BP p.l.c. (BP) 20-F 10 Mar 23 2022 FY Annual report (foreign) Financial data

Cover

Cover	12 Months Ended
	Dec. 31, 2022 shares
Document Information [Line Items]
Document Type	20-F
Document Registration Statement	false
Document Annual Report	true
Document Period End Date	Dec. 31, 2022
Document Transition Report	false
Document Shell Company Report	false
Entity File Number	1-06262
Entity Registrant Name	BP PLC
Entity Incorporation, State or Country Code	X0
Entity Address, Address Line One	1 St James’s Square
Entity Address, City or Town	London
Entity Address, Postal Zip Code	SW1Y 4PD
Entity Address, Country	GB
Security Reporting Obligation	15(d)
Entity Well-known Seasoned Issuer	Yes
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Emerging Growth Company	false
ICFR Auditor Attestation Flag	true
Document Accounting Standard	International Financial Reporting Standards
Entity Shell Company	false
Amendment Flag	false
Document Fiscal Year Focus	2022
Document Fiscal Period Focus	FY
Current Fiscal Year End Date	--12-31
Entity Central Index Key	0000313807
Auditor Firm ID	1147
Auditor Name	Deloitte LLP
Auditor Location	London, United Kingdom
Business Contact
Document Information [Line Items]
Entity Address, Address Line One	1 St James’s Square
Entity Address, City or Town	London
Entity Address, Postal Zip Code	SW1Y 4PD
Entity Address, Country	GB
Contact Personnel Name	Murray Auchincloss
City Area Code	+44
Local Phone Number	(0) 20 7496 4000
Contact Personnel Fax Number	+44 (0) 20 7496 4630
American Depositary Shares
Document Information [Line Items]
Title of 12(b) Security	American Depositary Shares
Trading Symbol	BP
Security Exchange Name	NYSE
Ordinary Shares
Document Information [Line Items]
Title of 12(b) Security	Ordinary Shares of 25c each
No Trading Symbol Flag	true
Security Exchange Name	NYSE
Entity Common Stock, Shares Outstanding	19,097,783,117
3.796% Guaranteed Notes due 2025
Document Information [Line Items]
Title of 12(b) Security	3.796% Guaranteed Notes due 2025
Trading Symbol	BP/25A
Security Exchange Name	NYSE
3.119% Guaranteed Notes due 2026
Document Information [Line Items]
Title of 12(b) Security	3.119% Guaranteed Notes due 2026
Trading Symbol	BP/26 and BP/26A
Security Exchange Name	NYSE
3.410% Guaranteed Notes due 2026
Document Information [Line Items]
Title of 12(b) Security	3.410% Guaranteed Notes due 2026
Trading Symbol	BP/26C
Security Exchange Name	NYSE
3.017% Guaranteed Notes due 2027
Document Information [Line Items]
Title of 12(b) Security	3.017% Guaranteed Notes due 2027
Trading Symbol	BP/27 and BP/27D
Security Exchange Name	NYSE
3.279% Guaranteed Notes due 2027
Document Information [Line Items]
Title of 12(b) Security	3.279% Guaranteed Notes due 2027
Trading Symbol	BP/27B
Security Exchange Name	NYSE
3.543% Guaranteed Notes due 2027
Document Information [Line Items]
Title of 12(b) Security	3.543% Guaranteed Notes due 2027
Trading Symbol	BP/27E
Security Exchange Name	NYSE
3.588% Guaranteed Notes due 2027
Document Information [Line Items]
Title of 12(b) Security	3.588% Guaranteed Notes due 2027
Trading Symbol	BP/27A and BP/27C
Security Exchange Name	NYSE
3.723% Guaranteed Notes due 2028
Document Information [Line Items]
Title of 12(b) Security	3.723% Guaranteed Notes due 2028
Trading Symbol	BP/28
Security Exchange Name	NYSE
3.937% Guaranteed Notes due 2028
Document Information [Line Items]
Title of 12(b) Security	3.937% Guaranteed Notes due 2028
Trading Symbol	BP/28A
Security Exchange Name	NYSE
4.234% Guaranteed Notes due 2028
Document Information [Line Items]
Title of 12(b) Security	4.234% Guaranteed Notes due 2028
Trading Symbol	BP/28B
Security Exchange Name	NYSE
1.749% Guaranteed Notes due 2030
Document Information [Line Items]
Title of 12(b) Security	1.749% Guaranteed Notes due 2030
Trading Symbol	BP/30A
Security Exchange Name	NYSE
3.633% Guaranteed Notes due 2030
Document Information [Line Items]
Title of 12(b) Security	3.633% Guaranteed Notes due 2030
Trading Symbol	BP/30
Security Exchange Name	NYSE
2.721% Guaranteed Notes due 2032
Document Information [Line Items]
Title of 12(b) Security	2.721% Guaranteed Notes due 2032
Trading Symbol	BP/32A
Security Exchange Name	NYSE
4.812% Guaranteed Notes due 2033
Document Information [Line Items]
Title of 12(b) Security	4.812% Guaranteed Notes due 2033
Trading Symbol	BP/33
Security Exchange Name	NYSE
3.060% Guaranteed Notes due 2041
Document Information [Line Items]
Title of 12(b) Security	3.060% Guaranteed Notes due 2041
Trading Symbol	BP/41
Security Exchange Name	NYSE
2.772% Guaranteed Notes due 2050
Document Information [Line Items]
Title of 12(b) Security	2.772% Guaranteed Notes due 2050
Trading Symbol	BP/50B
Security Exchange Name	NYSE
3.000% Guaranteed Notes due 2050
Document Information [Line Items]
Title of 12(b) Security	3.000% Guaranteed Notes due 2050
Trading Symbol	BP/50A
Security Exchange Name	NYSE
3.067% Guaranteed Notes due 2050
Document Information [Line Items]
Title of 12(b) Security	3.067% Guaranteed Notes due 2050
Trading Symbol	BP/50
Security Exchange Name	NYSE
2.939% Guaranteed Notes due 2051
Document Information [Line Items]
Title of 12(b) Security	2.939% Guaranteed Notes due 2051
Trading Symbol	BP/51
Security Exchange Name	NYSE
3.001% Guaranteed Notes due 2052
Document Information [Line Items]
Title of 12(b) Security	3.001% Guaranteed Notes due 2052
Trading Symbol	BP/52
Security Exchange Name	NYSE
3.379% Guaranteed Notes due 2061
Document Information [Line Items]
Title of 12(b) Security	3.379% Guaranteed Notes due 2061
Trading Symbol	BP/61
Security Exchange Name	NYSE
4.375% Perpetual Subordinated Non-Call 5.25 Fixed Rate Reset Notes
Document Information [Line Items]
Title of 12(b) Security	4.375% Perpetual Subordinated Non-Call 5.25 Fixed Rate Reset Notes
Trading Symbol	BP/P1
Security Exchange Name	NYSE
4.875% Perpetual Subordinated Non-Call 10 Fixed Rate Reset Notes
Document Information [Line Items]
Title of 12(b) Security	4.875% Perpetual Subordinated Non-Call 10 Fixed Rate Reset Notes
Trading Symbol	BP/P2
Security Exchange Name	NYSE
First Preference Shares
Document Information [Line Items]
Entity Common Stock, Shares Outstanding	7,232,838
Second Preference Shares
Document Information [Line Items]
Entity Common Stock, Shares Outstanding	5,473,414

Group income statement

Group income statement - USD ($) $ in Millions		12 Months Ended
		Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Profit (loss) [abstract]
Sales and other operating revenues		$ 241,392	$ 157,739	$ 105,944
Earnings from joint ventures – after interest and tax		1,128	543	(302)
Earnings from associates – after interest and tax		1,402	3,456	(101)
Interest and other income		1,103	581	663
Gains on sale of businesses and fixed assets		3,866	1,876	2,874
Total revenues and other income		248,891	164,195	109,078
Purchases		141,043	92,923	57,682
Production and manufacturing expenses		28,610	25,843	22,494
Production and similar taxes		2,325	1,308	695
Depreciation, depletion and amortization		14,318	14,805	14,889
Net impairment and losses on sale of businesses and fixed assets		30,522	(1,121)	14,381
Exploration expense		585	424	10,280
Distribution and administration expenses		13,449	11,931	10,397
Profit (loss) before interest and taxation		18,039	18,082	(21,740)
Finance costs		2,703	2,857	3,115
Net finance (income) expense relating to pensions and other post-retirement benefits		(69)	(2)	33
Profit (loss) before taxation		15,405	15,227	(24,888)
Taxation		16,762	6,740	(4,159)
Profit (loss) for the year	[1],[2]	(1,357)	8,487	(20,729)
Attributable to
bp shareholders		(2,487)	7,565	(20,305)
Non-controlling interests		$ 1,130	$ 922	$ (424)
Ordinary Shares
Profit (loss) for the year attributable to bp shareholders
Basic earnings (loss) per share (USD per share)		$ (0.1310)	$ 0.3757	$ (1.0042)
Diluted earnings (loss) per share (USD per share)		(0.1310)	0.3733	(1.0042)
American Depositary Share
Profit (loss) for the year attributable to bp shareholders
Basic earnings (loss) per share (USD per share)		(0.79)	2.25	(6.03)
Diluted earnings (loss) per share (USD per share)		$ (0.79)	$ 2.24	$ (6.03)
[1]See Note 31 for further information.[2]See Note 32 for further information.

Group statement of comprehensiv

Group statement of comprehensive income - USD ($) $ in Millions		12 Months Ended
		Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Statement of comprehensive income [abstract]
Profit (loss) for the year	[1],[2]	$ (1,357)	$ 8,487	$ (20,729)
Items that may be reclassified subsequently to profit or loss
Currency translation differences	[2]	(3,786)	(921)	(1,843)
Exchange (gains) losses on translation of foreign operations reclassified to gain or loss on sale of businesses and fixed assets	[2]	10,759	36	(353)
Cash flow hedges marked to market	[2]	(825)	(430)	78
Cash flow hedges reclassified to the income statement	[2]	1,502	255	(37)
Costs of hedging marked to market	[2]	61	(105)	42
Costs of hedging reclassified to the income statement	[2]	25	21	22
Share of items relating to equity-accounted entities, net of tax	[2]	402	44	312
Income tax relating to items that may be reclassified	[2]	(334)	65	66
Total items that may be reclassified subsequently to profit or loss	[2]	7,804	(1,035)	(1,713)
Items that will not be reclassified to profit or loss
Remeasurements of the net pension and other post-retirement benefit liability or asset	[2]	340	4,416	170
Cash flow hedges that will subsequently be transferred to the balance sheet	[2]	(4)	1	7
Income tax relating to items that will not be reclassified	[2]	68	(1,317)	(105)
Total items that will not be reclassified to profit or loss	[2]	404	3,100	72
Other comprehensive income	[1],[2]	8,208	2,065	(1,641)
Total comprehensive income	[1],[2]	6,851	10,552	(22,370)
Attributable to
bp shareholders	[2]	5,782	9,654	(21,983)
Non-controlling interests	[2]	$ 1,069	$ 898	$ (387)
[1]See Note 31 for further information.[2]See Note 32 for further information.

Group statement of changes in e

Group statement of changes in equity - USD ($) $ in Millions		Total		Share Capital And Capital Reserve [Member]	Treasury shares [member]	Reserve of exchange differences on translation [member]	Total Reserve Of Available-For-Sale Securities And Cash Flow Hedges [Member]	Retained earnings [member]		Equity attributable to owners of parent [member]		Non-controlling interests, hybrid bonds [Member]	Non-controlling interests, other interest [Member]
Equity outstanding, beginning of period at Dec. 31, 2019	[1]	$ 100,708		$ 46,525	$ (14,412)	$ (6,495)	$ (912)	$ 73,706		$ 98,412		$ 0	$ 2,296
Profit (loss) for the year	[1]	(20,729)	[2]					(20,305)		(20,305)		256	(680)
Other comprehensive income	[1]	(1,641)	[2]			(2,224)	98	448		(1,678)			37
Total comprehensive income	[1]	(22,370)	[2]			(2,224)	98	(19,857)		(21,983)		256	(643)
Dividends		(6,605)	[1],[3]	0				(6,367)	[1],[3]	(6,367)	[1],[3]		(238)	[1],[3]
Cash flow hedges transferred to the balance sheet, net of tax	[1]	(6)					(6)			(6)
Repurchase of ordinary share capital		(776)	[1]	0				(776)	[1]	(776)	[1]
Share-based payments, net of tax	[1]	726		176	1,188			(638)		726
Share of equity-accounted entities’ changes in equity, net of tax	[1]	1,341						1,341		1,341
Issue of perpetual hybrid bonds	[1]	11,861						(48)		(48)		11,909
Payments on issue of perpetual hybrid bonds	[1]	(89)								0		(89)
Tax on issue of perpetual hybrid bonds	[1]	3						3		3
Transactions involving non-controlling interests, net of tax	[1]	763						(64)		(64)			827
Equity outstanding, end of period at Dec. 31, 2020	[1]	85,568		46,701	(13,224)	(8,719)	(808)	47,300		71,250		12,076	2,242
Profit (loss) for the year	[1]	8,487	[2]					7,565		7,565		507	415
Other comprehensive income	[1]	2,065	[2]			(846)	(209)	3,144		2,089			(24)
Total comprehensive income	[1]	10,552	[2]			(846)	(209)	10,709		9,654		507	391
Dividends		(4,627)	[1],[3]	0				(4,316)	[1],[3]	(4,316)	[1],[3]		(311)	[1],[3]
Cash flow hedges transferred to the balance sheet, net of tax	[1]	10					10			10
Repurchase of ordinary share capital		(3,151)	[1]	0				(3,151)	[1]	(3,151)	[1]
Share-based payments, net of tax	[1]	632		170	600			(138)		632
Share of equity-accounted entities’ changes in equity, net of tax	[1]	556						556		556
Issue of perpetual hybrid bonds	[1]	924						(26)		(26)		950
Payments on issue of perpetual hybrid bonds	[1]	(499)				(7)				(7)		(492)
Tax on issue of perpetual hybrid bonds	[1]	0						0		0
Transactions involving non-controlling interests, net of tax	[1]	494						881		881			(387)
Equity outstanding, end of period at Dec. 31, 2021	[1]	90,439		46,871	(12,624)	(9,572)	(1,027)	51,815		75,463		13,041	1,935
Profit (loss) for the year	[1]	(1,357)	[2]					(2,487)		(2,487)		519	611
Other comprehensive income	[1]	8,208	[2]			6,914	770	585		8,269			(61)
Total comprehensive income	[1]	6,851	[2]			6,914	770	(1,902)		5,782		519	550
Dividends		(4,659)	[1],[3]	0				(4,365)	[1],[3]	(4,365)	[1],[3]		(294)	[1],[3]
Cash flow hedges transferred to the balance sheet, net of tax	[1]	(1)					(1)			(1)
Issued capital, ordinary shares	[1]	820		820						820
Repurchase of ordinary share capital		(10,493)	[1]	0				(10,493)	[1]	(10,493)	[1]
Share-based payments, net of tax	[1]	847		182	471			194		847
Share of equity-accounted entities’ changes in equity, net of tax	[1]	0						0		0
Issue of perpetual hybrid bonds	[1]	370						(4)		(4)		374
Payments on issue of perpetual hybrid bonds	[1]	(529)				15				15		(544)
Tax on issue of perpetual hybrid bonds	[1]	0						0		0
Transactions involving non-controlling interests, net of tax	[1]	(657)						(513)		(513)			(144)
Equity outstanding, end of period at Dec. 31, 2022	[1]	$ 82,990		$ 47,873	$ (12,153)	$ (2,643)	$ (256)	$ 34,732		$ 67,553		$ 13,390	$ 2,047
[1]See Note 31 for further information.[2]See Note 32 for further information.[3]See Note 10 for further information.

Group balance sheet

Group balance sheet - USD ($) $ in Millions		Dec. 31, 2022	Dec. 31, 2021
Non-current assets
Property, plant and equipment		$ 106,044	$ 112,902
Goodwill		11,960	12,373
Intangible assets		10,200	6,451
Investments in joint ventures		12,400	9,982
Investments in associatesa	[1]	8,201	21,001
Other investments		2,670	2,544
Fixed assets		151,475	165,253
Loans		1,271	922
Trade and other receivables		1,092	2,693
Derivative financial instruments		12,841	7,006
Prepayments		576	479
Deferred tax assets		3,908	6,410
Defined benefit pension plan surpluses		9,269	11,919
Non-current assets		180,432	194,682
Current assets
Loans		315	355
Inventories		28,081	23,711
Trade and other receivables		34,010	27,139
Derivative financial instruments		11,554	5,744
Prepayments		2,092	2,486
Current tax receivable		621	542
Other investments		578	280
Cash and cash equivalents		29,195	30,681
Current assets other than non-current assets or disposal groups classified as held for sale or as held for distribution to owners		106,446	90,938
Non-current assets or disposal groups classified as held for sale or as held for distribution to owners		1,242	1,652
Current assets		107,688	92,590
Total assets		288,120	287,272
Current liabilities
Trade and other payables		63,984	52,611
Derivative financial instruments		12,618	7,565
Accruals		6,398	5,638
Current lease liabilities		2,102	1,747
Current finance debt		3,198	5,557
Current tax payable		4,065	1,554
Provisions		6,332	5,256
Current liabilities other than liabilities included in disposal groups classified as held for sale		98,697	79,928
Liabilities included in disposal groups classified as held for sale		321	359
Current liabilities		99,018	80,287
Non-current liabilities
Other payables		10,387	10,567
Derivative financial instruments		13,537	6,356
Accruals		1,233	968
Non-current lease liabilities		6,447	6,864
Finance debt		43,746	55,619
Deferred tax liabilities		10,526	8,780
Provisions		14,992	19,572
Defined benefit pension plan and other post-retirement benefit plan deficits		5,244	7,820
Non-current liabilities		106,112	116,546
Total liabilities		205,130	196,833
Net assets		82,990	90,439
Equity
bp shareholders’ equity		67,553	75,463
Non-controlling interests		15,437	14,976
Total equity	[2]	$ 82,990	$ 90,439
[1]See Note 1 - Significant judgements and estimate: investment in Rosneft for further information[2]See Note 31 for further information.

Group cash flow statement

Group cash flow statement - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Operating activities
Profit (loss) before taxation	$ 15,405	$ 15,227	$ (24,888)
Adjustments to reconcile profit before taxation to net cash provided by operating activities
Exploration expenditure written off	385	167	9,920
Depreciation, depletion and amortization	14,318	14,805	14,889
Impairment and (gain) loss on sale of businesses and fixed assets	26,656	(2,997)	11,507
Earnings from joint ventures and associates	(2,530)	(3,999)	403
Dividends received from joint ventures and associates	1,700	1,842	1,442
Interest receivable	(444)	(235)	(258)
Interest received	414	320	74
Finance costs	2,703	2,857	3,115
Interest paid	(2,208)	(2,474)	(2,728)
Net finance expense relating to pensions and other post-retirement benefits	(69)	(2)	33
Share-based payments	795	627	723
Net operating charge for pensions and other post-retirement benefits, less contributions and benefit payments for unfunded plans	(257)	(655)	(282)
Net charge for provisions, less payments	440	2,934	735
(Increase) decrease in inventories	(5,492)	(7,458)	3,963
(Increase) decrease in other current and non-current assets	(18,584)	(13,263)	4,230
Increase (decrease) in other current and non-current liabilities	17,806	20,095	(8,278)
Income taxes paid	(10,106)	(4,179)	(2,438)
Cash flows from (used in) operating activities	40,932	23,612	12,162
Investing activities
Expenditure on property, plant and equipment, intangible and other assets	(12,069)	(10,887)	(12,306)
Acquisitions, net of cash acquired	(3,530)	(186)	(44)
Investment in joint ventures	(600)	(1,440)	(567)
Investment in associates	(131)	(335)	(1,138)
Total cash capital expenditure	(16,330)	(12,848)	(14,055)
Proceeds from disposals of fixed assets	709	1,145	491
Proceeds from disposals of businesses, net of cash disposed	1,841	5,812	4,989
Proceeds from loan repayments	67	197	717
Net cash used in investing activities	(13,713)	(5,694)	(7,858)
Financing activities
Repurchase of shares	(9,996)	(3,151)	(776)
Payments of lease liabilities, classified as financing activities	(1,961)	(2,082)	(2,442)
Proceeds from long-term financing	2,013	6,987	14,736
Repayments of long-term financing	(11,697)	(16,804)	(12,179)
Net increase (decrease) in short-term debt	(1,392)	1,077	(1,234)
Proceeds from issuing other equity instruments	370	924	11,861
Payments of other equity instruments	(708)	(538)	(89)
Payments from changes in ownership interests in subsidiaries that do not result in loss of control	(9)	(560)	(8)
Receipts relating to transactions involving non-controlling interests (other)	11	683	665
Dividends paid
bp shareholders	(4,358)	(4,304)	(6,340)
Non-controlling interests	(294)	(311)	(238)
Net cash provided by (used in) financing activities	(28,021)	(18,079)	3,956
Currency translation differences relating to cash and cash equivalents	(684)	(269)	379
Increase (decrease) in cash and cash equivalents	(1,486)	(430)	8,639
Cash and cash equivalents at beginning of year	30,681	31,111	22,472
Cash and cash equivalents at end of year	$ 29,195	$ 30,681	$ 31,111

Significant accounting policies

Significant accounting policies, judgements, estimates and assumptions	12 Months Ended
	Dec. 31, 2022
Corporate Information And Statement Of IFRS Compliance [Abstract]
Significant accounting policies, judgements, estimates and assumptions	Significant accounting policies, judgements, estimates and assumptions Authorization of financial statements and statement of compliance with International Financial Reporting Standards The consolidated financial statements of BP p.l.c and its subsidiaries (collectively referred to as bp or the group) for the year ended 31 December 2022 were approved and signed by the chief executive officer and chairman on 10 March 2023 having been duly authorized to do so by the board of directors. BP p.l.c. is a public limited company incorporated and domiciled in England and Wales. The consolidated financial statements have been prepared in accordance with United Kingdom adopted international accounting standards and International Financial Reporting Standards (IFRSs) as issued by the International Accounting Standards Board (IASB) and 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. IFRS as adopted by the UK does not differ from IFRS as adopted by the EU. IFRS as adopted by the UK and EU differs in certain respects from IFRS as issued by the IASB. The differences have no impact on the group’s consolidated financial statements for the years presented. The significant accounting policies and accounting judgements, estimates and assumptions of the group are set out below. Basis of preparation The consolidated financial statements have been prepared on a going concern basis and in accordance with IFRS and IFRS Interpretations Committee (IFRIC) interpretations issued and effective for the year ended 31 December 2022. The accounting policies that follow have been consistently applied to all years presented, except where otherwise indicated. The consolidated financial statements are presented in US dollars and all values are rounded to the nearest million dollars ($ million), except where otherwise indicated. Significant accounting policies: use of judgements, estimates and assumptions Inherent in the application of many of the accounting policies used in preparing the consolidated financial statements is the need for bp management to make judgements, estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities, and the reported amounts of revenues and expenses. Actual outcomes could differ from the estimates and assumptions used. The accounting judgements and estimates that have a significant impact on the results of the group are set out in boxed text below, and should be read in conjunction with the information provided in the Notes on financial statements. The areas requiring the most significant judgement and estimation in the preparation of the consolidated financial statements are: accounting for the investments in Rosneft and Aker BP; the formation of Azule Energy, exploration and appraisal intangible assets; the recoverability of asset carrying values, including the estimation of reserves; supplier financing arrangements; derivative financial instruments; provisions and contingencies; pensions and other post-retirement benefits; and taxation. Judgements and estimates, not all of which are significant, made in assessing the impact of the current economic and geopolitical environment, and climate change and the transition to a lower carbon economy on the consolidated financial statements are also set out in boxed text below. Where an estimate has a significant risk of resulting in a material adjustment to the carrying amounts of assets and liabilities within the next financial year this is specifically noted within the boxed text. Judgements and estimates made in assessing the impact of climate change and the transition to a lower carbon economy Climate change and the transition to a lower carbon economy were considered in preparing the consolidated financial statements. These may have significant impacts on the currently reported amounts of the group’s assets and liabilities discussed below and on similar assets and liabilities that may be recognized in the future. The group’s assumptions for investment appraisal (see page 28) form part of an investment decision-making framework for currently unsanctioned future capital expenditure on property, plant and equipment, and intangibles including exploration and appraisal assets, that is designed to support the effective and resilient implementation of bp’s strategy. The price assumptions used for investment appraisal include oil and gas price assumptions, which are producer prices and are therefore net of any future carbon prices that the purchaser may be required to pay, and an assumption of a single carbon emissions cost imposed on the producer in respect of operational greenhouse gas (GHG) emissions (carbon dioxide and methane) in order to incentivize engineering solutions to mitigate GHG emissions on projects. The group's oil and gas price assumptions for value-in-use impairment testing are aligned with those investment appraisal assumptions, except for 2023 oil and gas prices which reflect near-term market conditions. The assumptions for future carbon emissions costs in value-in-use impairment testing differ from the investment appraisal assumptions and are described below. Impairment of property, plant and equipment and goodwill The energy transition is likely to impact the future prices of commodities such as oil and natural gas which in turn may affect the recoverable amount of property, plant and equipment and goodwill in the oil and gas industry. Management’s best estimate of oil and natural gas price assumptions for value-in-use impairment testing were revised during 2022. Prices are disclosed in real 2021 terms. The Brent oil assumption from 2024 up to 2030 was increased to $70 per barrel to reflect near-term supply constraints before steadily declining to $45 per barrel by 2050 continuing to reflect the assumption that as the energy system decarbonizes, falling oil demand will cause oil prices to decline. The price assumptions for Henry Hub gas up to 2035 and up to 2050 were increased to $4.00 per mmBtu and $3.50 per mmBtu respectively, reflecting increased demand for US gas production to offset reduced Russian gas flows. The revised assumptions sit within the range of external scenarios considered by management and are in line with a range of transition paths consistent with the temperature goal of the Paris climate change agreement, of holding the increase in the global average temperature to well below 2°C above pre-industrial levels and pursuing efforts to limit the temperature increase to 1.5°C above pre-industrial levels. As noted above, the group’s investment appraisal process includes a single carbon emissions price assumption for the investment economics which is applied to bp's anticipated share of bp's forecast of the investments assets' scope 1 and 2 GHG emissions where they exceed defined thresholds, and is assumed to be payable by bp as the producer or as a non-operator. However, for value-in-use impairment testing on bp's existing cash generating units (CGUs), consistent with all other relevant cash flows estimated, bp is required to reflect management's best estimate of any expected applicable carbon emission costs payable by bp, including where bp is not the operator, in the future for each jurisdiction in which the group has interests. This requires management’s best estimate of how future changes to relevant carbon emission cost policies and/or legislation are likely to affect the future cash flows of the group’s applicable CGUs, whether currently enacted or not. Future potential carbon pricing and/or costs of carbon emissions allowances are included in the value-in-use calculations to the extent management has sufficient information to make such an estimate. Currently this results in limited application of carbon price assumptions in value-in-use impairment tests given that carbon pricing legislation in most impacted jurisdictions where the group has interests is not in place and there is not sufficient information available as to the relevant policy makers' future intentions regarding carbon pricing to support an estimate. 1 . Significant accounting policies, judgements, estimates and assumptions – continued Where we consider that the outcome of a value-in-use impairment test could be significantly affected by a carbon price in place in any jurisdiction, this is incorporated into the value-in use impairment testing cash flows. The most significant instances where a carbon price has been incorporated in this way are for the UK North Sea and Gelsenkirchen refinery, where assumptions of approximately £100/tCO 2 e and an average of approximately €70/tCO 2 e were applied in the 2022 value-in-use impairment tests respectively. However, as bp’s forecast future prices are producer prices, the group considers it reasonable to assume that if, in addition to the costs already in place, further scope 1 and 2 emission costs were partially to be borne directly by oil and gas producers including bp in future and the prevalence of such costs were to become widespread, the gross oil and gas prices realised by producers would be correspondingly higher over the long term, resulting in no expected overall materially negative impacts on the group’s net cash flows. See significant judgements and estimates: recoverability of asset carrying values for further information including sensitivity analysis in relation to reasonably possible changes in the price assumptions and carbon costs. Production assumptions within upstream property, plant and equipment and goodwill value-in-use impairment tests reflect management’s current best estimate of future production of the existing upstream portfolio. The group sees the expected reduction in upstream hydrocarbon production by around 25% by 2030 from its 2019 baseline (see page 11) being achieved through future active management, including divestments, and high-grading of the portfolio. Changes in upstream production since 2019 will be included in the best estimate to the extent the divestments have been announced or completed however, as the specific future changes to the remainder of the portfolio are not yet known, the current best estimate used for accounting purposes does not include the full extent of the expected upstream production reduction. See significant judgements and estimates: recoverability of asset carrying values and Note 14 for sensitivity analyses in relation to reasonably possible changes in production for upstream oil and gas properties and goodwill respectively. Impairment reversals were recognized on certain upstream oil and gas properties partly as a result of the higher near-term assumptions. See Note 4 for further information. For the customers & products segment, though the energy transition may impact demand for certain refined products in the future, management anticipates sufficiently robust demand for the remainder of each refinery’s useful life. Management will continue to review price assumptions as the energy transition progresses and this may result in impairment charges or reversals in the future. Exploration and appraisal intangible assets The energy transition may affect the future development or viability of exploration prospects. A significant proportion of the group's exploration and appraisal intangible assets were written off in 2020 and the recoverability of the remaining intangibles was considered during 2022. No significant write-offs were identified. These assets will continue to be assessed as the energy transition progresses. See significant judgement: exploration and appraisal intangible assets and Note 8 for further information. Property, plant and equipment – depreciation and expected useful lives The energy transition may curtail the expected useful lives of oil and gas industry assets thereby accelerating depreciation charges. However, a significant majority of bp’s existing upstream oil and natural gas properties are likely to be fully depreciated within the next 10 years and, as outlined in bp's strategy, oil and natural gas production will remain an important part of bp’s business activities over that period. The significant majority of refining assets, recognized on the group’s balance sheet at 31 December 2022 that are subject to depreciation, will be depreciated within the next 12 years; demand for refined products is expected to remain sufficient to support the remaining useful lives of existing assets. Therefore, management does not expect the useful lives of bp’s reported property, plant and equipment to change and do not consider this to be a significant accounting judgement or estimate. Significant capital expenditure is still required for ongoing projects as well as renewal and/or replacement of aged assets and therefore the useful lives of future capital expenditure may be different. See significant accounting policy: property, plant and equipment for more information. Provisions: decommissioning The energy transition may bring forward the decommissioning of oil and gas industry assets thereby increasing the present value of associated decommissioning provisions. The majority of bp’s existing upstream oil and gas properties are expected to start decommissioning within the next two decades. The group’s expectation to reduce its upstream hydrocarbon production by around 25% by 2030 from its 2019 baseline (see page 11) is expected to be achieved through future active management, including divestments, and high-grading of the portfolio. Any resulting increases or decreases to the weighted average timing of decommissioning will be driven by the profile of assets held in the revised portfolio. Currently, the expected timing of decommissioning expenditures for the upstream oil and gas assets in the group’s portfolio has not materially been brought forward. Management does not expect a reasonably possible change of two years in the expected timing of all decommissioning to have a material effect on the upstream decommissioning provisions, assuming cash flows remain unchanged. Decommissioning cost estimates are based on the known regulatory and external environment. These cost estimates may change in the future, including as a result of the transition to a lower carbon economy. For refineries, decommissioning provisions are generally not recognized as the associated obligations have indeterminate settlement dates, typically driven by the cessation of manufacturing. Management will continue to review facts and circumstances to assess if decommissioning provisions need to be recognized. Decommissioning provisions relating to refineries at 31 December 2022 are not material. See significant judgements and estimates: provisions for further information. 1. Significant accounting policies, judgements, estimates and assumptions – continued Judgements and estimates made in assessing the impact of the geopolitical and economic environment In preparing the consolidated financial statements, the following areas involving judgement and estimates were identified as most relevant with regards to the impact of the current geopolitical and economic environment. Oil and gas price assumptions The near-term oil and gas price assumptions applied in value-in-use impairment testing have been increased to reflect current supply constraints and increased demand for gas to replace Russian supply. See significant judgements and estimates: recoverability of asset carrying values for further information. Discount rate assumptions The discount rates used for impairment testing and provisions were reassessed during the year in light of changing economic and geopolitical outlooks. The nominal discount rate applied to provisions was increased twice during the year to reflect rising US Treasury yields. The principal impact of these rate increases was a $3.2 billion decrease in the decommissioning provision with an associated decrease in the carrying amount of property, plant and equipment of $2.5 billion and a pre-tax credit to the income statement of $0.7 billion. Impairment discount rates were also increased from those reported in 2021. See significant judgements and estimates: recoverability of asset carrying values and provisions for further information. Pensions and other post-retirement benefits The volatility in the financial markets during 2022 impacted the assumptions used for determining the fair value of plan assets and the present value of defined benefit obligations in the group’s defined benefit pension plans. See significant estimate: pensions and other post-retirement benefits and Note 24 for further information. Basis of consolidation The consolidated group financial statements consolidate the financial statements of BP p.l.c. and its subsidiaries drawn up to 31 December each year. Subsidiaries are consolidated from the date of their acquisition, being the date on which the group obtains control, including when control is obtained via potential voting rights, and continue to be consolidated until the date that control ceases. The financial statements of subsidiaries are prepared for the same reporting year as the parent company, using consistent accounting policies. Intra-group balances and transactions, including unrealized profits arising from intra-group transactions, have been eliminated. Unrealized losses are eliminated unless the transaction provides evidence of an impairment of the asset transferred. Non-controlling interests represent the equity in subsidiaries that is not attributable, directly or indirectly, to bp shareholders. Included within non-controlling interests are perpetual subordinated hybrid securities issued by subsidiaries and for which the group has the unconditional right to avoid transferring cash or another financial asset to the holders. Profit or loss attributable to bp shareholders is adjusted to reflect the coupon/interest related to these hybrid securities whether or not such distribution has been deferred. Interests in other entities Business combinations and goodwill Business combinations are accounted for using the acquisition method. The identifiable assets acquired and liabilities assumed are recognized at their fair values at the acquisition date. Goodwill is initially measured as the excess of the aggregate of the consideration transferred, the amount recognized for any non-controlling interest and the acquisition-date fair values of any previously held interest in the acquiree over the fair value of the identifiable assets acquired and liabilities assumed at the acquisition date. The amount recognized for any non-controlling interest is measured at the present ownership's proportionate share in the recognized amounts of the acquiree’s identifiable net assets. At the acquisition date, any goodwill acquired is allocated to each of the cash-generating units, or groups of cash-generating units, expected to benefit from the combination’s synergies. Following initial recognition, goodwill is measured at cost less any accumulated impairment losses. Goodwill arising on business combinations prior to 1 January 2003 is stated at the previous carrying amount under UK generally accepted accounting practice, less subsequent impairments. Goodwill may arise upon investments in joint ventures and associates, being the surplus of the cost of investment over the group’s share of the net fair value of the identifiable assets and liabilities. Any such goodwill is recorded within the corresponding investment in joint ventures and associates. Goodwill may also arise upon acquisition of interests in joint operations that meet the definition of a business. The amount of goodwill separately recognized is the excess of the consideration transferred over the group's share of the net fair value of the identifiable assets and liabilities. Interests in joint arrangements The results, assets and liabilities of joint ventures are incorporated in these consolidated financial statements using the equity method of accounting as described below. Certain of the group’s activities, particularly in the oil production & operations and gas & low carbon energy segments, are conducted through joint operations. bp recognizes, on a line-by-line basis in the consolidated financial statements, its share of the assets, liabilities and expenses of these joint operations incurred jointly with the other partners, along with the group’s income from the sale of its share of the output and any liabilities and expenses that the group has incurred in relation to the joint operation. For joint arrangements in a separate entity, judgement may be required as to whether the arrangement should be classified as a joint venture or if the legal form, contractual arrangements or other facts and circumstances indicate that the group has rights to the assets and obligations for the liabilities of the arrangement, rather than rights to the net assets, and therefore should be classified as a joint operation. No such judgement made by the group is considered significant. Interests in associates The results, assets and liabilities of associates are incorporated in these consolidated financial statements using the equity method of accounting as described below. 1 . Significant accounting policies, judgements, estimates and assumptions – continued Significant judgement: investment in Aker BP Judgement is required in assessing the level of control or influence over another entity in which the group holds an interest. For bp, the judgement that the group continues to have significant influence over Aker BP, a Norwegian oil and gas company, following completion of Aker BP's acquisition of Lundin Energy's oil and gas business, is significant. As a consequence of this judgement, bp uses the equity method of accounting for its investment and bp's share of Aker BP's oil and natural gas reserves is included in the group's estimated net proved reserves of equity-accounted entities. If significant influence was not present, the investment would be accounted for as an investment in an equity instrument measured at fair value as described under 'Financial assets' below and no share of Aker BP's oil and natural gas reserves would be reported. Significant influence is defined in IFRS as the power to participate in the financial and operating policy decisions of the investee but is not control or joint control of those decisions. Significant influence is presumed when an entity owns 20% or more of the voting power of the investee. Significant influence is presumed not to be present when an entity owns less than 20% of the voting power of the investee. IFRS identifies several indicators that may provide evidence of significant influence, including representation on the board of directors of the investee and participation in policy-making processes. bp owned 27.85% of the voting shares of Aker BP at 31 December 2021 and significant influence was presumed. On completion of Aker BP's acquisition of Lundin Energy's oil and gas business on 30 June 2022 , bp's interest was diluted to 15.9% of the voting shares of Aker BP as a result of new Aker BP shares being issued as partial consideration to Lundin Energy shareholders. bp owned 15.9% of the voting shares at 31 December 2022. bp’s group chief financial officer, Murray Auchincloss, has been a member of the Aker BP board since 2017. bp’s other nominated director, Kate Thomson has been a member of the Aker BP board since formation of that company in 2016. She is also a member of the Aker BP board’s Audit and Risk Committee. bp also holds the voting rights at general meetings of shareholders conferred by its stake in Aker BP. bp's management considers, therefore, that the group retained significant influence, as defined by IFRS, over Aker BP following the acquisition of Lundin Energy's oil and gas business and continues to have significant influence at 31 December 2022. Significant judgements and estimate: investment in Rosneft On 27 February 2022, bp announced it will exit its shareholding in Rosneft and bp's two nominated Rosneft directors both stepped down from Rosneft's board. As a result, the significant judgement on significant influence over Rosneft was reassessed and a new significant estimate was identified for the fair value of bp's equity investment in Rosneft. From that date, bp accounts for its interest in Rosneft as a financial asset measured at fair value within ‘Other investments’. Russia has implemented a number of counter-sanctions including restrictions on the divestment of Russian assets by foreign investors. Further, bp is not able to sell its Rosneft shares on the Moscow Stock Exchange and is unable to ascribe probabilities to possible outcomes of any exit process. As a result, it is considered that any measure of fair value, other than $nil, would be subject to such high measurement uncertainty that no estimate would provide useful information even if it were accompanied by a description of the estimate made in producing it and an explanation of the uncertainties that affect the estimate. Accordingly, it is not currently possible to estimate any carrying value other than $nil when determining the measurement of the interest in Rosneft as at 31 December 2022. Events or outcomes within the next financial year, that are different to those outlined above, could materially change the fair value of the investment. During 2022, Rosneft has held shareholder meetings to approve resolutions to pay dividends. bp did not participate in those meetings. In line with the resolutions, bp would be entitled to dividend income. Russia has imposed restrictions on the payments of dividends to certain foreign shareholders, including those based in the UK, requiring such dividends to be paid in roubles into restricted bank accounts and a requirement for approval of the Russian government for transfers from any such bank accounts out of Russia. Given the restrictions applicable to such accounts, management has made the significant judgement that the criteria for recognizing any dividend income from Rosneft for the year to 31 December 2022 have not been met. Since the first quarter 2022, bp has also determined that its other businesses with Rosneft within Russia, which are included in the oil production & operations segment also have a fair value of $nil and are subject to similar sanctions and restrictions with respect to the receipt of dividends as described above. Management considers that the criteria for recognizing dividend income from other businesses with Rosneft within Russia that declared a dividend during 2022 have not been met. The total pre-tax charge during the year-ended 31 December 2022 relating to bp’s investment in Rosneft and other businesses with Rosneft in Russia is $25,520 million. Significant judgement: formation of Azule Energy On 1 August 2022, Azule Energy, an independent incorporated 50:50 joint venture, between bp and Eni, was formed through the combination of the two companies’ Angolan businesses. As part of the consideration for contributing its assets, bp received 500,000 shares in Azule Energy. The group determined that the fair value of these shares at the date of the transaction was $6.9 billion and the transaction resulted in a gain on disposal of $3.9 billion, of which 50% has been deferred against the investment on the balance sheet and will be amortised over time, consistent with bp’s accounting policy for unrealized gains on transactions between the group and equity-accounted entities. The fair value was determined using a discounted cash flow analysis with judgments over the assumptions including capital expenditure, costs, production and commodity price forecasts, and a post-tax discount rate that would be applied by a market participant. The equity method of accounting Under the equity method, an investment is carried on the balance sheet at cost plus post-acquisition changes in the group’s share of net assets of the entity, less distributions received and less any impairment in value of the investment. Loans advanced to equity-accounted entities that have the characteristics of equity financing are also included in the investment on the group balance sheet. The group income statement reflects the group’s share of the results after tax of the equity-accounted entity, adjusted to account for depreciation, amortization and any impairment of the equity-accounted entity’s assets based on their fair values at the date of acquisition. The group statement of comprehensive income includes the group’s share of the equity-accounted entity’s other comprehensive income. The group’s share of amounts recognized directly in equity by an equity-accounted entity is recognized in the group’s statement of changes in equity. Financial statements of equity-accounted entities are typically prepared for the same reporting year as the group. Where material differences arise in the accounting policies used by the equity-accounted entity and those used by bp, adjustments are made to those financial statements to bring the accounting policies used into line with those of the group. Unrealized gains on transactions, apart from those that meet the definition of a derivative, between the group and its equity-accounted entities are eliminated to the extent of the group’s interest in the equity-accounted entity. This includes unrealized gains arising on contribution of a business on formation of an equity-accounted entity. 1. Significant accounting policies, judgements, estimates and assumptions – continued Segmental reporting The group’s operating segments are established on the basis of those components of the group that are evaluated regularly by the chief executive officer, bp’s chief operating decision maker, in deciding how to allocate resources and in assessing performance. The accounting policies of the operating segments are the same as the group’s accounting policies described in this note, except that IFRS requires that the measure of profit or loss disclosed for each operating segment is the measure that is provided regularly to the chief operating decision maker. For bp, this measure of profit or loss is replacement cost profit before interest and tax which reflects the replacement cost of inventories sold in the period and is arrived at by excluding inventory holding gains and losses from profit before interest and tax. Replacement cost profit for the group is not a recognized measure under IFRS. bp changed its segmental reporting during 2022, see 'Changes in segmentation' below. For further information see Note 5. Foreign currency translation In individual subsidiaries, joint ventures and associates, transactions in foreign currencies are initially recorded in the functional currency of those entities at the spot exchange rate on the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated into the functional currency at the spot exchange rate on the balance sheet date. Any resulting exchange differences are included in the income statement, unless hedge accounting is applied. Non-monetary items, other than those measured at fair value, are not retranslated subsequent to initial recognition. In the consolidated financial statements, the assets and liabilities of non-US dollar functional currency subsidiaries, joint ventures, associates, and related goodwill, are translated into US dollars at the spot exchange rate on the balance sheet date. The results and cash flows of non-US dollar functional currency subsidiaries, joint ventures and associates are translated into US dollars using average rates of exchange. In the consolidated financial statements, exchange adjustments arising when the opening net assets and the profits for the year retained by non-US dollar functional currency subsidiaries, joint ventures and associates are translated into US dollars are recognized in a separate component of equity and reported in other comprehensive income. Exchange gains and losses arising on long-term intra-group foreign currency borrowings used to finance the group’s non-US dollar investments are also reported in other comprehensive income if the borrowings form part of the net investment in the subsidiary, joint venture or associate. On disposal or for certain partial disposals of a non-US dollar functional currency subsidiary, joint venture or associate, the related accumulated exchange gains and losses recognized in equity are reclassified from equity to the income statement. Non-current assets held for sale Non-current assets and disp

