Full-year and 4Q 2024 results: Laying the foundations for growth

Since setting out our strategy five years ago, a lot has changed in the global economy, across the energy sector – and at bp.

We have been transforming bp over the past 12 months, building on what we have learned – always with safety at the heart of everything we do. We have been in action reshaping our portfolio, forging new partnerships, and embracing new technology as we become a simpler and far more focused company.

As we deliver our performance results, we’ve selected some of the year’s key highlights below.

“In 2024, we laid the foundations for growth. We have been reshaping our portfolio – sanctioning new major projects and focusing our low carbon investment – and we have made strong progress in reducing costs. Building on the actions taken in the past 12 months, we now plan to fundamentally reset our strategy and drive further improvements in performance, all in service of growing cash flow and returns. It will be a new direction for bp and we look forward to sharing it at our Capital Markets Update on 26 February.”

Murray Auchincloss

Chief executive officer, bp

February 2025

Reshaping our porfolio

Throughout 2024, bp sanctioned 10 major projects and secured important new access, while stopping or pausing more than 20 projects. Here’s how we were in action:

Kaskida

Kaskida in the Gulf of America, with its cutting-edge floating production platform, is expected to produce 80,000 barrels of oil per day by 2029, unlocking the potential of 10 billion barrels of discovered resources.

Tangguh UCC

We made a final investment decision, with our partners, on our Tangguh UCC project, Indonesia’s first at-scale enhanced gas recovery using carbon capture, utilization and storage (CCUS). The investment is expected to unlock around 3 trillion cubic feet of additional gas resources.

The Valaris drill ship in the Raven offshore field, Eqypt

Natural gas partnership in the Med

We established a new joint venture between bp and XRG, ADNOC’s investment company. The international natural gas platform, Arcius Energy, will operate in Egypt, building on bp’s 60 years of technical expertise and delivery of safe and efficient operations there.

The GTA project’s FPSO vessel off the coasts of Mauritania and Senegal

Greater Tortue Ahmeyim in Mauritania and Senegal

Gas started flowing in December at our Greater Tortue Ahmeyim (GTA) project off the coast of West Africa. Once fully commissioned, it is set to produce 2.3 million tonnes of LNG annually.

Iraq Prime Minister H.E. Mohammed Shia' Al Sudani witnesses H.E. Hayan Abdul Ghani, Deputy Prime Minister for Energy Affairs and Minister of Oil, and bp CEO Murray Auchincloss sign the memorandum of understanding on 31 July

Plans in Kirkuk

After signing a memorandum of understanding with the Iraqi government in July, we are looking at new opportunities for the redevelopment of several oilfields in Kirkuk, spanning oil, gas, power and water. Kirkuk is estimated to hold about 9 billion barrels of recoverable oil.

An ONGC platform complex off India’s west coast (courtesy of ONGC)

India production

bp has signed a contract with India’s Oil and Natural Gas Corporation to provide technical services at Mumbai High – India’s largest and most prolific offshore oil and gas field responsible for around 25% of the country’s oil production.

ACE in Azerbaijan

We started up our seventh oil-producing platform in the giant ACG field in the Caspian Sea. The Azeri Central East (ACE) project will process up to 100,000 barrels of oil per day. It is one of the world’s most technologically advanced platforms, with remote operations from onshore.

bp bioenergy workers in a sugarcane field, Brazil

bp bioenergy acquisition

We took full ownership of our Brazilian joint venture, now known as bp bioenergy. The industrial-scale sugar and ethanol business is one of Brazil’s leading biofuels producers. It has capacity to produce around 50,000 barrels a day of ethanol equivalent from sugarcane from 11 agro-industrial units across five state

A customer charges his electric vehicle at bp pulse’s hub in Birmingham, UK

EV charging growth

We have grown both our EV charging network in key markets, as well as the amount of energy we’ve sold. In Germany, Aral pulse has opened its first large-scale charging hub, featuring an unmanned REWE To Go smart store. In the US, we opened in January 2025 the first EV charging hub at a TravelCenters of America site. We also announced in 2024 the milestone of one terawatt hour of energy sold – that’s one billion kilowatt hours.

JERA Nex bp formation

We plan to create a strategic platform for offshore wind development that is capital-light for bp by joining forces with JERA, Japan’s largest power-generating company. By combining bp’s and JERA’s high-quality operating and development offshore wind assets, the new joint venture, JERA Nex bp, would have 13GW of potential net generating capacity.

An Archaea worker at the new renewable natural gas plant in Pennsylvania, US

Archaea Energy

Our bioenergy business, Archaea Energy, started up nine new renewable natural gas (RNG) plants in 2024. Archaea, which captures waste emissions and converts them into lower carbon fuel, is the largest and fastest-growing RNG producer in the US.

Carolina Mesa, VP of hydrogen for Spain and new markets (second from right), was on site as construction began on the green hydrogen plant next to bp’s Castellón refinery

Lingen and Castellón projects

We gave the greenlight to two green hydrogen projects at two of our refineries – one in Spain and one in Germany. The Lingen project in Germany is set to produce a substantial amount of green hydrogen using renewable energy from offshore wind. Meanwhile, in Spain, bp and Iberdrola formed a joint venture to develop a 25MW green hydrogen project that will support the decarbonization of bp’s refinery operations in Castellón.

bp Jasnogórska service station in Poland

Delivering on efficiencies and costs

During 2024, we delivered structural cost reductions of around $0.8 billion as a result of the transformation programmes we have under way across the business.

This more than offset the impacts of inflation, energy costs, foreign exchange effects and costs associated with growing our business.

“In 2024, bp delivered operating cash flow of $27.3 billion. During the year, we introduced our target to deliver at least $2billion of savings(a) by the end of 2026 relative to 2023 and are making strong progress, achieving $0.8 billion of structural cost reduction*. We raised the dividend per ordinary share by 10% and delivered $7 billion of share buybacks. Our focus on capital discipline and strengthening the balance sheet continues into 2025.”

Kate Thomson

Chief financial officer, bp