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 month of October 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. 333-277842, 333-277842-01 AND 333-277842-02) 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. 333-67206) 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., THE REGISTRATION STATEMENT ON FORM S-8 (FILE NO. 333-270440) OF BP p.l.c., THE REGISTRATION STATEMENT ON FORM S-8 (FILE NO. 333-273587) OF BP p.l.c. AND THE REGISTRATION STATEMENT ON FORM S-8 (FILE NO. 333-280100) 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 September 2024(a)
(a)In this Form 6-K, references to the nine months 2024 and nine months 2023 refer to the nine-month periods ended 30 September 2024 and 30 September 2023 respectively. References to the third quarter 2024 and third quarter 2023 refer to the three-month periods ended 30 September 2024 and 30 September 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 third quarter and nine months 2024
Driving focus and efficiencies; delivering resilient operations
Financial summary
ThirdSecondThirdNineNine
quarterquarterquartermonthsmonths
$ million20242024202320242023
Profit for the period370 70 5,069 2,849 15,444 
Less: Non-controlling interests164 199 211 509 576 
Profit (loss) for the period attributable to bp shareholders206 (129)4,858 2,340 14,868 
Inventory holding (gains) losses*, before tax1,182 136 (1,593)467 (261)
Taxation charge (credit) on inventory holding gains and losses(276)(23)381 (105)50 
Replacement cost (RC) profit (loss)*1,112 (16)3,646 2,702 14,657 
Net (favourable) adverse impact of adjusting items*, before tax1,646 3,053 (511)5,925 (3,783)
Taxation charge (credit) on adjusting items(491)(281)158 (881)(29)
Underlying RC profit*2,267 2,756 3,293 7,746 10,845 
ThirdThirdNineNine
quarterquartermonthsmonths
$ million2024202320242023
Operating cash flow*6,761 8,747 19,870 22,662 
Capital expenditure*(4,542)(3,603)(12,511)(11,542)
Divestment and other proceeds(a)
290 655 1,463 1,543 
Net cash issue (repurchase) of shares(b)
(2,001)(2,047)(5,502)(6,568)
Finance debt57,470 48,810 57,470 48,810 
Net debt*(c)
24,268 22,324 24,268 22,324 
Adjusted EBITDA*9,654 10,306 29,599 33,142
Announced dividend per ordinary share (cents per share)8.000 7.270 23.270 21.150 
Profit per ordinary share (cents)1.26 28.24 14.19 84.77 
Profit per ADS (dollars)0.08 1.69 0.85 5.09 
Underlying RC profit per ordinary share* (cents)13.89 19.14 46.79 61.83 
Underlying RC profit per ADS* (dollars)0.83 1.15 2.81 3.71 

(a)Divestment proceeds are disposal proceeds as per the condensed group cash flow statement. See page 5 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 34.

3

Highlights(a)
3Q24 profit $0.2 billion; underlying replacement cost (RC) profit* $2.3 billion
•
Profit for the quarter attributable to bp shareholders was $0.2 billion, compared with a loss of $0.1 billion for the second quarter 2024 and a profit of $4.9 billion for the third quarter 2023. The result for the third quarter 2024 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 28 for more information on adjusting items.
•
Underlying RC profit for the quarter was $2.3 billion, compared with $2.8 billion for the previous quarter and $3.3 billion for the third quarter 2023. 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.
Segment results
•
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.
•
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.
•
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.
Operating cash flow* $6.8 billion, finance debt $57.5 billion and net debt* $24.3 billion
•
Operating cash flow in the quarter was $6.8 billion, compared with $8.7 billion for the same period of 2023. Finance debt at the end of the third quarter 2024 was $57.5 billion, compared with $52.0 billion for the end of the fourth quarter 2023. 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. Net debt at the end of the fourth quarter 2023 was $20.9 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 third quarter, bp has announced a dividend per ordinary share of 8 cents.
•
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.
•
bp continues to invest with discipline and a returns focused approach in our transition growth* engines and in our oil, gas and refining businesses.
•
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(b) 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.
•
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 September 2024 as compared to the quarter ended 30 June 2024. Financial information for the quarter ended 30 June 2024 can be in found in our Current Report on Form 6-K filed with the SEC on 30 July 2024.
(b)6 February 2024.

The commentary above contains forward-looking statements and should be read in conjunction with the cautionary statement on page 40.
4
Financial results
In addition to the highlights on page 4:
•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 the profit or loss before taxation for the third quarter and nine months was 74% and 61% respectively, compared with 31% and 32% for the same periods in 2023. The 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.
•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.
•Finance debt at the end of the third quarter was $57.5 billion, compared with $52.0 billion at the end of the fourth quarter 2023 and $48.8 billion at the end of the third quarter 2023. At the end of the third quarter, net debt* was $24.3 billion, compared with $20.9 billion at the end of the fourth quarter 2023 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.



