●

Financial and operational performance: 2024 Operating cash flow $27.3bn; 2024 Adjusted EBITDA $38.0bn; 2024 upstream production 2,358mmboe/d, 2.0% higher than 2023.

●

Driving focus and efficiency: High-grading portfolio, agreed to form offshore wind JV with JERA Co.,Inc, divesting non-core assets. We delivered $0.8 billion structural cost reduction* in 2024.

●

Growing our portfolio: FID taken on 10 major projects*, including Tangguh UCC project in Papua Barat, Indonesia; established a new gas joint venture, Arcius Energy with XRG; signed an agreement with ONGC as the technical services provider for the largest offshore oil field in India, which accounts for around 25% of the country's oil production; Start up of new Azeri Central East (ACE) platform in Caspian Sea in 2Q24.

●

Shareholder distributions: Dividend per ordinary share of 8 cents; $1.75 billion share buyback announced for 4Q24.

(a)

Divestment proceeds are disposal proceeds as per the condensed group cash flow statement. See page 3 for more information on other proceeds.

(b)

Third quarter and full year 2024 include $0.3 billion to offset the expected dilution from the vesting of awards under employee share schemes (full year 2023 $0.7 billion).

(c)

See Note 10 for more information.

(a)

Target first introduced in bp’s first quarter 2024 group results announcement referred to cash costs savings. Cash costs has the same meaning as underlying operating expenditure.

●

Profit or loss attributable to bp shareholders in the fourth quarter and full year was a loss of $2.0 billion and a profit of $0.4 billion respectively, compared with a profit of $0.4 billion and $15.2 billion in the same periods of 2023.

–

After adjusting profit or loss attributable to bp shareholders for inventory holding losses or gains* and net impact of adjusting items*, underlying replacement cost (RC) profit* for the fourth quarter and full year was $1.2 billion and $8.9 billion respectively, compared with $3.0 billion and $13.8 billion for the same periods of 2023. The underlying RC profit for the fourth quarter mainly reflects lower refining margins and lower realizations, partly offset by lower taxation. For the full year, the reduction mainly reflects lower refining margins, lower realizations, a lower gas marketing and trading result and a lower oil trading contribution, partly offset by lower taxation.

–

Adjusting items in the fourth quarter and full year had a net adverse pre-tax impact of $3.4 billion and $9.3 billion respectively, compared with a net adverse pre-tax impact of $2.6 billion and a net favourable pre-tax impact of $1.1 billion in the same periods of 2023.

–

Adjusting items for the fourth quarter and full year include an adverse pre-tax impact of fair value accounting effects*, relative to management's internal measure of performance, of $1.0 billion and $1.9 billion respectively, compared with a favourable pre-tax impact of $2.6 billion and $9.4 billion in the same periods of 2023. This is primarily due to an increase in the forward price of LNG over the 2024 periods, compared to a decline in the comparative periods of 2023 and the adverse impact of the fair value accounting effects relating to the hybrid bonds in 2024 compared to the favourable impact in 2023.

–

Adjusting items for the fourth quarter and full year of 2024 include an adverse pre-tax impact of asset impairments of $1.5 billion and $5.1 billion respectively, compared with an adverse pre-tax impact of $3.9 billion and $5.7 billion in the same periods of 2023. Fourth quarter and full year 2024 includes $0.4 billion of impairment charges recognized through equity-accounted earnings primarily relating to our interest in Pan American Energy Group. Fourth quarter and full year 2023 included $0.6 billion and $1.1 billion impairment charges respectively recognized through equity-accounted earnings relating to US offshore wind projects.

–

In addition, the fourth quarter and full year include a $1.0-billion gain arising on the acquisition of Lightsource bp as a result of remeasurement of our interest and assets and a loss on disposal of $1.1 billion relating to the sale of our Türkiye ground fuels business including recycling of cumulative foreign exchange losses from reserves of $0.9 billion.

●

The effective tax rate (ETR) on RC profit or loss* for the fourth quarter and full year was -235% and 78% respectively, compared with 39% and 33% for the same periods in 2023. Excluding adjusting items, the underlying ETR* for the fourth quarter and full year was 49% and 41%, compared with 42% and 39% for the same periods a year ago. The higher underlying ETR for the fourth quarter and for the full year reflects changes in the geographical mix of profits. ETR on RC profit or loss and underlying ETR are non-IFRS measures.

●

Operating cash flow* for the fourth quarter and full year was $7.4 billion and $27.3 billion respectively, compared with $9.4 billion and $32.0 billion for the same periods in 2023. The reduction in operating cash flow across these periods reflects both the underlying operating result and the movements in working capital*(after adjusting for inventory holding losses, fair value accounting effects and other adjusting items).

