BP p.l.c. (BP) 6-K 3 Aug 21 2021 Q2 Current report (foreign) Financial data

Cover

Cover	6 Months Ended
	Jun. 30, 2021
Document Information [Line Items]
Document Type	6-K
Amendment Flag	false
Document Period End Date	Jun. 30, 2021
Document Fiscal Year Focus	2021
Document Fiscal Period Focus	Q2
Entity Registrant Name	BP PLC
Entity Central Index Key	0000313807
Current Fiscal Year End Date	--12-31

Group income statement

Group income statement - USD ($) $ in Millions		3 Months Ended		6 Months Ended
		Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Profit (loss) [abstract]
Revenue and other operating income	[1]	$ 36,467	$ 21,262	$ 71,011	$ 52,235
Share of profit (loss) of joint ventures accounted for using equity method		(57)	(567)	103	(589)
Share of profit (loss) of associates accounted for using equity method		856	(100)	1,457	(344)
Interest And Other Income1		82	107	164	247
Gain On Disposals, Property, Plant And Equipment And Disposal Of Investments In Subsidiaries, Joint Ventures And Associates		250	74	1,355	90
Revenue		37,598	20,776	74,090	51,639
Cost of inventories recognised as expense during period	[1]	21,241	8,364	36,897	28,565
Production And Manufacturing Expenses, Excluding Taxes		6,562	5,211	13,420	11,310
Tax expense other than income tax expense		295	124	548	327
Depreciation, depletion and amortization		3,631	3,937	6,998	7,996
Impairment loss (reversal of impairment loss) net of losses of sales of businesses and fixed assets recognised in profit or loss		(2,937)	11,770	(2,564)	12,919
Expense arising from exploration for and evaluation of mineral resources		107	9,674	206	9,876
Distribution and administrative expense		2,874	2,509	5,489	5,193
Profit (loss) from operating activities		5,825	(20,813)	13,096	(24,547)
Finance costs		682	783	1,405	1,566
Interest Income (Expense) Relating To Pensions And Other Post-Retirement Benefits		5	8	11	15
Profit (loss) before tax		5,138	(21,604)	11,680	(26,128)
Tax expense (income)		1,784	(4,082)	3,426	(4,221)
Profit (loss)		3,354	(17,522)	8,254	(21,907)
Attributable to
Profit (loss), attributable to owners of parent		3,116	(16,848)	7,783	(21,213)
Profit (loss), attributable to non-controlling interests		$ 238	$ (674)	$ 471	$ (694)
Ordinary shares [member]
Profit (loss), attributable to bp shareholders
Basic earnings (loss) per share		$ 0.1537	$ (0.8332)	$ 0.3836	$ (1.0502)
Diluted earnings (loss) per share		0.1530	(0.8332)	0.3816	(1.0502)
ADS [Member]
Profit (loss), attributable to bp shareholders
Basic earnings (loss) per share		0.92	(5)	2.30	(6.30)
Diluted earnings (loss) per share		$ 0.92	$ (5)	$ 2.29	$ (6.30)
[1]	2020 numbers have been restated as a result of changes to the net presentation of revenues and purchases relating to physically settled derivative contracts effective 1 January 2021. For more information see Note 1 Basis of preparation - Voluntary change in accounting policy .

Condensed group statement of co

Condensed group statement of comprehensive income - USD ($) $ in Millions		3 Months Ended		6 Months Ended
		Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Statement of comprehensive income [abstract]
Profit (loss)		$ 3,354	$ (17,522)	$ 8,254	$ (21,907)
Items that may be reclassified subsequently to profit or loss
Gains (losses) on exchange differences on translation, before tax	[1]	902	1,371	297	(3,271)
Reclassification adjustments on exchange differences on translation, before tax		0	3	0	4
Gains (Losses) On Cash Flow Hedges And Costs Of Hedging, Before Tax [Line Items]		(207)	68	(269)	153
Share of other comprehensive income of associates and joint ventures accounted for using equity method that will be reclassified to profit or loss, net of tax		(68)	(333)	(57)	109
Income tax relating to components of other comprehensive income that will be reclassified to profit or loss		8	(37)	9	80
Other comprehensive income that will be reclassified to profit or loss, net of tax		635	1,072	(20)	(2,925)
Items that will not be reclassified to profit or loss
Other comprehensive income, before tax, gains (losses) on remeasurements of defined benefit plans	[2]	590	(1,960)	2,616	(241)
Other Comprehensive Income, Cash Flow Hedges To Be Transferred To Balance Sheet, Before Tax		1	(2)	3	(10)
Income tax relating to components of other comprehensive income that will not be reclassified to profit or loss		(165)	623	(753)	0
Other comprehensive income that will not be reclassified to profit or loss, net of tax		426	(1,339)	1,866	(251)
Other comprehensive income		1,061	(267)	1,846	(3,176)
Comprehensive income		4,415	(17,789)	10,100	(25,083)
Attributable to
Comprehensive income, attributable to owners of parent		4,183	(17,142)	9,643	(24,359)
Comprehensive income, attributable to non-controlling interests		$ 232	$ (647)	$ 457	$ (724)
[1]	Principally affected by movements in the Russian rouble against the US dollar.
[2]	See Note 1 - Basis of preparation - Pensions and other post-retirement benefits for further information.

Condensed group statement of ch

Condensed group statement of changes in equity - USD ($) $ in Millions	Total	Equity attributable to owners of parent [member]	Non-controlling interests, hybrid bonds	Non-controlling interests, other interest
Equity at beginning of period at Dec. 31, 2019	$ 100,708	$ 98,412	$ 0	$ 2,296
Comprehensive income	(25,083)	(24,359)		(724)
Dividends recognised as distributions to owners	(4,347)	(4,242)		(105)
Amount removed from reserve of cash flow hedges and included in initial cost or other carrying amount of non-financial asset (liability) or firm commitment for which fair value hedge accounting is applied	6	6
Increase (Decrease) In Number Of Shares Outstanding Through Share Repurchase, Equity Amount	(776)	(776)
Increase (decrease) through share-based payment transactions, equity	342	342
Increase (decrease) through other changes, equity	11,861	(48)	11,909
Increase (decrease) through changes in ownership interests in subsidiaries that do not result in loss of control, equity	100	(471)		571
Equity at end of period at Jun. 30, 2020	82,811	68,864	11,909	2,038
Equity at beginning of period at Dec. 31, 2020	85,568	71,250	12,076	2,242
Comprehensive income	10,100	9,643	249	208
Dividends recognised as distributions to owners	(2,292)	(2,134)		(158)
Cash flow hedges transferred to the balance sheet, net of tax	(6)	(6)
Increase (Decrease) In Number Of Shares Outstanding Through Share Repurchase, Equity Amount	(500)
Increase (decrease) through share-based payment transactions, equity	188	188
Increase (Decrease) Through Change In Share Of Equity Of Joint Ventures And Associates Accounted For Using Equity Method, Net Of Tax	(3)	(3)
Payments on increase (decrease) though other changes, equity	(383)	(7)	(376)
Increase (decrease) through changes in ownership interests in subsidiaries that do not result in loss of control, equity	560	366		194
Equity at end of period at Jun. 30, 2021	$ 93,232	$ 78,797	$ 11,949	$ 2,486

Group balance sheet

Group balance sheet - USD ($) $ in Millions	Jun. 30, 2021	Dec. 31, 2020
Non-current assets [abstract]
Property, plant and equipment	$ 116,177	$ 114,836
Goodwill	12,497	12,480
Intangible assets other than goodwill	6,237	6,093
Investments in joint ventures accounted for using equity method	9,703	8,362
Investments in associates accounted for using equity method	20,194	18,975
Other non-current financial assets	2,539	2,746
Non-Current, Fixed Assets	167,347	163,492
Non-current loans and receivables	776	840
Trade and other non-current receivables	3,685	4,351
Non-current derivative financial assets	7,887	9,755
Non-current prepayments	487	533
Deferred tax assets	6,662	7,744
Non-current net defined benefit asset	10,489	7,957
Non-current assets	197,333	194,672
Current assets [abstract]
Current loans and receivables	366	458
Current inventories	22,608	16,873
Trade and other current receivables	23,540	17,948
Current derivative financial assets	4,062	2,992
Current prepayments	1,298	1,269
Current tax assets, current	425	672
Other current financial assets	164	333
Cash and cash equivalents	34,256	31,111
Current assets other than non-current assets or disposal groups classified as held for sale or as held for distribution to owners	86,719	71,656
Non-current assets or disposal groups classified as held for sale or as held for distribution to owners	34	1,326
Current assets	86,753	72,982
Assets	284,086	267,654
Current liabilities [abstract]
Trade and other current payables	45,198	36,014
Current derivative financial liabilities	5,117	2,998
Accruals classified as current	4,517	4,650
Current lease liabilities	1,825	1,933
Current borrowings and current portion of non-current borrowings	7,622	9,359
Current tax liabilities, current	1,429	1,038
Current provisions	4,831	3,761
Current liabilities other than liabilities included in disposal groups classified as held for sale	70,539	59,753
Liabilities included in disposal groups classified as held for sale	31	46
Current liabilities	70,570	59,799
Non-current liabilities [abstract]
Trade and other non-current payables	10,886	12,112
Non-current derivative financial liabilities	5,419	5,404
Accruals classified as non-current	889	852
Non-current lease liabilities	7,038	7,329
Non-current portion of non-current borrowings	60,625	63,305
Deferred tax liabilities	7,854	6,831
Non-current provisions	19,069	17,200
Non-current net defined benefit liability	8,504	9,254
Non-current liabilities	120,284	122,287
Liabilities	190,854	182,086
Assets (liabilities)	93,232	85,568
Equity [abstract]
Equity attributable to owners of parent	78,797	71,250
Non-controlling interests	14,435	14,318
Equity	$ 93,232	$ 85,568

