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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549


Form 6-K

Report of Foreign Private Issuer

Pursuant to Rule 13a-16 or 15d-16 of
the Securities Exchange Act of 1934

for the period ended 30 June 2024
Commission File Number 1-06262

BP p.l.c.
(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:
Form 20-F x  Form 40-F ¨
Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(1): ¨
Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(7): ¨

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. 333-280100) OF BP p.l.c., 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.

1
BP p.l.c. and subsidiaries
Form 6-K for the period ended 30 June 2024(a)
(a)In this Form 6-K, references to the half year 2024 and half year 2023 refer to the six-month periods ended 30 June 2024 and 30 June 2023 respectively. References to the second quarter 2024 and second quarter 2023 refer to the three-month periods ended 30 June 2024 and 30 June 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.

2
Group results second quarter and first half 2024
Strong cash generation, growing distributions
Financial summary
SecondFirstSecondFirstFirst
quarterquarterquarterhalfhalf
$ million20242024202320242023
Profit for the period70 2,409 1,953 2,479 10,375 
Less: Non-controlling interests199 146 161 345 365 
Profit (loss) for the period attributable to bp shareholders(129)2,263 1,792 2,134 10,010 
Inventory holding (gains) losses*, before tax136 (851)732 (715)1,332 
Taxation charge (credit) on inventory holding gains and losses(23)194 (183)171 (331)
Replacement cost (RC) profit (loss)*(16)1,606 2,341 1,590 11,011 
Net (favourable) adverse impact of adjusting items*, before tax3,053 1,226 640 4,279 (3,272)
Taxation charge (credit) on adjusting items(281)(109)(392)(390)(187)
Underlying RC profit*2,756 2,723 2,589 5,479 7,552 
SecondSecondFirstFirst
quarterquarterhalfhalf
$ million2024202320242023
Sales and other operating revenues47,299 48,538 96,179 104,720 
Operating cash flow*8,100 6,293 13,109 13,915 
Capital expenditure*(3,691)(4,314)(7,969)(7,939)
Divestment and other proceeds(a)
760 88 1,173 888 
Net cash issue (repurchase) of shares(1,751)(2,073)(3,501)(4,521)
Finance debt54,986 49,738 54,986 49,738 
Net debt*(b)
22,614 23,660 22,614 23,660 
Adjusted EBITDA*9,639 9,770 19,945 22,836
Announced dividend per ordinary share (cents per share)8.000 7.270 15.270 13.880 
Profit (loss) per ordinary share (cents)(0.78)10.22 12.85 56.53 
Profit (loss) per ADS (dollars)(0.05)0.61 0.77 3.39 
Underlying RC profit per ordinary share* (cents)16.61 14.77 32.86 42.65 
Underlying RC profit per ADS* (dollars)1.00 0.89 1.97 2.56 

(a)Divestment proceeds are disposal proceeds as per the condensed group cash flow statement. See page 5 for more information on other proceeds.
(b)See Note 9 for more information.

RC profit (loss), 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 35.

3

Highlights(a)
2Q24 loss $0.1 billion; underlying replacement cost (RC) profit* $2.8 billion
•
Loss for the quarter attributable to bp shareholders was $0.1 billion, compared with $2.3 billion for the first quarter 2024 and $1.8 billion for the second quarter 2023. The result for the second quarter 2024 is adjusted for inventory holding losses* of $0.1 billion (net of tax) and a net adverse impact of adjusting items* of $2.8 billion (net of tax) to derive the underlying RC profit. Adjusting items post-tax include a net charge of $1.5 billion relating to asset impairments and associated onerous contract provisions, including those relating to the ongoing review of the Gelsenkirchen refinery and adverse post-tax fair value accounting effects* of $0.9 billion.
•
Underlying RC profit for the quarter was $2.8 billion, compared with $2.7 billion for the previous quarter and $2.6 billion for the second quarter 2023. Compared with the first quarter 2024, the result reflects an average gas marketing and trading result, significantly lower realized refining margins, stronger fuels margins and lower taxation.
Segment results
•
Gas & low carbon energy: The RC loss before interest and tax for the second quarter 2024 was $0.3 billion, compared with a profit of $1.0 billion for the previous quarter. After adjusting RC loss before interest and tax for a net adverse impact of adjusting items of $1.7 billion, the underlying RC profit before interest and tax* for the second quarter was $1.4 billion, compared with $1.7 billion in the first quarter 2024. The second quarter underlying result reflects an average gas marketing and trading result compared with a strong result in the first quarter, partially offset by the absence of foreign exchange losses from the devaluation of the Egyptian pound and lower exploration write-offs.
•
Oil production & operations: The RC profit before interest and tax for the second quarter 2024 was $3.3 billion, compared with $3.1 billion for the previous quarter. After adjusting RC profit before interest and tax for a net favourable impact of adjusting items of $0.2 billion, the underlying RC profit before interest and tax for the second quarter was $3.1 billion, compared with $3.1 billion in the first quarter 2024. The second quarter underlying result reflects higher realizations partially offset by higher exploration write-offs.
•
Customers & products: The RC loss before interest and tax for the second quarter 2024 was $0.1 billion, compared with a profit of $1.0 billion for the previous quarter. After adjusting RC loss before interest and tax for a net adverse impact of adjusting items of $1.3 billion, the underlying RC profit before interest and tax for the second quarter was $1.1 billion, compared with $1.3 billion in the first quarter 2024. The customers second quarter underlying result was higher by $0.4 billion, reflecting stronger fuels margins, convenience performance and seasonal volumes, and continued quarter on quarter momentum in Castrol. The products second quarter underlying result was lower by $0.6 billion, reflecting significantly lower realized refining margins mainly relating to weaker middle distillate margins and narrower North American heavy crude oil differentials, and a higher level of turnaround activity, partially offset by the absence of the first quarter impacts of the Whiting refinery outage. The oil trading contribution was weak following a strong result in the first quarter.
Operating cash flow* $8.1 billion, finance debt increased to $55.0 billion and net debt* reduced to $22.6 billion
•
Operating cash flow in the quarter of $8.1 billion was strong, compared with $6.3 billion for the same period of 2023. Finance debt at the end of the second quarter 2024 was $55.0 billion, compared with $49.7 billion for the end of the second quarter 2023. Net debt reduced to $22.6 billion, largely driven by strong operating cash flow. Net debt for the end of the second quarter 2023 was $23.7 billion.
Growing distributions within an unchanged financial frame
•
A resilient dividend is bp’s first priority within its disciplined financial frame, underpinned by a cash balance point* of around $40 per barrel Brent, $11 per barrel RMM and $3 per mmBtu Henry Hub (all 2021 real). For the second quarter, bp has announced a dividend per ordinary share of 8 cents.
•
bp is committed to maintaining a strong investment grade credit rating. Through the cycle, we are targeting to further improve our credit metrics within an 'A' grade credit range.
•
bp continues to invest with discipline and a returns focused approach in our transition growth* engines and in our oil, gas and refining businesses. For 2024 and 2025 we expect capital expenditure of around $16 billion per annum.
•
The $1.75 billion share buyback programme announced with the first quarter results was completed on 26 July 2024. Related to the second quarter results, bp intends to execute a $1.75 billion share buyback prior to reporting the third quarter results. Furthermore, bp is committed to announcing $3.5 billion for the second half of 2024. At current market conditions and subject to maintaining a strong investment grade credit rating, bp plans share buybacks of at least $14 billion through 2025 as part of our commitment, on a point forward basis, to returning at least 80% of surplus cash flow* to shareholders.
•
In setting the dividend per ordinary share and buyback each quarter, the board will continue to take into account factors including the cumulative level of and outlook for surplus cash flow, the cash balance point and maintaining a strong investment grade credit rating.