●

Capital expenditure* in the fourth quarter and full year was $3.7 billion and $16.2 billion respectively, compared with $4.7 billion and $16.3 billion in the same periods of 2023. Full year 2024 include a $0.7-billion initial payment in respect of German offshore wind. Full year 2023 includes $1.1 billion in respect of the TravelCenters of America acquisition.

●

Total divestment and other proceeds for the fourth quarter and full year were $2.8 billion and $4.2 billion respectively, compared with $0.3 billion and $1.8 billion for the same periods in 2023. Other proceeds for the fourth quarter and full year 2024 were $0.8 billion and $1.3 billion respectively, relating to $0.8 billion of proceeds from the sale of our 20% share in Trans Adriatic Pipeline AG (TAP) in the fourth quarter and $0.5 billion of proceeds from the sale of a 49% interest in a controlled affiliate holding certain midstream assets offshore US in the second quarter. Other proceeds for the fourth quarter and full year of 2023 were $0.5 billion of proceeds from the sale of a 49% interest in a similar controlled affiliate holding certain midstream assets onshore US.

●

At the end of the fourth quarter, net debt* was $23.0 billion, compared with $24.3 billion at the end of the third quarter 2024 and $20.9 billion at the end of the fourth quarter 2023 driven primarily by the impact of proceeds from divestments of $2.8 billion, the issuance of around $2.6 billion perpetual hybrid bonds in anticipation of refinancing perpetual hybrid bonds callable from June 2025 and/or March 2026, and acquired net debt of around $3.0 billion from the completion of the bp Bunge Bioenergia and Lightsource bp transactions.

(a)

See Operational updates on pages 6, 9 and 11. 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 first quarter 2025 reported upstream* production to be lower compared with the fourth-quarter 2024 primarily due to the already announced divestments in Egypt and Trinidad, which completed towards the end of the fourth quarter and base decline in both regions, totaling around 90 thousand barrels of oil equivalent per day.

●

In its customers business, bp expects seasonally lower volumes compared to the fourth quarter. In addition, bp expects fuels margins to remain sensitive to movements in cost of supply and earnings delivery to remain sensitive to the relative strength of the US dollar.

●

In products, bp expects realized refining margins to remain low in the first quarter. bp also expects a lower level of refinery turnaround activity compared to the fourth quarter 2024.

●

bp expects reported upstream* production to be lower and underlying upstream production* to be slightly lower compared with 2024. Within this, bp expects underlying production from oil production & operations to be broadly flat and production from gas & low carbon energy to be lower.

●

In its customers business, bp expects growth in its customers businesses including a full year contribution from bp bioenergy and a higher contribution from TravelCenters of America in part supported by a partial recovery from the US freight recession. Earnings growth is expected to be supported by structural cost reduction. bp continues to expect fuels margins to remain sensitive to the cost of supply and earnings delivery to remain sensitive to the relative strength of the US dollar.

●

In products, bp expects broadly flat refining margins relative to 2024 and stronger underlying performance underpinned by the absence of the plant-wide power outage at Whiting refinery, and improvement plans across the portfolio. bp expects similar levels of refinery turnaround activity, with phasing of turnaround activity in 2025 heavily weighted towards the first half, with the highest impact in the second quarter.

●

bp expects other businesses & corporate underlying annual charge to be around $1.0 billion for 2025. The charge may vary from quarter to quarter.

●

bp expects the depreciation, depletion and amortization to be broadly flat compared with 2024.

●

bp expects the underlying ETR* for 2025 to be around 40% but it is sensitive to a range of factors, including the volatility of the price environment and its impact on the geographical mix of the group’s profits and losses.

●

bp expects divestment and other proceeds to be around $3 billion in 2025 weighted towards the second half. Having realized $22.0 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 expects Gulf of America settlement payments for the year to be around $1.2 billion pre-tax including $1.1 billion pre-tax to be paid during the second quarter.

●

The replacement cost (RC) profit before interest and tax for the fourth quarter and full year was $1,841 million and $3,569 million respectively, compared with $2,169 million and $14,080 million for the same periods in 2023. The fourth quarter and full year are adjusted by an adverse impact of net adjusting items* of $146 million and $3,234 million respectively, compared with a favourable impact of net adjusting items of $392 million and $5,358 million for the same periods 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 $377 million and $1,550 million for the fourth quarter and full year in 2024 and a favourable impact of $1,887 million and $8,859 million for the same periods 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. See page 27 for more information on adjusting items.