Non-current assets held for sal

Non-current assets held for sale (Notes)	12 Months Ended
	Dec. 31, 2022
Disclosure of non-current assets held for sale and discontinued operations [Abstract]
Disclosure of non-current assets or disposal groups classified as held for sale [text block]	Non-current assets held for sale The carrying amount of assets classified as held for sale at 31 December 2022 is $1,242 million (2021 $1,652 million), with associated liabilities of $321 million (2021 $359 million). gas & low carbon energy On 7 September 2022, bp announced that it had agreed to sell its upstream business in Algeria to Eni. The sale completed on 28 February 2023. Assets of $511 million and associated liabilities of $48 million were classified as held for sale in the group balance sheet at 31 December 2022. customers & products On 8 August 2022, bp announced an agreement to sell its 50% interest in the bp-Husky Toledo refinery in Ohio US, to Cenovus Energy, its partner in the facility. Following a fire at the refinery, it has been shut down since 20 September 2022. Assets of $731 million and associated liabilities of $273 million were classified as held for sale in the group balance sheet at 31 December 2022. The sale completed on 28 February 2023. Transactions that have been classified as held for sale during 2022, but were completed by 31 December 2022, are described below. oil production & operations On 12 June 2022, bp entered into an agreement to sell its 50% interest in the Sunrise oil sands project in Canada to Cenovus Energy Inc. for C$600 million (Canadian dollars) cash (subject to customary closing adjustments), up to C$600 million of contingent consideration expiring after two years and Cenovus’s 35% position in the undeveloped Bay du Nord project offshore Canada. The transaction closed on 31 August 2022. On 11 March 2022, bp and Eni signed an agreement to form Azule Energy, an independent incorporated 50:50 joint venture, through the combination of the two companies’ Angolan businesses. The transaction closed on 1 August 2022 and, from that date, bp reported an equity accounted investment in Azule Energy. This investment was initially recognized at a fair value of $4,922 million (net of deferred gain) and the transaction resulted in a non-taxable accounting gain of $1,932 million and a deferred gain of the same amount that will be recognized over time as the Azule Energy assets are depreciated. The assets held for sale balance at 31 December 2021 consisted of assets of $1,009 million and associated liabilities of $333 million relating to the agreement to establish Basra Energy Company (BECL) between bp and PetroChina, an incorporated entity, to own and manage the companies’ interests in the Rumaila field in Iraq. The transaction closed on 1 June 2022 and bp now reports an equity accounted investment in BECL. In addition, at 31 December 2021, $595 million of bp’s investment in Aker BP was classified as held for sale in the group’s balance sheet as a result of Aker BP's proposed acquisition of Lundin Energy for consideration in cash and new Aker BP shares which resulted in bp's 27.9% interest in Aker BP being diluted to a 15.9% interest in the combined company following the completion of the acquisition. The transaction completed on 30 June 2022 and a gain of $904 million was recognized. The total assets and liabilities held for sale at 31 December 2022 and 2021, which are all in the gas & low carbon energy, oil production and operations and customers & products segments, are set out in the table below. $ million 2022 2021 Property, plant and equipment 693 35 Goodwill 58 137 Investments in associates — 632 Inventories 255 152 Cash 35 — Trade and other receivables 201 696 Assets classified as held for sale 1,242 1,652 Trade and other payables (256) (238) Lease liabilities (14) (74) Provisions (36) (47) Deferred tax liabilities (15) — Liabilities directly associated with assets classified as held for sale (321) (359)

Business combinations

Business combinations	12 Months Ended
	Dec. 31, 2022
Business combinations [Abstract]
Business combinations and other significant transactions	Business combinations and other significant transactions Business combinations The group undertook a number of business combinations during 2022. Total consideration paid in cash amounted to $3,671 million, offset by cash acquired of $141 million. Archaea Energy On 28 December 2022, bp acquired 100% of the issued common stock of Archaea Energy Inc. a leading producer of renewable natural gas (RNG) in the US, that was listed on the New York Stock Exchange. The acquisition expands bp’s presence in the US biogas industry, enhancing its ability to support customers’ decarbonization goals and progressing its aim to reduce the average lifecycle carbon intensity of the energy products it sells. The total cash consideration for the transaction, all paid at completion, was $3,137 million. The transaction has been accounted for as a business combination using the acquisition method. The provisional fair values of the identifiable assets and liabilities acquired, as at the date of acquisition, are shown in the table below. The intangible assets recognized are primarily the biogas rights agreements Archaea Energy has with landfill owners. The goodwill recognized reflects the part of the project development pipeline that did not qualify for separate recognition at the acquisition date and goodwill arising from recognition of deferred tax liabilities on fair value uplifts. The goodwill balance is not expected to be deductible for tax purposes. The transaction included a step acquisition of the Mavrix LLC joint venture, which bp and Archaea Energy each held a 50% interest in prior to this transaction. The fair value of bp’s interest in Mavrix LLC immediately before the acquisition date was $373 million and the gain recognized in ‘Interest and other income’ as a result of remeasuring this interest to fair value was $267 million. $ million 2022 Assets Property plant and equipment 885 Goodwill 409 Intangible assets 3,475 Investments in equity-accounted entities 917 Inventory 42 Trade and other receivables 67 Cash and cash equivalents 107 Liabilities Trade and other payables (1,032) Finance debt (1,044) Deferred tax liabilities (293) Provisions (16) Non-controlling interest (7) Total consideration 3,510 Of which: Cash 3,137 Fair value of previously held interest in Mavrix LLC 373 As the transaction completed shortly prior to the end of the reporting period, the acquisition-date fair values of the assets and liabilities acquired are provisional. As we gain further understanding of the acquired assets and development pipeline, these fair values may be subsequently adjusted, including goodwill. An analysis of the cash flows relating to the acquisition included within the cash flow statement for the full year 2022 is provided below. $ million 2022 Transaction costs of the acquisition (included in cash flows from operating activities) 56 Cash consideration paid, net of cash acquired (included in cash flows from investing activities) 3,030 Total net cash outflow for the acquisition 3,086 Settlement of acquired debt and warrants liabilities immediately after completion (included in cash flows from financing activities) 1,044 Total net cash outflow related to the acquisition 4,130 The revenues and profit before tax generated by the acquired activities from the date of acquisition to 31 December 2022 were immaterial. If the business combination had taken place on 1 January 2022, it is estimated that the acquired activities would have generated revenues of $370 million and losses before tax of $169 million. Other acquisitions The fair value of the net assets (including goodwill) recognized from other business combinations in the full year was $611 million. This principally related to the acquisitions of the Flat Ridge 2 onshore wind farm and EDF Energy Services in North America.

Disposals and impairment

Disposals and impairment	12 Months Ended
	Dec. 31, 2022
Impairment Of Assets [Abstract]
Disposals and impairment	Disposals and impairment The following amounts were recognized in the income statement in respect of disposals and impairments. The impacts of bp's decision taken on 27 February 2022 to exit its shareholding in Rosneft are included within this note - for further information see Note 1 - Significant judgements and estimate: investment in Rosneft and Note 17 Investments in associates. $ million 2022 2021 2020 Gains on sale of businesses and fixed assets gas & low carbon energy 45 1,034 — oil production & operations 3,446 869 360 customers & products 374 (52) 2,320 other businesses & corporate 1 25 194 3,866 1,876 2,874 $ million 2022 2021 2020 Losses on sale of businesses and fixed assets, and closures gas & low carbon energy — 1 9 oil production & operations 921 86 375 customers & products 177 142 296 other businesses & corporate 11,083 1 1 12,181 230 681 Impairment losses gas & low carbon energy 745 834 6,214 oil production & operations 4,480 1,617 6,723 customers & products 1,874 962 840 other businesses & corporate 13,536 63 12 20,635 3,476 13,789 Impairment reversals gas & low carbon energy (1,333) (2,338) (3) oil production & operations (893) (2,479) (86) customers & products (68) (7) — other businesses & corporate — (3) — (2,294) (4,827) (89) Impairment and losses on sale of businesses and fixed assets, and closures 30,522 (1,121) 14,381 Disposals Disposal proceeds and principal gains and losses on disposals by segment are described below. $ million 2022 2021 2020 Proceeds from disposals of fixed assets 709 1,145 491 Proceeds from disposals of businesses, net of cash disposed 1,841 5,812 4,989 2,550 6,957 5,480 By business gas & low carbon energy 22 2,425 38 oil production & operations 1,935 3,022 1,157 customers & products 592 1,050 3,959 other businesses & corporate 1 460 326 2,550 6,957 5,480 Proceeds from disposals of businesses in 2022 includes $669 million relating to the formation of Azule Energy through the combination of bp's and Eni's Angolan businesses and $310 million relating to the disposal of bp's interest in the Sunrise Oil Sands project in Canada. At 31 December 2022, deferred consideration relating to disposals amounted to $191 million receivable within one year (2021 $205 million and 2020 $1,291 million) and $194 million receivable after one year (2021 $823 million and 2020 $2,402 million). The amounts of deferred consideration are reported within Trade and other receivables in Receivables related to disposals in the group balance sheet - see Note 20 for further information. In addition, contingent consideration receivable relating to disposals amounted to $1,896 million at 31 December 2022 (2021 $1,917 million and 2020 $1,999 million). The contingent consideration at 31 December 2022 relates to the prior period disposals of our Alaskan business and certain assets in the North Sea and the disposal of our 50% interest in the Sunrise oil sands project in Canada. These amounts of contingent consideration are reported within Other investments on the group balance sheet - see Note 18 for further information. Gains and losses on sale of businesses and fixed assets, and closures gas & low carbon energy In 2021 gains on disposal of businesses and fixed assets were principally related to a $1,031 million gain on disposal of a 20% participating interest in Block 61 in Oman. 4. Disposals and impairment – continued oil production & operations In 2022 gains principally related to a gain of $1,932 million arising from the contribution of bp's Angolan business to Azule Energy, a gain of $904 million related to the deemed disposal of 12% of the group's interest in Aker BP, an associate of bp, following completion of Aker BP's acquisition of Lundin Energy, and $349 million in relation to the disposal of the group's interest in the Rumaila field in Iraq to Basra Energy Company, an associate of bp. Losses included $479 million of accumulated exchange losses previously charged to equity and taken to the income statement as a result of the decision to exit bp's other businesses with Rosneft within Russia. In 2021 gains principally resulted from adjustments to disposals in prior periods. Gains include $171 million from the disposal of a 2.1% interest in Aker BP in the North Sea, $100 million from the disposal of certain exploration assets in Brazil, and $502 million fair value movements in relation to deferred and contingent consideration in relation to prior disposals in Alaska and the North Sea. In 2020, gains principally resulted from adjustments to disposals in prior periods. Gains include $130 million from the disposal of our Alaska operations and interests and $166 million fair value movements in relation to deferred and contingent consideration in relation to the Alaska disposal and prior disposals in the North Sea. Losses included $134 million fair value movements in relation to deferred and contingent consideration arising from prior period disposals in the North Sea, $120 million in relation to the likely disposal of an exploration asset and $78 million from the disposal of certain properties in the US. customers & products In 2022, gains principally relate to a gain of $268 million arising from the divestment of our Swiss retail assets. In 2020, gains principally resulted from the $2,300 million gain recognized on the disposal of our Petrochemicals business which completed in December 2020. The gain was adjusted in 2021 as a result of post settlement adjustments. In 2020, losses included $229 million in relation to cessation of manufacturing operations at the Kwinana Refinery following the decision to cease fuel production. other businesses and corporate In 2022 the losses on disposal of businesses and fixed assets was $11,082 million in respect of the decision to exit our holding in Rosneft which resulted in the reclassification to the income statement of $10,372 million of accumulated exchange losses, a cash flow hedge reserve of $651 million relating to the original acquisition of Rosneft shares and bp's cumulative share of Rosneft's other comprehensive income of $59 million which were all previously charged to equity. In 2020 the gain on disposal of businesses and fixed assets was principally in respect of the sale and leaseback of our St James's Square London headquarters. Summarized financial information relating to the sale of businesses is shown in the table below. The principal transactions categorized as a business disposal in 2022 were the formation of Azule Energy, the formation of Basra Energy Company and the sale of our 50% interest in the Sunrise oil sands project in Canada. The principal transaction categorized as a business disposal in 2021 was the sale of a 20% participating interest from bp’s 60% participating interest in Block 61 in Oman. The principal transactions categorized as a business disposal in 2020 were the sales of our Petrochemical and Alaskan businesses. $ million 2022 2021 2020 Non-current assets 3,681 1,620 9,092 Current assets 2,972 69 1,539 Non-current liabilities (1,869) (287) (1,639) Current liabilities (1,074) (3) (782) Total carrying amount of net assets disposed 3,710 1,399 8,210 Recycling of foreign exchange on disposal (26) 35 (328) Costs on disposal 488 (5) 13 4,172 1,429 7,895 Gains (losses) on sale of businesses 6,219 1,632 2,570 Total consideration 10,391 3,061 10,465 Non-cash consideration (8,999) (108) (219) Consideration received (receivable) 449 2,859 (5,257) Proceeds from the sale of businesses, net of cash disposed a 1,841 5,812 4,989 a Proceeds are stated net of cash and cash equivalents disposed of $318 million (2021 $2 million and 2020 $101 million). Impairments Impairment losses and impairment reversals in each segment are described below. For information on significant estimates and judgements made in relation to impairments see Impairment of property, plant and equipment, intangibles, goodwill and equity-accounted entities within Note 1. See also Note 12, and Note 15 for further information on impairments by asset category. gas & low carbon energy The 2022 impairment loss of $745 million primarily relates to losses incurred in respect of certain assets in Mauritania & Senegal ($729 million) and principally arose as a result of increased forecast future expenditure. The 2022 impairment reversal of $1,333 million primarily relates to the Trinidad CGU ($1,331 million) and principally arose as a result of changes to the group's oil and gas price assumptions. The recoverable amount of all CGUs for which impairment charges or reversals were recognized in 2022 in total, based on their value in use, is $9,609 million. 4. Disposals and impairment – continued The 2021 impairment loss of $834 million primarily relates to losses incurred in respect of certain assets in Mauritania & Senegal ($819 million) and principally arose as a result of increased forecast future expenditure . The 2021 impairment reversal of $2,338 million primarily relates to reversals in respect of producing assets in the KGD6 CGU in India ($1,229 million) and the Trinidad CGU ($600 million) and principally arose as a result of changes to the group's oil and gas price assumptions and re-assessment of reserves. The recoverable amount of these CGUs on which significant impairment charges or reversals were recognized, based on their value in use, is $7,365 million. The recoverable amount of all CGUs for which impairment charges or reversals were recognized in 2021 in total, based on their value in use, is $17,330 million. The 2020 impairment loss of $6,214 million primarily relates to losses incurred in respect of producing and development assets in Trinidad ($2,416 million), Mauritania and Senegal ($1,909 million) and India ($1,313 million). Impairment losses were primarily driven by a reduction in bp’s future oil and gas price assumptions and, to a lesser extent, certain technical reserves revisions. The recoverable amount of the impaired CGUs in total was $13,563 million. oil production & operations Impairment losses and reversals in all years relate primarily to producing assets and, in 2022, equity accounted investments. The 2022 impairment loss of $4,480 million primarily relates to impairment of the Pan American Energy Group S.L. joint venture as a result of expected portfolio changes ($2,900 million) and the decision to exit bp's other businesses with Rosneft within Russia ($1,043 million). The 2022 impairment reversal of $893 million principally relates to changes in price and reserves assumptions in the North Sea ($643 million). The recoverable amount of all CGUs for which impairment charges or reversals were recognized in 2022 in total, based on their value in use, is $7,831 million. The 2021 impairment loss of $1,617 million principally relates to the decision to exit the Sunrise oil sands project in Canada ($1,109 million). The 2021 impairment reversals of $2,479 million principally arose as a result of changes to the group’s oil and gas price assumptions and re-assessment of reserves. They include amounts in BPX Energy ($1,356 million) and the North Sea ($950 million). The principal CGU on which a significant impairment reversal was recognized was $982 million for Hawkville in BPX Energy. The recoverable amount of these CGUs on which significant impairment charges or reversals were recognized, based on their value in use, is $6,760 million. The recoverable amount of all CGUs for which impairment charges or reversals were recognized in 2021, based on their value in use, is $16,586 million. The 2020 impairment loss of $6,723 million primarily relates to losses incurred in respect of producing and development assets in the UK North Sea ($2,796 million), the US ($2,744 million), and Canada ($865 million). Impairment losses were primarily driven by a reduction in bp’s future oil and gas price assumptions and, to a lesser extent, certain technical reserves revisions. customers & products The 2022 impairment loss of $1,874 million primarily relates to changes in economic assumptions in the Products business including the impairment of the Gelsenkirchen refinery in Germany ($1,366 million), and announced portfolio changes. The recoverable amounts of the CGUs were based on value-in-use calculations. The recoverable amount of all CGUs for which impairment charges or reversals were recognized in 2022 in total, based on their value in use, is $1,648 million. 2021 impairment loss of $962 million principally relates to announced portfolio changes in the products business ($595 million). 2020 impairment loss of $840 million principally relates to portfolio changes in the fuels business, including the conversion of Kwinana refinery to an import terminal. None of the impairment charges were individually material. Other businesses and corporate The 2022 impairment loss of $13,536 million arises primarily a result of bp's decision to exit its shareholding in Rosneft ($13,479 million, including $528 million which relates to estimated earnings in the first two months of the year prior to the loss of significant influence). The recoverable amount of the CGU which comprises Rosneft is estimated to be $nil. Impairment losses totalling $63 million and $12 million were recognized in 2021 and 2020 respectively.

