Washington, D.C. 20549

Report of Foreign Private Issuer

Pursuant to Rule 13a-16 or 15d-16 of

the Securities Exchange Act of 1934

for the period ended 31 March 2024

Commission File Number 1-06262

(Translation of registrant’s name into English)

1 ST JAMES’S SQUARE, LONDON, SW1Y 4PD, ENGLAND

(Address of principal executive offices)

Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F:

THIS REPORT ON FORM 6-K SHALL BE DEEMED TO BE INCORPORATED BY REFERENCE IN THE PROSPECTUS INCLUDED IN THE REGISTRATION STATEMENT ON FORM F-3 (FILE NOS. 333-254751, 333-254751-01 AND 333-254751-02) OF BP p.l.c., BP CAPITAL MARKETS p.l.c. AND BP CAPITAL MARKETS AMERICA INC.; THE REGISTRATION STATEMENT ON FORM S-8 (FILE NO. 333-273587) OF BP p.l.c., THE REGISTRATION STATEMENT ON FORM S-8 (FILE NO. 333-67206) OF BP p.l.c., THE REGISTRATION STATEMENT ON FORM S-8 (FILE NO. 333-79399) OF BP p.l.c., THE REGISTRATION STATEMENT ON FORM S-8 (FILE NO. 333-102583) OF BP p.l.c., THE REGISTRATION STATEMENT ON FORM S-8 (FILE NO. 333-103923) OF BP p.l.c., THE REGISTRATION STATEMENT ON FORM S-8 (FILE NO. 333-103924) OF BP p.l.c., THE REGISTRATION STATEMENT ON FORM S-8 (FILE NO. 333-119934) OF BP p.l.c., THE REGISTRATION STATEMENT ON FORM S-8 (FILE NO. 333-123482) OF BP p.l.c., THE REGISTRATION STATEMENT ON FORM S-8 (FILE NO. 333-123483) OF BP p.l.c., THE REGISTRATION STATEMENT ON FORM S-8 (FILE NO. 333-131583) OF BP p.l.c., THE REGISTRATION STATEMENT ON FORM S-8 (FILE NO. 333-131584) OF BP p.l.c., THE REGISTRATION STATEMENT ON FORM S-8 (FILE NO. 333-132619) OF BP p.l.c., THE REGISTRATION STATEMENT ON FORM S-8 (FILE NO. 333-146868) OF BP p.l.c., THE REGISTRATION STATEMENT ON FORM S-8 (FILE NO. 333-146870) OF BP p.l.c., THE REGISTRATION STATEMENT ON FORM S-8 (FILE NO. 333-146873) OF BP p.l.c., THE REGISTRATION STATEMENT ON FORM S-8 (FILE NO. 333-149778) OF BP p.l.c., THE REGISTRATION STATEMENT ON FORM S-8 (FILE NO. 333-173136) OF BP p.l.c., THE REGISTRATION STATEMENT ON FORM S-8 (FILE NO. 333-177423) OF BP p.l.c., THE REGISTRATION STATEMENT ON FORM S-8 (FILE NO. 333-179406) OF BP p.l.c., THE REGISTRATION STATEMENT ON FORM S-8 (FILE NO. 333-186462) OF BP p.l.c., THE REGISTRATION STATEMENT ON FORM S-8 (FILE NO. 333-186463) OF BP p.l.c., THE REGISTRATION STATEMENT ON FORM S-8 (FILE NO. 333-199015) OF BP p.l.c., THE REGISTRATION STATEMENT ON FORM S-8 (FILE NO. 333-200794) OF BP p.l.c., THE REGISTRATION STATEMENT ON FORM S-8 (FILE NO. 333-200795) OF BP p.l.c., THE REGISTRATION STATEMENT ON FORM S-8 (FILE NO. 333-200796) OF BP p.l.c., THE REGISTRATION STATEMENT ON FORM S-8 (FILE NO. 333-207188) OF BP p.l.c., THE REGISTRATION STATEMENT ON FORM S-8 (FILE NO. 333-207189) OF BP p.l.c., THE REGISTRATION STATEMENT ON FORM S-8 (FILE NO. 333-210316) OF BP p.l.c., THE REGISTRATION STATEMENT ON FORM S-8 (FILE NO. 333-210318) OF BP p.l.c., THE REGISTRATION STATEMENT ON FORM S-8 (FILE NO. 333-253287), THE REGISTRATION STATEMENT ON FORM S-8 (FILE NO. 333-254578) OF BP p.l.c. AND THE REGISTRATION STATEMENT ON FORM S-8 (FILE NO. 333-270440) OF BP p.l.c. AND TO BE A PART THEREOF FROM THE DATE ON WHICH THIS REPORT IS FURNISHED, TO THE EXTENT NOT SUPERSEDED BY DOCUMENTS OR REPORTS SUBSEQUENTLY FILED OR FURNISHED.