(a)This report discusses certain material changes in bp’s results of operations with respect to the quarter ended 30 June 2024 as compared to the quarter ended 31 March 2024. Financial information for the quarter ended 31 March 2024 can be in found in our Current Report on Form 6-K filed with the SEC on 7 May 2024.

The commentary above contains forward-looking statements and should be read in conjunction with the cautionary statement on page 41.
4
Financial results
In addition to the highlights on page 4:
•Profit or loss attributable to bp shareholders in the second quarter and half year was a loss of $0.1 billion and a profit of $2.1 billion respectively, compared with a profit of $1.8 billion and $10.0 billion in the same periods of 2023.
•After adjusting loss or profit attributable to bp shareholders for inventory holding losses or gains* and net impact of adjusting items*, underlying replacement cost (RC) profit* for the second quarter and half year was $2.8 billion and $5.5 billion respectively, compared with $2.6 billion and $7.6 billion for the same periods of 2023. The underlying RC profit for the second quarter mainly reflects an average gas marketing and trading result compared with an exceptional result in the second quarter 2023, lower industry refining margins, a significantly lower level of turnaround activity in customers & products, increased volume in oil production & operations, and lower taxation. For the half year, the reduction mainly reflects a lower gas marketing and trading result, lower industry refining margins and lower gas realizations, partially offset by increased volume in oil production & operations and lower taxation.
•Adjusting items in the second quarter and half year had a net adverse pre-tax impact of $3.1 billion and $4.3 billion respectively, compared with a net adverse pre-tax impact of $0.6 billion and a net favourable pre-tax impact of $3.3 billion in the same periods of 2023.
•Adjusting items for the second quarter and half year of 2024 include an adverse impact of pre-tax fair value accounting effects*, relative to management's internal measure of performance, of $1.0 billion and $1.2 billion respectively, compared with a favourable pre-tax impact of $1.1 billion and $5.3 billion in the same periods of 2023. This is primarily due to an increase in the forward price of LNG over the quarter and half year 2024, compared to a decline in the comparative periods of 2023.
•Adjusting items for the second quarter and half year of 2024 include an adverse pre-tax impact of asset impairments of $1.3 billion and $1.9 billion respectively, compared with an adverse pre-tax impact of $1.2 billion and $1.2 billion in the same periods of 2023. In second quarter and half year 2024 there was also an adverse impact of $0.7 billion and $0.9 billion respectively of onerous contract provisions associated with those impairments.
•The effective tax rate (ETR) on the profit or loss before taxation for the second quarter and half year was 94% and 58% respectively, compared with 44% and 32% for the same periods in 2023. The ETR on RC profit or loss* for the second quarter and half year was 87% and 63% respectively, compared with 41% and 32% for the same periods in 2023. Excluding adjusting items, the underlying ETR* for the second quarter and half year was 33% and 38%, compared with 43% and 41% for the same periods a year ago. The lower underlying ETR for the second quarter and half year reflects the impact of the reassessment of the recognition of deferred tax assets. ETR on RC profit or loss and underlying ETR are non-IFRS measures.
•Operating cash flow* for the second quarter and half year was $8.1 billion and $13.1 billion respectively, compared with $6.3 billion and $13.9 billion for the same periods in 2023. The quarter-on-quarter variance has arisen as a result of a higher working capital* release and timings of payments relating to provisions, and the year-on-year variance is driven by the lower underlying profit partly offset by lower tax payments.
•Capital expenditure* in the second quarter and half year was $3.7 billion and $8.0 billion respectively, compared with $4.3 billion and $7.9 billion in the same periods of 2023. Second quarter and half year 2023 include $1.1 billion in respect of the TravelCenters of America acquisition.
•Total divestment and other proceeds for the second quarter and half year were $0.8 billion and $1.2 billion respectively, compared with $0.1 billion and $0.9 billion for the same periods in 2023. Other proceeds for the second quarter and half year 2024 were $0.5 billion of proceeds from the sale of a 49% interest in a controlled affiliate holding certain midstream assets offshore US. There were no other proceeds for the same periods in 2023.
•Finance debt at the end of the second quarter was $55.0 billion, compared to $53.0 billion at the end of the first quarter 2024 and $49.7 billion at the end of the second quarter 2023. At the end of the second quarter, net debt* was $22.6 billion, compared with $24.0 billion at the end of the first quarter 2024 and $23.7 billion at the end of the second quarter 2023 reflecting strong operating cash flow.