5
Analysis of RC profit (loss) before interest and tax and reconciliation to profit (loss) for the period
ThirdThirdNineNine
quarterquartermonthsmonths
$ million2024202320242023
RC profit (loss) before interest and tax
gas & low carbon energy1,007 2,275 1,728 11,911 
oil production & operations1,891 3,427 8,218 9,312 
customers & products23 1,549 878 4,784 
other businesses & corporate653 (500)173 (887)
Consolidation adjustment – UPII*65 (57)24 (109)
3,639 6,694 11,021 25,011 
Finance costs and net finance expense relating to pensions and other post-retirement benefits
(1,059)(978)(3,269)(2,622)
Taxation on a RC basis(1,304)(1,859)(4,541)(7,156)
Non-controlling interests(164)(211)(509)(576)
RC profit (loss) attributable to bp shareholders*1,112 3,646 2,702 14,657 
Inventory holding gains (losses)*(1,182)1,593 (467)261 
Taxation (charge) credit on inventory holding gains and losses276 (381)105 (50)
Profit (loss) for the period attributable to bp shareholders206 4,858 2,340 14,868 
Analysis of underlying RC profit (loss) before interest and tax

ThirdThirdNineNine
quarterquartermonthsmonths
$ million2024202320242023
Underlying RC profit (loss) before interest and tax
gas & low carbon energy1,756 1,256 4,816 6,945 
oil production & operations2,794 3,136 9,013 9,232 
customers & products381 2,055 2,819 5,610 
other businesses & corporate231 (303)(81)(769)
Consolidation adjustment – UPII65 (57)24 (109)
5,227 6,087 16,591 20,909 
Finance costs and net finance expense relating to pensions and other post-retirement benefits
(1,001)(882)(2,914)(2,303)
Taxation on an underlying RC basis(1,795)(1,701)(5,422)(7,185)
Non-controlling interests(164)(211)(509)(576)
Underlying RC profit attributable to bp shareholders*2,267 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 3 for the group and on pages 8-16 for the segments.
Operating Metrics
Operating metricsNine months 2024vs 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 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
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 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 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 40.
7
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 28 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.
8
gas & low carbon energy (continued)
ThirdSecondThirdNineNine
quarterquarterquartermonthsmonths
$ million20242024202320242023
Profit (loss) before interest and tax1,007 (315)2,275 1,728 11,912 
Inventory holding (gains) losses*— — — — (1)
RC profit (loss) before interest and tax1,007 (315)2,275 1,728 11,911 
Net (favourable) adverse impact of adjusting items749 1,717 (1,019)3,088 (4,966)
Underlying RC profit before interest and tax1,756 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 interest1,211 1,033 808 3,384 4,961 

ThirdThirdNineNine
quarterquartermonthsmonths
$ million2024202320242023
Depreciation, depletion and amortization
Total depreciation, depletion and amortization1,180 1,543 3,682 4,390 
Exploration write-offs
Exploration write-offs1 15 232 13 
Adjusted EBITDA*(a)
Total adjusted EBITDA2,937 2,814 8,730 11,348 
Capital expenditure*
gas1,188 833 2,696 2,177 
low carbon energy908 222 1,703 778 
Total capital expenditure2,096 1,055 4,399 2,955 
(a)A reconciliation to RC profit before interest and tax is provided on page 31.

ThirdThirdNineNine
quarterquartermonthsmonths
2024202320242023
Production (net of royalties)(b)
Liquids* (mb/d)92 106 97 107 
Natural gas (mmcf/d)4,627 4,875 4,661 4,826 
Total hydrocarbons* (mboe/d)890 946 901 940 
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*(c)
Liquids ($/bbl)74.80 76.69 77.23 76.51 
Natural gas ($/mcf)5.80 5.38 5.57 6.11 
Total hydrocarbons ($/boe)37.91 36.82 37.13 40.23 
(b)Includes bp’s share of production of equity-accounted entities in the gas & low carbon energy segment.
(c)Realizations are based on sales by consolidated subsidiaries only – this excludes equity-accounted entities.