Form 6-K for the period ended 31 March 2024(a)

(a)In this Form 6-K, references to the first quarter 2024 and first quarter 2023 refer to the three-month periods ended 31 March 2024 and 31 March 2023 respectively.

(b)This discussion should be read in conjunction with the consolidated financial statements and related notes provided elsewhere in this Form 6-K and with the information, including the consolidated financial statements and related notes, in bp’s Annual Report on Form 20-F for the year ended 31 December 2023.

Group results first quarter 2024

Resilient performance, committed distributions

Financial summary						First			Fourth			First
						quarter			quarter			quarter
$ million						2024			2023			2023
Profit for the period						2,409			436			8,422
Less: Non-controlling interests						146			65			204
Profit for the period attributable to bp shareholders						2,263			371			8,218
Inventory holding (gains) losses*, before tax						(851)			1,497			600
Taxation charge (credit) on inventory holding gains and losses						194			(342)			(148)
Replacement cost (RC) profit*						1,606			1,526			8,670
Net (favourable) adverse impact of adjusting items*, before tax						1,226			2,640			(3,912)
Taxation charge (credit) on adjusting items						(109)			(1,175)			205
Underlying RC profit*						2,723			2,991			4,963

						First			First
						quarter			quarter
$ million						2024			2023
Operating cash flow*						5,009			7,622
Capital expenditure*						(4,278)			(3,625)
Divestment and other proceeds(a)						413			800
Net cash issue (repurchase) of shares						(1,750)			(2,448)
Finance debt						53,013			48,595
Net debt*(b)						24,015			21,232
Adjusted EBITDA*						10,306			13,066
Announced dividend per ordinary share (cents per share)						7.270			6.610
Profit (loss) per ordinary share (cents)						13.57			45.93
Profit (loss) per ADS (dollars)						0.81			2.76
Underlying RC profit per ordinary share* (cents)						16.24			27.74
Underlying RC profit per ADS* (dollars)						0.97			1.66

(a)Divestment proceeds are disposal proceeds as per the condensed group cash flow statement. There were no other proceeds for all periods stated.

(b)See Note 9 for more information.

RC profit, underlying RC profit, net debt, adjusted EBITDA, underlying RC profit per ordinary share and underlying RC profit per ADS are non-IFRS measures. Inventory holding (gains) losses and adjusting items are non-IFRS adjustments.

* For items marked with an asterisk throughout this document, definitions are provided in the Glossary on page 34.

(a)This report discusses certain material changes in bp’s results of operations with respect to the quarter ended 31 March 2024 as compared to the quarter ended 31 December 2023. Financial information for the quarter ended 31 December 2023 can be in found in our Current Report on Form 6-K filed with the SEC on 6 February 2024.

In addition to the highlights on page 4:

•Profit attributable to bp shareholders in the first quarter was $2.3 billion, compared with a profit of $8.2 billion in the same period of 2023.

