Annual report
"This is your company and we believe it is now set to grow – and win – in a changing energy market."
Helge Lund, chair
"I’m excited about our new direction and the significant opportunity we have to grow value for our shareholders."
Murray Auchincloss, CEO
Scale
Employeesa
100,500
2023: 87,800
Countries of operation
61
2023: 61
Upstream production
2.4mmboe/d
2023: 2.3mmboe/d
EV charge points
>39,000
2023: >29,000
Retail sites
21,200
2023: 21,000
Performance
Profit for the year attributable to bp shareholders
$0.4bn
2023: $15.2bn
Underlying replacement cost (RC) profit
$8.9bn
2023: $13.8bn
Upstream unit production costs
$6.17/boe
2023: $5.78/boe
bp-operated refining availability
94.3%
2023: 96.1%
Strategic convenience sites
2,950
2023: 2,850
Developed renewables to FID (net)
8.2GW
2023: 6.2GW
Safety and sustainability
Tier 1 and tier 2 process safety events
38
2023: 39
GHG emissions - operation control
33.6MtCO2
2023: 32.1MtCO2e
Our strategy
We plan to grow the upstream, focus the downstream and invest with discipline in transition.
Our primary targets
We believe our primary targets will underpin growth in the value of bp. Read our glossary for more information.
>20%b
Adjusted free cash flow: adjusted free cash flow compound annual growth rate (CAGR) from 2024-27
$14-18bnc
Net debt: by end of 2027
$4-5bn
Structural cost reduction: by end 2027
>16%b
ROACE: in 2027 (Return on average capital employed)
Our purpose
Delivering energy to the world, today and tomorrow
Oil and gas
Progress in Azerbaijan
In April we started up oil production from the Azeri Central East (ACE) platform, as part of the Azeri-Chirag-Gunashli development in the Caspian Sea. ACE is bp’s first fully remotely operated offshore platform. Its innovative engineering helps automate labour-intensive processes, supporting safer and more efficient operations as well as helping lower operational emissions.
Expansion in the Gulf
We took a final investment decision on the Kaskida project in the US Gulf of America in July. The floating production platform is expected to have a capacity of 80,000 barrels of oil per day from six wells in its first phase. Kaskida will be bp’s sixth hub in the Gulf of America and production is expected to start in 2029.
ACE platform in the Caspian Sea, Azerbaijan
Customers and products
Scaling up biofuels
We took full ownership of bp bioenergy, one of Brazil’s leading biofuels-producing companies, in October. The acquisition means bp now has the capacity to produce around 50,000 barrels a day of ethanol equivalent from sugar cane through the business’s 11 agro-industrial units across five Brazilian states.
Charging ahead
ADAC, Germany’s leading automobile association with over 20 million members, announced Aral pulse, bp’s EV charging brand in Germany, as their new exclusive EV charging partner from 1 August. The partnership supports Aral pulse’s aim to expand its existing network. Additionally, bp opened our first standalone Aral EV charging Gigahub in Mönchengladbach in November 2024, featuring 28 charge points and a 24/7 smart store.
bp bioenergy, Brazil
Gas and low carbon energy
Partnering for offshore wind
bp and JERA Co., Inc., Japan’s largest power generation company, have agreed to set up a new 50:50 joint venture, JERA Nex bp, that will become one of the largest global offshore wind developers, owners and operators. The joint venture aims to create a strategic platform for growth by combining a balanced mix of operating assets and development projects with total 13GW potential net generating capacity. Subject to regulatory and other approvals, we aim to complete the formation of JERA Nex bp by the end of the third quarter of 2025.
Green hydrogen in Germany
In December 2024 bp announced the final investment decision for its 100MW Lingen Green Hydrogen (LGH2) project in Germany. It is expected to be bp’s largest industrial green hydrogen plant and the first that we will fully own and operate. The project is expected to produce around 11,000 tonnes of green hydrogen annually, with commissioning expected in 2027.
LiDAR buoys help inform offshore wind farm development, Liverpool, UK
Footnotes
b At $70/bbl Brent, $4/mmbtu Henry Hub, and $17/bbl refining marker margin, all 2024 real.
a For 2024, this figure reflects new acquisitions and companies we have taken full ownership of including bp bioenergy and Lightsource bp.
b At $70/bbl Brent, $4/mmbtu Henry Hub, and $17/bbl refining marker margin, all 2024 real.
c Potential proceeds from any transactions related to Castrol strategic review and announcement to bring a strategic partner into Lightsource bp will be allocated to reduce net debt.
Information for shareholders
The bp Annual Report and Form 20-F 2024 available for download on this webpage constitutes the Annual Report and Accounts in accordance with UK requirements and the Annual Report on Form 20-F in accordance with the US Securities Exchange Act of 1934, for BP p.l.c. for the year ended 31 December 2024. A cross reference to Form 20-F requirements is included on page 365 of the bp Annual Report and Form 20-F 2024.
