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
Basis of Prep
Financial and Operating Information 2019-2022
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. 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 2022, which are the same as those used in preparing BP Annual Report and Form 20-F 2021 with the exception of the changes described below. There are no other new or amended standards or interpretations adopted from 1 January 2022 onwards that have a significant impact on the interim financial information.
Investment in Rosneft On 27 February 2022, bp announced it will exit its shareholding in Rosneft and bp's two nominated Rosneft directors both stepped down from Rosneft's board. As a result, the significant judgement on significant influence over Rosneft was reassessed and a new significant estimate was identified for the fair value of bp's equity investment in Rosneft. From that date, bp accounts for its interest in Rosneft as a financial asset measured at fair value within 'Other investments'. Russia has implemented a number of counter-sanctions including restrictions on the divestment from Russian assets by foreign investors. Further, bp is not able to sell its Rosneft shares on the Moscow Stock Exchange and is unable to ascribe probabilities to possible outcomes of any exit process. As a result, it is considered 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 as at 30 June 2022. Since the first quarter 2022, bp has also determined that its other businesses with Rosneft within Russia, which are included in the oil production & operations segment also have a fair value of nil. The total pre-tax charge in the first half of 2022 relating to bp's investment in Rosneft and other businesses with Rosneft in Russia is $25,520 million. As a result of bp's decision to exit its shareholding in Rosneft in the first quarter 2022, the group has ceased to report Rosneft as a separate segment in its financial reporting for 2022. Rosneft results from 1 January 2022 to 27 February 2022 are included within other businesses & corporate (OB&C).
Events after the 2Q 2022 reporting period On 11 July 2022 the UK government introduced legislation which imposes a new levy on the profits of UK oil and gas companies. The new levy will increase 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. The introduction of the levy will result in a one-off non-cash deferred tax charge of an estimated $0.8 billion to reflect the higher tax rate now applicable to existing temporary differences unwinding over the period 1 October 2022 to 31 December 2022. As the legislation was substantively enacted after 30 June 2022, this charge will be presented in the third quarter 2022.
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, including biofuels, 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, midstream, and Castrol lubricants. It also includes our oil products businesses, refining & trading. The petrochemicals business will also be 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 for 2022.
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.
Summary
Financial and Operating Information 2019 - 2022
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
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
(11,127)
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)
(4,271)
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
(15,398)
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
30,094
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
14,696
Underlying effective tax rate (ETR) (%)
40%
34%
40%
27%
36%
55%
9%
64%
40%
-14%
-14%
-14%
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
19,073
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
5,767
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
1,903
Surplus cash flow
1,687
695
933
2,993
6,308
4,089
6,590
10,679
Net issue (repurchase) of shares
(45)
(80)
(215)
(1,171)
(1,511)
(776)
-
-
-
(776)
-
(500)
(926)
(1,725)
(3,151)
(1,592)
(2,288)
(3,880)
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
22,816
ROACE%
8.9%
-3.8%
13.3%
15.6%
Adjusted EBIDA
31,606
19,244
30,783
23,549
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
2,224
Announced dividend per ordinary share (cents per share)
10.250
10.250
10.250
10.500
41.250
10.500
5.250
5.250
5.250
26.250
5.250
5.460
5.460
5.460
21.630
5.460
6.006
11.466
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
(79.17)
RC profit (loss) per ADS (dollars)
0.62
0.52
(0.10)
- 0
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
(4.75)
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
75.55
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
4.53
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
95.3
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
94.4
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
6.53
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
2,974
customers & products
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
2,200
bp retail sites in growth markets
a
1,200
1,200
1,250
1,250
1,250
1,300
1,300
2,700
2,700
2,700
2,650
2,700
2,650
2,700
2,700
2,650
2,650
2,650
Margin share from convenience & electrification %
25.3%
27.6%
29.1%
0.0%
Castrol sales and other operating revenues (Global)
6,735
5,446
6,770
- 0
low carbon
bp's net bio-energy production (kb/d)
b
23.1
30.1
26.1
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
- 0
- 0
3.7
LNG Portfolio, MTPA
15
20
18
Group income statement
Financial and Operating Information 2019 - 2022
Group information
Contents
Group income statement by quarter
$ million
Footnotes
Q1
Q2
Q3
Q4
2019
Q1
Q2
Q3
Q4
2020
Q1
Q2
Q3
Q4
2021
Q1
Q2
Q3
Q4
2022
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
117,124
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
441
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
998
Interest and other income
163
270
126
210
769
140
107
183
233
663
82
82
158
259
581
194
142
336
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
1,827
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
120,726
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
66,949
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
14,576
Production and similar taxes
424
371
340
412
1,547
203
124
140
228
695
253
295
354
406
1,308
505
624
1,129
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
7,137
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
26,476
Exploration expense
367
146
185
266
964
202
9,674
190
214
10,280
99
107
116
102
424
92
128
220
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
6,533
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
(2,294)
Finance costs
(867)
(853)
(883)
(886)
(3,489)
(783)
(783)
(800)
(749)
(3,115)
(723)
(682)
(693)
(759)
(2,857)
(664)
(556)
(1,220)
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
37
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
(3,477)
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)
(7,057)
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
(10,534)
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
(11,127)
Non-controlling interests
65
82
18
(1)
164
(20)
(674)
143
127
(424)
233
238
199
252
922
314
279
593
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
(10,534)
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
(57.21)
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
(57.21)
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
(3.43)
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
(3.43)
SOCI
Financial and Operating Information 2019 - 2022
Group information
Contents
Condensed group statement of comprehensive income
$ million
Footnotes
Q1
Q2
Q3
Q4
2019
Q1
Q2
Q3
Q4
2020
Q1
Q2
Q3
Q4
2021
Q1
Q2
Q3
Q4
2022
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
(10,534)
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)
(4,203)
Exchange (gains) losses on translation of foreign operations reclassified
to gain or loss on sale of businesses and fixed assets
-
-
-
880
880
1
3
-
(357)
(353)
-
-
-
36
36
10,791
-
10,791
Available-for-sale investments
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
Cash flow hedges and costs of hedging
19
133
(17)
(76)
59
85
68
(90)
42
105
(62)
(207)
(398)
408
(259)
222
99
321
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
144
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)
(172)
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)
6,881
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)
1,736
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)
(4)
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
(489)
(572)
(44)
(243)
1,027
168
1,088
(1,339)
70
253
72
1,440
426
362
872
3,100
1,459
(216)
1,243
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)
8,124
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
(2,410)
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
(2,936)
Non-controlling interests
70
84
2
17
173
(77)
(647)
163
174
(387)
225
232
181
260
898
314
212
526
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
(2,410)
Summarized reported results
Financial and Operating Information 2019 - 2022
Group information
Contents
Analysis of RC profit (loss) before interest and tax
Restated for 2021 reporting segments
$ million
Footnotes
Q1
Q2
Q3
Q4
2019
Q1
Q2
Q3
Q4
2020
Q1
Q2
Q3
Q4
2021
Q1
Q2
Q3
Q4
2022
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
1,213
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
11,068
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
5,512
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)
(25,747)
Consolidation adjustment - UPII
(13)
34
30
24
75
178
(46)
34
(77)
89
13
(31)
(42)
(7)
(67)
34
(21)
13
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
(7,941)
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)
(1,183)
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
(9,124)
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)
(5,681)
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
(14,805)
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
(15,398)
Non-controlling interests
65
82
18
(1)
164
(20)
(674)
143
127
(424)
233
238
199
252
922
314
279
593
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
(14,805)
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
(79.17)
per ADS - dollars
0.62
0.52
(0.10)
- 0
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
(4.75)
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
(14,805)
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
5,647
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)
(1,376)
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
(10,534)
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
(57.21)
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
(57.21)
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
(3.43)
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
(3.43)
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%
-62.3%
Analysis of underlying RC profit before interest and tax
Restated for 2021 reporting segments
$ million
Footnote
Q1
Q2
Q3
Q4
2019
Q1
Q2
Q3
Q4
2020
Q1
Q2
Q3
Q4
2021
Q1
Q2
Q3
Q4
2022
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
6,675
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
10,585
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
6,162
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)
(460)
Consolidation adjustment - UPII
(13)
34
30
24
75
178
(46)
34
(77)
89
13
(31)
(42)
(7)
(67)
34
(21)
13
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
22,975
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)
(995)
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
21,980
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)
(6,691)
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
15,289
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
14,696
Non-controlling interests
65
82
18
(1)
164
(20)
(674)
143
127
(424)
233
238
199
252
922
314
279
593
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
15,289
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
75.55
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
4.53
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%
30.4%
Replacement cost profit
Financial and Operating Information 2019 - 2022
Group information
Contents
Replacement cost profit (loss) before interest and tax by segment and geographical area
Restated for 2021 reporting segments
$ million
Footnotes
Q1
Q2
Q3
Q4
2019
Q1
Q2
Q3
Q4
2020
Q1
Q2
Q3
Q4
2021
Q1
Q2
Q3
Q4
2022
gas & low carbon energy
US
45
(39)
83
218
307
217
1
384
34
636
1,244
147
548
85
2,024
715
175
890
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
323
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
1,213
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
2,927
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
8,141
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
11,068
customers & products
US
593
576
648
479
2,296
708
579
147
534
1,968
215
241
395
(460)
391
515
1,805
2,320
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
3,192
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
5,512
Rosneft
Non-US
486
525
802
503
2,316
(17)
(124)
(278)
270
(149)
363
643
868
555
2,429
(24,033)
-
(24,033)
486
525
802
503
2,316
(17)
(124)
(278)
270
(149)
363
643
868
555
2,429
(24,033)
-
(24,033)
other businesses & corporate
US
(281)
(298)
(323)
(360)
(1,262)
(181)
(172)
(188)
(445)
(986)
(142)
(320)
(82)
(194)
(738)
(171)
(353)
(524)
Non-US
(191)
(60)
(110)
(225)
(586)
(385)
(87)
146
733
407
(536)
(105)
(668)
(730)
(2,039)
(24,548)
(675)
(25,223)
(472)
(358)
(433)
(585)
(1,848)
(566)
(259)
(42)
288
(579)
(678)
(425)
(750)
(924)
(2,777)
(24,719)
(1,028)
(25,747)
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
(7,954)
Consolidation adjustment - UPII
(13)
34
30
24
75
178
(46)
34
(77)
89
13
(31)
(42)
(7)
(67)
34
(21)
13
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
(7,941)
0
0
By geographical area
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
5,599
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
(13,540)
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
(7,941)
Underlying RC profit
Financial and Operating Information 2019 - 2022
Group information
Contents
Underlying replacement cost profit (loss) by segment and geographical area
Restated for 2021 reporting segments
$ million
Footnotes
Q1
Q2
Q3
Q4
2019
Q1
Q2
Q3
Q4
2020
Q1
Q2
Q3
Q4
2021
Q1
Q2
Q3
Q4
2022
By segment
gas & low carbon energy
US
145
180
59
95
479
219
(17)
254
(50)
406
1,173
131
820
10
2,134
652
490
1,142
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
5,533
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
6,675
Taxation
404
230
262
86
982
261
111
249
152
773
535
244
389
509
1,677
1,009
717
1,726
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
4,949
oil production & operations
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
3,035
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
7,550
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
10,585
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
4,207
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
6,378
customers & products
US
531
566
537
556
2,190
557
719
96
(231)
1,141
47
291
429
419
1,186
589
1,873
2,462
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
3,700
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
6,162
Taxation
378
289
259
288
1,214
365
221
51
(100)
537
133
123
314
640
1,210
400
783
1,183
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
4,979
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
-
-
-
other businesses & corporate
US
(154)
(218)
(241)
(91)
(704)
(134)
(128)
(53)
(142)
(457)
(110)
(189)
2
(34)
(331)
(149)
(242)
(391)
Non-US
(192)
(51)
(102)
(186)
(531)
(298)
(92)
(68)
33
(425)
(60)
(116)
(375)
(501)
(1,052)
(110)
41
(69)
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)
(460)
Taxation
(44)
(85)
139
(140)
(130)
(100)
131
(13)
(55)
(37)
(54)
(101)
(11)
(128)
(294)
(23)
(167)
(190)
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)
(270)
Consolidation adjustment - UPII
(13)
34
30
24
75
178
(46)
34
(77)
89
13
(31)
(42)
(7)
(67)
34
(21)
13
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
22,975
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
6,235
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
16,740
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
22,975
Adjusting items by segment
Financial and Operating Information 2019 - 2022
Group information
Contents
Adjusting items
Note: combines the previously separately disclosed items 'Non-operating items' and 'Fair value accounting effects'.