–After adjusting profit attributable to bp shareholders for inventory holding gains* and net impact of adjusting items*, underlying replacement cost (RC) profit* for the first quarter was $2.7 billion, compared with $5.0 billion for the same period of 2023. This reduction in underlying RC profit for the first quarter mainly reflects lower realizations, lower industry refining margins, a strong gas marketing and trading result compared with an exceptional result in the first quarter in 2023 and the impacts of the Whiting refinery outage.

–Adjusting items in the first quarter had a net adverse pre-tax impact of $1.2 billion, compared with a net favourable pre-tax impact of $3.9 billion in the same period of 2023.

–Adjusting items for the first quarter of 2024 include an adverse impact of pre-tax fair value accounting effects*, relative to management's internal measure of performance, of $0.2 billion, compared with a favourable pre-tax impact of $4.3 billion in the same period of 2023. This difference is primarily due to a small decline in the forward price of LNG over the quarter compared to a large decline in this price during the first quarter of 2023.

•The effective tax rate (ETR) on the profit or loss before taxation for the first quarter was 48%, compared with 29% for the same period in 2023. The ETR on RC profit or loss* for the first quarter was 54%, compared with 29% for the same period in 2023. Excluding adjusting items, the underlying ETR* for the first quarter was 43%, compared with 39% for the same period a year ago. The higher underlying ETR for the first quarter reflects foreign exchange impacts which are not tax deductible. ETR on RC profit or loss and underlying ETR are non-IFRS measures.

•Operating cash flow* for the first quarter was $5.0 billion, compared with $7.6 billion for the same period in 2023, reflecting the difference in the underlying RC profit for the respective periods.

•Capital expenditure* in the first quarter was $4.3 billion, compared with $3.6 billion in the same period of 2023.

•Total divestment and other proceeds for the first quarter were $0.4 billion, compared with $0.8 billion for the same period in 2023. There were no other proceeds for both periods.

•Finance debt at the end of the first quarter was $53.0 billion, compared to $52.0 billion at the end of the fourth quarter 2023 and $48.6 billion at the end of the first quarter 2023. At the end of the first quarter, net debt* was $24.0 billion, compared with $20.9 billion at the end of the fourth quarter 2023 and $21.2 billion at the end of the first quarter 2023. The increase in the net debt is mainly attributable to a working capital* build.

Reconciliations of underlying RC profit attributable to bp shareholders to the nearest equivalent IFRS measure are provided on page 3 for the group and on pages 8-16 for the segments.

(a)See Operational updates on pages 8, 11 and 13. Because of rounding, upstream production may not agree exactly with the sum of gas & low carbon energy and oil production & operations.

(b)Mainly reflecting portfolio mix.

•Looking ahead, bp expects second quarter 2024 reported upstream* production to be slightly lower compared with first-quarter 2024.

•In its customers business, bp expects seasonally higher volumes and fuels margin to remain sensitive to movements in the cost of supply.

•In products, bp expects realized margins to be impacted by narrower North American heavy crude oil differentials, and to remain sensitive to relative movements in product cracks. In addition, bp expects the absence of the first quarter plant-wide power outage at the Whiting refinery to be partly offset by a higher level of turnaround activity.

In addition to the guidance on page 4:

•bp continues to expect both reported and underlying upstream production* to be slightly higher compared with 2023. Within this, bp continues to expect underlying production from oil production & operations to be higher and production from gas & low carbon energy to be lower.

•In its customers business, bp continues to expect growth from convenience, including a full year contribution from TravelCenters of America; a stronger contribution from Castrol underpinned by volume growth in focus markets; and continued margin growth from bp pulse driven by higher energy sold. In addition, bp continues to expect fuels margin to remain sensitive to the cost of supply.

•In products, bp continues to expect a lower level of industry refining margins, with realized margins impacted by narrower North American heavy crude oil differentials. bp continues to expect refinery turnaround activity to have a similar impact on both throughput and financial performance compared to 2023, with phasing of activity in 2024 heavily weighted towards the second half.