9
gas & low carbon energy (continued)
30 September 202430 September 2023
low carbon energy(d)
Renewables (bp net, GW)
Installed renewables capacity* 2.8 2.5 
Developed renewables to FID*6.6 6.1 
Renewables pipeline 46.843.9
of which by geographical area:
Renewables pipeline – Americas17.8 18.4 
Renewables pipeline – Asia Pacific12.9 12.1 
Renewables pipeline – Europe15.4 13.4 
Renewables pipeline – Other0.7 — 
of which by technology:
Renewables pipeline – offshore wind9.6 9.3 
Renewables pipeline – onshore wind6.7 6.1 
Renewables pipeline – solar30.5 28.5 
Total Developed renewables to FID and Renewables pipeline53.4 50.0 
(d)Because of rounding, some totals may not agree exactly with the sum of their component parts.
10
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 28 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).



ThirdSecondThirdNineNine
quarterquarterquartermonthsmonths
$ million20242024202320242023
Profit before interest and tax1,889 3,268 3,426 8,216 9,312 
Inventory holding (gains) losses*2 (1)1 2 — 
RC profit before interest and tax1,891 3,267 3,427 8,218 9,312 
Net (favourable) adverse impact of adjusting items903 (173)(291)795 (80)
Underlying RC profit before interest and tax2,794 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 interest1,535 1,923 1,750 5,074 4,667 

11
oil production & operations (continued)
ThirdThirdNineNine
quarterquartermonthsmonths
$ million2024202320242023
Depreciation, depletion and amortization
Total depreciation, depletion and amortization1,708 1,432 5,063 4,129 
Exploration write-offs
Exploration write-offs309 59 411 352 
Adjusted EBITDA*(a)
Total adjusted EBITDA4,811 4,627 14,487 13,713 
Capital expenditure*
Total capital expenditure1,410 1,644 4,720 4,642 
(a)A reconciliation to RC profit before interest and tax is provided on page 31.

ThirdThirdNineNine
quarterquartermonthsmonths
2024202320242023
Production (net of royalties)(b)
Liquids* (mb/d)1,084 1,011 1,075 1,005 
Natural gas (mmcf/d)2,348 2,155 2,335 2,118 
Total hydrocarbons* (mboe/d)1,488 1,382 1,477 1,371 
Of which equity-accounted entities:
Liquids (mb/d)274 266 271 271 
Natural gas (mmcf/d)443 453 430 439 
Total hydrocarbons (mboe/d)350 344 346 346 
Average realizations*(c)
Liquids ($/bbl)70.22 71.10 71.26 70.65 
Natural gas ($/mcf)2.25 3.44 2.32 4.37 
Total hydrocarbons ($/boe)53.65 56.76 54.51 57.86 
(b)Includes bp’s share of production of equity-accounted entities in the oil production & operations segment.
(c)Realizations are based on sales by consolidated subsidiaries only – this excludes equity-accounted entities.
12
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 28 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.


13
customers & products (continued)
ThirdSecondThirdNineNine
quarterquarterquartermonthsmonths
$ million20242024202320242023
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 tax23 (133)1,549 878 4,784 
Net (favourable) adverse impact of adjusting items358 1,282 506 1,941 826 
Underlying RC profit before interest and tax381 1,149 2,055 2,819 5,610 
Of which:(a)
customers – convenience & mobility897 790 670 2,057 1,762 
Castrol – included in customers216 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 interest314 1,024 1,888 2,294 4,395 
(a)A reconciliation to RC profit before interest and tax by business is provided on page 30.

ThirdThirdNineNine
quarterquartermonthsmonths
$ million2024202320242023
Adjusted EBITDA*(b)
customers – convenience & mobility 1,410 1,151 3,545 3,032 
Castrol – included in customers261 228 740 641 
products – refining & trading(66)1,819 2,120 5,184 
1,344 2,970 5,665 8,216 
Depreciation, depletion and amortization
Total depreciation, depletion and amortization963 915 2,846 2,606 
Capital expenditure*
customers – convenience & mobility455 435 1,518 2,345 
Castrol – included in customers50 60 167 172 
products – refining & trading476 367 1,578 1,305 
Total capital expenditure931 802 3,096 3,650 
(b)A reconciliation to RC profit before interest and tax by business is provided on page 30.

Retail(c)
ThirdThirdNineNine
quarterquartermonthsmonths
2024202320242023
bp retail sites* – total (#)21,200 21,150 21,200 21,150 
Strategic convenience sites*2,950 2,750 2,950 2,750 
(c)Reported to the nearest 50.