5
Analysis of RC profit (loss) before interest and tax and reconciliation to profit (loss) for the period
SecondSecondFirstFirst
quarterquarterhalfhalf
$ million2024202320242023
RC profit (loss) before interest and tax
gas & low carbon energy(315)2,289 721 9,636 
oil production & operations3,267 2,568 6,327 5,885 
customers & products(133)555 855 3,235 
other businesses & corporate(180)(297)(480)(387)
Consolidation adjustment – UPII*(73)(30)(41)(52)
2,566 5,085 7,382 18,317 
Finance costs and net finance expense relating to pensions and other post-retirement benefits
(1,176)(859)(2,210)(1,644)
Taxation on a RC basis(1,207)(1,724)(3,237)(5,297)
Non-controlling interests(199)(161)(345)(365)
RC profit (loss) attributable to bp shareholders*(16)2,341 1,590 11,011 
Inventory holding gains (losses)*(136)(732)715 (1,332)
Taxation (charge) credit on inventory holding gains and losses23 183 (171)331 
Profit (loss) for the period attributable to bp shareholders(129)1,792 2,134 10,010 
Analysis of underlying RC profit (loss) before interest and tax

SecondSecondFirstFirst
quarterquarterhalfhalf
$ million2024202320242023
Underlying RC profit (loss) before interest and tax
gas & low carbon energy1,402 2,233 3,060 5,689 
oil production & operations3,094 2,777 6,219 6,096 
customers & products1,149 796 2,438 3,555 
other businesses & corporate(158)(170)(312)(466)
Consolidation adjustment – UPII(73)(30)(41)(52)
5,414 5,606 11,364 14,822 
Finance costs and net finance expense relating to pensions and other post-retirement benefits
(971)(740)(1,913)(1,421)
Taxation on an underlying RC basis(1,488)(2,116)(3,627)(5,484)
Non-controlling interests(199)(161)(345)(365)
Underlying RC profit attributable to bp shareholders*2,756 2,589 5,479 7,552 
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.
Operating Metrics
Operating metricsFirst half 2024vs First half 2023
Tier 1 and tier 2 process safety events*23+3
Reported recordable injury frequency*0.262+2.7%
upstream* production(a) (mboe/d)
2,379+3.4%
upstream unit production costs*(b) ($/boe)
6.17+4.0%
bp-operated upstream plant reliability*
95.5%+0.5
bp-operated refining availability*(a)
93.4%-2.5
(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.


6
Outlook & Guidance
3Q 2024 guidance
•Looking ahead, bp expects third quarter 2024 reported upstream* production to be lower compared with second-quarter 2024, including in higher margin regions.
•In its customers business, bp expects fuels margins to remain sensitive to movements in cost of supply, and seasonally higher volumes compared to the second quarter.
•In products, bp expects realized refining margins to continue to be sensitive to relative movements in product cracks and North American heavy crude oil differentials. In addition bp expects a similar level of turnaround activity to the second quarter.
•bp expects income taxes paid in the third quarter to be around $1 billion higher than the second quarter 2024 mainly due to the timing of instalment payments, which are typically higher in the third quarter each year.
2024 guidance
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 margins to remain sensitive to the cost of supply.
•In products, bp continues to expect a lower level of industry refining margins relative to 2023, with realized margins impacted by narrower North American heavy crude oil differentials. bp now expects refinery turnaround activity to have a lower financial impact compared to 2023 reflecting the lower margin environment, with phasing of activity in 2024 heavily weighted towards the second half, with a higher impact in the fourth quarter.
•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, and continues to expect 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 $18.9 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 settlement payments for the year to be around $1.2 billion pre-tax including $1.1 billion pre-tax paid during the second quarter.
bp expects to update on our medium-term plans at the same time as our full year results in February 2025.

The commentary above contains forward-looking statements and should be read in conjunction with the cautionary statement on page 41.
7
gas & low carbon energy*
Financial results
•Sales and other operating revenues for the second quarter and half year were $5.8 billion and $14.5 billion respectively, compared with $10.4 billion and $28.3 billion for the corresponding periods in 2023. For the second quarter, revenues were lower mainly due to lower volumes, and lower gas marketing and trading revenues. For the half year, revenues were lower mainly due to lower volumes, lower realizations, and lower gas marketing and trading revenues.
•The replacement cost (RC) result before interest and tax for the second quarter and half year was a loss of $315 million and a profit of $721 million respectively, compared with a profit of $2,289 million and $9,636 million for the same periods in 2023. The second quarter and half year are adjusted by an adverse impact of net adjusting items* of $1,717 million and $2,339 million respectively, compared with a favourable impact of net adjusting items of $56 million and $3,947 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 $1,011 million and $898 million for the second quarter and half year in 2024 and a favourable impact of $1,222 million and $5,156 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.
•After adjusting RC loss or profit before interest and tax for adjusting items, the underlying RC profit before interest and tax* for the second quarter and half year was $1,402 million and $3,060 million respectively, compared with $2,233 million and $5,689 million for the same periods in 2023.
•The underlying RC profit for the second quarter compared with the same period in 2023, reflects an average gas marketing and trading result compared with an exceptional result in the second quarter 2023, partly offset by a lower depreciation, depletion and amortization charge. The underlying RC profit for the half year, compared with the same period in 2023, reflects a lower gas marketing and trading result and lower realizations, partly offset by a lower depreciation, depletion and amortization charge.
Operational update
•Reported production for the quarter was 899mboe/d, 0.5% lower than the same period in 2023. Underlying production* was 0.4% higher, mainly due to ramp-up of major projects*, partially offset by base decline.
•Reported production for the half year was 907mboe/d, 3.2% lower than the same period in 2023. Underlying production was 1.6% lower, mainly due to base decline partially offset by major projects. Reported production includes the effect of the disposal of the Algeria business in 2023.
•Renewables pipeline* at the end of the quarter was 59.0GW (bp net), including 21.1GW bp net share of Lightsource bp's (LSbp's) pipeline. The renewables pipeline increased by 0.7GW net during the half year. In addition, there is over 10GW (bp net) of early stage opportunities in LSbp's hopper.
Strategic progress
gas
•On 4 June bp announced that the floating production storage and offloading (FPSO) vessel, a key component of the Greater Tortue Ahmeyim (GTA) Phase 1 LNG development, has arrived at its final location offshore on the maritime border of Mauritania and Senegal, following the arrival of the FLNG vessel in the first quarter.
•On 4 June bp signed a new five-year gas agreement with Turkish state-owned pipeline company BOTAS. This is the fourth contract between Shah Deniz and BOTAS stretching back to the start of production from the Caspian Sea field in 2006.
•On 21 June bp approved the final investment decision for the Coconut project offshore Trinidad and Tobago.
•On 24 July bp and its partner the National Gas Company of Trinidad and Tobago Limited were awarded an exploration and production licence by the Bolivarian Republic of Venezuela for the development of the Cocuina gas discovery. Cocuina is the Venezuelan portion of the cross-border Manakin-Cocuina gas field.
•These events build on the progress announced in our first-quarter results, which comprised the following:
ADNOC and bp announced that they have agreed to form a new joint venture (JV) in Egypt (bp 51%, ADNOC 49%). Subject to regulatory approvals and clearances, the formation of the JV is expected to complete during the second half of 2024; and 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.
low carbon energy
•On 13 June bp signed an agreement with OQ and Dredging, Environmental and Marine Engineering NV (DEME) to acquire a 49% stake and operatorship in the Hyport green hydrogen* project in Duqm, Oman, subject to regulatory approvals, which could produce around 57,000 tonnes per annum of green hydrogen.
•On 15 July bp announced its 100MW industrial-scale green hydrogen project has been awarded funding as part of the European IPCEI (Important Projects of Common European interest) Hy2Infra wave. The project, located next to bp’s Lingen refinery in Germany, is expected to be bp’s first fully owned and operated large-scale green hydrogen plant.
•These events build on the progress announced in our first-quarter results, which comprised the following:
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; and 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 FID by the projects and the UK government.
8
gas & low carbon energy (continued)
SecondFirstSecondFirstFirst
quarterquarterquarterhalfhalf
$ million20242024202320242023
Profit (loss) before interest and tax(315)1,036 2,289 721 9,637 
Inventory holding (gains) losses*— — — — (1)
RC profit (loss) before interest and tax(315)1,036 2,289 721 9,636 
Net (favourable) adverse impact of adjusting items1,717 622 (56)2,339 (3,947)
Underlying RC profit before interest and tax1,402 1,658 2,233 3,060 5,689 
Taxation on an underlying RC basis(369)(518)(575)(887)(1,536)
Underlying RC profit before interest1,033 1,140 1,658 2,173 4,153 

