Form 6-K - Report of foreign issuer [Rules 13a-16 and 15d-16]
29 Outubro 2024 - 7:39AM
Edgar (US Regulatory)
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
Form 6-K
Report of Foreign Issuer
Pursuant to Rule 13a-16 or 15d-16 of
the Securities Exchange Act of 1934
for the
period ended 29 October, 2024
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 Form 20-F or Form 40-F.
Form
20-F |X| Form 40-F
---------------
----------------
Indicate
by check mark whether the registrant by furnishing the
information
contained
in this Form is also thereby furnishing the information to
the
Commission
pursuant to Rule 12g3-2(b) under the Securities Exchange Act
of
1934.
Yes No
|X|
---------------
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Exhibit
1.1
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3Q24
SEA Part 1 of 1 dated 29 October 2024
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Exhibit 1.1
Top of page 1
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FOR IMMEDIATE RELEASE
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London 29 October 2024
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BP p.l.c. Group results
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Third quarter and nine months 2024
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"For a printer friendly version of this announcement please click
on the link below to open a PDF version of the
announcement"
http://www.rns-pdf.londonstockexchange.com/rns/9450J_1-2024-10-28.pdf
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Driving focus and efficiencies; delivering resilient
operations
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Financial summary
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Third
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Second
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Third
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Nine
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Nine
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quarter
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quarter
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quarter
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months
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months
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$ million
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2024
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2024
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2023
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2024
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2023
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Profit (loss) for the period attributable to bp
shareholders
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206
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(129)
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4,858
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2,340
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14,868
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Inventory holding (gains) losses*, net of tax
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906
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113
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(1,212)
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362
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(211)
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Replacement cost (RC) profit (loss)*
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1,112
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(16)
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3,646
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2,702
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14,657
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Net (favourable) adverse impact of adjusting items*, net of
tax
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1,155
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2,772
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(353)
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5,044
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(3,812)
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Underlying RC profit*
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2,267
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2,756
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3,293
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7,746
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10,845
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Operating cash flow*
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6,761
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8,100
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8,747
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19,870
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22,662
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Capital expenditure*
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(4,542)
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(3,691)
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(3,603)
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(12,511)
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(11,542)
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Divestment and other proceeds(a)
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290
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760
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655
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1,463
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1,543
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Net issue (repurchase) of shares(b)
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(2,001)
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(1,751)
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(2,047)
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(5,502)
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(6,568)
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Net debt*(c)
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24,268
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22,614
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22,324
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24,268
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22,324
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Adjusted
EBITDA*
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9,654
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9,639
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10,306
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29,599
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33,142
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Announced dividend per ordinary share (cents per
share)
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8.000
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8.000
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7.270
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23.270
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21.150
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Underlying RC profit per ordinary share* (cents)
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13.89
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16.61
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19.14
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46.79
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61.83
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Underlying RC profit per ADS* (dollars)
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0.83
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1.00
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1.15
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2.81
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3.71
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Highlights
●
Resilient
operations: 3Q24 upstream production
2.4mmboe/d; 3Q24 refining availability 95.6%.
●
Focus and
efficiencies: in action to
deliver at least $2 billion of sustainable cash cost*
savings.
●
Growth and
access: Signed
two memorandums of understanding to join SOCAR in two exploration
and development blocks offshore Azerbaijan and to negotiate a
material integrated redevelopment programme for the Kirkuk region;
Completed the bp Bunge Bioenergia and Lightsource bp transactions
in 4Q.
●
Shareholder
distributions: Dividend per ordinary share of 8
cents; $1.75 billion share buyback announced for 3Q24, as part of
our commitment to announce $3.5 billion for the second half of
2024.
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We have made significant progress since we laid out our six
priorities earlier this year to make bp simpler, more focused and
higher value. In oil and gas, we see the potential to grow through
the decade with a focus on value over volume. We also have a deep
belief in the opportunity afforded by the energy transition - we
have established a number of leading positions and will continue
high-grading our investments to ensure they compete with the rest
of our business. I am absolutely clear that the actions we are
taking will grow the value of bp.
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Murray Auchincloss
Chief executive officer
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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 nine months 2024 include $0.3 billion to offset the
expected dilution from the vesting of awards under employee share
schemes (third quarter 2023 $0.2 billion, nine months 2023 $0.7
billion).
c)
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 31.
Top of page 2
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In the third quarter, we delivered an underlying replacement cost
profit* of $2.3 billion while continuing to transform our business.
We are in action to deliver efficiencies and are confident in
achieving at least $2 billion of cash cost* savings by the end of
2026 relative to 2023. Our financial frame is unchanged. Today, we
are announcing a dividend of 8 cents per share and a $1.75 billion
share buyback as part of our $3.5 billion commitment for the second
half of 2024.
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Kate Thomson
Chief financial officer
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Highlights
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3Q24 underlying replacement cost (RC) profit $2.3
billion
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●
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Underlying RC profit for the quarter was $2.3 billion, compared
with $2.8 billion for the previous quarter. Compared with the
second quarter 2024, the underlying result reflects weaker realized
refining margins, a weak oil trading result and lower liquids
realizations, partly offset by higher gas realizations. The gas
marketing and trading result was average. The underlying effective
tax rate (ETR)* in the quarter was 42%.
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●
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Reported profit for the quarter was $0.2 billion, compared
with a loss of $0.1 billion for the second quarter 2024. The
reported result for the third quarter is adjusted for inventory
holding losses* of $1.2 billion (pre-tax) and a net adverse impact
of adjusting items* of $1.6 billion (pre-tax) to derive the
underlying RC profit. Adjusting items pre-tax include impairments
of $1.7 billion (see Note 3) and favourable fair value
accounting effects* of $0.4 billion. See page 27 for more
information on adjusting items.
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Segment results
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●
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Gas & low carbon energy: The RC profit before interest and tax
for the third quarter 2024 was $1.0 billion, compared with a
loss of $0.3 billion for the previous quarter. After adjusting
RC profit before interest and tax for a net adverse impact of
adjusting items of $0.7 billion, the underlying RC profit
before interest and tax* for the third quarter was
$1.8 billion, compared with $1.4 billion in the second
quarter 2024. The third quarter underlying result before interest
and tax is largely driven by higher gas realizations. The gas
marketing and trading result was average.
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●
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Oil production & operations: The RC profit before interest and
tax for the third quarter 2024 was $1.9 billion, compared with
$3.3 billion for the previous quarter. After adjusting RC
profit before interest and tax for a net adverse impact of
adjusting items of $0.9 billion, the underlying RC profit
before interest and tax for the third quarter was
$2.8 billion, compared with $3.1 billion in the second
quarter 2024. The third quarter underlying result before interest
and tax reflects lower liquids realizations and higher exploration
write-offs.
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●
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Customers & products: The RC profit before interest and tax for
the third quarter 2024 was $23 million, compared with a loss of
$0.1 billion for the previous quarter. After adjusting RC profit
before interest and tax for a net adverse impact of adjusting items
of $0.4 billion, the underlying RC profit before interest and tax
(underlying result) for the third quarter was $0.4 billion,
compared with $1.1 billion in the second quarter 2024. The
customers third quarter underlying result was higher by $0.1
billion, reflecting broadly flat fuels margins, seasonally higher
volumes partly offset by costs. The products third quarter
underlying result was lower by $0.9 billion, mainly reflecting
weaker realized refining margins and a weak oil trading
contribution which was lower than the second quarter.