Marketing sales of refined products (mb/d)ThirdThirdNineNine
quarterquartermonthsmonths
2024202320242023
US1,240 1,280 1,197 1,212 
Europe1,130 1,093 1,049 1,041 
Rest of World457 474 463 469 
2,827 2,847 2,709 2,722 
Trading/supply sales of refined products354392 364359 
Total sales volume of refined products3,1813,239 3,0733,081 




14
customers & products (continued)
Refining marker margin*
ThirdThirdNineNine
quarterquartermonthsmonths
2024202320242023
bp average refining marker margin (RMM) ($/bbl)16.5 31.8 19.2 28.2 

Refinery throughputs (mb/d)ThirdThirdNineNine
quarterquartermonthsmonths
2024202320242023
US671 690 622 671 
Europe769 760 774 773 
Total refinery throughputs1,440 1,450 1,396 1,444 
bp-operated refining availability* (%)95.6 96.3 94.1 96.0 
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) 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 28 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.


ThirdThirdNineNine
quarterquartermonthsmonths
$ million2024202320242023
Profit (loss) before interest and tax653 (500)173 (887)
Inventory holding (gains) losses*— — — — 
RC profit (loss) before interest and tax653 (500)173 (887)
Net (favourable) adverse impact of adjusting items(a)
(422)197 (254)118 
Underlying RC profit (loss) before interest and tax231 (303)(81)(769)
Taxation on an underlying RC basis(64)162 38 201 
Underlying RC profit (loss) before interest167 (141)(43)(568)
(a)Includes fair value accounting effects relating to hybrid bonds. See page 35 for more information.



16
Financial statements
Group income statement
ThirdThirdNineNine
quarterquartermonthsmonths
$ million2024202320242023
Sales and other operating revenues (Note 5)
47,254 53,269 143,433 157,989 
Earnings from joint ventures – after interest and tax406 (198)834 357 
Earnings from associates – after interest and tax280 271 844 675 
Interest and other income438 410 1,233 1,036 
Gains on sale of businesses and fixed assets(48)264 197 389 
Total revenues and other income48,330 54,016 146,541 160,446 
Purchases30,139 29,951 86,677 88,245 
Production and manufacturing expenses5,004 6,080 18,543 19,293 
Production and similar taxes469 456 1,397 1,334 
Depreciation, depletion and amortization (Note 6)
4,117 4,145 12,365 11,868 
Net impairment and losses on sale of businesses and fixed assets (Note 3)
1,842 542 3,888 1,899 
Exploration expense372 97 798 496 
Distribution and administration expenses3,930 4,458 12,319 12,039 
Profit (loss) before interest and taxation 2,457 8,287 10,554 25,272 
Finance costs1,101 1,039 3,392 2,802 
Net finance (income) expense relating to pensions and other post-retirement benefits(42)(61)(123)(180)
Profit (loss) before taxation 1,398 7,309 7,285 22,650 
Taxation1,028 2,240 4,436 7,206 
Profit (loss) for the period370 5,069 2,849 15,444 
Attributable to
bp shareholders206 4,858 2,340 14,868 
Non-controlling interests
164 211 509 576 
370 5,069 2,849 15,444 
Earnings per share (Note 7)
Profit (loss) for the period attributable to bp shareholders
Per ordinary share (cents)
Basic1.26 28.24 14.19 84.77 
Diluted1.23 27.59 13.83 82.99 
Per ADS (dollars)
Basic0.08 1.69 0.85 5.09 
Diluted0.07 1.66 0.83 4.98 



17
Condensed group statement of comprehensive income
ThirdThirdNineNine
quarterquartermonthsmonths
$ million2024202320242023
Profit (loss) for the period370 5,069 2,849 15,444 
Other comprehensive income
Items that may be reclassified subsequently to profit or loss
Currency translation differences838 (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)(56)(326)434 
Share of items relating to equity-accounted entities, net of tax(41)25 (39)(205)
Income tax relating to items that may be reclassified91 (69)127 (74)
777 (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)(111)(357)(1,053)
Remeasurements of equity investments(8)— (38)— 
Cash flow hedges that will subsequently be transferred to the balance sheet10 (1)7 (1)
Income tax relating to items that will not be reclassified(a)
12 57 745 388 
(37)(55)357 (666)
Other comprehensive income 740 (747)367 (639)
Total comprehensive income1,110 4,322 3,216 14,805 
Attributable to
bp shareholders922 4,140 2,705 14,241 
Non-controlling interests188 182 511 564 
1,110 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%.
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 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 tax903 — — 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 202464,826 13,516 1,604 79,946 
bp shareholders’Non-controlling interestsTotal
$ millionequityHybrid bondsOther interestequity
At 1 January 202367,553 13,390 2,047 82,990 
Total comprehensive income14,241 438 126 14,805 
Dividends(3,598)— (326)(3,924)
Repurchase of ordinary share capital(6,666)— — (6,666)
Share-based payments, net of tax531 — — 531 
Issue of perpetual hybrid bonds(1)163 — 162 
Payments on perpetual hybrid bonds(5)(494)— (499)
Transactions involving non-controlling interests, net of tax363 — (86)277 
At 30 September 202372,418 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.