Restated for 2021 reporting segments
$ million
Footnotes
Q1
Q2
Q3
Q4
2019
Q1
Q2
Q3
Q4
2020
Q1
Q2
Q3
Q4
2021
Q1
Q2
Q3
Q4
2022
gas & low carbon energy
Gains on sale of businesses and fixed assets
a
-
(4)
-
3
(1)
-
-
-
-
-
1,034
-
-
-
1,034
9
-
9
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)
(517)
Environmental and other provisions
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
Restructuring, integration and rationalization costs
e
(1)
-
-
-
(1)
2
(6)
(36)
(87)
(127)
(8)
(21)
-
(4)
(33)
4
1
5
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)
(5,089)
Other
g
21
50
(17)
2
56
1
(754)
86
(5)
(672)
10
(251)
63
(59)
(237)
135
(5)
130
(26)
(287)
187
(377)
(503)
223
(6,938)
(250)
(792)
(7,757)
1,160
(313)
(5,942)
(300)
(5,395)
(5,119)
(343)
(5,462)
oil production & operations
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
1,527
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
(936)
Environmental and other provisions
h
-
-
-
(32)
(32)
(13)
-
(9)
20
(2)
(65)
(776)
(68)
(235)
(1,144)
58
(204)
(146)
Restructuring, integration and rationalization costs
e
(35)
(16)
(26)
(13)
(90)
(6)
(18)
(129)
(125)
(278)
(4)
(90)
4
(2)
(92)
(10)
(7)
(17)
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
-
55
(20)
(659)
(3,376)
(2,561)
(6,616)
(1,074)
(6,601)
(523)
(497)
(8,695)
(86)
876
231
(812)
209
(852)
1,335
483
customers & products
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
292
Impairment and losses on sale of businesses and fixed assets
(26)
(62)
(11)
(23)
(122)
(5)
(798)
(20)
(313)
(1,136)
(43)
(35)
(58)
(961)
(1,097)
(13)
(434)
(447)
Environmental and other provisions
-
-
(1)
(77)
(78)
-
-
-
(33)
(33)
-
(8)
(1)
(102)
(111)
-
(35)
(35)
Restructuring, integration and rationalization costs
e
(2)
20
(4)
71
85
-
31
(142)
(522)
(633)
(41)
(10)
16
24
(11)
1
9
10
Fair value accounting effects
36
(46)
147
23
160
(259)
(31)
425
(284)
(149)
459
(139)
(30)
146
436
(377)
(62)
(439)
Other
k
(6)
-
-
(6)
(12)
-
-
-
(39)
(39)
-
(3)
-
(206)
(209)
(47)
16
(31)
32
(77)
133
(5)
83
(257)
(811)
279
1,119
330
278
(187)
(98)
(1,037)
(1,044)
(175)
(475)
(650)
Rosneft
Other
o
(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)
other businesses & corporate
Gains on sale of businesses and fixed assets
-
-
-
-
-
2
-
2
190
194
-
-
-
-
-
(1)
-
(1)
Impairment and losses on sale of businesses and fixed assets
-
-
-
(38)
(38)
-
-
-
(1)
(1)
(1)
(50)
1
(9)
(59)
(1)
(15)
(16)
Environmental and other provisions
(6)
(22)
-
(203)
(231)
(23)
-
(32)
(122)
(177)
-
(72)
(65)
(144)
(281)
(3)
(89)
(92)
Restructuring, integration and rationalization costs
e
11
(4)
2
(1)
8
(13)
(33)
(155)
(57)
(258)
(25)
(74)
(12)
(2)
(113)
13
(3)
10
Gulf of Mexico oil spill
j
(115)
(57)
(84)
(63)
(319)
(21)
(31)
(63)
(140)
(255)
(11)
(18)
(17)
(24)
(70)
(19)
(21)
(40)
Fair value accounting effects
-
-
-
-
-
-
(41)
266
450
675
(447)
73
(263)
(212)
(849)
(425)
(686)
(1,111)
Other
k
(16)
(6)
(8)
(3)
(33)
(79)
66
61
77
125
(24)
21
(21)
2
(22)
9
(13)
(4)
(126)
(89)
(90)
(308)
(613)
(134)
(39)
79
397
303
(508)
(120)
(377)
(389)
(1,394)
(24,460)
(827)
(25,287)
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)
(30,916)
Finance costs
k,l,m
(128)
(116)
(145)
(122)
(511)
(122)
(114)
(198)
(191)
(625)
(148)
(202)
(175)
(257)
(782)
(158)
(30)
(188)
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)
(31,104)
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)
1,187
Taxation - impact of foreign exchange
n
-
-
-
-
-
(365)
114
85
67
(99)
(13)
(30)
(33)
7
(69)
(28)
(149)
(177)
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)
1,010
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)
(30,094)
Adjusting items by region
Financial and Operating Information 2019 - 2022
Group information
Contents
Adjusting items by geographical area
Restated for 2021 reporting segments
$ million
Footnotes
Q1
Q2
Q3
Q4
2019
Q1
Q2
Q3
Q4
2020
Q1
Q2
Q3
Q4
2021
Q1
Q2
Q3
Q4
2022
gas & low carbon energy
US
(100)
(219)
24
123
(172)
(2)
18
130
84
230
71
16
(272)
75
(110)
63
(315)
(252)
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)
(5,210)
(26)
(287)
187
(377)
(503)
223
(6,938)
(250)
(792)
(7,757)
1,160
(313)
(5,942)
(300)
(5,395)
(5,119)
(343)
(5,462)
oil production & operations
US
(24)
(450)
(3,346)
(2,453)
(6,273)
(633)
(2,119)
(114)
(81)
(2,947)
88
164
104
236
592
166
(274)
(108)
Non-US
4
(209)
(30)
(108)
(343)
(441)
(4,482)
(409)
(416)
(5,748)
(174)
712
127
(1,048)
(383)
(1,018)
1,609
591
(20)
(659)
(3,376)
(2,561)
(6,616)
(1,074)
(6,601)
(523)
(497)
(8,695)
(86)
876
231
(812)
209
(852)
1,335
483
customers & products
US
62
10
111
(77)
106
151
(140)
51
765
827
168
(50)
(34)
(879)
(795)
(74)
(68)
(142)
Non-US
(30)
(87)
22
72
(23)
(408)
(671)
228
354
(497)
110
(137)
(64)
(158)
(249)
(101)
(407)
(508)
32
(77)
133
(5)
83
(257)
(811)
279
1,119
330
278
(187)
(98)
(1,037)
(1,044)
(175)
(475)
(650)
Rosneft
Non-US
(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)
other businesses & corporate
US
(127)
(80)
(82)
(269)
(558)
(47)
(44)
(135)
(303)
(529)
(32)
(131)
(84)
(160)
(407)
(22)
(111)
(133)
Non-US
1
(9)
(8)
(39)
(55)
(87)
5
214
700
832
(476)
11
(293)
(229)
(987)
(24,438)
(716)
(25,154)
(126)
(89)
(90)
(308)
(613)
(134)
(39)
79
397
303
(508)
(120)
(377)
(389)
(1,394)
(24,460)
(827)
(25,287)
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)
(30,916)
Finance costs
(128)
(116)
(145)
(122)
(511)
(122)
(114)
(198)
(191)
(625)
(148)
(202)
(175)
(257)
(782)
(158)
(30)
(188)
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)
(31,104)
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)
1,187
Taxation - impact of foreign exchange
-
-
-
-
-
(365)
114
85
67
(99)
(13)
(30)
(33)
7
(69)
(28)
(149)
(177)
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)
1,010
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)
(30,094)
Sales and other oper revenues
Quarterly Financial and Operating Information 2016-2020
Financial and Operating Information 2019 - 2022
Group information
Contents
Sales and other operating revenuesa
Restated for 2021 reporting segments and integrated books change
$ million
Footnotes
Q1
Q2
Q3
Q4
2019
Q1
Q2
Q3
Q4
2020
Q1
Q2
Q3
Q4
2021
Q1
Q2
Q3
Q4
2022
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
21,409
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
17,662
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
97,720
other businesses & corporate
313
313
345
447
1,418
437
441
383
405
1,666
436
381
423
484
1,724
452
516
968
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
137,759
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
3,569
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
15,789
customers & products
586
62
(59)
384
973
(782)
330
124
486
158
110
112
354
650
1,226
692
392
1,084
other businesses & corporate
134
166
54
428
782
104
267
423
436
1,230
159
307
424
352
1,242
5
188
193
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
20,635
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
17,840
oil production & operations
985
654
545
648
2,832
330
435
272
318
1,355
300
669
862
280
2,111
1,122
751
1,873
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
96,636
other businesses & corporate
179
147
291
19
636
333
174
(40)
(31)
436
277
74
(1)
132
482
447
328
775
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
117,124
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
4,178
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
75,018
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
19,624
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
4,170
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
102,990
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
14,134
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
117,124
By geographical area
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
46,483
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
97,128
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
143,611
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
26,487
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
117,124
DD&A
Financial and Operating Information 2019 - 2022
Group information
Contents
Depreciation, depletion and amortization
Restated for 2021 reporting segments
$ million
Footnotes
Q1
Q2
Q3
Q4
2019
Q1
Q2
Q3
Q4
2020
Q1
Q2
Q3
Q4
2021
Q1
Q2
Q3
Q4
2022
gas & low carbon energy
US
14
24
16
25
79
20
23
21
32
96
23
16
22
19
80
18
18
36
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
2,422
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
2,458
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
2,442
low carbon
28
44
9
-
81
5
6
5
9
25
8
8
8
8
32
8
8
16
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
2,458
oil production & operations
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
1,511
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
1,289
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
2,800
customers & products
US
323
333
336
343
1,335
342
344
336
337
1,359
333
337
337
342
1,349
322
334
656
Non-US
383
392
394
417
1,586
405
408
407
411
1,631
412
417
410
412
1,651
395
381
776
706
725
730
760
2,921
747
752
743
748
2,990
745
754
747
754
3,000
717
715
1,432
other businesses & corporate
US
9
8
8
9
34
10
10
9
10
39
22
23
20
29
94
19
20
39
Non-US
107
127
134
145
513
147
153
155
161
616
172
180
180
187
719
205
203
408
116
135
142
154
547
157
163
164
171
655
194
203
200
216
813
224
223
447
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
7,137
Group cash flow statement
Financial and Operating Information 2019 - 2022
Group information
Contents
Condensed group cash flow statement
$ million
Footnotes
Q1
Q2
Q3
Q4
2019
Q1
Q2
Q3
Q4
2020
Q1
Q2
Q3
Q4
2021
Q1
Q2
Q3
Q4
2022
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
(3,477)
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
7,265
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)
24,649
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
(1,021)
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)
138
Share-based payments
297
117
149
167
730
(6)
351
199
179
723
(46)
228
219
226
627
170
208
378
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)
(182)
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
1,280
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)
(6,187)
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)
(3,770)
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
19,073
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)
(5,268)
-
-
-
-
-
-
-
-
Acquisitions, net of cash acquired
(1,795)
(1,747)
13
(33)
(3,562)
(17)
-
(10)
(17)
(44)
(1)
-
(53)
(132)
(186)
(8)
3
(5)
Investment in joint ventures
-
(20)
(60)
(57)
(137)
(18)
(8)
(12)
(529)
(567)
(742)
(47)
(70)
(581)
(1,440)
(294)
(159)
(453)
Investment in associates
(145)
(54)
(22)
(83)
(304)
(37)
(41)
(1,037)
(23)
(1,138)
(22)
(32)
(133)
(148)
(335)
(25)
(16)
(41)
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)
(5,767)
Proceeds from disposal of fixed assets
235
70
171
24
500
10
10
32
439
491
551
93
(19)
520
1,145
468
202
670
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
660
Proceeds from loan repayments
55
64
63
64
246
63
543
50
61
717
61
67
33
36
197
29
16
45
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)
(4,392)
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)
(3,880)
Lease liability payments
(617)
(595)
(594)
(566)
(2,372)
(569)
(664)
(578)
(631)
(2,442)
(560)
(514)
(506)
(502)
(2,082)
(498)
(472)
(970)
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
-
2,002
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)
(5,465)
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)
(964)
Issue of perpetual hybrid bonds
-
-
-
-
-
-
11,861
-
-
11,861
-
-
859
65
924
66
62
128
Redemption of perpetual hybrid bonds
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
Payments on perpetual hybrid bonds
-
-
-
-
-
-
-
(27)
(62)
(89)
(55)
(328)
(55)
(100)
(538)
(148)
(161)
(309)
Payments relating to transactions involving non-controlling interests (other)
-
-
-
-
-
-
(8)
-
-
(8)
-
-
(560)
-
(560)
(5)
(1)
(6)
Receipts relating to transactions involving non-controlling interests (other)
-
-
-
566
566
9
-
483
173
665
668
3
-
12
683
7
-
7
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)
(2,130)
Non-controlling interests
(36)
(83)
(47)
(47)
(213)
(31)
(74)
(58)
(75)
(238)
(51)
(107)
(87)
(66)
(311)
(65)
(63)
(128)
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)
(11,715)
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)
(539)
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)
2,427
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
30,681
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
33,108
Group balance sheet
Financial and Operating Information 2019 - 2022
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
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
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
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
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
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
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
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
Loans
642
689
642
630
619
724
711
840
866
776
972
922
912
1,097
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
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
Prepayments
814
776
789
781
793
495
497
533
542
487
473
479
575
525
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
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
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
Current assets
Loans
340
313
350
339
356
370
555
458
361
366
478
355
353
282
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
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
Derivative financial instruments
3,004
3,384
3,346
4,153
8,224
4,751
3,562
2,992
2,896
4,062
6,542
5,744
9,390
10,180
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
Current tax receivable
965
930
1,090
1,282
1,600
637
681
672
445
425
494
542
255
290
Other investments
134
135
114
169
88
122
298
333
216
164
191
280
103
130
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
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
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
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
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
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
Derivative financial instruments
2,340
2,601
2,527
3,261
5,846
3,678
3,088
2,998
2,926
5,117
10,666
7,565
17,357
19,309
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
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
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
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
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
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
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
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
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
Derivative financial instruments
5,294
5,187
5,694
5,537
6,470
5,652
4,761
5,404
4,985
5,419
6,095
6,356
9,065
12,918
Accruals
547
610
612
996
954
936
908
852
839
889
978
968
930
896
Lease liabilities
8,195
8,285
7,627
7,655
7,276
7,373
7,375
7,329
7,156
7,038
6,866
6,864
6,729
6,321
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
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
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
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
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
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
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
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
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
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
Gulf of Mexico oil spill
Financial and Operating Information 2019 - 2022
Group information
Contents
Gulf of Mexico oil spill
$ million
Footnotes
Q1
Q2
Q3
Q4
2019
Q1
Q2
Q3
Q4
2020
Q1
Q2
Q3
Q4
2021
Q1
Q2
Q3
Q4
2022
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)
(9,387)
Provisions
(368)
(199)
(207)
(189)
(189)
(124)
(29)
(23)
(49)
(49)
(11)
(10)
(9)
(3)
(3)
(3)
(3)
(3)
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)
(9,390)
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)
(1,217)
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
2,340
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)
(1,296)
Post tax cash flows
(649)
(1,413)
(409)
42
(2,429)
(281)
(1,097)
(142)
(88)
(1,608)
Working capital reconciliation
Financial and Operating Information 2019 - 2022
Group information
Working capital reconciliationa
$ million
Footnotes
Q1
Q2
Q3
Q4
2019
Q1
Q2
Q3
Q4
2020
Q1
Q2
Q3
Q4
2021
Q1
Q2
Q3
Q4
2022
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)
(6,187)
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
5,647
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)
(6,493)
Working capital release (build) after adjusting for net inventory gains (losses) and fair value accounting effects
(1,651)
(199)
120
355
(1,375)
(4,036)
287
1,229
(556)
(3,076)
(892)
(466)
(1,786)
(2,161)
(5,305)
(4,087)
(2,946)
- 0
- 0
(7,033)
Capital exp cash basis
Financial and Operating Information 2019 - 2022
Group information
Contents
Capital expenditure on a cash basis
Restated for 2021 reporting segments
$ million
Footnotes
Q1
Q2
Q3
Q4
2019
Q1
Q2
Q3
Q4
2020
Q1
Q2
Q3
Q4
2021
Q1
Q2
Q3
Q4
2022
Total capital expenditure by segment
gas & low carbon energy
US
a
8
11
2
9
30
21
10
8
511
550
739
46
323
111
1,219
144
117
261
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
1,423
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
1,684
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
1,323
low carbon
31
36
24
70
161
3
10
43
541
597
1,074
42
336
109
1,561
219
142
361
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
1,684
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
1,547
Non-US
829
584
652
828
2,893
792
604
531
573
2,500
697
491
442
549
2,179
576
339
915
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
2,462
customers & products
c
US
188
271
197
258
914
123
74
139
237
573
118
147
177
444
886
262
249
511
Non-US
596
469
564
522
2,151
534
295
1,380
533
2,742
414
372
420
780
1,986
453
426
879
784
740
761
780
3,065
657
369
1,519
770
3,315
532
519
597
1,224
2,872
715
675
1,390
other businesses & corporate
US
4
10
8
10
32
11
14
8
(3)
30
8
40
19
27
94
13
18
31
Non-US
23
88
44
121
276
49
46
57
121
273
54
60
116
73
303
86
114
200
27
98
52
131
308
60
60
65
118
303
62
100
135
100
397
99
132
231
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
5,767
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
2,350
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
3,417
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
5,767
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
5,418
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)
349
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
5,767
Net debt & net debt incl leases
Financial and Operating Information 2019 - 2022