SecondSecondFirstFirst
quarterquarterhalfhalf
$ million2024202320242023
Sales and other operating revenues(a)
Sales and other operating revenues5,809 10,428 14,484 28,314 
Depreciation, depletion and amortization
Total depreciation, depletion and amortization1,209 1,407 2,502 2,847 
Exploration write-offs
Exploration write-offs28 (1)231 (2)
Adjusted EBITDA*(b)
Total adjusted EBITDA2,639 3,639 5,793 8,534 
Capital expenditure*
gas869 697 1,508 1,344 
low carbon energy136 190 795 556 
Total capital expenditure1,005 887 2,303 1,900 
(a)Includes sales to other segments.
(b)A reconciliation to RC profit before interest and tax is provided on page 31.

SecondSecondFirstFirst
quarterquarterhalfhalf
2024202320242023
Production (net of royalties)(c)
Liquids* (mb/d)98 103 100 108 
Natural gas (mmcf/d)4,648 4,641 4,678 4,801 
Total hydrocarbons* (mboe/d)899 903 907 936 
Of which equity-accounted entities:
Liquids (mb/d)2 2 2 2 
Natural gas (mmcf/d)— — — — 
Total hydrocarbons (mboe/d)2 2 2 2 
Average realizations*(d)
Liquids ($/bbl)79.92 73.57 78.38 76.42 
Natural gas ($/mcf)5.47 5.53 5.46 6.49 
Total hydrocarbons ($/boe)36.85 36.96 36.75 42.01 
(c)Includes bp’s share of production of equity-accounted entities in the gas & low carbon energy segment.
(d)Realizations are based on sales by consolidated subsidiaries only – this excludes equity-accounted entities.

9
gas & low carbon energy (continued)
30 June 202430 June 2023
low carbon energy(e)
Renewables (bp net, GW)
Installed renewables capacity* 2.7 2.4 
Developed renewables to FID*6.5 6.1 
Renewables pipeline 59.039.6
of which by geographical area:
Renewables pipeline – Americas18.4 17.8 
Renewables pipeline – Asia Pacific21.5 12.2 
Renewables pipeline – Europe15.5 9.5 
Renewables pipeline – Other3.5 0.1 
of which by technology:
Renewables pipeline – offshore wind9.6 5.3 
Renewables pipeline – onshore wind12.7 6.3 
Renewables pipeline – solar36.7 28.1 
Total Developed renewables to FID and Renewables pipeline65.5 45.7 
(e)Because of rounding, some totals may not agree exactly with the sum of their component parts.
10
oil production & operations
Financial results
•Sales and other operating revenues for the second quarter and half year were $6.7 billion and $13.1 billion respectively, compared with $5.8 billion and $11.9 billion for the corresponding periods in 2023. For the second quarter and half year, revenues were higher mainly due to higher volumes and higher liquid realizations.
•The replacement cost (RC) profit before interest and tax for the second quarter and half year was $3,267 million and $6,327 million respectively, compared with $2,568 million and $5,885 million for the same periods in 2023. The second quarter and half year are adjusted by a favourable impact of net adjusting items* of $173 million and $108 million respectively, compared with an adverse impact of net adjusting items of $209 million and $211 million for the same periods in 2023.
•After adjusting RC profit before interest and tax for adjusting items, the underlying RC profit before interest and tax* for the second quarter and half year was $3,094 million and $6,219 million respectively, compared with $2,777 million and $6,096 million for the same periods in 2023.
•The underlying RC profit for the second quarter and half year, compared with the same periods in 2023, primarily reflect increased volume, higher liquids realizations and lower exploration write-offs partly offset by increased depreciation charges and higher costs.
Operational update
•Reported production for the quarter was 1,481mboe/d, 8.2% higher than the second quarter of 2023. Underlying production* for the quarter was 8.3% higher compared with the second quarter of 2023 reflecting bpx energy performance and major projects* partly offset by base performance.
•Reported production for the half year was 1,472mboe/d, 7.9% higher than the half year of 2023. Underlying production for the quarter was 7.9% higher compared with the half year of 2023 reflecting bpx energy performance and major projects* partly offset by base performance.
Strategic Progress
•In the Gulf of Mexico bp acquired a 30% interest in the Hess operated Vancouver prospect.
•bp has been awarded a 10% interest in the ADNOC-operated LNG facility in Abu Dhabi, ADNOC and its partners approved the final investment decision in June. Subject to obtaining necessary regulatory approvals, the project is expected to have an LNG production capacity of 9.6mmt per annum.
•bp made the final investment decision on the Kaskida project in the deepwater Gulf of Mexico. Kaskida will be bp's sixth hub in the Gulf of Mexico and is expected to have a production capacity of 80,000 barrels of crude oil per day (bp 100%).
•These events build on the progress announced in our first-quarter results:
The start-up of oil production from the new Azeri Central East (ACE) platform in the Azerbaijan sector of the Caspian Sea; bpx energy brought online 'Checkmate', its third central processing facility in the Permian Basin; Final investment decision on the Atlantis Drill Center Expansion which will be a two well tie back to the Atlantis facility in the Gulf of Mexico; the award of a licence for two blocks in the central North Sea, consolidating our position around our Eastern Trough Area Project (ETAP) central processing facility; Aker BP was awarded interest in 27 licences (of which it will operate 17) in the North Sea and Norwegian Sea; and Azule Energy announced it had agreed to acquire a 42.5% interest in exploration block 2914A (PEL85), Orange Basin.