19
Group balance sheet
30 September31 December
$ million20242023
Non-current assets
Property, plant and equipment99,555 104,719 
Goodwill12,873 12,472 
Intangible assets10,626 9,991 
Investments in joint ventures12,446 12,435 
Investments in associates7,932 7,814 
Other investments1,340 2,189 
Fixed assets144,772 149,620 
Loans2,270 1,942 
Trade and other receivables2,270 1,767 
Derivative financial instruments11,849 9,980 
Prepayments1,419 623 
Deferred tax assets5,478 4,268 
Defined benefit pension plan surpluses7,968 7,948 
176,026 176,148 
Current assets
Loans220 240 
Inventories21,493 22,819 
Trade and other receivables26,133 31,123 
Derivative financial instruments6,358 12,583 
Prepayments 1,149 2,520 
Current tax receivable1,153 837 
Other investments167 843 
Cash and cash equivalents34,595 33,030 
91,268 103,995 
Assets classified as held for sale (Note 2)
2,414 151 
93,682 104,146 
Total assets269,708 280,294 
Current liabilities
Trade and other payables54,385 61,155 
Derivative financial instruments3,762 5,250 
Accruals 5,818 6,527 
Lease liabilities2,726 2,650 
Finance debt4,484 3,284 
Current tax payable1,706 2,732 
Provisions4,106 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 payables9,063 10,076 
Derivative financial instruments12,303 10,402 
Accruals1,197 1,310 
Lease liabilities8,292 8,471 
Finance debt52,986 48,670 
Deferred tax liabilities8,950 9,617 
Provisions14,649 14,721 
Defined benefit pension plan and other post-retirement benefit plan deficits 5,303 5,456 
112,743 108,723 
Total liabilities189,762 194,801 
Net assets79,946 85,493 
Equity
bp shareholders’ equity64,826 70,283 
Non-controlling interests15,120 15,210 
Total equity79,946 85,493 

20
Condensed group cash flow statement
ThirdThirdNineNine
quarterquartermonthsmonths
$ million2024202320242023
Operating activities
Profit (loss) before taxation1,398 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 4,219 13,008 12,233 
Net impairment and (gain) loss on sale of businesses and fixed assets1,890 278 3,691 1,510 
Earnings from equity-accounted entities, less dividends received
(196)421 (273)391 
Net charge for interest and other finance expense, less net interest paid
324 136 1,040 301 
Share-based payments
278 298 946 519 
Net operating charge for pensions and other post-retirement benefits, less contributions and benefit payments for unfunded plans
(52)(40)(118)(130)
Net charge for provisions, less payments
(48)(342)33 (1,662)
Movements in inventories and other current and non-current assets and liabilities
1,798 (783)1,223 (5,280)
Income taxes paid
(3,058)(2,749)(6,965)(7,870)
Net cash provided by operating activities6,761 8,747 19,870 22,662 
Investing activities
Expenditure on property, plant and equipment, intangible and other assets(4,223)(3,456)(11,404)(10,038)
Acquisitions, net of cash acquired(218)(9)(440)(761)
Investment in joint ventures(76)(102)(524)(692)
Investment in associates(25)(36)(143)(51)
Total cash capital expenditure(4,542)(3,603)(12,511)(11,542)
Proceeds from disposal of fixed assets16 59 117 102 
Proceeds from disposal of businesses, net of cash disposed274 79 840 924 
Proceeds from loan repayments19 12 59 39 
Cash provided from investing activities309 150 1,016 1,065 
Net cash used in investing activities(4,233)(3,453)(11,495)(10,477)
Financing activities
Net issue (repurchase) of shares (Note 7)
(2,001)(2,047)(5,502)(6,568)
Lease liability payments(703)(663)(2,076)(1,838)
Proceeds from long-term financing2,401 8 7,396 6,046 
Repayments of long-term financing(956)(264)(2,253)(3,891)
Net increase (decrease) in short-term debt(73)(71)(8)(948)
Issue of perpetual hybrid bonds(a)
— 30 1,296 162 
Redemption of perpetual hybrid bonds(a)
— — (1,288)— 
Payments relating to perpetual hybrid bonds(271)(258)(798)(744)
Payments relating to transactions involving non-controlling interests (Other interest)— — — (180)
Receipts relating to transactions involving non-controlling interests (Other interest)(7)527 517 536 
Dividends paid - bp shareholders(1,297)(1,249)(3,720)(3,585)
 - non-controlling interests
(96)(191)(282)(326)
Net cash provided by (used in) financing activities(3,003)(4,178)(6,718)(11,336)
Currency translation differences relating to cash and cash equivalents179 (104)(92)(118)
Increase (decrease) in cash and cash equivalents(296)1,012 1,565 731 
Cash and cash equivalents at beginning of period34,891 28,914 33,030 29,195 
Cash and cash equivalents at end of period34,595 29,926 34,595 29,926 