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Operating cash flow* $6.8 billion and net debt* $24.3
billion
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●
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Operating cash flow in the quarter was $6.8 billion. This includes
a working capital* release of $1.4 billion (after adjusting for
inventory holding losses, fair value accounting effects and other
adjusting items), reflecting the unwind of a working capital build
in the first quarter, impact of the price environment and timing of
various payments (see page 28). Net debt increased to $24.3 billion
compared to the second quarter, primarily driven by lower operating
cash flow, higher capital expenditures and lower divestment and
other proceeds.
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Growing distributions within an unchanged financial
frame
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●
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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 third quarter, bp has announced a dividend
per ordinary share of 8 cents.
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●
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bp is committed to maintaining a strong balance sheet and strong
investment grade credit rating. Through the cycle, we are targeting
to further improve our credit metrics within an 'A' grade credit
range.
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●
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bp continues to invest with discipline and a returns focused
approach in our transition growth* engines and in our oil, gas and
refining businesses.
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●
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The $1.75 billion share buyback programme announced with the second
quarter results was completed on 25 October 2024. Related to the
third quarter results, bp intends to execute a $1.75 billion share
buyback prior to reporting the fourth quarter results. Furthermore,
bp is committed to announcing $1.75 billion for the fourth quarter
of 2024. In addition, our previous guidance for at least $14
billion of share buybacks through 2025 at market conditions around
bp's fourth quarter 2023 results(a) and
subject to maintaining a strong investment grade credit rating, is
currently unchanged, although as part of the update to our medium
term plans in February 2025, we intend to review elements of our
financial guidance, including our expectations for 2025 share
buybacks.
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●
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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.
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(a)
6 February 2024.
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The commentary above contains forward-looking statements and should
be read in conjunction with the cautionary statement on page
37.
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Top of page 3
Financial results
In addition to the highlights on page 2:
(b) Profit
attributable to bp shareholders in the third quarter and nine
months was $0.2 billion and $2.3 billion respectively,
compared with a profit of $4.9 billion and $14.9 billion
in the same periods of 2023.
●
After adjusting profit
attributable to bp shareholders for inventory holding losses or
gains* and net impact of adjusting items*, underlying replacement
cost (RC) profit* for the third quarter and nine months was
$2.3 billion and $7.7 billion respectively, compared with
$3.3 billion and $10.8 billion for the same periods of 2023. The
underlying RC profit for the third quarter mainly reflects lower
refining margins and a weak oil trading contribution compared with
a very strong result in the same period of 2023. The gas marketing
and trading result for the quarter was average compared with a weak
result in the third quarter of 2023. For the nine months, the
reduction mainly reflects lower refining margins, a lower gas
marketing and trading result, a lower oil trading contribution and
lower realizations, partly offset by lower
taxation.
●
Adjusting
items in the third quarter and nine months had a net adverse
pre-tax impact of $1.6 billion and $5.9 billion
respectively, compared with a net favourable pre-tax impact of
$0.5 billion and $3.8 billion in the same periods of
2023.
●
Adjusting
items include impacts of fair value accounting effects*, relative
to management's internal measure of performance, which are a
favourable pre-tax impact of $0.4 billion for the third quarter and
an adverse pre-tax impact of $0.9 billion for the nine months,
compared with a favourable pre-tax impact of $1.5 billion and
$6.8 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.
The third quarter 2024 is also impacted by the favourable impact of
the fair value accounting effects relating to the hybrid
bonds.
●
Adjusting items for the third
quarter and nine months of 2024 include an adverse pre-tax impact
of asset impairments of $1.7 billion and $3.7 billion respectively,
compared with an adverse pre-tax impact of $0.6 billion and $1.8
billion in
the same periods of 2023. Third quarter and nine months 2023
included a $0.5 billion impairment charge recognized through
equity-accounted earnings relating to US offshore wind
projects.
●
The
effective tax rate (ETR) on RC profit or loss* for the third
quarter and nine months was 51% and 59% respectively, compared with
33% and 32% for the same periods in 2023. Excluding adjusting
items, the underlying ETR* for the third quarter and nine months
was 42% and 40%, compared with 33% and 39% for the same periods a
year ago. The higher underlying ETR for the third quarter reflects
changes in the geographical mix of profits and the absence of
adjustments in respect of prior periods. ETR on RC profit or loss
and underlying ETR are non-IFRS measures.
●
Operating
cash flow* for the third quarter and nine months was
$6.8 billion and $19.9 billion respectively, compared
with $8.7 billion and $22.7 billion for the same periods
in 2023. The decrease for the third quarter is driven by the lower
underlying pre-tax profit and lower working capital release, with
the nine months decrease driven by lower underlying pre-tax profit
and working capital build partly offset by lower tax
payments.
●
Capital
expenditure* in the third quarter and nine months was
$4.5 billion and $12.5 billion respectively, compared
with $3.6 billion and $11.5 billion in the same periods
of 2023. Third quarter and nine months 2024 include a $0.7-billion
initial payment in respect of German offshore wind. Nine months
2023 includes $1.1 billion in respect of the TravelCenters of
America acquisition.
●
Total divestment and other
proceeds for the third quarter and nine months were
$0.3 billion and $1.5 billion respectively, compared with
$0.7 billion and $1.5 billion for the same periods in 2023.
There were no other proceeds for the third quarter 2024. Other
proceeds for the nine months 2024 were $0.5 billion of proceeds
from the sale of a 49% interest in a controlled affiliate holding
certain midstream assets offshore US. Other proceeds for the third
quarter and nine months 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 third quarter, net debt* was $24.3 billion, compared
with $22.6 billion at the end of the second quarter 2024 and
$22.3 billion at the end of the third quarter 2023 driven
primarily by the impact of weaker realized refining margins and by
the rephasing of around $1 billion of divestment proceeds into the
fourth quarter.
Top of page 4
Analysis of RC profit (loss) before interest and tax and
reconciliation to profit (loss) for the period
|
|
|
Third
|
Second
|
Third
|
|
Nine
|
Nine
|
|
|
|
quarter
|
quarter
|
quarter
|
|
months
|
months
|
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$ million
|
|
2024
|
2024
|
2023
|
|
2024
|
2023
|
|
RC profit (loss) before interest and tax
|
|
|
|
|
|
|
|
|
gas
& low carbon energy
|
|
1,007
|
(315)
|
2,275
|
|
1,728
|
11,911
|
|
oil
production & operations
|
|
1,891
|
3,267
|
3,427
|
|
8,218
|
9,312
|
|
customers
& products
|
|
23
|
(133)
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1,549
|
|
878
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4,784
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other
businesses & corporate
|
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653
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(180)
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(500)
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173
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(887)
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Consolidation
adjustment - UPII*
|
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65
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(73)
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(57)
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24
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(109)
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RC profit before interest and tax
|
|
3,639
|
2,566
|
6,694
|
|
11,021
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25,011
|
|
Finance
costs and net finance expense relating to pensions and other
post-retirement benefits
|
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(1,059)
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(1,176)
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(978)
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(3,269)
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(2,622)
|
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Taxation on a RC basis
|
|
(1,304)
|
(1,207)
|
(1,859)
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(4,541)
|
(7,156)
|
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Non-controlling interests
|
|
(164)
|
(199)
|
(211)
|
|
(509)
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(576)
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RC profit (loss) attributable to bp shareholders*
|
|
1,112
|
(16)
|
3,646
|
|
2,702
|
14,657
|
|
Inventory holding gains (losses)*
|
|
(1,182)
|
(136)
|
1,593
|
|
(467)
|
261
|
|
Taxation (charge) credit on inventory holding gains and
losses
|
|
276
|
23
|
(381)
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|
105
|
(50)
|
|
Profit (loss) for the period attributable to bp
shareholders
|
|
206
|
(129)
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4,858
|
|
2,340
|
14,868
|
Analysis of underlying RC profit (loss) before interest and
tax
|
|
|
Third
|
Second
|
Third
|
|
Nine
|
Nine
|
|
|
|
quarter
|
quarter
|
quarter
|
|
months
|
months
|
|
$ million
|
|
2024
|
2024
|
2023
|
|
2024
|
2023
|
|
Underlying RC profit (loss) before interest and tax
|
|
|
|
|
|
|
|
|
gas
& low carbon energy
|
|
1,756
|
1,402
|
1,256
|
|
4,816
|
6,945
|
|
oil
production & operations
|
|
2,794
|
3,094
|
3,136
|
|
9,013
|
9,232
|
|
customers
& products
|
|
381
|
1,149
|
2,055
|
|
2,819
|
5,610
|
|
other
businesses & corporate
|
|
231
|
(158)
|
(303)
|
|
(81)
|
(769)
|
|
Consolidation
adjustment - UPII
|
|
65
|
(73)
|
(57)
|
|
24
|
(109)
|
|
Underlying RC profit before interest and tax
|
|
5,227
|
5,414
|
6,087
|
|
16,591
|
20,909
|
|
Finance
costs and net finance expense relating to pensions and other
post-retirement benefits
|
|
(1,001)
|
(971)
|
(882)
|
|
(2,914)
|
(2,303)
|
|
Taxation on an underlying RC basis
|
|
(1,795)
|
(1,488)
|
(1,701)
|
|
(5,422)
|
(7,185)
|
|
Non-controlling interests
|
|
(164)
|
(199)
|
(211)
|
|
(509)
|
(576)
|
|
Underlying RC profit attributable to bp shareholders*
|
|
2,267
|
2,756
|
3,293
|
|
7,746
|
10,845
|
Reconciliations of underlying RC profit attributable to bp
shareholders to the nearest equivalent IFRS measure are provided on
page 1 for the group and on pages 6-14 for the
segments.