●

After adjusting RC profit before interest and tax for adjusting items, the underlying RC profit before interest and tax* for the fourth quarter and full year was $1,987 million and $6,803 million respectively, compared with $1,777 million and $8,722 million for the same periods in 2023.

●

The underlying RC profit before interest and tax for the fourth quarter compared with the same period in 2023, reflects lower exploration write-offs, higher realizations and a lower depreciation, depletion and amortization charge. The gas marketing and trading result for the quarter was average compared with a strong result in the fourth quarter of 2023.

●

The underlying RC profit before interest and tax for the full year, compared with the same period in 2023, reflects a lower gas marketing and trading result, lower realizations, lower production and the foreign exchange loss in the first quarter, partly offset by a lower depreciation, depletion and amortization charge and lower exploration write-offs.

●

Reported production for the quarter was 850mboe/d, 5.4% lower than the same period in 2023. Underlying production* was 2.7% lower, mainly due to base decline in Egypt, partially offset by improved base performance in other regions and major projects*.

●

Reported production for the full year was 888mboe/d, 4.4% lower than the same period in 2023. Underlying production was 2.8% lower, mainly due to base decline in Egypt partially offset by major projects*.

●

Renewables pipeline* at the end of the quarter was 60.6GW (bp net), including 38.7GW of Lightsource bp's (LSbp's) pipeline. The renewables pipeline showed a net increase of 2.3GW during the full year as a result of the LSbp acquisition (20.5GW), offset by reductions as a result of high-grading and focus of proposed hydrogen projects and the US solar business.

●

On 21 November bp announced it and its partners have made the final investment decision on the $7 billion Tangguh Ubadari, CCUS, Compression project (UCC), which has the potential to unlock around 3 trillion cubic feet of additional gas resources in Indonesia. Tangguh CCUS aims to be the first carbon capture, utilization and storage (CCUS) project developed at scale in Indonesia

●

On 16 December bp and XRG (ADNOC’s international energy investment company) announced they had completed formation of a new joint venture Arcius Energy (51% bp, 49% XRG). The JV will initially operate in Egypt, and includes interests assigned by bp across two development concessions, as well as exploration agreements.

●

On 16 December bp completed the sale of four mature offshore gas fields and associated production facilities in Trinidad & Tobago (Immortelle, Flamboyant, Amherstia and Cashima) to Perenco T&T. And on 19 November bp Trinidad & Tobago was awarded the NCMA 2 block offshore Trinidad as part of the Shallow Water 2023/24 bid round. NCMA 2, located approximately 30 miles off Trinidad’s north coast, opens a new area of exploration for bp in Trinidad & Tobago.

●

On 2 January 2025 bp announced it has begun flowing gas from wells at the Greater Tortue Ahmeyim (GTA) Phase1 liquefied natural gas (LNG) project offshore Mauritania & Senegal to its floating production storage and offloading (FPSO) vessel for the next stage of commissioning. The project is expected to produce 2.3 million tonnes per annum of LNG. 

●

On 8 January 2025 bp announced that it has been selected by India’s Oil and Natural Gas Corporation (ONGC) as the technical services provider for the largest offshore oil field in India, which accounts for around 25% of the country’s oil production.

●

On 9 December bp and JERA Co., Inc. agreed to combine their offshore wind businesses to form an equally-owned joint venture called JERA Nex bp that aims to become one of the largest global offshore wind developers and operators (total 13GW potential net generating capacity). Completion is expected by end of the third quarter of 2025, subject to regulatory and other approvals.

●

On 10 December bp, together with its partners, confirmed that it has reached financial close for two major projects in Teesside, UK: the Northern Endurance Partnership (NEP) carbon capture and storage project and the Net Zero Teesside Power (NZT Power) project.

●

On 18 December bp announced the final investment decision for its 100MW Lingen Green Hydrogen project. It will be bp’s largest industrial green hydrogen* plant and the first that bp will fully own and operate. The plant, to be built as part of the Important Projects of Common European Interest-funded project, could produce up to 11,000 tonnes of green hydrogen annually.

●

On 31 December bp announced that it will develop an offshore wind farm off the coast of Yamagata prefecture in Japan. The Japanese government has selected a consortium involving bp, Tokyo Gas, Marubeni Corporation, Kansai Electric Power and Marutaka Corporation to build a 450-megawatt (MW) offshore wind farm.

(a)

Fourth quarter and full year 2024 include cash acquired net of acquisition payments on completion of the Lightsource bp acquisition.