•bp continues to expect the other businesses & corporate underlying annual charge to be around $1.0 billion for 2024. The charge may vary from quarter to quarter.

•bp continues to expect the depreciation, depletion and amortization to be slightly higher than 2023.

•bp continues to expect the underlying ETR* for 2024 to be around 40% but it is sensitive to the impact that volatility in the current price environment may have on the geographical mix of the group’s profits and losses.

•bp continues to expect capital expenditure* for 2024 to be around $16 billion, but now expects the phasing to be split broadly evenly between the first half and the second half.

•bp continues to expect divestment and other proceeds of $2-3 billion in 2024, weighted towards the second half. Having realized $18.2 billion of divestment and other proceeds since the second quarter of 2020, bp continues to expect to reach $25 billion of divestment and other proceeds between the second half of 2020 and 2025.

•bp continues to expect Gulf of Mexico oil spill payments for the year to be around $1.2 billion pre-tax including $1.1 billion pre-tax paid during the second quarter.

•The replacement cost (RC) profit before interest and tax for the first quarter was $1,036 million, compared with $7,347 million for the same period in 2023. The first quarter is adjusted by an adverse impact of net adjusting items* of $622 million, compared with a favourable impact of net adjusting items of $3,891 million for the same period in 2023. Adjusting items include impacts of fair value accounting effects*, relative to management's internal measure of performance, which are a favourable impact of $113 million for the first quarter in 2024 and a favourable impact of $3,934 million for the same period in 2023. Under IFRS, reported earnings include the mark-to-market value of the hedges used to risk-manage LNG contracts, but not of the LNG contracts themselves. The underlying result includes the mark-to-market value of the hedges but also recognizes changes in value of the LNG contracts being risk managed.

•After adjusting RC profit before interest and tax for adjusting items, the underlying RC profit before interest and tax* for the first quarter was $1,658 million, compared with $3,456 million for the same period in 2023.

•The underlying RC profit for the first quarter, compared with the same period in 2023, reflects lower realizations, foreign exchange losses on Egyptian pound balances, higher exploration write-offs, and a strong gas marketing and trading result compared with an exceptional result in the first quarter in 2023.

•Reported production for the quarter was 914mboe/d, 5.7% lower than the same period in 2023. Underlying production* was 3.5% lower, mainly due to base decline partially offset by major projects* which started up in 2023. Reported production includes the effect of the disposal of the Algeria business in 2023.

•Renewables pipeline* at the end of the quarter was 58.5GW (bp net), including 20.4GW bp net share of Lightsource bp's (LSbp's) pipeline. The renewables pipeline increased by 0.2GW net during the quarter. In addition, there is over 9.5GW (bp net) of early stage opportunities in LSbp's hopper.

•On 14 February, ADNOC and bp announced that they have agreed to form a new joint venture (JV) in Egypt. The JV (51% bp and 49% ADNOC) will combine the pair’s deep technical capabilities and proven track records as it aims to grow a highly competitive gas portfolio. As part of the agreement, bp will contribute its interests in three development concessions, as well as exploration agreements, in Egypt to the new JV. ADNOC will make a proportionate cash contribution which can be used for future growth opportunities. Subject to regulatory approvals and clearances, the formation of the JV is expected to complete during the second half of 2024.

•On 15 February, the floating liquefied natural gas (FLNG) vessel that is a core component of the Greater Tortue Ahmeyim (GTA) LNG project arrived at its destination on the Mauritania and Senegal maritime border. GTA Phase 1 is operated by bp (56%) with partners Kosmos Energy, Société Mauritanienne des Hydrocarbures and Société des Pétroles du Sénégal.

•In April bp and the Korea Gas Corporation signed an agreement for bp to supply up to 9.8 million tonnes of LNG over an 11 year period starting in 2026 from bp's global LNG portfolio.