Group information
Contents
Net debt and net debt including leases
$ 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
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
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
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
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
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
Lease liabilities
10,294
10,379
9,639
9,722
9,373
9,331
9,282
9,262
9,030
8,863
8,628
8,611
8,466
8,056
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
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
Debt ratios
Financial and Operating Information 2019 - 2022
Group information
Contents
Debt ratios and Debt ratios including leases
$ million, except ratios
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
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
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
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
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
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
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
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%
Net debt including leases
60,618
50,161
49,620
48,196
42,380
41,678
40,710
39,411
36,129
30,886
Equity
d
90,480
82,811
82,155
85,568
90,586
93,232
89,266
90,439
78,519
81,563
Gearing including leases
40.1%
37.7%
37.7%
36.0%
31.9%
30.9%
31.3%
30.4%
31.5%
27.5%
Dividends paid
Financial and Operating Information 2019 - 2022
Group information
Contents
Dividends paid
Footnotes
Q1
Q2
Q3
Q4
2019
Q1
Q2
Q3
Q4
2020
Q1
Q2
Q3
Q4
2021
Q1
Q2
Q3
Q4
2022
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
10.920
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
8.515
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
65.52
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
-
-
-
-
-
-
-
-
-
-
-
-
-
Invntry holding gains & losses
Financial and Operating Information 2019 - 2022
Group information
Contents
Inventory holding gains (losses)
Restated for 2021 reporting segments
$ million
Footnotes
Q1
Q2
Q3
Q4
2019
Q1
Q2
Q3
Q4
2020
Q1
Q2
Q3
Q4
2021
Q1
Q2
Q3
Q4
2022
gas & low carbon energy
-
(9)
1
2
(6)
(9)
11
7
10
19
22
4
15
(8)
33
25
(9)
16
oil production & operations
2
(1)
(1)
(2)
(2)
(59)
46
1
10
(2)
15
(6)
(1)
-
8
1
(7)
(6)
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
5,637
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
5,647
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)
(1,376)
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
4,271
Realizations
Financial and Operating Information 2019 - 2022
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
Average realizations
a
Liquids ($/bbl)
US
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
Europe
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
Rest of World
56.90
62.71
57.26
46.44
56.92
45.70
22.59
37.77
36.51
35.63
55.38
61.69
66.39
71.63
63.60
86.09
105.50
95.40
bp Average
56.90
62.71
57.26
46.44
56.92
45.70
22.59
37.77
36.51
35.63
55.38
61.69
66.39
71.63
63.60
86.09
105.50
95.40
Natural gas ($/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
8.15
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
8.15
Total hydrocarbons ($/boe)
US
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
Europe
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
Rest of World
31.18
29.64
26.99
24.05
28.00
23.30
18.63
19.64
21.27
20.71
26.84
28.97
34.91
43.68
33.75
50.91
55.79
53.31
bp Average
31.18
29.64
26.99
24.05
28.00
23.30
18.63
19.64
21.27
20.71
26.84
28.97
34.91
43.68
33.75
50.91
55.79
53.31
oil production & operations
Footnotes
Q1
Q2
Q3
Q4
2019
Q1
Q2
Q3
Q4
2020
Q1
Q2
Q3
Q4
2021
Q1
Q2
Q3
Q4
2022
Average realizations
a
Liquids ($/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
80.40
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
108.70
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
98.50
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
92.00
Natural gas ($/mcf)
US
2.57
1.80
1.72
1.65
1.93
1.28
0.97
1.29
1.76
1.30
3.45
3.03
3.51
4.59
3.68
3.90
6.30
5.10
Europe
5.84
3.63
3.03
4.06
4.01
3.23
1.38
2.34
5.37
3.13
6.89
8.94
17.07
32.45
17.06
33.77
16.10
25.00
Rest of World
0.95
0.22
(0.24)
1.24
0.75
1.40
1.45
1.44
2.48
1.70
2.99
2.23
2.67
2.61
2.63
3.68
-
3.70
bp Average
2.69
1.86
1.79
1.85
2.04
1.44
1.03
1.42
2.38
1.53
4.11
3.90
5.61
9.27
5.90
9.40
7.97
8.67
Total hydrocarbons ($/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
69.70
61.20
Europe
58.89
63.40
52.47
51.91
56.87
43.97
23.00
36.14
39.39
35.52
55.34
63.85
81.99
118.97
79.78
134.62
106.30
121.40
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
107.10
98.50
bp Average
44.83
47.74
41.23
43.75
44.43
37.10
19.32
31.21
33.18
29.88
46.81
52.47
57.72
66.94
56.19
76.64
87.46
82.12
Gas & Low Carbon Energy
Financial and Operating Information 2019 - 2022
gas & low carbon energy
Contents
gas & low carbon energy
$ million
Footnotes
Q1
Q2
Q3
Q4
2019
Q1
Q2
Q3
Q4
2020
Q1
Q2
Q3
Q4
2021
Q1
Q2
Q3
Q4
2022
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
1,229
Inventory holding (gains) losses
-
9
(1)
(2)
6
9
(11)
(7)
(10)
(19)
(22)
(4)
(15)
8
(33)
(25)
9
(16)
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
1,213
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
5,462
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
6,675
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
1,726
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
4,949
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
1,142
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
5,533
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
6,675
Adjusting items
US
100
219
(24)
(123)
172
2
(18)
(130)
(84)
(230)
(71)
(16)
272
(75)
110
(63)
315
252
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
5,210
26
287
(187)
377
503
(223)
6,938
250
792
7,757
(1,160)
313
5,942
300
5,395
5,119
343
5,462
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
890
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
323
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
1,213
Depreciation
US
14
24
16
25
79
20
23
21
32
96
23
16
22
19
80
18
18
36
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
2,422
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
2,458
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)
-
(2)
156
19
74
91
340
3
1,631
65
42
1,741
6
21
14
2
43
(2)
-
(2)
Adjusted EBITDA
US
159
204
75
120
558
239
6
275
(18)
502
1,196
147
842
29
2,214
670
508
1,178
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
7,953
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
9,131
Total Capital expenditure
US
8
11
2
9
30
21
10
8
511
550
739
46
323
111
1,219
144
117
261
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
1,423
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
1,684
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
1,323
low carbon energy
a
31
36
24
70
161
2
10
43
541
596
1,074
42
336
109
1,561
219
142
361
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
1,684
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
116
137
134
125
105
125
96
99
92
98
96
112
109
109
122
113
121
112
116
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
4,803
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
4,803
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
944
1,001
950
952
962
966
900
869
841
796
851
909
875
889
974
912
966
924
944
Average realizations
Total liquids ($/bbl)
56.90
62.71
57.26
46.44
56.92
45.70
22.59
37.77
36.51
35.63
55.38
61.69
66.39
71.63
63.60
86.09
105.50
95.40
Natural gas ($/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
8.15
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
53.31
low carbon energy
bp's net ethanol-equivalent production
Bioenergy ethanol-equivalent production (kb/d)
1.0
17.5
24.4
11.6
13.7
0.7
29.0
36.5
14.9
20.3
0.7
26.4
34.8
6.5
17.2
0.3
25.2
12.9
Crush capacity (million tonnes per annum)
32.0
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
1.6
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
3.7
Renewables Pipeline bp net, GW
10.9
10.9
13.8
21.2
23.3
23.1
23.1
24.9
25.8
21.2
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
15.3
Renewables Pipeline - Asia Pacific bp net, GW
0.8
0.8
1.4
0.8
1.1
1.4
1.4
1.4
1.4
0.8
Renewables Pipeline - Europe bp net, GW
3.7
3.7
5.1
5.1
5.2
5.3
5.3
7.0
7.2
5.1
Renewables Pipeline - Other bp net, GW
0.1
0.1
-
-
0.2
0.2
0.2
0.2
0.2
0.0
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
3.7
Renewables Pipeline - Solar bp net, GW
8.7
8.7
10.1
17.5
19.6
19.4
19.4
19.7
20.6
17.5
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
29.2
30.1
24.9
Renewable pipeline, GW
Renewables average projected IRR, %
Renewables projects not done, GW
Low Carbon JV contribution $m
- bp share EBITDA
- bp share Net Assets
Traded electricity, TWh
250
214
202
LNG Portfolio, MTPA
15
20
18
Oil Production & Operations
Financial and Operating Information 2019 - 2022
oil production & operations
Contents
oil production & operations
$ million
Footnotes
Q1
Q2
Q3
Q4
2019
Q1
Q2
Q3
Q4
2020
Q1
Q2
Q3
Q4
2021
Q1
Q2
Q3
Q4
2022
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
11,062
Inventory holding (gains) losses
(2)
1
1
2
2
59
(46)
(1)
(10)
2
(15)
6
1
-
(8)
(1)
7
6
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
11,068
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)
(483)
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
10,585
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
4,207
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
6,378
By region
Underlying replacement cost profit (loss) before interest and tax
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
3,035
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
7,550
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
10,585
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
108
Non-US
(4)
209
30
108
343
441
4,482
409
416
5,748
174
(712)
(127)
1,048
383
1,018
(1,609)
(591)
20
659
3,376
2,561
6,616
1,074
6,601
523
497
8,695
86
(876)
(231)
812
(209)
852
(1,335)
(483)
Replacement cost profit (loss) before interest and tax
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
2,927
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
8,141
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
11,068
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
1,511
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
1,289
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
2,800
Exploration expenditure written off
US
16
54
43
63
176
12
2,546
3
82
2,643
4
6
4
5
19
4
3
7
Non-US
112
4
(2)
1
115
83
5,441
(18)
30
5,536
52
2
12
40
106
47
76
123
128
58
41
64
291
95
7,987
(15)
112
8,179
56
8
16
45
125
51
79
130
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
4,553
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
8,962
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
13,515
Total Capital expenditure
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
1,547
Non-US
829
584
652
828
2,893
792
604
531
573
2,500
697
491
442
549
2,179
576
339
915
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
2,462
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
356
Europe
159
137
118
149
141
147
166
143
160
154
154
120
139
141
138
139
127
133
Rest of World
549
524
532
557
541
559
628
531
502
555
464
454
462
471
463
463
442
453
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
941
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
1,255
Europe
145
132
188
275
185
244
298
265
320
282
325
248
302
332
301
349
340
345
Rest of World
404
408
415
385
403
429
415
431
409
421
400
409
403
407
405
384
344
364
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
1,964
Total hydrocarbons (mboe/d)
US
853
921
862
916
888
858
739
608
571
694
567
558
591
619
584
558
587
572
Europe
184
160
151
196
173
189
217
188
215
202
210
162
191
198
190
199
185
192
Rest of World
618
594
603
624
610
632
700
606
573
628
533
525
531
541
532
529
502
515
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
1,280
Average realizations
Total liquids ($/bbl)
56.41
62.62
55.47
56.59
57.83
47.64
22.76
38.21
38.58
36.21
52.92
60.55
65.53
71.07
62.57
83.47
100.34
92.00
Natural gas ($/mcf)
2.69
1.86
1.79
1.85
2.04
1.44
1.03
1.42
2.38
1.53
4.11
3.90
5.61
9.27
5.90
9.40
7.97
8.67
Total hydrocarbons ($/boe)
44.83
47.74
41.23
43.75
44.43
37.10
19.32
31.21
33.18
29.88
46.81
52.47
57.72
66.94
56.19
76.64
87.46
82.12
Customers & Products
Financial and Operating Information 2019 - 2022
customers & products
Contents
customers & products
$ million
Footnotes
Q1
Q2
Q3
Q4
2019
Q1
Q2
Q3
Q4
2020
Q1
Q2
Q3
Q4
2021
Q1
Q2
Q3
Q4
2022
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
11,149
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)
(5,637)
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
5,512
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
650
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
6,162
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
1,183
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
4,979
By business
Underlying replacement cost profit (loss) before interest and tax
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
1,201
Castrol - included in customers
272
321
332
333
1,258
167
63
326
262
818
334
265
231
207
1,037
256
223
479
products - refining & trading
744
322
704
457
2,227
168
926
(533)
(589)
(28)
(2)
(124)
352
(26)
200
1,634
3,327
4,961
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
6,162
Adjusting items
customers - convenience & mobility
-
27
(10)
(8)
9
(4)
(77)
(110)
(443)
(634)
(72)
(8)
(43)
(253)
(376)
235
(326)
(91)
Castrol - included in customers
(4)
22
-
39
57
-
(51)
(7)
(121)
(179)
6
10
(12)
(2)
2
(28)
(13)
(41)
products - refining & trading
33
(104)
145
6
80
(253)
(722)
391
(715)
(1,299)
449
(166)
(32)
(790)
(539)
(410)
(149)
(559)
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)
(650)
Replacement cost profit (loss) before interest and tax
Castrol sales and other operating revenues (Global)
6,735
5,446
6,770
Castrol premium lubricants, % of volume sold (Global)
49.4%
49.2%
51.2%
Marketing sales of refined products (mb/d)
c
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
1,138
Europe
993
1,091
1,157
1,051
1,073
954
685
849
801
823
706
838
968
936
863
883
1,032
958
Rest of World
520
520
459
537
509
519
364
422
457
441
440
469
439
496
461
471
439
455
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
2,551
Of which retail fuels volumes
1,180
1,014
1,076
Trading/supply sales of refined products
408
427
468
534
460
457
403
435
370
416
336
415
425
395
393
352
369
361
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
2,912
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
48.3
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
32.7
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
27.6
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
28.2
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
32.2
Refinery throughputs (mb/d)
US
735
673
781
761
737
748
614
701
708
693
725
692
737
720
719
758
637
698
Europe
767
715
815
848
787
835
716
699
720
742
747
763
804
833
787
807
841
824
Rest of World
237
209
217
238
225
223
157
187
200
192
129
52
81
91
88
85
2
43
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
1,565
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
94.4
By region
Underlying replacement cost profit (loss) before interest and tax
US
531
566
537
556
2,190
557
719
96
(231)
1,141
47
291
429
419
1,186
589
1,873
2,462
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
3,700
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
6,162
Adjusting items
US
(62)
(10)
(111)
77
(106)
(151)
140
(51)
(765)
(827)
(168)
50
34
879
795
74
68
142
Non-US
30
87
(22)
(72)
23
408
671
(228)
(354)
497
(110)
137
64
158
249
101
407
508
(32)
77
(133)
5
(83)
257
811
(279)
(1,119)
(330)
(278)
187
98
1,037
1,044
175
475
650
Replacement cost profit (loss) before interest and tax
US
593
576
648
479
2,296
708
579
147
534
1,968
215
241
395
(460)
391
515
1,805
2,320
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
3,192
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
5,512
Depreciation
US
323
333
336
343
1,335
342
344
336
337
1,359
333
337
337
342
1,349
322
334
656
Non-US
383
392
394
417
1,586
405
408
407
411
1,631
412
417
410
412
1,651
395
381
776
706
725
730
760
2,921
747
752
743
748
2,990
745
754
747
754
3,000
717
715
1,432
Total Capital Expenditure
US
188
271
197
258
914
123
74
139
237
573
118
147
177
444
886
262
249
511
Non-US
596
469
564
522
2,151
534
295
1,380
533
2,742
414
372
420
780
1,986
453
426
879
784
740
761
780
3,065
657
369
1,519
770
3,315
532
519
597
1,224
2,872
715
675
1,390
Reconciliations to GAAP measures
Growth market underlying RCOP
$ million
Convenience & Mobility Underlying replacement cost profit (loss) before interest and tax
3,790
2,883
3,052
less non growth retail and lubricants countries Underlying replacement cost profit (loss) before interest and tax and other URCP before interest and tax (aviation, B2B and midstream )
2,848
2,170
2,162
Growth market underlying Replacement cost profit before interest and tax
942
713
890
Convenience, retail fuels and electrification gross margin
d
Replacement cost profit before interest and tax for customers & products
6,502
3,418
2,208
Subtract replacement cost profit (loss) before interest and tax for refining & trading and petrochemicals
2,703
1,169
-468
3,799
2,249
2,676
Net (favourable) adverse impact of adjusting items for convenience & mobility
(9)
634
376
Underlying replacement cost profit before interest and tax for convenience & mobility
3,790
2,883
3,052
Subtract underlying replacement cost profit for Castrol
1,258
818
1,037
Add back convenience & mobility (excluding Castrol) depreciation, depletion and amortization
969
1,039
1,156
Add back convenience & mobility (excluding Castrol) production and manufacturing, distribution and administration expenses and adjusted for aviation, B2B and midstream gross margin
1,767
1,961
2,486
Subtract earnings from equity-accounted entities in convenience & mobility (excluding Castrol)
293
228
330
Gross margin for convenience, retail fuels and electrification
4,975
4,837
5,327
Of which:
Convenience and electrification
1,260
1,335
1,548
Retail fuels
3,715
3,502
3,779
Margin share from convenience & electrification %
25.3%
27.6%
29.1%
Reconciliation of third party sales and other revenues to total customers & products third party sales and other revenues
Castrol
6,735
5,446
6,770
Other convenience and mobility, refining and trading, petrochemicals
125,156
85,140
122,099
Total customers & products sales and other revenues
131,891
90,586
128,869
-
Rosneft
Financial and Operating Information 2019 - 2022
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 & corp
Financial and Operating Information 2019 - 2022
other businesses & corporate
Contents
other businesses & corporate
From first quarter 2022 the results of Rosneft, previously reported as a separate segment, are also included in other businesses & corporate.