Group cash flow statement

Group cash flow statement - USD ($) $ in Millions	3 Months Ended			6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020		Jun. 30, 2021	Jun. 30, 2020
Cash flows from (used in) operating activities [abstract]
Profit (loss) before tax	$ 5,138	$ (21,604)		$ 11,680	$ (26,128)
Adjustments to reconcile profit (loss) [abstract]
Adjustments For Depreciation And Amortisation Expense Including Expense Arising From Exploration For And Evaluation Of Mineral Resource, Write-Off	3,659	13,555		7,087	17,712
Adjustments For Impairment Loss (Reversal Of Impairment Loss) Recognised In Profit Or Loss, And Adjustments For Gain Loss On Disposal Of Investments In Subsidiaries, Joint Ventures, And Associates	(3,187)	11,696		(3,919)	12,829
Share Of Profit Loss Of Associates And Joint Ventures Accounted For Using Equity Method, Excluding Dividends Received	(539)	860		(1,172)	1,365
Adjustments For Finance Costs And Interest Expense, Net Of Interest Paid	300	17		329	154
Adjustments for share-based payments	228	351		182	345
Adjustments For Increase (Decrease) In Pension And Other Post-Retirement Benefits	(371)	(34)		(391)	(54)
Adjustments for provisions	1,172	(365)		2,074	(424)
Adjustments For Decrease (Increase) In Inventories And Other Assets And Increase (Decrease) In Other Liabilities	26	(609)		(2,767)	74
Income taxes paid (refund), classified as operating activities	(1,015)	(130)		(1,583)	(1,184)
Cash flows from (used in) operating activities	5,411	3,737		11,520	4,689
Cash flows from (used in) investing activities [abstract]
Purchase of property, plant and equipment, intangible assets other than goodwill, investment property and other non-current assets	(2,435)	(3,018)		(5,468)	(6,807)
Cash flows used in obtaining control of subsidiaries or other businesses, classified as investing activities	0	0		(1)	(17)
Other cash payments to acquire interests in joint ventures, classified as investing activities	(47)	(8)		(789)	(26)
Purchase of interests in associates	(32)	(41)		(54)	(78)
Outflows of cash from investing activities	(2,514)	(3,067)		(6,312)	(6,928)
Proceeds from disposals of property, plant and equipment, intangible assets other than goodwill, investment property and other non-current assets	93	10		644	20
Cash flows from losing control of subsidiaries or other businesses	122	670		3,735	1,341
Cash receipts from repayment of advances and loans made to other parties	67	543		128	606
Inflows of cash from investing activities	282	1,223		4,507	1,967
Cash flows from (used in) investing activities	(2,232)	(1,844)		(1,805)	(4,961)
Cash flows from (used in) financing activities [abstract]
Payments to acquire or redeem entity's shares	(500)	0		(500)	(776)
Payments of lease liabilities, classified as financing activities	(514)	(664)		(1,074)	(1,233)
Proceeds from non-current borrowings	1,985	6,846		3,941	9,530
Repayments of non-current borrowings	(67)	(964)		(7,096)	(4,681)
Cash flows from (used in) increase (decrease) in current borrowings	(33)	(215)		189	2,302
Proceeds from issuing other equity instruments	0	11,861		0	11,861
Payments of other equity instruments	(328)	0		(383)	0
Payments from changes in ownership interests in subsidiaries that do not result in loss of control	0	(8)		0	(8)
Proceeds from contributions of non-controlling interests	3	0		671	9
Dividends paid to equity holders of parent, classified as financing activities	(1,062)	(2,119)		(2,126)	(4,221)
Dividends paid to non-controlling interests, classified as financing activities	(107)	(74)		(158)	(105)
Cash flows from (used in) financing activities	(623)	14,663		(6,536)	12,678
Effect of exchange rate changes on cash and cash equivalents	24	(42)		(34)	(225)
Cash and cash equivalents	34,256	34,653	[1]	34,256	34,653	[1]
Increase (decrease) in cash and cash equivalents	$ 2,580	16,514		$ 3,145	12,181
Cash and cash equivalents classified as part of disposal group held for sale		$ 436			$ 436
[1]	Second quarter and first half 2020 includes $436 million of cash and cash equivalents classified as assets held for sale in the group balance sheet.

Analysis of replacement cost pr

Analysis of replacement cost profit (loss) before interest and tax and reconciliation to profit (loss) before taxation (Notes)	6 Months Ended
	Jun. 30, 2021
Disclosure of operating segments [abstract]
Analysis of replacement cost profit (loss) before interest and tax and reconciliation to profit (loss) before taxation	Analysis of replacement cost profit (loss) before interest and tax and reconciliation to profit (loss) before taxation(a) Second Second First First quarter quarter half half $ million 2021 2020 2021 2020 gas & low carbon energy 927 (7,752) 4,357 (6,682) oil production & operations 3,118 (14,314) 4,597 (14,493) customers & products 640 594 1,574 1,258 Rosneft 643 (124) 1,006 (141) other businesses & corporate (425) (259) (1,103) (825) 4,903 (21,855) 10,431 (20,883) Consolidation adjustment – UPII* (31) (46) (18) 132 RC profit (loss) before interest and tax* 4,872 (21,901) 10,413 (20,751) Inventory holding gains (losses)* gas & low carbon energy 4 11 26 2 oil production & operations (6) 46 9 (13) customers & products 887 978 2,492 (3,637) Rosneft (net of tax) 68 53 156 (148) Profit (loss) before interest and tax 5,825 (20,813) 13,096 (24,547) Finance costs 682 783 1,405 1,566 Net finance expense relating to pensions and other post-retirement benefits 5 8 11 15 Profit (loss) before taxation 5,138 (21,604) 11,680 (26,128) RC profit (loss) before interest and tax* US 955 (4,695) 2,862 (4,100) Non-US 3,917 (17,206) 7,551 (16,651) 4,872 (21,901) 10,413 (20,751) (a) Comparative information for 2020 has been restated to reflect the changes in reportable segments. For more information see Note 1 Basis of preparation - C

Statutory accounts

Statutory accounts	6 Months Ended
	Jun. 30, 2021
Common Domain Members [Abstract]
Statutory accounts	Statutory accountsThe financial information shown in this publication, which was approved by the Board of Directors on 2 August 2021, is unaudited and does not constitute statutory financial statements. Audited financial information will be published in BP Annual Report and Form 20-F 2021.

Analysis of replacement cost _2

Analysis of replacement cost profit (loss) before interest and tax and reconciliation to profit (loss) before taxation (Tables)	6 Months Ended
	Jun. 30, 2021
Disclosure of operating segments [abstract]
Disclosure Of Detailed Information About Replacement Costs Profit (Loss) Before Interest And Tax [Table Text Block]	Second Second First First quarter quarter half half $ million 2021 2020 2021 2020 gas & low carbon energy 927 (7,752) 4,357 (6,682) oil production & operations 3,118 (14,314) 4,597 (14,493) customers & products 640 594 1,574 1,258 Rosneft 643 (124) 1,006 (141) other businesses & corporate (425) (259) (1,103) (825) 4,903 (21,855) 10,431 (20,883) Consolidation adjustment – UPII* (31) (46) (18) 132 RC profit (loss) before interest and tax* 4,872 (21,901) 10,413 (20,751) Inventory holding gains (losses)* gas & low carbon energy 4 11 26 2 oil production & operations (6) 46 9 (13) customers & products 887 978 2,492 (3,637) Rosneft (net of tax) 68 53 156 (148) Profit (loss) before interest and tax 5,825 (20,813) 13,096 (24,547) Finance costs 682 783 1,405 1,566 Net finance expense relating to pensions and other post-retirement benefits 5 8 11 15 Profit (loss) before taxation 5,138 (21,604) 11,680 (26,128) RC profit (loss) before interest and tax* US 955 (4,695) 2,862 (4,100) Non-US 3,917 (17,206) 7,551 (16,651) 4,872 (21,901) 10,413 (20,751)

Analysis of replacement cost _3

Analysis of replacement cost profit (loss) before interest and tax and reconciliation to profit (loss) before taxation (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Disclosure of operating segments [line items]
Replacement Cost Profit (Loss) Before Interest And Taxation	$ 4,872	$ (21,901)	$ 10,413	$ (20,751)
Profit (loss) from operating activities	5,825	(20,813)	13,096	(24,547)
Finance costs	682	783	1,405	1,566
Interest Income (Expense) Relating To Pensions And Other Post-Retirement Benefits	5	8	11	15
Profit (loss) before tax	5,138	(21,604)	11,680	(26,128)
UNITED STATES
Disclosure of operating segments [line items]
Replacement Cost Profit (Loss) Before Interest And Taxation	955	(4,695)	2,862	(4,100)
Non-US
Disclosure of operating segments [line items]
Replacement Cost Profit (Loss) Before Interest And Taxation	3,917	(17,206)	7,551	(16,651)
Operating segments [member]
Disclosure of operating segments [line items]
Replacement Cost Profit (Loss) Before Interest And Taxation, Before Adjustments	4,903	(21,855)	10,431	(20,883)
Operating segments [member] | gas & low carbon energy
Disclosure of operating segments [line items]
Replacement Cost Profit (Loss) Before Interest And Taxation, Before Adjustments	927	(7,752)	4,357	(6,682)
Inventory Holding Gains (Losses)	4	11	26	2
Operating segments [member] | oil production & operations
Disclosure of operating segments [line items]
Replacement Cost Profit (Loss) Before Interest And Taxation, Before Adjustments	3,118	(14,314)	4,597	(14,493)
Inventory Holding Gains (Losses)	(6)	46	9	(13)
Operating segments [member] | customers & products
Disclosure of operating segments [line items]
Replacement Cost Profit (Loss) Before Interest And Taxation, Before Adjustments	640	594	1,574	1,258
Inventory Holding Gains (Losses)	887	978	2,492	(3,637)
Operating segments [member] | Rosneft
Disclosure of operating segments [line items]
Replacement Cost Profit (Loss) Before Interest And Taxation, Before Adjustments	643	(124)	1,006	(141)
Inventory Holding Gains (Losses)	68	53	156	(148)
Other Business And Corporate, Non-Segment
Disclosure of operating segments [line items]
Replacement Cost Profit (Loss) Before Interest And Taxation, Before Adjustments	(425)	(259)	(1,103)	(825)
Consolidation adjustments and eliminations
Disclosure of operating segments [line items]
Consolidation adjustment - UPII	$ (31)	$ (46)	$ (18)	$ 132