Segmental analysis

Segmental analysis	12 Months Ended
	Dec. 31, 2022
Operating Segments [Abstract]
Segmental analysis	Segmental analysis The group’s organizational structure reflects the various activities in which bp is engaged as well as how performance and resource allocation is evaluated by the chief operating decision maker. At 31 December 2022, bp has three reportable segments: Gas & low carbon energy, Oil production & operations, and Customers & products. Each are managed separately, with decisions taken for the segment as a whole, and represent a single operating segment that does not result from aggregating two or more segments. Gas & low carbon energy comprises regions with upstream businesses that predominantly produce natural gas, gas marketing and trading activities and the group's solar, wind and hydrogen businesses. Oil production & operations comprises regions with upstream activities that predominantly produce crude oil. Customers & products comprises the group’s customer-focused businesses, which includes convenience and retail fuels, EV charging, as well as Castrol, aviation and B2B and midstream. It also includes our products businesses, refining & oil trading, as well as our bioenergy businesses. The group ceased to report Rosneft as a separate segment in the group's financial reporting for 2022 and its results are included in other businesses and corporate. See Note 1 - Investment in Rosneft. Comparative information for 2021 and 2020 has been restated to reflect the change in reportable segments. Other businesses and corporate also comprises the group’s shipping and treasury functions, and corporate activities worldwide. The accounting policies of the operating segments are the same as the group’s accounting policies described in Note 1. However, IFRS requires that the measure of profit or loss disclosed for each operating segment is the measure that is provided regularly to the chief operating decision maker for the purposes of performance assessment and resource allocation. For bp, this measure of profit or loss is 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 a . Replacement cost profit or loss before interest and tax for the group is not a recognized measure under IFRS. Sales between segments are made at prices that approximate market prices, taking into account the volumes involved. Segment revenues and segment results include transactions between business segments. These transactions and any unrealized profits and losses are eliminated on consolidation, unless unrealized losses provide evidence of an impairment of the asset transferred. Sales to external customers by region are based on the location of the group subsidiary which made the sale. The UK region includes the UK-based international activities of customers & products. All surpluses and deficits recognized on the group balance sheet in respect of pension and other post-retirement benefit plans are allocated to Other businesses and corporate. However, the periodic expense relating to these plans is allocated to the operating segments based upon the business in which the employees work. Certain financial information is provided separately for the US as this is an individually material country for bp, and for the UK as this is bp’s country of domicile. a Inventory holding gains and losses represent the difference between the cost of sales calculated using the replacement cost of inventory and the cost of sales calculated on the first-in first-out (FIFO) method after adjusting for any changes in provisions where the net realizable value of the inventory is lower than its cost. Under the FIFO method, which we use for IFRS reporting, the cost of inventory charged to the income statement is based on its historical cost of purchase or manufacture, rather than its replacement cost. In volatile energy markets, this can have a significant distorting effect on reported income. The amounts disclosed represent the difference between the charge to the income statement for inventory on a FIFO basis (after adjusting for any related movements in net realizable value provisions) and the charge that would have arisen based on the replacement cost of inventory. For this purpose, the replacement cost of inventory is calculated using data from each operation’s production and manufacturing system, either on a monthly basis, or separately for each transaction where the system allows this approach. The amounts disclosed are not separately reflected in the financial statements as a gain or loss. No adjustment is made in respect of the cost of inventories held as part of a trading position and certain other temporary inventory positions. 5. Segmental analysis – continued $ million 2022 By business gas & low carbon energy oil production & operations customers & products other Consolidation adjustment and eliminations Total Segment revenues Sales and other operating revenues 56,255 33,193 188,623 2,299 (38,978) 241,392 Less: sales and other operating revenues between segments (5,913) (30,294) (1,418) (1,353) 38,978 — Third party sales and other operating revenues 50,342 2,899 187,205 946 — 241,392 Earnings from joint ventures and associates – after interest and tax 148 1,609 248 525 — 2,530 Segment results Replacement cost profit (loss) before interest and taxation 14,696 19,721 8,869 (26,737) 139 16,688 Inventory holding gains (losses) a (8) (7) 1,366 — — 1,351 Profit (loss) before interest and taxation 14,688 19,714 10,235 (26,737) 139 18,039 Finance costs (2,703) Net finance expense relating to pensions and other post-retirement benefits 69 Profit before taxation 15,405 Other income statement items Depreciation, depletion and amortization US 75 3,141 1,328 80 — 4,624 Non-US 4,933 2,423 1,542 796 — 9,694 Charges for provisions, net of write-back of unused provisions, including change in discount rate (234) 213 3,955 143 — 4,077 Segment assets Investments in joint ventures and associates 5,299 11,370 3,875 57 — 20,601 Additions to non-current assets b 4,439 15,098 9,541 1,047 — 30,125 a See explanation of inventory holding gains and losses on page 209. b Includes additions to property, plant and equipment; goodwill; intangible assets; investments in joint ventures; and investments in associates. 5. Segmental analysis – continued $ million 2021 By business gas & low carbon energy oil production & operations customers & products other businesses & corporate Consolidation adjustment and eliminations Total Segment revenues Sales and other operating revenues 30,840 24,519 130,095 1,724 (29,439) 157,739 Less: sales and other operating revenues between segments (4,563) (22,408) (1,226) (1,242) 29,439 — Third party sales and other operating revenues 26,277 2,111 128,869 482 — 157,739 Earnings from joint ventures and associates – after interest and tax 426 576 385 2,612 — 3,999 Segment results Replacement cost profit (loss) before interest and taxation 2,133 10,501 2,208 (348) (67) 14,427 Inventory holding gains (losses) a 33 8 3,355 259 — 3,655 Profit (loss) before interest and taxation 2,166 10,509 5,563 (89) (67) 18,082 Finance costs (2,857) Net finance expense relating to pensions and other post-retirement benefits 2 Profit before taxation 15,227 Other income statement items Depreciation, depletion and amortization US 80 3,174 1,349 94 — 4,697 Non-US 4,384 3,354 1,651 719 — 10,108 Charges for provisions, net of write-back of unused provisions, including change in discount rate 173 7 3,063 477 — 3,720 Segment assets Investments in joint ventures and associates 5,224 8,044 3,291 14,424 — 30,983 Additions to non-current assets b 4,963 6,090 3,940 1,007 — 16,000 a See explanation of inventory holding gains and losses on page 209. b Includes additions to property, plant and equipment; goodwill; intangible assets; investments in joint ventures; and investments in associates. 5. Segmental analysis – continued $ million 2020 By business gas & low carbon energy oil production & operations customers & products other businesses & corporate Consolidation adjustment and eliminations Total Segment revenues Sales and other operating revenues 16,275 17,234 90,744 1,666 (19,975) 105,944 Less: sales and other operating revenues between segments (2,708) (15,879) (158) (1,230) 19,975 — Third party sales and other operating revenues 13,567 1,355 90,586 436 — 105,944 Earnings from joint ventures and associates – after interest and tax (45) (327) 214 (245) — (403) Segment results Replacement cost profit (loss) before interest and taxation (7,068) (14,583) 3,418 (728) 89 (18,872) Inventory holding gains (losses) a 19 (2) (2,796) (89) — (2,868) Profit (loss) before interest and taxation (7,049) (14,585) 622 (817) 89 (21,740) Finance costs (3,115) Net finance expense relating to pensions and other post-retirement benefits (33) Profit before taxation (24,888) Other income statement items Depreciation, depletion and amortization US 96 3,700 1,359 39 — 5,194 Non-US 3,361 4,087 1,631 616 — 9,695 Charges for provisions, net of write-back of unused provisions, including change in discount rate (2) 58 1,903 543 — 2,502 Segment assets Investments in joint ventures and associates 3,663 8,154 3,671 11,849 — 27,337 Additions to non-current assets b 3,507 5,321 5,359 570 — 14,757 a See explanation of inventory holding gains and losses on page 209. b Includes additions to property, plant and equipment; goodwill; intangible assets; investments in joint ventures; and investments in associates. $ million 2022 By geographical area US Non-US Total Revenues Third party sales and other operating revenues a 71,118 170,274 241,392 Other income statement items Production and similar taxes 194 2,131 2,325 Non-current assets Non-current assets b c 60,237 89,144 149,381 a Non-US region includes UK $36,541 million b Non-US region includes UK $24,813 million c Includes property, plant and equipment; goodwill; intangible assets; investments in joint ventures; investments in associates; and non-current prepayments. $ million 2021 By geographical area US Non-US Total Revenues Third party sales and other operating revenues a 53,748 103,991 157,739 Other income statement items Production and similar taxes 108 1,200 1,308 Non-current assets Non-current assets b c 54,395 108,793 163,188 a Non-US region includes UK $11,248 million. b Non-US region includes UK $19,530 million. c Includes property, plant and equipment; goodwill; intangible assets; investments in joint ventures; investments in associates; and non-current prepayments. 5. Segmental analysis – continued $ million 2020 By geographical area US Non-US Total Revenues Third party sales and other operating revenues a 27,413 78,531 105,944 Other income statement items Production and similar taxes 57 638 695 Non-current assets Non-current assets b c 52,493 108,786 161,279 a Non-US region includes UK $13,836 million. b Non-US region includes UK $19,583 million. c Includes property, plant and equipment; goodwill; intangible assets; investments in joint ventures; investments in associates; and non-current prepayments.

Sales and other operating reven

Sales and other operating revenues	12 Months Ended
	Dec. 31, 2022
Revenue [abstract]
Sales and other operating revenues	Sales and other operating revenues $ million 2022 2021 2020 Crude oil 6,309 5,483 5,048 Oil products 149,854 101,418 63,564 Natural gas, LNG and NGLs 41,770 24,378 10,762 Non-oil products and other revenues from contracts with customers 7,896 6,082 9,779 Revenue from contracts with customers 205,829 137,361 89,153 Other operating revenues a 35,563 20,378 16,791 Total sales and other operating revenues 241,392 157,739 105,944 a Principally relates to commodity derivative transactions including sales of bp own production in trading books. . An analysis of third-party sales and other operating revenues by segment and region is provided in Note 5. The group’s sales to customers of crude oil and oil products were substantially all made by the customers & products segment. The group’s sales to customers of natural gas, LNG and NGLs were made by the gas & low carbon energy segment. A significant majority of the group’s sales of non-oil products and other revenues from contracts with customers were made by the customers & products segment.

Income statement analysis

Income statement analysis	12 Months Ended
	Dec. 31, 2022
Analysis of income and expense [abstract]
Income statement analysis	Income statement analysis $ million 2022 2021 2020 Interest and other income Interest income from Financial assets measured at amortized cost 371 221 215 Financial assets measured at fair value through profit or loss 59 5 25 Other income 673 355 423 1,103 581 663 Currency exchange losses charged to the income statement a 160 345 38 Expenditure on research and development 274 266 332 Costs relating to the Gulf of Mexico oil spill (pre-interest and tax) b 84 70 255 Finance costs Interest expense on lease liabilities 245 288 337 Interest expense on other liabilities measured at amortized cost c 2,070 1,820 2,166 Capitalized at 3.56% (2021 2.63% and 2020 2.75%) d (464) (287) (345) Losses arising on finance debt risk management activities e 43 145 — Unwinding of discount on provisions 369 391 437 Unwinding of discount on other payables measured at amortized cost 440 500 520 2,703 2,857 3,115 a Excludes exchange gains and losses arising on financial instruments measured at fair value through profit or loss. b Included within production and manufacturing expenses. c 2022 includes a gain of $37 million (2021 loss of $195 million and 2020 loss of $158 million) associated with the buyback of finance debt. d Tax relief on capitalized interest is approximately $108 million (2021 $66 million and 2020 $83 million). e From 2021 temporary valuation differences associated with the group’s interest rate and foreign currency exchange risk management of finance debt are being presented within finance costs. Previously these were presented within production and manufacturing expenses. Relevant amounts in the comparative period were not reclassified as the amounts were not material.

Exploration for and evaluation

Exploration for and evaluation of oil and natural gas resources	12 Months Ended
	Dec. 31, 2022
Exploration For And Evaluation Of Mineral Resources [Abstract]
Exploration for and evaluation of oil and natural gas resources	Exploration for and evaluation of oil and natural gas resources The following financial information represents the amounts included within the group totals relating to activity associated with the exploration for and evaluation of oil and natural gas resources. All such activity is recorded within the gas & low carbon energy and oil production & operations segments. For information on significant judgements made in relation to oil and natural gas accounting see Intangible assets in Note 1. $ million 2022 2021 2020 Exploration and evaluation costs Exploration expenditure written off a 385 167 9,920 Other exploration costs 200 257 360 Exploration expense for the year 585 424 10,280 Impairment losses 2 1 156 Intangible assets – exploration and appraisal expenditure b 4,213 4,289 4,113 Liabilities 88 98 71 Net assets 4,125 4,191 4,042 Cash used in operating activities 200 257 360 Cash used in investing activities 909 369 674 a 2020 includes $2,643 million in the Gulf of Mexico primarily relating to the Paleogene assets, $2,539 million in Canada primarily relating to Terre de Grace, $2,141 million in Brazil, $952 million in Egypt and $832 million in Angola. b Amount capitalized at 31 December 2022, 2021 and 2020 relates to assets in various regions. The largest of these is approximately $600 million capitalized in the Middle East region (2021 approximately $700 million and 2020 approximately $700 million capitalized in the Middle East Region).

Taxation

Taxation	12 Months Ended
	Dec. 31, 2022
Income Taxes [Abstract]
Taxation	Taxation Tax on profit $ million 2022 2021 2020 Current tax Charge for the year 12,523 4,808 2,095 Adjustment in respect of prior years 145 138 50 12,668 4,946 2,145 Deferred tax a Origination and reversal of temporary differences in the current year 4,768 3,366 (7,826) Adjustment in respect of prior years (674) (1,572) 1,522 4,094 1,794 (6,304) Tax charge (credit) on profit or loss 16,762 6,740 (4,159) a Origination and reversal of temporary differences in the current year include the impact of tax rate changes on deferred tax balances. 2022 includes a charge of $1,834 million in respect of the introduction of the UK Energy Profits Levy. The adjustment in respect of prior years reflect the reassessment of the deferred tax balances for prior periods in light of changes in facts and circumstances during the year, including changes to price assumptions and profit forecasts. In 2022, the total tax charge recognized within other comprehensive income was $266 million (2021 $1,252 million charge and 2020 $39 million charge). In 2022 this primarily comprises a release of deferred withholding tax on other comprehensive income movements relating to Rosneft. In 2021 and 2020 this primarily comprises the deferred tax impact of the remeasurements of the net pension and other post-retirement benefit liability or asset. See Note 32 for further information. The total tax credit recognized directly in equity was $214 million (2021 $170 million charge and 2020 $154 million charge). In 2022 and 2021 this mainly relates to transactions involving non-controlling interests and 2020 principally relates to a non-controlling interest transaction entered into by Rosneft. 9. Taxation – continued Reconciliation of the effective tax rate The following table provides a reconciliation of the group weighted average statutory corporate income tax rate to the effective tax rate of the group on profit or loss before taxation. For 2022 the items presented in the reconciliation are affected by the impacts of Rosneft. In order to provide a more meaningful analysis of the effective tax rate for 2022, the table also presents a separate reconciliation for the group excluding the impacts of Rosneft, and for the impacts of Rosneft in isolation. $ million 2022 excluding impact of Rosneft 2022 impact of Rosneft a 2022 2021 2020 Profit (loss) before taxation 40,925 (25,520) 15,405 15,227 (24,888) Tax charge (credit) on profit or loss b 17,823 (1,061) 16,762 6,740 (4,159) Effective tax rate 44% 4% 109% 44% 17% % Tax rate computed at the weighted average statutory rate c 42 20 77 54 31 Increase (decrease) resulting from Tax reported in equity-accounted entities d (1) — (4) (3) — Adjustments in respect of prior years (1) — (3) (9) (6) Deferred tax not recognized (1) — (2) 8 (3) Tax incentives for investment — — (1) (1) 1 Disposal impacts e (3) — (8) (4) — Foreign exchange 1 — 3 1 (1) Items not deductible for tax purposes 2 — 5 1 (3) Impact of bp's decision to exit its shareholding in Rosneft — (16) 27 — — Tax rate change effect of UK Energy Profits Levy f 4 — 12 — — Other 1 — 3 (3) (2) Effective tax rate 44 4 109 44 17 a Includes the impact of bp's decision to exit its shareholding in Rosneft and its other businesses with Rosneft in Russia. See also Note 1 - Significant judgements and estimate: investment in Rosneft. b The tax credit regarding the impact of Rosneft relates to the release of deferred withholding tax on unremitted earnings. c Calculated based on the statutory corporate income tax rate applicable in the countries in which the group operates, weighted by the profits and losses before tax in the respective countries. 2022 includes the higher North Sea tax rate as a result of the UK Energy Profits Levy. d Includes withholding tax in respect of distributions from equity-accounted entities. e 2022 primarily relates to the contribution of bp's Angolan business to Azule Energy and 2021 primarily relates to the divestment of a 20% stake in Oman Block 61. f 2022 comprises the deferred tax impact of the UK Energy Profits Levy on existing temporary differences. Deferred tax $ million Analysis of movements during the year in the net deferred tax (asset) liability 2022 2021 At 1 January 2,370 (913) Exchange adjustments a (334) 9 Charge for the year in the income statement 4,094 1,794 Charge for the year in other comprehensive income 272 1,302 Charge (credit) for the year in equity (214) 170 Acquisitions and disposals b 430 8 At 31 December 6,618 2,370 a 2022 primarily relates to the foreign currency retranslation effect on the deferred tax liability on pension plan surpluses in the UK. b 2022 primarily relates to the Archaea Energy acquisition and the contribution of bp's Angolan business to Azule Energy. 9. Taxation – continued The following table provides an analysis of deferred tax in the income statement and the balance sheet by category of temporary difference: $ million Income statement Balance sheet 2022 2021 2020 2022 2021 Deferred tax liability Depreciation 1,863 899 (7,295) 18,025 16,276 Pension plan surpluses 42 105 69 3,022 3,898 Derivative financial instruments (21) (33) 33 — 24 Other taxable temporary differences a (992) 180 (32) 1,000 1,782 892 1,151 (7,225) 22,047 21,980 Deferred tax asset Depreciation (309) (846) (849) (1,974) (1,678) Lease liabilities (8) (43) 286 (1,047) (1,128) Pension plan and other post-retirement benefit plan deficits 47 119 2 (647) (1,221) Decommissioning, environmental and other provisions 770 (744) 438 (6,653) (7,891) Derivative financial instruments (6) (9) — (282) (75) Tax credits 1,578 1,282 310 (779) (2,359) Loss carry forward 1,536 1,064 543 (2,669) (4,202) Other deductible temporary differences b (406) (180) 191 (1,378) (1,056) 3,202 643 921 (15,429) (19,610) Net deferred tax charge (credit) and net deferred tax liability 4,094 1,794 (6,304) 6,618 2,370 Of which – deferred tax liabilities 10,526 8,780 – deferred tax assets 3,908 6,410 a The 2022 income statement and 2021 balance sheet include amounts relating to deferred withholding tax on unremitted earnings of Rosneft. The 2022 balance sheet amount does not include any temporary differences that are individually significant in their nature. b The 2022 and 2021 balance sheet amounts do not include any temporary differences that are individually significant in their nature. Of the $3,908 million of deferred tax assets recognized on the group balance sheet at 31 December 2022 (2021 $6,410 million), $2,779 million (2021 $6,342 million) relates to entities that have suffered a loss in either the current or preceding period. This amount is supported by forecasts consistent with bp's future oil and gas price assumptions (see Note 1 for further information) and for the UK, forecast profits associated with long-term LNG contracts, that indicate sufficient future taxable profits will be available to utilize such assets within any applicable expiry period. For 2022, this mainly includes $1,333 million in the UK, $505 million in Mauritania and $370 million in Senegal (2021 mainly included $2,224 million in the US, $892 million in the UK, $762 million in India and $541 million in Angola). A summary of temporary differences, unused tax credits and unused tax losses for which deferred tax has not been recognized is shown in the table below. $ billion At 31 December 2022 2021 Unused US state tax losses a 2.1 2.5 Unused tax losses – other jurisdictions b 5.4 6.0 Unused tax credits 28.6 28.2 of which – arising in the UK c 24.6 24.6 – arising in the US d 4.0 3.6 Deductible temporary differences e 22.7 49.0 Taxable temporary differences associated with investments in subsidiaries and equity-accounted entities 0.7 0.7 a For 2022 these losses expire in the period 2023-2042 with applicable tax rates ranging from 3% to 10%. b 2022 and 2021 mainly relate to the UK, Canada and Brazil. The majority of the unused tax losses have no fixed expiry date. c The UK unused tax credits arise predominantly in overseas branches of UK entities based in jurisdictions with higher statutory corporate income tax rates than the UK. No deferred tax asset has been recognized on these tax credits as they are unlikely to have value in the future; UK taxes on these overseas branches are largely mitigated by double tax relief in respect of overseas tax. These tax credits have no fixed expiry date. 2022 includes $0.7 billion in respect of Algeria. These amounts will be eliminated following the disposal of bp’s interests in Algeria in February 2023. d The US unused tax credits predominantly comprise foreign tax credits. No deferred tax asset has been recognized on these tax credits as they are unlikely to have value in the future. For 2022 these tax credits expire in the period 2023-2032. e The majority comprises fixed asset temporary differences in overseas branches of UK entities and the reduction in the year mainly reflects the contribution of bp's Angolan business to Azule Energy. Substantially all of the temporary differences have no expiry date. 2022 includes $2.0 billion in respect of Algeria. These amounts will be eliminated following the disposal of bp’s interests in Algeria in February 2023. $ million Impact of previously unrecognized deferred tax or write-down of deferred tax assets on tax charge 2022 2021 2020 Current tax benefit relating to the utilization of previously unrecognized deferred tax assets 492 331 46 Deferred tax benefit arising from the reversal of a previous write-down of deferred tax assets — 773 11 Deferred tax benefit relating to the recognition of previously unrecognized deferred tax assets 792 820 — Deferred tax expense arising from the write-down of a previously recognized deferred tax asset — 29 1,622

Dividends

Dividends	12 Months Ended
	Dec. 31, 2022
Interim Financial Reporting [Abstract]
Dividends	Dividends The quarterly dividend which is expected to be paid on 31 March 2023 in respect of the fourth quarter 2022 is 6.610 cents per ordinary share ($0.39660 per American Depositary Share (ADS)). The corresponding amount in sterling will be announced on 14 March 2023. Pence per share Cents per share $ million 2022 2021 2020 2022 2021 2020 2022 2021 2020 Dividends announced and paid in cash Preference shares 1 2 1 Ordinary shares March 4.1595 3.7684 8.1558 5.460 5.250 10.500 1,068 1,063 2,102 June 4.3556 3.7118 8.3421 5.460 5.250 10.500 1,061 1,062 2,119 September 5.1684 3.9529 4.0433 6.006 5.460 5.250 1,140 1,100 1,059 December 4.9402 4.1045 3.9169 6.006 5.460 5.250 1,088 1,077 1,059 18.6237 15.5376 24.4581 22.932 21.420 31.500 4,358 4,304 6,340 Dividend announced, paid in March 2023 6.61 1,188 The amount of unclaimed dividends recognized as a liability in other payables at 31 December 2022 is $69 million (2021 $62 million). The board decided not to offer a scrip dividend alternative in respect of any dividends announced since the third quarter 2019, including the fourth quarter 2022 dividend expected to be paid on 31 March 2023. The financial statements for the year ended 31 December 2022 do not reflect the dividend announced on 7 February 2023 and which is expected to be paid in March 2023; this will be treated as an appropriation of profit in the year ending 31 December 2023.

Earnings per share

Earnings per share	12 Months Ended
	Dec. 31, 2022
Earnings per share [abstract]
Earnings per share	Earnings per share Cents per share Per ordinary share 2022 2021 2020 Basic earnings per share (13.10) 37.57 (100.42) Diluted earnings per share (13.10) 37.33 (100.42) Dollars per share Per American Depositary Share (ADS) a 2022 2021 2020 Basic earnings per share (0.79) 2.25 (6.03) Diluted earnings per share (0.79) 2.24 (6.03) a One ADS is equivalent to six ordinary shares. Basic earnings per ordinary share amounts are calculated by dividing the profit for the year attributable to bp ordinary shareholders by the weighted average number of ordinary shares outstanding during the year. The weighted average number of shares outstanding includes certain shares that will be issuable in the future under employee share-based payment plans and excludes treasury shares, which includes shares held by the Employee Share Ownership Plan trusts (ESOPs). For the diluted earnings per share calculation, the weighted average number of shares outstanding during the year is adjusted for the average number of shares that are potentially issuable in connection with employee share-based payment plans. 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. $ million 2022 2021 2020 Profit (loss) attributable to bp shareholders (2,487) 7,565 (20,305) Less: dividend requirements on preference shares 1 2 1 Profit (loss) for the year attributable to bp ordinary shareholders (2,488) 7,563 (20,306) Shares thousand 2022 2021 2020 Basic weighted average number of ordinary shares a 18,987,936 20,128,862 20,221,514 Potential dilutive effect of ordinary shares issuable under employee share-based payment plans — 131,526 — Weighted average number of ordinary shares outstanding used to calculate diluted earnings per share 18,987,936 20,260,388 20,221,514 Shares thousand 2022 2021 2020 Basic weighted average number of ordinary shares – ADS equivalent 3,164,656 3,354,810 3,370,252 Potential dilutive effect of ordinary shares (ADS equivalent) issuable under employee share-based payment plans — 21,921 — Weighted average number of ordinary shares (ADS equivalent) outstanding used to calculate diluted earnings per share 3,164,656 3,376,731 3,370,252 a Excludes treasury shares. See Note 31 for further information. 11. Earnings per share – continued The number of ordinary shares outstanding at 31 December 2022, excluding treasury shares, and including certain shares that will be issuable in the future under employee share-based payment plans was 17,974,112,648 (2021 19,642,221,041). Between 31 December 2022 and 17 February 2023, the latest practicable date before the completion of these financial statements, there was a net increase of 6,834,739 of ordinary shares primarily as a result of share issues in relation to employee share-based payment plans partially offset by share buy backs. For additional information on share buy backs see Note 31. Employee share-based payment plans The group operates share and share option plans for directors and certain employees to obtain ordinary shares and ADSs in the company. Information on these plans for directors is shown in the Directors remuneration report on pages 112-147. The following table shows the number of shares potentially issuable under equity-settled employee share option plans, including the number of options outstanding, the number of options exercisable at the end of each year, and the corresponding weighted average exercise prices. The dilutive effect of these plans at 31 December is also shown. Share options 2022 2021 Number of options a b thousand Weighted average Number of options a b thousand Weighted average Outstanding 564,079 4.00 590,961 4.26 Exercisable 342 4.99 1,080 4.73 Dilutive effect 83,204 n/a 3,588 n/a a Numbers of options shown are ordinary share equivalents (one ADS is equivalent to six ordinary shares). b At 31 December 2022 the quoted market price of one bp ordinary share was £4.75 (2021 £3.31). In addition, the group operates a number of equity-settled employee share plans under which share units are granted to the group’s senior leaders and certain other employees. These plans typically have a three-year performance or restricted period during which the units accrue net notional dividends which are treated as having been reinvested. Leaving employment will normally preclude the conversion of units into shares, but special arrangements apply for participants that leave for qualifying reasons. The number of shares that are expected to vest each year under employee share plans are shown in the table below. The dilutive effect of the employee share plans at 31 December is also shown. Share plans 2022 2021 Number of shares a Number of shares a Vesting thousand thousand Within one year 167,672 92,210 1 to 2 years 192,734 149,077 2 to 3 years 226,027 179,449 3 to 4 years 2,595 109,265 Over 4 years 173 928 589,201 530,929 Dilutive effect 244,886 152,899 a Numbers of shares shown are ordinary share equivalents (one ADS is equivalent to six ordinary shares). There has been a net increase of 20,346,389 in the number of potential ordinary shares relating to employee share-based payment plans between 31 December 2022 and 17 February 2023.

Property, plant and equipment

Property, plant and equipment	12 Months Ended
	Dec. 31, 2022
Property, plant and equipment [abstract]
Property, plant and equipment	Property, plant and equipment (PP&E) $ million Land and land improvements Buildings Oil and gas properties a Plant, machinery and equipment Fittings, fixtures and office equipment Transportation Oil depots, storage tanks and service stations Total Cost - owned PP&E At 1 January 2022 3,713 1,245 208,034 44,037 2,231 3,033 10,241 272,534 Exchange adjustments (184) (30) — (599) (83) (14) (590) (1,500) Additions 51 31 6,221 2,188 252 42 993 9,778 Acquisitions 1 40 — 998 — 37 3 1,079 Transfers from intangible assets — — 357 — — — — 357 Reclassified as assets held for sale (49) — (4,351) (1,408) — — — (5,808) Deletions and disposals (19) (336) (31,977) (554) (180) (22) (558) (33,646) At 31 December 2022 3,513 950 178,284 44,662 2,220 3,076 10,089 242,794 Depreciation - owned PP&E At 1 January 2022 706 654 134,550 21,841 1,792 2,388 5,783 167,714 Exchange adjustments (26) (21) — (299) (61) (11) (354) (772) Charge for the year 47 26 9,770 1,457 135 72 501 12,008 Impairment losses 6 14 1,251 1,487 — 4 336 3,098 Impairment reversals — — (2,221) (65) — (5) — (2,291) Reclassified as assets held for sale (18) — (3,972) (1,164) — — — (5,154) Deletions and disposals (15) (172) (28,688) (354) (177) (17) (447) (29,870) At 31 December 2022 700 501 110,690 22,903 1,689 2,431 5,819 144,733 Owned PP&E - net book amount at 31 December 2022 2,813 449 67,594 21,759 531 645 4,270 98,061 Right-of-use assets - net book amount at 31 December 2022 b — 1,157 17 926 7 2,333 3,543 7,983 Total PP&E - net book amount at 31 December 2022 2,813 1,606 67,611 22,685 538 2,978 7,813 106,044 Cost - owned PP&E At 1 January 2021 3,872 1,210 214,323 42,914 2,418 3,049 10,276 278,062 Exchange adjustments (205) (19) — (736) (31) (16) (627) (1,634) Additions 68 59 7,931 2,187 171 40 762 11,218 Acquisitions — — — 1 — — — 1 Transfers from intangible assets — — 38 — — — — 38 Reclassified as assets held for sale — — (7,399) — — — — (7,399) Deletions and disposals (22) (5) (6,859) (329) (327) (40) (170) (7,752) At 31 December 2021 3,713 1,245 208,034 44,037 2,231 3,033 10,241 272,534 Depreciation - owned PP&E At 1 January 2021 692 631 140,551 20,031 1,845 2,381 5,786 171,917 Exchange adjustments (29) (10) — (370) (21) (12) (373) (815) Charge for the year 48 36 10,193 1,502 158 71 523 12,531 Impairment losses 4 — 2,340 937 — 12 4 3,297 Impairment reversals — (3) (4,794) — — (30) — (4,827) Reclassified as assets held for sale — — (7,399) — — — — (7,399) Deletions and disposals (9) — (6,341) (259) (190) (34) (157) (6,990) At 31 December 2021 706 654 134,550 21,841 1,792 2,388 5,783 167,714 Owned PP&E - net book amount at 31 December 2021 3,007 591 73,484 22,196 439 645 4,458 104,820 Right-of-use assets - net book amount at 31 December 2021 b — 1,331 32 617 15 2,513 3,574 8,082 Total PP&E - net book amount at 31 December 2021 3,007 1,922 73,516 22,813 454 3,158 8,032 112,902 Assets under construction included above At 31 December 2022 22,313 At 31 December 2021 19,704 Depreciation charge for the year on right-of-use assets 2022 190 18 321 10 853 577 1,969 2021 209 27 279 10 844 613 1,982 a For information on significant estimates and judgements made in relation to the estimation of oil and natural reserves see Property, plant and equipment within Note 1. b $560 million (2021 $203 million) of drilling rig right-of-use assets and $2,208 million (2021 $2,230 million) of shipping vessel right-of-use assets are included in Plant, machinery and equipment and Transportation respectively.

Capital commitments

Capital commitments	12 Months Ended
	Dec. 31, 2022
Additional information [abstract]
Capital commitments	Capital commitments Authorized future capital expenditure for property, plant and equipment (excluding right-of-use assets) by group companies for which contracts had been signed at 31 December 2022 amounted to $9,381 million (2021 $8,208 million, 2020 $8,009 million). bp has contracted capital commitments amounting to $1,764 million (2021 $1,075 million, 2020 $1,087 million) in relation to joint ventures and $18 million (2021 $126 million, 2020 $183 million) in relation to associates.

Goodwill and impairment review

Goodwill and impairment review of goodwill	12 Months Ended
	Dec. 31, 2022
Intangible Assets [Abstract]
Goodwill and impairment review of goodwill	Goodwill and impairment review of goodwill $ million 2022 2021 Cost At 1 January 12,991 13,093 Exchange adjustments (367) (91) Acquisitions and other additions 573 139 Reclassified as assets held for sale (58) (137) Deletions and disposals (562) (13) At 31 December 12,577 12,991 Impairment losses At 1 January 618 613 Exchange adjustments (1) (1) Impairment losses for the year — 7 Deletions and disposals — (1) At 31 December 617 618 Net book amount at 31 December 11,960 12,373 Net book amount at 1 January 12,373 12,480 Impairment review of goodwill $ million Goodwill at 31 December 2022 2021 gas & low carbon energy 2,232 2,147 oil production & operations 4,925 5,464 customers & products 4,740 4,697 other businesses & corporate 63 65 11,960 12,373 Goodwill acquired through business combinations has been allocated to groups of cash-generating units (CGUs) that are expected to benefit from the synergies of the acquisition. For oil production & operations goodwill is allocated to CGUs in aggregate at the segment level, for gas & low carbon energy goodwill is allocated to the hydrocarbon CGUs within the segment. For customers and products, goodwill has been allocated to Castrol, US Fuels, European Fuels and Other. For information on significant estimates and judgements made in relation to impairments see Impairment of property, plant and equipment, intangible assets and goodwill in Note 1. gas & low carbon energy and oil production & operations $ million $ million gas & low carbon energy oil production & operations 2022 2021 2022 2021 Goodwill 2,232 2,147 4,925 5,464 Excess of recoverable amount over carrying amount 12,971 3,991 36,045 32,438 The table above shows the carrying amount of goodwill for the segments at the period end and the excess of the recoverable amount, based on a pre-tax value-in-use calculation, over the carrying amount (headroom) at the date of the most recent test. The increase in headroom for both segments relates to movements due to the passage of time and price impacts. No impairment of the goodwill balances in either gas & low carbon energy or oil production & operations was recognized during 2022 (2021 $nil ). 14. Goodwill and impairment review of goodwill – continued The value in use for relevant CGUs in both gas & low carbon energy and oil production & operations is based on the cash flows expected to be generated by the projected production profiles up to the expected dates of cessation of production of each field, based on appropriately risked estimates of reserves and resources. Midstream and supply and trading activities and equity-accounted entities are generally not included in the impairment reviews of goodwill, as they do not represent part of the grouping of CGUs to which the goodwill balances relate and which are used to monitor the goodwill balances for internal management purposes. Where such activities form part of wider CGUs to which goodwill relates they are reflected in the test. As the production profile and related cash flows can be estimated from bp’s past experience, management believes that the cash flows generated over the estimated life of field is the appropriate basis upon which to assess goodwill and individual assets for impairment in both gas & low carbon energy and oil & production operations. The estimated date of cessation of production depends on the interaction of a number of variables, such as the recoverable quantities of hydrocarbons, the production profile of the hydrocarbons, the cost of the development of the infrastructure necessary to recover the hydrocarbons, production costs, the contractual duration of the production concession and the selling price of the hydrocarbons produced. As each field has specific reservoir characteristics and economic circumstances, the cash flows of each field are computed using appropriate individual economic models and key assumptions agreed by bp management. Estimated production volumes and cash flows up to the date of cessation of production on a field-by-field basis, including operating and capital expenditure, are derived from the business segment plans. The production profiles used are consistent with the reserve and resource volumes approved as part of bp’s centrally controlled process for the estimation of proved and probable reserves and total resources. The average production for the purposes of goodwill impairment testing in the gas & low carbon energy segment over the next 15 years is 191 mmboe per year (2021 261 mmboe per year) and in the oil production and operations segment is 346 mmboe per year (2021 604 mmboe per year). Production assumptions used for the goodwill impairment tests in both gas & low carbon energy and oil production & operations reflect management’s best estimate of future production of the existing portfolio at the time of the calculation. The group’s expectation to reduce upstream hydrocarbon production by around 25% by 2030 from its 2019 baseline is expected to be achieved through future active management, including divestments, and high-grading of the portfolio. Changes in upstream production since 2019 will be included in the best estimates however as the specific future changes to the portfolio are not yet known, these best estimates do not include the full extent of the expected upstream production reductions. The weighted average pre-tax discount rate used in the review for the oil production & operations segment is 16%, and 10% for the gas & low carbon energy segment (2021 11% for both segments). The most recent reviews for impairment for the oil production & operations and gas & low carbon energy segments were carried out in the fourth quarter. The key assumptions used in the value-in-use calculations are oil and natural gas prices, production volumes and the discount rate. The value-in-use calculations have been prepared for the purposes of determining whether the goodwill balances were impaired. Estimated future cash flows were prepared on the basis of certain assumptions prevailing at the time of the tests. The actual outcomes may differ from the assumptions made. For example, reserves and resources estimates and production forecasts are subject to revision as further technical information becomes available and economic conditions change. Due to economic developments, regulatory change and emissions reduction activity arising from climate concern and other factors, future commodity prices and other assumptions may differ from the forecasts used in the calculations. Sensitivities to different variables have been estimated using certain simplifying assumptions. For example, lower oil and gas price or production sensitivities do not fully reflect the specific impacts for each contractual arrangement and will not capture all favourable impacts that may arise from cost deflation or savings. A detailed calculation in either segment at any given price or production profile may, therefore, produce a different result. It is estimated that a 27% (2021 33%) reduction in revenue throughout each year of the remaining life of those assets, either as a result of adverse price or production conditions or a combination of each, would cause the recoverable amount to be equal to the carrying amount of goodwill and related net non-current assets of the oil production and operations segment. For gas & low carbon energy an 18% (2021 20%) reduction would have the same result. It is estimated that no reasonably possible change in the discount rate would cause the recoverable amount to be equal to the carrying amount of goodwill and related net non-current assets of either segment. customers & products $ million 2022 2021 Castrol US Fuels European Fuels Other Total Castrol US Fuels European Fuels Other Total Goodwill 2,524 606 815 795 4,740 2,837 606 862 392 4,697 Cash flows for each CGU are derived from the business segment plans, which cover a period of up to five years. To determine the value in use for each of the cash-generating units, cash flows for a period of 10 years are discounted and aggregated with a terminal value. It is estimated that no reasonably possible change in the key assumptions used in the US Fuels and European Fuels goodwill impairment assessments would cause the recoverable amount to be equal to the carrying amount of goodwill and related net non-current assets. Castrol The key assumptions to which the calculation of value in use for the Castrol unit is most sensitive are operating unit margins, sales volumes, and discount rate. Operating margin and sales volumes assumptions used in the detailed impairment review of goodwill calculation are consistent with the assumptions used in the Castrol unit’s business plan. A pre-tax discount rate of 8% (2021 9%) is applied in the test. No reasonably possible change in any of these key assumptions would cause the unit’s recoverable amount to be equal to the carrying amount of goodwill and related net non-current assets. Cash flows beyond the plan period are extrapolated using a nominal 3.4% (2021 2.8%) growth rate.