Operating Metrics
|
Operating metrics
|
|
Nine months 2024
|
|
vs Nine months 2023
|
|
Tier 1 and tier 2 process safety events*
|
|
35
|
|
+6
|
|
Reported recordable injury frequency*
|
|
0.286
|
|
+4.8%
|
|
upstream*
production(a) (mboe/d)
|
|
2,378
|
|
+3.0%
|
|
upstream unit production
costs*(b) ($/boe)
|
|
6.25
|
|
+6.3%
|
|
bp-operated upstream plant reliability*
|
|
95.3%
|
|
-0.4
|
|
bp-operated refining
availability*(a)
|
|
94.1%
|
|
-1.9
|
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.
Top of page 5
Outlook & Guidance
4Q 2024 guidance
●
Looking
ahead, bp expects fourth quarter 2024 reported upstream* production
to be lower compared with the third-quarter 2024.
●
In
its customers business, bp expects seasonally lower volumes
compared to the third quarter and fuels margins to remain sensitive
to movements in the cost of supply.
●
In
products, bp expects realized refining margins to remain low in the
fourth quarter, albeit to continue to remain sensitive to relative
movements in product cracks.
2024 guidance
In
addition to the guidance on page 2:
●
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 continues
to expect refinery turnaround activity to have a lower financial
impact compared to 2023, reflecting the lower margin environment.
Phasing of turnaround activity in 2024 is heavily weighted towards
the second half, with the highest impact in the fourth
quarter.
●
bp
now expects other businesses & corporate underlying annual
charge to be $0.3-0.4 billion for 2024.
●
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 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
continues to expect capital expenditure* for 2024 to be around $16
billion.
●
bp
now expects divestment and other proceeds to be greater than $3
billion in 2024. Having realized $19.2 billion of divestment and
other proceeds since the second quarter of 2020, bp continues to
expect to reach $25 billion of divestment and other proceeds
between the second half of 2020 and 2025.
●
During
the fourth quarter, bp completed the transactions to acquire a
further 50% of the issued ordinary shares of bp Bunge Bioenergia
and 50.03% of the issued ordinary shares of Lightsource bp (see
Note 10) and now owns 100% of the ordinary shares of both
companies. Full earnings from both companies will be included in
bp's results from the date the transactions complete and finance
debt acquired is expected to be approximately $3.7
billion.
●
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
37.
|
Top of page 6
gas & low carbon energy*
Financial results
●
The
replacement cost (RC) profit before interest and tax for the third
quarter and nine months was $1,007 million and $1,728 million
respectively, compared with $2,275 million and $11,911 million for
the same periods in 2023. The third quarter and nine months are
adjusted by an adverse impact of net adjusting items* of $749
million and $3,088 million respectively, compared with a favourable
impact of net adjusting items of $1,019 million and $4,966 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 $275 million
and $1,173 million for the third quarter and nine months in 2024
and a favourable impact of $1,816 million and $6,972 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 third
quarter and nine months was $1,756 million and $4,816 million
respectively, compared with $1,256 million and $6,945 million for
the same periods in 2023.
●
The
underlying RC profit before interest and tax for the third quarter
compared with the same period in 2023, reflects a lower
depreciation, depletion and amortization charge partly offset by
lower production. The gas marketing and trading result for the
quarter was average compared with a weak result in the third
quarter of 2023. The underlying RC profit before interest and tax
for the nine months, compared with the same period in 2023,
reflects a lower gas marketing and trading result, lower
realizations, lower production, higher exploration write-offs and
the foreign exchange loss in the first quarter, partly offset by a
lower depreciation, depletion and amortization charge.
Operational update
●
Reported
production for the quarter was 890mboe/d, 6.0% lower than the same
period in 2023. Underlying production* was 4.0% lower, mainly due
to base decline, partially offset by major projects*.
●
Reported
production for the nine months was 901mboe/d, 4.1% lower than the
same period in 2023. Underlying production was 2.4% lower, mainly
due to reduced performance partially offset by major projects ramp
up.
●
Renewables
pipeline* at the end of the quarter was 46.8GW (bp net), including
20.5GW bp net share of Lightsource bp's (LSbp's) pipeline. The
renewables pipeline decreased by 11.5GW net during the nine months
following high-grading and focus of hydrogen and CCUS projects. In
addition, there is over 10GW (bp net) of early stage opportunities
in LSbp's hopper.
Strategic progress
gas
●
On
1 August bp announced it has completed the acquisition of GETEC
ENERGIE GmbH, a leading supplier of energy to commercial and
industrial (C&I) customers in Germany. Agreement for this deal
was announced in January 2024 and will accelerate the growth of
bp's European gas and power presence.
●
On
27 August bp announced it has agreed with EOG Resources Trinidad
Limited (EOG) to partner on the Coconut gas development. Coconut
will be a 50/50 joint venture with EOG as operator. The final
investment decision has been taken by the joint venture partners
and first gas is expected in 2027.
●
On
2 September bp announced it has entered into an agreement with
Perenco T&T to sell four mature offshore gas fields and
associated production facilities in Trinidad & Tobago
(Immortelle, Flamboyant, Amherstia and Cashima). The deal will also
include undeveloped resources from the Parang area. Subject to
government approval, the deal is expected to complete by the end of
2024.
●
On
16 September bp announced it has agreed for Apollo-managed funds to
purchase a non-controlling stake in bp Pipelines TAP Limited, the
bp subsidiary that holds a 20% share in Trans Adriatic Pipeline AG
(TAP). Upon completion, bp will remain the controlling shareholder
of bp Pipelines TAP Limited.
low carbon energy
●
On
12 September bp announced that bp and Iberdrola have taken a final
investment decision for construction of a 25MW green hydrogen
project at bp's Castellón refinery in Spain which is expected
to be operational in second half of 2026. The project will be
developed by Castellón Green Hydrogen S.L., a 50:50 joint
venture between bp and Iberdrola.