(b)

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

(c)

(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 fourth quarter and full year was $2,571 million and $10,789 million respectively, compared with $1,879 million and $11,191 million for the same periods in 2023. The fourth quarter and full year are adjusted by an adverse impact of net adjusting items* of $353 million and $1,148 million respectively, compared with an adverse impact of net adjusting items of $1,670 million and $1,590 million for the same periods in 2023. See page 27 for more information on adjusting items.

●

After adjusting RC profit before interest and tax for adjusting items, the underlying RC profit before interest and tax* for the fourth quarter and full year was $2,924 million and $11,937 million respectively, compared with $3,549 million and $12,781 million for the same periods in 2023.

●

The underlying RC profit before interest and tax for the fourth quarter and full year, compared with the same periods in 2023, primarily reflect lower realizations, increased depreciation charges and higher exploration write-offs partly offset by increased volume.

●

Reported production for the quarter was 1,449mboe/d, 1.9% higher than the fourth quarter of 2023. Underlying production* for the quarter was 1.9% higher compared with the fourth quarter of 2023 reflecting bpx energy performance and major projects* partly offset by base performance.

●

Reported production for the full year was 1,470mboe/d, 6.3% higher than the full year of 2023. Underlying production for the full year was 6.2% higher compared with the full year of 2023 reflecting bpx energy performance and major projects partly offset by base performance.

●

Azule Energy Finance Plc, a financing vehicle of Azule Energy Holdings Limited, has issued unsecured notes in an aggregate principal amount of $1,200 million (Azule Energy – a 50:50 joint venture between bp and Eni). The notes have a term of 5 years and a coupon of 8.125% per annum.

●

Azule Energy successfully completed the transaction to farm into Block 2914A (PEL85), offshore Namibia, holding a 42.5% interest. The contractor group also announced that it had spudded the first exploration well, Sagittarius 1-X.

●

In Iraq bp and the government of Iraq have reached agreement on the majority of commercial terms for the integrated oil and gas redevelopment of several Kirkuk fields.

●

The Norwegian authorities awarded Aker BP ownership interest in 19 exploration licenses on the Norwegian continental shelf in the APA 2024 licensing round. For 16 of the licences Aker BP is also granted operatorship (bp holds 15.9% interest in Aker BP).

(a)

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

(b)

(c)

●

The replacement cost (RC) loss before interest and tax for the fourth quarter and full year was $2,438 million and $1,560 million respectively, compared with a loss of $554 million and a profit of $4,230 million for the same periods in 2023. The fourth quarter and full year are adjusted by an adverse impact of net adjusting items* of $2,136 million and $4,077 million respectively, mainly related to loss on disposal of the Türkiye grounds fuels business in the fourth quarter and impairment of the Gelsenkirchen refinery and associated onerous contract provisions during 2024, compared with an adverse impact of net adjusting items of $1,357 million and $2,183 million for the same periods in 2023. See page 27 for more information on adjusting items.

●

After adjusting RC loss before interest and tax for adjusting items, the underlying RC loss or profit before interest and tax* (underlying result) for the fourth quarter and full year was a loss of $302 million and a profit of $2,517 million respectively, compared with a profit of $803 million and $6,413 million for the same periods in 2023.

●

The customers & products underlying result for the fourth quarter and full year was significantly lower than the same periods in 2023. The underlying result in the fourth quarter primarily reflected lower refining margins and a lower customers result. The underlying result for the full year primarily reflected lower refining margins and a lower oil trading contribution.

●

customers – the customers underlying result for the fourth quarter and full year was lower compared with the same periods in 2023. The fourth quarter was impacted by weaker retail fuels margins and the absence of one-off positive effects that benefited the same period last year. The contribution of TravelCenters of America continues to be impacted by the US freight recession. The full year result benefited from a continued stronger performance in Castrol, resulting in higher unit margins and volumes and lower costs. In addition, the continued momentum in EV charging, convenience and retail fuels margins was more than offset by a significantly weaker European midstream performance driven by biofuels margins.

●

products – the products underlying result for the fourth quarter and full year was significantly lower compared with the same periods in 2023. In refining, the underlying result for the fourth quarter was mainly impacted by lower realized refining margins, including the impact of narrower North American heavy crude oil differentials, partly offset by lower turnaround activity. The oil trading contribution for the fourth quarter was weak. The underlying result for the full year was lower, primarily due to lower realized refining margins and the first quarter plant-wide power outage at the Whiting refinery, partly offset by a lower impact from turnaround activity. The underlying oil trading result for the full year was significantly lower than the same period last year.

●

bp-operated refining availability* for the fourth quarter and full year was 94.8% and 94.3%, compared with 96.1% and 96.1% for the same periods in 2023, with the full year lower mainly due to the first quarter Whiting refinery power outage.