Intangible assets

Intangible assets	12 Months Ended
	Dec. 31, 2022
Intangible Assets [Abstract]
Intangible assets	Intangible assets $ million 2022 2021 Exploration and appraisal expenditure a Biogas rights agreements Other intangibles Total Exploration and appraisal expenditure a Other intangibles Total Cost At 1 January 14,311 — 6,152 20,463 14,417 5,622 20,039 Exchange adjustments — — (216) (216) — (137) (137) Acquisitions b — 3,398 194 3,592 — 47 47 Additions 894 — 831 1,725 409 628 1,037 Transfers to property, plant and equipment (357) — — (357) (38) — (38) Reclassified as assets held for sale (9) — (7) (16) — — — Deletions and disposals (2,268) — (137) (2,405) (477) (8) (485) At 31 December 12,571 3,398 6,817 22,786 14,311 6,152 20,463 Amortization At 1 January 10,022 — 3,990 14,012 10,304 3,642 13,946 Exchange adjustments — — (128) (128) — (86) (86) Exploration expenditure written off 385 — — 385 167 — 167 Charge for the year — — 491 491 — 427 427 Impairment losses 2 — 21 23 1 15 16 Impairment reversals — — (3) (3) — — — Reclassified as assets held for sale (9) — (7) (16) — — — Deletions and disposals (2,042) — (136) (2,178) (450) (8) (458) At 31 December 8,358 — 4,228 12,586 10,022 3,990 14,012 Net book amount at 31 December 4,213 3,398 2,589 10,200 4,289 2,162 6,451 Net book amount at 1 January 4,289 — 2,162 6,451 4,113 1,980 6,093 a For further information see Intangible assets within Note 1 and Note 8. b 2022 acquisitions primarily relates to the acquisition of Archaea Energy Inc. See Note 3.

Investments in joint ventures (

Investments in joint ventures (Notes)	12 Months Ended
	Dec. 31, 2022
Separate Financial Statements [Abstract]
Investments in joint ventures	Investments in joint ventures The following table provides aggregated summarized financial information for the group's joint ventures as it relates to the amounts recognized in the group income statement and on the group balance sheet. $ million Income statement Balance sheet Earnings from joint ventures Investments in joint ventures 2022 2021 2020 2022 2021 Azule Energy 540 — — 5,264 — Pan American Energy Group 538 (217) (208) 2,000 4,396 Other joint ventures 50 760 (94) 5,136 5,586 1,128 543 (302) 12,400 9,982 The joint ventures that are material to the group at 31 December 2022 are Azule Energy, which was formed during 2022 and in which bp owns a 50% stake, and Pan American Energy Group S.L. in which bp also owns a 50% stake. bp classifies its investments in Azule Energy Holdings Limited and Pan American Energy Group S.L. as joint ventures because, per the terms of the shareholders' agreements, bp has joint control over Azule Energy and Pan American Energy Group S.L.. Azule Energy Holdings Limited is based in Angola and its functional currency is USD. Pan American Energy Group S.L is based in Argentina and its functional currency is USD. The following table provides summarized financial information relating to Azule Energy and Pan American Energy Group. This information is presented on a 100% basis and reflects adjustments made by bp to Azule Energy and Pan American Energy Group’s own results in applying the equity method of accounting. bp adjusts Azule Energy Holdings Limited and Pan American Energy Group’s results for the accounting required under IFRS relating to bp’s purchase of its interests in Azule Energy Holdings Limited and Pan American Energy Group S.L.. The operational and financial information of Azule Energy Holdings Limited and Pan American Energy Group S.L. is based on preliminary operational and financial results of Azule Energy Holdings Limited for 2022 and Pan American Energy Group S.L. for 2022, 2021 and 2020. Actual results may differ from these amounts - immaterial adjustments to the 2021 and 2020 numbers for Pan America Energy Group S.L. below have been included in the 2022 and 2021 numbers respectively. 16. Investments in joint ventures – continued $ million Gross amount 2022 2021 2020 Azule Energy PAEG PAEG PAEG Sales and other operating revenues 2,274 6,408 4,394 3,505 Profit (loss) before interest and taxation 1,460 1,560 806 (366) Finance costs 218 376 262 250 Profit (loss) before taxation a 1,242 1,184 544 (616) Taxation b 162 108 978 (200) Profit (loss) for the year 1,080 1,076 (434) (416) Other comprehensive income — — — — Total comprehensive income 1,080 1,076 (434) (416) Non-current assets 22,218 14,598 14,206 Current assets c 4,132 3,054 1,864 Total assets 26,350 17,652 16,070 Current liabilities d 2,594 1,996 2,034 Non-current liabilities e 13,228 5,856 5,244 Total liabilities 15,822 7,852 7,278 Net assets 10,528 9,800 8,792 Less: non-controlling interests — — — 10,528 9,800 8,792 a Azule Energy includes depreciation and amortisation of $1,145 million, interest income of $11 million and interest expense of $218 million. PAEG includes depreciation and amortisation of $1,039 million (2021 $930 million and 2020 $937 million), interest income of $29 million (2021 $19 million and 2020 $18 million) and interest expense of $375 million (2021 $262 million and 2020 $250 million). b PAEG 2021 net income expense includes a deferred tax charge of $415 million related to a change in the income tax rate. c Azule Energy includes cash and cash equivalents of $1,031 million. PAEG includes cash and cash equivalents of $1,012 million (2021 $893 million). d Azule Energy includes current financial liabilities of $2,077 million. PAEG includes current financial liabilities of $751 million (2021 $767 million). e Azule Energy includes non-current financial liabilities of $4,700 million. PAEG includes non-current financial liabilities of $2,151 million (2021 $2,132 million). The group received dividends, net of withholding tax, of $35 million from Pan American Energy Group S.L in 2022 (2021 $nil and 2020 $18 million). The group received dividends, net of withholding tax of $500 million from Azule Energy Holdings Limited in 2022. The following table provides aggregated summarized financial information relating to the group’s share of joint ventures. $ million bp share 2022 2021 2020 Azule Energy PAEG Other Total PAEG Other Total PAEG Other Total Sales and other operating revenues 1,137 3,204 9,770 14,111 2,197 9,048 11,245 1,753 8,793 10,545 Profit (loss) before interest and taxation 730 780 255 1,765 403 927 1,330 (183) 32 (151) Finance costs 109 188 137 434 131 58 189 125 76 201 Profit (loss) before taxation 621 592 118 1,331 272 869 1,141 (308) (44) (352) Taxation 81 54 67 202 489 107 596 (100) 49 (51) Non-controlling interest — — 1 1 — 2 2 — 1 1 Profit (loss) for the year 540 538 50 1,128 (217) 760 543 (208) (94) (302) Other comprehensive income — — 50 50 — 5 5 — (5) (5) Total comprehensive income 540 538 100 1,178 (217) 765 548 (208) (99) (307) Non-current assets 11,109 7,299 7,775 26,183 7,103 7,702 14,805 Current assets 2,066 1,527 2,778 6,371 932 2,385 3,317 Total assets 13,175 8,826 10,553 32,554 8,035 10,087 18,122 Current liabilities 1,297 998 1,713 4,008 1,017 1,272 2,289 Non-current liabilities 6,614 2,928 3,687 13,229 2,622 3,219 5,841 Total liabilities 7,911 3,926 5,400 17,237 3,639 4,491 8,130 Net assets 5,264 4,900 5,153 15,317 4,396 5,596 9,992 Less: non-controlling interests — — (13) (13) — 5 5 5,264 4,900 5,140 15,304 4,396 5,591 9,987 Group investment in joint ventures Group share of net assets (as above) 5,264 4,900 5,140 15,304 4,396 5,591 9,987 Impairment charge for the year — (2,900) — (2,900) — — — Loans made by group companies to joint ventures — — (4) (4) — (5) (5) 5,264 2,000 5,136 12,400 4,396 5,586 9,982 16. Investments in joint ventures – continued Transactions between the group and its joint ventures are summarized below. $ million Sales to joint ventures 2022 2021 2020 Product Sales Amount receivable at Sales Amount receivable at Sales Amount receivable at LNG, crude oil and oil products, natural gas 4,212 316 3,923 292 2,974 180 Purchases from joint ventures 2022 2021 2020 Product Purchases Amount payable at Purchases Amount Purchases Amount LNG, crude oil and oil products, natural gas, refinery operating costs, plant processing fees 1,893 574 716 93 959 84 In the normal course of business, bp enters into various arm’s length transactions with joint ventures including fixed price commitments to sell and to purchase commodities, forward sale and purchase contracts and agency agreements. The terms of the outstanding balances receivable from joint ventures are typically 30 to 45 days. The balances are unsecured and will be settled in cash. There are no significant provisions for doubtful debts relating to these balances and no significant expense recognized in the income statement in respect of bad or doubtful debts. Dividends receivable are not included in the table above. The majority of sales to joint ventures in 2022 relate to heating oil, gasoline, diesel and lubricant product transactions with Mobene and Ocwen Energy. The majority of purchases from joint ventures in 2022 relate to crude oil and oil products transactions with Azule Energy. The bp investment in Pan American Energy Group S.L. joint venture has been impaired in 2022 by $2,900 million as a result of expected portfolio changes. bp's share of net impairment charges recognized by joint ventures in 2022 was $256 million (2021 reversals of $214 million) of which $276 million charge (2021 $nil) was in the gas and low carbon energy segment and $20 million reversals (2021 reversals of $214 million) was in the oil production & operations segment.

Investments in associates

Investments in associates	12 Months Ended
	Dec. 31, 2022
Interest In Other Entities [Abstract]
Investments in associates	Investments in associates The following table provides aggregated summarized financial information for the group’s associates as it relates to the amounts recognized in the group income statement and on the group balance sheet. There were no individually material associates to the Group at 31 December 2022. The associate which was material to the Group at both 31 December 2021 and 2020 was Rosneft. At 31 December 2021 and 2020 bp classified its investment in Rosneft as an associate because, in management's judgement, bp had significant influence over Rosneft. On 27 February 2022, bp announced it would exit its shareholding in Rosneft and bp's two nominated Rosneft directors both stepped down from Rosneft's board. As a result, the significant judgement on significant influence over Rosneft was reassessed and a new significant estimate was identified for the fair value of bp's equity investment in Rosneft. From that date, bp accounts for its interest in Rosneft as a financial asset measured at fair value within ‘Other investments’. The total pre-tax charge during the year-ended 31 December 2022 relating to bp’s investment in Rosneft is $24,561 million consisting of $11,082 million included in losses on disposal, primarily relating to the recycling to the income statement of accumulated exchange losses, and a $13,479 million impairment charge including $528 million which relates to estimated earnings in the first two months of the year prior to the loss of significant influence. For further information see Note 1 - Investment in Rosneft and Note 4 Disposals and impairment. As a result of bp's decision to exit its other businesses with Rosneft in Russia, which were primarily accounted for as investments in associates, an additional impairment charge of $1,043 million including $35 million which relates to estimated earnings in the first two months of the year and accumulated exchange losses of $479 million previously charged to equity have been taken to the income statement. The total pre-tax charge in 2022 relating to bp's investment in Rosneft and other businesses with Rosneft in Russia is $25,520 million. $ million Income statement Balance sheet Earnings from associates Investments in associates 2022 2021 2020 2022 2021 Rosneft a 528 2,694 (229) — 14,354 Other associates 874 762 128 8,201 6,647 1,402 3,456 (101) 8,201 21,001 a See also Note 1 – Significant judgements and estimate: investment in Rosneft. The group recognized dividends, net of withholding tax, of $nil from Rosneft in 2022 (2021 $640 million and 2020 $480 million). 17. Investments in associates – continued The following table provides summarized financial information relating to Rosneft for 2021 and 2020. This information is presented on a 100% basis and reflects adjustments made by bp to Rosneft’s own results in applying the equity method of accounting. bp adjusted Rosneft’s results for the accounting required under IFRS relating to bp’s purchase of its interest in Rosneft and the amortization of the deferred gain relating to the disposal of bp’s interest in TNK-BP. $ million Gross amount 2021 2020 Sales and other operating revenues 118,755 82,786 Profit before interest and taxation 18,537 1,270 Finance costs 1,357 1,742 Profit (loss) before taxation 17,180 (472) Taxation 3,209 208 Non-controlling interests 1,743 482 Profit (loss) for the year 12,228 (1,162) Other comprehensive income 54 1,653 Total comprehensive income 12,282 491 Non-current assets 155,898 Current assets 45,790 Total assets 201,688 Current liabilities 47,061 Non-current liabilities 78,117 Total liabilities 125,178 Net assets 76,510 Less: non-controlling interests 11,357 65,153 Summarized financial information for the group’s share of associates is shown below. $ million bp share 2022 2021 2020 Total Rosneft Other Total Rosneft Other Total Sales and other operating revenues 14,841 26,163 10,005 36,168 17,535 5,946 23,481 Profit before interest and taxation 3,053 4,084 1,602 5,686 295 276 571 Finance costs 73 299 73 372 372 80 452 Profit (loss) before taxation 2,980 3,785 1,529 5,314 (77) 196 119 Taxation 1,498 707 767 1,474 51 67 118 Non-controlling interests 80 384 — 384 101 1 102 Profit (loss) for the year 1,402 2,694 762 3,456 (229) 128 (101) Other comprehensive income 352 12 27 39 336 (19) 317 Total comprehensive income 1,754 2,706 789 3,495 107 109 216 Non-current assets 11,993 34,346 9,259 43,605 Current assets 3,368 10,088 2,418 12,506 Total assets 15,361 44,434 11,677 56,111 Current liabilities 2,936 10,368 1,876 12,244 Non-current liabilities 4,255 17,210 3,298 20,508 Total liabilities 7,191 27,578 5,174 32,752 Net assets 8,170 16,856 6,503 23,359 Less: non-controlling interests — 2,502 — 2,502 8,170 14,354 6,503 20,857 Group investment in associates Group share of net assets (as above) 8,170 14,354 6,503 20,857 Loans made by group companies to associates 31 — 144 144 8,201 14,354 6,647 21,001 17. Investments in associates – continued Transactions between the group and its associates are summarized below. $ million Sales to associates 2022 2021 2020 Product Sales Amount receivable at Sales Amount receivable at Sales Amount receivable at LNG, crude oil and oil products, natural gas 1,042 417 852 201 855 169 $ million Purchases from associates 2022 2021 2020 Product Purchases Amount payable at Purchases Amount Purchases Amount Crude oil and oil products, natural gas, transportation tariff 6,199 2,086 7,683 2,072 4,926 1,280 In the normal course of business, bp enters into various arm’s length transactions with associates including fixed price commitments to sell and to purchase commodities, forward sale and purchase contracts and agency agreements. The terms of the outstanding balances receivable from associates are typically 30 to 45 days. The balances are unsecured and will be settled in cash. There are no significant provisions for doubtful debts relating to these balances and no significant expense recognized in the income statement in respect of bad or doubtful debts. Dividends receivable are not included in the table above. The majority of purchases from associates in 2022 relate to crude oil and oil products transactions with Aker BP. The majority of purchases from associates in 2021 relate to crude oil and oil products transactions with Rosneft. Sales to associates are related to various entities. bp has commitments amounting to $8,488 million (2021 $9,930 million), primarily in relation to contracts with its associates for the purchase of transportation capacity. For information on capital commitments in relation to associates see Note 13. bp's share of impairment charges taken by associates in 2022 was $nil (2021 $291 million).

Other investments

Other investments	12 Months Ended
	Dec. 31, 2022
Financial Instruments [Abstract]
Other investments	Other investments $ million 2022 2021 Current Non-current Current Non-current Equity investments a — 1,040 — 717 Contingent consideration 364 1,522 237 1,680 Other 214 108 43 147 578 2,670 280 2,544 a The majority of equity investments are unlisted. Contingent consideration relates to amounts arising on disposals which are financial assets classified as measured at fair value through profit or loss. The fair value is determined using an estimate of discounted future cash flows that are expected to be received and is considered a level 3 valuation under the fair value hierarchy. Future cash flows are estimated based on inputs including oil and natural gas prices, production volumes and operating costs related to the disposed operations. The discount rate used is based on a risk-free rate adjusted for asset-specific risks. The contingent consideration principally relates to the disposal of our Alaskan business. The accounting classification of each category of financial instruments and their carrying amounts are set out below. $ million At 31 December 2022 Note Measured at amortized cost Mandatorily measured at fair value through profit or loss Derivative hedging instruments Total carrying Financial assets Other investments 18 26 3,222 — 3,248 Loans 1,245 341 — 1,586 Trade and other receivables 20 33,535 — — 33,535 Derivative financial instruments 30 — 24,395 — 24,395 Cash and cash equivalents 25 25,611 3,584 — 29,195 Financial liabilities Trade and other payables 22 (69,586) — — (69,586) Derivative financial instruments 30 — (22,481) (3,674) (26,155) Accruals (7,631) — — (7,631) Lease liabilities 28 (8,549) — — (8,549) Finance debt 26 (46,944) — — (46,944) (72,293) 9,061 (3,674) (66,906) 29. Financial instruments and financial risk factors – continued $ million At 31 December 2021 Note Measured at amortized cost Mandatorily measured at fair value through profit or loss Derivative hedging instruments Total carrying Financial assets Other investments 18 — 2,824 — 2,824 Loans 1,045 232 — 1,277 Trade and other receivables 20 27,191 — — 27,191 Derivative financial instruments 30 — 12,402 348 12,750 Cash and cash equivalents 25 27,107 3,574 — 30,681 Financial liabilities Trade and other payables 22 (58,660) — — (58,660) Derivative financial instruments 30 — (13,456) (465) (13,921) Accruals (6,606) — — (6,606) Lease liabilities 28 (8,611) — — (8,611) Finance debt 26 (61,176) — — (61,176) (79,710) 5,576 (117) (74,251)

Inventories

Inventories	12 Months Ended
	Dec. 31, 2022
Inventories [Abstract]
Inventories	Inventories $ million 2022 2021 Crude oil 3,608 3,259 Natural gas 825 474 Emissions allowances 436 290 Refined petroleum and petrochemical products 7,920 6,638 12,789 10,661 Trading inventories 14,004 11,525 26,793 22,186 Supplies 1,288 1,525 28,081 23,711 Cost of inventories expensed in the income statement 141,043 92,923 The inventory valuation at 31 December 2022 is stated net of a provision of $483 million (2021 $432 million) to write down inventories to their net realizable value, of which $195 million (2021 $64 million) relates to hydrocarbon inventories. The net charge to the income statement in the year in respect of inventory net realizable value provisions was $199 million (2021 $153 million credit), of which $195 million charge (2021 $151 million credit) related to hydrocarbon inventories.

Trade and other receivables

Trade and other receivables	12 Months Ended
	Dec. 31, 2022
Subclassifications of assets, liabilities and equities [abstract]
Trade and other receivables	Trade and other receivables $ million 2022 2021 Current Non-current Current Non-current Financial assets Trade receivables 28,229 12 22,307 17 Amounts receivable from joint ventures and associates 654 79 404 89 Receivables related to disposals a 191 194 205 823 Other receivables 3,762 414 2,874 472 32,836 699 25,790 1,401 Non-financial assets Sales taxes and production taxes 1,037 379 1,131 474 Other receivables 137 14 218 818 1,174 393 1,349 1,292 34,010 1,092 27,139 2,693 a For further information see Note 4 - Disposals and Impairment. In both 2022 and 2021 the group entered into non-recourse arrangements to discount certain receivables in support of supply and trading activities and the management of credit risk. Trade and other receivables are predominantly non-interest bearing. See Note 29 for further information.

Valuation and qualifying accoun

Valuation and qualifying accounts (Notes)	12 Months Ended
	Dec. 31, 2022
SEC Schedule, 12-09, Valuation and Qualifying Accounts [Abstract]
Valuation and qualifying accounts	Valuation and qualifying accounts $ million 2022 2021 2020 Trade and other receivables Fixed asset Trade and other receivables Fixed asset Trade and other receivables Fixed asset At 1 January 584 169 555 186 509 249 Charged to costs and expenses 143 17,471 136 3 214 103 Charged to other accounts a (8) (27) (11) — 2 — Deductions (83) (41) (96) (20) (170) (166) Reclassifications — (14,522) — — — — At 31 December 636 3,050 584 169 555 186 a Principally exchange adjustments. Valuation and qualifying accounts relating to trade and other receivables comprise expected credit loss allowances. The expected credit loss allowance comprises $513 million (2021 $456 million, 2020 $456 million) relating to receivables that were credit-impaired at the end of the year and $123 million (2021 $128 million, 2020 $99 million) relating to receivables that were not credit-impaired at the end of the year. Valuation and qualifying accounts relating to fixed asset investments comprise impairment provisions for investments in equity-accounted entities. The amount charged to costs and expenses in the year principally relates to bp’s investments in Rosneft and The Pan American Energy Group S.L.. Amounts related to bp’s investments in Rosneft and other businesses with Rosneft within Russia were reclassified following bp’s loss of significant influence. See Note 1 - Investment in Rosneft, Note 4 Disposals and impairment, Note 16 Investments in joint ventures and Note 17 Investments in associates. Valuation and qualifying accounts are deducted in the balance sheet from the assets to which they apply. For further information on the group's credit risk management policies and how the group recognizes and measures expected losses see Note 29.

Trade and other payables

Trade and other payables	12 Months Ended
	Dec. 31, 2022
Subclassifications of assets, liabilities and equities [abstract]
Trade and other payables	Trade and other payables $ million 2022 2021 Current Non-current Current Non-current Financial liabilities Trade payables 47,210 — 37,327 — Amounts payable to joint ventures and associates 2,660 — 2,165 — Payables for capital expenditure and acquisitions 2,579 446 2,063 764 Payables related to the Gulf of Mexico oil spill 1,213 8,350 1,276 9,154 Other payables 5,995 1,133 5,736 175 59,657 9,929 48,567 10,093 Non-financial liabilities Sales taxes, customs duties, production taxes and social security 2,361 124 2,708 77 Other payables 1,966 334 1,336 397 4,327 458 4,044 474 63,984 10,387 52,611 10,567 Materially all of bp's trade payables have payment terms in the range of 30 to 60 days and give rise to operating cash flows. Trade and other payables, other than those relating to the Gulf of Mexico oil spill, are predominantly interest free. See Note 29 (c) for further information. Payables related to the Gulf of Mexico oil spill include amounts payable under the 2016 consent decree and settlement agreement with the United States and five Gulf coast states, including amounts payable for natural resource damages, state claims and Clean Water Act penalties. On a discounted basis the amounts included in payables related to the Gulf of Mexico oil spill for these elements of the agreements are $4,146 million payable over 10 years, $2,263 million payable over 11 years and $3,065 million payable over 10 years respectively at 31 December 2022. Reported within net cash provided by operating activities in the group cash flow statement is a net cash outflow of $1,370 million (2021 outflow of $1,484 million, 2020 outflow of $1,786 million) related to the Gulf of Mexico oil spill, which includes payments made in relation to these agreements. For full details of these agreements, see bp Annual Report and Form 20-F 2015 - Legal Proceedings. Payables related to the Gulf of Mexico oil spill at 31 December 2022 also include amounts payable for settled economic loss and property damage claims which are payable over a period of up to five years.

Provisions

Provisions	12 Months Ended
	Dec. 31, 2022
Other Provisions, Contingent Liabilities And Contingent Assets [Abstract]
Provisions	Provisions $ million Decommissioning Environmental Litigation and claims Emissions Other Total At 1 January 2021 16,665 1,745 834 3,753 1,831 24,828 Exchange adjustments (286) (15) (3) (64) (83) (451) Acquisitions 33 — — — — 33 New and increase in existing provisions a 1,215 502 241 3,695 223 5,876 Write-back of unused provisions a (9) (89) (53) (40) (174) (365) Unwinding of discount b 310 35 14 — 10 369 Change in discount rate (3,245) (134) (81) — (13) (3,473) Utilization (44) (314) (171) (2,282) (321) (3,132) Reclassified to other payables (369) (3) — — (5) (377) Reclassified as liabilities directly associated with assets held for sale (32) (3) — — (1) (36) Deletions (1,895) (3) (2) — (48) (1,948) At 31 December 2022 12,343 1,721 779 5,062 1,419 21,324 Of which – current 577 390 191 4,643 531 6,332 – non-current 11,766 1,331 588 419 888 14,992 a Recognized in the Group income statement, other than changes in decommissioning provisions related to owned assets. b Recognized in the Group income statement. The decommissioning provision primarily comprises the future cost of decommissioning oil and natural gas wells, facilities and related pipelines. The environmental provision includes provisions for costs related to the control, abatement, clean-up or elimination of environmental pollution relating to soil, groundwater, surface water and sediment contamination. The litigation and claims category includes provisions for matters related to, for example, commercial disputes, product liability, and allegations of exposures of third parties to toxic substances. Emissions provisions primarily relate to obligations under the U.S. Environmental Protection Agency Renewable Fuel Standard Program and are driven by the amount of the obligations outstanding and current price of the related credits. The provision will principally be settled through allowances already held as inventory in the group balance sheet. For information on significant estimates and judgements made in relation to provisions, see Provisions and contingencies within Note 1. Gulf of Mexico oil spill The group has recognized certain assets, payables and provisions and incurs certain residual costs relating to the Gulf of Mexico oil spill that occurred in 2010. For further information see Notes 7, 22, 29, 33. The litigation and claims provision presented in the table above includes the latest estimate for the remaining costs associated with the Gulf of Mexico oil spill. The amounts payable may differ from the amount provided and the timing of payments is uncertain.