•Following the announcement in January that bp and Equinor had signed an agreement under which they would restructure their investments in their US offshore wind projects, on 4 April, bp announced it has received all the necessary regulatory approvals and it is now 100% owner of the Beacon US offshore wind projects and Equinor the Empire projects.

•On March 15, our UK joint ventures Net Zero Teesside Power (bp 75%, Equinor 25%) and the Northern Endurance Partnership (bp 45%, Equinor 45%, Total Energies 10%) announced the selection of contractors for engineering, procurement, and construction contracts with a combined value of around $5 billion. The final award of contracts is subject to the receipt of relevant regulatory clearances and positive Final Investment Decisions (FID) by the projects and the UK government.

(a)A reconciliation to RC profit before interest and tax is provided on page 31.

(b)Includes bp’s share of production of equity-accounted entities in the gas & low carbon energy segment.

(c)Realizations are based on sales by consolidated subsidiaries only – this excludes equity-accounted entities.

(d)Because of rounding, some totals may not agree exactly with the sum of their component parts.

•The replacement cost (RC) profit before interest and tax for the first quarter was $3,060 million, compared with $3,317 million for the same period in 2023. The first quarter is adjusted by an adverse impact of net adjusting items* of $65 million, compared with an adverse impact of net adjusting items of $2 million for the same period in 2023.

•After adjusting RC profit before interest and tax for adjusting items, the underlying RC profit before interest and tax* for the first quarter was $3,125 million, compared with $3,319 million for the same period in 2023.

•The underlying RC profit for the first quarter, compared with the same period in 2023, primarily reflects lower realizations and increased depreciation charges partly offset by increased volume.

•Reported production for the quarter was 1,463mboe/d, 7.6% higher than the first quarter of 2023. Underlying production* for the quarter was 7.4% higher compared with the first quarter of 2023 reflecting bpx energy performance and major projects* partly offset by base performance.

•On 16 April, bp, as operator of the Azeri-Chirag-Gunashli (ACG) project, announced the start-up of oil production from the new Azeri Central East (ACE) platform as part of the ACG field development in the Azerbaijan sector of the Caspian Sea, which is the first remotely operated offshore platform in the Caspian (bp share 30.37%).

•In April bpx energy successfully brought online 'Checkmate', its third central processing facility in the Permian Basin. It is a low-emission, electrified facility that will enable further production growth for bpx energy in the basin (bp 100% operator).

•Final investment decision taken on the Atlantis Drill Center Expansion which will be a two well tie back to the Atlantis facility in the Gulf of Mexico (bp share 56%).

•bp has been awarded a licence for two blocks in the central North Sea, consolidating our position around our Eastern Trough Area Project (ETAP) central processing facility. The award aligns with our strategic focus on oil and gas opportunities that can be developed through established production facilities.

•Aker BP was awarded interest in 27 licences (of which it will operate 17) in the North Sea and Norwegian Sea (bp interest in Aker BP 15.9%).

•In May Azule Energy announced it had agreed to acquire a 42.5% interest in exploration block 2914A (PEL85), Orange Basin, offshore Namibia. Completion of the deal is subject to customary third-party approvals from the Namibian authorities and JV parties. Azule Energy is a 50:50 joint venture between bp and Eni, based in Angola.

(a)A reconciliation to RC profit before interest and tax is provided on page 31.

(b)Includes bp’s share of production of equity-accounted entities in the oil production & operations segment.

(c)Realizations are based on sales by consolidated subsidiaries only – this excludes equity-accounted entities.

•The replacement cost (RC) profit before interest and tax for the first quarter was $988 million, compared with a profit of $2,680 million for the same period in 2023. The first quarter is adjusted by an adverse impact of net adjusting items* of $301 million, compared with an adverse impact of net adjusting items of $79 million for the same period in 2023. Adjusting items include impacts of fair value accounting effects*, relative to management's internal measure of performance, which are an adverse impact of $144 million for the quarter in 2024, compared with a favourable impact of $77 million for the same period in 2023.