SecondFirstSecondFirstFirst
quarterquarterquarterhalfhalf
$ million20242024202320242023
Profit before interest and tax3,268 3,059 2,568 6,327 5,886 
Inventory holding (gains) losses*(1)1 — — (1)
RC profit before interest and tax3,267 3,060 2,568 6,327 5,885 
Net (favourable) adverse impact of adjusting items(173)65 209 (108)211 
Underlying RC profit before interest and tax3,094 3,125 2,777 6,219 6,096 
Taxation on an underlying RC basis(1,171)(1,509)(1,413)(2,680)(3,179)
Underlying RC profit before interest1,923 1,616 1,364 3,539 2,917 

11
oil production & operations (continued)
SecondSecondFirstFirst
quarterquarterhalfhalf
$ million2024202320242023
Sales and other operating revenues(a)
Sales and other operating revenues6,659 5,777 13,091 11,930 
Depreciation, depletion and amortization
Total depreciation, depletion and amortization1,698 1,370 3,355 2,697 
Exploration write-offs
Exploration write-offs99 242 102 293 
Adjusted EBITDA*(b)
Total adjusted EBITDA4,891 4,389 9,676 9,086 
Capital expenditure*
Total capital expenditure1,534 1,478 3,310 2,998 
(a)Includes sales to other segments.
(b)A reconciliation to RC profit before interest and tax is provided on page 31.

SecondSecondFirstFirst
quarterquarterhalfhalf
2024202320242023
Production (net of royalties)(c)
Liquids* (mb/d)1,085 1,000 1,071 1,003 
Natural gas (mmcf/d)2,292 2,140 2,328 2,100 
Total hydrocarbons* (mboe/d)1,481 1,369 1,472 1,365 
Of which equity-accounted entities:
Liquids (mb/d)265 275 270 273 
Natural gas (mmcf/d)445 434 423 433 
Total hydrocarbons (mboe/d)342 350 343 347 
Average realizations*(d)
Liquids ($/bbl)73.01 69.19 71.79 70.40 
Natural gas ($/mcf)2.02 3.23 2.35 4.90 
Total hydrocarbons ($/boe)55.78 54.57 54.94 58.40 
(c)Includes bp’s share of production of equity-accounted entities in the oil production & operations segment.
(d)Realizations are based on sales by consolidated subsidiaries only – this excludes equity-accounted entities.
12
customers & products
Financial results
•Sales and other operating revenues for the second quarter and half year were $41.1 billion and $81.0 billion respectively, compared with $38.1 billion and $76.9 billion for the corresponding periods in 2023. The increase in the second quarter and half year was mainly due to higher volumes and elevated product prices in 2024.
•The replacement cost (RC) result before interest and tax for the second quarter and half year was a loss of $133 million and a profit of $855 million respectively, compared with a profit of $555 million and $3,235 million for the same periods in 2023. The second quarter and half year are adjusted by an adverse impact of net adjusting items* of $1,282 million and $1,583 million respectively, mainly related to an impairment of the Gelsenkirchen refinery and associated onerous contract provisions, compared with an adverse impact of net adjusting items of $241 million and $320 million for the same periods in 2023.
•After adjusting RC loss or profit before interest and tax for adjusting items, the underlying RC profit before interest and tax* for the second quarter and half year was $1,149 million and $2,438 million respectively, compared with $796 million and $3,555 million for the same periods in 2023.
•The customers & products result for the second quarter was higher than the same period in 2023. The result for the half year was significantly lower than the same period in 2023, primarily reflecting a lower refining result.
•customers – the customers result for the second quarter and first half was stronger compared to the same periods in 2023. The result benefited from higher retail fuels margins, a stronger Castrol result driven by higher volumes and margins, continued growth in convenience, and favourable foreign exchange movements. This was partly offset by a weaker European midstream performance driven by biofuels margins. The contribution of TravelCenters of America continues to be impacted by the US freight recession.
•products – the products result for the second quarter was higher compared with the same period last year. In refining, the result for the second quarter was impacted by lower industry refining margins and benefited from a significantly lower level of turnaround activity. The oil trading contribution for the second quarter was weak. The products result for the first half was significantly lower compared with the same period in 2023, primarily reflecting a lower refining result. In refining, in addition to the second quarter factors noted above, the first quarter result was impacted by lower industry refining margins and the plant-wide power outage at the Whiting refinery.
Operational update
•bp-operated refining availability* for the second quarter and half year was 96.4% and 93.4%, compared with 95.7% and 95.9% for the same periods in 2023, with the half year lower mainly due to the first quarter Whiting refinery power outage.
Strategic progress
•On 22 May bp entered into a binding agreement to acquire fuel and convenience retailer, X Convenience, expanding its network with the addition of over 50 sites in South and Western Australia. Subject to customary regulatory approvals, the transaction is currently anticipated to close in the first half of 2025.
•On 24 May, bp Southern Africa (Pty) Ltd (bpSA) and Shell Downstream South Africa (Pty) Ltd (SDSA) agreed the sale of their respective 50% ownership assets to the South African state-owned entity, Central Energy Fund SOC Ltd (CEF). The sale is subject to regulatory approvals and currently anticipated to close by the end of fourth quarter 2024.
•On 19 June 2024 bp completed the sale of its 8.3% shareholding in Channel Infrastructure, which owns and operates New Zealand’s Marsden Point fuel import terminal. Our long-term terminal storage agreements with Channel Infrastructure to meet bp’s foreseeable import and supply requirements are unaffected by the sale of these shares.
•On 20 June bp agreed to acquire Bunge’s 50% holding interest in its bp Bunge Bioenergia joint venture, one of Brazil’s leading biofuels-producing companies, with capacity to produce around 50,000 barrels a day of ethanol equivalent from sugarcane. Subject to regulatory approvals, the transaction is currently anticipated to close by end 2024. 
•In June bp also announced it was scaling back plans for development of new SAF and renewable diesel biofuels projects at its existing sites, pausing planning for two potential projects while continuing to assess three for progression.
•In June Castrol announced an investment of up to $50 million in Gogoro Inc., a global technology leader in two-wheeler battery-swapping ecosystems that enable smart mobility solutions for cities, as part of diversification opportunities beyond its core lubricants and fluids business under its new ‘Onward, Upward, Forward’ strategy.
•EV charge points* installed and energy sold in the first half grew by around 30% and around two-fold respectively, compared to the same period last year, with charge points now at around 35,700. In July, bp pulse signed a deal with Simon Property Group to install and operate up to 900 ultra-fast(a) charging bays at up to 75 sites across the US, with initial sites expected to open to the public in early 2026. In addition, ADAC, the leading automobile association in Germany with over 20 million members, announced bp pulse as their new exclusive EV charging partner from 1 August.
•During the second quarter bp’s Archaea Energy started up three renewable natural gas (RNG) landfill plants with total capacity of more than 2 million mmBtu per annum, and also will be commissioning four additional plants targeting start-up in the third quarter.
•These events build on the progress announced in our first quarter results, including:
◦bp announced plans to transform the Gelsenkirchen refinery site by the end of the decade.
◦bp’s Archaea Energy brought online its largest Archaea Modular Design (AMD) RNG plant in Kansas City, Missouri and completed the purchase of Sunshine Gas Producers with its facility in California.
(a)"ultra-fast" includes charger capacity of ≥150kW.