Pensions and other post-retirem

Pensions and other post-retirement benefits	12 Months Ended
	Dec. 31, 2022
Employee Benefits [Abstract]
Pensions and other post-retirement benefits	Pensions and other post-retirement benefits Most group companies have pension plans, the forms and benefits of which vary with conditions and practices in the countries concerned. Pension benefits may be provided through defined contribution plans (money purchase schemes) or defined benefit plans (final salary and other types of schemes with committed pension benefit payments). For defined contribution plans, retirement benefits are determined by the value of funds arising from contributions paid in respect of each employee. For defined benefit plans, retirement benefits are based on such factors as an employee’s pensionable salary and length of service. Defined benefit plans may be funded or unfunded. The assets of funded plans are generally held in separately administered trusts. For information on significant estimates and judgements made in relation to accounting for these plans see Pensions and other post-retirement benefits in Note 1. The pension obligation in the UK consists primarily of a funded final salary pension plan under which retired employees draw the majority of their benefit as an annuity. This pension plan is governed by a corporate trustee whose board is composed of four member-nominated directors, four company-nominated directors, one independent director and one independent chair nominated by the company. The trustee board is required by law to act in the best interests of the plan participants and is responsible for setting certain policies, such as investment policies of the plan. This plan was closed to new joiners in 2010 and was closed to future accrual on 30 June 2021. Employees in the UK are eligible for membership of a defined contribution plan. In the US, all pension benefits now accrue under a cash balance formula. Benefits previously accrued under final salary formulas are legally protected. Retiring US employees typically take their pension benefit in the form of a lump sum payment upon retirement. The plan is funded and its assets are overseen by a fiduciary Investment Committee. During 2022 the committee was composed of seven bp employees appointed by the president of bp Corporation North America Inc. (the appointing officer). The Investment Committee is required by law to act in the best interests of the plan participants and is responsible for setting certain policies, such as the investment policies of the plan. US employees are also eligible to participate in a defined contribution (401k) plan in which employee contributions are matched with company contributions. In the US, group companies also provide post-retirement healthcare to eligible retired employees and their dependants (and, in certain legacy cases, life insurance coverage); the entitlement to these benefits is based on the date of hire, the employee remaining in service until a specified age and completion of a minimum period of service. In the Eurozone, there are defined benefit pension plans in Germany, France, the Netherlands and other countries. In Germany and France, the majority of the pensions are unfunded. In Germany, the group’s largest Eurozone plan, employees receive a pension and also have a choice to supplement their core pension through salary sacrifice. For employees who joined since 2002, the core pension benefit is a career average plan with retirement benefits based on such factors as an employee’s pensionable salary and length of service. The returns on the notional contributions made by both the company and employees are based on the interest rate which is set out in German tax law. Retired German employees take their pension benefit typically in the form of an annuity. The German plans are governed by legal agreements between bp and the works council or between bp and the trade union. The level of contributions to funded defined benefit plans is the amount needed to provide adequate funds to meet pension obligations as they fall due. During 2022 the aggregate level of contributions was $74 million (2021 $274 million and 2020 $325 million). The aggregate level of contributions in 2023 is expected to be approximately $150 million and includes contributions in all countries that we expect to be required to make contributions by law or under contractual agreements, as well as an allowance for discretionary funding. For the primary UK plan there is a funding agreement between the group and the trustee. On a three year cycle a schedule of contributions is agreed covering the next five years. The schedule of contributions is next scheduled to be updated after the 31 December 2023 formal actuarial valuation. No contractually committed funding was due at 31 December 2022. The closure of the defined benefit plan to future accrual eliminated the need for funding in 2022 and reduces the plan's expected future funding volatility. The surplus relating to the primary UK pension plan is recognized on the balance sheet on the basis that the company is entitled to a refund of any remaining assets once all members have left the plan. Minimum pension funding in the US is determined by legislation and is supplemented by discretionary contributions. No contributions were made into the US pension plan in 2022 and no statutory funding requirement is expected in the next 12 months. The surplus relating to the US pension fund is recognized on the balance sheet on the basis that economic benefit can be gained from the surplus through a reduction in future contributions. There was no minimum funding requirement for the US plan, and no significant minimum funding requirements in other countries at 31 December 2022. The obligation and cost of providing pensions and other post-retirement benefits is assessed annually using the projected unit credit method. The date of the most recent actuarial review was 31 December 2022. The UK plans are subject to a formal actuarial valuation every three years; valuations are required more frequently in many other countries. The most recent formal actuarial valuation of the UK pension plans was as at 31 December 2020. A valuation of the US plan and largest Eurozone plans are carried out annually. 24. Pensions and other post-retirement benefits – continued The material financial assumptions used to estimate the benefit obligations of the various plans are set out below. The assumptions are reviewed by management at the end of each year and are used to evaluate the accrued benefit obligation at 31 December and pension expense for the following year. % Financial assumptions used to determine benefit obligation a UK US Eurozone 2022 2021 2020 2022 2021 2020 2022 2021 2020 Discount rate for plan liabilities 5.0 1.8 1.4 5.2 2.7 2.2 4.2 1.3 1.0 Rate of increase for pensions in payment 2.9 3.2 2.8 — — — 1.8 1.4 1.3 Rate of increase in deferred pensions 2.9 3.2 2.8 — — — 0.6 0.4 0.5 Inflation for plan liabilities 3.1 3.3 2.9 2.0 2.1 1.7 2.1 1.6 1.5 % Financial assumptions used to determine benefit expense UK US Eurozone 2022 2021 2020 2022 2021 2020 2022 2021 2020 Discount rate for plan service cost b N/A 1.5 2.1 2.8 2.4 3.2 1.7 1.4 1.8 Discount rate for plan other finance expense c 1.8 1.7 2.1 2.7 2.2 3.1 1.3 1.0 1.3 Inflation for plan service cost b N/A 2.8 2.6 2.1 1.7 1.5 1.6 1.5 1.7 a Salary growth has not been a material financial assumption for the Group following the closure of the primary pension plan to future accrual in 2021. The rate of increase in salaries for the UK was 3.6% in 2020. b UK discount rate and inflation rate assumptions are not significant in determining the benefit expense following the closure of the primary UK plan to future accrual in 2021. Rates for the remaining small worldwide plan administered/reported through the UK are 2.5% and 2.2% respectively. c The discount rate for plan other finance expense in 2021 was 1.4% for the primary UK plan for the period before the plan closed to future accrual on 30th June 2021 and 1.9% thereafter. The discount rate assumptions are based on third-party AA corporate bond indices and for our largest plans in the UK, US and the Eurozone we use yields that reflect the maturity profile of the expected benefit payments. The inflation rate assumptions for our UK and US plans are based on the difference between the yields on index-linked and fixed-interest long-term government bonds. In other countries, including the Eurozone, we use this approach, or advice from the local actuary depending on the information available. The inflation assumptions are used to determine the rate of increase for pensions in payment and the rate of increase in deferred pensions where there is such an increase. In addition to the financial assumptions, we regularly review the demographic and mortality assumptions. The mortality assumptions reflect best practice in the countries in which we provide pensions and have been chosen with regard to applicable published tables adjusted where appropriate to reflect the experience of the group and an extrapolation of past longevity improvements into the future. bp’s most substantial pension liabilities are in the UK, the US and the Eurozone where our mortality assumptions are as follows: Years Mortality assumptions UK US Eurozone 2022 2021 2020 2022 2021 2020 2022 2021 2020 Life expectancy at age 60 for a male currently aged 60 26.9 26.9 26.9 25.0 24.9 24.7 26.0 25.8 25.7 Life expectancy at age 60 for a male currently aged 40 28.5 28.4 28.4 26.6 26.6 26.4 28.5 28.3 28.2 Life expectancy at age 60 for a female currently aged 60 28.8 28.9 28.8 28.0 27.9 27.7 29.3 29.1 29.0 Life expectancy at age 60 for a female currently aged 40 30.6 30.5 30.4 29.5 29.4 29.2 31.4 31.2 31.2 Pension plan assets are generally held in trusts, the primary objective of which is to accumulate assets sufficient to meet the obligations of the plans. The assets of the trusts are invested in a manner consistent with fiduciary obligations and principles that reflect current practices in portfolio management. A significant proportion of the assets are held in equities, which are expected to generate a higher level of return over the long term, with an acceptable level of risk. In order to provide reasonable assurance that no single security or type of security has an unwarranted impact on the total portfolio, the investment portfolios are highly diversified. The trustee’s long-term investment objective for the primary UK plan as it matures is to invest in assets whose value changes in the same way as the plan liabilities, in order to reduce the level of funding risk. To move towards this objective, the UK plan uses a liability driven investment (LDI) approach for part of the portfolio, investing primarily in government bonds to achieve this matching effect for the most significant plan liability assumptions of interest rate and inflation rate. This is partly funded by short-term sale and repurchase agreements, whereby the plan borrows money using existing bonds as security and which will be bought back at a specified price at an agreed future date. The funds raised are used to invest in further bonds to increase the proportion of assets which match the plan liabilities. The borrowings are shown separately in the analysis of pension plan assets in the table below. For the primary UK pension plan there is an agreement with the trustee to increase the proportion of assets with liability matching characteristics over time primarily by reducing the proportion of plan assets held as equities and increasing the proportion held as bonds. This agreement is not impacted by the closure of the plan to future accrual. There is a similar agreement in place for the primary US plan. During 2022, the asset allocation policies of the UK and the US plans switched 2% and 3% of plan assets respectively from equities to bonds (2021 5% and 13% respectively). The current asset allocation policy for the major plans at 31 December 2022 was as follows: UK US Asset category % % Total equity (including private equity) 10 24 Bonds/cash (including LDI) 83 76 Property/real estate 7 — 24. Pensions and other post-retirement benefits – continued The amounts invested under the LDI programme by the primary UK pension plan as at 31 December 2022 were $3,981 million (2021 $7,399 million) of government-issued nominal bonds and $11,945 million (2021 $24,516 million) of index-linked bonds. Some of the group’s pension plans in the Eurozone and other countries use derivative financial instruments as part of their asset mix to manage the level of risk. The fair value of these instruments is included in other assets in the table below. The group’s main pension plans do not invest directly in either securities or property/real estate of the company or of any subsidiary. The fair values of the various categories of assets held by the defined benefit plans at 31 December are presented in the table below, including the effects of derivative financial instruments. Movements in the fair value of plan assets during the year are shown in detail in the table on page 232. $ million UK a US b Eurozone Other Total Fair value of pension plan assets At 31 December 2022 Listed equities – developed markets 1,252 127 299 213 1,891 – emerging markets 117 17 48 71 253 Private equity c 2,715 1,126 — 2 3,843 Government issued nominal bonds d 4,039 1,370 682 263 6,354 Government issued index-linked bonds d 11,945 — 79 — 12,024 Corporate bonds d 6,317 2,569 563 146 9,595 Property e 2,297 — 89 18 2,404 Cash 567 175 61 116 919 Other f 1,088 33 56 357 1,534 Debt (repurchase agreements) used to fund liability driven investments (5,290) — — — (5,290) 25,047 5,417 1,877 1,186 33,527 At 31 December 2021 Listed equities – developed markets 2,964 340 473 290 4,067 – emerging markets 252 45 67 76 440 Private equity c 3,233 1,537 — 3 4,773 Government issued nominal bonds d 7,491 2,606 974 432 11,503 Government issued index-linked bonds d 24,516 — 100 — 24,616 Corporate bonds d 10,128 2,475 689 498 13,790 Property e 2,714 — 110 22 2,846 Cash 1,136 116 54 69 1,375 Other 1,133 54 70 22 1,279 Debt (repurchase agreements) used to fund liability driven investments (10,723) — — — (10,723) 42,844 7,173 2,537 1,412 53,966 At 31 December 2020 Listed equities – developed markets 5,008 1,112 542 318 6,980 – emerging markets 418 115 68 70 671 Private equity c 2,899 1,604 — 4 4,507 Government issued nominal bonds d 4,303 1,839 1,111 616 7,869 Government issued index-linked bonds d 24,576 — 107 — 24,683 Corporate bonds d 8,906 2,398 587 279 12,170 Property e 2,553 — 110 28 2,691 Cash 1,392 267 51 163 1,873 Other 795 131 104 30 1,060 Debt (repurchase agreements) used to fund liability driven investments (9,387) — — — (9,387) 41,463 7,466 2,680 1,508 53,117 a Bonds held by the UK pension plans are denominated in sterling or hedged back to sterling to minimize foreign currency exposure. Property held by the UK pension plans is in the United Kingdom. b Bonds held by the US pension plans are denominated in US dollars or hedged back to USD to minimize foreign currency exposure. c Private equity is valued at fair value based on the most recent transaction price or third-party net asset, revenue or earnings based valuations that generally result in the use of significant unobservable inputs. d Bonds held by pension plans are predominantly valued using observable market data based inputs other than quoted market prices in active markets. e Properties are valued based on an analysis of recent market transactions supported by market knowledge derived from third-party professional valuers that generally result in the use of significant unobservable inputs. f Other includes insurance policies arising from annuity buy-in in Canada amounting to $341 million. 24. Pensions and other post-retirement benefits – continued $ million 2022 UK US Eurozone Other Total Analysis of the amount charged to profit or loss Current service cost a 41 219 87 25 372 Past service cost b 23 — (1) (21) 1 Settlement b (8) — — (4) (12) Operating charge (credit) relating to defined benefit plans 56 219 86 — 361 Payments to defined contribution plans 110 132 6 36 284 Total operating charge (credit) 166 351 92 36 645 Interest income on plan assets a (694) (189) (34) (44) (961) Interest on plan liabilities 529 217 85 61 892 Other finance (income) expense (165) 28 51 17 (69) Analysis of the amount recognized in other comprehensive income Actual asset return less interest income on plan assets (12,955) (1,581) (507) (151) (15,194) Change in financial assumptions underlying the present value of the plan liabilities 11,531 2,195 1,903 221 15,850 Change in demographic assumptions underlying the present value of the plan liabilities 47 — (14) (15) 18 Experience gains and losses arising on the plan liabilities (146) (15) (159) (14) (334) Remeasurements recognized in other comprehensive income (1,523) 599 1,223 41 340 Movements in benefit obligation during the year Benefit obligation at 1 January 32,834 8,273 7,108 1,652 49,867 Exchange adjustments (3,224) — (443) (68) (3,735) Operating charge relating to defined benefit plans 56 219 86 — 361 Interest cost 529 217 85 61 892 Contributions by plan participants 9 — 2 4 15 Benefit payments (funded plans) c (1,211) (364) (78) (79) (1,732) Benefit payments (unfunded plans) c (7) (285) (229) (23) (544) Reclassified as assets held for sale — — — (12) (12) Disposals (74) — (2) — (76) Remeasurements (11,432) (2,180) (1,730) (192) (15,534) Benefit obligation at 31 December a d 17,480 5,880 4,799 1,343 29,502 Movements in fair value of plan assets during the year Fair value of plan assets at 1 January 42,844 7,173 2,537 1,412 53,966 Exchange adjustments (4,258) — (156) (52) (4,466) Interest income on plan assets a e 694 189 34 44 961 Contributions by plan participants 9 — 2 4 15 Contributions by employers (funded plans) 10 — 45 19 74 Benefit payments (funded plans) c (1,211) (364) (78) (79) (1,732) Reclassified as assets held for sale — — — (11) (11) Disposals (86) — — — (86) Remeasurements e (12,955) (1,581) (507) (151) (15,194) Fair value of plan assets at 31 December f 25,047 5,417 1,877 1,186 33,527 Surplus (deficit) at 31 December 7,567 (463) (2,922) (157) 4,025 Represented by Asset recognized 7,716 1,227 256 70 9,269 Liability recognized (149) (1,690) (3,178) (227) (5,244) 7,567 (463) (2,922) (157) 4,025 The surplus (deficit) may be analysed between funded and unfunded plans as follows Funded 7,716 1,227 238 39 9,220 Unfunded (149) (1,690) (3,160) (196) (5,195) 7,567 (463) (2,922) (157) 4,025 The defined benefit obligation may be analysed between funded and unfunded plans as follows Funded (17,331) (4,190) (1,639) (1,147) (24,307) Unfunded (149) (1,690) (3,160) (196) (5,195) (17,480) (5,880) (4,799) (1,343) (29,502) a The costs of managing plan investments are offset against the investment return, the costs of administering pension plan benefits are generally included in current service cost and the costs of administering other post-retirement benefit plans are included in the benefit obligation. Following the closure of the primary UK pension plan to future accrual, current service cost in the UK consists of $30 million of costs of administering that plan and $11 million of current service cost from the remaining small worldwide plans administered and reported through the UK b Past service costs predominantly represent largely offsetting income and costs due to the removal of some benefits for members in Turkish plans and their replacement with new arrangements administered and reported through the UK. Settlements reflect costs associated with buyouts in Canada and in certain other small worldwide plans administered and reported through the UK. c The benefit payments amount shown above comprises $2,217 million benefits and $8 million settlements, plus $51 million of plan expenses incurred in the administration of the benefit. d The benefit obligation for the US is made up of $4,411 million for pension liabilities and $1,469 million for other post-retirement benefit liabilities (which are unfunded and are primarily retiree medical liabilities). The benefit obligation for the Eurozone includes $2,992 million for pension liabilities in Germany which is largely unfunded. e The actual return on plan assets is made up of the sum of the interest income on plan assets and the remeasurement of plan assets as disclosed above. f The fair value of plan assets includes borrowings related to the LDI programme as described on page 230. 24. Pensions and other post-retirement benefits – continued $ million 2021 UK US Eurozone Other Total Analysis of the amount charged to profit or loss Current service cost a 154 246 105 31 536 Past service cost b (302) — (27) 2 (327) Settlement b — — (4) (1) (5) Operating charge relating to defined benefit plans (148) 246 74 32 204 Payments to defined contribution plans 76 136 7 36 255 Total operating charge (72) 382 81 68 459 Interest income on plan assets a (684) (150) (30) (40) (904) Interest on plan liabilities 559 209 78 56 902 Other finance (income) expense (125) 59 48 16 (2) Analysis of the amount recognized in other comprehensive income Actual asset return less interest income on plan assets 2,440 749 12 25 3,226 Change in financial assumptions underlying the present value of the plan liabilities (100) 777 233 97 1,007 Change in demographic assumptions underlying the present value of the plan liabilities 66 (41) (15) 1 11 Experience gains and losses arising on the plan liabilities 7 173 (11) 3 172 Remeasurements recognized in other comprehensive income 2,413 1,658 219 126 4,416 Movements in benefit obligation during the year Benefit obligation at 1 January 34,171 10,187 8,161 1,895 54,414 Exchange adjustments (255) — (623) (51) (929) Operating charge relating to defined benefit plans (148) 246 74 32 204 Interest cost 559 209 78 56 902 Contributions by plan participants c 18 — 2 6 26 Benefit payments (funded plans) d (1,530) (1,192) (87) (164) (2,973) Benefit payments (unfunded plans) d (8) (268) (288) (21) (585) Disposals — — (2) — (2) Remeasurements 27 (909) (207) (101) (1,190) Benefit obligation at 31 December a e 32,834 8,273 7,108 1,652 49,867 Movements in fair value of plan assets during the year Fair value of plan assets at 1 January 41,463 7,466 2,680 1,508 53,117 Exchange adjustments (365) — (214) (28) (607) Interest income on plan assets a f 684 150 30 40 904 Contributions by plan participants c 18 — 2 6 26 Contributions by employers (funded plans) 134 — 115 25 274 Benefit payments (funded plans) d (1,530) (1,192) (87) (164) (2,973) Disposals — — (1) — (1) Remeasurements f 2,440 749 12 25 3,226 Fair value of plan assets at 31 December g 42,844 7,173 2,537 1,412 53,966 Surplus (deficit) at 31 December 10,010 (1,100) (4,571) (240) 4,099 Represented by Asset recognized 10,280 1,410 155 74 11,919 Liability recognized (270) (2,510) (4,726) (314) (7,820) 10,010 (1,100) (4,571) (240) 4,099 The surplus (deficit) may be analysed between funded and unfunded plans as follows Funded 10,280 1,410 94 30 11,814 Unfunded (270) (2,510) (4,665) (270) (7,715) 10,010 (1,100) (4,571) (240) 4,099 The defined benefit obligation may be analysed between funded and unfunded plans as follows Funded (32,564) (5,763) (2,443) (1,382) (42,152) Unfunded (270) (2,510) (4,665) (270) (7,715) (32,834) (8,273) (7,108) (1,652) (49,867) a The costs of managing plan investments are offset against the investment return, the costs of administering pension plan benefits are generally included in current service cost and the costs of administering other post-retirement benefit plans are included in the benefit obligation. b The past service credit in the UK represents curtailment gains arising from the closure of the primary pension plan in the UK to future accrual. For active members of that plan on 30 June 2021, benefits payable are now linked to salary as at that date. Past service credits and settlements in the Eurozone include $18 million of curtailments and settlements due to restructuring initiatives. Remaining past service cost and settlements represent charges for special termination benefits reflecting the increased liability arising as a result of early retirements. c Most of the contributions made by plan participants into UK pension plans were made under salary sacrifice. d The benefit payments amount shown above comprises $3,416 million benefits and $93 million settlements, plus $49 million of plan expenses incurred in the administration of the benefit. e The benefit obligation for the US is made up of $6,164 million for pension liabilities and $2,109 million for other post-retirement benefit liabilities (which are unfunded and are primarily retiree medical liabilities). The benefit obligation for the Eurozone includes $4,405 million for pension liabilities in Germany which is largely unfunded. f The actual return on plan assets is made up of the sum of the interest income on plan assets and the remeasurement of plan assets as disclosed above. g The fair value of plan assets includes borrowings related to the LDI programme as described on page 230. 24. Pensions and other post-retirement benefits – continued $ million 2020 UK US Eurozone Other Total Analysis of the amount charged to profit or loss Current service cost a 250 292 103 38 683 Past service cost b (48) (66) 12 (20) (122) Settlement — (23) 10 (1) (14) Operating charge relating to defined benefit plans 202 203 125 17 547 Payments to defined contribution plans 49 183 2 38 272 Total operating charge 251 386 127 55 819 Interest income on plan assets a (725) (210) (33) (40) (1,008) Interest on plan liabilities 596 289 97 59 1,041 Other finance (income) expense (129) 79 64 19 33 Analysis of the amount recognized in other comprehensive income Actual asset return less interest income on plan assets 4,108 1,041 104 38 5,291 Change in financial assumptions underlying the present value of the plan liabilities (4,207) (1,178) (143) (42) (5,570) Change in demographic assumptions underlying the present value of the plan liabilities 585 29 56 (4) 666 Experience gains and losses arising on the plan liabilities 54 (101) (178) 8 (217) Remeasurements recognized in other comprehensive income 540 (209) (161) — 170 a The costs of managing plan investments are offset against the investment return, the costs of administering pension plan benefits are generally included in current service cost and the costs of administering other post-retirement benefit plans are included in the benefit obligation. b Past service costs represent curtailment gains arising from restructuring programmes in the UK, US and other countries, whilst past service costs and settlements in the Eurozone represent charges for special termination benefits reflecting the increased liability arising as a result of early retirements. Settlement costs in the US resulted from a pension risk transfer to an external carrier for a group of small benefit retirees. Sensitivity analysis The discount rate, inflation and the mortality assumptions all have a significant effect on the amounts reported. A one-percentage point change, in isolation, in certain assumptions as at 31 December 2022 for the group’s pensions and other post-retirement benefit expense would have had the effects shown in the tables below. The effects shown for the expense in 2023 comprise the total of current service cost and net finance income or expense. $ million One percentage point UK US Eurozone Increase Decrease Increase Decrease Increase Decrease Discount rate a Effect on expense in 2023 (200) 179 (42) 48 (9) 5 Effect on obligation at 31 December 2022 (2,043) 2,552 (480) 686 (512) 616 Inflation rate b Effect on expense in 2023 82 (77) 7 (6) 31 (28) Effect on obligation at 31 December 2022 1,646 (1,531) 39 (34) 506 (441) a The amounts presented reflect that the discount rate is used to determine the asset interest income as well as the interest cost on the obligation. b The amounts presented reflect the total impact of an inflation rate change on the assumptions for rate of increase in salaries, pensions in payment and deferred pensions. $ million One year increase UK US Eurozone Longevity Effect on expense in 2023 25 4 9 Effect on obligation at 31 December 2022 504 68 182 Estimated future benefit payments and the weighted average duration of defined benefit obligations The expected benefit payments, which reflect expected future service, as appropriate, but exclude plan expenses, and the weighted average duration of the defined benefit obligations at 31 December 2022 are as follows: $ million Estimated future benefit payments UK US Eurozone Other Total 2023 985 497 307 95 1,884 2024 1,016 473 301 90 1,880 2025 1,022 477 307 90 1,896 2026 1,035 468 297 90 1,890 2027 1,048 470 293 90 1,901 2028-2032 5,371 2,283 1,376 459 9,489 Years Weighted average duration 13.0 9.8 12.0 10.8 $ million Employee costs 2022 2021 2020 Wages and salaries a 7,486 6,934 7,600 Social security costs 720 733 729 Share-based payments b 1,034 733 728 Pension and other post-retirement benefit costs 576 457 852 9,816 8,857 9,909 2022 2021 2020 Average number of employees c d US Non-US Total US Non-US Total US Non-US Total gas & low carbon energy 700 3,400 4,100 400 3,400 3,800 oil production & operations 3,000 5,700 8,700 3,100 6,000 9,100 customers & products e 8,000 35,700 43,700 6,200 35,800 42,000 other businesses and corporate 1,300 8,500 9,800 1,400 7,700 9,100 13,000 53,300 66,300 11,100 52,900 64,000 12,400 55,700 68,100 a Includes termination costs of $27 million (2021 $74 million and 2020 $1,237 million). b The group provides certain employees with shares and share options as part of their remuneration packages. The majority of these share-based payment arrangements are equity-settled. c Reported to the nearest 100. d Comparative data for the new reportable segments from 2021 onwards is not available for 2020. e Includes 23,300 (2021 21,300 and 2020 19,100) service station staff.

Cash and cash equivalents

Cash and cash equivalents	12 Months Ended
	Dec. 31, 2022
Subclassifications of assets, liabilities and equities [abstract]
Cash and cash equivalents	Cash and cash equivalents $ million 2022 2021 Cash 15,008 9,101 Triparty repos and term bank deposits 7,971 15,655 Cash equivalents (excluding triparty repos and term bank deposits) 6,216 5,925 29,195 30,681 Cash and cash equivalents comprise cash in hand; current balances with banks and similar institutions; deposits and triparty repos of three months or less with banks and similar institutions; money market funds and treasury bills. The carrying amounts of cash, triparty repos, term bank deposits and treasury bills approximate their fair values. Substantially all of the other cash equivalents are categorized within level 1 of the fair value hierarchy. Cash and cash equivalents at 31 December 2022 includes $5,866 million (2021 $4,740 million) that is restricted. The restricted cash balances include amounts required to cover initial margin on trading exchanges and certain cash balances which are subject to exchange controls. The group holds $5,822 million (2021 $4,668 million) of cash and cash equivalents outside the UK and it is not expected that any significant tax will arise on repatriation.

Finance debt

Finance debt	12 Months Ended
	Dec. 31, 2022
Financial Instruments [Abstract]
Finance debt	Finance debt $ million 2022 2021 Current Non-current Total Current Non-current Total Borrowings 3,198 43,746 46,944 5,557 55,619 61,176 The main elements of current borrowings are the current portion of long-term borrowings that is due to be repaid in the next 12 months of $2,297 million (2021 $3,366 million) and issued commercial paper of $725 million (2021 $2,163 million). Finance debt does not include accrued interest of $409 million (2021 $484 million), which is reported within other payables. As part of actively managing its debt portfolio, during the year the group bought back $7.4 billion (2021 $11.0 billion equivalent) of finance debt consisting entirely of US dollar bonds. Derivatives associated with non-US dollar debt bought back in 2021 were also terminated. These transactions have no significant impact on net debt or gearing. The following table shows the weighted-average interest rates achieved through a combination of borrowings and derivative financial instruments entered into to manage interest rate and currency exposures. Fixed rate debt Floating rate debt Total Weighted Weighted Amount Weighted Amount Amount 2022 US dollar 3 14 28,651 6 18,105 46,756 Other currencies 6 8 188 — — 188 28,839 18,105 46,944 2021 US dollar 3 12 35,891 2 25,074 60,965 Other currencies 6 9 188 1 23 211 36,079 25,097 61,176 Fair values The estimated fair value of finance debt is shown in the table below together with the carrying amount as reflected in the balance sheet. Long-term borrowings in the table below include the portion of debt that matures in the 12 months from 31 December 2022, whereas in the group balance sheet the amount is reported within current finance debt. The carrying amount of the group’s short-term borrowings, comprising mainly of commercial paper, approximates their fair value. The fair values of the significant majority of the group’s long-term borrowings are determined using quoted prices in active markets, and so fall within level 1 of the fair value hierarchy. Where quoted prices are not available, quoted prices for similar instruments in active markets are used and such measurements are therefore categorized in level 2 of the fair value hierarchy. $ million 2022 2021 Fair value Carrying Fair value Carrying Short-term borrowings 901 901 2,191 2,191 Long-term borrowings 41,689 46,043 60,755 58,985 Total finance debt 42,590 46,944 62,946 61,176

Capital disclosures and net deb

Capital disclosures and net debt	12 Months Ended
	Dec. 31, 2022
Subclassifications of assets, liabilities and equities [abstract]
Capital disclosures and analysis of changes in net debt	Capital disclosures and net debt The group defines capital as total equity plus net debt. Our financial framework seeks to support the pursuit of value growth for shareholders while maintaining a secure financial base. The group monitors capital on the basis of gearing, that is, the ratio of net debt to the total of net debt plus total equity. Net debt is calculated as finance debt, as shown in the balance sheet, plus the fair value of associated derivative financial instruments that are used to hedge foreign exchange and interest rate risks relating to finance debt for which hedge accounting is applied, less cash and cash equivalents. Net debt and gearing are non-GAAP measures. bp believes these measures provide useful information to investors. Net debt enables investors to see the economic effect of finance debt, related hedges and cash and cash equivalents in total. Gearing enables investors to see how significant net debt is relative to total equity. The derivatives are reported on the balance sheet within the headings ‘Derivative financial instruments’. All components of equity are included in the denominator of the calculation. At 31 December 2022, gearing was 20.5% (2021 25.3%). $ million At 31 December 2022 2021 Finance debt 46,944 61,176 Less: fair value asset (liability) of hedges related to finance debt a (3,673) (118) 50,617 61,294 Less: cash and cash equivalents 29,195 30,681 Net debt 21,422 30,613 Total equity 82,990 90,439 Gearing 20.5% 25.3% a 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 $91 million (2021 liability of $166 million) are not included in the calculation of net debt shown above as hedge accounting was not applied for these instruments. An analysis of changes in liabilities arising from financing activities is provided below. $ million Finance Currency swaps a Lease liabilities Net partner payable for leases entered into on behalf of joint operations Total liabilities arising from financing activities At 1 January 2022 61,176 481 8,611 250 70,518 Exchange adjustments (164) — (260) 1 (423) Net financing cash flow (10,855) (192) (1,961) (29) (13,037) Fair value (gains) losses (3,694) 5,023 — — 1,329 New and remeasured leases/joint operation payables — — 2,367 21 2,388 Other movements b 481 — (208) (201) 72 At 31 December 2022 46,944 5,312 8,549 42 60,847 At 1 January 2021 72,664 (2,965) 9,262 267 79,228 Exchange adjustments (185) — (215) — (400) Net financing cash flow (8,575) (126) (2,082) (40) (10,823) Fair value (gains) losses (2,578) 3,562 — — 984 New and remeasured leases/joint operations payables — — 1,767 23 1,790 Other movements (150) 10 (121) — (261) At 31 December 2021 61,176 481 8,611 250 70,518 a Currency swaps include cross currency interest rate swaps. b Other movements in finance debt include $1,044 million acquired with Archaea Energy Inc. and a non-cash reduction in balances related to the Alaska divestment. Other movements in the net partner payable for leases entered into on behalf of joint operations primarily represent transfers to amounts held for sale. The finance debt and currency swap balances above do 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. The currency swaps are reported on the balance sheet within the headings 'Derivative financial instruments' and are subsets of both derivatives held for trading and derivatives designated in fair value hedge relationships as detailed in Note 30. When hedge accounting is applied to these derivatives they are included in the calculation of net debt shown above. In addition to the liabilities included in the table above the group has accrued $497 million (2021 $nil) at the balance sheet date for shares repurchased between the end of the reporting period and 3rd February 2023. $9,996 million is included in the group cash flow statement for the cash used to repurchase shares during the year.

Leases

Leases	12 Months Ended
	Dec. 31, 2022
Disclosure of leases [Abstract]
Leases	Leases The group leases a number of assets as part of its activities. This primarily includes drilling rigs in the oil production & operations and gas & low carbon energy segments and retail service stations, oil depots and storage tanks in the customer & products segment as well as office accommodation and vessel charters across the group. The weighted-average remaining lease term for the total lease portfolio is around 7 years (2021 8 years). Some leases have payments that vary with market interest or inflation rates. Certain leases contain residual value guarantees, which may be triggered in certain circumstances such as if market values have significantly declined at the conclusion of the lease. The table below shows the timing of the undiscounted cash outflows for the lease liabilities included on the balance sheet. $ million 2022 2021 Undiscounted lease liability cash flows due: Within 1 year 2,348 1,949 1 to 2 years 1,728 1,631 2 to 3 years 1,232 1,207 3 to 4 years 740 1,005 4 to 5 years 632 682 5 to 10 years 1,909 2,089 Over 10 years 1,275 1,462 9,864 10,025 Impact of discounting (1,315) (1,414) Lease liabilities at 31 December 8,549 8,611 Of which – current 2,102 1,747 – non-current 6,447 6,864 The group may enter into lease arrangements a number of years before taking control of the underlying asset due to construction lead times or to secure future operational requirements. The total undiscounted amount for future commitments for leases not yet commenced as at 31 December 2022 is $5,360 million (2021 $4,996 million). The majority of this future commitment relates to the floating LNG vessel to service the Greater Tortue Ahmeyim project from 2023. $ million 2022 2021 Total cash outflow for amounts included in lease liabilities a 2,200 2,372 Expense for variable payments not included in the lease liability a 27 37 Short-term lease expense a 482 409 Additions to right-of-use assets in the period 2,451 1,807 Gain (loss) on sale and leaseback transactions — (1) a The cash outflows for amounts not included in lease liabilities approximate the income statement expenses disclosed above.