(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.
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.
In July 2024, the new UK government announced further changes (effective from 1 November 2024) to the Energy Profits Levy including a 3% increase in the rate, an extension to 31 March 2030 and the removal of the Levy’s main investment allowance. The 30 October 2024 Autumn Budget may also announce further restrictions on capital allowance claims for Levy purposes. These changes have not yet been substantively enacted and therefore have not been applied in accounting for deferred tax in the third quarter 2024. The impacts will be reflected in the group consolidated financial statements when the changes are substantively enacted.
There are no 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. No significant changes were identified.

Note 2. Non-current assets held for sale
The carrying amount of assets classified as held for sale at 30 September 2024 is $2,414 million, with associated liabilities of $32 million and includes agreed sales of receivables relating to a prior divestment monetized at the beginning of the fourth quarter and divestments that are agreed but not yet completed as 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 fourth quarter of 2024. The carrying amount of assets classified as held for sale at 30 September 2024 is $1,453 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 and is expected to complete during the fourth quarter 2024. The carrying amount of assets classified as held for sale at 30 September 2024 is $107 million, with associated liabilities of $9 million. Cumulative foreign exchange losses within reserves of approximately $950 million are expected to be recycled to the group income statement at completion.

22
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 third quarter and nine months were $1,842 million and $3,888 million respectively, compared with net charges of $542 million and $1,899 million for the same periods in 2023 and include net impairment charges for the third quarter and nine months of $1,730 million and $3,675 million respectively, compared with net impairment charges of $612 million and $1,779 million for the same periods in 2023. 
Gas & low carbon energy
Third quarter and nine months of 2024 impairments includes a net impairment charge of $734 million and $1,859 million respectively, compared with net charges of $224 million and $1,284 million for the same periods in 2023 in the gas & low carbon energy segment. 2024 includes amounts in Mauritania & Senegal which principally arose as a result of increased forecast future expenditure. The recoverable amount of the cash generating unit within this business was based on a value-in-use calculation.
Oil production & operations
Third quarter and nine months of 2024 impairments includes a net impairment charge of $767 million and $900 million respectively, compared with net charges of $142 million and $178 million for the same periods in 2023 in the oil production & operations segment. 2024 includes amounts in the North Sea. The recoverable amounts of the cash generating units within this business were based on value-in-use calculations.
Customers & products
Third quarter and nine months of 2024 impairments includes a net impairment charge of $223 million and $914 million respectively, compared with net charges of $221 million and $247 million for the same periods in 2023 in the customers & products segment. 2024 includes amounts in Germany relating to the ongoing review of the Gelsenkirchen refinery. The recoverable amount of the cash generating unit within this business was based on a value-in-use calculation.

Note 4. Analysis of replacement cost profit (loss) before interest and tax and reconciliation to profit (loss) before taxation
ThirdThirdNineNine
quarterquartermonthsmonths
$ million2024202320242023
gas & low carbon energy1,007 2,275 1,728 11,911 
oil production & operations1,891 3,427 8,218 9,312 
customers & products23 1,549 878 4,784 
other businesses & corporate653 (500)173 (887)
3,574 6,751 10,997 25,120 
Consolidation adjustment – UPII*65 (57)24 (109)
3,639 6,694 11,021 25,011 
Inventory holding gains (losses)*
gas & low carbon energy— — — 1 
oil production & operations(2)(1)(2)— 
customers & products(1,180)1,594 (465)260 
Profit (loss) before interest and tax2,457 8,287 10,554 25,272 
Finance costs1,101 1,039 3,392 2,802 
Net finance expense/(income) relating to pensions and other post-retirement benefits(42)(61)(123)(180)
Profit (loss) before taxation1,398 7,309 7,285 22,650 
RC profit (loss) before interest and tax*
US1,122 1,467 4,277 6,786 
Non-US2,517 5,227 6,744 18,225 
3,639 6,694 11,021 25,011 