13
customers & products (continued)
SecondFirstSecondFirstFirst
quarterquarterquarterhalfhalf
$ million20242024202320242023
Profit (loss) before interest and tax(270)1,840 (177)1,570 1,901 
Inventory holding (gains) losses*137 (852)732 (715)1,334 
RC profit (loss) before interest and tax(133)988 555 855 3,235 
Net (favourable) adverse impact of adjusting items1,282 301 241 1,583 320 
Underlying RC profit before interest and tax1,149 1,289 796 2,438 3,555 
Of which:(a)
customers – convenience & mobility790 370 701 1,160 1,092 
Castrol – included in customers211 184 171 395 332 
products – refining & trading359 919 95 1,278 2,463 
Taxation on an underlying RC basis(125)(333)(271)(458)(1,048)
Underlying RC profit before interest1,024 956 525 1,980 2,507 
(a)A reconciliation to RC profit before interest and tax by business is provided on page 30.

SecondSecondFirstFirst
quarterquarterhalfhalf
$ million2024202320242023
Sales and other operating revenues(b)
Sales and other operating revenues41,100 38,051 80,995 76,933 
Adjusted EBITDA*(c)
customers – convenience & mobility 1,281 1,149 2,135 1,881 
Castrol – included in customers253 213 479 413 
products – refining & trading807 541 2,186 3,365 
2,088 1,690 4,321 5,246 
Depreciation, depletion and amortization
Total depreciation, depletion and amortization939 894 1,883 1,691 
Capital expenditure*
customers – convenience & mobility497 1,452 1,063 1,910 
Castrol – included in customers74 44 117 112 
products – refining & trading548 406 1,102 938 
Total capital expenditure1,045 1,858 2,165 2,848 
(b)Includes sales to other segments.
(c)A reconciliation to RC profit before interest and tax by business is provided on page 30.

Retail(d)
SecondSecondFirstFirst
quarterquarterhalfhalf
2024202320242023
bp retail sites* – total (#)21,200 21,100 21,200 21,100 
Strategic convenience sites*2,950 2,750 2,950 2,750 
(d)Reported to the nearest 50.

Marketing sales of refined products (mb/d)SecondSecondFirstFirst
quarterquarterhalfhalf
2024202320242023
US1,271 1,275 1,177 1,177 
Europe1,077 1,056 1,008 1,015 
Rest of World462 472 465 467 
2,810 2,803 2,650 2,659 
Trading/supply sales of refined products387353 370343 
Total sales volume of refined products3,1973,156 3,0203,002 




14
customers & products (continued)
Refining marker margin*
SecondSecondFirstFirst
quarterquarterhalfhalf
2024202320242023
bp average refining marker margin (RMM) ($/bbl)20.6 24.7 20.6 26.4 

Refinery throughputs (mb/d)SecondSecondFirstFirst
quarterquarterhalfhalf
2024202320242023
US670 638 598 662 
Europe722 726 775 779 
Total refinery throughputs1,392 1,364 1,373 1,441 
bp-operated refining availability* (%)96.4 95.7 93.4 95.9 
15
other businesses & corporate
Other businesses & corporate comprises technology, bp ventures, launchpad, regions, corporates & solutions, our corporate activities & functions and any residual costs of the Gulf of Mexico oil spill.
Financial results
•The replacement cost (RC) loss before interest and tax for the second quarter and half year was $180 million and $480 million respectively, compared with a loss of $297 million and $387 million for the same periods in 2023. The second quarter and half year are adjusted by an adverse impact of net adjusting items* of $22 million and $168 million respectively, compared with an adverse impact of net adjusting items of $127 million and a favourable impact of $79 million for the same periods in 2023. Adjusting items include impacts of fair value accounting effects* which are an adverse impact of $29 million for the quarter and $222 million for the half year in 2024, and an adverse impact of $48 million and a favourable impact of $197 million for the same periods in 2023.
•After adjusting RC loss before interest and tax for adjusting items, the underlying RC loss before interest and tax* for the second quarter and half year was $158 million and $312 million respectively, compared with a loss of $170 million and $466 million for the same periods in 2023.
Strategic progress
•In May bp ventures announced the investment of $10 million in Hysata to expand the production of its high efficiency electrolyser technology.
•This event builds on the progress announced in our first-quarter results in which bp launchpad divested all of its 100% shareholding in Insight Analytics Solutions Holdings Limited (“Onyx”) to Macquarie Capital.