Financial instruments and finan

Financial instruments and financial risk factors	12 Months Ended
	Dec. 31, 2022
Financial Instruments [Abstract]
Financial instruments and financial risk factors	Financial instruments and financial risk factors The accounting classification of each category of financial instruments and their carrying amounts are set out below. $ million At 31 December 2022 Note Measured at amortized cost Mandatorily measured at fair value through profit or loss Derivative hedging instruments Total carrying Financial assets Other investments 18 26 3,222 — 3,248 Loans 1,245 341 — 1,586 Trade and other receivables 20 33,535 — — 33,535 Derivative financial instruments 30 — 24,395 — 24,395 Cash and cash equivalents 25 25,611 3,584 — 29,195 Financial liabilities Trade and other payables 22 (69,586) — — (69,586) Derivative financial instruments 30 — (22,481) (3,674) (26,155) Accruals (7,631) — — (7,631) Lease liabilities 28 (8,549) — — (8,549) Finance debt 26 (46,944) — — (46,944) (72,293) 9,061 (3,674) (66,906) 29. Financial instruments and financial risk factors – continued $ million At 31 December 2021 Note Measured at amortized cost Mandatorily measured at fair value through profit or loss Derivative hedging instruments Total carrying Financial assets Other investments 18 — 2,824 — 2,824 Loans 1,045 232 — 1,277 Trade and other receivables 20 27,191 — — 27,191 Derivative financial instruments 30 — 12,402 348 12,750 Cash and cash equivalents 25 27,107 3,574 — 30,681 Financial liabilities Trade and other payables 22 (58,660) — — (58,660) Derivative financial instruments 30 — (13,456) (465) (13,921) Accruals (6,606) — — (6,606) Lease liabilities 28 (8,611) — — (8,611) Finance debt 26 (61,176) — — (61,176) (79,710) 5,576 (117) (74,251) The fair value of finance debt is shown in Note 26. For all other financial instruments within the scope of IFRS 9, the carrying amount is either the fair value, or approximates the fair value. Information on gains and losses on derivative financial assets and financial liabilities classified as measured at fair value through profit or loss is provided in the derivative gains and losses section of Note 30. Fair value gains and losses related to other assets and liabilities classified as measured at fair value through profit or loss totalled a net loss of $238 million (2021 net gain of $627 million). Dividend income of $14 million (2021 $11 million) from investments in equity instruments classified as measured at fair value through profit or loss is presented within other income. Interest income and expenses arising on financial instruments are disclosed in Note 7. Financial risk factors The group is exposed to a number of different financial risks arising from ordinary business exposures as well as its use of financial instruments including market risks relating to commodity prices; foreign currency exchange rates and interest rates; credit risk; and liquidity risk. The group financial risk committee (GFRC) advises the chief financial officer (CFO) who oversees the management of these risks. The GFRC is chaired by the CFO and consists of a group of senior managers including the EVP trading and shipping and SVPs treasury, tax, accounting reporting control and planning & performance management. The purpose of the committee is to advise on financial risks and the appropriate financial risk governance framework for the group. The committee provides assurance to the CFO and the chief executive officer (CEO), and via the CEO to the board, that the group’s financial risk-taking activity is governed by appropriate policies and procedures and that financial risks are identified, measured and managed in accordance with group policies and group risk appetite. The group’s trading activities in the oil, natural gas, LNG and power markets are managed within the trading and shipping business. Treasury holds foreign exchange and interest-rate products in the financial markets to hedge group exposures related to debt and hybrid bond issuance; the compliance, control and risk management processes for these activities are managed within the treasury business. All other foreign exchange and interest rate activities within financial markets are performed within the trading and shipping business and are also underpinned by the compliance, control and risk management infrastructure common to the activities of bp’s trading and shipping business. All derivative activity is carried out by specialist teams that have the appropriate skills, experience and supervision. These teams are subject to close financial and management control. The trading and shipping business maintains formal governance processes that provide oversight of market risk, credit risk and operational risk associated with trading activity. A policy and risk committee approves value-at-risk delegations, reviews incidents and validates risk-related policies, methodologies and procedures. A commitments committee approves the trading of new products, instruments and strategies and material commitments. In addition, the trading and shipping business undertakes derivative activity for risk management purposes under a control framework as described more fully below. (a) Market risk Market risk is the risk or uncertainty arising from possible market price movements and their impact on the future performance of a business. The primary commodity price risks that the group is exposed to include oil, natural gas and power prices that could adversely affect the value of the group’s financial assets, liabilities or expected future cash flows. The group has developed a control framework aimed at managing the volatility inherent in certain of its ordinary business exposures. In accordance with the control framework the group enters into various transactions using derivatives for risk management purposes. The major components of market risk are commodity price risk, foreign currency exchange risk and interest rate risk, each of which is discussed below. (i) Commodity price risk The group’s trading and shipping business is responsible for delivering value across the overall crude, oil products, gas, LNG and power supply chains. As such, it routinely enters into spot and term physical commodity contracts in addition to optimising physical storage, pipeline and transportation capacity. These activities expose the group to commodity price risk which is managed by entering into oil, natural gas and power swaps, options and futures. The group measures market risk exposure arising from its trading positions in liquid periods using value-at-risk techniques based on Monte Carlo simulation models. These techniques make a statistical assessment of the market risk arising from possible future changes in market prices over a one-day holding period within a 95% confidence level. Trading activity occurring in liquid periods is subject to value-at-risk and other limits for each trading activity and the aggregate of all trading activity. The calculation of potential changes in value within the liquid period considers positions, historical price movements and the correlation of these price movements. Models are regularly reviewed against actual fair value movements to ensure integrity is 29. Financial instruments and financial risk factors – continued maintained. The value-at-risk measure is supplemented by stress testing and scenario analysis through simulating the financial impact of certain physical, economic and geo-political scenarios. The value-at-risk measure in respect of the aggregated trading positions in liquid periods at 31 December 2022 was $63 million (2021 $100 million) whereas the average value-at-risk measure for the period was $89 million (2021 $64 million). This measure incorporates the effect of diversification reflecting the offsetting risks across the trading portfolio. Alternative measures are used to monitor exposures which are outside of liquid periods and for which value-at-risk techniques are not appropriate. (ii) Foreign currency exchange risk Since bp has global operations, fluctuations in foreign currency exchange rates can have a significant effect on the group’s reported results and future expenditure commitments. The effects of most exchange rate fluctuations are absorbed in business operating results through changing cost competitiveness, lags in market adjustment to movements in rates and translation differences accounted for on specific transactions. For this reason, the total effect of exchange rate fluctuations is not identifiable separately in the group’s reported results. The main underlying economic currency of the group’s cash flows is the US dollar. This is because bp’s major product, oil, is priced internationally in US dollars. bp’s foreign currency exchange management policy is to limit economic and material transactional exposures arising from currency movements against the US dollar. The group co-ordinates the handling of foreign currency exchange risks centrally, by netting off naturally-occurring opposite exposures wherever possible and then managing any material residual foreign currency exchange risks. Most of the group’s borrowings are in US dollars or are hedged with respect to the US dollar. At 31 December 2022, the total foreign currency borrowings not swapped into US dollars amounted to $188 million (2021 $211 million). The group also has in issue perpetual subordinated hybrid bonds in euro, sterling and US dollars. Whilst the contractual terms of these instruments allow the group to defer coupon payments and the repayment of principal indefinitely, the group has chosen to manage the foreign currency exposure relating to the non-US dollar hybrid bonds to their respective first call periods. The group manages the net residual foreign currency exposures by constantly reviewing the foreign currency economic value at risk and aims to manage such risk to keep the 12-month foreign currency value at risk below $400 million. At no point over the past three years did the value at risk exceed the maximum risk limit. A continuous assessment is made in respect of the group’s foreign currency exposures to capture hedging requirements. During the year, hedge accounting was applied to foreign currency exposure to highly probable forecast capital expenditure commitments. The group fixes the US dollar cost of non-US dollar supplies by using currency forwards for the highly probable forecast capital expenditure. At 31 December 2022 the most significant open contracts in place were for $5 million sterling (2021 $55 million sterling). Where the group enters into foreign currency exchange contracts for entrepreneurial trading purposes the activity is controlled using trading value-at-risk techniques as explained in (i) commodity price risk above. (iii) Interest rate risk bp is also exposed to interest rate risk from the possibility that changes in interest rates will affect future cash flows or the fair values of its financial instruments, principally finance debt. While the group issues debt and hybrid bonds in a variety of currencies based on market opportunities, it uses derivatives to swap the economic exposure to a floating rate basis, mainly to US dollar floating, but in certain defined circumstances maintains a US dollar fixed rate exposure for a proportion of debt. The proportion of floating rate debt net of interest rate swaps at 31 December 2022 was 39% of total finance debt outstanding (2021 41%). The weighted average interest rate on finance debt at 31 December 2022 was 4% (2021 3%) and the weighted average maturity of fixed rate debt was fourteen years (2021 twelve years). The group’s earnings are sensitive to changes in interest rates on the element of the group’s finance debt that is contractually floating rate or has been swapped to floating rates. If the interest rates applicable to these floating rate instruments were to have changed by one percentage point on 1 January 2023, it is estimated that the group’s finance costs for 2023 would change by approximately $181 million (2021 $251 million). bp is exposed to benchmark interest rate components; primarily 3 month USD LIBOR. From 31 December 2021 some USD LIBOR tenors, and all EUR, GBP and CHF LIBOR tenors ceased to be published. The remaining USD LIBOR tenors, including 3 month USD LIBOR, will continue to be published until June 2023 . In October 2020 the International Swaps and Derivatives Association (ISDA) published its fallback protocol containing clauses to amend derivative contracts on the cessation of LIBOR should an entity and its counterparties adhere to the protocol. The protocol’s pricing mechanism is at fair market value and bp has signed up to the protocol as this removes transition uncertainty for any interest rate and cross-currency interest rate swap contracts of the group. Market participants have mostly switched to the new risk free rates increasing market activity and liquidity as they move away from LIBOR. bp continues to monitor regulatory and market developments over the course of the transition. During 2022, bp's internal working group for IBOR reform continued to monitor market developments and manage the transition to alternative benchmark rates. The working group has identified financial instruments that are linked to existing interest rate benchmarks, primarily borrowings and derivative contracts. As at 31 December 2022 finance debt with a carrying value of $1,873 million (2021 $2,062 million) and derivatives with a nominal value of $24,088 million (2021 $24,088 million) are exposed to USD LIBOR and are expected to transition to alternative benchmark rates. The derivatives comprise relevant derivative contracts hedging finance debt and hybrid bonds all of which are covered by the ISDA fallback protocol. For finance debt, negotiations with relevant counterparties are ongoing and transition is expected before the end of June 2023. Any derivatives not actively transitioned before the end of June 2023 will be transitioned through the ISDA protocol. New contracts are being executed based on the new risk free rates. The working group continues to implement the relevant IT and operational requirements needed. bp continues to participate in external committees and task forces dedicated to interest rate benchmark reform. (b) Credit risk Credit risk is the risk that a customer or counterparty to a financial instrument will fail to perform or fail to pay amounts due causing financial loss to the group and arises from cash and cash equivalents, derivative financial instruments and deposits with financial institutions and principally from credit exposures to customers relating to outstanding receivables. Credit exposure also exists in relation to guarantees issued by group companies under which the outstanding exposure incremental to that recognized on the balance sheet at 31 December 2022 was $1,704 million (2021 $1,407 million) in respect of liabilities of joint ventures and associates and $680 million (2021 $694 million) in respect of liabilities of other third parties. An amount of $267 million (2021 $337 million) is recorded as a liability at 31 December 2022 in relation to these guarantees. For all guarantees, maturity dates vary, and the guarantees will terminate on payment and/or cancellation of the obligation. In general, a payment under the guarantee contract would be triggered by failure of the guaranteed party to fulfil its obligation covered by the guarantee. 29. Financial instruments and financial risk factors – continued The group has a credit policy, approved by the CFO that is designed to ensure that consistent processes are in place throughout the group to measure and control credit risk. Credit risk is considered as part of the risk-reward balance of doing business. On entering into any business contract the extent to which the arrangement exposes the group to credit risk is considered. Key requirements of the policy include segregation of credit approval authorities from any sales, marketing or trading teams authorized to incur credit risk; the establishment of credit systems and processes to ensure that all counterparty exposure is rated and that all counterparty exposure and limits can be monitored and reported; and the timely identification and reporting of any non-approved credit exposures and credit losses. While each segment is responsible for its own credit risk management and reporting consistent with group policy, treasury holds group-wide credit risk authority and oversight responsibility for exposure to banks and financial institutions. For the purposes of financial reporting the group calculates expected loss allowances based on the maximum contractual period over which the group is exposed to credit risk. Lifetime expected credit losses are recognized for trade receivables and the credit risk associated with the significant majority of financial assets measured at amortized cost is considered to be low. Since the tenor of substantially all of the group's in-scope financial assets is less than 12 months there is no significant difference between the measurement of 12-month and lifetime expected credit losses. Expected loss allowances for financial guarantee contracts are typically lower than their initial fair value less, where appropriate, amortization. Financial assets are considered to be credit-impaired when there is reasonable and supportable evidence that one or more events that have a detrimental impact on the estimated future cash flows of the financial asset have occurred. This includes observable data concerning significant financial difficulty of the counterparty; a breach of contract; concession being granted to the counterparty for economic or contractual reasons relating to the counterparty’s financial difficulty, that would not otherwise be considered; it becoming probable that the counterparty will enter bankruptcy or other financial re-organization or an active market for the financial asset disappearing because of financial difficulties. The group also applies a rebuttable presumption that an asset is credit-impaired when contractual payments are more than 30 days past due. Where the group has no reasonable expectation of recovering a financial asset in its entirety or a portion thereof, for example where all legal avenues for collection of amounts due have been exhausted, the financial asset (or relevant portion) is written off. The measurement of expected credit losses is a function of the probability of default, loss given default (i.e. the magnitude of the loss after recovery if there is a default) and the exposure at default (i.e. the asset's carrying amount). The group allocates a credit risk rating to exposures based on data that is determined to be predictive of the risk of loss, including but not limited to external ratings. Probabilities of default derived from historical, current and future-looking market data are assigned by credit risk rating with a loss given default based on historical experience and relevant market and academic research applied by exposure type. Experienced credit judgement is applied to ensure probabilities of default are reflective of the credit risk associated with the group's exposures. Credit enhancements that would reduce the group's credit losses in the event of default are reflected in the calculation when they are considered integral to the related asset. The maximum credit exposure associated with financial assets is equal to the carrying amount. The group does not aim to remove credit risk entirely but expects to experience a certain level of credit losses. As at 31 December 2022, the group had in place credit enhancements designed to mitigate approximately $12.6 billion (2021 $9.5 billion) of credit risk of which approximately $10.3 billion (2021 $7.5 billion) related to assets in the scope of IFRS 9's impairment requirements. Credit enhancements include standby and documentary letters of credit, bank guarantees, insurance and liens which are typically taken out with financial institutions who have investment grade credit ratings, or are liens over assets held by the counterparty of the related receivables. Reports are regularly prepared and presented to the GFRC that cover the group’s overall credit exposure and expected loss trends, exposure by segment, and overall quality of the portfolio. Management information used to monitor credit risk, which reflects the impact of credit enhancements, indicates that the risk profile of financial assets which are subject to review for impairment under IFRS 9 is as set out below. % As at 31 December 2022 2021 AAA to AA- 9 % 14 % A+ to A- 49 % 46 % BBB+ to BBB- 15 % 14 % BB+ to BB- 11 % 8 % B+ to B- 12 % 16 % CCC+ and below 4 % 2 % Movements in the impairment provision for trade and other receivables are shown in Note 21. 29. Financial instruments and financial risk factors – continued Financial instruments subject to offsetting, enforceable master netting arrangements and similar agreements The following table shows the amounts recognized for financial assets and liabilities which are subject to offsetting arrangements on a gross basis, and the amounts offset in the balance sheet. Amounts which cannot be offset under IFRS, but which could be settled net under the terms of master netting agreements if certain conditions arise, and collateral received or pledged, are also presented in the table to show the total net exposure of the group. $ million Gross amounts of recognized financial assets (liabilities) Amounts Net amounts Related amounts not set off Net amount At 31 December 2022 Master Cash Derivative assets 33,199 (8,804) 24,395 (3,988) (918) 19,489 Derivative liabilities (34,918) 8,804 (26,114) 3,988 436 (21,690) Trade and other receivables 17,947 (8,381) 9,566 (1,325) (224) 8,017 Trade and other payables (20,671) 8,381 (12,290) 1,325 61 (10,904) At 31 December 2021 Derivative assets 20,519 (7,769) 12,750 (3,104) (414) 9,232 Derivative liabilities a (21,683) 7,769 (13,914) 3,104 357 (10,453) Trade and other receivables 17,105 (8,104) 9,001 (1,038) (249) 7,714 Trade and other payables a (19,279) 8,104 (11,175) 1,038 22 (10,115) a Comparative amounts for collateral pledged, and the resulting net exposure, have been updated to reflect current year presentation. (c) Liquidity risk Liquidity risk is the risk that suitable sources of funding for the group’s business activities may not be available. The group’s liquidity is managed centrally with operating units forecasting their cash and currency requirements to the central treasury function. Unless restricted by local regulations, generally subsidiaries pool their cash surpluses to the treasury function, which will then arrange to fund other subsidiaries’ requirements, or invest any net surplus in the market or arrange for necessary external borrowings, while managing the group’s overall net currency positions. While there is the potential for concerns about the energy transition to impact banks’ or debt investors’ appetite to finance hydrocarbon activity, we do not anticipate any material change to the group's funding or liquidity in the short to medium term as a result of such concerns. The group benefits from open credit provided by suppliers who generally sell on five to 60-day payment terms in accordance with industry norms. bp utilizes various arrangements in order to manage its working capital and reduce volatility in cash flow. This includes discounting of receivables and, in the supply and trading businesses, managing inventory, collateral and supplier payment terms within a maximum of 60 days. It is normal practice in the oil and gas supply and trading business for customers and suppliers to utilize letter of credit (LC) facilities to mitigate credit and non-performance risk. Consequently, LCs facilitate active trading in a global market where credit and performance risk can be significant. In common with the industry, bp routinely provides LCs to some of its suppliers. The group has committed LC facilities totalling $12,730 million (2021 $12,575 million), allowing LCs to be issued for a maximum 24-month duration. There were also uncommitted secured LC facilities in place at 31 December 2022 for $3,800 million (2021 $4,290 million), which are secured against inventories or receivables when utilized. The facilities are held with over 28 international banks. The uncommitted LC facilities can only be terminated by either party giving a stipulated termination notice to the other. In certain circumstances, the supplier has the option to request accelerated payment from the LC provider in order to further reduce their exposure. bp’s payments are made to the provider of the LC rather than the supplier according to the original contractual payment terms. At 31 December 2022, $9,520 million (2021 $9,154 million) of the group’s trade payables subject to these arrangements were payable to LC providers, with no material exposure to any individual provider. If these facilities were not available, this could result in renegotiation of payment terms with suppliers such that settlement periods were shorter. Standard & Poor’s Ratings long-term credit rating for bp is A- (positive) and Moody’s Investors Service rating is A2 (positive) and the Fitch Ratings' long-term credit rating is A (positive). During 2022, a $2 billion (2021 $6 billion) long-term taxable bond was issued with a maturity term of 10 years. In addition the group drew down on perpetual hybrid capital instruments with a US dollar equivalent value of $0.4 billion (2021 $0.9 billion) . Commercial paper is issued at competitive rates to meet short-term borrowing requirements as and when needed. As a further liquidity measure, the group continues to maintain suitable levels of cash and cash equivalents, amounting to $29.2 billion at 31 December 2022 (2021 $30.7 billion), primarily invested with highly rated banks or money market funds and readily accessible at immediate and short notice. At 31 December 2022, the group had substantial amounts of undrawn borrowing facilities available, consisting of an undrawn committed $8.0 billion (2021 $8.0 billion) credit facility and $4.0 billion (2021 $4.0 billion) of standby facilities. As at 31 December 2022 the credit facility and standby facilities were available for two and four years respectively. The facilities are with 27 international banks and borrowings under them would be at pre-agreed rates. In February 2023 $11.7 billion of these facilities were extended for a further year. For further information on the group's sources and uses of cash see Liquidity and capital resources on page 356. The group manages liquidity risk associated with derivative contracts, other than derivative hedging instruments, based on the expected maturities of both derivative assets and liabilities as indicated in Note 30. Management does not currently anticipate any cash flows, other than noted below, that could be of a significantly different amount or could occur earlier than the expected maturity analysis provided. 29. Financial instruments and financial risk factors – continued The table below shows the timing of undiscounted cash outflows relating to finance debt, trade and other payables and accruals. As part of actively managing the group’s debt portfolio it is possible that cash flows in relation to finance debt could be accelerated from the profile provided. $ million 2022 2021 Trade and other payables a Accruals Finance Interest on finance debt Trade and other payables a Accruals Finance Interest on finance debt Within one year 59,618 6,398 2,978 2,133 48,497 5,638 5,370 1,497 1 to 2 years 1,625 230 2,811 1,923 1,627 209 4,425 1,341 2 to 3 years 1,378 207 4,066 1,770 1,346 108 5,953 1,204 3 to 4 years 1,192 110 5,077 1,566 1,328 144 5,958 1,047 4 to 5 years 1,188 114 5,773 1,324 1,146 56 5,504 896 5 to 10 years 6,109 348 13,621 4,283 5,695 218 16,483 2,705 Over 10 years 772 224 13,135 2,828 1,699 233 14,744 1,699 71,882 7,631 47,461 15,827 61,338 6,606 58,437 10,389 a 2022 includes $11,884 million (2021 $13,170 million) in relation to the Gulf of Mexico oil spill, of which $10,660 million (2021 $11,883 million) matures in greater than one year. The table below shows the timing of cash outflows for derivative financial instruments entered into for the purpose of managing interest rate and foreign currency exchange risk, whether or not hedge accounting is applied, based upon contractual payment dates. As part of actively managing the group’s debt portfolio it is possible that cash flows in relation to associated derivatives could be accelerated from the profile provided. The amounts reflect the gross settlement amount where the pay leg of a derivative will be settled separately from the receive leg, as in the case of cross-currency swaps hedging non-US dollar finance debt or hybrid bonds. The swaps are with high investment-grade counterparties and therefore the settlement-day risk exposure is considered to be negligible. Not shown in the table are the gross settlement amounts (inflows) for the receive leg of derivatives that are settled separately from the pay leg, which amount to $23,970 million at 31 December 2022 (2021 $27,048 million) to be received on the same day as the related cash outflows. $ million Cash outflows for derivative financial instruments at 31 December 2022 2021 Within one year 1,492 1,497 1 to 2 years 2,531 1,492 2 to 3 years 2,053 2,531 3 to 4 years 5,575 2,053 4 to 5 years 3,584 5,575 5 to 10 years 7,627 8,618 Over 10 years 2,772 5,365 25,634 27,131 For further information on our derivative financial instruments, see Note 30.

Derivative financial instrument

Derivative financial instruments	12 Months Ended
	Dec. 31, 2022
Financial Instruments [Abstract]
Derivative financial instruments	Derivative financial instruments In the normal course of business the group enters into derivative financial instruments (derivatives) to manage its normal business exposures in relation to commodity prices, foreign currency exchange rates and interest rates, including management of the balance between floating rate and fixed rate debt, consistent with risk management policies and objectives. An outline of the group’s financial risks and the objectives and policies pursued in relation to those risks is set out in Note 29. Additionally, the group has a well-established entrepreneurial trading operation that is undertaken in conjunction with these activities using a similar range of contracts. For information on significant estimates and judgements made in relation to the valuation of derivatives see Derivative financial instruments within Note 1. The fair values of derivative financial instruments at 31 December are set out below. Exchange traded derivatives are valued using closing prices provided by the exchange as at the balance sheet date. These derivatives are categorized within level 1 of the fair value hierarchy. Exchange traded derivatives are typically considered settled through the (normally daily) payment or receipt of variation margin. Over-the-counter (OTC) financial swaps, forwards and physical commodity sale and purchase contracts are generally valued using readily available information in the public markets and quotations provided by brokers and price index developers. These quotes are corroborated with market data and are categorized within level 2 of the fair value hierarchy. In certain less liquid markets, or for longer-term contracts, forward prices are not as readily available. In these circumstances, OTC financial swaps and physical commodity sale and purchase contracts are valued using internally developed methodologies that consider historical relationships between various commodities, and that result in management’s best estimate of fair value. These contracts are categorized within level 3 of the fair value hierarchy. 30. Derivative financial instruments – continued Financial OTC and physical commodity options are valued using industry standard models that consider various assumptions, including quoted forward prices for commodities, time value, volatility factors, and contractual prices for the underlying instruments, as well as other relevant economic factors. The degree to which these inputs are observable in the forward markets determines whether the option is categorized within level 2 or level 3 of the fair value hierarchy. $ million 2022 2021 Fair value Fair value Fair value Fair value Derivatives held for trading Currency derivatives 634 (2,346) 272 (643) Oil price derivatives 2,753 (1,961) 2,192 (1,567) Natural gas price derivatives 15,437 (12,129) 6,823 (8,273) Power price derivatives 5,527 (6,004) 3,105 (2,966) Other derivatives 44 — 10 — 24,395 (22,440) 12,402 (13,449) Embedded derivatives Other embedded derivatives — (41) — (7) — (41) — (7) Cash flow hedges Currency forwards — — 1 — — — 1 — Fair value hedges Currency swaps — (3,670) 326 (465) Interest rate swaps — (4) 21 — — (3,674) 347 (465) 24,395 (26,155) 12,750 (13,921) Of which – current 11,554 (12,618) 5,744 (7,565) – non-current 12,841 (13,537) 7,006 (6,356) Derivatives held for trading The group maintains active trading positions in a variety of derivatives. The contracts may be entered into for risk management purposes, to satisfy supply requirements or for entrepreneurial trading. Certain contracts are classified as held for trading, regardless of their original business objective, and are recognized at fair value with changes in fair value recognized in the income statement. Trading activities are undertaken by using a range of contract types in combination to create incremental gains by arbitraging prices between markets, locations and time periods. The net of these exposures is monitored using market value-at-risk techniques as described in Note 29. The following tables show further information on the fair value of derivatives and other financial instruments held for trading purposes. Derivative assets held for trading have the following fair values and maturities. $ million 2022 Less than 1-2 years 2-3 years 3-4 years 4-5 years Over Total Currency derivatives 536 14 10 10 9 55 634 Oil price derivatives 1,971 445 150 63 35 89 2,753 Natural gas price derivatives 7,157 3,740 749 442 316 3,033 15,437 Power price derivatives 1,848 1,317 623 376 291 1,072 5,527 Other derivatives 42 — — — — 2 44 11,554 5,516 1,532 891 651 4,251 24,395 $ million 2021 Less than 1-2 years 2-3 years 3-4 years 4-5 years Over Total Currency derivatives 168 52 1 1 — 50 272 Oil price derivatives 1,544 429 167 47 4 1 2,192 Natural gas price derivatives 2,678 847 547 456 368 1,927 6,823 Power price derivatives 1,322 553 285 174 124 647 3,105 Other derivatives — 7 — — — 3 10 5,712 1,888 1,000 678 496 2,628 12,402 30. Derivative financial instruments – continued Derivative liabilities held for trading have the following fair values and maturities. $ million 2022 Less than 1-2 years 2-3 years 3-4 years 4-5 years Over Total Currency derivatives (587) (95) (3) (629) (319) (713) (2,346) Oil price derivatives (1,615) (318) (23) (4) (1) — (1,961) Natural gas price derivatives (7,255) (1,157) (539) (328) (214) (2,636) (12,129) Power price derivatives (2,924) (1,002) (506) (335) (273) (964) (6,004) (12,381) (2,572) (1,071) (1,296) (807) (4,313) (22,440) $ million 2021 Less than 1-2 years 2-3 years 3-4 years 4-5 years Over Total Currency derivatives (191) (2) (13) (5) (173) (259) (643) Oil price derivatives (1,340) (179) (39) (7) (2) — (1,567) Natural gas price derivatives (4,551) (1,053) (460) (351) (282) (1,576) (8,273) Power price derivatives (1,485) (601) (211) (135) (92) (442) (2,966) (7,567) (1,835) (723) (498) (549) (2,277) (13,449) The following table shows the fair value of derivative assets and derivative liabilities held for trading, analysed by maturity period and by methodology of fair value estimation. This information is presented on a gross basis, that is, before netting by counterparty. $ million 2022 Less than 1-2 years 2-3 years 3-4 years 4-5 years Over Total Fair value of derivative assets Level 1 207 17 19 4 — — 247 Level 2 17,161 5,628 935 289 77 65 24,155 Level 3 1,525 1,014 783 659 601 4,215 8,797 18,893 6,659 1,737 952 678 4,280 33,199 Less: netting by counterparty (7,339) (1,143) (205) (61) (27) (29) (8,804) 11,554 5,516 1,532 891 651 4,251 24,395 Fair value of derivative liabilities Level 1 (281) (20) (22) (7) — — (330) Level 2 (18,116) (2,901) (702) (915) (437) (805) (23,876) Level 3 (1,323) (794) (552) (435) (397) (3,537) (7,038) (19,720) (3,715) (1,276) (1,357) (834) (4,342) (31,244) Less: netting by counterparty 7,339 1,143 205 61 27 29 8,804 (12,381) (2,572) (1,071) (1,296) (807) (4,313) (22,440) Net fair value (827) 2,944 461 (405) (156) (62) 1,955 $ million 2021 Less than 1-2 years 2-3 years 3-4 years 4-5 years Over Total Fair value of derivative assets Level 1 63 25 4 6 1 — 99 Level 2 11,418 1,957 631 298 139 102 14,545 Level 3 888 600 510 416 382 2,731 5,527 12,369 2,582 1,145 720 522 2,833 20,171 Less: netting by counterparty (6,657) (694) (145) (42) (26) (205) (7,769) 5,712 1,888 1,000 678 496 2,628 12,402 Fair value of derivative liabilities Level 1 (57) (28) (4) (8) (2) — (99) Level 2 (13,646) (2,189) (575) (251) (305) (216) (17,182) Level 3 (521) (312) (289) (281) (268) (2,266) (3,937) (14,224) (2,529) (868) (540) (575) (2,482) (21,218) Less: netting by counterparty 6,657 694 145 42 26 205 7,769 (7,567) (1,835) (723) (498) (549) (2,277) (13,449) Net fair value (1,855) 53 277 180 (53) 351 (1,047) 30. Derivative financial instruments – continued Level 3 derivatives The following table shows the changes during the year in the net fair value of derivatives held for trading purposes within level 3 of the fair value hierarchy. $ million Oil Natural gas Power Currency Other Total Fair value contracts at 1 January 2022 199 534 40 (154) 10 629 Gains (losses) recognized in the income statement 17 508 334 215 34 1,108 Purchases a — (4) (889) — — (893) Settlements (73) (210) (32) — — (315) Transfers out of level 3 (115) 77 23 — — (15) Net fair value of contracts at 31 December 2022 28 905 (524) 61 44 514 Deferred day-one gains (losses) 1,245 Derivative asset (liability) 1,759 $ million Oil Natural gas Power Currency Other Total Fair value contracts at 1 January 2021 191 147 (173) 5 6 176 Gains (losses) recognized in the income statement 302 410 407 (159) 1 961 Purchases — — — — 3 3 Settlements (248) (33) (115) — — (396) Transfers out of level 3 (46) 10 (79) — — (115) Net fair value of contracts at 31 December 2021 199 534 40 (154) 10 629 Deferred day-one gains (losses) 961 Derivative asset (liability) 1,590 a Primarily relates to the acquisition of EDF Energy Services. The amount recognized in the income statement for the year relating to level 3 held-for-trading derivatives still held at 31 December 2022 was a $1,223 million gain (2021 $755 million gain related to derivatives still held at 31 December 2021). Derivative gains and losses The group enters into derivative contracts including futures, options, swaps and certain forward sales and forward purchases contracts, relating to both currency and commodity trading activities. Gains or losses arise on contracts entered into for risk management purposes, optimization activity and entrepreneurial trading. They also arise on certain contracts that are for normal procurement or sales activity for the group but that are required to be fair valued under accounting standards. These gains and losses are included within sales and other operating revenues in the income statement. Also included within this line item are gains and losses on inventory held for trading purposes. The total amount relating to all these items was a net gain of $7,829 million (2021 $4,466 million net gain). This number does not include gains and losses on the change in value of contracts which are not recognized under IFRS such as transportation and storage contracts, but does include the associated financially settled contracts. The net amounts for actual gains and losses relating to these derivative contracts and all related items therefore differ significantly from the amounts disclosed above. As outlined in Note 1- Significant estimate and judgement: derivative financial instruments, LNG contracts are only recognised in the financial statements when associated cargoes are lifted. The embedded value in these contracts is not recognised and is subject to underlying commodity price volatility, as observed during 2021 and 2022. bp expects material profits may be realised in the future as LNG cargoes are delivered. bp generally price risk manages the exposure to LNG cargoes due for delivery in the near term where there is a liquid market. It does so on a portfolio basis using derivative instruments amongst other price risk management strategies. Under IFRS, these derivative instruments, which are subject to similar price volatility, are recorded at fair value through profit and loss at each reporting period, which creates an accounting mismatch in the financial statements between the accounting for LNG contracts and the derivatives used for risk management. For the year ended 31 December 2021, LNG prices rose significantly and material losses on LNG related derivative positions were recorded. For the year ended 31 December 2022 due to active risk management and the movement in the underlying commodity prices, there were no material gains or losses recorded on the associated derivative positions. For additional information, details of management’s internal measure of performance are given in the Group Performance Report on page 32 and on page 354. The group also enters into derivative contracts relating to foreign currency risk management activities including contracts that the group has entered into to manage the foreign currency exposure relating to the non-US dollar hybrid bonds to their respective first call periods. The change in the unrealized value of these contracts was a net loss of $1,280 million (2021 $775 million net loss and 2020 $829 million net gain). Where the derivative is economically hedging finance debt, gains and losses on such derivative contracts are included within finance costs. Where the derivative is managing non-US hybrid bond exposure gains and loss are included within production and manufacturing expenses. Where these gains and losses arise on derivatives hedging finance debt they are largely offset by opposing net foreign exchange differences on retranslation of the associated non-US dollar debt. The net amounts for actual gains and losses relating to these derivative contracts and all related items therefore differ significantly from the amounts disclosed above. Cash flow hedges (i) Foreign currency risk of highly probable forecast capital expenditure At 31 December 2022, the group held currency forwards designated as hedging instruments in cash flow hedge relationships of highly probable forecast non-US dollar capital expenditure. Note 29 outlines the group’s approach to foreign currency exchange risk management. When the highly probable forecast capital expenditure designated as a hedged item occurs, a non-financial asset is recognized and is presented within the fixed asset section of the balance sheet. The group claims hedge accounting only for the spot value of the currency exposure in line with the strategy to fix the volatility in the spot exchange rate element. The fair value on the instrument attributable to forward points and foreign currency basis spreads is taken immediately to the income statement. 30. Derivative financial instruments – continued The group applies hedge accounting where there is an economic relationship between the hedged item and hedging instrument. The existence of an economic relationship is determined at inception and prospectively by comparing the critical terms of the hedging instrument and those of the hedged item. The group enters into hedging derivatives that match the currency and notional of the hedged items on a 1:1 hedge ratio basis. The hedge ratio is determined by comparing the notional amount of the derivative with the notional designated on the forecast transaction. The group determines the extent to which it hedges highly probable forecast capital expenditures on a project by project basis. The group has identified the following sources of ineffectiveness, which are not expected to be material: • counterparty's credit risk, the group mitigates counterparty credit risk by entering into derivative transactions with high credit quality counterparties; and • differences in settlement timing between the derivative and hedged items. The latter impacts the discount factor used in the calculation of the hedge ineffectiveness. The group mitigates differences in timing between the derivatives and hedged items by applying a rolling strategy and by hedging currency pairs from stable economies. The group's cash flow hedge designations are highly effective as the sources of ineffectiveness identified are expected to result in minimal hedge ineffectiveness. The group has not designated any net positions as hedged items in cash flow hedges of foreign currency risk. (ii) Commodity price risk of highly probable forecast sales During the period the group held Henry Hub NYMEX futures designated as hedging instruments in cash flow hedge relationships of certain highly probable forecast future sales. Henry Hub NYMEX futures are subject to daily settlement, where their fair value at the end of each day is required to be cash settled, such that the carrying amount of these hedging instruments within continuing hedge relationships is always zero at the end of each day. The group is exposed to the variability in the gas price, but only applied hedge accounting to the risk of Henry Hub price movements for a percentage of future gas sales from its BPX Energy business. The group applied hedge accounting in relation to these highly probable future sales where there was an economic relationship between the hedged item and hedging instrument. The existence of an economic relationship was determined at inception and prospectively by comparing the critical terms of the hedging instrument and those of the hedged item. The group entered into hedging derivatives that matched the notional amounts of the hedged items on a 1:1 hedge ratio basis. The hedge ratio was determined by comparing the notional amount of the derivative with the notional amount designated on the forecast transaction. The hedge was highly effective due to the price index of the hedging instruments matching the price index of the hedged item. The group did not designate any net positions as hedged items in cash flow hedges of commodity price risk. The tables below summarize the change in the fair value of hedging instruments and the hedged item used to calculate ineffectiveness in the period. $ million Change in fair value of hedging instrument used to calculate ineffectiveness Change in fair value of hedged item used to calculate ineffectiveness Hedge ineffectiveness recognized in profit or (loss) At 31 December 2022 Cash flow hedges Foreign exchange risk Highly probable forecast capital expenditure — — — Commodity price risk Highly probable forecast sales (825) 825 — At 31 December 2021 Cash flow hedges Foreign exchange risk Highly probable forecast capital expenditure (1) 1 — Commodity price risk Highly probable forecast sales (430) 430 — 30. Derivative financial instruments – continued The tables below summarize the carrying amount and nominal amount of the derivatives designated as hedging instruments in cash flow hedge relationships. Carrying amount of hedging instrument Nominal amounts of hedging instruments Assets Liabilities At 31 December 2022 $ million $ million $ million mmBtu Cash flow hedges Foreign exchange risk Highly probable forecast capital expenditure — — 5 Commodity price risk Highly probable forecast sales — — (469) At 31 December 2021 Cash flow hedges Foreign exchange risk Highly probable forecast capital expenditure 1 — 55 Commodity price risk Highly probable forecast sales — — (420) All hedging instruments are presented within derivative financial instruments on the group balance sheet. All of the nominal amount of hedging instruments at 31 December 2022 and 2021 relating to highly probably forecast capital expenditure matures within 12 months of the relevant balance sheet date. Of the nominal amount of hedging instruments at 31 December 2022 relating to highly probably forecast sales 349 mmBtu (2021 245 mmBtu) matures within 12 months and 120 mmBtu (2021 175 mmBtu) within one to two years. The table below summarizes the weighted average exchange rates and the weighted average sales price in relation to the derivatives designated as hedging instruments in cash flow hedge relationships at 31 December. Weighted average price/rate 2022 2021 At 31 December Forecast capital expenditure Forecast sales Forecast capital expenditure Forecast sales Sterling/US dollar 1.25 1.33 Henry Hub $/mmBtu 4.03 3.24 Fair value hedges At 31 December 2022, the group held interest rate and cross-currency interest rate swap contracts as fair value hedges of the interest rate risk and foreign currency risk arising from group fixed rate debt issuances. Note 29 outlines the group’s approach to interest rate and foreign currency exchange risk management. The interest rate swaps are used to convert US dollar denominated fixed rate borrowings into floating rate debt. The cross-currency interest rate swaps are used to convert sterling, euro, Swiss franc, Canadian dollar and Norwegian krone denominated fixed rate borrowings into US dollar floating rate debt. The group manages all risks derived from debt issuance, such as credit risk, however, the group applies hedge accounting only to certain components of interest rate and foreign currency risk in order to minimize hedge ineffectiveness. The interest rate and foreign currency exposures are identified and hedged on an instrument-by-instrument basis. For interest rate exposures, the group designates as a fair value hedge the benchmark interest rate component only. This is an observable and reliably measurable component of interest rate risk. All of the fair value hedge accounting relationships currently in place are directly affected by interest rate benchmark reform. The group's swaps which reference interest rates are primarily exposed to 3 month USD LIBOR. For all of the swaps that reference Inter-Bank Offered Rates (IBORs), ISDA fallback clauses to amend derivatives on the cessation of LIBOR are already available as bp and its counterparties have adhered to the protocol. The nominal amounts of the applicable hedging instruments represent the extent of the risk exposure bp manages for financial derivatives designated in fair value hedge relationships that is directly affected by the interest rate benchmark reform. These are disclosed in the table below. The interest rate benchmark reform does not change the risk management strategy for fair value hedges. Uncertainty around the method and timing of transition from IBORs to alternative risk-free rates (RfRs) may impact the assessment of whether hedge accounting can be applied to certain hedging relationships. However, the temporary reliefs provided by IFRS 9 allow bp to assume that in the event that significant uncertainty around the reform arises: • the interest rate benchmark component of fair value hedges only needs to be assessed as separately identifiable at initial designation; and • the interest rate benchmark is not altered for the purposes of assessing the economic relationship between the hedged item and the hedging instrument for fair value hedges. The reliefs above will continue to apply until the uncertainty arising from the interest benchmark reform with respect to the timing and amount of the underlying cash flows to which the group is exposed ends. The group expects this uncertainty to continue until either the ISDA fallback clauses are activated in June 2023 or the contracts that reference IBORs are modified replacing the IBOR benchmark rate with a risk free rate. The group's assumption is that any modifications to swaps will meet the 'economically equivalent' criteria with contractual changes restricted to only those changes necessary to replace the benchmark rate with a risk free rate. At 31 December 2022 the reliefs apply and bp continues to monitor regulatory and market developments as it manages the contractual transition. For foreign currency exposures, the group excludes from the designation the foreign currency basis spread component implicit in the cross-currency interest rate swaps. This is separately calculated at hedge designation, is recognized in other comprehensive income over the life of the hedge and amortized to the income statement on a straight-line basis, in accordance with the group’s policy on costs of hedging. 30. Derivative financial instruments – continued The group applies hedge accounting where there is an economic relationship between the hedged item and the hedging instrument. The existence of an economic relationship is determined initially by comparing the critical terms of the hedging instrument and those of the hedged item and it is prospectively assessed using linear regression analysis. The group issues fixed rate debt and enters into interest rate and cross-currency interest rate swaps with critical terms that match those of the debt and on a 1:1 hedge ratio basis. The hedge ratio is determined by comparing the notional amount of the derivative with the notional amount of the debt. The hedge relationship is designated for the full term and notional value of the debt. Both the hedging instrument and the hedged item are expected to be held to maturity. The group has identified the following sources of ineffectiveness, which are not expected to be material: • derivative counterparty’s credit risk which is not offset by the hedged item. This risk is mitigated by entering into derivative transactions only with high credit quality counterparties; and • sensitivity to interest rate between the hedged item and the derivatives. This is driven by differences in payment frequencies between the instrument and the bond. The tables below summarize the change in the fair value of hedging instruments and the hedged item used to calculate ineffectiveness in the period. The signage convention for changes in fair value presented in this table is consistent with that presented in Note 27. $ million Change in fair value of hedging instrument used to calculate ineffectiveness Change in fair value of hedged item used to calculate ineffectiveness Hedge ineffectiveness recognized in profit or (loss) At 31 December 2022 Fair value hedges Interest rate risk on finance debt 26 (27) 1 Interest rate and foreign currency risk on finance debt 3,519 (3,495) (24) At 31 December 2021 Fair value hedges Interest rate risk on finance debt 54 (54) — Interest rate and foreign currency risk on finance debt 2,565 (2,460) (105) The tables below summarize the carrying amount of the derivatives designated as hedging instruments in fair value hedge relationships at 31 December. $ million Carrying amount of hedging instrument Nominal amounts of hedging instruments At 31 December 2022 Assets Liabilities Fair value hedges Interest rate risk on finance debt — (4) 368 Interest rate and foreign currency risk on finance debt — (3,670) 17,032 At 31 December 2021 Fair value hedges Interest rate risk on finance debt 21 — 1,102 Interest rate and foreign currency risk on finance debt 326 (465) 18,880 All hedging instruments are presented within derivative financial instruments on the group balance sheet. Ineffectiveness arising on fair value hedges is included within finance costs in the income statement. 30. Derivative financial instruments – continued The tables below summarize the profile by tenor of the nominal amount of the derivatives designated as hedging instruments in fair value hedge relationships at 31 December. $ million At 31 December 2022 Less than 1 year 1-2 years 2-3 years 3-4 years 4-5 years 5-10 years Over 10 years Total Fair value hedges Interest rate risk on finance debt — 216 — 152 — — — 368 Interest rate and foreign currency risk on finance debt 1,307 2,238 1,971 2,244 1,845 4,869 2,558 17,032 At 31 December 2021 Fair value hedges Interest rate risk on finance debt 713 — 219 — 170 — — 1,102 Interest rate and foreign currency risk on finance debt 715 1,426 2,377 2,114 2,400 4,471 5,377 18,880 The table below summarizes the weighted average floating interest rate and the weighted average exchange rates in relation to the derivatives designated as hedging instruments in fair value hedge relationships at 31 December. At 31 December 2022 2021 Interest rate swaps Cross-currency interest rate swaps Interest rate swaps Cross-currency interest rate swaps Interest rate 2.48 % 6.23 % 0.31 % 1.91 % Sterling/US dollar 1.36 1.36 Euro/US dollar 1.13 1.13 Canadian dollar/US dollar 0.78 0.78 The tables below summarize the carrying amount, and the accumulated fair value adjustments included within the carrying amount, of the hedged items designated in fair value hedge relationships at 31 December. $ million Carrying amount of hedged item Accumulated fair value adjustment included in the carrying amount of hedged items At 31 December 2022 Assets Liabilities Assets Liabilities Discontinued hedges Fair value hedges Interest rate risk on finance debt — (422) 4 — (337) Interest rate and foreign currency risk on finance debt — (17,003) 2,312 — — At 31 December 2021 Fair value hedges Interest rate risk on finance debt — (1,170) — (22) (524) Interest rate and foreign currency risk on finance debt — (18,837) — (94) — The hedged item for all fair value hedges is presented within finance debt on the group balance sheet. 30. Derivative financial instruments – continued Movement in reserves related to hedge accounting The table below provides a reconciliation of the cash flow hedge and costs of hedging reserves on a pre-tax basis by risk category. The signage convention of this table is consistent with that presented in Note 32. $ million Cash flow hedge reserve Costs of hedging reserve Highly probable forecast capital expenditure Highly probable forecast sales Purchase of equity a Interest rate and foreign currency risk on finance debt Total At 1 January 2022 3 (134) (651) (190) (972) Recognized in other comprehensive income Cash flow hedges marked to market (4) (825) — — (829) Cash flow hedges reclassified to the income statement - hedged item affected profit or loss — 851 651 — 1,502 Costs of hedging marked to market — — — 61 61 Costs of hedging reclassified to the income statement — — — 25 25 (4) 26 651 86 759 Cash flow hedges transferred to the balance sheet 1 — — — 1 At 31 December 2022 — (108) — (104) (212) $ million Cash flow hedge reserve Costs of hedging reserve Highly probable forecast capital expenditure Highly probable forecast sales Purchase of equity a Interest rate and foreign currency risk on finance debt Total At 1 January 2021 12 41 (651) (106) (704) Recognized in other comprehensive income Cash flow hedges marked to market 1 (430) — — (429) Cash flow hedges reclassified to the income statement - hedged item affected profit or loss — 255 — — 255 Costs of hedging marked to market — — — (105) (105) Costs of hedging reclassified to the income statement — — — 21 21 1 (175) — (84) (258) Cash flow hedges transferred to the balance sheet (10) — — — (10) At 31 December 2021 3 (134) (651) (190) (972) a See Note 32 for further information on the cash flow hedge reserve relating to the purchase of equity. All of the cash flow hedge reserve related to the purchase of equity was reclassified to the income statement during the year following bp’s decision to exit its shareholding in Rosneft. The amount reclassified is presented in net impairment and losses on sale of businesses and fixed assets in the income statement. The remaining cash flow hedge reserve balances and amounts reclassified from the cash flow hedge reserve into profit or loss during the year relate to continuing hedge relationships. Amounts deferred in these cash flow hedge reserves that have been reclassified to profit or loss are presented in sales and other operating revenues in the income statement. Costs of hedging relates to the foreign currency basis spreads of hedging instruments used to hedge the group's interest rate and foreign currency risk on debt which is a time-period related item.