23
Note 5. Sales and other operating revenues
ThirdThirdNineNine
quarterquartermonthsmonths
$ million2024202320242023
By segment
gas & low carbon energy8,526 10,313 23,010 38,627 
oil production & operations6,468 6,225 19,559 18,155 
customers & products38,437 42,908 119,432 119,841 
other businesses & corporate614 672 1,746 2,000 
54,045 60,118 163,747 178,623 
Less: sales and other operating revenues between segments
gas & low carbon energy385 367 1,026 1,743 
oil production & operations5,860 5,747 17,755 17,244 
customers & products(138)508 180 472 
other businesses & corporate684 227 1,353 1,175 
6,791 6,849 20,314 20,634 
External sales and other operating revenues
gas & low carbon energy8,141 9,946 21,984 36,884 
oil production & operations608 478 1,804 911 
customers & products38,575 42,400 119,252 119,369 
other businesses & corporate(70)445 393 825 
Total sales and other operating revenues47,254 53,269 143,433 157,989 
By geographical area
US19,388 22,032 59,586 61,257 
Non-US36,712 43,382 112,752 128,224 
56,100 65,414 172,338 189,481 
Less: sales and other operating revenues between areas8,846 12,145 28,905 31,492 
47,254 53,269 143,433 157,989 
Revenues from contracts with customers
Sales and other operating revenues include the following in relation to revenues from contracts with customers:
Crude oil618 496 1,704 1,653 
Oil products30,997 35,486 93,385 96,845 
Natural gas, LNG and NGLs6,458 6,396 17,196 21,881 
Non-oil products and other revenues from contracts with customers3,213 2,765 9,249 7,387 
Revenue from contracts with customers41,286 45,143 121,534 127,766 
Other operating revenues(a)
5,968 8,126 21,899 30,223 
Total sales and other operating revenues47,254 53,269 143,433 157,989 

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


Note 6. Depreciation, depletion and amortization
ThirdThirdNineNine
quarterquartermonthsmonths
$ million2024202320242023
Total depreciation, depletion and amortization by segment
gas & low carbon energy1,180 1,543 3,682 4,390 
oil production & operations1,708 1,432 5,063 4,129 
customers & products963 915 2,846 2,606 
other businesses & corporate266 255 774 743 
4,117 4,145 12,365 11,868 
Total depreciation, depletion and amortization by geographical area
US1,735 1,479 5,008 4,071 
Non-US2,382 2,666 7,357 7,797 
4,117 4,145 12,365 11,868 


24
Note 7. Earnings per share and shares in issue
Basic earnings per ordinary share (EpS) amounts are calculated by dividing the profit (loss) for the period attributable to ordinary shareholders by the weighted average number of ordinary shares outstanding during the period. Against the authority granted at bp's 2024 annual general meeting, 350 million ordinary shares repurchased for cancellation were settled during the third quarter 2024 for a total cost of $2,001 million. A further 150 million ordinary shares were repurchased between the end of the reporting period and the date when the financial statements are authorised for issue for a total cost of $796 million. This amount has been accrued at 30 September 2024. The number of shares in issue is reduced when shares are repurchased, but is not reduced in respect of the period-end commitment to repurchase shares subsequent to the end of the period.
The calculation of EpS is performed separately for each discrete quarterly period, and for the year-to-date period. As a result, the sum of the discrete quarterly EpS amounts in any particular year-to-date period may not be equal to the EpS amount for the year-to-date period.
For the diluted EpS calculation the weighted average number of shares outstanding during the period is adjusted for the number of shares that are potentially issuable in connection with employee share-based payment plans using the treasury stock method.
ThirdThirdNineNine
quarterquartermonthsmonths
$ million2024202320242023
Results for the period
Profit (loss) for the period attributable to bp shareholders206 4,858 2,340 14,868 
Less: preference dividend— — 1 1 
Less: (gain) loss on redemption of perpetual hybrid bonds(a)
— — (10)— 
Profit (loss) attributable to bp ordinary shareholders206 4,858 2,349 14,867 
Number of shares (thousand)(b)(c)
Basic weighted average number of shares outstanding
16,321,349 17,204,488 16,553,408 17,537,170 
ADS equivalent(d)
2,720,224 2,867,414 2,758,901 2,922,861 
Weighted average number of shares outstanding used to calculate diluted earnings per share
16,709,108 17,609,601 16,980,519 17,914,383 
ADS equivalent(d)
2,784,851 2,934,933 2,830,086 2,985,730 
Shares in issue at period-end16,155,806 17,061,004 16,155,806 17,061,004 
ADS equivalent(d)
2,692,634 2,843,500 2,692,634 2,843,500 
(a)See Condensed group statement of changes in equity - footnote (a) for further information.
(b)If the inclusion of potentially issuable shares would decrease loss per share, the potentially issuable shares are excluded from the weighted average number of shares outstanding used to calculate diluted earnings per share. The numbers of potentially issuable shares that have been excluded from the calculation for the second quarter 2024 are 374,406 thousand (ADS equivalent 62,401 thousand).
(c)Excludes treasury shares and includes certain shares that will be issued in the future under employee share-based payment plans.
(d)One ADS is equivalent to six ordinary shares.