●
On
16 September bp announced plans to sell its existing US onshore
wind energy business and aims to bring together the development of
onshore renewable power projects through Lightsource bp. The sale
comprises 10 operating onshore wind farms across seven US states
with a combined gross capacity of 1.7GW (1.3GW net to
bp).
●
On
24 October bp announced it has completed its acquisition of the
remaining 50.03% interest in Lightsource bp, one of the world's
leading developers and operators of utility-scale solar and battery
storage assets operators.
Top
of page 7
gas & low carbon energy (continued)
|
|
|
Third
|
Second
|
Third
|
|
Nine
|
Nine
|
|
|
|
quarter
|
quarter
|
quarter
|
|
months
|
months
|
|
$ million
|
|
2024
|
2024
|
2023
|
|
2024
|
2023
|
|
Profit (loss) before interest and tax
|
|
1,007
|
(315)
|
2,275
|
|
1,728
|
11,912
|
|
Inventory holding (gains) losses*
|
|
-
|
-
|
-
|
|
-
|
(1)
|
|
RC profit (loss) before interest and tax
|
|
1,007
|
(315)
|
2,275
|
|
1,728
|
11,911
|
|
Net (favourable) adverse impact of adjusting items
|
|
749
|
1,717
|
(1,019)
|
|
3,088
|
(4,966)
|
|
Underlying RC profit before interest and tax
|
|
1,756
|
1,402
|
1,256
|
|
4,816
|
6,945
|
|
Taxation on an underlying RC basis
|
|
(545)
|
(369)
|
(448)
|
|
(1,432)
|
(1,984)
|
|
Underlying RC profit before interest
|
|
1,211
|
1,033
|
808
|
|
3,384
|
4,961
|
|
|
|
Third
|
Second
|
Third
|
|
Nine
|
Nine
|
|
|
|
quarter
|
quarter
|
quarter
|
|
months
|
months
|
|
$ million
|
|
2024
|
2024
|
2023
|
|
2024
|
2023
|
|
Depreciation, depletion and amortization
|
|
|
|
|
|
|
|
|
Total depreciation, depletion and amortization
|
|
1,180
|
1,209
|
1,543
|
|
3,682
|
4,390
|
|
|
|
|
|
|
|
|
|
|
Exploration write-offs
|
|
|
|
|
|
|
|
|
Exploration write-offs
|
|
1
|
28
|
15
|
|
232
|
13
|
|
|
|
|
|
|
|
|
|
|
Adjusted EBITDA*
|
|
|
|
|
|
|
|
|
Total adjusted EBITDA
|
|
2,937
|
2,639
|
2,814
|
|
8,730
|
11,348
|
|
|
|
|
|
|
|
|
|
|
Capital expenditure*
|
|
|
|
|
|
|
|
|
gas
|
|
1,188
|
869
|
833
|
|
2,696
|
2,177
|
|
low carbon energy
|
|
908
|
136
|
222
|
|
1,703
|
778
|
|
Total capital expenditure
|
|
2,096
|
1,005
|
1,055
|
|
4,399
|
2,955
|
|
|
|
Third
|
Second
|
Third
|
|
Nine
|
Nine
|
|
|
|
quarter
|
quarter
|
quarter
|
|
months
|
months
|
|
|
|
2024
|
2024
|
2023
|
|
2024
|
2023
|
|
Production (net of
royalties)(a)
|
|
|
|
|
|
|
|
|
Liquids* (mb/d)
|
|
92
|
98
|
106
|
|
97
|
107
|
|
Natural gas (mmcf/d)
|
|
4,627
|
4,648
|
4,875
|
|
4,661
|
4,826
|
|
Total hydrocarbons* (mboe/d)
|
|
890
|
899
|
946
|
|
901
|
940
|
|
|
|
|
|
|
|
|
|
|
Average realizations*(b)
|
|
|
|
|
|
|
|
|
Liquids ($/bbl)
|
|
74.80
|
79.92
|
76.69
|
|
77.23
|
76.51
|
|
Natural gas ($/mcf)
|
|
5.80
|
5.47
|
5.38
|
|
5.57
|
6.11
|
|
Total hydrocarbons ($/boe)
|
|
37.91
|
36.85
|
36.82
|
|
37.13
|
40.23
|
a)
Includes
bp's share of production of equity-accounted entities in the gas
& low carbon energy segment.
b)
Realizations
are based on sales by consolidated subsidiaries only - this
excludes equity-accounted entities.
Top of page 8
gas & low carbon energy (continued)
|
|
|
30 September
|
30 June
|
30 September
|
|
low carbon energy(c)
|
|
2024
|
2024
|
2023
|
|
|
|
|
|
|
|
Renewables (bp net, GW)
|
|
|
|
|
|
Installed renewables capacity*
|
|
2.8
|
2.7
|
2.5
|
|
|
|
|
|
|
|
Developed renewables to FID*
|
|
6.6
|
6.5
|
6.1
|
|
Renewables pipeline
|
|
46.8
|
59.0
|
43.9
|
|
of which by geographical area:
|
|
|
|
|
|
Renewables
pipeline - Americas
|
|
17.8
|
18.4
|
18.4
|
|
Renewables
pipeline - Asia Pacific
|
|
12.9
|
21.5
|
12.1
|
|
Renewables
pipeline - Europe
|
|
15.4
|
15.5
|
13.4
|
|
Renewables
pipeline - Other
|
|
0.7
|
3.5
|
-
|
|
of which by technology:
|
|
|
|
|
|
Renewables
pipeline - offshore wind
|
|
9.6
|
9.6
|
9.3
|
|
Renewables
pipeline - onshore wind
|
|
6.7
|
12.7
|
6.1
|
|
Renewables
pipeline - solar
|
|
30.5
|
36.7
|
28.5
|
|
Total Developed renewables to FID and Renewables
pipeline
|
|
53.4
|
65.5
|
50.0
|
(c)
Because of rounding, some totals may not agree exactly with the sum
of their component parts.
Top of page 9
oil production & operations
Financial results
●
The
replacement cost (RC) profit before interest and tax for the third
quarter and nine months was $1,891 million and $8,218 million
respectively, compared with $3,427 million and $9,312 million for
the same periods in 2023. The third quarter and nine months are
adjusted by an adverse impact of net adjusting items* of $903
million and $795 million respectively, compared with a favourable
impact of net adjusting items of $291 million and $80 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 third
quarter and nine months was $2,794 million and $9,013 million
respectively, compared with $3,136 million and $9,232 million for
the same periods in 2023.
●
The
underlying RC profit before interest and tax for the third quarter
and nine months, compared with the same periods in 2023, primarily
reflect increased depreciation charges, higher costs and higher
exploration write-offs partly offset by increased
volume.
Operational update
●
Reported
production for the quarter was 1,488mboe/d, 7.7% higher than the
third quarter of 2023. Underlying production* for the quarter was
6.8% higher compared with the third quarter of 2023 reflecting bpx
energy performance and major projects* partly offset by base
performance and adverse weather conditions in the Gulf of
Mexico.
●
Reported
production for the nine months was 1,477mboe/d, 7.8% higher than
the nine months of 2023. Underlying production for the quarter was
7.5% higher compared with the nine months of 2023 reflecting bpx
energy performance and major projects* partly offset by base
performance.
Strategic Progress
●
The
Azeri and Chirag fields and the deepwater portion of the Gunashli
field (ACG) venture announced the signing of an addendum to the
existing production-sharing agreement (PSA)* which enables the
parties to progress the exploration, appraisal, development of and
production from the non-associated natural gas reservoirs of the
ACG field (bp operator with 30.37% equity).