$ million
Footnotes
Q1
Q2
Q3
Q4
2019
Q1
Q2
Q3
Q4
2020
Q1
Q2
Q3
Q4
2021
Q1
Q2
Q3
Q4
2022
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)
(25,747)
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)
(25,747)
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
25,287
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)
(460)
Taxation on underlying replacement cost profit
(44)
(85)
139
(140)
(130)
(100)
131
(13)
(55)
(37)
(54)
(101)
(11)
(128)
(294)
(23)
(167)
(190)
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)
(270)
By region
Underlying replacement cost profit (loss) before interest and tax
US
(154)
(218)
(241)
(91)
(704)
(134)
(128)
(53)
(142)
(457)
(110)
(189)
2
(34)
(331)
(149)
(242)
(391)
Non-US
(192)
(51)
(102)
(186)
(531)
(298)
(92)
(68)
33
(425)
(60)
(116)
(375)
(501)
(1,052)
(110)
41
(69)
(346)
(269)
(343)
(277)
(1,235)
(432)
(220)
(121)
(109)
(882)
(170)
(305)
(373)
(535)
(1,383)
(259)
(201)
(460)
Adjusting items
US
127
80
82
269
558
47
44
135
303
529
32
131
84
160
407
22
111
133
Non-US
(1)
9
8
39
55
87
(5)
(214)
(700)
(832)
476
(11)
293
229
987
24,438
716
25,154
126
89
90
308
613
134
39
(79)
(397)
(303)
508
120
377
389
1,394
24,460
827
25,287
Replacement cost profit (loss) before interest and tax
US
(281)
(298)
(323)
(360)
(1,262)
(181)
(172)
(188)
(445)
(986)
(142)
(320)
(82)
(194)
(738)
(171)
(353)
(524)
Non-US
(191)
(60)
(110)
(225)
(586)
(385)
(87)
146
733
407
(536)
(105)
(668)
(730)
(2,039)
(24,548)
(675)
(25,223)
(472)
(358)
(433)
(585)
(1,848)
(566)
(259)
(42)
288
(579)
(678)
(425)
(750)
(924)
(2,777)
(24,719)
(1,028)
(25,747)
oil & gas group metrics
Financial and Operating Information 2019 - 2022
upstream information
Contents
Oil & Gasa
$ million
Footnotes
Q1
Q2
Q3
Q4
2019
Q1
Q2
Q3
Q4
2020
Q1
Q2
Q3
Q4
2021
Q1
Q2
Q3
Q4
2022
Average realizations
b
Total liquids ($/bbl)
c
56.47
62.63
55.68
55.90
57.73
47.47
22.75
38.17
38.42
36.16
53.20
60.69
65.63
71.12
62.69
83.80
100.94
92.41
Natural gas ($/mcf)
4.02
3.35
3.11
3.12
3.39
2.83
2.53
2.56
3.10
2.75
3.98
4.08
5.35
7.51
5.30
8.24
8.31
8.28
Total hydrocarbons ($/boe)
c
39.37
40.64
35.48
36.42
38.00
31.80
19.06
26.42
28.48
26.31
37.75
41.84
47.57
56.46
46.08
64.70
73.24
68.96
upstream operating metrics on a year to date basis
Q1 YTD
Q2 YTD
Q3 YTD
Q4 YTD
2019
Q1 YTD
Q2 YTD
Q3 YTD
Q4 YTD
2020
Q1 YTD
Q2 YTD
Q3 YTD
Q4 YTD
2021
Q1 YTD
Q2 YTD
Q3 YTD
Q4 YTD
2022
upstream unit production costs ($/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
6.53
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
95.3
Finding and development costs ($ per barrel of oil equivalent ($/boe),
five-year rolling average)
d,e,f,g
23.67
20.16
23.02
Finding costs ($/boe, five-year rolling average)
d,f,g
8.59
7.61
7.06
Production costs ($/boe)
h,i
6.84
6.39
6.82
Cost of supply ($/boe)
j
22.84
32.78
21.40
Glossary
Financial and Operating Information 2019 - 2022
Contents
Glossary
Adjusted earnings before interest, depreciation and amortization (EBIDA)
Adjusted EBIDA is a non-GAAP measure and is defined as profit or loss attributable to bp shareholders before finance costs and net finance expense relating to pensions and 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, depreciation and amortization (Adjusted EBITDA)
Adjusted EBITDA is a non-GAAP measure presented for bp's operating segments and is defined as replacement cost (RC) profit before interest and tax, excluding net adjusting items* (as defined below), adding back depreciation, depletion and amortization and exploration write-offs (net of adjusting items). Adjusted EBITDA by business is 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, 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-GAAP 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 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-GAAP measure. Convenience gross margin 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, next-gen, aviation, B2B and midstream businesses. Convenience gross margin growth at constant foreign exchange is a non-GAAP measure. This metric requires a calculation of the comparative convenience gross margin ($ million) at current period foreign exchange rates (constant foreign exchange) and compares the current period value with the restated comparative period value, which results in the growth % at constant foreign exchange rates. bp believes the convenience gross margin and growth at constant foreign exchange are useful measures because these measures may help investors to understand and evaluate, in the same way as management, our progress against our strategic objectives of redefining convenience. The nearest GAAP measure to convenience gross margin is RC profit before interest and tax for the customer & 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 cost (RC) profit or loss
Effective tax rate (ETR) on replacement cost (RC) profit or loss is a non-GAAP measure. The ETR on RC profit or loss is calculated by dividing taxation on a RC basis by RC 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-GAAP 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 replacement cost profit or loss
Underlying effective tax rate (ETR) is a non-GAAP measure. The underlying ETR is calculated by dividing taxation on an underlying replacement cost (RC) basis by underlying 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-GAAP 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 charge points operated by either bp or a bp joint venture.
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
Non-GAAP 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.
Gearing and net debt
Gearing and net debt are non-GAAP 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. 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 GAAP measures on an IFRS basis are finance debt and finance debt ratio. We are unable to present reconciliations of forward-looking information for 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 GAAP 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 a GAAP estimate.
Gearing including leases and net debt including leases
Gearing including leases and net debt including leases are non-GAAP measures. Net debt including leases is calculated as net debt plus lease liabilities, less the net amount 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 GAAP measures on an IFRS basis are finance debt and finance debt ratio.
Gross margin
Gross margin for customers & products businesses is a non-GAAP 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.
Growth market RCOP
Growth market RCOP is the underlying replacement cost profit before interest and tax from bp's retail and Castrol businesses in growth markets, which include China, Mexico, India and Indonesia. Additionally, for Castrol, examples of other countries classified as growth markets include, Vietnam, Thailand and Saudi Arabia. Growth market earnings excludes central overhead cost. The forex calculation compares the current period value over the restated comparative period value which results in the growth % at constant forex rates.
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 non-GAAP 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-GAAP 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 for oil production & operations, gas & low carbon energy and Rosneft comprises crude oil, condensate and natural gas liquids. For oil production & operations and gas & low carbon energy, 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 electrification
Margin share for convenience and electrification is the ratio of convenience and electrification gross margin of total consumer energy (retail fuels and electrification) and 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-GAAP 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 Mexico oil spill payments
Operating cash flow excluding Gulf of Mexico oil spill payments is a non-GAAP measure. It is calculated by excluding post-tax operating cash flows relating to the Gulf of 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-GAAP 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 (PSA/PSC)
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 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.
Readily marketable inventory (RMI)
Readily marketable inventory (RMI) is inventory held and price risk-managed by our trading & supply enabler (T&S) which could be sold to generate funds if required. It comprises oil and oil products for which liquid markets are available and excludes inventory which is required to meet operational requirements and other inventory which is not price risk-managed. RMI is reported at fair value. Inventory held by the customers & products fuels business for the purpose of sales and marketing, and all inventories relating to the lubricants and petrochemicals businesses, are not included in RMI.
Paid-up RMI excludes RMI which has not yet been paid for. For inventory that is held in storage, a first-in first-out (FIFO) approach is used to determine whether inventory has been paid for or not. Unpaid RMI is RMI which has not yet been paid for by bp. RMI, RMI at fair value, Paid-up RMI and Unpaid RMI are non-GAAP measures.
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.
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 criteria below to the point they can be considered Developed to FID : Site based projects have obtained land exclusivity rights, or for PPA 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 GAAP 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-GAAP 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 and Thorntons, and also includes sites in India through our Jio-bp JV.
Retail sites in growth markets
These are retail sites that are either bp branded or co-branded with our partners in China, Mexico and Indonesia and also include sites in India through our Jio-bp JV.
Return on average capital employed (ROACE)
Return on average capital employed (ROACE) is a non-GAAP measure and is underlying replacement cost profit or loss*, which is defined as profit or loss attributable to bp 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 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 for full year 2020 interest expense was $1,808 million (2019 $2,032 million) before tax. bp believes it is helpful to disclose the ROACE because this measure gives an indication of the company's capital efficiency. The nearest GAAP 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 both sell bp branded fuel and carry one of the strategic convenience brands (e.g. M&S, Rewe to Go). To be considered a strategic convenience brand the convenience offer should be a strategic differentiator in the market in which it operates. Strategic convenience site count includes sites under a pilot phase.
Traded Electricity
Traded Electricity refers to Sales data for physically delivered electricity
Underlying RC profit or loss
Underlying RC profit or loss / underlying RC profit or loss attributable to bp shareholders is a non-GAAP 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-GAAP 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. 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.
Footnotes
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
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
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
Adjusting items by segment
a
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. Second quarter and first half 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.
Adjusting items by segment
b
Second quarter 2021 - Impairment reversals in the gas and 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. 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 derivative financial instruments used to risk-manage LNG contracts, but does not mark-to-market the physical LNG contracts themselves, resulting in a mismatch in accounting treatment. The fair value accounting effect removes this mismatch, and the underlying result reflects how bp risk-manages its LNG contracts.
Adjusting items by segment
g
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. Second quarter 2021 includes $585 million of impairments reported by equity-accounted entities. 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.
Adjusting items by segment
h
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
See Gulf of Mexico oil spill section for further information.
Adjusting items by segment
k
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
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
Third quarter and nine months 2020 also include 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 non-operating 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
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
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 of $1,209 million and $1,256 million in the second quarter and first half of 2022 respectively The movement in working capital includes outflows relating to the Gulf of Mexico oil spill on a pre-tax basis of $7 million and $1,382 million in the fourth quarter and full year of 2021 respectively. For the same periods in 2020 the amount was an outflow of $41 million and $1,580 million respectively. The movement in working capital includes outflows relating to the Gulf of Mexico oil spill on a pre-tax basis of $37 million and $1,375 million in the third quarter and nine months of 2021 respectively. For the same periods in 2020 the amount was an outflow of $180 million and $1,670 million respectively. 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.
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
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
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 December 2020 was $76,092 million (31 December 2019 $69,376 million). The fair value of finance debt at 30 September 2020 was $75,338 million (30 September 2019 $66,879 million). The fair value of finance debt at 30 June 2020 was $77,990 million (30 June 2019 $68,857 million). The fair value of finance debt at 31 March 2021 was $67,775 million (31 March 2020 $67,500 million; 31 March 2019 $67,003 million). The fair value of finance debt at 30 June 2021 was $70,589 million. The fair value of finance debt at 30 September 2021 was $65,316 million. The fair value of finance debt at 31 December 2021 was $62,946 million. The fair value of finance debt at 31 March 2022 was $59,601 million. The fair value of finance debt at 30 June 2022 was $49,056 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. Second quarter 2020 includes $436 million of cash and $24 million of finance debt included in assets and liabilities held for sale in the group balance sheet.
Net debt & net debt including leases
c
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 2022, first quarter liability of $173 million, second quarter liability of $246 million. For 2021, first quarter liability of $346 million, second quarter liability of $308 million, third quarter liability of $151 million, fourth quarter liability $166 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 million and fourth quarter liability of $601 million.
Debt ratios
a
The fair value of finance debt at 31 December 2020 was $76,092 million (31 December 2019 $69,376 million). The fair value of finance debt at 30 September 2020 was $75,338 million (30 September 2019 $66,879 million). The fair value of finance debt at 30 June 2020 was $77,990 million (30 June 2019 $68,857 million). The fair value of finance debt at 31 March 2021 was $67,775 million (31 March 2020 $67,500 million; 31 March 2019 $67,003 million). The fair value of finance debt at 30 June 2021 was $70,589 million. The fair value of finance debt at 30 September 2021 was $65,316 million. The fair value of finance debt at 31 December 2021 was $62,946 million. The fair value of finance debt at 31 March 2022 was $59,601 million. The fair value of finance debt at 30 June 2022 was $49,056 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 2022, first quarter liability of $173 million, second quarter liability of $246 million. For 2021, first quarter liability of $346 million, second quarter liability of $308 million, third quarter liability of $151 million, fourth quarter liability $166 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 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.
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.
customers & products
a
Reported to the nearest 50
customers & products
b
Growth markets include China, Mexico, India and Indonesia. Additionally, for Castrol, examples of other countries classified as growth markets include, Vietnam, Thailand and Saudi Arabia.
customers & products
c
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
d
Because of rounding, some totals may not exactly agree with the sum of their component parts.
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.
Annual data --->
PP&E
Restated Financial and Operating Information 2019 - 2022
Group information
Contents
Property, plant and equipment
Restated for 2021 reporting segments
$ million
2019
2020
2021
2022
Net book amount by segment
gas & low carbon energy
US
193
250
482
Non-US
34,784
27,279
27,420
34,977
27,529
27,902
oil production & operations
US
33,249
30,188
30,819
Non-US
27,914
22,041
20,432
61,163
52,229
51,251
customers & products
US
16,416
15,992
15,009
Non-US
17,189
16,462
15,781
33,605
32,454
30,790
other businesses & corporate
US
110
101
457
Non-US
2,787
2,523
2,502
2,897
2,624
2,959
Net book amount by geographical area
US
49,968
46,531
46,767
-
Non-US
82,674
68,305
66,135
-
132,642
114,836
112,902
-
Cost, accumulated depreciation and right-of-use asset
gas & low carbon energy
Cost
67,293
69,609
72,413
Accumulated depreciation
(32,922)
(42,554)
(44,856)
Right-of-use asset
606
474
345
34,977
27,529
27,902
-
oil production & operations
Cost
157,872
155,742
147,058
Accumulated depreciation
(98,460)
(104,746)
(96,512)
Right-of-use asset
1,750
1,233
705
61,162
52,229
51,251
-
customers & products
Cost
54,212
51,651
51,685
Accumulated depreciation
(24,859)
(23,917)
(25,487)
Right-of-use asset
4,252
4,720
4,592
33,605
32,454
30,790
-
other businesses & corporate
Cost
1,430
1,060
1,378
Accumulated depreciation
(945)
(700)
(859)
Right-of-use asset
2,413
2,264
2,440
2,898
2,624
2,959
-
Group
Cost
280,807
278,062
272,534
-
Accumulated depreciation
(157,186)
(171,917)
(167,714)
-
Right-of-use asset
9,021
8,691
8,082
-
132,642
114,836
112,902
-
Oil and gas e&p activites
Restated Financial and Operating Information 2019 - 2021
Group hydrocarbon data
Contents
Oil and natural gas exploration and production activities
Europe
North
South
Africa
Asia
Australasia
Total
Total
Total
Total
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)
America
America
G&LCE
OP&O
Rosneft
Rest of
Rest of
North
Rest of
UK
Europe
US
America
Russia
Asia
2021
Subsidiaries
Capitalized costs at 31 Decembera b
Gross capitalized costs
Proved properties
30,285
-
62,157
3,385
16,351
51,157
-
45,767
6,641
215,743
63,506
152,237
-
Unproved properties
363
-
2,888
2,650
2,517
3,553
-
1,690
650
14,311
3,963
10,348
-
30,648
-
65,045
6,035
18,868
54,710
-
47,457
7,291
230,054
67,469
162,585
-
Accumulated depreciation
21,293
-
34,151
5,008
14,393
46,187
-
26,607
4,617
152,256
42,734
109,522
-
Net capitalized costs
9,355
-
30,894
1,027
4,475
8,523
-
20,850
2,674
77,798
24,735
53,063
-
Costs incurred for the year ended 31 Decembera b
Acquisition of properties
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
-
Results of operations for the year ended 31 Decembera
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
-
Depreciation, depletion and amortization
1,260
-
3,153
83
524
2,897
2
2,190
332
10,441
4,006
6,435
-
Net impairments and (gains) losses on sale of
(755)
(124)
(1,599)
1,075
(693)
750
-
(2,762)
(1)
(4,109)
-
-
-
businesses and fixed assets
(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
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
Development costs in Rest of North America are negative due to a true-up of prior period spend.
e
Presented net of transportation costs, purchases and sales taxes.
f
Includes property taxes and other government take. The UK region includes a $213-million gain which is offset by corresponding charges primarily in the US region, relating to the group self-insurance programme.
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
America
America
G&LCE
OP&O
Rosneft
Rest of
Rest of
North
Rest of
UK
Europe
US
America
Russia
Asia
2020
Subsidiaries
Capitalized costs at 31 Decembera b
Gross capitalized costs
Proved properties
31,729
-
63,803
3,431
15,526
49,736
-
44,031
6,409
214,665
61,428
153,237
-
Unproved properties
410
-
3,102
2,644
2,477
3,560
-
1,584
640
14,417
3,920
10,497
-
32,139
-
66,905
6,075
18,003
53,296
-
45,615
7,049
229,082
65,348
163,734
-
Accumulated depreciation
22,501
-
37,176
3,852
14,488
42,575
-
26,246
4,282
151,120
40,680
110,440
-
Net capitalized costs
9,638
-
29,729
2,223
3,515
10,721
-
19,369
2,767
77,962
24,668
53,294
-
Costs incurred for the year ended 31 Decembera b
Acquisition of properties
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
-
Results of operations for the year ended 31 Decembera
Sales and other operating revenuesd
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
-
Depreciation, depletion and amortization
1,370
-
3,655
93
678
2,459
2
1,994
335
10,586
2,929
7,657
-
Net impairments and (gains) losses on sale of
2,712
5
1,716
866
2,693
2,042
-
1,839
-
11,873
6,190
5,683
businesses and fixed assets
-
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
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 and 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 $330-million gain which is offset by corresponding charges primarily in the US region, relating to the group self-insurance programme.