The bp Annual Report and Form 20-F 2024 contains the Strategic report on the inside front cover and pages 1-68 and the Directors’ report on pages 69-87, 88 (in part only), 111-113, 223-250, and 311-363. The Strategic report and the Directors’ report together include the management report required by DTR 4.1 of the UK Financial Conduct Authority’s Disclosure Guidance and Transparency Rules. The Directors’ remuneration report is on pages 88-110. The consolidated financial statements of the group are on pages 116-222 and the corresponding reports of the auditor are on pages 116-139. The parent company financial statements of BP p.l.c. are on pages 251-310.
The Directors’ statements (comprising the Statement of directors’ responsibilities; UK Corporate Governance Code compliance; Risk management and internal control; Longer-term viability; Fair, balanced and understandable; and Going concern), the independent auditor’s report on the annual report and accounts to the members of BP p.l.c., the parent company financial statements of BP p.l.c. and corresponding auditor’s report do not form part of bp’s Annual Report on Form 20-F as filed with the SEC.
To obtain a printed copy of BP p.l.c.'s complete audited financial statements, free of charge, UK based investors should contact bp Distribution Services by clicking the link above or calling 0800 037 2172 or by emailing bpdistributionservices@bp.com. If based in the US or Canada investors should contact Issuer Direct by calling +1 855 656 2750 or by emailing bpreports@issuerdirect.com.
BP p.l.c. is the parent company of the bp group of companies. The company was incorporated in 1909 in England and Wales and changed its name to BP p.l.c. in 2001. Where we refer to the company, we mean BP p.l.c. The company and each of its subsidiaries are separate legal entities. Unless otherwise stated or the context otherwise requires, the term “BP” or "bp" and terms such as “we”, “us” and “our” are used for convenience to refer to one or more of the members of the bp group instead of identifying a particular entity or entities. Information in the bp Annual Report and Form 20-F 2024 reflects 100% of the assets and operations of the company and its subsidiaries that were consolidated at the date or for the periods indicated, including non-controlling interests.
The company’s primary share listing is the London Stock Exchange. In the US, the company’s securities are traded on the New York Stock Exchange (NYSE) in the form of ADSs (see page 342 of the bp Annual Report and Form 20-F 2024 for more details) and in Germany in the form of a global depositary certificate representing bp ordinary shares traded on the Frankfurt Stock Exchange.
The term ‘shareholder’ in the bp Annual Report and Form 20-F 2024 means, unless the context otherwise requires, investors in the equity capital of BP p.l.c., both direct and indirect. As the company's shares, in the form of ADSs, are listed on the NYSE, an Annual Report on Form 20-F is filed with the SEC. Ordinary shares are ordinary fully paid shares in BP p.l.c. of 25 cents each. Preference shares are cumulative first preference shares and cumulative second preference shares in BP p.l.c. of £1 each.
Legal notice in relation to the material on this page
The material on the bp Annual Report webpage (the Material) relates to the year ended 31 December 2024 and is provided for general information only. The Material does not (i) form part of the bp Annual Report and Form 20-F 2024; or (ii) contain sufficient information to allow as full an understanding of the results and the state of affairs of BP p.l.c. as bp Annual Report and Form 20-F 2024. As such this Material should not be relied upon or used as the basis for making voting or investment decisions and should be read together with the full bp Annual Report and Form 20-F 2024 and other more complete or up-to-date sources of information including any of BP p.l.c.’s more recent public reports. Information relating to BP p.l.c.'s results for current and prior periods do not necessarily reflect future trends, nor do they provide indicators of results for like periods. This Material is not intended to be and shall not be deemed to be an invitation or inducement to invest in or otherwise deal in any securities of BP p.l.c. or in any other investment, nor to provide or constitute any advice or recommendation in connection with any investment decision, nor to constitute an offer to provide services in any jurisdiction in which BP p.l.c. is not permitted to do so under any applicable law or regulation.
Cautionary statement
The Material may contain certain forward-looking statements, forecasts or projections with respect to the financial condition, results of operations and businesses of bp and certain of the plans and objectives of bp with respect to these items. By their nature, forward-looking statements involve risks and uncertainties because they relate to events and depend on circumstances that will or may occur in the future and are outside the control of bp. Actual results may differ materially from those expressed in such statements depending on a variety of factors, including the risk factors discussed under “Risk factors” on pages 65-67 of the bp Annual Report and Form 20-F 2024.
Please refer to the Cautionary statement on pages 338-339 of the full bp Annual Report and Form 20-F 2024 for further information on forward-looking statements.