•After adjusting RC profit before interest and tax for adjusting items, the underlying RC profit before interest and tax* for the first quarter was $1,289 million, compared with $2,759 million for the same period in 2023.

•The customers & products result for the first quarter was significantly lower than the same period in 2023, primarily reflecting a lower refining result.

•customers – the convenience and mobility result, excluding Castrol, for the first quarter was lower than the same period in 2023. The first quarter result benefited from higher retail fuels margin and continued strong growth in convenience, more than offset by a weaker performance in midstream and biofuels. The contribution of TravelCenters of America was impacted by the ongoing US freight recession.

Castrol result for the first quarter was higher compared with the same period in 2023, primarily due to higher margins partly offset by adverse foreign exchange impacts.

•products – the products result for the first quarter was significantly lower compared with the same period in 2023. In refining, the result for the first quarter reflected lower industry refining margins, with realized margins impacted by narrower North American heavy crude oil differentials. In addition, the first quarter was significantly impacted by the plant-wide power outage at the Whiting refinery. The oil trading contribution for the first quarter was strong, consistent with the result in the same period last year.

•bp-operated refining availability* for the first quarter was 90.4%, lower compared with 96.1% for the same period in 2023, mainly due to the plant-wide power outage at the Whiting refinery.

•In March, bp announced plans to transform the Gelsenkirchen refinery site by the end of the decade. The plans include simplification of the site to improve competitiveness, including a controlled reduction in total production capacity from 2025 and increased production of lower-emission fuels using co-processing.

•In April, bp’s Archaea Energy announced it had brought online in March its largest Archaea Modular Design (AMD) renewable natural gas (RNG) plant in Kansas City, Missouri. The plant can convert 9,600 standard cubic feet of landfill gas per minute into lower-carbon RNG. In addition, on 4 April, Archaea Energy completed the purchase of Sunshine Gas Producers and now fully owns and operates the current landfill-gas-to-electric facility in California, with plans to develop an RNG plant.

•In April, bp launched its new hydrotreated vegetable oil (HVO) bioenergy brand, commencing with roll out at sites across the UK and the Netherlands. Marketed as “bp bioenergy HVO”, it joins bp pulse as customers & products' second transition growth engine brand.

•In March, bp acquired the freehold of one of the largest truck stops in Europe, Ashford International Truckstop in Kent. The acquisition presents bp with the opportunity to help meet the comprehensive needs of UK and European HGV operators transitioning to EVs. In addition, in April, bp opened its first bp pulse branded Gigahub in Houston, Texas, with 24 ultra-fast charge points, building momentum in our US charging business offering.

•In February, bp New Zealand was announced as a foundation partner for Woolworths' loyalty programme, “Everyday Rewards”. The loyalty scheme enables current customers and over one million new customers to collect points and obtain instant rewards at bp retail sites.

(a)A reconciliation to RC profit before interest and tax by business is provided on page 30.

(b)A reconciliation to RC profit before interest and tax by business is provided on page 30.

(c)Reported to the nearest 50.

Other businesses & corporate comprises innovation & engineering, bp ventures, launchpad, regions, corporates & solutions, our corporate activities & functions and any residual costs of the Gulf of Mexico oil spill.

•The replacement cost (RC) loss before interest and tax for the first quarter was $300 million, compared with a loss of $90 million for the same period in 2023. The first quarter is adjusted by an adverse impact of net adjusting items* of $146 million, compared with a favourable impact of net adjusting items of $206 million for the same period in 2023. Adjusting items include impacts of fair value accounting effects* which are an adverse impact of $193 million for the quarter in 2024, and a favourable impact of $245 million for the same period in 2023.

•After adjusting RC loss before interest and tax for adjusting items, the underlying RC loss before interest and tax* for the first quarter was $154 million, compared with a loss of $296 million for the same period in 2023.