●
bp
and the State Oil Company of Azerbaijan Republic (SOCAR) signed a
memorandum of understanding announcing bp's intention to join SOCAR
in two exploration and development blocks in the Azerbaijan sector
of the Caspian Sea. The first block is the Karabagh oil field, the
second block is the Ashrafi - Dan Ulduzu - Aypara area, containing
a number of existing discoveries and prospective
structures.
●
Following
on from the final investment decision on the Kaskida project in the
Gulf of Mexico, bp entered into agreements with Enbridge Offshore
Facilities LLC to construct, own and operate oil and gas export
pipelines to transport oil from Kaskida to the Green Canyon 19
platform and gas to markets in Louisiana. bp also entered into
agreements with Shell Pipeline Company LP to transport oil from
Green Canyon 19 to markets in Louisiana via a new build
pipeline.
●
bp
has signed a memorandum of understanding with the government of the
Republic of Iraq to negotiate a material integrated redevelopment
programme for the Kirkuk region, spanning oil and gas investment,
power generation and solar, together with wider exploration
activities.
●
Aker BP - Oil production has started from the
Tyrving field in the Alvheim area. Tyrving is operated by Aker BP
(61.26% working interest).The Tyrving development is part of the
life extension of the Alvheim field and is expected to increase
production while reducing both unit costs and, at just 0.3kg of
CO2 per
barrel, emissions per barrel. Recoverable resources in Tyrving are
approximately 25 million barrels of oil equivalent (gross) (bp
15.9% holding in Aker BP).
|
|
|
Third
|
Second
|
Third
|
|
Nine
|
Nine
|
|
|
|
quarter
|
quarter
|
quarter
|
|
months
|
months
|
|
$ million
|
|
2024
|
2024
|
2023
|
|
2024
|
2023
|
|
Profit before interest and tax
|
|
1,889
|
3,268
|
3,426
|
|
8,216
|
9,312
|
|
Inventory holding (gains) losses*
|
|
2
|
(1)
|
1
|
|
2
|
-
|
|
RC profit before interest and tax
|
|
1,891
|
3,267
|
3,427
|
|
8,218
|
9,312
|
|
Net (favourable) adverse impact of adjusting items
|
|
903
|
(173)
|
(291)
|
|
795
|
(80)
|
|
Underlying RC profit before interest and tax
|
|
2,794
|
3,094
|
3,136
|
|
9,013
|
9,232
|
|
Taxation on an underlying RC basis
|
|
(1,259)
|
(1,171)
|
(1,386)
|
|
(3,939)
|
(4,565)
|
|
Underlying RC profit before interest
|
|
1,535
|
1,923
|
1,750
|
|
5,074
|
4,667
|
Top of page 10
oil production & operations (continued)
|
|
|
Third
|
Second
|
Third
|
|
Nine
|
Nine
|
|
|
|
quarter
|
quarter
|
quarter
|
|
months
|
months
|
|
$ million
|
|
2024
|
2024
|
2023
|
|
2024
|
2023
|
|
Depreciation, depletion and amortization
|
|
|
|
|
|
|
|
|
Total depreciation, depletion and amortization
|
|
1,708
|
1,698
|
1,432
|
|
5,063
|
4,129
|
|
|
|
|
|
|
|
|
|
|
Exploration write-offs
|
|
|
|
|
|
|
|
|
Exploration write-offs
|
|
309
|
99
|
59
|
|
411
|
352
|
|
|
|
|
|
|
|
|
|
|
Adjusted EBITDA*
|
|
|
|
|
|
|
|
|
Total adjusted EBITDA
|
|
4,811
|
4,891
|
4,627
|
|
14,487
|
13,713
|
|
|
|
|
|
|
|
|
|
|
Capital expenditure*
|
|
|
|
|
|
|
|
|
Total capital expenditure
|
|
1,410
|
1,534
|
1,644
|
|
4,720
|
4,642
|
|
|
|
Third
|
Second
|
Third
|
|
Nine
|
Nine
|
|
|
|
quarter
|
quarter
|
quarter
|
|
months
|
months
|
|
|
|
2024
|
2024
|
2023
|
|
2024
|
2023
|
|
Production (net of
royalties)(a)
|
|
|
|
|
|
|
|
|
Liquids* (mb/d)
|
|
1,084
|
1,085
|
1,011
|
|
1,075
|
1,005
|
|
Natural gas (mmcf/d)
|
|
2,348
|
2,292
|
2,155
|
|
2,335
|
2,118
|
|
Total hydrocarbons* (mboe/d)
|
|
1,488
|
1,481
|
1,382
|
|
1,477
|
1,371
|
|
|
|
|
|
|
|
|
|
|
Average realizations*(b)
|
|
|
|
|
|
|
|
|
Liquids ($/bbl)
|
|
70.22
|
73.01
|
71.10
|
|
71.26
|
70.65
|
|
Natural gas ($/mcf)
|
|
2.25
|
2.02
|
3.44
|
|
2.32
|
4.37
|
|
Total hydrocarbons ($/boe)
|
|
53.65
|
55.78
|
56.76
|
|
54.51
|
57.86
|
a)
Includes
bp's share of production of equity-accounted entities in the oil
production & operations segment.
b)
Realizations
are based on sales by consolidated subsidiaries only - this
excludes equity-accounted entities.
Top of page 11
customers & products
Financial results
●
The replacement cost (RC) profit
before interest and tax for the third quarter and nine
months was $23 million and $878 million
respectively, compared with $1,549 million and $4,784
million for
the same periods in 2023. The third quarter and nine months are
adjusted by an adverse impact of net adjusting items* of $358
million and $1,941 million respectively, mainly related to
impairment of the Gelsenkirchen refinery and associated onerous
contract provisions, compared with an adverse impact of net
adjusting items of $506 million and $826 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* (underlying
result) for the third quarter and nine months was $381 million and
$2,819 million respectively, compared with $2,055 million and
$5,610 million for the same periods in 2023.
●
The
customers & products underlying result for the third quarter
was significantly lower than the same period in 2023, primarily
reflecting lower refining margins and a weak oil trading
contribution compared with a very strong result in the same period
last year, partly offset by a higher customers result. The
customers & products underlying result for the nine months was
significantly lower than the same period in 2023, primarily
reflecting lower refining margins and a lower oil trading
contribution, partly offset by a higher customers
result.
●
customers - the customers underlying result
for the third quarter and nine months was higher compared with the
same periods in 2023, benefiting from higher retail fuels margins,
a stronger Castrol result driven by higher volumes and margins and
favourable foreign exchange movements. The underlying result was
partly offset by a weaker European midstream performance driven by
biofuels margins, lower retail volumes, and the continued impact of
the US freight recession on TravelCenters of
America.
●
products -
the products underlying result for the third quarter and nine
months was significantly lower compared with the same periods in
2023. In refining, the underlying result for the third quarter was
mainly impacted by lower industry refining margins, partly offset
by higher commercial optimization. The oil trading contribution for
the third quarter was weak, compared with the very strong result in
the same period last year. The underlying result for the nine
months 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 of turnaround activity.
The underlying oil trading result for the nine months was lower
than the same period last year.
Operational update
●
bp-operated
refining availability* for the third quarter and nine months was
95.6% and 94.1%, compared with 96.3% and 96.0% for the same periods
in 2023, with the nine months lower mainly due to the first quarter
Whiting refinery power outage.