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.
Europe
North
South
Africa
Asia
Australasia
Totalc
Total
Total
Total
America
America
G&LCE
OP&O
Rosneft
Rest of
Rest of
North
Rest of
UK
Europe
US
America
Russia
Asia
2019
Subsidiaries
Capitalized costs at 31 Decembera b
Gross capitalized costs
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
-
Costs incurred for the year ended 31 Decembera b
Acquisition of properties
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
-
Results of operations for the year ended 31 Decembera
Sales and other operating revenuesd
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
-
Net impairments and (gains) losses on sale of
483
(10)
5,726
(1)
160
151
-
1
-
6,510
380
6,130
-
businesses and fixed assets
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
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 Trans-Alaska Pipeline System, the South Caucasus Pipeline and the Baku-Tbilisi-Ceyhan 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 $330-million gain which is offset by corresponding charges primarily in the US region, relating to the group self-insurance programme.
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.
Europe
North
South
Africa
Asia
Australasia
Totalc
Total
Total
Total
America
America
G&LCE
OP&O
Rosneft
Rest of
Rest of
North
Rest of
UK
Europe
US
America
Russiaa
Asia
2021
Equity-accounted entities (BP share)
Capitalized costs at 31 Decemberb c
Gross capitalized costs
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
Net impairments and (gains) losses on sale of
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.
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 liquefaction, transportation operations as well as downstream and other activities are excluded.
c
Costs of decommissioning are included in capitalized costs at 31 December but are excluded from costs incurred for the year.
d
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.
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
Presented net of sales tax.
Europe
North
South
Africa
Asia
Australasia
Totalc
Total
Total
Total
America
America
G&LCE
OP&O
Rosneft
Rest of
Rest of
North
Rest of
UK
Europe
US
America
Russiaa
Asia
2020
Equity-accounted entities (BP share)
Capitalized costs at 31 Decemberb c
Gross capitalized costs
Proved properties
-
4,457
-
-
10,690
-
24,963
-
-
40,110
-
16,639
23,471
Unproved properties
-
806
-
-
108
-
4,627
-
-
5,541
-
1,074
4,467
-
5,263
-
-
10,798
-
29,590
-
-
45,651
-
17,713
27,938
Accumulated depreciation
-
1,592
-
-
5,490
-
7,693
-
-
14,775
-
7,363
7,412
Net capitalized costs
-
3,671
-
-
5,308
-
21,897
-
-
30,876
-
10,350
20,526
Costs incurred for the year ended 31 Decemberb d e
Acquisition of propertiesc
Proved
-
-
-
-
-
-
82
-
-
82
-
-
82
Unproved
-
-
-
-
-
-
3,714
-
-
3,714
-
-
3,714
-
-
-
-
-
-
3,796
-
-
3,796
-
-
3,796
Exploration and appraisal costsd
-
46
-
-
15
-
315
-
-
376
-
112
264
Development
-
404
-
-
393
-
2,594
-
-
3,391
-
1,037
2,354
Total costs
-
450
-
-
408
-
6,705
-
-
7,563
-
1,149
6,414
Results of operations for the year ended 31 Decemberb
Sales and other operating revenuesf
Third parties
-
860
-
-
1,110
-
-
-
-
1,970
-
1,970
-
Sales between businesses
-
-
-
-
-
-
9,344
-
-
9,344
-
438
8,906
-
860
-
-
1,110
-
9,344
-
-
11,314
-
2,408
8,906
Exploration expenditure
-
50
-
-
-
-
109
-
-
159
-
94
65
Production costs
-
188
-
-
486
-
1,387
-
-
2,061
-
752
1,309
Production taxes
-
-
-
-
216
-
4,418
-
-
4,634
-
313
4,321
Other costs (income)
-
3
-
-
5
-
236
-
-
244
-
33
211
Depreciation, depletion and amortization
-
412
-
-
411
-
1,532
-
-
2,355
-
905
1,450
Net impairments and (gains) losses on sale of
-
119
-
-
108
-
294
-
-
521
-
380
141
businesses and fixed assets
-
772
-
-
1,226
-
7,976
-
-
9,974
-
2,477
7,497
Profit (loss) before taxation
-
88
-
-
(116)
-
1,368
-
-
1,340
-
(69)
1,409
Allocable taxes
-
15
-
-
(41)
-
226
-
-
200
-
4
196
Results of operations
-
73
-
-
(75)
-
1,142
-
-
1,140
-
(73)
1,213
a
Amounts reported for Russia in this table include bp's share of Rosneft's worldwide activities, including insignificant amounts outside Russia.
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 liquefaction, transportation operations as well as downstream and other activities are excluded.
c
Costs of decommissioning are included in capitalized costs at 31 December but are excluded from costs incurred for the year.
d
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.
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
Presented net of sales tax.
Europe
North
South
Africa
Asia
Australasia
Totalc
Total
Total
Total
America
America
G&LCE
OP&O
Rosneft
Rest of
Rest of
North
Rest of
UK
Europe
US
America
Russiaa
Asia
2019
Equity-accounted entities (BP share)
Capitalized costs at 31 Decemberb c
Gross capitalized costs
Proved properties
-
4,078
-
-
10,376
-
28,179
-
-
42,633
-
16,139
26,494
Unproved properties
-
768
-
-
93
-
1,097
-
-
1,958
-
1,050
908
-
4,846
-
-
10,469
-
29,276
-
-
44,591
-
17,189
27,402
Accumulated depreciation
-
1,046
-
-
5,078
-
8,477
-
-
14,601
-
6,403
8,198
Net capitalized costs
-
3,800
-
-
5,391
-
20,799
-
-
29,990
-
10,786
19,204
Costs incurred for the year ended 31 Decemberb d e
Acquisition of propertiesc
Proved
-
-
-
-
-
-
-
-
-
-
-
-
-
Unproved
-
-
-
-
-
-
58
-
-
58
-
-
58
-
-
-
-
-
-
58
-
-
58
-
-
58
Exploration and appraisal costsd
-
120
-
-
19
-
177
-
-
316
-
160
156
Development
-
640
-
-
675
-
2,908
-
-
4,223
-
1,551
2,672
Total costs
-
760
-
-
694
-
3,143
-
-
4,597
-
1,711
2,886
Results of operations for the year ended 31 Decemberb
Sales and other operating revenuesf
Third parties
-
1,002
-
-
1,621
-
-
-
-
2,623
-
2,623
-
Sales between businesses
-
-
-
-
-
-
15,012
-
-
15,012
-
622
14,390
-
1,002
-
-
1,621
-
15,012
-
-
17,635
-
3,245
14,390
Exploration expenditure
-
92
-
-
43
-
73
-
-
208
-
153
55
Production costs
-
216
-
-
465
-
1,386
-
-
2,067
-
770
1,297
Production taxes
-
-
-
-
343
-
7,413
-
-
7,756
-
520
7,236
Other costs (income)
-
59
-
-
16
-
346
-
-
421
-
125
296
Depreciation, depletion and amortization
-
323
-
-
414
-
1,657
-
-
2,394
-
836
1,558
Net impairments and (gains) losses on sale of
-
-
-
-
(42)
-
46
-
-
4
-
(42)
46
businesses and fixed assets
-
690
-
-
1,239
-
10,921
-
-
12,850
-
2,362
10,488
Profit (loss) before taxation
-
312
-
-
382
-
4,091
-
-
4,785
-
883
3,902
Allocable taxes
-
229
-
-
245
-
811
-
-
1,285
-
508
777
Results of operations
-
83
-
-
137
-
3,280
-
-
3,500
-
375
3,125
a
Amounts reported for Russia in this table include bp's share of Rosneft's worldwide activities, including insignificant amounts outside Russia. Amounts reported have been amended to exclude the corresponding amounts for their equity-accounted entities.
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 liquefaction, transportation operations as well as downstream and other activities are excluded.
c
Costs of decommissioning are included in capitalized costs at 31 December but are excluded from costs incurred for the year.
d
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.
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
Presented net of sales tax.
Movements in reserves
Restated Financial and Operating Information 2019 - 2021
Group hydrocarbon data
Contents
Movements in reserves
Europe
North
South
Africa
Asia
Australasia
Totalc
Total
Total
Total
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)
America
America
G&LCE
OP&O
Rosneft
Rest of
Rest of
North
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
-
Changes attributable to:
Revisions of previous estimates
-
-
(46)
(32)
(3)
32
-
(121)
(1)
(171)
3
(174)
-
Improved recovery
-
-
29
-
-
2
-
-
-
32
-
32
-
Purchases of reserves-in-place
-
-
-
-
-
-
-
-
-
-
-
-
-
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
Changes attributable to:
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
Total subsidiaries and equity-accounted entities (BP share)
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
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 4 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 393 million barrels of crude oil in respect of the 7.16% non-controlling interest in Rosneft, including 22 mmbbl held through bp's interests in Russia other than Rosneft.
f
Total proved crude oil reserves held as part of our equity interest in Rosneft is 5,490 million barrels, comprising 1 million barrels in Iraq and less than 1 million barrels each in Egypt, Vietnam, and Canada, and 5,487 million barrels in Russia.
Europe
North
South
Africa
Asia
Australasia
Totalc
Total
Total
Total
Natural gas liquids (NGL)a b
America
America
G&LCE
OP&O
Rosneft
million barrels
Rest of
Rest of
North
Rest of
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
-
Changes attributable to:
Revisions of previous estimates
5
-
(1)
-
1
(1)
-
-
-
4
-
4
-
Improved recovery
-
-
25
-
-
-
-
-
-
25
-
25
-
Purchases of reserves-in-place
-
-
-
-
-
-
-
-
-
-
-
-
-
Discoveries and extensions
-
-
-
-
-
-
-
-
-
-
-
-
-
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
-
Equity-accounted entities (BP share)e
At 1 January
Developed
-
6
-
-
2
12
108
-
-
129
-
21
108
Undeveloped
-
1
-
-
-
-
43
-
-
44
-
1
43
-
7
-
-
2
12
151
-
-
172
-
22
151
Changes attributable to:
Revisions of previous estimates
-
-
-
-
-
6
(9)
-
-
(2)
-
6
(9)
Improved recovery
-
-
-
-
-
-
-
-
-
-
-
-
-
Purchases of reserves-in-place
-
-
-
-
-
-
-
-
-
-
-
-
-
Discoveries and extensions
-
-
-
-
-
-
-
-
-
-
-
-
-
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
Total subsidiaries and equity-accounted entities (BP share)
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
6
328
-
22
27
140
-
2
534
32
361
140
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 3 thousand barrels per day for equity-accounted entities.
d
Includes 6 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 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.
Europe
North
South
Africa
Asia
Australasia
Totalc
Total
Total
Total
Total liquidsa b
America
America
G&LCE
OP&O
Rosneft
million barrels
Rest of
Rest of
North
Rest of
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
-
Changes attributable to:
Revisions of previous estimates
5
-
(47)
(32)
(2)
31
-
(121)
(1)
(167)
3
(170)
-
Improved recovery
-
-
54
-
-
2
-
-
-
57
-
57
-
Purchases of reserves-in-place
-
-
-
-
-
-
-
-
-
-
-
-
-
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
-
Equity-accounted entities (BP share)e
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
Changes attributable to:
Revisions of previous estimates
-
10
-
(5)
(4)
7
157
1
-
166
-
32
133
Improved recovery
-
1
-
-
-
-
-
-
-
1
-
1
Purchases of reserves-in-place
-
-
-
-
13
-
-
-
-
13
-
13
Discoveries and extensions
-
1
-
2
25
-
238
-
-
266
-
28
238
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
Total subsidiaries and equity-accounted entities (BP share)
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
288
127
1,634
213
561
161
5,726
1,381
34
10,124
260
4,234
5,630
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 3 thousand barrels per day for equity-accounted entities.
d
Also includes 10 million barrels 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 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.
Europe
North
South
Africa
Asia
Australasia
Totalc
Total
Total
Total
Natural gasa b
America
America
G&LCE
OP&O
Rosneft
billion cubic feet
Rest of
Rest of
North
Rest of
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
-
Changes attributable to:
Revisions of previous estimates
254
-
717
1
(767)
537
-
(66)
(285)
390
(613)
1,003
-
Improved recovery
-
-
247
-
-
-
-
-
-
247
-
247
-
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
-
Equity-accounted entities (BP share)e
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
Changes attributable to:
Revisions of previous estimates
-
8
-
(2)
(115)
152
422
-
-
467
-
98
369
Improved recovery
-
4
-
-
-
-
-
-
-
4
-
4
-
Purchases of reserves-in-place
-
-
-
-
3
-
-
-
-
3
-
3
-
Discoveries and extensions
-
1
-
1
222
-
151
-
-
375
-
224
151
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
Total subsidiaries and equity-accounted entities (BP share)
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
16,233
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
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
Volumes of equity-accounted entities include volumes of equity-accounted investments of those entities.
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.
Europe
North
South
Africa
Asia
Australasia
Totalc
Total
Total
Total
Total hydrocarbonsa b
America
America
G&LCE
OP&O
Rosneft
million barrels of oil equivalentc
Rest of
Rest of
North
Rest of
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
-
Changes attributable to:
Revisions of previous estimates
49
-
77
(32)
(134)
123
-
(132)
(50)
(100)
(102)
3
-
Improved recovery
-
-
97
-
-
2
-
-
-
99
-
99
-
Purchases of reserves-in-place
-
-
-
-
-
-
-
-
-
-
-
-
-
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
Changes attributable to:
Revisions of previous estimates
-
11
-
(5)
(24)
33
230
1
-
246
-
49
197
Improved recovery
-
1
-
-
-
-
-
-
-
1
-
1
-
Purchases of reserves-in-place
-
-
-
-
14
-
-
-
-
14
-
14
-
Discoveries and extensions
-
1
-
2
63
-
264
-
-
330
-
66
264
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
Total subsidiaries and equity-accounted entities (BP share)
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
374
151
2,634
214
1,210
576
8,946
2,379
469
16,954
2,309
6,216
8,429
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
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 3 thousand barrels per day for equity-accounted entities.
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
Volumes of equity-accounted entities include volumes of equity-accounted investments of those entities.
h
Includes 682 million barrels of oil equivalent in respect of the 8.09% non-controlling interest in Rosneft, including 129mmboe held through bp's interests in Russia other than Rosneft.
i
Total proved reserves held as part of our equity interest in Rosneft is 8,429 million barrels of oil equivalent, comprising less than 1 million barrels of oil equivalent in Canada and Vietnam, 1million barrels of oil equivalent in Iraq, 65 million barrels of oil equivalent in Egypt and 8,362 million barrels of oil equivalent in Russia.
Europe
North
South
Africa
Asia
Australasia
Totalc
Total
Total
Total
America
America
G&LCE
OP&O
Rosneft
Rest of
Rest of
North
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
-
Changes attributable to:
Revisions of previous estimates
(62)
-
(17)
22
-
(17)
-
175
14
114
20
94
-
Improved recovery
-
-
24
-
-
3
-
-
-
27
-
27
-
Purchases of reserves-in-place
-
-
-
-
-
-
-
-
-
-
-
-
-
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
Equity-accounted entities (BP share)e
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
Changes attributable to:
Revisions of previous estimates
-
(5)
-
6
2
1
31
-
-
35
-
(37)
72
Improved recovery
-
10
-
-
-
-
-
-
-
10
-
10
-
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
Total subsidiaries and equity-accounted entities (BP share)
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
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 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
Volumes of equity-accounted entities include volumes of equity-accounted investments of those entities.
f
Includes 393 million barrels of crude oil in respect of the 7.09% non-controlling interest in Rosneft, including 26 mmbbl held through bp's interests in Russia other than Rosneft.
g
Total proved crude oil reserves held as part of our equity interest in Rosneft is 5,533 million barrels, comprising less than 1 million barrels in Egypt, Vietnam, Iraq and Canada, 0 million barrels in Venezuela and 5,531 million barrels in Russia.