Basis of preparation

Basis of preparation	6 Months Ended
	Jun. 30, 2021
Corporate Information And Statement Of IFRS Compliance [Abstract]
Disclosure of basis of preparation of financial statements [text block]	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 2020 included in BP Annual Report and Form 20-F 2020. The directors consider it appropriate to adopt the going concern basis of accounting in preparing the interim financial statements. The ongoing impact of COVID-19 and the current economic environment has been considered as part of the going concern assessment. Forecast liquidity has been assessed under a number of stressed scenarios to support this assertion. Reverse stress tests indicated that the group will continue to operate as a going concern for at least 12 months from the date of approval of the interim financial statements even if the Brent price fell to zero. 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 European Union (EU) and in accordance with the provisions of the UK Companies Act 2006 as applicable to companies reporting under international accounting standards. As a result of the UK's withdrawal from the EU, with effect from 1 January 2021, the consolidated financial statements are also prepared in accordance with IFRS as adopted by the UK. IFRS as adopted by the UK does not differ from IFRS as adopted by the EU. IFRS as adopted by the EU and UK 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 2021 which are the same as those used in preparing BP Annual Report and Form 20-F 2020 with the exception of the changes described in the 'Updates to significant accounting policies' section below. There are no other new or amended standards or interpretations adopted from 1 January 2021 onwards that have a significant impact on the financial information. Considerations in respect of COVID-19 and the current economic environment bp's significant accounting judgements and estimates were disclosed in BP Annual Report and Form 20-F 2020 . These have been subsequently considered at the end of each quarter to determine if any changes were required to those judgements and estimates as a result of current market conditions. The conditions also result in the valuation of certain assets and liabilities remaining subject to more uncertainty, including those set out below. Impairment testing assumptions The group’s price assumption for Brent oil was revised during the second quarter. The assumption up to 2030 was increased to reflect near-term supply constraints whereas the long-term assumption was decreased reaching $55 per barrel by 2040 and $45 per barrel by 2050 (in real 2020 terms) as bp's management expects an acceleration of the pace of transition to a lower carbon economy. The price assumption for Henry Hub gas are unchanged from those disclosed in BP Annual Report and Form 20-F 2020. A summary of the group’s price assumptions, in real 2020 terms, is provided below: Second half 2021 2025 2030 2040 2050 Brent oil ($/bbl) 60 60 60 55 45 Henry Hub gas ($/mmBtu) 3.00 3.00 3.00 3.00 2.75 The group has identified upstream oil and gas properties with carrying amounts totalling approximately $33 billion where the headroom, based on the most recent impairment tests performed, was less than or equal to 20% of the carrying value. A change in price or other assumptions within the next financial year may result in a recoverable amount of one or more of these assets above or below the current carrying amount and therefore there is a significant risk of impairment reversals or charges in that period. Impairment reversals for the second quarter of 2021 primarily relate to the changes to price assumptions. For further information see Note 3. The discount rates used in value-in-use impairment testing as disclosed in BP Annual Report and Form 20-F 2020, are unchanged. Provisions The nominal risk-free discount rate applied to provisions is reviewed on a quarterly basis. The discount rate applied to the group's provisions was revised in the second quarter to 2.0% (31 December 2020 2.5%) to reflect lower recent US Treasury yields. The principal impact of this rate reduction was a $1.3 billion increase in the decommissioning provision with a corresponding increase in the carrying amount of property, plant and equipment of $1.0 billion. During the second quarter, the group assessed that a decommissioning provision should be recognized for certain assets previously sold to a third party where the decommissioning obligation transferred may revert to bp due to the financial condition of the current owner. No other significant decommissioning provisions of this nature have been identified however bp continues to review and monitor the risk of reversion of decommissioning obligations. Note 1. Basis of preparation (continued) Pensions and other post-retirement benefits The group's defined benefit pension plans are reviewed quarterly to determine any changes to the fair value of the plan assets or present value of the defined benefit obligations. As a result of the review during the second quarter of 2021, the group's total net defined benefit pension plan surplus as at 30 June 2021 is $2.0 billion, compared to a deficit of $1.3 billion at 31 December 2020. The movement for the six months principally reflects net actuarial gains reported in other comprehensive income arising from increases in the UK, US and Eurozone discount rates partly offset by increases in inflation rates and negative asset performance. Also reflected in the second quarter is a reduction in the liability of the UK funded final salary pension plan which was closed to future accrual on 30 June 2021. A curtailment gain of $0.3 billion has been recognized in the income statement. For active members of the scheme at 30 June 2021, benefits payable are now linked to salary as at that date rather than to salary on retirement. The current environment is likely to continue to affect the values of the plan assets and obligations resulting in potential volatility in the amount of the net defined benefit pension plan surplus/deficit recognized. Impairment of financial assets measured at amortized cost The estimate of the loss allowance recognized on financial assets measured at amortized cost using an expected credit loss approach was determined not to be a significant accounting estimate in preparing BP Annual Report and Form 20-F 2020. Expected credit loss allowances are, however, reviewed and updated quarterly. Allowances are recognized on assets where there is evidence that the asset is credit-impaired and on a forward-looking expected credit loss basis for assets that are not credit-impaired. The current economic environment and future credit risk outlook have been considered in updating the estimate of loss allowances with no significant impact in the quarter. The group continues to believe that the calculation of expected credit loss allowances is not a significant accounting estimate. The group continues to apply its credit policy as disclosed in B P Annual Report and Form 20-F 2020 - Financial statements - Note 29 Financial instruments and financial risk factors - credit risk. Other accounting judgements and estimates All other significant accounting judgements and estimates disclosed in BP Annual Report and Form 20-F 2020 remain applicable and no new significant accounting judgements or estimates have been identified specifically arising from the impact of COVID-19. Updates to significant accounting policies Change in accounting policy - Interest Rate Benchmark Reform - Phase II Financial authorities have announced the timing of interest rate benchmark transitions with market discussions continuing around benchmark application. The replacement of key interest rate benchmarks such as the London Inter-bank Offered Rate (LIBOR) with alternative benchmarks in the US, UK, EU and other territories is expected at the end of 2021 for most benchmarks, with remaining USD tenors expected to cease in 2023. bp is primarily exposed to USD LIBORs that will be available until June 2023. Amendments to IFRS 9 'Financial instruments', IFRS 16 ‘Leases’ and other IFRSs were issued by the IASB in August 2020 to provide practical expedients and reliefs when changes are made to contractual cash flows or hedging relationships because of the transition from Inter-bank Offered Rates to alternative risk-free rates. bp adopted these amendments from 1 January 2021 and they will be applied prospectively. bp has set up an internal working group on interest rate benchmark reform to monitor market developments and manage the transition to alternative benchmark rates. The impacts on contracts and arrangements that are linked to existing interest rate benchmarks, for example, borrowings, leases and derivative contracts have been assessed and transition plans are being developed. bp is also participating on external committees and task forces dedicated to interest rate benchmark reform. Change in segmentation During the first quarter of 2021, the group's reportable segments were changed consistent with a change in the way that resources are allocated and performance is assessed by the chief operating decision maker, who for bp is the group chief executive, from that date. From the first quarter of 2021, the group's reportable segments are gas & low carbon energy, oil production & operations, customers & products, and Rosneft. At 31 December 2020, the group's reportable segments were Upstream, Downstream and Rosneft. Gas & low carbon energy comprises regions with upstream businesses that predominantly produce natural gas, gas marketing and trading activities and the group's renewables businesses, including biofuels, solar and wind. Gas producing regions were previously in the Upstream segment. The group's renewables businesses were previously part of 'Other businesses and corporate'. Oil production & operations comprises regions with upstream activities that predominantly produce crude oil. These activities were previously in the Upstream segment. Customers & products comprises the group’s customer-focused businesses, spanning convenience and mobility, which includes fuels retail and next-gen offers such as electrification, as well as aviation, midstream, and Castrol lubricants. It also includes our oil products businesses, refining & trading. The petrochemicals business will also be reported in restated comparative information as part of the customers and products segment up to its sale in December 2020. The customers & products segment is, therefore, substantially unchanged from the former Downstream segment with the exception of the Petrochemicals disposal. The Rosneft segment is unchanged and continues to include equity-accounted earnings from the group's investment in Rosneft. The segment measure of profit or loss continues to be replacement cost profit or loss before interest and tax, which reflects the replacement cost of supplies by excluding from profit or loss before interest and tax inventory holding gains and losses. See Note 4 for further information. Comparative information for 2020 has been restated in Notes 4, 5 and 6 to reflect the changes in reportable segments. Note 1. Basis of preparation (continued) Voluntary change in accounting policy - Net presentation of revenues and purchases relating to physically settled derivative contracts bp routinely enters into transactions for the sale and purchase of commodities that are physically settled and meet the definition of a derivative financial instrument. These contracts are within the scope of IFRS 9 and as such, prior to settlement, changes in the fair value of these derivative contracts are presented as gains and losses within other operating revenues. The group previously presented revenues and purchases for such contracts on a gross basis in the income statement upon physical settlement. These transactions have historically represented a substantial portion of the revenues and purchases reported in the group’s consolidated financial statements. The change in strategic direction of the group supported by organisational changes to implement the strategy from 1 January 2021, resulted in the group determining that the revenue and corresponding purchases relating to such transactions should be presented net, as gains or losses within other operating revenues, from that date. Additionally the group’s trading activity has continued to evolve over time from one of capturing third-party physical trades to provide flow assurance to one with increasing levels of optimisation, taking advantage of price volatility and fluctuations in demand and supply, which will continue under the new strategy, further supporting the change in presentation. The new presentation provides reliable and more relevant information for users of the accounts as the group’s revenue recognition is more closely aligned with its assessment of ‘Scope 3’ emissions from its products, its ‘Net Zero’ ambition and how management monitors and manages performance of such contracts. Comparative information for sales and other operating revenues and purchases for 2020 has been restated as shown in the table below. There is no significant impact on comparative information for profit before income and tax or earnings per share. In addition, as disclosed in the group's 2020 financial statements, in 2020 revenues from physically settled derivative contracts were reclassified as other operating revenues and were no longer presented together with revenues from contracts with customers. In these financial statements certain other similar contracts have been reclassified as other operating revenues and then been subject to net presentation as described above. Comparative information for natural gas, LNG and NGLs, and non-oil products and other revenue from contracts with customers in Note 5 has been amended to align with current period presentation as shown in the table below. Note 1. Basis of preparation (continued) Second Second First First quarter quarter half half 2020 2020 Impact of net 2020 2020 Impact of net $ million Restated presentation (a) Restated presentation (a) Sales and other operating revenues (Note 5) gas & low carbon energy 4,183 3,227 (956) 10,235 8,752 (1,483) oil production & operations 3,304 3,304 — 9,135 9,135 — customers & products 27,241 17,783 (9,458) 81,205 43,597 (37,608) other businesses & corporate 442 442 — 879 879 — 35,170 24,756 (10,414) 101,454 62,363 (39,091) Less: sales and other revenues between segments gas & low carbon energy 27 27 — 1,838 1,838 — oil production & operations 2,870 2,870 — 8,371 8,371 — customers & products 330 330 — (452) (452) — other businesses & corporate 267 267 — 371 371 — 3,494 3,494 — 10,128 10,128 — External sales and other operating revenues gas & low carbon energy 4,156 3,200 (956) 8,397 6,914 (1,483) oil production & operations 435 435 — 765 765 — customers & products 26,911 17,453 (9,458) 81,657 44,049 (37,608) other businesses & corporate 174 174 — 507 507 — Total sales and other operating revenues 31,676 21,262 (10,414) 91,326 52,235 (39,091) Sales and other operating revenues include the following in relation to revenues from contracts with customers: Crude oil 1,062 1,062 — 2,497 2,497 — Oil products 10,452 10,452 — 30,706 30,706 — Natural gas, LNG and NGLs 2,992 2,072 (920) 6,630 5,250 (1,379) Non-oil products and other revenues from contracts with customers 2,118 2,092 (26) 4,608 4,569 (39) Revenues from contracts with customers 16,624 15,678 (946) 44,441 43,022 (1,419) Other operating revenues 15,052 5,584 (9,468) 46,885 9,213 (37,672) Total sales and other operating revenues 31,676 21,262 (10,414) 91,326 52,235 (39,091) (a) Total purchases for the second quarter and first half 2020 have been re-stated by the equal and opposite amount as total sales and other operating revenues.