Issued ordinary share capital as at 30 September 2024 comprised 16,262,632,593 ordinary shares (31 December 2023 17,174,461,587 ordinary shares). This includes shares held in trust to settle future employee share plan obligations and excludes 717,435,379 ordinary shares which have been bought back and are held in treasury by bp (31 December 2023 726,338,898 ordinary shares).

Note 8. Dividends
Dividends payable
bp today announced an interim dividend of 8.000 cents per ordinary share which is expected to be paid on 20 December 2024 to ordinary shareholders and American Depositary Share (ADS) holders on the register on 8 November 2024. The ex-dividend date will be 7 November 2024 for ordinary shareholders and 8 November 2024 for ADS holders. The corresponding amount in sterling is due to be announced on 5 December 2024, calculated based on the average of the market exchange rates over three dealing days between 29 November 2024 and 3 December 2024. Holders of ADSs are expected to receive $0.48 per ADS (less applicable fees). The board has decided not to offer a scrip dividend alternative in respect of the third quarter 2024 dividend. Ordinary shareholders and ADS holders (subject to certain exceptions) will be able to participate in a dividend reinvestment programme. Details of the third quarter dividend and timetable are available at bp.com/dividends and further details of the dividend reinvestment programmes are available at bp.com/drip.
ThirdThirdNineNine
quarterquartermonthsmonths
2024202320242023
Dividends paid per ordinary share
cents8.000 7.270 22.540 20.490 
pence6.050 5.732 17.425 16.592 
Dividends paid per ADS (cents)48.00 43.62 135.24 122.94 

25
Note 9. Net debt
Net debt*30 September31 December30 September
$ million202420232023
Finance debt(a)
57,470 51,954 48,810 
Fair value (asset) liability of hedges related to finance debt(b)
1,393 1,988 3,440 
58,863 53,942 52,250 
Less: cash and cash equivalents34,595 33,030 29,926 
Net debt(c)
24,268 20,912 22,324 
Total equity79,946 85,493 87,676 
Gearing*23.3%19.7%20.3%
(a)The fair value of finance debt at 30 September 2024 was $54,324 million (31 December 2023 $48,795 million, 30 September 2023 $43,387 million).
(b)Derivative financial instruments entered into for the purpose of managing foreign currency exchange risk associated with net debt with a fair value liability position of $123 million at 30 September 2024 (fourth quarter 2023 liability of $73 million and third quarter 2023 liability of $102 million) are not included in the calculation of net debt shown above as hedge accounting is not applied for these instruments.
(c)Net debt does not include accrued interest, which is reported within other receivables and other payables on the balance sheet and for which the associated cash flows are presented as operating cash flows in the group cash flow statement.

Note 10. Events after the reporting period
On 1 October 2024, the group acquired a further 50% of the issued ordinary shares of bp Bunge Bioenergia and now owns 100% of the ordinary shares. The transaction will be accounted for as a business combination achieved in stages using the acquisition method. Total consideration is estimated at $0.8 billion including deferred consideration. Reported finance debt and cash acquired in the transaction is expected to be approximately $0.7 billion and $0.3 billion, respectively.
On 24 October 2024, the group acquired a further 50.03% of the issued ordinary shares of Lightsource bp and now owns 100% of the ordinary shares. The transaction will be accounted for as a business combination achieved in stages using the acquisition method. Total consideration is estimated at $0.5 billion including deferred and contingent consideration. Reported finance debt and cash acquired in the transaction is expected to be approximately $3.0 billion and $0.3 billion, respectively.
Immediately prior to the business combination, 2.4GW of Lightsource bp’s operational and construction assets in the United States were transferred from Lightsource bp into a new joint venture between bp and the Lightsource bp founders, and certain management and staff. bp will apply equity accounting to this investment for bp’s approximate 50% share.
As the above transactions have only recently completed, the initial provisional purchase price allocations and the related measurement of acquired asset and liability fair values, and accounting policy alignments are ongoing.

Note 11. Statutory accounts
The financial information shown in this publication, which was approved by the Board of Directors on 28 October 2024, is unaudited and does not constitute statutory financial statements. Audited financial information will be published in bp Annual Report and Form 20-F 2024.