Europe
North
South
Africa
Asia
Australasia
Totalc
Total
Total
Total
Natural gas liquids (NGL)a b
America
America
G&LCE
OP&O
Rosneft
million barrels
Rest of
Rest of
North
Rest of
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
-
Changes attributable to:
Revisions of previous estimatesd
(5)
-
(22)
-
-
1
-
-
(1)
(26)
1
(27)
-
Improved recovery
-
-
1
-
-
-
-
-
-
1
-
1
-
Purchases of reserves-in-place
-
-
-
-
-
-
-
-
-
-
-
-
-
Discoveries and extensions
-
-
-
-
-
-
-
-
-
-
-
-
-
Productiond
(2)
-
(31)
-
(3)
(3)
-
-
(1)
(39)
(6)
(32)
-
Sales of reserves-in-place
-
-
(94)
-
-
-
-
-
-
(94)
-
(94)
-
(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
Changes attributable to:
Revisions of previous estimates
-
1
-
-
-
3
9
-
-
12
-
3
9
Improved recovery
-
-
-
-
-
-
-
-
-
-
-
0
-
Purchases of reserves-in-place
-
-
-
-
-
-
16
-
-
16
-
-
16
Discoveries and extensions
-
-
-
-
-
-
-
-
-
-
-
-
-
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
Total subsidiaries and equity-accounted entities (BP share)
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
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 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
Volumes of equity-accounted entities include volumes of equity-accounted investments of those entities.
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.
Europe
North
South
Africa
Asia
Australasia
Totalc
Total
Total
Total
Total liquidsa b
America
America
G&LCE
OP&O
Rosneft
million barrels
Rest of
Rest of
North
Rest of
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
-
Changes attributable to:
Revisions of previous estimates
(67)
-
(40)
22
1
(16)
-
175
13
87
21
67
-
Improved recovery
-
-
25
-
-
3
-
-
-
28
-
28
-
Purchases of reserves-in-place
-
-
-
-
-
-
-
-
-
-
-
-
-
Discoveries and extensions
-
-
2
-
5
-
-
11
-
18
15
2
-
Productiond
(37)
-
(155)
(8)
(3)
(47)
-
(137)
(6)
(394)
(32)
(362)
-
Sales of reserves-in-place
-
-
(445)
-
-
-
-
-
-
(445)
-
(445)
-
(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
-
Equity-accounted entities (BP share)f
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
Changes attributable to:
Revisions of previous estimatesd
-
(4)
-
6
2
4
39
-
-
47
-
(33)
81
Improved recovery
-
10
-
-
-
-
-
-
-
10
-
10
-
Purchases of reserves-in-place
-
-
-
-
1
-
660
-
-
661
-
1
660
Discoveries and extensions
-
-
-
-
17
-
238
-
-
255
-
25
230
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
Total subsidiaries and equity-accounted entities (BP share)
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
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 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
Volumes of equity-accounted entities include volumes of equity-accounted investments of those entities.
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.
Europe
North
South
Africa
Asia
Australasia
Totalc
Total
Total
Total
Natural gasa b
America
America
G&LCE
OP&O
Rosneft
billion cubic feet
Rest of
Rest of
North
Rest of
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
-
Changes attributable to:
Revisions of previous estimates
(252)
-
580
1
(362)
(26)
-
570
(9)
503
258
244
-
Improved recovery
1
-
545
-
-
-
-
-
-
546
-
546
-
Purchases of reserves-in-place
-
-
-
-
-
-
-
-
-
-
-
-
-
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
-
Equity-accounted entities (BP share)f
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
Changes attributable to:
Revisions of previous estimatesd
-
29
-
2
(86)
285
1,022
-
-
1,251
-
(125)
1,376
Improved recovery
-
8
-
-
-
-
-
-
-
8
-
8
-
Purchases of reserves-in-place
-
-
-
-
-
18
1,681
1
-
1,701
-
-
1,701
Discoveries and extensions
-
-
-
-
139
-
422
-
-
561
-
141
420
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
Total subsidiaries and equity-accounted entities (BP share)
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
Because of rounding, some totals may not exactly agree with the sum of their component parts.
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.
e
Includes 1,059 billion cubic feet of natural gas in respect of the 30% non-controlling interest in BP Trinidad and Tobago LLC.
f
Volumes of equity-accounted entities include volumes of equity-accounted investments of those entities.
g
Includes 1,640 billion cubic feet of natural gas in respect of the 10.01% non-controlling interest in Rosneft including 614 billion cubic feet held through bp's interests in Russia other than Rosneft.
h
Total proved gas reserves held as part of our equity interest in Rosneft is 16,324 billion cubic feet, comprising 0 billion cubic feet in Venezuela, 7 billion cubic feet in Vietnam, 420 billion cubic feet in Egypt and 15,897 billion cubic feet in Russia.
Europe
North
South
Africa
Asia
Australasia
Totalc
Total
Total
Total
Total hydrocarbonsa b
America
America
G&LCE
OP&O
Rosneft
million barrels of oil equivalentc
Rest of
Rest of
North
Rest of
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
-
Changes attributable to:
Revisions of previous estimatesd
(110)
-
60
22
(62)
(21)
-
273
11
174
65
109
-
Improved recovery
-
-
118
-
-
3
-
-
-
122
-
122
-
Purchases of reserves-in-place
-
-
-
-
-
-
-
-
-
-
-
-
-
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
Changes attributable to:
Revisions of previous estimatesd
-
1
-
7
(13)
53
216
-
-
263
-
(55)
318
Improved recovery
-
11
-
-
-
-
-
-
-
11
-
11
-
Purchases of reserves-in-place
-
-
-
-
1
3
949
-
-
954
-
1
953
Discoveries and extensions
-
-
-
-
41
-
311
-
-
352
-
50
302
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
Total subsidiaries and equity-accounted entities (BP share)
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
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
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
Volumes of equity-accounted entities include volumes of equity-accounted investments of those entities.
i
Includes 687 million barrels of oil equivalent in respect of the non-controlling interest in Rosneft, including 124 mmboe held through bp's interests in Russia other than Rosneft.
j
Total proved reserves held as part of our equity interest in Rosneft is 8,498 million barrels of oil equivalent, comprising less than 1 million barrels of oil equivalent in Iraq and Canada, 0 million barrels of oil equivalent in Venezuela, 1 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.
Europe
North
South
Africa
Asia
Australasia
Totalc
Total
Total
Total
America
America
G&LCE
OP&O
Rosneft
Rest of
Crude oila b
Rest of
North
Rest of
million barrels
UK
Europe
USc
America
Russiab
Asia
2019
Subsidiaries
At 1 January
Developed
223
-
962
43
8
223
-
1,126
30
2,615
218
2,397
-
Undeveloped
243
-
802
190
5
36
-
482
5
1,763
127
1,636
-
466
-
1,764
234
14
259
-
1,608
34
4,378
345
4,033
-
Changes attributable to:
Revisions of previous estimatesd
(23)
-
72
(8)
1
39
-
104
2
187
8
179
-
Improved recovery
-
-
189
1
-
-
-
-
-
191
-
191
-
Purchases of reserves-in-place
-
-
-
-
-
-
-
1
-
1
1
-
-
Discoveries and extensions
-
-
34
-
-
-
-
11
-
45
11
34
-
Production
(36)
-
(143)
(9)
(3)
(57)
-
(125)
(6)
(378)
(38)
(340)
-
Sales of reserves-in-place
-
-
(12)
-
-
(45)
-
-
-
(57)
(45)
(12)
-
(59)
-
141
(16)
(2)
(63)
-
(9)
(4)
(12)
(63)
51
-
At 31 Decembere
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
-
Equity-accounted entities (BP share)f
At 1 January
Developed
-
57
-
-
293
1
3,190
-
-
3,541
-
394
3,147
Undeveloped
-
100
-
19
259
-
2,414
-
-
2,792
-
400
2,392
-
157
-
19
552
1
5,604
0
-
6,333
-
794
5,539
Changes attributable to:
Revisions of previous estimatesd
-
2
-
1
(13)
1
158
-
-
147
-
19
128
Improved recovery
-
4
-
-
-
-
-
-
-
4
-
4
-
Purchases of reserves-in-place
-
-
-
-
-
-
7
-
-
7
-
-
7
Discoveries and extensions
-
-
-
-
33
-
277
-
-
310
-
40
271
Production
-
(13)
-
-
(24)
-
(345)
-
-
(382)
-
(46)
(335)
Sales of reserves-in-place
-
-
-
-
-
-
(6)
-
-
(6)
-
-
(6)
-
(7)
-
1
(4)
1
91
0
-
81
-
16
65
At 31 Decemberg h
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
-
-
6,415
-
810
5,604
Total subsidiaries and equity-accounted entities (BP share)
At 1 January
Developed
223
57
962
43
302
224
3,190
1,126
30
6,156
218
2,791
3,147
Undeveloped
243
100
802
209
264
36
2,414
482
5
4,555
127
2,036
2,392
466
157
1,764
253
566
260
5,604
1,608
34
10,711
345
4,827
5,539
At 31 December
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
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
Proved reserves in the Prudhoe Bay field in Alaska include an estimated 4.5 million barrels upon which a net profits royalty will be payable over the life of the field under the terms of the BP Prudhoe Bay Royalty Trust.
d
Includes 362 million barrels of crude oil associated with Assets Held for Sale in the USA.
e
Includes 4 million barrels of crude oil in respect of the 30% non-controlling interest in BP Trinidad and Tobago LLC.
f
Volumes of equity-accounted entities include volumes of equity-accounted investments of those entities.
g
Includes 346 million barrels of crude oil in respect of the 6.17% non-controlling interest in Rosneft, including 26 mmbbl held through bp's interests in Russia other than Rosneft.
h
Total proved crude oil reserves held as part of our equity interest in Rosneft is 5,604 million barrels, comprising less than 1 million barrels in Egypt, Vietnam, Iraq and Canada, 35 million barrels in Venezuela and 5,568 million barrels in Russia.
Europe
North
South
Africa
Asia
Australasia
Totalc
Total
Total
Total
Natural gas liquids (NGL)a b
America
America
G&LCE
OP&O
Rosneft
million barrels
Rest of
Rest of
North
Rest of
UK
Europe
USc
America
Russiab
Asia
2019
Subsidiaries
At 1 January
Developed
8
-
266
-
2
14
-
-
5
295
21
274
-
Undeveloped
6
-
246
-
25
4
-
-
-
280
29
251
-
14
-
511
-
27
18
-
-
5
576
50
525
-
Changes attributable to:
Revisions of previous estimatesd
-
-
(46)
-
(1)
-
-
-
-
(47)
(1)
(46)
-
Improved recovery
1
-
62
-
-
-
-
-
-
63
-
63
-
Purchases of reserves-in-place
-
-
-
-
-
-
-
-
-
-
-
-
-
Discoveries and extensions
-
-
1
-
-
-
-
-
-
1
-
1
-
Productiond
(1)
-
(33)
-
(3)
(3)
-
-
(1)
(41)
(7)
(34)
-
Sales of reserves-in-place
-
-
(17)
-
-
-
-
-
-
(17)
-
(17)
-
(1)
-
(32)
-
(4)
(3)
-
-
(1)
(41)
(8)
(33)
-
At 31 Decembere
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
-
Equity-accounted entities (BP share)f
At 1 January
Developed
-
4
-
-
-
7
103
-
-
114
-
11
103
Undeveloped
-
3
-
-
-
-
51
-
-
54
-
3
51
-
7
-
-
-
7
154
-
-
169
-
15
154
Changes attributable to:
Revisions of previous estimatesd
-
-
-
-
3
5
(11)
-
-
(3)
-
8
(11)
Improved recovery
-
1
-
-
-
-
-
-
-
1
-
1
0
Purchases of reserves-in-place
-
-
-
-
-
-
-
-
-
-
-
-
-
Discoveries and extensions
-
-
-
-
-
-
-
-
-
-
-
-
-
Production
-
(1)
-
-
-
(2)
(2)
-
-
(4)
-
(3)
(1)
Sales of reserves-in-place
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
2
4
(13)
-
-
(7)
-
6
(13)
At 31 Decemberg h
Developed
-
5
-
-
2
11
89
-
-
107
-
18
89
Undeveloped
-
3
-
-
-
-
52
-
-
55
-
3
52
-
7
-
-
2
11
141
-
-
162
-
21
141
Total subsidiaries and equity-accounted entities (BP share)
At 1 January
Developed
8
4
266
-
2
22
103
-
5
409
21
285
103
Undeveloped
6
3
246
-
25
4
51
-
-
335
29
255
51
14
7
511
-
27
26
154
-
5
744
50
540
153
At 31 December
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
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
Includes 94 million barrels of NGL associated with Assets Held for Sale in the USA.
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 7 million barrels of NGL in respect of the 30% non-controlling interest in BP Trinidad and Tobago LLC.
f
Volumes of equity-accounted entities include volumes of equity-accounted investments of those entities.
g
Includes 11 million barrels of NGLs in respect of the 7.90% non-controlling interest in Rosneft.
h
Total proved NGL reserves held as part of our equity interest in Rosneft is 141 million barrels, comprising less than 1 million barrels in Egypt, Venezuela, Vietnam and Canada, and 141 million barrels in Russia.
Europe
North
South
Africa
Asia
Australasia
Totalc
Total
Total
Total
Total liquidsa b
America
America
G&LCE
OP&O
Rosneft
million barrels
Rest of
Rest of
North
Rest of
UK
Europe
USc d
America
Russiab
Asia
2019
Subsidiaries
At 1 January
Developed
231
-
1,228
43
10
237
-
1,126
35
2,910
239
2,671
-
Undeveloped
249
-
1,048
190
30
40
-
482
5
2,044
156
1,887
-
480
-
2,276
234
41
277
-
1,608
39
4,954
396
4,558
-
Changes attributable to:
Revisions of previous estimatesd
(24)
-
26
(8)
-
40
-
104
2
140
8
133
-
Improved recovery
1
-
252
1
-
-
-
-
-
254
-
254
-
Purchases of reserves-in-place
-
-
-
-
-
-
-
1
-
1
1
-
-
Discoveries and extensions
-
-
35
-
-
-
-
11
-
46
11
35
-
Productione
(38)
-
(176)
(9)
(6)
(60)
-
(125)
(7)
(420)
(45)
(375)
-
Sales of reserves-in-place
-
-
(28)
-
-
(45)
-
-
-
(74)
(45)
(28)
-
(60)
-
109
(16)
(6)
(65)
-
(9)
(5)
(52)
(71)
18
-
At 31 Decemberf
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
212
-
1,599
34
4,902
325
4,577
-
Equity-accounted entities (BP share)g
At 1 January
Developed
-
60
-
-
293
8
3,293
-
-
3,655
-
405
3,250
Undeveloped
-
104
-
19
259
-
2,465
-
-
2,846
-
403
2,443
-
164
-
19
552
8
5,758
-
-
6,502
-
808
5,693
Changes attributable to:
Revisions of previous estimatesd
-
2
-
1
(11)
7
146
-
-
145
-
28
117
Improved recovery
-
5
-
-
-
-
-
-
-
5
-
5
-
Purchases of reserves-in-place
-
-
-
-
-
-
7
-
-
7
-
-
7
Discoveries and extensions
-
-
-
-
33
-
277
-
-
310
-
40
271
Production
-
(14)
-
-
(24)
(2)
(346)
-
-
(386)
-
(49)
(337)
Sales of reserves-in-place
-
-
-
-
-
-
(6)
-
-
(6)
-
-
(6)
-
(7)
-
1
(1)
5
78
0
-
75
-
23
52
At 31 Decemberh i
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
Total subsidiaries and equity-accounted entities (BP share)
At 1 January
Developed
231
60
1,228
44
303
245
3,293
1,126
35
6,565
239
3,076
3,250
Undeveloped
249
104
1,048
209
289
40
2,465
482
5
4,890
156
2,290
2,443
480
164
2,276
253
593
285
5,758
1,608
39
11,456
396
5,367
5,693
At 31 December
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
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
Proved reserves in the Prudhoe Bay field in Alaska include an estimated 4.5 million barrels of oil equivalent upon which a net profits royalty will be payable, over the life of the field under the terms of the BP Prudhoe Bay Royalty Trust.
d
Includes 456 million barrels associated with Assets Held for Sale in the USA.
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
Also includes 11 million barrels 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 357 million barrels in respect of the non-controlling interest in Rosneft, including 26 mmboe held through bp's interests in Russia other than Rosneft.
i
Total proved liquid reserves held as part of our equity interest in Rosneft is 5,745 million barrels, comprising 35 million barrels in Venezuela, less than 1 million barrels in Iraq, Canada, Egypt and Vietnam and 5,709 million barrels in Russia.