Non-current assets held for sal

Non-current assets held for sale	6 Months Ended
	Jun. 30, 2021
Non-current assets held for sale [Abstract]
Non-current assets held for sale	Non-current assets held for sale The carrying amount of assets classified as held for sale at 30 June 2021 is $34 million, with associated liabilities of $31 million. At 31 December 2020 the balance consists primarily of a 20% participating interest from BP’s 60% participating interest in Block 61 in Oman, which is reported in the gas & low carbon energy segment. As announced on 1 February 2021, BP agreed to sell this interest to PTT Exploration and Production Public Company Limited (PTTEP) of Thailand for a total consideration of up to $2.6 billion, subject to final adjustments. On 28 March, a royal decree was published approving the sale and $2.4 billion was received in March 2021.

Impairment of assets

Impairment of assets	6 Months Ended
	Jun. 30, 2021
Impairments [Abstract]
Disclosure of impairment of assets [text block]	Impairment and losses on sale of businesses and fixed assets(a) Impairment reversals net of losses on sale of businesses and fixed assets for the second quarter and first half 2021 were $2,937 million and $2,564 million respectively (charges of $11,770 million and $12,919 million for the comparative periods in 2020) and include net impairment reversals for the second quarter and first half 2021 of $2,964 million and $2,744 million respectively (charges of $11,848 million and $12,646 million for the comparative periods in 2020). Impairment charges included within the 2021 numbers are immaterial. gas & low carbon energy segment Net impairment reversals in the gas & low carbon energy segment were $1,270 million and $1,148 million for the second quarter and first half 2021 respectively (charges of $6,111 million and $6,112 million for the comparative periods in 2020). Impairment reversals for the second quarter and first half 2021 mainly relate to producing assets and principally arose as a result of changes to the group’s oil and gas price assumptions. They include amounts in Azerbaijan, India and Trinidad. The recoverable amounts of the cash generating units within these businesses were based on value-in-use calculations. oil production & operations segment Net impairment reversals in the oil production & operations segment were $1,756 million and $1,657 million for the second quarter and first half 2021 (charges of $5,008 million and $5,792 million for the comparative periods in 2020). Impairment reversals for the second quarter and first half 2021 mainly relate to producing assets and principally arose as a result of changes to the group’s oil and gas price assumptions. They include amounts in BPX Energy and the North Sea. The recoverable amounts of the cash generating units within these businesses were based on value-in-use calculations. (a) All disclosures are pre-tax.

Sales and other operating reven

Sales and other operating revenues	6 Months Ended
	Jun. 30, 2021
Revenue [abstract]
Sales and other operating revenues	Sales and other operating revenues (a) Second Second First First quarter quarter half half $ million 2021 2020 2021 2020 By segment gas & low carbon energy 5,739 3,227 13,741 8,752 oil production & operations 5,597 3,304 10,752 9,135 customers & products 31,160 17,783 58,267 43,597 other businesses & corporate 381 442 817 879 42,877 24,756 83,577 62,363 Less: sales and other operating revenues between segments gas & low carbon energy 1,063 27 2,095 1,838 oil production & operations 4,928 2,870 9,783 8,371 customers & products 112 330 222 (452) other businesses & corporate 307 267 466 371 6,410 3,494 12,566 10,128 External sales and other operating revenues gas & low carbon energy 4,676 3,200 11,646 6,914 oil production & operations 669 435 969 765 customers & products 31,048 17,453 58,045 44,049 other businesses & corporate 74 174 351 507 Total sales and other operating revenues 36,467 21,262 71,011 52,235 By geographical area US 15,305 7,532 29,796 17,197 Non-US 29,700 16,946 56,583 43,778 45,005 24,478 86,379 60,975 Less: sales and other operating revenues between areas 8,538 3,216 15,368 8,740 36,467 21,262 71,011 52,235 Revenues from contracts with customers Sales and other operating revenues include the following in relation to revenues from contracts with customers: Crude oil 1,291 1,062 2,625 2,497 Oil products 24,651 10,452 43,929 30,706 Natural gas, LNG and NGLs (b) 4,273 2,072 8,454 5,250 Non-oil products and other revenues from contracts with customers (b) 1,603 2,092 3,001 4,569 Revenue from contracts with customers 31,818 15,678 58,009 43,022 Other operating revenues (c) 4,649 5,584 13,002 9,213 Total sales and other operating revenues 36,467 21,262 71,011 52,235 (a) Comparative information for 2020 has been restated for the changes in reportable segments and also changes to net presentation of revenues and purchases relating to physically settled derivative contracts effective 1 January 2021. For more information see Note 1 Basis of preparation - Voluntary change in accounting policy and Change in segmentation . (b) Comparative information has been amended for certain contracts that have been reclassified to other operating revenues and then been subject to the net presentation described in Note 1 Basis of preparation - Voluntary change in accounting policy . (c) Principally relates to commodity derivative transactions.

Depreciation, depletion and amo

Depreciation, depletion and amortization	6 Months Ended
	Jun. 30, 2021
Analysis of income and expense [abstract]
Disclosure of depreciation and amortisation expense [text block]	Depreciation, depletion and amortization(a) Second Second First First quarter quarter half half $ million 2021 2020 2021 2020 Total depreciation, depletion and amortization by segment gas & low carbon energy 1,115 952 1,969 1,990 oil production & operations 1,559 2,070 3,133 4,187 customers & products 754 752 1,499 1,499 other businesses & corporate 203 163 397 320 3,631 3,937 6,998 7,996 Total depreciation, depletion and amortization by geographical area US 1,160 1,404 2,281 2,829 Non-US 2,471 2,533 4,717 5,167 3,631 3,937 6,998 7,996 (a) Comparative information for 2020 has been restated to reflect the changes in reportable segments. For more information see Note 1 Basis of preparation -

Earnings per share

Earnings per share	6 Months Ended
	Jun. 30, 2021
Earnings per share [abstract]
Disclosure of earnings per share [text block]	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. During the second quarter 2021 115 million of ordinary shares were repurchased for cancellation for a total cost of $500 million, including transaction costs of $3 million, as part of the share buyback programme announced on 27 April 2021. The number of shares in issue is reduced when shares are repurchased. 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. Second Second First First quarter quarter half half $ million 2021 2020 2021 2020 Results for the period Profit (loss) for the period attributable to bp shareholders 3,116 (16,848) 7,783 (21,213) Less: preference dividend — 1 1 1 Profit (loss) attributable to bp ordinary shareholders 3,116 (16,849) 7,782 (21,214) Number of shares (thousand) (a)(b) Basic weighted average number of shares outstanding 20,272,111 20,222,575 20,285,083 20,200,694 ADS equivalent (c) 3,378,685 3,370,429 3,380,847 3,366,782 Weighted average number of shares outstanding used to calculate diluted earnings per share 20,366,731 20,222,575 20,394,877 20,200,694 ADS equivalent (c) 3,394,455 3,370,429 3,399,146 3,366,782 Shares in issue at period-end 20,224,314 20,249,046 20,224,314 20,249,046 ADS equivalent (c) 3,370,719 3,374,841 3,370,719 3,374,841 (a) Excludes treasury shares and includes certain shares that will be issued in the future under employee share-based payment plans. (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 2020 and first half 2020 are 63,119 thousand (ADS equivalent 10,520 thousand) and 85,469 thousand (ADS equivalent 14,245 thousand) respectively. (c) One ADS is equivalent to six ordinary shares. Issued ordinary share capital as at 30 June 2021 comprised 20,239,233,502 ordinary shares (31 December 2020 20,344,625,660 ordinary shares). This includes shares held in trust to settle future employee share plan obligations and excludes 1,095,305,700 ordinary shares which have been bought back and are held in treasury by BP (31 December 2020 1,105,156,692 ordinary shares).