•In March, bp launchpad divested all of its 100% shareholding in Insight Analytics Solutions Holdings Limited (“Onyx”) to Macquarie Capital.

(a)Includes fair value accounting effects relating to hybrid bonds. See page 35 for more information.

(a)First quarter 2024 includes a $658-million credit in respect of the reduction in the deferred tax liability on defined benefit pension plan surpluses following the reduction in the rate of the authorized surplus payments tax charge in the UK from 35% to 25%.

(a)During the first quarter 2024 BP Capital Markets PLC issued $1.3 billion of US dollar perpetual subordinated hybrid bonds with a coupon fixed for an initial period up to 2034 of 6.45% and voluntarily bought back $1.3 billion of the non-call 2025 4.375% US dollar hybrid bond issued in 2020. Taken together these transactions had no significant impact on net debt or gearing.

(a)See Condensed group statement of changes in equity - footnote (a) for further information.

The interim financial information included in this report has been prepared in accordance with IAS 34 'Interim Financial Reporting'.

The results for the interim periods are unaudited and, in the opinion of management, include all adjustments necessary for a fair presentation of the results for each period. All such adjustments are of a normal recurring nature. This report should be read in conjunction with the consolidated financial statements and related notes for the year ended 31 December 2023 included in bp Annual Report and Form 20-F 2023.

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 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 UK and EU 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 2024 which are the same as those used in preparing bp Annual Report and Form 20-F 2023.

There are no other new or amended standards or interpretations adopted from 1 January 2024 onwards that have a significant impact on the financial information.

bp's significant accounting judgements and estimates were disclosed in bp Annual Report and Form 20-F 2023. These have been subsequently considered at the end of this quarter to determine if any changes were required to those judgements and estimates. No significant changes were identified.

The carrying amount of assets classified as held for sale at 31 March 2024 is $1,684 million, with associated liabilities of $30 million. These relate to the transactions described below.

On 14 February 2024, bp and ADNOC announced that they had agreed to form a new joint venture (JV) in Egypt (51% bp and 49% ADNOC). As part of the agreement, bp will contribute its interests in three development concessions, as well as exploration agreements, in Egypt to the new JV. ADNOC will make a proportionate cash contribution. Subject to regulatory approvals and clearances, the formation of the JV is expected to complete during the second half of 2024. The carrying amount of assets classified as held for sale at 31 March 2024 is $1,583 million, with associated liabilities of $23 million.

On 16 November 2023, bp entered into an agreement to sell its Türkiye ground fuels business to Petrol Ofisi. This includes the group's interest in three joint venture terminals in Türkiye. Completion of the sale is subject to regulatory approvals. The carrying amount of assets classified as held for sale at 31 March 2024 is $101 million, with associated liabilities of $7 million. Cumulative foreign exchange losses within reserves of approximately $900 million are expected to be recycled to the group income statement at completion.

Net impairment charges and losses on sale of businesses and fixed assets for the first quarter were $737 million, compared with net charges of $88 million for the same period in 2023 and include net impairment charges for the first quarter of $649 million, compared with net impairment reversals of $41 million for the same period in 2023. 

(a)Principally relates to commodity derivative transactions including sales of bp own production in trading books.

Basic earnings per ordinary share (EpS) amounts are calculated by dividing the profit (loss) for the period attributable to ordinary shareholders by the weighted average number of ordinary shares outstanding during the period. Against the authority granted at bp's 2023 annual general meeting, 292 million ordinary shares repurchased for cancellation were settled during the first quarter 2024 for a total cost of $1,750 million. A further 115 million ordinary shares were repurchased between the end of the reporting period and the date when the financial statements are authorised for issue for a total cost of $747 million. This amount has been accrued at 31 March 2024. The number of shares in issue is reduced when shares are repurchased, but is not reduced in respect of the period-end commitment to repurchase shares subsequent to the end of the period.

The calculation of EpS is performed separately for each discrete quarterly period, and for the year-to-date period. As a result, the sum of the discrete quarterly EpS amounts in any particular year-to-date period may not be equal to the EpS amount for the year-to-date period.