SecondSecondFirstFirst
quarterquarterhalfhalf
$ million2024202320242023
Profit (loss) before interest and tax(180)(297)(480)(387)
Inventory holding (gains) losses*— — — — 
RC profit (loss) before interest and tax(180)(297)(480)(387)
Net (favourable) adverse impact of adjusting items(a)
22 127 168 (79)
Underlying RC profit (loss) before interest and tax(158)(170)(312)(466)
Taxation on an underlying RC basis3 10 102 39 
Underlying RC profit (loss) before interest(155)(160)(210)(427)
(a)Includes fair value accounting effects relating to hybrid bonds. See page 36 for more information.



16
Financial statements
Group income statement
SecondSecondFirstFirst
quarterquarterhalfhalf
$ million2024202320242023
Sales and other operating revenues (Note 5)
47,299 48,538 96,179 104,720 
Earnings from joint ventures – after interest and tax250 360 428 555 
Earnings from associates – after interest and tax266 231 564 404 
Interest and other income414 378 795 626 
Gains on sale of businesses and fixed assets21 (28)245 125 
Total revenues and other income48,250 49,479 98,211 106,430 
Purchases28,891 29,172 56,538 58,294 
Production and manufacturing expenses6,692 6,231 13,539 13,213 
Production and similar taxes484 404 928 878 
Depreciation, depletion and amortization (Note 6)
4,098 3,923 8,248 7,723 
Net impairment and losses on sale of businesses and fixed assets (Note 3)
1,309 1,269 2,046 1,357 
Exploration expense179 293 426 399 
Distribution and administration expenses4,167 3,834 8,389 7,581 
Profit (loss) before interest and taxation 2,430 4,353 8,097 16,985 
Finance costs1,216 920 2,291 1,763 
Net finance (income) expense relating to pensions and other post-retirement benefits(40)(61)(81)(119)
Profit (loss) before taxation 1,254 3,494 5,887 15,341 
Taxation1,184 1,541 3,408 4,966 
Profit (loss) for the period70 1,953 2,479 10,375 
Attributable to
bp shareholders(129)1,792 2,134 10,010 
Non-controlling interests
199 161 345 365 
70 1,953 2,479 10,375 
Earnings per share (Note 7)
Profit (loss) for the period attributable to bp shareholders
Per ordinary share (cents)
Basic(0.78)10.22 12.85 56.53 
Diluted(0.78)10.01 12.54 55.40 
Per ADS (dollars)
Basic(0.05)0.61 0.77 3.39 
Diluted(0.05)0.60 0.75 3.32 



17
Condensed group statement of comprehensive income
SecondSecondFirstFirst
quarterquarterhalfhalf
$ million2024202320242023
Profit (loss) for the period70 1,953 2,479 10,375 
Other comprehensive income
Items that may be reclassified subsequently to profit or loss
Currency translation differences(142)11 (590)464 
Cash flow hedges and costs of hedging(100)(56)(215)490 
Share of items relating to equity-accounted entities, net of tax10 (27)2 (230)
Income tax relating to items that may be reclassified40 71 36 (5)
(192)(1)(767)719 
Items that will not be reclassified to profit or loss
Remeasurements of the net pension and other post-retirement benefit liability or asset(240)(855)(306)(942)
Remeasurements of equity investments(17)— (30)— 
Cash flow hedges that will subsequently be transferred to the balance sheet— — (3)— 
Income tax relating to items that will not be reclassified(a)
59 308 733 331 
(198)(547)394 (611)
Other comprehensive income (390)(548)(373)108 
Total comprehensive income(320)1,405 2,106 10,483 
Attributable to
bp shareholders(520)1,240 1,783 10,101 
Non-controlling interests200 165 323 382 
(320)1,405 2,106 10,483 

(a)First half 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%.
18
Condensed group statement of changes in equity
bp shareholders’Non-controlling interestsTotal
$ millionequityHybrid bondsOther interestequity
At 1 January 202470,283 13,566 1,644 85,493 
Total comprehensive income 1,783 310 13 2,106 
Dividends(2,431)— (186)(2,617)
Cash flow hedges transferred to the balance sheet, net of tax
(4)— — (4)
Repurchase of ordinary share capital(3,502)— — (3,502)
Share-based payments, net of tax654 — — 654 
Issue of perpetual hybrid bonds(a)
(4)1,300 — 1,296 
Redemption of perpetual hybrid bonds, net of tax(a)
9 (1,300)— (1,291)
Payments on perpetual hybrid bonds— (419)— (419)
Transactions involving non-controlling interests, net of tax
236 — 247 483 
At 30 June 202467,024 13,457 1,718 82,199 
bp shareholders’Non-controlling interestsTotal
$ millionequityHybrid bondsOther interestequity
At 1 January 202367,553 13,390 2,047 82,990 
Total comprehensive income10,101 288 94 10,483 
Dividends(2,348)— (135)(2,483)
Repurchase of ordinary share capital(5,166)— — (5,166)
Share-based payments, net of tax205 — — 205 
Issue of perpetual hybrid bonds(1)133 — 132 
Payments on perpetual hybrid bonds(5)(409)— (414)
Transactions involving non-controlling interests, net of tax— — (144)(144)
At 30 June 202370,339 13,402 1,862 85,603 

(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.

19
Group balance sheet
30 June31 December
$ million20242023
Non-current assets
Property, plant and equipment100,293 104,719 
Goodwill12,390 12,472 
Intangible assets10,301 9,991 
Investments in joint ventures12,346 12,435 
Investments in associates7,852 7,814 
Other investments1,943 2,189 
Fixed assets145,125 149,620 
Loans2,162 1,942 
Trade and other receivables1,971 1,767 
Derivative financial instruments10,262 9,980 
Prepayments661 623 
Deferred tax assets5,060 4,268 
Defined benefit pension plan surpluses7,520 7,948 
172,761 176,148 
Current assets
Loans212 240 
Inventories23,345 22,819 
Trade and other receivables28,890 31,123 
Derivative financial instruments7,940 12,583 
Prepayments 2,147 2,520 
Current tax receivable978 837 
Other investments708 843 
Cash and cash equivalents34,891 33,030 
99,111 103,995 
Assets classified as held for sale (Note 2)
1,512 151 
100,623 104,146 
Total assets273,384 280,294 
Current liabilities
Trade and other payables57,660 61,155 
Derivative financial instruments4,339 5,250 
Accruals 5,703 6,527 
Lease liabilities2,593 2,650 
Finance debt4,142 3,284 
Current tax payable2,894 2,732 
Provisions4,016 4,418 
81,347 86,016 
Liabilities directly associated with assets classified as held for sale (Note 2)
31 62 
81,378 86,078 
Non-current liabilities
Other payables8,913 10,076 
Derivative financial instruments12,032 10,402 
Accruals1,096 1,310 
Lease liabilities8,104 8,471 
Finance debt50,844 48,670 
Deferred tax liabilities9,125 9,617 
Provisions14,571 14,721 
Defined benefit pension plan and other post-retirement benefit plan deficits 5,122 5,456 
109,807 108,723 
Total liabilities191,185 194,801 
Net assets82,199 85,493 
Equity
bp shareholders’ equity67,024 70,283 
Non-controlling interests15,175 15,210 
Total equity82,199 85,493 