Dividends

Dividends	6 Months Ended
	Jun. 30, 2021
Interim Financial Reporting [Abstract]
Disclosure of dividends [text block]	Dividends Dividends payable BP today announced an interim dividend of 5.46 cents per ordinary share which is expected to be paid on 24 September 2021 to ordinary shareholders and American Depositary Share (ADS) holders on the register on 13 August 2021. The ex-dividend date will be 12 August 2021. The corresponding amount in sterling is due to be announced on 14 September 2021, calculated based on the average of the market exchange rates over three dealing days between 8 September 2021 and 10 September 2021. Holders of ADSs are expected to receive $0.3276 per ADS (less applicable fees). The board has decided not to offer a scrip dividend alternative in respect of the second quarter 2021 dividend. Ordinary shareholders and ADS holders (subject to certain exceptions) will be able to participate in a dividend reinvestment programme. Details of the second quarter dividend and timetable are available at bp.com/dividends and further details of the dividend reinvestment programmes are available at bp.com/drip . Second Second First First quarter quarter half half 2021 2020 2021 2020 Dividends paid per ordinary share cents 5.250 10.500 10.500 21.000 pence 3.712 8.342 7.480 16.498 Dividends paid per ADS (cents) 31.50 63.00 63.00 126.00

Net debt

Net debt	6 Months Ended
	Jun. 30, 2021
Subclassifications of assets, liabilities and equities [abstract]
Net Debt	Net debt Net debt* Second Second Fourth First First quarter quarter quarter half half $ million 2021 2020 2020 2021 2020 Finance debt (a) 68,247 76,003 72,664 68,247 76,003 Fair value (asset) liability of hedges related to finance debt (b) (1,285) (430) (2,612) (1,285) (430) 66,962 75,573 70,052 66,962 75,573 Less: cash and cash equivalents 34,256 34,653 31,111 34,256 34,653 Net debt 32,706 40,920 38,941 32,706 40,920 Total equity 93,232 82,811 85,568 93,232 82,811 Gearing* 26.0% 33.1% 31.3% 26.0% 33.1% (a) The fair value of finance debt at 30 June 2021 was $70,589 million (31 December 2020 $76,092 million, 30 June 2020 $77,990 million). (b) Derivative financial instruments entered into for the purpose of managing interest rate and foreign currency exchange risk associated with net debt with a fair value liability position of $308 million (fourth quarter 2020 liability of $236 million and second quarter 2020 liability of $554 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.

Inventory valuation

Inventory valuation	6 Months Ended
	Jun. 30, 2021
Disclosure of inventories [Abstract]
Disclosure of inventories [text block]	Inventory valuation A provision of $17 million was held against hydrocarbon inventories at 30 June 2021 ($289 million at 30 June 2020) to write them down to their net realizable value. As a result of the changes in strategic direction of the group and the evolution of the trading strategy set out in Note 1, from 1 January, certain inventory, totalling $11.0 billion as at 30 June 2021 is now treated as trading inventory and is valued at fair value whereas the equivalent inventory was previously valued at the lower of cost or net realisable value in prior periods.

Basis of preparation (Policies)

Basis of preparation (Policies)	6 Months Ended
	Jun. 30, 2021
Corporate Information And Statement Of IFRS Compliance [Abstract]
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 2020 included in BP Annual Report and Form 20-F 2020. The directors consider it appropriate to adopt the going concern basis of accounting in preparing the interim financial statements. The ongoing impact of COVID-19 and the current economic environment has been considered as part of the going concern assessment. Forecast liquidity has been assessed under a number of stressed scenarios to support this assertion. Reverse stress tests indicated that the group will continue to operate as a going concern for at least 12 months from the date of approval of the interim financial statements even if the Brent price fell to zero. 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 European Union (EU) and in accordance with the provisions of the UK Companies Act 2006 as applicable to companies reporting under international accounting standards. As a result of the UK's withdrawal from the EU, with effect from 1 January 2021, the consolidated financial statements are also prepared in accordance with IFRS as adopted by the UK. IFRS as adopted by the UK does not differ from IFRS as adopted by the EU. IFRS as adopted by the EU and UK 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 2021 which are the same as those used in preparing BP Annual Report and Form 20-F 2020 with the exception of the changes described in the 'Updates to significant accounting policies' section below. There are no other new or amended standards or interpretations adopted from 1 January 2021 onwards that have a significant impact on the financial information.
Considerations in respect of COVID-19 and current environment	Considerations in respect of COVID-19 and the current economic environment bp's significant accounting judgements and estimates were disclosed in BP Annual Report and Form 20-F 2020 . These have been subsequently considered at the end of each quarter to determine if any changes were required to those judgements and estimates as a result of current market conditions. The conditions also result in the valuation of certain assets and liabilities remaining subject to more uncertainty, including those set out below. Impairment testing assumptions The group’s price assumption for Brent oil was revised during the second quarter. The assumption up to 2030 was increased to reflect near-term supply constraints whereas the long-term assumption was decreased reaching $55 per barrel by 2040 and $45 per barrel by 2050 (in real 2020 terms) as bp's management expects an acceleration of the pace of transition to a lower carbon economy. The price assumption for Henry Hub gas are unchanged from those disclosed in BP Annual Report and Form 20-F 2020. A summary of the group’s price assumptions, in real 2020 terms, is provided below: Second half 2021 2025 2030 2040 2050 Brent oil ($/bbl) 60 60 60 55 45 Henry Hub gas ($/mmBtu) 3.00 3.00 3.00 3.00 2.75 The group has identified upstream oil and gas properties with carrying amounts totalling approximately $33 billion where the headroom, based on the most recent impairment tests performed, was less than or equal to 20% of the carrying value. A change in price or other assumptions within the next financial year may result in a recoverable amount of one or more of these assets above or below the current carrying amount and therefore there is a significant risk of impairment reversals or charges in that period. Impairment reversals for the second quarter of 2021 primarily relate to the changes to price assumptions. For further information see Note 3. The discount rates used in value-in-use impairment testing as disclosed in BP Annual Report and Form 20-F 2020, are unchanged. Provisions The nominal risk-free discount rate applied to provisions is reviewed on a quarterly basis. The discount rate applied to the group's provisions was revised in the second quarter to 2.0% (31 December 2020 2.5%) to reflect lower recent US Treasury yields. The principal impact of this rate reduction was a $1.3 billion increase in the decommissioning provision with a corresponding increase in the carrying amount of property, plant and equipment of $1.0 billion. During the second quarter, the group assessed that a decommissioning provision should be recognized for certain assets previously sold to a third party where the decommissioning obligation transferred may revert to bp due to the financial condition of the current owner. No other significant decommissioning provisions of this nature have been identified however bp continues to review and monitor the risk of reversion of decommissioning obligations. Note 1. Basis of preparation (continued) Pensions and other post-retirement benefits The group's defined benefit pension plans are reviewed quarterly to determine any changes to the fair value of the plan assets or present value of the defined benefit obligations. As a result of the review during the second quarter of 2021, the group's total net defined benefit pension plan surplus as at 30 June 2021 is $2.0 billion, compared to a deficit of $1.3 billion at 31 December 2020. The movement for the six months principally reflects net actuarial gains reported in other comprehensive income arising from increases in the UK, US and Eurozone discount rates partly offset by increases in inflation rates and negative asset performance. Also reflected in the second quarter is a reduction in the liability of the UK funded final salary pension plan which was closed to future accrual on 30 June 2021. A curtailment gain of $0.3 billion has been recognized in the income statement. For active members of the scheme at 30 June 2021, benefits payable are now linked to salary as at that date rather than to salary on retirement. The current environment is likely to continue to affect the values of the plan assets and obligations resulting in potential volatility in the amount of the net defined benefit pension plan surplus/deficit recognized. Impairment of financial assets measured at amortized cost The estimate of the loss allowance recognized on financial assets measured at amortized cost using an expected credit loss approach was determined not to be a significant accounting estimate in preparing BP Annual Report and Form 20-F 2020. Expected credit loss allowances are, however, reviewed and updated quarterly. Allowances are recognized on assets where there is evidence that the asset is credit-impaired and on a forward-looking expected credit loss basis for assets that are not credit-impaired. The current economic environment and future credit risk outlook have been considered in updating the estimate of loss allowances with no significant impact in the quarter. The group continues to believe that the calculation of expected credit loss allowances is not a significant accounting estimate. The group continues to apply its credit policy as disclosed in B P Annual Report and Form 20-F 2020 - Financial statements - Note 29 Financial instruments and financial risk factors - credit risk. Other accounting judgements and estimates All other significant accounting judgements and estimates disclosed in BP Annual Report and Form 20-F 2020 remain applicable and no new significant accounting judgements or estimates have been identified specifically arising from the impact of COVID-19.
Updates to significant accounting policies	Updates to significant accounting policies Change in accounting policy - Interest Rate Benchmark Reform - Phase II Financial authorities have announced the timing of interest rate benchmark transitions with market discussions continuing around benchmark application. The replacement of key interest rate benchmarks such as the London Inter-bank Offered Rate (LIBOR) with alternative benchmarks in the US, UK, EU and other territories is expected at the end of 2021 for most benchmarks, with remaining USD tenors expected to cease in 2023. bp is primarily exposed to USD LIBORs that will be available until June 2023. Amendments to IFRS 9 'Financial instruments', IFRS 16 ‘Leases’ and other IFRSs were issued by the IASB in August 2020 to provide practical expedients and reliefs when changes are made to contractual cash flows or hedging relationships because of the transition from Inter-bank Offered Rates to alternative risk-free rates. bp adopted these amendments from 1 January 2021 and they will be applied prospectively. bp has set up an internal working group on interest rate benchmark reform to monitor market developments and manage the transition to alternative benchmark rates. The impacts on contracts and arrangements that are linked to existing interest rate benchmarks, for example, borrowings, leases and derivative contracts have been assessed and transition plans are being developed. bp is also participating on external committees and task forces dedicated to interest rate benchmark reform. Change in segmentation During the first quarter of 2021, the group's reportable segments were changed consistent with a change in the way that resources are allocated and performance is assessed by the chief operating decision maker, who for bp is the group chief executive, from that date. From the first quarter of 2021, the group's reportable segments are gas & low carbon energy, oil production & operations, customers & products, and Rosneft. At 31 December 2020, the group's reportable segments were Upstream, Downstream and Rosneft. Gas & low carbon energy comprises regions with upstream businesses that predominantly produce natural gas, gas marketing and trading activities and the group's renewables businesses, including biofuels, solar and wind. Gas producing regions were previously in the Upstream segment. The group's renewables businesses were previously part of 'Other businesses and corporate'. Oil production & operations comprises regions with upstream activities that predominantly produce crude oil. These activities were previously in the Upstream segment. Customers & products comprises the group’s customer-focused businesses, spanning convenience and mobility, which includes fuels retail and next-gen offers such as electrification, as well as aviation, midstream, and Castrol lubricants. It also includes our oil products businesses, refining & trading. The petrochemicals business will also be reported in restated comparative information as part of the customers and products segment up to its sale in December 2020. The customers & products segment is, therefore, substantially unchanged from the former Downstream segment with the exception of the Petrochemicals disposal. The Rosneft segment is unchanged and continues to include equity-accounted earnings from the group's investment in Rosneft. The segment measure of profit or loss continues to be replacement cost profit or loss before interest and tax, which reflects the replacement cost of supplies by excluding from profit or loss before interest and tax inventory holding gains and losses. See Note 4 for further information. Comparative information for 2020 has been restated in Notes 4, 5 and 6 to reflect the changes in reportable segments. Note 1. Basis of preparation (continued) Voluntary change in accounting policy - Net presentation of revenues and purchases relating to physically settled derivative contracts bp routinely enters into transactions for the sale and purchase of commodities that are physically settled and meet the definition of a derivative financial instrument. These contracts are within the scope of IFRS 9 and as such, prior to settlement, changes in the fair value of these derivative contracts are presented as gains and losses within other operating revenues. The group previously presented revenues and purchases for such contracts on a gross basis in the income statement upon physical settlement. These transactions have historically represented a substantial portion of the revenues and purchases reported in the group’s consolidated financial statements. The change in strategic direction of the group supported by organisational changes to implement the strategy from 1 January 2021, resulted in the group determining that the revenue and corresponding purchases relating to such transactions should be presented net, as gains or losses within other operating revenues, from that date. Additionally the group’s trading activity has continued to evolve over time from one of capturing third-party physical trades to provide flow assurance to one with increasing levels of optimisation, taking advantage of price volatility and fluctuations in demand and supply, which will continue under the new strategy, further supporting the change in presentation. The new presentation provides reliable and more relevant information for users of the accounts as the group’s revenue recognition is more closely aligned with its assessment of ‘Scope 3’ emissions from its products, its ‘Net Zero’ ambition and how management monitors and manages performance of such contracts. Comparative information for sales and other operating revenues and purchases for 2020 has been restated as shown in the table below. There is no significant impact on comparative information for profit before income and tax or earnings per share. In addition, as disclosed in the group's 2020 financial statements, in 2020 revenues from physically settled derivative contracts were reclassified as other operating revenues and were no longer presented together with revenues from contracts with customers. In these financial statements certain other similar contracts have been reclassified as other operating revenues and then been subject to net presentation as described above. Comparative information for natural gas, LNG and NGLs, and non-oil products and other revenue from contracts with customers in Note 5 has been amended to align with current period presentation as shown in the table below.

