and Debt ratios including leases

Footnotes Q1 Q2 Q3 Q4 2019 Q1 Q2 Q3 Q4 2020 Q1 Q2 Q3 Q4 2021 Q1 Q2 Q3 Q4 2022 Q1 Q2 Q3 Q4 2023

Inventory holding gains (losses)

Natural gas ($/mcf)

Total hydrocarbons ($/boe)

Natural gas ($/mcf)

Total hydrocarbons ($/boe)

gas & low carbon energy

Natural gas (mmcf/d)

LNG Portfolio, MTPA 15 20 18 19

oil production & operations

Natural gas (mmcf/d)

customers & products

Marketing sales of refined products (mb/d) b

Reconciliations to GAAP measures

Production (net of royalties) (bp share)

other businesses & corporate

Oil & Gasa

Finding and development costs ($ per barrel of oil equivalent ($/boe),

Property, plant and equipment

Oil and natural gas exploration and production activities

Costs incurred for the year ended 31 Decembera b

Results of operations for the year ended 31 Decembera

Costs incurred for the year ended 31 Decembera b

Results of operations for the year ended 31 Decembera

America America G&LCE OP&O Rosneft

Rest of North Rest of

UK Europe US America Russia Asia

Costs incurred for the year ended 31 Decembera b

Results of operations for the year ended 31 Decembera

America America G&LCE OP&O Rosneft

Rest of North Rest of

UK Europe US America Russia Asia

Costs incurred for the year ended 31 Decembera b