Called-up share capital

Called-up share capital	12 Months Ended
	Dec. 31, 2022
Share Capital, Reserves And Other Equity Interest [Abstract]
Called-up share capital	Called-up share capital The allotted, called up and fully paid share capital at 31 December was as follows: 2022 2021 2020 Issued Shares $ million Shares $ million Shares $ million 8% cumulative first preference shares of £1 each a 7,233 12 7,233 12 7,233 12 9% cumulative second preference shares of £1 each a 5,473 9 5,473 9 5,473 9 21 21 21 Ordinary shares of 25 cents each At 1 January 20,778,082 5,194 21,449,782 5,362 21,535,840 5,383 Issue of new shares for employee share-based payment plans 55,000 14 35,001 9 34,000 9 Issue of new shares – other 165,105 41 — — — — Repurchase of ordinary share capital (1,900,404) (475) (706,701) (177) (120,058) (30) At 31 December 19,097,783 4,774 20,778,082 5,194 21,449,782 5,362 4,795 5,215 5,383 a The nominal amount of 8% cumulative first preference shares and 9% cumulative second preference shares that can be in issue at any time shall not exceed £10,000,000 for each class of preference shares. Voting on substantive resolutions tabled at a general meeting is on a poll. On a poll, shareholders present in person or by proxy have two votes for every £5 in nominal amount of the first and second preference shares held and one vote for every ordinary share held. On a show-of-hands vote on other resolutions (procedural matters) at a general meeting, shareholders present in person or by proxy have one vote each. In the event of the winding up of the company, preference shareholders would be entitled to a sum equal to the capital paid up on the preference shares, plus an amount in respect of accrued and unpaid dividends and a premium equal to the higher of (i) 10% of the capital paid up on the preference shares and (ii) the excess of the average market price of such shares on the London Stock Exchange during the previous six months over par value. During 2022 the company repurchased 1,900 million ordinary shares for a total consideration of $9,996 million, including transaction costs of $54 million. All shares purchased were for cancellation. The repurchased shares represented 10.0% of ordinary share capital. A further 107 million ordinary shares were repurchased between the end of the reporting period and 17 February 2023, the latest practicable date before the completion of these financial statements, for a total cost of $653 million of which $497 million has been accrued at 31 December 2022. The number of shares in issue is reduced when shares are repurchased. 165 million new ordinary shares were issued in April 2022 as non-cash consideration for the acquisition of the public units of BP Midstream Partners LP. Treasury shares a 2022 2021 2020 Shares Nominal value Shares Nominal value Shares Nominal value At 1 January 1,137,457 283 1,187,650 296 1,296,856 323 Purchases for settlement of employee share plans 14,150 4 1,432 — — — Issue of new shares for employee share-based payment plans 55,000 14 35,096 9 34,116 9 Shares re-issued for employee share-based payment plans (81,680) (20) (86,721) (22) (143,322) (36) At 31 December 1,124,927 281 1,137,457 283 1,187,650 296 Of which – shares held in treasury by bp 940,571 235 1,037,201 259 1,105,157 275 – shares held in ESOP trusts 184,356 46 100,256 24 82,491 21 – shares held by bp’s US share plan administrator b — — — — 2 — a See Note 32 for definition of treasury shares. b Held in the form of ADSs to meet the requirements of employee share-based payment plans in the US. For each year presented, the balance of shares held in treasury by bp at 1 January represents 5.0% (2021 5.2% and 2020 5.4%) of the called-up ordinary share capital of the company. During 2022, the movement in shares held in treasury by bp represented less than 0.5% (2021 less than 0.3% and 2020 less than 0.3%) of the ordinary share capital of the company. Share Share Capital Merger Total share capital At 1 January 2022 5,215 12,745 1,705 27,206 46,871 Profit (loss) for the year — — — — — Items that may be reclassified subsequently to profit or loss Currency translation differences (including reclassifications) a — — — — — Cash flow hedges and costs of hedging (including reclassifications) — — — — — Share of items relating to equity-accounted entities, net of tax — — — — — Other — — — — — Items that will not be reclassified to profit or loss Remeasurements of the net pension and other post-retirement benefit liability or asset — — — — — Cash flow hedges that will subsequently be transferred to the balance sheet — — — — — Total comprehensive income — — — — — Dividends — — — — — Cash flow hedges transferred to the balance sheet, net of tax — — — — — Issue of ordinary share capital 41 779 — — 820 Repurchases of ordinary share capital (475) — 475 — — Share-based payments, net of tax b 14 168 — — 182 Share of equity-accounted entities’ changes in equity, net of tax — — — — — Issue of perpetual hybrid bonds — — — — — Payments on perpetual hybrid bonds — — — — — Tax on issue of perpetual hybrid bonds — — — — — Transactions involving non-controlling interests, net of tax — — — — — At 31 December 2022 4,795 13,692 2,180 27,206 47,873 At 1 January 2021 5,383 12,584 1,528 27,206 46,701 Profit (loss) for the year — — — — — Items that may be reclassified subsequently to profit or loss Currency translation differences (including reclassifications) — — — — — Cash flow hedges and costs of hedging (including reclassifications) — — — — — Share of items relating to equity-accounted entities, net of tax — — — — — Other — — — — — Items that will not be reclassified to profit or loss Remeasurements of the net pension and other post-retirement benefit liability or asset — — — — — Cash flow hedges that will subsequently be transferred to the balance sheet — — — — — Total comprehensive income — — — — — Dividends — — — — — Cash flow hedges transferred to the balance sheet, net of tax — — — — — Repurchases of ordinary share capital (177) — 177 — — Share-based payments, net of tax b 9 161 — — 170 Share of equity-accounted entities’ changes in equity, net of tax — — — — — Issue of perpetual hybrid bonds — — — — — Payments on perpetual hybrid bonds — — — — — Tax on issue of perpetual hybrid bonds — — — — — Transactions involving non-controlling interests, net of tax c — — — — — At 31 December 2021 5,215 12,745 1,705 27,206 46,871 a Following, bp’s decision to exit its shareholding in Rosneft on 27 February 2022 $10,372 million was reclassified to the income statement. See Note 1 - Investment in Rosneft. b Movements in treasury shares relate to employee share-based payment plans. c Principally relates to the sale of 49% interest in a controlled affiliate holding certain refined product and crude logistics assets onshore US and the buy-out of the non-controlling interest in the Thorntons fuels and convenience retail business. 32. Capital and reserves – continued $ million Treasury Foreign Cash flow Costs of hedging Total Profit and bp Non-controlling interests Total equity Hybrid bonds Other interest (12,624) (9,572) (851) (176) (1,027) 51,815 75,463 13,041 1,935 90,439 — — — — — (2,487) (2,487) 519 611 (1,357) — 6,914 — — — — 6,914 — (61) 6,853 — — 671 103 774 — 774 — — 774 — — — — — 402 402 — — 402 — — — — — (225) (225) — — (225) — — — — — 408 408 — — 408 — — (4) — (4) — (4) — — (4) — 6,914 667 103 770 (1,902) 5,782 519 550 6,851 — — — — — (4,365) (4,365) — (294) (4,659) — — 1 — 1 — 1 — — 1 — — — — — — 820 — — 820 — — — — — (10,493) (10,493) — — (10,493) 471 — — — — 194 847 — — 847 — — — — — — — — — — — — — — — (4) (4) 374 — 370 — 15 — — — — 15 (544) — (529) — — — — — — — — — — — — — — — (513) (513) — (144) (657) (12,153) (2,643) (183) (73) (256) 34,732 67,553 13,390 2,047 82,990 (13,224) (8,719) (708) (100) (808) 47,300 71,250 12,076 2,242 85,568 — — — — — 7,565 7,565 507 415 8,487 — (846) — — — — (846) — (24) (870) — — (134) (76) (210) — (210) — — (210) — — — — — 44 44 — — 44 — — — — — 1 1 — — 1 — — — — — 3,099 3,099 — — 3,099 — — 1 — 1 — 1 — — 1 — (846) (133) (76) (209) 10,709 9,654 507 391 10,552 — — — — — (4,316) (4,316) — (311) (4,627) — — (10) — (10) — (10) — — (10) — — — — — (3,151) (3,151) — — (3,151) 600 — — — — (138) 632 — — 632 — — — — — 556 556 — — 556 — — — — — (26) (26) 950 — 924 — (7) — — — — (7) (492) — (499) — — — — — — — — — — — — — — — 881 881 — (387) 494 (12,624) (9,572) (851) (176) (1,027) 51,815 75,463 13,041 1,935 90,439 32. Capital and reserves – continued Share Share Capital Merger Total share capital At 1 January 2020 5,404 12,417 1,498 27,206 46,525 Profit (loss) for the year — — — — — Items that may be reclassified subsequently to profit or loss Currency translation differences (including reclassifications) — — — — — Cash flow hedges and costs of hedging (including reclassifications) — — — — — Share of items relating to equity-accounted entities, net of tax a — — — — — Other — — — — — Items that will not be reclassified to profit or loss Remeasurements of the net pension and other post-retirement benefit liability or asset — — — — — Cash flow hedges that will subsequently be transferred to the balance sheet — — — — — Total comprehensive income — — — — — Dividends — — — — — Cash flow hedges transferred to the balance sheet, net of tax — — — — — Repurchases of ordinary share capital (30) — 30 — — Share-based payments, net of tax b 9 167 — — 176 Share of equity-accounted entities’ changes in equity, net of tax c — — — — — Issue of perpetual hybrid bonds — — — — — Payments on perpetual hybrid bonds — — — — — Tax on issue of perpetual hybrid bonds — — — — — Transactions involving non-controlling interests, net of tax d — — — — — At 31 December 2020 5,383 12,584 1,528 27,206 46,701 a Principally foreign exchange effects relating to the Russian rouble. b Movements in treasury shares relate to employee share-based payment plans. c Principally relates to a non-controlling interest transaction entered into by Rosneft. d Principally relates to the sale of interests in our UK and New Zealand retail property portfolio, for which proceeds of $0.5 billion and $0.2 billion were received respectively. 32. Capital and reserves – continued $ million Treasury Foreign Cash flow Costs of hedging Total Profit and bp Non-controlling interests Total equity Hybrid bonds Other interest (14,412) (6,495) (752) (160) (912) 73,706 98,412 — 2,296 100,708 — — — — — (20,305) (20,305) 256 (680) (20,729) — (2,224) — — — — (2,224) — 37 (2,187) — — 31 60 91 — 91 — — 91 — — — — — 312 312 — — 312 — — — — — 71 71 — — 71 — — — — — 65 65 — — 65 — — 7 — 7 — 7 — — 7 — (2,224) 38 60 98 (19,857) (21,983) 256 (643) (22,370) — — — — — (6,367) (6,367) — (238) (6,605) — — 6 — 6 — 6 — — 6 — — — — — (776) (776) — — (776) 1,188 — — — — (638) 726 — — 726 — — — — — 1,341 1,341 — — 1,341 — — — — — (48) (48) 11,909 — 11,861 — — — — — — — (89) — (89) — — — — — 3 3 — — 3 — — — — — (64) (64) — 827 763 (13,224) (8,719) (708) (100) (808) 47,300 71,250 12,076 2,242 85,568 32. Capital and reserves – continued Share capital The balance on the share capital account represents the aggregate nominal value of all ordinary and preference shares in issue, including treasury shares. Share premium account The balance on the share premium account represents the amounts received in excess of the nominal value of the ordinary and preference shares. Capital redemption reserve The balance on the capital redemption reserve represents the aggregate nominal value of all the ordinary shares repurchased and cancelled. Merger reserve The balance on the merger reserve represents the fair value of the consideration given in excess of the nominal value of the ordinary shares issued in an acquisition made by the issue of shares. Treasury shares Treasury shares represent bp shares repurchased and available for specific and limited purposes. For accounting purposes shares held in Employee Share Ownership Plans (ESOPs) and bp’s US share plan administrator to meet the future requirements of the employee share-based payment plans are treated in the same manner as treasury shares and are, therefore, included in the financial statements as treasury shares. The ESOPs are funded by the group and have waived their rights to dividends in respect of such shares held for future awards. Until such time as the shares held by the ESOPs vest unconditionally to employees, the amount paid for those shares is shown as a reduction in shareholders’ equity. Assets and liabilities of the ESOPs are recognized as assets and liabilities of the group. Foreign currency translation reserve The foreign currency translation reserve records exchange differences arising from the translation of the financial statements of foreign operations. Upon disposal of foreign operations, the related accumulated exchange differences are reclassified to the income statement. Following, bp’s decision to exit its shareholding in Rosneft on 27 February 2022 $10,372 million was reclassified to the income statement. See Note 1 - Investment in Rosneft. Cash flow hedges This reserve records the portion of the gain or loss on a hedging instrument in a cash flow hedge that is determined to be an effective hedge. At 31 December 2021 and 2020 it included $651 million relating to the acquisition of an 18.5% interest in Rosneft in 2013. Following bp’s decision to exit its shareholding in Rosneft on 27 February 2022 the full amount was reclassified to the income statement. See Note 1 - Investment in Rosneft. For further information on the accounting for cash flow hedges see Note 1 - Derivative financial instruments and hedging activities. Costs of hedging This reserve records the change in fair value of the foreign currency basis spread of financial instruments to which cost of hedge accounting has been applied. The accumulated amount relates to time-period related hedged items and is amortized to profit or loss over the term of the hedging relationship. For further information on the accounting for costs of hedging see Note 1 - Derivative financial instruments and hedging activities. Profit and loss account The balance held on this reserve is the accumulated retained profits of the group. Non-controlling interests Non-controlling interests represent the equity in subsidiaries that is not attributable, directly or indirectly, to bp shareholders. Included within non-controlling interests are perpetual subordinated hybrid bonds issued by BP Capital Markets PLC, a group subsidiary, on 17 June 2020 in euro, sterling and US dollars for a US dollar equivalent amount of $11.9 billion. The hybrid bonds include redemption options exercisable at the group’s discretion from June 2025 to March 2030 (the first ‘call date’), on specified dates thereafter, or in the event of specific circumstances (such as a change in IFRS or tax regime) as set out in the individual terms of each issue. Coupons are fixed for an initial period up to dates from September 2025 to June 2030 at rates of 3.25% to 4.875% and reset to rates determined by the contractual terms of each instrument on certain dates thereafter. The contractual terms of the hybrid bonds allow the group to defer coupon payments and the repayment of principal indefinitely, however their terms and conditions stipulate that any deferred payments must be made in the event of an announcement of an ordinary share or parity equity dividend distribution or certain share repurchases or redemptions. Payments made to and profit attributed to these hybrid bond holders in the year totalled $468 million (2021 $499 million and 2020 $89 million) and $468 million (2021 $497 million and 2020 $89 million) respectively. The accumulated non-controlling interest at the end of the year was $12,066 million (2021 $12,081 million). Non-controlling interests also includes perpetual subordinated hybrid securities issued during 2022 and 2021 by a group subsidiary, of $1,324 million. The proceeds from these issuances were specifically earmarked to fund the forward purchase and leaseback of an under-construction floating, production, storage, and offloading vessel (FPSO) to be used on one of the group’s major projects. The contractual terms of these instruments allow the group to defer interest payments and repayment of principal indefinitely however their terms and conditions stipulate that the group must purchase them on the occurrence of certain events, all within the group’s control, including the declaration or payment of a BP p.l.c. distribution after mid-May 2026. Payments made to and profit attributed to these hybrid security holders in the year totalled $61 million (2021 $nil ) and $51 million (2021 $10 million) respectively. The accumulated non-controlling interest at the end of the year was $1,324 million (2021 $960 million). As the group has the unconditional right to avoid transferring cash or another financial asset in relation to these hybrid bonds and securities, they are classified as equity instruments and reported within non-controlling interests in the consolidated financial statements. 32. Capital and reserves – continued The pre-tax amounts of each component of other comprehensive income, and the related amounts of tax, are shown in the table below. $ million 2022 Pre-tax Tax Net of tax Items that may be reclassified subsequently to profit or loss Currency translation differences (including reclassifications) 6,973 (120) 6,853 Cash flow hedges (including reclassifications) 677 (6) 671 Costs of hedging (including reclassifications) 86 17 103 Share of items relating to equity-accounted entities, net of tax 402 — 402 Other — (225) (225) Items that will not be reclassified to profit or loss Remeasurements of the net pension and other post-retirement benefit liability or asset 340 68 408 Cash flow hedges that will subsequently be transferred to the balance sheet (4) — (4) Other comprehensive income 8,474 (266) 8,208 $ million 2021 Pre-tax Tax Net of tax Items that may be reclassified subsequently to profit or loss Currency translation differences (including reclassifications) (885) 15 (870) Cash flow hedges (including reclassifications) (175) 41 (134) Costs of hedging (including reclassifications) (84) 8 (76) Share of items relating to equity-accounted entities, net of tax 44 — 44 Other — 1 1 Items that will not be reclassified to profit or loss Remeasurements of the net pension and other post-retirement benefit liability or asset 4,416 (1,317) 3,099 Cash flow hedges that will subsequently be transferred to the balance sheet 1 — 1 Other comprehensive income 3,317 (1,252) 2,065 $ million 2020 Pre-tax Tax Net of tax Items that may be reclassified subsequently to profit or loss Currency translation differences (including reclassifications) (2,196) 9 (2,187) Cash flow hedges (including reclassifications) 41 (10) 31 Costs of hedging (including reclassifications) 64 (4) 60 Share of items relating to equity-accounted entities, net of tax 312 — 312 Other — 71 71 Items that will not be reclassified to profit or loss Remeasurements of the net pension and other post-retirement benefit liability or asset 170 (105) 65 Cash flow hedges that will subsequently be transferred to the balance sheet 7 — 7 Other comprehensive income (1,602) (39) (1,641)