Sales and other operating rev_2

Sales and other operating revenues (Tables)	6 Months Ended
	Jun. 30, 2021
Revenue [abstract]
Disclosure of sales and operating revenue [Table Text Block]	Second Second First First quarter quarter half half $ million 2021 2020 2021 2020 By segment gas & low carbon energy 5,739 3,227 13,741 8,752 oil production & operations 5,597 3,304 10,752 9,135 customers & products 31,160 17,783 58,267 43,597 other businesses & corporate 381 442 817 879 42,877 24,756 83,577 62,363 Less: sales and other operating revenues between segments gas & low carbon energy 1,063 27 2,095 1,838 oil production & operations 4,928 2,870 9,783 8,371 customers & products 112 330 222 (452) other businesses & corporate 307 267 466 371 6,410 3,494 12,566 10,128 External sales and other operating revenues gas & low carbon energy 4,676 3,200 11,646 6,914 oil production & operations 669 435 969 765 customers & products 31,048 17,453 58,045 44,049 other businesses & corporate 74 174 351 507 Total sales and other operating revenues 36,467 21,262 71,011 52,235 By geographical area US 15,305 7,532 29,796 17,197 Non-US 29,700 16,946 56,583 43,778 45,005 24,478 86,379 60,975 Less: sales and other operating revenues between areas 8,538 3,216 15,368 8,740 36,467 21,262 71,011 52,235 Revenues from contracts with customers Sales and other operating revenues include the following in relation to revenues from contracts with customers: Crude oil 1,291 1,062 2,625 2,497 Oil products 24,651 10,452 43,929 30,706 Natural gas, LNG and NGLs (b) 4,273 2,072 8,454 5,250 Non-oil products and other revenues from contracts with customers (b) 1,603 2,092 3,001 4,569 Revenue from contracts with customers 31,818 15,678 58,009 43,022 Other operating revenues (c) 4,649 5,584 13,002 9,213 Total sales and other operating revenues 36,467 21,262 71,011 52,235

Depreciation, depletion and a_2

Depreciation, depletion and amortization (Tables)	6 Months Ended
	Jun. 30, 2021
Analysis of income and expense [abstract]
Disclosure Of Detailed Information About Depreciation And Amortization Expense [Table Text Block]	Second Second First First quarter quarter half half $ million 2021 2020 2021 2020 Total depreciation, depletion and amortization by segment gas & low carbon energy 1,115 952 1,969 1,990 oil production & operations 1,559 2,070 3,133 4,187 customers & products 754 752 1,499 1,499 other businesses & corporate 203 163 397 320 3,631 3,937 6,998 7,996 Total depreciation, depletion and amortization by geographical area US 1,160 1,404 2,281 2,829 Non-US 2,471 2,533 4,717 5,167 3,631 3,937 6,998 7,996

Earnings per share (Tables)

Earnings per share (Tables)	6 Months Ended
	Jun. 30, 2021
Earnings per share [abstract]
Earnings per share [text block]	Second Second First First quarter quarter half half $ million 2021 2020 2021 2020 Results for the period Profit (loss) for the period attributable to bp shareholders 3,116 (16,848) 7,783 (21,213) Less: preference dividend — 1 1 1 Profit (loss) attributable to bp ordinary shareholders 3,116 (16,849) 7,782 (21,214) Number of shares (thousand) (a)(b) Basic weighted average number of shares outstanding 20,272,111 20,222,575 20,285,083 20,200,694 ADS equivalent (c) 3,378,685 3,370,429 3,380,847 3,366,782 Weighted average number of shares outstanding used to calculate diluted earnings per share 20,366,731 20,222,575 20,394,877 20,200,694 ADS equivalent (c) 3,394,455 3,370,429 3,399,146 3,366,782 Shares in issue at period-end 20,224,314 20,249,046 20,224,314 20,249,046 ADS equivalent (c) 3,370,719 3,374,841 3,370,719 3,374,841 (a) Excludes treasury shares and includes certain shares that will be issued in the future under employee share-based payment plans. (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 2020 and first half 2020 are 63,119 thousand (ADS equivalent 10,520 thousand) and 85,469 thousand (ADS equivalent 14,245 thousand) respectively. (c) One ADS is equivalent to six ordinary shares. Issued ordinary share capital as at 30 June 2021 comprised 20,239,233,502 ordinary shares (31 December 2020 20,344,625,660 ordinary shares). This includes shares held in trust to settle future employee share plan obligations and excludes 1,095,305,700 ordinary shares which have been bought back and are held in treasury by BP (31 December 2020 1,105,156,692 ordinary shares).

Dividends (Tables)

Dividends (Tables)	6 Months Ended
	Jun. 30, 2021
Interim Financial Reporting [Abstract]
Disclosure of dividends announced and paid [Table Text Block]	Dividends payable BP today announced an interim dividend of 5.46 cents per ordinary share which is expected to be paid on 24 September 2021 to ordinary shareholders and American Depositary Share (ADS) holders on the register on 13 August 2021. The ex-dividend date will be 12 August 2021. The corresponding amount in sterling is due to be announced on 14 September 2021, calculated based on the average of the market exchange rates over three dealing days between 8 September 2021 and 10 September 2021. Holders of ADSs are expected to receive $0.3276 per ADS (less applicable fees). The board has decided not to offer a scrip dividend alternative in respect of the second quarter 2021 dividend. Ordinary shareholders and ADS holders (subject to certain exceptions) will be able to participate in a dividend reinvestment programme. Details of the second quarter dividend and timetable are available at bp.com/dividends and further details of the dividend reinvestment programmes are available at bp.com/drip . Second Second First First quarter quarter half half 2021 2020 2021 2020 Dividends paid per ordinary share cents 5.250 10.500 10.500 21.000 pence 3.712 8.342 7.480 16.498 Dividends paid per ADS (cents) 31.50 63.00 63.00 126.00

Net debt (Tables)

Net debt (Tables)	6 Months Ended
	Jun. 30, 2021
Subclassifications of assets, liabilities and equities [abstract]
Disclosure of the net debt ratio	Net debt* Second Second Fourth First First quarter quarter quarter half half $ million 2021 2020 2020 2021 2020 Finance debt (a) 68,247 76,003 72,664 68,247 76,003 Fair value (asset) liability of hedges related to finance debt (b) (1,285) (430) (2,612) (1,285) (430) 66,962 75,573 70,052 66,962 75,573 Less: cash and cash equivalents 34,256 34,653 31,111 34,256 34,653 Net debt 32,706 40,920 38,941 32,706 40,920 Total equity 93,232 82,811 85,568 93,232 82,811 Gearing* 26.0% 33.1% 31.3% 26.0% 33.1% (a) The fair value of finance debt at 30 June 2021 was $70,589 million (31 December 2020 $76,092 million, 30 June 2020 $77,990 million). (b) Derivative financial instruments entered into for the purpose of managing interest rate and foreign currency exchange risk associated with net debt with a fair value liability position of $308 million (fourth quarter 2020 liability of $236 million and second quarter 2020 liability of $554 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.