20
Condensed group cash flow statement
SecondSecondFirstFirst
quarterquarterhalfhalf
$ million2024202320242023
Operating activities
Profit (loss) before taxation1,254 3,494 5,887 15,341 
Adjustments to reconcile profit (loss) before taxation to net cash provided by operating activities
Depreciation, depletion and amortization and exploration expenditure written off
4,225 4,164 8,581 8,014 
Net impairment and (gain) loss on sale of businesses and fixed assets1,288 1,297 1,801 1,232 
Earnings from equity-accounted entities, less dividends received
19 (31)(77)(30)
Net charge for interest and other finance expense, less net interest paid
524 102 716 165 
Share-based payments
507 243 668 221 
Net operating charge for pensions and other post-retirement benefits, less contributions and benefit payments for unfunded plans
(34)(47)(66)(90)
Net charge for provisions, less payments
764 (221)81 (1,320)
Movements in inventories and other current and non-current assets and liabilities
1,556 (742)(575)(4,497)
Income taxes paid
(2,003)(1,966)(3,907)(5,121)
Net cash provided by operating activities8,100 6,293 13,109 13,915 
Investing activities
Expenditure on property, plant and equipment, intangible and other assets(3,463)(3,453)(7,181)(6,582)
Acquisitions, net of cash acquired(116)(804)(222)(752)
Investment in joint ventures(95)(50)(448)(590)
Investment in associates(17)(7)(118)(15)
Total cash capital expenditure(3,691)(4,314)(7,969)(7,939)
Proceeds from disposal of fixed assets35 28 101 43 
Proceeds from disposal of businesses, net of cash disposed219 60 566 845 
Proceeds from loan repayments24 21 40 27 
Cash provided from investing activities278 109 707 915 
Net cash used in investing activities(3,413)(4,205)(7,262)(7,024)
Financing activities
Net issue (repurchase) of shares (Note 7)
(1,751)(2,073)(3,501)(4,521)
Lease liability payments(679)(620)(1,373)(1,175)
Proceeds from long-term financing2,736 3,643 4,995 6,038 
Repayments of long-term financing(623)(2,828)(1,297)(3,627)
Net increase (decrease) in short-term debt49 (348)65 (877)
Issue of perpetual hybrid bonds(a)
— 87 1,296 132 
Redemption of perpetual hybrid bonds(a)
— — (1,288)— 
Payments relating to perpetual hybrid bonds(271)(250)(527)(486)
Payments relating to transactions involving non-controlling interests (Other interest)— — — (180)
Receipts relating to transactions involving non-controlling interests (Other interest)508 2 524 9 
Dividends paid - bp shareholders(1,204)(1,153)(2,423)(2,336)
 - non-controlling interests
(60)(67)(186)(135)
Net cash provided by (used in) financing activities(1,295)(3,607)(3,715)(7,158)
Currency translation differences relating to cash and cash equivalents(11)— (271)(14)
Increase (decrease) in cash and cash equivalents3,381 (1,519)1,861 (281)
Cash and cash equivalents at beginning of period31,510 30,433 33,030 29,195 
Cash and cash equivalents at end of period34,891 28,914 34,891 28,914 


(a)See Condensed group statement of changes in equity - footnote (a) for further information.
21
Notes
Note 1. Basis of preparation
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.
The directors consider it appropriate to adopt the going concern basis of accounting in preparing these interim financial statements.
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.
Significant accounting judgements and estimates
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.
Provisions
The nominal risk-free discount rate applied to provisions is reviewed on a quarterly basis. The discount rate applied to the group's provisions was revised to 4.5% in the second quarter (31 December 2023 4.0%) to reflect higher US Treasury yields. The principal impact of this rate increase was a $0.8 billion decrease in the decommissioning provision with a corresponding decrease in the carrying amount of property, plant and equipment of $0.6 billion.

Note 2. Non-current assets held for sale
The carrying amount of assets classified as held for sale at 30 June 2024 is $1,512 million, with associated liabilities of $31 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 30 June 2024 is $1,408 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 30 June 2024 is $104 million, with associated liabilities of $8 million. Cumulative foreign exchange losses within reserves of approximately $930 million are expected to be recycled to the group income statement at completion.

Note 3. Impairment and losses on sale of businesses and fixed assets
Net impairment charges and losses on sale of businesses and fixed assets for the second quarter and half year were $1,309 million and $2,046 million respectively, compared with net charges of $1,269 million and $1,357 million for the same periods in 2023 and include net impairment charges for the second quarter and half year of $1,296 million and $1,945 million respectively, compared with net impairment charges of $1,208 million and $1,167 million for the same periods in 2023. 


22
Note 4. Analysis of replacement cost profit (loss) before interest and tax and reconciliation to profit (loss) before taxation
SecondSecondFirstFirst
quarterquarterhalfhalf
$ million2024202320242023
gas & low carbon energy(315)2,289 721 9,636 
oil production & operations3,267 2,568 6,327 5,885 
customers & products(133)555 855 3,235 
other businesses & corporate(180)(297)(480)(387)
2,639 5,115 7,423 18,369 
Consolidation adjustment – UPII*(73)(30)(41)(52)
2,566 5,085 7,382 18,317 
Inventory holding gains (losses)*
gas & low carbon energy— — — 1 
oil production & operations1 — — 1 
customers & products(137)(732)715 (1,334)
Profit (loss) before interest and tax2,430 4,353 8,097 16,985 
Finance costs1,216 920 2,291 1,763 
Net finance expense/(income) relating to pensions and other post-retirement benefits(40)(61)(81)(119)
Profit (loss) before taxation1,254 3,494 5,887 15,341 
RC profit (loss) before interest and tax*
US1,545 2,244 3,155 5,319 
Non-US1,021