For the diluted EpS calculation the weighted average number of shares outstanding during the period is adjusted for the number of shares that are potentially issuable in connection with employee share-based payment plans using the treasury stock method.

(a)See Condensed group statement of changes in equity - footnote (a) for further information.

(b)Excludes treasury shares and includes certain shares that will be issued in the future under employee share-based payment plans.

(c)One ADS is equivalent to six ordinary shares.

Issued ordinary share capital as at 31 March 2024 comprised 16,884,446,286 ordinary shares (31 December 2023 17,174,461,587 ordinary shares). This includes shares held in trust to settle future employee share plan obligations and excludes 724,731,274 ordinary shares which have been bought back and are held in treasury by bp (31 December 2023 726,338,898 ordinary shares).

bp today announced an interim dividend of 7.270 cents per ordinary share which is expected to be paid on 28 June 2024 to ordinary shareholders and American Depositary Share (ADS) holders on the register on 17 May 2024. The ex-dividend date will be 16 May 2024. The corresponding amount in sterling is due to be announced on 11 June 2024, calculated based on the average of the market exchange rates over three dealing days between 5 June 2024 and 7 June 2024. Holders of ADSs are expected to receive $0.43620 per ADS (less applicable fees). The board has decided not to offer a scrip dividend alternative in respect of the first quarter 2024 dividend. Ordinary shareholders and ADS holders (subject to certain exceptions) will be able to participate in a dividend reinvestment programme. Details of the first quarter dividend and timetable are available at bp.com/dividends and further details of the dividend reinvestment programmes are available at bp.com/drip.

(a)The fair value of finance debt at 31 March 2024 was $49,263 million (31 December 2023 $48,795 million, 31 March 2023 $45,071 million).

(b)Derivative financial instruments entered into for the purpose of managing foreign currency exchange risk associated with net debt with a fair value liability position of $96 million at 31 March 2024 (fourth quarter 2023 liability of $73 million and first quarter 2023 liability of $97 million) are not included in the calculation of net debt shown above as hedge accounting is not applied for these instruments.

(c)Net debt does not include accrued interest, which is reported within other receivables and other payables on the balance sheet and for which the associated cash flows are presented as operating cash flows in the group cash flow statement.

The financial information shown in this publication, which was approved by the Board of Directors on 6 May 2024, is unaudited and does not constitute statutory financial statements. Audited financial information will be published in bp Annual Report and Form 20-F 2024.

(a)Under IFRS bp marks-to-market the value of the hedges used to risk-manage LNG contracts, but not the contracts themselves, resulting in a mismatch in accounting treatment. The fair value accounting effect includes the change in value of LNG contracts that are being risk managed, and the underlying result reflects how bp risk-manages its LNG contracts.

(b)For further information, including the nature of fair value accounting effects reported in each segment, see pages 5, 8 and 35.

(c)Includes the unwinding of discounting effects relating to Gulf of Mexico oil spill payables and the income statement impact of temporary valuation differences associated with the group’s interest rate and foreign currency exchange risk management of finance debt.

(d)Includes certain foreign exchange effects on tax as adjusting items. These amounts represent the impact of: (i) foreign exchange on deferred tax balances arising from the conversion of local currency tax base amounts into functional currency, and (ii) taxable gains and losses from the retranslation of US dollar-denominated intra-group loans to local currency.

Payables and provisions presented in the table above reflect the latest estimate for the remaining costs associated with the Gulf of Mexico oil spill. Where amounts have been provided on an estimated basis, the amounts ultimately payable may differ from the amounts provided and the timing of payments is uncertain. Further information relating to the Gulf of Mexico oil spill, including information on the nature and expected timing of payments relating to provisions and other payables, is provided in bp Annual Report and Form 20-F 2023 - Financial statements - Notes 7, 22, 23, 29, and 33.