Basis of preparation - Disclosu

Basis of preparation - Disclosure of considerations in respect to COVID-19 and current environment (Details) $ in Millions	3 Months Ended	6 Months Ended
	Jun. 30, 2021USD ($)	Jun. 30, 2021USD ($)usd_per_bblusd_per_mmBtu	Dec. 31, 2020USD ($)
Disclosure of considerations in respect of COVID-19 and current environment [Line Items]
Property, plant and equipment	$ 116,177	$ 116,177	$ 114,836
Surplus (deficit) in plan	$ 2,000	$ 2,000	$ (1,300)
Provisions, Discounted Cash Flow, Nominal Interest Rate	2.00%	2.00%	2.50%
Increase (decrease) through change in discount rate, other provisions		$ 1,300
Increase (decrease) through other changes, property, plant and equipment		1,000
Past service cost, net defined benefit liability (asset)	$ 300
Oil and gas properties portion with headroom equal to or less than twenty percent of carrying value [Member]
Disclosure of considerations in respect of COVID-19 and current environment [Line Items]
Property, plant and equipment	$ 33,000	$ 33,000
Oil and gas assets [member]
Disclosure of considerations in respect of COVID-19 and current environment [Line Items]
Reporting unit, percentage of carrying amount in excess of fair value		20.00%
Brent oil USD per barrel [Member] | Not later than one year [member]
Disclosure of considerations in respect of COVID-19 and current environment [Line Items]
Long-term price assumptions used in value-in-use impairment testing | usd_per_bbl		60
Brent oil USD per barrel [Member] | Later than one year and not later than five years [member]
Disclosure of considerations in respect of COVID-19 and current environment [Line Items]
Long-term price assumptions used in value-in-use impairment testing | usd_per_bbl		60
Brent oil USD per barrel [Member] | Later than five years and not later than ten years [member]
Disclosure of considerations in respect of COVID-19 and current environment [Line Items]
Long-term price assumptions used in value-in-use impairment testing | usd_per_bbl		60
Brent oil USD per barrel [Member] | Later than ten years but not later than twenty years [Member]
Disclosure of considerations in respect of COVID-19 and current environment [Line Items]
Long-term price assumptions used in value-in-use impairment testing | usd_per_bbl		55
Brent oil USD per barrel [Member] | Later than thirty years [Member]
Disclosure of considerations in respect of COVID-19 and current environment [Line Items]
Long-term price assumptions used in value-in-use impairment testing | usd_per_bbl		45
Henry Hub gas USD per mmBtu [Member] | Not later than one year [member]
Disclosure of considerations in respect of COVID-19 and current environment [Line Items]
Long-term price assumptions used in value-in-use impairment testing | usd_per_mmBtu		3
Henry Hub gas USD per mmBtu [Member] | Later than one year and not later than five years [member]
Disclosure of considerations in respect of COVID-19 and current environment [Line Items]
Long-term price assumptions used in value-in-use impairment testing | usd_per_mmBtu		3
Henry Hub gas USD per mmBtu [Member] | Later than five years and not later than ten years [member]
Disclosure of considerations in respect of COVID-19 and current environment [Line Items]
Long-term price assumptions used in value-in-use impairment testing | usd_per_mmBtu		3
Henry Hub gas USD per mmBtu [Member] | Later than ten years but not later than twenty years [Member]
Disclosure of considerations in respect of COVID-19 and current environment [Line Items]
Long-term price assumptions used in value-in-use impairment testing | usd_per_mmBtu		3
Henry Hub gas USD per mmBtu [Member] | Later than thirty years [Member]
Disclosure of considerations in respect of COVID-19 and current environment [Line Items]
Long-term price assumptions used in value-in-use impairment testing | usd_per_mmBtu		2.75

Basis of preparation - Disclo_2

Basis of preparation - Disclosure of updates to significant accounting policies (Details) - USD ($) $ in Millions		3 Months Ended		6 Months Ended
		Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Disclosure of operating segments [line items]
Revenue And Other Operating Income, Gross		$ 42,877	$ 24,756	$ 83,577	$ 62,363
Revenue And Other Operating Income, Intersegment		6,410	3,494	12,566	10,128
Revenue and other operating income	[1]	36,467	21,262	71,011	52,235
Revenue from contracts with customers		31,818	15,678	58,009	43,022
Other revenue		4,649	5,584	13,002	9,213
Previously stated [member]
Disclosure of operating segments [line items]
Revenue And Other Operating Income, Gross			35,170		101,454
Revenue And Other Operating Income, Intersegment			3,494		10,128
Revenue and other operating income			31,676		91,326
Revenue from contracts with customers			16,624		44,441
Other revenue			15,052		46,885
Increase (decrease) due to voluntary changes in accounting policy [member]
Disclosure of operating segments [line items]
Revenue And Other Operating Income, Gross			(10,414)		(39,091)
Revenue And Other Operating Income, Intersegment			0		0
Revenue and other operating income			(10,414)		(39,091)
Revenue from contracts with customers			(946)		(1,419)
Other revenue			(9,468)		(37,672)
Crude Oil [Member]
Disclosure of operating segments [line items]
Revenue from contracts with customers		1,291	1,062	2,625	2,497
Crude Oil [Member] | Previously stated [member]
Disclosure of operating segments [line items]
Revenue from contracts with customers			1,062		2,497
Crude Oil [Member] | Increase (decrease) due to voluntary changes in accounting policy [member]
Disclosure of operating segments [line items]
Revenue from contracts with customers			0		0
Oil products [Member]
Disclosure of operating segments [line items]
Revenue from contracts with customers		24,651	10,452	43,929	30,706
Oil products [Member] | Previously stated [member]
Disclosure of operating segments [line items]
Revenue from contracts with customers			10,452		30,706
Oil products [Member] | Increase (decrease) due to voluntary changes in accounting policy [member]
Disclosure of operating segments [line items]
Revenue from contracts with customers			0		0
Natural gas, LNG and NGLs [Member]
Disclosure of operating segments [line items]
Revenue from contracts with customers		4,273	2,072	8,454	5,250
Natural gas, LNG and NGLs [Member] | Previously stated [member]
Disclosure of operating segments [line items]
Revenue from contracts with customers			2,992		6,630
Natural gas, LNG and NGLs [Member] | Increase (decrease) due to voluntary changes in accounting policy [member]
Disclosure of operating segments [line items]
Revenue from contracts with customers			(920)		(1,379)
Non-oil products and other revenues from contracts with customers [Member]
Disclosure of operating segments [line items]
Revenue from contracts with customers		1,603	2,092	3,001	4,569
Non-oil products and other revenues from contracts with customers [Member] | Previously stated [member]
Disclosure of operating segments [line items]
Revenue from contracts with customers			2,118		4,608
Non-oil products and other revenues from contracts with customers [Member] | Increase (decrease) due to voluntary changes in accounting policy [member]
Disclosure of operating segments [line items]
Revenue from contracts with customers			(26)		(39)
Operating segments [member] | gas & low carbon energy
Disclosure of operating segments [line items]
Revenue And Other Operating Income, Gross		5,739	3,227	13,741	8,752
Revenue And Other Operating Income, Intersegment		1,063	27	2,095	1,838
Revenue and other operating income		4,676	3,200	11,646	6,914
Operating segments [member] | gas & low carbon energy | Previously stated [member]
Disclosure of operating segments [line items]
Revenue And Other Operating Income, Gross			4,183		10,235
Revenue And Other Operating Income, Intersegment			27		1,838
Revenue and other operating income			4,156		8,397
Operating segments [member] | gas & low carbon energy | Increase (decrease) due to voluntary changes in accounting policy [member]
Disclosure of operating segments [line items]
Revenue And Other Operating Income, Gross			(956)		(1,483)
Revenue And Other Operating Income, Intersegment			0		0
Revenue and other operating income			(956)		(1,483)
Operating segments [member] | oil production & operations
Disclosure of operating segments [line items]
Revenue And Other Operating Income, Gross		5,597	3,304	10,752	9,135
Revenue And Other Operating Income, Intersegment		4,928	2,870	9,783	8,371
Revenue and other operating income		669	435	969	765
Operating segments [member] | oil production & operations | Previously stated [member]
Disclosure of operating segments [line items]
Revenue And Other Operating Income, Gross			3,304		9,135
Revenue And Other Operating Income, Intersegment			2,870		8,371
Revenue and other operating income			435		765
Operating segments [member] | oil production & operations | Increase (decrease) due to voluntary changes in accounting policy [member]
Disclosure of operating segments [line items]
Revenue And Other Operating Income, Gross			0		0
Revenue And Other Operating Income, Intersegment			0		0
Revenue and other operating income			0		0
Operating segments [member] | customers & products
Disclosure of operating segments [line items]
Revenue And Other Operating Income, Gross		31,160	17,783	58,267	43,597
Revenue And Other Operating Income, Intersegment		112	330	222	(452)
Revenue and other operating income		31,048	17,453	58,045	44,049
Operating segments [member] | customers & products | Previously stated [member]
Disclosure of operating segments [line items]
Revenue And Other Operating Income, Gross			27,241		81,205
Revenue And Other Operating Income, Intersegment			330		(452)
Revenue and other operating income			26,911		81,657
Operating segments [member] | customers & products | Increase (decrease) due to voluntary changes in accounting policy [member]
Disclosure of operating segments [line items]
Revenue And Other Operating Income, Gross			(9,458)		(37,608)
Revenue And Other Operating Income, Intersegment			0		0
Revenue and other operating income			(9,458)		(37,608)
Other Business And Corporate, Non-Segment
Disclosure of operating segments [line items]
Revenue And Other Operating Income, Gross		381	442	817	879
Revenue And Other Operating Income, Intersegment		307	267	466	371
Revenue and other operating income		$ 74	174	$ 351	507
Other Business And Corporate, Non-Segment | Previously stated [member]
Disclosure of operating segments [line items]
Revenue And Other Operating Income, Gross			442		879
Revenue And Other Operating Income, Intersegment			267		371
Revenue and other operating income			174		507
Other Business And Corporate, Non-Segment | Increase (decrease) due to voluntary changes in accounting policy [member]
Disclosure of operating segments [line items]
Revenue And Other Operating Income, Gross			0		0
Revenue And Other Operating Income, Intersegment			0		0
Revenue and other operating income			$ 0		$ 0
[1]	2020 numbers have been restated as a result of changes to the net presentation of revenues and purchases relating to physically settled derivative contracts effective 1 January 2021. For more information see Note 1 Basis of preparation - Voluntary change in accounting policy .