Strategic progress
●
In July, bp and Audi announced a new strategic
partnership for Formula 1, including bp's development of the FIA
defined advanced sustainable fuel(a) for
Audi's 2026 entry and Castrol's development of lubricants and EV
fluids for Audi's V6 turbo engine and electric motor and battery.
The collaboration also included long-term sponsorship, making bp
the first official partner of Audi's future Formula 1 factory
team.
●
On
1 October, bp took full ownership of bp Bunge Bioenergia, one of
Brazil's leading biofuels-producing companies, with capacity to
produce around 50,000 barrels a day of ethanol equivalent from
sugarcane.
●
EV charge points* installed and energy sold in the
first nine months grew by around 20% and two-fold respectively,
compared to the same period last year, with energy sales now more
than 1 TWh. bp continues to grow its global charging network,
announcing an agreement in September with LAZ Parking, a privately
owned parking operator in the US to collaborate in the development,
deployment, and operation of ultra-fast(b) public
charging hubs at LAZ-managed locations; and in India, Jio-bp, our
fuels and mobility joint venture with Reliance, has now installed
5,000 charge points across India.
●
In the third quarter, we continued to strengthen
our convenience offer for our US customers, expanding the number of
products offered by more than 50% in our recently launched private
label brand epic goods. epic goods is our own line of private label
consumer-packaged products for sale across our stores. In addition,
bp announced the launch of earnify a loyalty program designed to provide
customers with a seamless, integrated and rewarding experience,
including exclusive discounts on retail store products and fuel
purchases to around 5,500 bp, Amoco and ampm branded stores across the
US.
●
During
the third quarter bp's Archaea Energy started up three renewable
natural gas (RNG) landfill plants with a total capacity of more
than 4 million mmBtu per annum, bringing the total to seven RNG
landfill plants started-up year to date, and expects to commission
a further eight plants this year.
a)
For
further details please refer to the press release dated 15 July
2024 on bp.com.
b)
"ultra-fast"
includes charger capacity of ≥150kW.
Top of page 12
customers & products (continued)
|
|
|
Third
|
Second
|
Third
|
|
Nine
|
Nine
|
|
|
|
quarter
|
quarter
|
quarter
|
|
months
|
months
|
|
$ million
|
|
2024
|
2024
|
2023
|
|
2024
|
2023
|
|
Profit (loss) before interest and tax
|
|
(1,157)
|
(270)
|
3,143
|
|
413
|
5,044
|
|
Inventory holding (gains) losses*
|
|
1,180
|
137
|
(1,594)
|
|
465
|
(260)
|
|
RC profit (loss) before interest and tax
|
|
23
|
(133)
|
1,549
|
|
878
|
4,784
|
|
Net (favourable) adverse impact of adjusting items
|
|
358
|
1,282
|
506
|
|
1,941
|
826
|
|
Underlying RC profit before interest and tax
|
|
381
|
1,149
|
2,055
|
|
2,819
|
5,610
|
|
Of which:(a)
|
|
|
|
|
|
|
|
|
customers
- convenience & mobility
|
|
897
|
790
|
670
|
|
2,057
|
1,762
|
|
Castrol - included in customers
|
|
216
|
211
|
185
|
|
611
|
517
|
|
products
- refining & trading
|
|
(516)
|
359
|
1,385
|
|
762
|
3,848
|
|
Taxation on an underlying RC basis
|
|
(67)
|
(125)
|
(167)
|
|
(525)
|
(1,215)
|
|
Underlying RC profit before interest
|
|
314
|
1,024
|
1,888
|
|
2,294
|
4,395
|
a)
A
reconciliation to RC profit before interest and tax by business is
provided on page 29.
|
|
|
Third
|
Second
|
Third
|
|
Nine
|
Nine
|
|
|
|
quarter
|
quarter
|
quarter
|
|
months
|
months
|
|
$ million
|
|
2024
|
2024
|
2023
|
|
2024
|
2023
|
|
Adjusted EBITDA*(b)
|
|
|
|
|
|
|
|
|
customers - convenience & mobility
|
|
1,410
|
1,281
|
1,151
|
|
3,545
|
3,032
|
|
Castrol - included in customers
|
|
261
|
253
|
228
|
|
740
|
641
|
|
products - refining & trading
|
|
(66)
|
807
|
1,819
|
|
2,120
|
5,184
|
|
|
|
1,344
|
2,088
|
2,970
|
|
5,665
|
8,216
|
|
|
|
|
|
|
|
|
|
|
Depreciation, depletion and amortization
|
|
|
|
|
|
|
|
|
Total depreciation, depletion and amortization
|
|
963
|
939
|
915
|
|
2,846
|
2,606
|
|
|
|
|
|
|
|
|
|
|
Capital expenditure*
|
|
|
|
|
|
|
|
|
customers - convenience & mobility
|
|
455
|
497
|
435
|
|
1,518
|
2,345
|
|
Castrol - included in customers
|
|
50
|
74
|
60
|
|
167
|
172
|
|
products - refining & trading
|
|
476
|
548
|
367
|
|
1,578
|
1,305
|
|
Total capital expenditure
|
|
931
|
1,045
|
802
|
|
3,096
|
3,650
|
b)
A
reconciliation to RC profit before interest and tax by business is
provided on page 29.
Top of page 13
customers & products (continued)
|
Retail(c)
|
|
Third
|
Second
|
Third
|
|
Nine
|
Nine
|
|
|
|
quarter
|
quarter
|
quarter
|
|
months
|
months
|
|
|
|
2024
|
2024
|
2023
|
|
2024
|
2023
|
|
bp retail sites* - total (#)
|
|
21,200
|
21,200
|
21,150
|
|
21,200
|
21,150
|
|
Strategic
convenience sites*
|
|
2,950
|
2,950
|
2,750
|
|
2,950
|
2,750
|
c)
Reported
to the nearest 50.
|
Marketing sales of refined products (mb/d)
|
|
Third
|
Second
|
Third
|
|
Nine
|
Nine
|
|
|
|
quarter
|
quarter
|
quarter
|
|
months
|
months
|
|
|
|
2024
|
2024
|
2023
|
|
2024
|
2023
|
|
US
|
|
1,240
|
1,271
|
1,280
|
|
1,197
|
1,212
|
|
Europe
|
|
1,130
|
1,077
|
1,093
|
|
1,049
|
1,041
|
|
Rest of World
|
|
457
|
462
|
474
|
|
463
|
469
|
|
|
|
2,827
|
2,810
|
2,847
|
|
2,709
|
2,722
|
|
Trading/supply sales of refined products
|
|
354
|
387
|
392
|
|
364
|
359
|
|
Total sales volume of refined products
|
|
3,181
|
3,197
|
3,239
|
|
3,073
|
3,081
|
|
Refining marker margin*
|
|
Third
|
Second
|
Third
|
|
Nine
|
Nine
|
|
|
|
quarter
|
quarter
|
quarter
|
|
months
|
months
|
|
|
|
2024
|
2024
|
2023
|
|
2024
|
2023
|
|
bp average refining marker margin (RMM) ($/bbl)
|
|
16.5
|
20.6
|
31.8
|
|
19.2
|
28.2
|
|
Refinery throughputs (mb/d)
|
|
Third
|
Second
|
Third
|
|
Nine
|
Nine
|
|
|
|
quarter
|
quarter
|
quarter
|
|
months
|
months
|
|
|
|
2024
|
2024
|
2023
|
|
2024
|
2023
|
|
US
|
|
671
|
670
|
690
|
|
622
|
671
|
|
Europe
|
|
769
|
722
|
760
|
|
774
|
773
|
|
Total refinery throughputs
|
|
1,440
|
1,392
|
1,450
|
|
1,396
|
1,444
|
|
bp-operated refining availability* (%)
|
|
95.6
|
96.4
|
96.3
|
|
94.1
|
96.0
|
Top of page 14
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) profit
before interest and tax for the third quarter and nine months was
$653 million and $173 million respectively, compared with a loss of
$500 million and $887 million for the same periods in 2023. The
third quarter and nine months are adjusted by a favourable impact
of net adjusting items* of $422 million and $254 million
respectively, compared with an adverse impact of net adjusting
items of $197 million and $118 million for the same periods in
2023. Adjusting items include impacts of fair value accounting
effects* which are a favourable impact of $494 million for the
quarter and $272 million for the nine months in 2024, and an
adverse impact of $146 million and a favourable impact of $51
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 or loss before interest and tax* for the
third quarter and nine months was a profit of $231 million and a
loss of $81 million respectively, compared with a loss of $303
million and $769 million for the same periods in 2023.