Europe
North
South
Africa
Asia
Australasia
Totalc
Total
Total
Total
Natural gasa b
America
America
G&LCE
OP&O
Rosneft
billion cubic feet
Rest of
Rest of
North
Rest of
UK
Europe
USc
America
Russiab
Asia
2019
Subsidiaries
At 1 January
Developed
439
-
6,270
-
2,168
1,313
-
3,599
2,630
16,420
9,315
7,104
-
Undeveloped
343
-
5,056
-
3,073
1,067
-
3,218
1,179
13,936
8,492
5,444
-
782
-
11,326
-
5,241
2,380
-
6,817
3,809
30,355
17,807
12,548
-
Changes attributable to:
Revisions of previous estimatesd
(34)
-
(1,877)
1
(263)
(4)
-
285
(129)
(2,022)
(120)
(1,902)
-
Improved recovery
9
-
307
-
-
-
-
-
-
315
-
315
-
Purchases of reserves-in-place
-
-
-
-
-
-
-
50
-
50
50
-
-
Discoveries and extensions
-
-
11
-
178
-
-
299
-
488
477
11
-
Productiond
(57)
-
(923)
(1)
(729)
(450)
-
(383)
(291)
(2,834)
(1,816)
(1,018)
-
Sales of reserves-in-place
-
-
(386)
-
-
(21)
-
-
-
(406)
(21)
(386)
-
(82)
-
(2,869)
-
(814)
(475)
-
251
(420)
(4,410)
(1,431)
(2,979)
-
At 31 Decembere
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
-
Equity-accounted entities (BP share)f
At 1 January
Developed
-
107
-
-
1,207
391
7,798
12
-
9,515
-
2,966
6,548
Undeveloped
-
55
-
4
446
143
8,719
4
-
9,369
-
1,592
7,777
-
161
-
4
1,653
534
16,517
15
-
18,884
-
4,559
14,325
Changes attributable to:
Revisions of previous estimatesd
-
9
-
3
(120)
38
789
-
-
718
-
391
328
Improved recovery
-
15
-
-
-
-
-
-
-
15
-
15
-
Purchases of reserves-in-place
-
-
-
-
-
-
-
-
-
-
-
-
-
Discoveries and extensions
-
-
-
-
180
-
534
-
-
714
-
180
534
Productiond
-
(22)
-
-
(135)
(65)
(448)
(5)
-
(676)
-
(194)
(482)
Sales of reserves-in-place
-
-
-
-
-
-
-
-
-
-
-
-
-
-
2
-
3
(75)
(27)
874
(5)
-
772
-
393
379
At 31 Decemberg h
Developed
-
108
-
-
1,130
507
9,324
10
-
11,079
-
3,930
7,149
Undeveloped
-
56
-
6
447
-
8,067
-
-
8,576
-
1,021
7,556
-
164
-
6
1,577
507
17,391
10
-
19,656
-
4,951
14,705
Total subsidiaries and equity-accounted entities (BP share)
At 1 January
Developed
439
107
6,270
-
3,375
1,704
7,798
3,610
2,630
25,934
9,315
10,071
6,548
Undeveloped
343
55
5,056
4
3,519
1,210
8,719
3,221
1,179
23,305
8,492
7,036
7,777
782
161
11,326
4
6,894
2,914
16,517
6,832
3,809
49,239
17,807
17,107
14,325
At 31 December
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
2,412
17,391
7,078
3,389
45,601
16,377
14,520
14,705
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
Includes 3,054 billion cubic feet of natural gas associated with Assets Held for Sale in the USA.
d
Includes 188 billion cubic feet of natural gas consumed in operations, 146 billion cubic feet in subsidiaries, 42 billion cubic feet in equity-accounted entities.
e
Includes 1,330 billion cubic feet of natural gas in respect of the 30% non-controlling interest in BP Trinidad and Tobago LLC.
f
Volumes of equity-accounted entities include volumes of equity-accounted investments of those entities.
g
Includes 1,433 billion cubic feet of natural gas in respect of the 9.72% non-controlling interest in Rosneft including 569 billion cubic feet held through bp's interests in Russia other than Rosneft.
h
Total proved gas reserves held as part of our equity interest in Rosneft is 14,705 billion cubic feet, comprising 28 billion cubic feet in Venezuela, 10 billion cubic feet in Vietnam, 171 billion cubic feet in Egypt and 14,495 billion cubic feet in Russia.
Europe
North
South
Africa
Asia
Australasia
Totalc
Total
Total
Total
Total hydrocarbonsa b
America
America
G&LCE
OP&O
Rosneft
million barrels of oil equivalentc
Rest of
Rest of
North
Rest of
UK
Europe
USd e
America
Russiab
Asia
2019
Subsidiaries
At 1 January
Developed
307
-
2,309
43
384
464
-
1,746
488
5,741
1,845
3,896
-
Undeveloped
308
-
1,919
190
560
224
-
1,037
208
4,447
1,621
2,826
-
615
-
4,228
234
944
687
-
2,783
696
10,188
3,466
6,722
-
Changes attributable to:
Revisions of previous estimatesd
(29)
-
(297)
(8)
(45)
39
-
153
(21)
(208)
(13)
(195)
-
Improved recovery
3
-
305
1
-
-
-
-
-
309
-
309
-
Purchases of reserves-in-place
-
-
-
-
-
-
-
10
-
10
10
-
-
Discoveries and extensions
-
-
36
-
31
-
-
63
-
130
93
36
-
Productionf g
(48)
-
(335)
(9)
(131)
(137)
-
(191)
(57)
(908)
(358)
(550)
-
Sales of reserves-in-place
-
-
(95)
-
-
(49)
-
-
-
(144)
(49)
(95)
-
(74)
-
(386)
(16)
(146)
(147)
-
35
(78)
(813)
(317)
(495)
-
At 31 Decemberh
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
-
Equity-accounted entities (BP share)i
At 1 January
Developed
-
79
-
-
501
76
4,638
2
-
5,296
-
917
4,379
Undeveloped
-
113
-
20
336
25
3,968
1
-
4,462
-
678
3,784
-
192
-
20
837
101
8,605
3
-
9,757
-
1,594
8,163
Changes attributable to:
Revisions of previous estimatesd
-
4
-
1
(31)
13
282
-
-
269
-
95
174
Improved recovery
-
7
-
-
-
-
-
-
-
7
-
7
(0)
Purchases of reserves-in-place
-
-
-
-
-
-
7
-
-
7
-
-
7
Discoveries and extensions
-
-
-
-
64
-
369
-
-
434
-
71
363
Productionf
-
(17)
-
-
(47)
(13)
(424)
(1)
-
(503)
-
(82)
(421)
Sales of reserves-in-place
-
-
-
-
-
-
(6)
-
-
(6)
-
-
(6)
-
(6)
-
1
(14)
-
229
(1)
-
208
-
91
117
At 31 Decemberj k
Developed
-
139
-
-
488
100
4,856
2
-
5,585
-
1,151
4,434
Undeveloped
-
47
-
21
334
-
3,978
-
-
4,381
-
534
3,847
-
186
-
21
822
100
8,834
2
-
9,965
-
1,685
8,280
Total subsidiaries and equity-accounted entities (BP share)
At 1 January
Developed
307
79
2,309
44
885
539
4,638
1,749
488
11,037
1,845
4,813
4,379
Undeveloped
308
113
1,919
210
896
249
3,968
1,037
208
8,908
1,621
3,504
3,784
615
192
4,228
253
1,781
788
8,605
2,786
696
19,945
3,466
8,316
8,164
At 31 December
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
3,847
540
186
3,842
239
1,621
640
8,834
2,820
618
19,341
3,149
7,911
8,281
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
5.8 billion cubic feet of natural gas = 1 million barrels of oil equivalent.
d
Proved reserves in the Prudhoe Bay field in Alaska include an estimated 4.5 million barrels of oil equivalent upon which a net profits royalty will be payable, over the life of the field under the terms of the BP Prudhoe Bay Royalty Trust.
e
Includes 982 million barrels of oil equivalent associated with Assets Held for Sale in the USA.
f
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.
g
Includes 32 million barrels of oil equivalent of natural gas consumed in operations, 25 million barrels of oil equivalent in subsidiaries, 7 million barrels of oil equivalent in equity-accounted entities.
h
Includes 240 million barrels of oil equivalent in respect of the 30% non-controlling interest in BP Trinidad and Tobago LLC.
i
Volumes of equity-accounted entities include volumes of equity-accounted investments of those entities.
j
Includes 603 million barrels of oil equivalent in respect of the non-controlling interest in Rosneft, including 124 mmboe held through bp's interests in Russia other than Rosneft.
k
Total proved reserves held as part of our equity interest in Rosneft is 8,281 million barrels of oil equivalent, comprising less than 1 million barrels of oil equivalent in Iraq and Canada, 40 million barrels of oil equivalent in Venezuela, 2 million barrels of oil equivalent in Vietnam, 30 million barrels of oil equivalent in Egypt and 8,208 million barrels of oil equivalent in Russia.
DCF
Restated Financial and Operating Information 2019 - 2021
Group hydrocarbon data
Contents
Standardized measure of discounted future net cash flows and changes therein relating to proved oil and gas reserves
Europe
North
South
Africa
Asia
Australasia
Totalc
Total
Total
Total
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)
America
America
G&LCE
OP&O
Rosneft
Rest of
Rest of
North
Rest of
UK
Europe
US
America
Russiab
Asia
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 discountd
-
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
Total subsidiaries and equity-accounted entities
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
Subsidiaries
entities
Total
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)
Addition of 10% annual discount
3,000
2,000
5,000
1,500
1,900
1,600
Total change in the standardized measure during the year j
37,200
17,900
55,100
15,600
25,400
14,100
a
The marker prices used were Brent $69.23/bbl, Henry Hub $3.61/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 $820 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
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'.
Europe
North
South
Africa
Asia
Australasia
Totalc
Total
Total
Total
America
America
G&LCE
OP&O
Rosneft
Rest of
Rest of
North
Rest of
UK
Europe
US
America
Russiab
Asia
2020
Subsidiaries
Future cash inflowsa
13,900
-
64,400
4,100
6,700
12,600
-
93,500
15,900
211,100
65,100
146,000
-
Future production costb
10,000
-
28,200
3,400
3,600
4,200
-
45,300
5,400
100,100
31,400
68,700
-
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 cash inflowsa
-
6,300
-
-
25,100
-
214,800
-
-
246,200
-
37,200
209,000
Future production costb
-
3,100
-
-
13,000
-
145,700
-
-
161,800
-
18,800
143,000
Future development costb
-
500
-
-
3,300
-
20,800
-
-
24,600
-
4,600
20,000
Future taxationc
-
2,200
-
-
1,700
-
8,000
-
-
11,900
-
4,200
7,700
Future net cash flows
-
500
-
-
7,100
-
40,300
-
-
47,900
-
9,600
38,300
10% annual discountd
-
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
Total subsidiaries and equity-accounted entities
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
Subsidiaries
entities
Total
Sales and transfers of oil and gas produced, net of production costs
(21,200)
(6,000)
(27,200)
(5,900)
(17,600)
(3,700)
Development costs for the current year as estimated in previous year
8,700
4,100
12,800
2,600
7,300
2,900
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)
-
Addition of 10% annual discount
6,300
3,400
9,700
2,000
5,100
2,600
Total change in the standardized measure during the year k
(33,000)
(14,000)
(47,000)
(8,600)
(28,200)
(10,200)
a
The marker prices used were Brent $41.31/bbl, Henry Hub $1.94/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
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
Non-controlling interests in BP Trinidad and Tobago LLC amounted to $200 million.
g
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.
h
Non-controlling interests in Rosneft amounted to $1,600 million in Russia.
i
No equity-accounted future cash flows in Africa because proved reserves are received as a result of contractual arrangements, with no associated costs.
j
Includes future net cash flows for assets held for sale at 31 December 2020.
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 and production cost'.
Europe
North
South
Africa
Asia
Australasia
Totalc
Total
Total
Total
America
America
G&LCE
OP&O
Rosneft
Rest of
Rest of
North
Rest of
UK
Europe
US
America
Russiab
Asia
2019
Subsidiaries
Future cash inflowsa
28,600
-
135,900
7,400
11,500
21,200
-
135,800
24,000
364,400
91,400
273,000
-
Future production costb
13,700
-
59,200
3,400
5,700
6,700
-
53,200
6,100
148,000
35,000
113,000
-
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 cash inflowsa
-
10,300
-
-
36,800
-
322,000
-
-
369,100
-
56,900
312,200
Future production costb
-
3,500
-
-
14,900
-
222,600
-
-
241,000
-
24,300
216,700
Future development costb
-
700
-
-
3,900
-
21,800
-
-
26,400
-
5,800
20,600
Future taxationc
-
4,700
-
-
4,100
-
13,300
-
-
22,100
-
9,200
12,900
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
Total subsidiaries and equity-accounted entities
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
Subsidiaries
entities
Total
Sales and transfers of oil and gas produced, net of production costs
(27,400)
(8,400)
(35,800)
(8,000)
(21,700)
(6,100)
Development costs for the current year as estimated in previous year
9,200
4,100
13,300
3,800
6,700
2,800
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)
-
Addition of 10% annual discount
8,300
4,100
12,400
2,700
6,500
3,200
Total change in the standardized measure during the year k
(20,200)
(6,600)
(26,800)
(6,900)
(13,500)
(6,400)
a
The marker prices used were Brent $62.74/bbl, Henry Hub $2.58/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
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
Non-controlling interests in BP Trinidad and Tobago LLC amounted to $600 million.
g
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.
h
Non-controlling interests in Rosneft amounted to $2,100 million in Russia.
i
No equity-accounted future cash flows in Africa because proved reserves are received as a result of contractual arrangements, with no associated costs.
j
Includes future net cash flows for assets held for sale at 31 December 2019.
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 and production cost'.