Non-current assets held for s_2

Non-current assets held for sale (Details) - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2021	Dec. 31, 2020
Assets and liabilities held for sale [Line Items]
Non-current assets or disposal groups classified as held for sale or as held for distribution to owners	$ 34	$ 1,326
Liabilities included in disposal groups classified as held for sale	$ 31	$ 46
Proportion of participating interest classified as held for sale	20.00%
Block 61
Assets and liabilities held for sale [Line Items]
Proportion of ownership interest in subsidiary	60.00%
Block 61 | PTT Exploration and Production Public Company Limited
Assets and liabilities held for sale [Line Items]
Maximum Expected Consideration For Sale Of Property, Plant And Equipment, And Losing Control Of Subsidiaries Or Other Businesses	$ 2,600
Consideration paid (received)	$ 2,400

Impairment of assets (Details)

Impairment of assets (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Disclosure of impairment loss and reversal of impairment loss [line items]
Impairment loss (reversal of impairment loss) net of losses of sales of businesses and fixed assets recognised in profit or loss	$ (2,937)	$ 11,770	$ (2,564)	$ 12,919
Impairment loss (reversal of impairment loss) recognised in profit or loss	2,964	11,848	2,744	12,646
gas & low carbon energy
Disclosure of impairment loss and reversal of impairment loss [line items]
Impairment loss (reversal of impairment loss) recognised in profit or loss	(1,270)	6,111	(1,148)	6,112
oil production & operations
Disclosure of impairment loss and reversal of impairment loss [line items]
Impairment loss (reversal of impairment loss) recognised in profit or loss	$ (1,756)	$ 5,008	$ (1,657)	$ 5,792

Sales and other operating rev_3

Sales and other operating revenues (Details) - USD ($) $ in Millions		3 Months Ended		6 Months Ended
		Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Disclosure of operating segments [abstract]
Revenue And Other Operating Income, Gross		$ 42,877	$ 24,756	$ 83,577	$ 62,363
Revenue And Other Operating Income, Intersegment		6,410	3,494	12,566	10,128
Revenue and other operating income	[1]	36,467	21,262	71,011	52,235
Revenue from contracts with customers		31,818	15,678	58,009	43,022
Other revenue		4,649	5,584	13,002	9,213
Crude Oil [Member]
Disclosure of operating segments [abstract]
Revenue from contracts with customers		1,291	1,062	2,625	2,497
Oil products [Member]
Disclosure of operating segments [abstract]
Revenue from contracts with customers		24,651	10,452	43,929	30,706
Natural gas, LNG and NGLs [Member]
Disclosure of operating segments [abstract]
Revenue from contracts with customers		4,273	2,072	8,454	5,250
Non-oil products and other revenues from contracts with customers [Member]
Disclosure of operating segments [abstract]
Revenue from contracts with customers		1,603	2,092	3,001	4,569
Operating segments [member] | gas & low carbon energy
Disclosure of operating segments [abstract]
Revenue And Other Operating Income, Gross		5,739	3,227	13,741	8,752
Revenue And Other Operating Income, Intersegment		1,063	27	2,095	1,838
Revenue and other operating income		4,676	3,200	11,646	6,914
Operating segments [member] | oil production & operations
Disclosure of operating segments [abstract]
Revenue And Other Operating Income, Gross		5,597	3,304	10,752	9,135
Revenue And Other Operating Income, Intersegment		4,928	2,870	9,783	8,371
Revenue and other operating income		669	435	969	765
Operating segments [member] | customers & products
Disclosure of operating segments [abstract]
Revenue And Other Operating Income, Gross		31,160	17,783	58,267	43,597
Revenue And Other Operating Income, Intersegment		112	330	222	(452)
Revenue and other operating income		31,048	17,453	58,045	44,049
Other Business And Corporate, Non-Segment
Disclosure of operating segments [abstract]
Revenue And Other Operating Income, Gross		381	442	817	879
Revenue And Other Operating Income, Intersegment		307	267	466	371
Revenue and other operating income		74	174	351	507
Geography Eliminations [Member]
Disclosure of operating segments [abstract]
Revenue and other operating income		8,538	3,216	15,368	8,740
Reportable Geographical Components [Member]
Disclosure of operating segments [abstract]
Revenue and other operating income		45,005	24,478	86,379	60,975
Reportable Geographical Components [Member] | UNITED STATES
Disclosure of operating segments [abstract]
Revenue and other operating income		15,305	7,532	29,796	17,197
Reportable Geographical Components [Member] | Non-US
Disclosure of operating segments [abstract]
Revenue and other operating income		$ 29,700	$ 16,946	$ 56,583	$ 43,778
[1]	2020 numbers have been restated as a result of changes to the net presentation of revenues and purchases relating to physically settled derivative contracts effective 1 January 2021. For more information see Note 1 Basis of preparation - Voluntary change in accounting policy .

Depreciation, depletion and a_3

Depreciation, depletion and amortization (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Disclosure of operating segments [line items]
Depreciation, depletion and amortization	$ 3,631	$ 3,937	$ 6,998	$ 7,996
UNITED STATES
Disclosure of operating segments [line items]
Depreciation, depletion and amortization	1,160	1,404	2,281	2,829
Non-US
Disclosure of operating segments [line items]
Depreciation, depletion and amortization	2,471	2,533	4,717	5,167
Operating segments [member] | gas & low carbon energy
Disclosure of operating segments [line items]
Depreciation, depletion and amortization	1,115	952	1,969	1,990
Operating segments [member] | oil production & operations
Disclosure of operating segments [line items]
Depreciation, depletion and amortization	1,559	2,070	3,133	4,187
Operating segments [member] | customers & products
Disclosure of operating segments [line items]
Depreciation, depletion and amortization	754	752	1,499	1,499
Other Business And Corporate, Non-Segment
Disclosure of operating segments [line items]
Depreciation, depletion and amortization	$ 203	$ 163	$ 397	$ 320

Earnings per share (Details)

Earnings per share (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020	Dec. 31, 2020
Earnings per share [line items]
Payments to acquire or redeem entity's shares	$ 500	$ 0	$ 500	$ 776
Profit (loss), attributable to owners of parent	3,116	(16,848)	7,783	(21,213)
Adjustment to profit (loss) for preference share dividends	0	1	1	1
Profit (loss), attributable to ordinary equity holders of parent entity	$ 3,116	$ (16,849)	7,782	(21,214)
Increase (Decrease) In Number Of Shares Outstanding Through Share Repurchase, Equity Amount			$ (500)	$ (776)
Ordinary shares [member]
Earnings per share [line items]
Increase (Decrease) In Number Of Shares Outstanding Through Share Repurchase, Equity	115,000,000
Payments to acquire or redeem entity's shares	$ 500
Share Repurchase, Transaction Costs	$ 3
Weighted average number of ordinary shares outstanding	20,272,111,000	20,222,575,000	20,285,083,000	20,200,694,000
Adjusted weighted average number of ordinary shares outstanding	20,366,731,000	20,222,575,000	20,394,877,000	20,200,694,000
Number Of Shares Outstanding And Reserved For Future Issuance	20,224,314,000	20,249,046,000	20,224,314,000	20,249,046,000
Adjusted weighted average number of ordinary shares outstanding, number of shares excluded		63,119,000		85,469,000
Number of shares issued	20,239,233,502		20,239,233,502		20,344,625,660
Treasury stock, shares	1,095,305,700		1,095,305,700		1,105,156,692
ADS [Member]
Earnings per share [line items]
Weighted average number of ordinary shares outstanding	3,378,685,000	3,370,429,000	3,380,847,000	3,366,782,000
Adjusted weighted average number of ordinary shares outstanding	3,394,455,000	3,370,429,000	3,399,146,000	3,366,782,000
Number Of Shares Outstanding And Reserved For Future Issuance	3,370,719,000	3,374,841,000	3,370,719,000	3,374,841,000
Adjusted weighted average number of ordinary shares outstanding, number of shares excluded		10,520,000		14,245,000

Dividends (Details)

Dividends (Details)	Sep. 10, 2021day	Aug. 03, 2021$ / shares	Jun. 30, 2021$ / shares	Jun. 30, 2021£ / shares	Jun. 30, 2020$ / shares	Jun. 30, 2020£ / shares	Jun. 30, 2021$ / shares	Jun. 30, 2021£ / shares	Jun. 30, 2020$ / shares	Jun. 30, 2020£ / shares
Disclosure of classes of share capital [line items]
Dividends Proposed Or Declared, Average Of Market Exchange Rates, Number Of Days | day	3
Ordinary shares [member]
Disclosure of classes of share capital [line items]
Dividends proposed or declared before financial statements authorised for issue but not recognised as distribution to owners per share		$ 0.0546
Dividends paid, ordinary shares per share | (per share)			$ 0.05250	£ 0.03712	$ 0.10500	£ 0.08342	$ 0.10500	£ 0.07480	$ 0.21000	£ 0.16498
ADS [Member]
Disclosure of classes of share capital [line items]
Dividends proposed or declared before financial statements authorised for issue but not recognised as distribution to owners per share		$ 0.3276
Dividends paid, ordinary shares per share			$ 0.3150		$ 0.6300		$ 0.6300		$ 1.2600

Net debt (Details)

Net debt (Details) $ in Millions	3 Months Ended	6 Months Ended
	Mar. 31, 2021USD ($)	Jun. 30, 2021USD ($)	Dec. 31, 2020USD ($)	Jun. 30, 2020USD ($)		Mar. 31, 2020USD ($)	Dec. 31, 2019USD ($)
Disclosure of detailed information about hedges [line items]
Finance debt		$ 68,247	$ 72,664	$ 76,003
Financial instruments designated as hedging instruments, at fair value		(1,285)	(2,612)	(430)
Finance debt, net of hedging instruments		66,962	70,052	75,573
Cash and cash equivalents	$ 31,676	34,256	31,111	34,653	[1]	$ 18,139	$ 22,472
Net debt		32,706	38,941	40,920
Equity		$ 93,232	$ 85,568	$ 82,811			$ 100,708
Gearing		0.260	0.313	0.331
Repayments of borrowings, classified as financing activities		$ 2,400
Repayments of bonds, notes and debentures	$ 3,900
Borrowings [Member]
Disclosure of detailed information about hedges [line items]
Financial liabilities, at fair value		70,589	$ 76,092	$ 77,990
Derivatives [member] | Debt Hedges
Disclosure of detailed information about hedges [line items]
Financial liabilities at fair value through profit or loss		$ (308)	$ (236)	$ (554)
[1]	Second quarter and first half 2020 includes $436 million of cash and cash equivalents classified as assets held for sale in the group balance sheet.

Inventories (Details)

Inventories (Details) - USD ($) $ in Millions	Jun. 30, 2021	Jun. 30, 2020
Hydrocarbon Inventory
Disclosure of financial assets [line items]
Inventory Valuation Reserve	$ 17	$ 289
Trading inventory
Disclosure of financial assets [line items]
Inventories, at fair value less costs to sell	$ 11,000