|
|
|
Third
|
Second
|
Third
|
|
Nine
|
Nine
|
|
|
|
quarter
|
quarter
|
quarter
|
|
months
|
months
|
|
$ million
|
|
2024
|
2024
|
2023
|
|
2024
|
2023
|
|
Profit (loss) before interest and tax
|
|
653
|
(180)
|
(500)
|
|
173
|
(887)
|
|
Inventory holding (gains) losses*
|
|
-
|
-
|
-
|
|
-
|
-
|
|
RC profit (loss) before interest and tax
|
|
653
|
(180)
|
(500)
|
|
173
|
(887)
|
|
Net (favourable) adverse impact of adjusting
items(a)
|
|
(422)
|
22
|
197
|
|
(254)
|
118
|
|
Underlying RC profit (loss) before interest and tax
|
|
231
|
(158)
|
(303)
|
|
(81)
|
(769)
|
|
Taxation on an underlying RC basis
|
|
(64)
|
3
|
162
|
|
38
|
201
|
|
Underlying RC profit (loss) before interest
|
|
167
|
(155)
|
(141)
|
|
(43)
|
(568)
|
a)
Includes
fair value accounting effects relating to hybrid bonds. See page 32
for more information.
Top of page 15
Financial statements
Group income statement
|
|
|
Third
|
Second
|
Third
|
|
Nine
|
Nine
|
|
|
|
quarter
|
quarter
|
quarter
|
|
months
|
months
|
|
$ million
|
|
2024
|
2024
|
2023
|
|
2024
|
2023
|
|
|
|
|
|
|
|
|
|
|
Sales and other operating revenues (Note 5)
|
|
47,254
|
47,299
|
53,269
|
|
143,433
|
157,989
|
|
Earnings from joint ventures - after interest and
tax
|
|
406
|
250
|
(198)
|
|
834
|
357
|
|
Earnings from associates - after interest and
tax
|
|
280
|
266
|
271
|
|
844
|
675
|
|
Interest and other income
|
|
438
|
414
|
410
|
|
1,233
|
1,036
|
|
Gains on sale of businesses and fixed assets
|
|
(48)
|
21
|
264
|
|
197
|
389
|
|
Total revenues and other income
|
|
48,330
|
48,250
|
54,016
|
|
146,541
|
160,446
|
|
Purchases
|
|
30,139
|
28,891
|
29,951
|
|
86,677
|
88,245
|
|
Production and manufacturing expenses
|
|
5,004
|
6,692
|
6,080
|
|
18,543
|
19,293
|
|
Production and similar taxes
|
|
469
|
484
|
456
|
|
1,397
|
1,334
|
|
Depreciation, depletion and amortization (Note 6)
|
|
4,117
|
4,098
|
4,145
|
|
12,365
|
11,868
|
|
Net impairment and losses on sale of businesses and fixed assets
(Note 3)
|
|
1,842
|
1,309
|
542
|
|
3,888
|
1,899
|
|
Exploration expense
|
|
372
|
179
|
97
|
|
798
|
496
|
|
Distribution and administration expenses
|
|
3,930
|
4,167
|
4,458
|
|
12,319
|
12,039
|
|
Profit (loss) before interest and taxation
|
|
2,457
|
2,430
|
8,287
|
|
10,554
|
25,272
|
|
Finance costs
|
|
1,101
|
1,216
|
1,039
|
|
3,392
|
2,802
|
|
Net
finance (income) expense relating to pensions and other
post-retirement benefits
|
|
(42)
|
(40)
|
(61)
|
|
(123)
|
(180)
|
|
Profit (loss) before taxation
|
|
1,398
|
1,254
|
7,309
|
|
7,285
|
22,650
|
|
Taxation
|
|
1,028
|
1,184
|
2,240
|
|
4,436
|
7,206
|
|
Profit (loss) for the period
|
|
370
|
70
|
5,069
|
|
2,849
|
15,444
|
|
Attributable to
|
|
|
|
|
|
|
|
|
bp
shareholders
|
|
206
|
(129)
|
4,858
|
|
2,340
|
14,868
|
|
Non-controlling
interests
|
|
164
|
199
|
211
|
|
509
|
576
|
|
|
|
370
|
70
|
5,069
|
|
2,849
|
15,444
|
|
|
|
|
|
|
|
|
|
|
Earnings per share (Note 7)
|
|
|
|
|
|
|
|
|
Profit (loss) for the period attributable to bp
shareholders
|
|
|
|
|
|
|
|
|
Per
ordinary share (cents)
|
|
|
|
|
|
|
|
|
Basic
|
|
1.26
|
(0.78)
|
28.24
|
|
14.19
|
84.77
|
|
Diluted
|
|
1.23
|
(0.78)
|
27.59
|
|
13.83
|
82.99
|
|
Per
ADS (dollars)
|
|
|
|
|
|
|
|
|
Basic
|
|
0.08
|
(0.05)
|
1.69
|
|
0.85
|
5.09
|
|
Diluted
|
|
0.07
|
(0.05)
|
1.66
|
|
0.83
|
4.98
|
Top of page 16
Condensed group statement of comprehensive income
|
|
|
Third
|
Second
|
Third
|
|
Nine
|
Nine
|
|
|
|
quarter
|
quarter
|
quarter
|
|
months
|
months
|
|
$ million
|
|
2024
|
2024
|
2023
|
|
2024
|
2023
|
|
|
|
|
|
|
|
|
|
|
Profit (loss) for the period
|
|
370
|
70
|
5,069
|
|
2,849
|
15,444
|
|
Other comprehensive income
|
|
|
|
|
|
|
|
|
Items that may be reclassified subsequently to profit or
loss
|
|
|
|
|
|
|
|
|
Currency
translation differences
|
|
838
|
(142)
|
(590)
|
|
248
|
(126)
|
|
Exchange
(gains) losses on translation of foreign operations reclassified to
gain or loss on sale of businesses and fixed assets
|
|
-
|
-
|
(2)
|
|
-
|
(2)
|
|
Cash
flow hedges and costs of hedging
|
|
(111)
|
(100)
|
(56)
|
|
(326)
|
434
|
|
Share
of items relating to equity-accounted entities, net of
tax
|
|
(41)
|
10
|
25
|
|
(39)
|
(205)
|
|
Income
tax relating to items that may be reclassified
|
|
91
|
40
|
(69)
|
|
127
|
(74)
|
|
|
|
777
|
(192)
|
(692)
|
|
10
|
27
|
|
Items that will not be reclassified to profit or loss
|
|
|
|
|
|
|
|
|
Remeasurements
of the net pension and other post-retirement benefit liability or
asset
|
|
(51)
|
(240)
|
(111)
|
|
(357)
|
(1,053)
|
|
Remeasurements
of equity investments
|
|
(8)
|
(17)
|
-
|
|
(38)
|
-
|
|
Cash
flow hedges that will subsequently be transferred to the balance
sheet
|
|
10
|
-
|
(1)
|
|
7
|
(1)
|
|
Income tax relating to items that will not be
reclassified(a)
|
|
12
|
59
|
57
|
|
745
|
388
|
|
|
|
(37)
|
(198)
|
(55)
|
|
357
|
(666)
|
|
Other comprehensive income
|
|
740
|
(390)
|
(747)
|
|
367
|
(639)
|
|
Total comprehensive income
|
|
1,110
|
(320)
|
4,322
|
|
3,216
|
14,805
|
|
Attributable to
|
|
|
|
|
|
|
|
|
bp
shareholders
|
|
922
|
(520)
|
4,140
|
|
2,705
|
14,241
|
|
Non-controlling
interests
|
|
188
|
200
|
182
|
|
511
|
564
|
|
|
|
1,110
|
(320)
|
4,322
|
|
3,216
|
14,805
|
a)
Nine
months 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%.