Production by country
Restated Financial and Operating Information 2019 - 2021
Group hydrocarbon data
Contents
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
2019
2019
2019
2020
2020
2020
2021
2021
2021
Total
Total
Total
Total
Total
Total
Total
Total
Total
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)
Subsidiaries
G&LCE
OP&O
Rosneft
G&LCE
OP&O
Rosneft
G&LCE
OP&O
Rosneft
UKd
100
96
82
-
100
-
-
96
-
-
82
-
Total Europe
100
96
82
-
100
-
-
96
-
-
82
-
Lower 48 onshorec
66
72
69
-
66
-
-
72
-
-
69
-
Gulf of Mexico deepwaterc
263
235
239
-
263
-
-
235
-
-
239
-
Alaskac
71
38
-
-
71
-
-
38
-
-
-
-
Total US
400
345
308
-
400
-
-
345
-
-
308
-
Canadae
24
22
25
-
24
-
-
22
-
-
25
-
Total Rest of North America
24
22
25
-
24
-
-
22
-
-
25
-
Total North America
424
367
333
-
424
-
-
367
-
-
333
-
Trinidad & Tobago
7
7
5
7
-
-
7
-
-
5
-
-
Total South America
7
7
5
7
-
-
7
-
-
5
-
-
Angola
115
108
80
-
115
-
-
108
-
80
-
Egyptc
34
9
23
34
-
-
9
-
-
23
-
-
Algeria
7
6
6
7
-
-
6
-
-
6
-
-
Total Africa
156
123
110
41
115
-
15
108
-
29
80
-
Abu Dhabi
180
158
171
-
180
-
-
158
-
-
171
-
Azerbaijan
79
97
77
18
61
-
19
78
-
24
54
-
Iraq
64
100
43
-
64
-
-
100
-
-
43
-
Omanc
20
21
26
20
-
-
21
-
-
26
-
-
Total Rest of Asia
343
375
318
38
305
-
40
336
-
50
268
-
Total Asia
343
375
318
38
305
-
40
336
-
50
268
-
Australia
15
13
11
15
-
-
13
-
-
11
-
-
Eastern Indonesia
2
2
2
2
-
-
2
-
-
2
-
-
Total Australasia
17
15
13
17
-
-
15
-
-
13
-
-
Total subsidiaries
1,046
983
860
103
943
-
77
906
-
97
764
-
Equity-accounted entities (bp share)
Rosnefth (Russia, Egypt)
920
873
857
-
-
920
-
-
873
-
857
Argentina
54
52
50
-
54
-
-
52
-
-
50
-
Bolivia
2
2
2
-
2
-
-
2
-
-
2
-
Mexico
-
-
3
-
-
-
-
-
-
-
3
-
Norway
35
50
48
-
35
-
-
50
-
-
48
-
Russia
35
30
30
-
35
-
-
30
-
-
30
-
Angola
1
1
1
-
1
-
-
1
-
-
1
-
Total equity-accounted entities
1,047
1,009
991
-
127
920
-
136
873
-
134
857
Total subsidiaries and equity-accounted entitiesf
2,093
1,991
1,851
103
1,070
920
77
1,041
873
97
897
857
bp's net production by country - natural gas liquids
thousand barrels per day
bp net share of productionb
2019
2020
2021
2019
2019
2019
2020
2020
2020
2021
2021
2021
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
UKd
3
5
5
-
3
-
-
5
-
-
5
-
Total Europe
3
5
5
-
3
-
-
5
-
-
5
-
Lower 48 onshorec
58
59
48
-
58
-
-
59
-
-
48
-
Gulf of Mexico deepwaterc
24
20
22
-
24
-
-
20
-
-
22
-
Alaskac
-
-
-
-
-
-
-
-
-
-
-
-
Total US
81
79
70
-
81
-
-
79
-
-
70
-
Canada
-
-
-
-
-
-
-
-
-
-
-
-
Total Rest of North America
-
-
-
-
-
-
-
-
-
-
-
-
Total North America
81
79
70
-
81
-
-
79
-
-
70
-
Trinidad & Tobago
9
7
4
9
-
-
7
-
-
4
-
-
Total South America
9
7
4
9
-
-
7
-
-
4
-
-
Egyptc
-
-
-
-
-
-
-
-
-
-
-
-
Algeria
8
8
7
8
-
-
8
-
-
7
-
-
Total Africa
8
8
7
8
-
-
8
-
-
7
-
-
Azerbaijan
-
-
-
-
-
-
-
-
-
-
-
-
India
-
-
-
-
-
-
-
-
-
-
-
-
Omanc
-
-
-
-
-
-
-
-
-
-
-
-
Total Rest of Asia
-
-
-
-
-
-
-
-
-
-
-
-
Total Asia
-
-
-
-
-
-
-
-
-
-
-
-
Australia
2
2
2
2
-
-
2
-
-
2
-
-
Eastern Indonesia
-
-
-
-
-
-
-
-
-
-
-
-
Total Australasia
2
2
2
2
-
-
2
-
-
2
-
-
Total subsidiaries
104
101
88
20
84
-
17
84
-
13
75
-
Equity-accounted entities (bp share)
Rosnefth (Russia, Egypt)
3
3
3
-
-
3
-
-
3
-
-
3
Argentina
1
1
1
-
1
-
-
1
-
-
1
-
Bolivia
-
-
-
-
-
-
-
-
-
-
-
-
Mexico
-
-
-
-
-
-
-
-
-
-
-
-
Egypt
3
2
3
3
-
-
2
-
-
3
-
-
Norway
2
3
3
-
2
-
-
3
-
-
3
-
Russia
-
-
-
-
-
-
-
-
-
-
-
-
Angola
5
5
3
-
5
-
-
5
-
-
3
-
Total equity-accounted entities
14
14
12
3
8
3
2
9
3
3
6
3
Total subsidiaries and equity-accounted entitiesf
118
115
100
23
92
3
19
93
3
16
81
3
bp's net production by country - natural gas
million cubic feet per day
bp net share of productionb
2019
2020
2021
2019
2019
2019
2020
2020
2020
2021
2021
2021
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
UK
129
221
236
-
129
-
-
221
-
-
236
-
Total Europe
129
221
236
-
129
-
-
221
-
-
236
-
Lower 48 onshorec
2,175
1,405
1,043
-
2,175
-
-
1,405
-
-
1,043
-
Gulf of Mexico deepwaterc
179
154
154
-
179
-
-
154
-
-
154
-
Alaskac
4
3
-
-
4
-
-
3
-
-
-
-
Total US
2,358
1,561
1,197
-
2,358
-
-
1,561
-
-
1,197
-
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
-
2,361
-
-
1,563
-
-
1,199
-
Trinidad & Tobago
1,977
1,695
1,260
1,977
-
-
1,695
-
-
1,260
-
-
Total South America
1,977
1,695
1,260
1,977
-
-
1,695
-
-
1,260
-
-
Egyptc
952
782
1,206
952
-
-
782
-
-
1,206
-
-
Algeria
186
141
126
186
-
-
141
-
-
126
-
-
Total Africa
1,138
923
1,332
1,138
-
-
923
-
-
1,332
-
-
Azerbaijan
367
413
539
367
-
-
413
-
-
539
-
-
India
15
2
169
15
-
-
2
-
-
169
-
-
Omanc
594
550
571
594
-
-
550
-
-
571
-
-
Total Rest of Asia
976
966
1,279
976
-
-
966
-
-
1,279
-
-
Total Asia
976
966
1,279
976
-
-
966
-
-
1,279
-
-
Australia
411
396
332
411
-
-
396
-
-
332
-
-
Eastern Indonesia
375
399
429
375
-
-
399
-
-
429
-
-
Total Australasia
786
795
760
786
-
-
795
-
-
760
-
-
Total subsidiariesg
7,366
6,163
6,067
4,877
2,489
-
4,379
1,784
-
4,632
1,435
-
Equity-accounted entities (bp share)
Rosnefth (Russia, Canada, Egypt, Vietnam)
1,279
1,286
1,380
-
-
1,279
-
-
1,286
-
-
1,380
Argentina
250
230
223
-
250
-
-
230
-
-
223
-
Bolivia
64
56
60
-
64
-
-
56
-
-
60
-
Mexico
-
-
1
-
-
-
-
-
-
-
1
-
Norway
56
61
66
-
56
-
-
61
-
-
66
-
Russia
-
41
42
-
-
-
-
41
-
-
42
-
Angola
87
92
77
-
87
-
-
92
-
-
77
-
Total equity-accounted entitiesg
1,736
1,766
1,849
-
457
1,279
-
480
1,286
-
468
1,380
Total subsidiaries and equity-accounted entities
9,102
7,929
7,915
4,877
2,946
1,279
4,379
2,264
1,286
4,632
1,903
1,380
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 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 3 net mboe/d of NGLs from processing plants in which bp has an interest (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.
h
Includes production in respect of the non-controlling interest in Rosneft, including production held through bp's interests in Russia other than Rosneft.
E&D Wells
Restated Financial and Operating Information 2019 - 2021
Group hydrocarbon data
Contents
Exploration and development wellsa
Europe
North
South
Africa
Asia
Australasia
Totalc
Total
Total
Total
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)
America
America
G&LCE
OP&O
Rosneft
Rest of
Rest of
North
Rest of
UK
Europe
US
America
Russiab
Asia
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
-
Development
Productive
5.3
3.1
114.6
0.4
61.7
4.4
199.1
40.3
2.0
430.9
21.3
215.0
194.6
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
Development
Productive
1.7
2.4
193.0
0.2
110.7
6.0
230.8
49.6
0.4
594.8
29.4
340.9
224.5
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
Because of rounding, some totals may not exactly agree with the sum of their component parts.
Number of productive wells at 31 December
Europe
North
South
Africa
Asia
Australasia
Totalb
Total
Total
Total
America
America
G&LCE
OP&O
Rosneft
Rest of
Rest of
North
Rest of
UK
Europe
US
America
Russiaa
Asia
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
Based on information received from Rosneft as at 31 December.
b
Because of rounding, some totals may not exactly agree with the sum of their component parts.
c
Includes approximately 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 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
Rest of
North
Rest of
UK
Europe
US
America
Russia
Asia
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
Development
Gross
2.0
0.7
166.0
6.0
13.0
19.0
-
198.0
2.0
406.7
24.0
382.7
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
Development
Gross
6.0
3.6
213.0
6.0
13.0
26.0
-
216.0
2.0
485.6
45.0
440.6
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
Because of rounding, some totals may not exactly agree with the sum of their component parts.
Operating capital employed
Restated Financial and Operating Information 2019 - 2022
Group information
Contents
Operating capital employeda
Restated for 2021 reporting segments
$ million
2019
2020
2021
2022
By segment
gas & low carbon energy
US
1,207
1,790
2,221
Non-US
38,855
28,969
27,177
40,062
30,759
29,398
oil production & operations
US
29,962
23,596
22,232
Non-US
43,803
31,640
30,809
73,765
55,236
53,041
customers & products
US
15,126
12,821
12,606
Non-US
15,920
14,878
11,315
31,046
27,699
23,921
Rosneft
US
-
-
-
Non-US
12,927
11,808
14,354
12,927
11,808
14,354
other businesses & corporate
USb
(16,393)
(15,145)
(12,303)
Non-US
21,294
34,949
34,380
4,901
19,804
22,077
Consolidation adjustment
(190)
(101)
(167)
162,511
145,205
142,624
By geographical area
US
29,748
23,018
24,744
Non-US
132,763
122,187
117,880
Total operating capital employeda
162,511
145,205
142,624
Assets (Liabilities) for current and deferred taxation
(5,947)
547
(3,382)
Goodwill
11,868
12,480
12,373
Capital employed
168,432
158,232
151,615
Financed by
Finance debt
67,724
72,664
61,176
Non-controlling interests
2,296
14,318
14,976
bp shareholders' equity
98,412
71,250
75,463
Capital employed
168,432
158,232
151,615
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
Restated Financial and Operating Information 2019 - 2021
Group hydrocarbon data
Contents
Exploration interests
By geographical area
Oil and natural gas acreage at 31 December
Thousands of acres
Europe
North
South
Africa
Asia
Australasia
Totalb
Total
Total
Total
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)
America
America
G&LCE
OP&O
Rosneft
Rest of
Rest of
North
Rest of
UK
Europe
US
America
Russiaa
Asia
2021
Developed
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
Undevelopeda
Undevelopedc
- 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
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
Undevelopeda
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
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
Undevelopeda
Undevelopedc
- 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
Based on information received from Rosneft as at 31 December.
b
Because of rounding, some totals may not exactly agree with the sum of their component parts.
c
Undeveloped acreage includes leases and concessions.
LNG projects
Restated Financial and Operating Information 2019 - 2020
Group hydrocarbon data
Contents
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
Updated
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
Total
2,705,864
a
Excludes shipping owned and operated within joint-arrangement projects.
C&P refinery capacities
Restated Financial and Operating Information 2019 - 2022
customers & products
Refineries
Contents
Refinery capacitiesab
thousand barrels per day
Crude distillation
capacitiescd
Major upgrading plant capacitiesc
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 2021
%e
Total
share
distilation
cracking
cracking
reforming
merization
naphtha
heavier
breaking
Coker
merization
Asphalt
Hydrogenf
Sulphurg
Otherh
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
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
Germany
Gelsenkirchen
100.0
265
265
154
30
56
32
-
71
104
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
76
285
34
-
-
-
37
228
3
6
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
This does not include bp's interest in Pan American Energy Group.
b
Kwinana refinery ceased operations in February 2021.
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
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. Refining NZ announced plans to cease fuel production at their Whangarei Refinery and convert it to an import terminal from April 2022.
k
Indicates refinery not operated by bp. SAPREF shareholders announced that refinery operations will be paused end of March 2022 pending a further announcement.
thousand barrels per day
Crude distillation
capacitiescd
Major upgrading plant capacitiesc
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 2020
%e
Total
share
distilation
cracking
cracking
reforming
merization
naphtha
heavier
breaking
Coker
merization
Asphalt
Hydrogenf
Sulphurg
Otherh
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
-
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
Germany
Gelsenkirchen
100.0
265
265
154
30
56
32
-
71
104
19
30
14
-
266
711
-
10
Lingen
100.0
97
97
45
-
30
30
-
31
45
-
25
19
-
128
147
-
13
Netherlands
Rotterdam
100.0
390
390
88
67
-
32
8
73
283
34
-
-
-
37
228
3
6
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
This does not include bp's interest in Pan American Energy Group.
b
Kwinana refinery ceased operations in February 2021.
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
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.
thousand barrels per day
Crude distillation
capacitiescd
Major upgrading plant capacitiesc
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 2019
%e
Total
share
distilation
cracking
cracking
reforming
merization
naphtha
heavier
breaking
Coker
merization
Asphalt
Hydrogenf
Sulphurg
Otherh
Indexi
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
Germany
Gelsenkirchen
100.0
265
265
154
30
56
32
-
71
104
19
32
19
-
269
696
-
11
Lingen
100.0
97
97
45
-
30
30
-
31
45
-
24
19
-
128
147
-
13
Netherlands
Rotterdam
100.0
387
387
82
65
-
32
7
73
279
34
-
-
-
20
224
3
6
Spain
Castellón
100.0
110
110
47
30
-
17
4
57
88
-
23
19
-
48
65
-
10
859
859
328
125
86
111
11
232
516
53
79
-
57
-
465
1,132
3
9
Rest of world
Australia
Kwinana
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
40
-
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
173
3
7
2,167
1,906
851
384
176
310
57
563
1,100
66
261
-
142
35
684
3,435
6
9
a
This does not include bp's interest in Pan American Energy Group.
b
On 31 December 2019 we completed the sale of our interest in the German Bayernoil refinery
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
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.
k
Indicates refinery not operated by bp.
Regional refining distillation capacity
thousand barrels per day
2019
2020
2021
2022
US Midwest
520
520
520
US West Coast
251
251
251
Total US
771
771
771
Europe
859
862
866
Rest of worlda
276
276
114
Total
1,906
1,909
1,751
a
Includes Kwinana refinery (up to 31 December 2020) and bp share of Durban refinery (South Africa) and bp share of processing entitlement in Whangarei refinery (New Zealand).
C&P annual refinery data
Restated Financial and Operating Information 2019 - 2022
customers & products
Contents
Refinery throughputs and utilization
Refinery throughputsab
thousand barrels per day
2019
2020
2021
2022
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 Decemberc
1,906
1,909
1,751
Refinery capacity utilizationd e
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
Crude distillation capacity is gross rated capacity, which is defined as the highest average sustained unit rate for a consecutive 30-day period.
d
Refinery utilization is annual throughput (thousands of barrels per day) divided by the average crude distillation capacity, expressed as a percentage.
e
In 2021, refinery throughputs were adjusted for Kwinana refinery which ceased operations in February. This is consistent with the disclosure within the refinery capacities table.
Crude oil input
%
2019
2020
2021
2022
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
thousand barrels per day
2019
2020
2021
2022
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.
Additional annual C&P data
Restated Financial and Operating Information 2019 - 2022
customers & products
Contents
Retail sitesa
at 31 December
2019
2020
2021
2022
US
7,200
7,250
7,450
Europe
8,250
8,250
8,250
Rest of world
3,450
4,800
4,800
18,900
20,300
20,500
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
thousand barrels per day
2019
2020
2021
2022
Refined product marketing sales volumes by region
US
Aviation fuels
154
91
121
gasolines
778
704
770
Middle distillates
148
148
151
Fuel oil
-
-
-
Other productsb
65
68
73
1,145
1,011
1,115
Europe
Aviation fuels
286
136
158
gasolines
201
171
178
Middle distillates
526
460
478
Fuel oil
32
16
24
Other productsb
28
40
25
1,073
823
863
Rest of world
Aviation fuels
104
53
60
gasolines
133
114
121
Middle distillates
198
188
199
Fuel oil
50
59
56
Other productsb
24
27
25
509
441
461
Total marketing sales volumes by product
Aviation fuels
544
280
339
gasolines
1,112
989
1,069
Middle distillates
872
796
828
Fuel oil
82
75
80
Other productsb
117
135
123
Total marketing salesc
2,727
2,275
2,439
Trading/supply salesd f
460
416
393
Total refined product sales
3,187
2,691
2,832
Crude oil salese f
271
295
249
Total oil sales
3,458
2,986
3,081
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 2021 includes 50 thousand barrels per day (2020 44 thousand barrels per day) relating to volumes sold directly by the gas & low carbon energy and oil production & operations segments.
f
Comparative information for 2020 and 2019 have been restated for the changes to presentation of revenues and purchases relating to physically settled derivative contracts effective 1 January 2021.
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Disclaimer
BP plc published this content on 02 August 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 02 August 2022 06:19:02 UTC.
BP p.l.c. is one of the world's leading oil groups. Net sales break down by activity as follows:
- refining and distribution (76.1%): At the end of 2023, the group had 7 refineries (including 3 in the United States) and a network of 21,100 service stations (including 8,200 in the United States);
- exploration and production of hydrocarbon (23.6%): oil (1,115,000 million barrels produced per day) and natural gas (196.6 million m3 produced per day);
- other (0,3%).
Net sales are distributed geographically as follows: the United States (28.8%) and other (71.2%).
BP PLC 