●

On 31 October bp completed the sale of its Türkiye ground fuels business to Petrol Ofisi, including the group's interest in three joint venture terminals in Türkiye. In addition, in November, bp announced its intention to sell its mobility and convenience and bp pulse businesses in Netherlands, with a planned completion of the sale by the end of 2025.

●

Energy sold and EV charge points* installed in the year grew by around 75% and 35% respectively, compared to 2023, with charge points now around 39,100. In addition, in the fourth quarter, bp pulse continued to progress the roll out of new ultra-fast(a) charging hubs in the UK and Germany, alongside continued upgrading of the existing network.

●

As part of our continuing drive to focus activity in biofuels, bp took the decision in January 2025 to rephase and recycle its biofuels project in Kwinana with the objective of improving capital productivity. In addition, during the fourth quarter bp continued to progress its strategic plans to access feedstock for biofuels, announcing a 10-year agreement with agri-food group MIGASA for the supply of up to 40,000 tonnes per year of vegetable oil waste, and announcing a collaboration with Corteva, with the intent of forming a JV, on novel feedstocks.

●

On 1 December bp completed the sale of its 50% ownership in the SAPREF refinery to the South African state-owned entity, Central Energy Fund SOC Ltd.

●

On 3 February 2025 bp completed the acquisition of fuel and convenience retailer, X Convenience, expanding its network with the addition of 49 sites in South and Western Australia.

●

On 6 February 2025 bp announced its intention to market its Ruhr Oel GmbH – BP Gelsenkirchen operation in Germany for potential sale, including its refinery in Gelsenkirchen and DHC Solvent Chemie GmbH in Mülheim an der Ruhr.

●

During the fourth quarter bp’s Archaea Energy started up two renewable natural gas (RNG) landfill plants, bringing the total to 9 RNG landfill plants started-up year to date with a total capacity of more than 10 million mmBtu per annum, and has a further six plants in commissioning during the first quarter of 2025.

(a)

  "ultra-fast" includes charger capacity of ≥150kW.

(a)

(b)

(c)

Reported to the nearest 50.

●

The replacement cost (RC) loss before interest and tax for the fourth quarter and full year was $1,161 million and $988 million respectively, compared with a loss of $16 million and $903 million for the same periods in 2023. The fourth quarter and full year are adjusted by an adverse impact of net adjusting items* of $634 million and $380 million respectively, compared with a favourable impact of net adjusting items of $81 million and an adverse impact of $37 million for the same periods in 2023. Adjusting items include adverse impacts of fair value accounting effects* of $493 million for the quarter and $221 million for the full year in 2024, and a favourable impact of $579 million and $630 million for the same periods in 2023. See page 27 for more information on adjusting items.

●

After adjusting RC loss before interest and tax for adjusting items, the underlying RC loss before interest and tax* for the fourth quarter and full year was $527 million and $608 million respectively, compared with a loss of $97 million and $866 million for the same periods in 2023, mainly reflecting adverse foreign exchange effects for the fourth quarter and increased interest income for the full year.

●

In December, bp invested in Snowfox Discovery Ltd alongside co-investors Rio Tinto and Oxford Science Enterprises. Snowfox Discovery Ltd is a natural hydrogen exploration company, whose mission is to unlock the potential of natural hydrogen to contribute to a net zero future.

●

In December, bp ventures announced an investment into Oxford Flow alongside Energy Impact Partners. Oxford Flow engineers and manufactures unique valve technology designed to be more reliable and cost-effective.

●

In December, bp ventures invested in India’s leading intercity bus platform, Zingbus to scale operations and work to electrify India’s intercity bus routes. Zingbus’ platform is designed to make intercity travel more affordable, accessible and reliable.

(a)

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

(a)

Fourth quarter and full year 2024 is principally affected by movements in the Pound Sterling against the US dollar.

(b)

Fourth quarter and full year 2024 includes $942 million recycling of cumulative foreign exchange losses from reserves relating to the sale of bp's Türkiye ground fuels business to Petrol Ofisi.

(c)

Full year 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.

(b)

During the fourth quarter 2024 BP Capital Markets PLC issued perpetual subordinated hybrid bonds in euro, sterling and US dollars for a US dollar equivalent amount of $2.6 billion. Coupons are fixed for an initial period up to dates from 2030 to 2035 at rates of 4.375% to 6.125%. In addition another group subsidiary issued perpetual subordinated hybrid securities of $0.5 billion, the proceeds of which were specifically earmarked to fund BP Alternative Energy Investments Ltd including the funding of Lightsource bp. These transactions resulted in a reduction of net debt and gearing.