Top of page 17
Condensed group statement of changes in equity
|
|
|
bp shareholders'
|
Non-controlling interests
|
Total
|
|
$ million
|
|
equity
|
Hybrid bonds
|
Other interest
|
equity
|
|
At 1 January 2024
|
|
70,283
|
13,566
|
1,644
|
85,493
|
|
|
|
|
|
|
|
|
Total comprehensive income
|
|
2,705
|
470
|
41
|
3,216
|
|
Dividends
|
|
(3,739)
|
-
|
(282)
|
(4,021)
|
|
Cash
flow hedges transferred to the balance sheet, net of
tax
|
|
(8)
|
-
|
-
|
(8)
|
|
Repurchase of ordinary share capital
|
|
(5,554)
|
-
|
-
|
(5,554)
|
|
Share-based payments, net of tax
|
|
903
|
-
|
-
|
903
|
|
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
|
|
-
|
(520)
|
-
|
(520)
|
|
Transactions
involving non-controlling interests, net of tax
|
|
231
|
-
|
201
|
432
|
|
At 30 September 2024
|
|
64,826
|
13,516
|
1,604
|
79,946
|
|
|
|
|
|
|
|
|
|
|
bp shareholders'
|
Non-controlling interests
|
Total
|
|
$ million
|
|
equity
|
Hybrid bonds
|
Other interest
|
equity
|
|
At 1 January 2023
|
|
67,553
|
13,390
|
2,047
|
82,990
|
|
|
|
|
|
|
|
|
Total comprehensive income
|
|
14,241
|
438
|
126
|
14,805
|
|
Dividends
|
|
(3,598)
|
-
|
(326)
|
(3,924)
|
|
Repurchase of ordinary share capital
|
|
(6,666)
|
-
|
-
|
(6,666)
|
|
Share-based payments, net of tax
|
|
531
|
-
|
-
|
531
|
|
Issue of perpetual hybrid bonds
|
|
(1)
|
163
|
-
|
162
|
|
Payments on perpetual hybrid bonds
|
|
(5)
|
(494)
|
-
|
(499)
|
|
Transactions
involving non-controlling interests, net of tax
|
|
363
|
-
|
(86)
|
277
|
|
At 30 September 2023
|
|
72,418
|
13,497
|
1,761
|
87,676
|
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.
Top of page 18
Group balance sheet
|
|
|
30 September
|
31 December
|
|
$ million
|
|
2024
|
2023
|
|
Non-current assets
|
|
|
|
|
Property, plant and equipment
|
|
99,555
|
104,719
|
|
Goodwill
|
|
12,873
|
12,472
|
|
Intangible assets
|
|
10,626
|
9,991
|
|
Investments in joint ventures
|
|
12,446
|
12,435
|
|
Investments in associates
|
|
7,932
|
7,814
|
|
Other investments
|
|
1,340
|
2,189
|
|
Fixed assets
|
|
144,772
|
149,620
|
|
Loans
|
|
2,270
|
1,942
|
|
Trade and other receivables
|
|
2,270
|
1,767
|
|
Derivative financial instruments
|
|
11,849
|
9,980
|
|
Prepayments
|
|
1,419
|
623
|
|
Deferred tax assets
|
|
5,478
|
4,268
|
|
Defined benefit pension plan surpluses
|
|
7,968
|
7,948
|
|
|
|
176,026
|
176,148
|
|
Current assets
|
|
|
|
|
Loans
|
|
220
|
240
|
|
Inventories
|
|
21,493
|
22,819
|
|
Trade and other receivables
|
|
26,133
|
31,123
|
|
Derivative financial instruments
|
|
6,358
|
12,583
|
|
Prepayments
|
|
1,149
|
2,520
|
|
Current tax receivable
|
|
1,153
|
837
|
|
Other investments
|
|
167
|
843
|
|
Cash and cash equivalents
|
|
34,595
|
33,030
|
|
|
|
91,268
|
103,995
|
|
Assets classified as held for sale (Note 2)
|
|
2,414
|
151
|
|
|
|
93,682
|
104,146
|
|
Total assets
|
|
269,708
|
280,294
|
|
Current liabilities
|
|
|
|
|
Trade and other payables
|
|
54,385
|
61,155
|
|
Derivative financial instruments
|
|
3,762
|
5,250
|
|
Accruals
|
|
5,818
|
6,527
|
|
Lease liabilities
|
|
2,726
|
2,650
|
|
Finance debt
|
|
4,484
|
3,284
|
|
Current tax payable
|
|
1,706
|
2,732
|
|
Provisions
|
|
4,106
|
4,418
|
|
|
|
76,987
|
86,016
|
|
Liabilities directly associated with assets classified as held for
sale (Note 2)
|
|
32
|
62
|
|
|
|
77,019
|
86,078
|
|
Non-current liabilities
|
|
|
|
|
Other payables
|
|
9,063
|
10,076
|
|
Derivative financial instruments
|
|
12,303
|
10,402
|
|
Accruals
|
|
1,197
|
1,310
|
|
Lease liabilities
|
|
8,292
|
8,471
|
|
Finance debt
|
|
52,986
|
48,670
|
|
Deferred tax liabilities
|
|
8,950
|
9,617
|
|
Provisions
|
|
14,649
|
14,721
|
|
Defined benefit pension plan and other post-retirement benefit plan
deficits
|
|
5,303
|
5,456
|
|
|
|
112,743
|
108,723
|
|
Total liabilities
|
|
189,762
|
194,801
|
|
Net assets
|
|
79,946
|
85,493
|
|
Equity
|
|
|
|
|
bp shareholders' equity
|
|
64,826
|
70,283
|
|
Non-controlling interests
|
|
15,120
|
15,210
|
|
Total equity
|
|
79,946
|
85,493
|
Top of page 19
Condensed group cash flow statement
|
|
|
Third
|
Second
|
Third
|
|
Nine
|
Nine
|
|
|
|
quarter
|
quarter
|
quarter
|
|
months
|
months
|
|
$ million
|
|
2024
|
2024
|
2023
|
|
2024
|
2023
|
|
Operating activities
|
|
|
|
|
|
|
|
|
Profit (loss) before taxation
|
|
1,398
|
1,254
|
7,309
|
|
7,285
|
22,650
|
|
Adjustments
to reconcile profit (loss) before taxation to net cash provided by
operating activities
|
|
|
|
|
|
|
|
|
Depreciation,
depletion and amortization and exploration expenditure written
off
|
|
4,427
|
4,225
|
4,219
|
|
13,008
|
12,233
|
|
Net
impairment and (gain) loss on sale of businesses and fixed
assets
|
|
1,890
|
1,288
|