Capital and reserves

Capital and reserves	12 Months Ended
	Dec. 31, 2022
Share Capital, Reserves And Other Equity Interest [Abstract]
Capital and reserves	Called-up share capital The allotted, called up and fully paid share capital at 31 December was as follows: 2022 2021 2020 Issued Shares $ million Shares $ million Shares $ million 8% cumulative first preference shares of £1 each a 7,233 12 7,233 12 7,233 12 9% cumulative second preference shares of £1 each a 5,473 9 5,473 9 5,473 9 21 21 21 Ordinary shares of 25 cents each At 1 January 20,778,082 5,194 21,449,782 5,362 21,535,840 5,383 Issue of new shares for employee share-based payment plans 55,000 14 35,001 9 34,000 9 Issue of new shares – other 165,105 41 — — — — Repurchase of ordinary share capital (1,900,404) (475) (706,701) (177) (120,058) (30) At 31 December 19,097,783 4,774 20,778,082 5,194 21,449,782 5,362 4,795 5,215 5,383 a The nominal amount of 8% cumulative first preference shares and 9% cumulative second preference shares that can be in issue at any time shall not exceed £10,000,000 for each class of preference shares. Voting on substantive resolutions tabled at a general meeting is on a poll. On a poll, shareholders present in person or by proxy have two votes for every £5 in nominal amount of the first and second preference shares held and one vote for every ordinary share held. On a show-of-hands vote on other resolutions (procedural matters) at a general meeting, shareholders present in person or by proxy have one vote each. In the event of the winding up of the company, preference shareholders would be entitled to a sum equal to the capital paid up on the preference shares, plus an amount in respect of accrued and unpaid dividends and a premium equal to the higher of (i) 10% of the capital paid up on the preference shares and (ii) the excess of the average market price of such shares on the London Stock Exchange during the previous six months over par value. During 2022 the company repurchased 1,900 million ordinary shares for a total consideration of $9,996 million, including transaction costs of $54 million. All shares purchased were for cancellation. The repurchased shares represented 10.0% of ordinary share capital. A further 107 million ordinary shares were repurchased between the end of the reporting period and 17 February 2023, the latest practicable date before the completion of these financial statements, for a total cost of $653 million of which $497 million has been accrued at 31 December 2022. The number of shares in issue is reduced when shares are repurchased. 165 million new ordinary shares were issued in April 2022 as non-cash consideration for the acquisition of the public units of BP Midstream Partners LP. Treasury shares a 2022 2021 2020 Shares Nominal value Shares Nominal value Shares Nominal value At 1 January 1,137,457 283 1,187,650 296 1,296,856 323 Purchases for settlement of employee share plans 14,150 4 1,432 — — — Issue of new shares for employee share-based payment plans 55,000 14 35,096 9 34,116 9 Shares re-issued for employee share-based payment plans (81,680) (20) (86,721) (22) (143,322) (36) At 31 December 1,124,927 281 1,137,457 283 1,187,650 296 Of which – shares held in treasury by bp 940,571 235 1,037,201 259 1,105,157 275 – shares held in ESOP trusts 184,356 46 100,256 24 82,491 21 – shares held by bp’s US share plan administrator b — — — — 2 — a See Note 32 for definition of treasury shares. b Held in the form of ADSs to meet the requirements of employee share-based payment plans in the US. For each year presented, the balance of shares held in treasury by bp at 1 January represents 5.0% (2021 5.2% and 2020 5.4%) of the called-up ordinary share capital of the company. During 2022, the movement in shares held in treasury by bp represented less than 0.5% (2021 less than 0.3% and 2020 less than 0.3%) of the ordinary share capital of the company. Share Share Capital Merger Total share capital At 1 January 2022 5,215 12,745 1,705 27,206 46,871 Profit (loss) for the year — — — — — Items that may be reclassified subsequently to profit or loss Currency translation differences (including reclassifications) a — — — — — Cash flow hedges and costs of hedging (including reclassifications) — — — — — Share of items relating to equity-accounted entities, net of tax — — — — — Other — — — — — Items that will not be reclassified to profit or loss Remeasurements of the net pension and other post-retirement benefit liability or asset — — — — — Cash flow hedges that will subsequently be transferred to the balance sheet — — — — — Total comprehensive income — — — — — Dividends — — — — — Cash flow hedges transferred to the balance sheet, net of tax — — — — — Issue of ordinary share capital 41 779 — — 820 Repurchases of ordinary share capital (475) — 475 — — Share-based payments, net of tax b 14 168 — — 182 Share of equity-accounted entities’ changes in equity, net of tax — — — — — Issue of perpetual hybrid bonds — — — — — Payments on perpetual hybrid bonds — — — — — Tax on issue of perpetual hybrid bonds — — — — — Transactions involving non-controlling interests, net of tax — — — — — At 31 December 2022 4,795 13,692 2,180 27,206 47,873 At 1 January 2021 5,383 12,584 1,528 27,206 46,701 Profit (loss) for the year — — — — — Items that may be reclassified subsequently to profit or loss Currency translation differences (including reclassifications) — — — — — Cash flow hedges and costs of hedging (including reclassifications) — — — — — Share of items relating to equity-accounted entities, net of tax — — — — — Other — — — — — Items that will not be reclassified to profit or loss Remeasurements of the net pension and other post-retirement benefit liability or asset — — — — — Cash flow hedges that will subsequently be transferred to the balance sheet — — — — — Total comprehensive income — — — — — Dividends — — — — — Cash flow hedges transferred to the balance sheet, net of tax — — — — — Repurchases of ordinary share capital (177) — 177 — — Share-based payments, net of tax b 9 161 — — 170 Share of equity-accounted entities’ changes in equity, net of tax — — — — — Issue of perpetual hybrid bonds — — — — — Payments on perpetual hybrid bonds — — — — — Tax on issue of perpetual hybrid bonds — — — — — Transactions involving non-controlling interests, net of tax c — — — — — At 31 December 2021 5,215 12,745 1,705 27,206 46,871 a Following, bp’s decision to exit its shareholding in Rosneft on 27 February 2022 $10,372 million was reclassified to the income statement. See Note 1 - Investment in Rosneft. b Movements in treasury shares relate to employee share-based payment plans. c Principally relates to the sale of 49% interest in a controlled affiliate holding certain refined product and crude logistics assets onshore US and the buy-out of the non-controlling interest in the Thorntons fuels and convenience retail business. 32. Capital and reserves – continued $ million Treasury Foreign Cash flow Costs of hedging Total Profit and bp Non-controlling interests Total equity Hybrid bonds Other interest (12,624) (9,572) (851) (176) (1,027) 51,815 75,463 13,041 1,935 90,439 — — — — — (2,487) (2,487) 519 611 (1,357) — 6,914 — — — — 6,914 — (61) 6,853 — — 671 103 774 — 774 — — 774 — — — — — 402 402 — — 402 — — — — — (225) (225) — — (225) — — — — — 408 408 — — 408 — — (4) — (4) — (4) — — (4) — 6,914 667 103 770 (1,902) 5,782 519 550 6,851 — — — — — (4,365) (4,365) — (294) (4,659) — — 1 — 1 — 1 — — 1 — — — — — — 820 — — 820 — — — — — (10,493) (10,493) — — (10,493) 471 — — — — 194 847 — — 847 — — — — — — — — — — — — — — — (4) (4) 374 — 370 — 15 — — — — 15 (544) — (529) — — — — — — — — — — — — — — — (513) (513) — (144) (657) (12,153) (2,643) (183) (73) (256) 34,732 67,553 13,390 2,047 82,990 (13,224) (8,719) (708) (100) (808) 47,300 71,250 12,076 2,242 85,568 — — — — — 7,565 7,565 507 415 8,487 — (846) — — — — (846) — (24) (870) — — (134) (76) (210) — (210) — — (210) — — — — — 44 44 — — 44 — — — — — 1 1 — — 1 — — — — — 3,099 3,099 — — 3,099 — — 1 — 1 — 1 — — 1 — (846) (133) (76) (209) 10,709 9,654 507 391 10,552 — — — — — (4,316) (4,316) — (311) (4,627) — — (10) — (10) — (10) — — (10) — — — — — (3,151) (3,151) — — (3,151) 600 — — — — (138) 632 — — 632 — — — — — 556 556 — — 556 — — — — — (26) (26) 950 — 924 — (7) — — — — (7) (492) — (499) — — — — — — — — — — — — — — — 881 881 — (387) 494 (12,624) (9,572) (851) (176) (1,027) 51,815 75,463 13,041 1,935 90,439 32. Capital and reserves – continued Share Share Capital Merger Total share capital At 1 January 2020 5,404 12,417 1,498 27,206 46,525 Profit (loss) for the year — — — — — Items that may be reclassified subsequently to profit or loss Currency translation differences (including reclassifications) — — — — — Cash flow hedges and costs of hedging (including reclassifications) — — — — — Share of items relating to equity-accounted entities, net of tax a — — — — — Other — — — — — Items that will not be reclassified to profit or loss Remeasurements of the net pension and other post-retirement benefit liability or asset — — — — — Cash flow hedges that will subsequently be transferred to the balance sheet — — — — — Total comprehensive income — — — — — Dividends — — — — — Cash flow hedges transferred to the balance sheet, net of tax — — — — — Repurchases of ordinary share capital (30) — 30 — — Share-based payments, net of tax b 9 167 — — 176 Share of equity-accounted entities’ changes in equity, net of tax c — — — — — Issue of perpetual hybrid bonds — — — — — Payments on perpetual hybrid bonds — — — — — Tax on issue of perpetual hybrid bonds — — — — — Transactions involving non-controlling interests, net of tax d — — — — — At 31 December 2020 5,383 12,584 1,528 27,206 46,701 a Principally foreign exchange effects relating to the Russian rouble. b Movements in treasury shares relate to employee share-based payment plans. c Principally relates to a non-controlling interest transaction entered into by Rosneft. d Principally relates to the sale of interests in our UK and New Zealand retail property portfolio, for which proceeds of $0.5 billion and $0.2 billion were received respectively. 32. Capital and reserves – continued $ million Treasury Foreign Cash flow Costs of hedging Total Profit and bp Non-controlling interests Total equity Hybrid bonds Other interest (14,412) (6,495) (752) (160) (912) 73,706 98,412 — 2,296 100,708 — — — — — (20,305) (20,305) 256 (680) (20,729) — (2,224) — — — — (2,224) — 37 (2,187) — — 31 60 91 — 91 — — 91 — — — — — 312 312 — — 312 — — — — — 71 71 — — 71 — — — — — 65 65 — — 65 — — 7 — 7 — 7 — — 7 — (2,224) 38 60 98 (19,857) (21,983) 256 (643) (22,370) — — — — — (6,367) (6,367) — (238) (6,605) — — 6 — 6 — 6 — — 6 — — — — — (776) (776) — — (776) 1,188 — — — — (638) 726 — — 726 — — — — — 1,341 1,341 — — 1,341 — — — — — (48) (48) 11,909 — 11,861 — — — — — — — (89) — (89) — — — — — 3 3 — — 3 — — — — — (64) (64) — 827 763 (13,224) (8,719) (708) (100) (808) 47,300 71,250 12,076 2,242 85,568 32. Capital and reserves – continued Share capital The balance on the share capital account represents the aggregate nominal value of all ordinary and preference shares in issue, including treasury shares. Share premium account The balance on the share premium account represents the amounts received in excess of the nominal value of the ordinary and preference shares. Capital redemption reserve The balance on the capital redemption reserve represents the aggregate nominal value of all the ordinary shares repurchased and cancelled. Merger reserve The balance on the merger reserve represents the fair value of the consideration given in excess of the nominal value of the ordinary shares issued in an acquisition made by the issue of shares. Treasury shares Treasury shares represent bp shares repurchased and available for specific and limited purposes. For accounting purposes shares held in Employee Share Ownership Plans (ESOPs) and bp’s US share plan administrator to meet the future requirements of the employee share-based payment plans are treated in the same manner as treasury shares and are, therefore, included in the financial statements as treasury shares. The ESOPs are funded by the group and have waived their rights to dividends in respect of such shares held for future awards. Until such time as the shares held by the ESOPs vest unconditionally to employees, the amount paid for those shares is shown as a reduction in shareholders’ equity. Assets and liabilities of the ESOPs are recognized as assets and liabilities of the group. Foreign currency translation reserve The foreign currency translation reserve records exchange differences arising from the translation of the financial statements of foreign operations. Upon disposal of foreign operations, the related accumulated exchange differences are reclassified to the income statement. Following, bp’s decision to exit its shareholding in Rosneft on 27 February 2022 $10,372 million was reclassified to the income statement. See Note 1 - Investment in Rosneft. Cash flow hedges This reserve records the portion of the gain or loss on a hedging instrument in a cash flow hedge that is determined to be an effective hedge. At 31 December 2021 and 2020 it included $651 million relating to the acquisition of an 18.5% interest in Rosneft in 2013. Following bp’s decision to exit its shareholding in Rosneft on 27 February 2022 the full amount was reclassified to the income statement. See Note 1 - Investment in Rosneft. For further information on the accounting for cash flow hedges see Note 1 - Derivative financial instruments and hedging activities. Costs of hedging This reserve records the change in fair value of the foreign currency basis spread of financial instruments to which cost of hedge accounting has been applied. The accumulated amount relates to time-period related hedged items and is amortized to profit or loss over the term of the hedging relationship. For further information on the accounting for costs of hedging see Note 1 - Derivative financial instruments and hedging activities. Profit and loss account The balance held on this reserve is the accumulated retained profits of the group. Non-controlling interests Non-controlling interests represent the equity in subsidiaries that is not attributable, directly or indirectly, to bp shareholders. Included within non-controlling interests are perpetual subordinated hybrid bonds issued by BP Capital Markets PLC, a group subsidiary, on 17 June 2020 in euro, sterling and US dollars for a US dollar equivalent amount of $11.9 billion. The hybrid bonds include redemption options exercisable at the group’s discretion from June 2025 to March 2030 (the first ‘call date’), on specified dates thereafter, or in the event of specific circumstances (such as a change in IFRS or tax regime) as set out in the individual terms of each issue. Coupons are fixed for an initial period up to dates from September 2025 to June 2030 at rates of 3.25% to 4.875% and reset to rates determined by the contractual terms of each instrument on certain dates thereafter. The contractual terms of the hybrid bonds allow the group to defer coupon payments and the repayment of principal indefinitely, however their terms and conditions stipulate that any deferred payments must be made in the event of an announcement of an ordinary share or parity equity dividend distribution or certain share repurchases or redemptions. Payments made to and profit attributed to these hybrid bond holders in the year totalled $468 million (2021 $499 million and 2020 $89 million) and $468 million (2021 $497 million and 2020 $89 million) respectively. The accumulated non-controlling interest at the end of the year was $12,066 million (2021 $12,081 million). Non-controlling interests also includes perpetual subordinated hybrid securities issued during 2022 and 2021 by a group subsidiary, of $1,324 million. The proceeds from these issuances were specifically earmarked to fund the forward purchase and leaseback of an under-construction floating, production, storage, and offloading vessel (FPSO) to be used on one of the group’s major projects. The contractual terms of these instruments allow the group to defer interest payments and repayment of principal indefinitely however their terms and conditions stipulate that the group must purchase them on the occurrence of certain events, all within the group’s control, including the declaration or payment of a BP p.l.c. distribution after mid-May 2026. Payments made to and profit attributed to these hybrid security holders in the year totalled $61 million (2021 $nil ) and $51 million (2021 $10 million) respectively. The accumulated non-controlling interest at the end of the year was $1,324 million (2021 $960 million). As the group has the unconditional right to avoid transferring cash or another financial asset in relation to these hybrid bonds and securities, they are classified as equity instruments and reported within non-controlling interests in the consolidated financial statements. 32. Capital and reserves – continued The pre-tax amounts of each component of other comprehensive income, and the related amounts of tax, are shown in the table below. $ million 2022 Pre-tax Tax Net of tax Items that may be reclassified subsequently to profit or loss Currency translation differences (including reclassifications) 6,973 (120) 6,853 Cash flow hedges (including reclassifications) 677 (6) 671 Costs of hedging (including reclassifications) 86 17 103 Share of items relating to equity-accounted entities, net of tax 402 — 402 Other — (225) (225) Items that will not be reclassified to profit or loss Remeasurements of the net pension and other post-retirement benefit liability or asset 340 68 408 Cash flow hedges that will subsequently be transferred to the balance sheet (4) — (4) Other comprehensive income 8,474 (266) 8,208 $ million 2021 Pre-tax Tax Net of tax Items that may be reclassified subsequently to profit or loss Currency translation differences (including reclassifications) (885) 15 (870) Cash flow hedges (including reclassifications) (175) 41 (134) Costs of hedging (including reclassifications) (84) 8 (76) Share of items relating to equity-accounted entities, net of tax 44 — 44 Other — 1 1 Items that will not be reclassified to profit or loss Remeasurements of the net pension and other post-retirement benefit liability or asset 4,416 (1,317) 3,099 Cash flow hedges that will subsequently be transferred to the balance sheet 1 — 1 Other comprehensive income 3,317 (1,252) 2,065 $ million 2020 Pre-tax Tax Net of tax Items that may be reclassified subsequently to profit or loss Currency translation differences (including reclassifications) (2,196) 9 (2,187) Cash flow hedges (including reclassifications) 41 (10) 31 Costs of hedging (including reclassifications) 64 (4) 60 Share of items relating to equity-accounted entities, net of tax 312 — 312 Other — 71 71 Items that will not be reclassified to profit or loss Remeasurements of the net pension and other post-retirement benefit liability or asset 170 (105) 65 Cash flow hedges that will subsequently be transferred to the balance sheet 7 — 7 Other comprehensive income (1,602) (39) (1,641)

Contingent liabilities and lega

Contingent liabilities and legal proceedings	12 Months Ended
	Dec. 31, 2022
Disclosure Of Other Provisions, Contingent Liabilities And Contingent Assets [Abstract]
Contingent liabilities and legal proceedings	Contingent liabilities and legal proceedings Contingent liabilities There were contingent liabilities at 31 December 2022 in respect of guarantees and indemnities entered into as part of the ordinary course of the group’s business. No material losses are likely to arise from such contingent liabilities. Further information on financial guarantees is included in Note 29. In the normal course of the group’s business, bp group entities are subject to legal and regulatory proceedings arising out of current and past operations, including matters related to commercial disputes, product liability, antitrust, commodities trading, premises-liability claims, consumer protection, general health, safety, climate change and environmental claims and allegations of exposures of third parties to toxic substances, such as lead pigment in paint, asbestos and other chemicals. The amounts claimed could be significant and could be material to the group’s results of operations, financial position or liquidity. While it is difficult to predict the ultimate outcome in some cases, bp expects that the impact of current legal and regulatory proceedings on the group‘s results of operations, liquidity or financial position will not be material. The group files tax returns in many jurisdictions across the world. Various tax authorities are currently examining these returns, which contain matters that could be subject to differing interpretations of applicable tax laws and regulations. The resolution of tax positions through negotiations with relevant tax authorities, or through litigation, can take several years to complete and the amounts could be significant and could, in aggregate, be material to the group’s results of operations, financial position or liquidity. While it is difficult to predict the ultimate outcome in some cases, bp does not expect there to be any material impact upon the group‘s results of operations, financial position or liquidity. 33. Contingent liabilities and legal proceedings – continued The group is subject to numerous national and local health, safety and environmental laws and regulations concerning its products, operations and other activities. These laws and regulations may require the group to take future action to remediate the effects on the environment of prior disposal or release of chemicals or petroleum substances by the group or other parties. Such contingencies may exist for various sites including refineries, chemical plants, oil fields, commodities extraction sites, service stations, terminals and waste disposal sites. In addition, the group may have obligations relating to prior asset sales or closed facilities. The ultimate requirement for remediation and its costs are inherently difficult to estimate. However, the estimated cost of environmental obligations has been provided in these accounts in accordance with the group‘s accounting policies. While the amounts of future possible costs that are not provided for could be significant and material to the group‘s results of operations in the period in which they are recognized, it is not possible to estimate the amounts involved. bp does not expect these costs to have a material impact on the group’s results of operations, financial position or liquidity. If production and manufacturing facilities and pipelines are sold to third parties and the subsequent owner is unable to meet their decommissioning obligations it is possible that, in certain circumstances, bp could be partially or wholly responsible for decommissioning. The group estimates that for production facilities, approximately $16 billion (2021 $13 billion) of associated decommissioning obligations were previously transferred to third parties. While the amounts associated with decommissioning provisions reverting to the group could be material, bp is not currently aware of any such material cases that have a greater than remote chance of reverting to the group. Furthermore, as described in Provisions and contingencies within Note 1, decommissioning provisions associated with customers & products facilities are not generally recognized as the potential obligations cannot be measured given their indeterminate settlement dates. By their nature, it is not practicable to estimate the potential financial impact or possible timing of the above contingencies as there are significant uncertainties that are dependent on various factors that are not within the group’s control. Contingent liabilities related to the Gulf of Mexico oil spill For information on legal proceedings relating to the Deepwater Horizon oil spill, see Legal proceedings below. Any outstanding Deepwater Horizon related claims are not expected to have a material impact on the group's financial performance. Legal proceedings Proceedings relating to the Deepwater Horizon oil spill Introduction BP Exploration & Production Inc. (BPXP) was lease operator of Mississippi Canyon, Block 252 in the Gulf of Mexico, where the semi-submersible rig Deepwater Horizon was deployed at the time of the 20 April 2010 explosion and fire and resulting oil spill (the Incident). Lawsuits and claims arising from the Incident were brought principally in US federal and state courts. The remaining proceedings arising from the Incident are discussed below. Medical Benefits Class Action Settlement In 2012 the Medical Benefits Class Action Settlement (Medical Settlement) was entered into with the plaintiffs steering committee. It involves payments to qualifying class members based on a matrix for certain Specified Physical Conditions (SPCs), as well as a 21-year Periodic Medical Consultation Program (PMCP) for qualifying class members. All SPC claims have been determined by the medical claims administrator. In total, 27,603 claims (comprising 22,833 SPC claims and 4,770 PMCP claims) have been approved for compensation totalling approximately $67 million and 9,624 claims have been denied. The Medical Settlement also includes an exclusive remedy provision regarding class members pursuing exposure-based personal injury claims for later-manifested physical conditions (LMPCs). In order to seek compensation from bp for an LMPC, class members must file a notice with the medical claims administrator within four years after the date of first diagnosis of the LMPC. As of 31 December 2022, there were 105 pending lawsuits brought by class members claiming LMPCs. Other civil complaints – economic loss All of the remaining economic loss and property damage claims from individuals and businesses have been settled or dismissed. Other civil complaints – personal injury The vast majority of post-explosion clean-up, medical monitoring and personal injury claims from individuals that either opted out of the Medical Settlement and/or were excluded from that settlement have been dismissed (including more than 300 cases in which the courts granted BPXP’s motions for summary judgment). As of 31 December 2022, 414 cases remained pending. Non-US government lawsuits On 18 October 2012, a group of Mexican fishermen filed a class action complaint in a Mexican Federal District Court located in Mexico City against BP America Production Company (BPAPC) and other bp subsidiaries, seeking to recover for alleged environmental and economic harm in Mexico as a result of the Incident. On 27 June 2018, bp answered the complaint by seeking dismissal on various grounds including that no oil reached Mexican waters or land and there was no economic or environmental harm in Mexico. There has been no subsequent material development in these proceedings. On 3 December 2015 and 29 March 2016, Acciones Colectivas de Sinaloa (ACS) filed two class actions (which have since been consolidated) in a Mexican Federal District Court on behalf of any person or entity harmed by the Incident, including several coastal Mexican states and municipalities against BPXP, BPAPC, and other entities which they claim are bp subsidiaries. In these class actions, plaintiffs seek an order requiring the bp defendants to repair the damage to the Gulf of Mexico, to pay penalties, and to compensate plaintiffs for damage to property, to health and for economic loss. BPXP and BPAPC opposed class certification and sought dismissal, principally on the basis that no oil reached Mexican waters or land and there was no economic or environmental harm in Mexico. Following the district court’s certification of the class of 25 September 2019, various challenges and appeals have been made by both bp and ACS in relation to that decision and the class notification procedures, including the validity of signatures and supporting papers of purported class members. Final decisions on outstanding motions in these matters are pending. These legal actions remain at a relatively early stage and while it is not possible to predict the outcome, bp believes that it has valid defences, and it intends to defend such actions vigorously. 33 . Contingent liabilities and legal proceedings – continued Other legal proceedings FERC and CFTC matters Following an investigation by the US Federal Energy Regulatory Commission (FERC) and the US Commodity Futures Trading Commission (CFTC) of several bp entities, the Administrative Law Judge of the FERC ruled on 13 August 2015 that bp manipulated the market by selling next-day, fixed price natural gas at Houston Ship Channel in 2008 in order to suppress the Gas Daily index and benefit its financial position. In 2016, the FERC issued an Order affirming the initial decision and directing bp to pay a civil penalty of $20.16 million and to disgorge $207,169 in unjust profits. bp complied with the Order under protest and appealed the FERC’s decision to the US Court of Appeals. On 20 October 2022, the Fifth Circuit issued an opinion upholding the FERC’s finding that bp had engaged in market manipulation. The Fifth Circuit also found that the FERC did not have jurisdiction over most of the transactions identified as being violations. The matter has been remanded back to the FERC for further proceedings and reassessment of the penalty. Lead paint matters Since 1987, Atlantic Richfield Company (Atlantic Richfield), a subsidiary of bp, has been named as a co-defendant in numerous lawsuits brought in the US alleging injury to persons and property caused by lead pigment in paint. The majority of the lawsuits have been abandoned or dismissed against Atlantic Richfield. Atlantic Richfield is named in these lawsuits as alleged successor to International Smelting and Refining and another company that manufactured lead pigment during the period 1920-1946. The plaintiffs include individuals and governmental entities. Several of the lawsuits purport to be class actions. The lawsuits seek various remedies including compensation to lead-poisoned children, cost to find and remove lead paint from buildings, medical monitoring and screening programmes, public warning and education of lead hazards, reimbursement of government healthcare costs and special education for lead-poisoned citizens and punitive damages. No lawsuit against Atlantic Richfield has been settled nor has Atlantic Richfield been subject to a final adverse judgment in any proceeding. The amounts claimed and, if such suits were successful, the costs of implementing the remedies sought in the various cases could be substantial. While it is not possible to predict the outcome of these legal actions, Atlantic Richfield believes that it has valid defences. It intends to defend such actions vigorously and believes that the incurrence of liability is remote. Consequently, bp believes that the impact of these lawsuits on the group’s results, financial position or liquidity will not be material and in future reports will not report on lead paint litigation absent any material developments. Climate change BP p.l.c., BP America Inc. and BP Products North America Inc. are co-defendants with other oil and gas companies in multiple lawsuits brought in various state and federal courts on behalf of various governmental and private parties. The lawsuits generally assert claims under a variety of legal theories seeking to hold the defendant companies responsible for impacts allegedly caused by and/or relating to climate change. Underlying many of the legal theories are allegations regarding deceptive communication and disinformation to the public. The lawsuits seek remedies including payment of money and other forms of equitable relief. If such suits were successful, the cost of the remedies sought in the various cases could be substantial. All of these lawsuits remain at relatively early stages and while it is not possible to predict the outcome of these legal actions, bp believes that it has valid defences, and it intends to defend such actions vigorously. Louisiana Coastal restoration Six coastal parishes and the State of Louisiana have filed over 40 separate lawsuits in state courts in Louisiana against various oil and gas companies seeking damages for coastal erosion. bp entities are defendants in 17 of these cases. The lawsuits allege that the defendants' historical operations in oil fields within the Louisiana onshore coastal zone failed to comply with state permits and/or were conducted without the required coastal use permits. The plaintiffs seek unspecified statutory penalties and damages, including the costs of restoring coastal wetlands allegedly impacted by oil field operations. Defendants removed all of these lawsuits to federal court and the removals were contested by plaintiffs, eventually resulting in a decision from the US Fifth Circuit Court of Appeals rejecting defendants’ “federal officer” jurisdiction removal grounds in one of the two lead cases – Plaquemines Parish v. Riverwood, et al. Defendants’ petition for writ of certiorari to the US Supreme Court seeking review of the US Fifth Circuit’s Riverwood decision was denied in early 2023. On remand from the US District Court, the state court in the other lead case of Cameron Parish v. Auster et al. has preliminarily established a November, 2023 trial date. bp is the lead defendant in Auster but is not named in the Riverwood case. In addition, four private landowners have filed separate claims in the state courts in Jefferson and Plaquemines Parishes of Louisiana for restoration damages related to alleged impacts to their marshlands associated with historic oil field operations. bp entities are defendants in two of these private landowner cases. All of these lawsuits remain at relatively early stages and while it is not possible to predict the outcome of these legal actions, bp believes that it has valid defences, and it intends to defend such actions vigorously.

Remuneration of senior manageme

Remuneration of senior management and non-executive directors	12 Months Ended
	Dec. 31, 2022
Related Party [Abstract]
Remuneration of senior management and non-executive directors	Remuneration of senior management and non-executive directors Remuneration of directors $ million 2022 2021 2020 Total for all directors Emoluments 8 9 6 Amounts received under incentive schemes a 13 4 14 Total 21 13 20 a Excludes amounts relating to past directors. Emoluments These amounts comprise fees paid to the non-executive chair and the non-executive directors and, for executive directors, salary and benefits earned during the relevant financial year, plus cash bonuses awarded for the year. Further information Full details of individual directors’ remuneration are given in the Directors’ remuneration report on page 112. Remuneration of directors and senior management $ million 2022 2021 2020 Total for all senior management and non-executive directors Short-term employee benefits 31 30 17 Pensions and other post-retirement benefits — 1 2 Share-based payments 31 32 52 Termination benefits — — 8 Total 62 63 79 Senior management comprises members of the leadership team, see pages 84-85 for further information. Short-term employee benefits These amounts comprise fees and benefits paid to the non-executive chair and non-executive directors, as well as salary, benefits and cash bonuses for senior management. Deferred annual bonus awards, to be settled in shares, are included in share-based payments. Pensions and other post-retirement benefits The amounts represent the estimated cost to the group of providing pensions and other post-retirement benefits to senior management in respect of the current year of service measured in accordance with IAS 19 ‘Employee Benefits’. Share-based payments This is the cost to the group of senior management’s participation in share-based payment plans, as measured by the fair value of options and shares granted, accounted for in accordance with IFRS 2 ‘Share-based Payments’. Termination benefits Termination benefits include compensation to senior management for loss of office. Related party transactions Transactions between the group and its significant joint ventures and associates are summarized in Financial statements – Note 16 and Note 17. In the ordinary course of its business, the group enters into transactions with various organizations with which some of its directors or executive officers are associated. Except as described in this report, the group did not have any material transactions or transactions of an unusual nature with, and did not make loans to, related parties in the period commencing 1 January 2022 to 17 February 2023.

Employee costs and numbers

Employee costs and numbers	12 Months Ended
	Dec. 31, 2022
Additional information [abstract]
Employee costs and numbers	Pensions and other post-retirement benefits Most group companies have pension plans, the forms and benefits of which vary with conditions and practices in the countries concerned. Pension benefits may be provided through defined contribution plans (money purchase schemes) or defined benefit plans (final salary and other types of schemes with committed pension benefit payments). For defined contribution plans, retirement benefits are determined by the value of funds arising from contributions paid in respect of each employee. For defined benefit plans, retirement benefits are based on such factors as an employee’s pensionable salary and length of service. Defined benefit plans may be funded or unfunded. The assets of funded plans are generally held in separately administered trusts. For information on significant estimates and judgements made in relation to accounting for these plans see Pensions and other post-retirement benefits in Note 1. The pension obligation in the UK consists primarily of a funded final salary pension plan under which retired employees draw the majority of their benefit as an annuity. This pension plan is governed by a corporate trustee whose board is composed of four member-nominated directors, four company-nominated directors, one independent director and one independent chair nominated by the company. The trustee board is required by law to act in the best interests of the plan participants and is responsible for setting certain policies, such as investment policies of the plan. This plan was closed to new joiners in 2010 and was closed to future accrual on 30 June 2021. Employees in the UK are eligible for membership of a defined contribution plan. In the US, all pension benefits now accrue under a cash balance formula. Benefits previously accrued under final salary formulas are legally protected. Retiring US employees typically take their pension benefit in the form of a lump sum payment upon retirement. The plan is funded and its assets are overseen by a fiduciary Investment Committee. During 2022 the committee was composed of seven bp employees appointed by the president of bp Corporation North America Inc. (the appointing officer). The Investment Committee is required by law to act in the best interests of the plan participants and is responsible for setting certain policies, such as the investment policies of the plan. US employees are also eligible to participate in a defined contribution (401k) plan in which employee contributions are matched with company contributions. In the US, group companies also provide post-retirement healthcare to eligible retired employees and their dependants (and, in certain legacy cases, life insurance coverage); the entitlement to these benefits is based on the date of hire, the employee remaining in service until a specified age and completion of a minimum period of service. In the Eurozone, there are defined benefit pension plans in Germany, France, the Netherlands and other countries. In Germany and France, the majority of the pensions are unfunded. In Germany, the group’s largest Eurozone plan, employees receive a pension and also have a choice to supplement their core pension through salary sacrifice. For employees who joined since 2002, the core pension benefit is a career average plan with retirement benefits based on such factors as an employee’s pensionable salary and length of service. The returns on the notional contributions made by both the company and employees are based on the interest rate which is set out in German tax law. Retired German employees take their pension benefit typically in the form of an annuity. The German plans are governed by legal agreements between bp and the works council or between bp and the trade union. The level of contributions to funded defined benefit plans is the amount needed to provide adequate funds to meet pension obligations as they fall due. During 2022 the aggregate level of contributions was $74 million (2021 $274 million and 2020 $325 million). The aggregate level of contributions in 2023 is expected to be approximately $150 million and includes contributions in all countries that we expect to be required to make contributions by law or under contractual agreements, as well as an allowance for discretionary funding. For the primary UK plan there is a funding agreement between the group and the trustee. On a three year cycle a schedule of contributions is agreed covering the next five years. The schedule of contributions is next scheduled to be updated after the 31 December 2023 formal actuarial valuation. No contractually committed funding was due at 31 December 2022. The closure of the defined benefit plan to future accrual eliminated the need for funding in 2022 and reduces the plan's expected future funding volatility. The surplus relating to the primary UK pension plan is recognized on the balance sheet on the basis that the company is entitled to a refund of any remaining assets once all members have left the plan. Minimum pension funding in the US is determined by legislation and is supplemented by discretionary contributions. No contributions were made into the US pension plan in 2022 and no statutory funding requirement is expected in the next 12 months. The surplus relating to the US pension fund is recognized on the balance sheet on the basis that economic benefit can be gained from the surplus through a reduction in future contributions. There was no minimum funding requirement for the US plan, and no significant minimum funding requirements in other countries at 31 December 2022. The obligation and cost of providing pensions and other post-retirement benefits is assessed annually using the projected unit credit method. The date of the most recent actuarial review was 31 December 2022. The UK plans are subject to a formal actuarial valuation every three years; valuations are required more frequently in many other countries. The most recent formal actuarial valuation of the UK pension plans was as at 31 December 2020. A valuation of the US plan and largest Eurozone plans are carried out annually. 24. Pensions and other post-retirement benefits – continued The material financial assumptions used to estimate the benefit obligations of the various plans are set out below. The assumptions are reviewed by management at the end of each year and are used to evaluate the accrued benefit obligation at 31 December and pension expense for the following year. % Financial assumptions used to determine benefit obligation a UK US Eurozone 2022 2021 2020 2022 2021 2020 2022 2021 2020 Discount rate for plan liabilities 5.0 1.8 1.4 5.2 2.7 2.2 4.2 1.3 1.0 Rate of increase for pensions in payment 2.9 3.2 2.8 — — — 1.8 1.4 1.3 Rate of increase in deferred pensions 2.9 3.2 2.8 — — — 0.6 0.4 0.5 Inflation for plan liabilities 3.1 3.3 2.9 2.0 2.1 1.7 2.1 1.6 1.5 % Financial assumptions used to determine benefit expense UK US Eurozone 2022 2021 2020 2022 2021 2020 2022 2021 2020 Discount rate for plan service cost b N/A 1.5 2.1 2.8 2.4 3.2 1.7 1.4 1.8 Discount rate for plan other finance expense c 1.8 1.7 2.1 2.7 2.2 3.1 1.3 1.0 1.3 Inflation for plan service cost b N/A 2.8 2.6 2.1 1.7 1.5 1.6 1.5 1.7 a Salary growth has not been a material financial assumption for the Group following the closure of the primary pension plan to future accrual in 2021. The rate of increase in salaries for the UK was 3.6% in 2020. b UK discount rate and inflation rate assumptions are not significant in determining the benefit expense following the closure of the primary UK plan to future accrual in 2021. Rates for the remaining small worldwide plan administered/reported through the UK are 2.5% and 2.2% respectively. c The discount rate for plan other finance expense in 2021 was 1.4% for the primary UK plan for the period before the plan closed to future accrual on 30th June 2021 and 1.9% thereafter. The discount rate assumptions are based on third-party AA corporate bond indices and for our largest plans in the UK, US and the Eurozone we use yields that reflect the maturity profile of the expected benefit payments. The inflation rate assumptions for our UK and US plans are based on the difference between the yields on index-linked and fixed-interest long-term government bonds. In other countries, including the Eurozone, we use this approach, or advice from the local actuary depending on the information available. The inflation assumptions are used to determine the rate of increase for pensions in payment and the rate of increase in deferred pensions where there is such an increase. In addition to the financial assumptions, we regularly review the demographic and mortality assumptions. The mortality assumptions reflect best practice in the countries in which we provide pensions and have been chosen with regard to applicable published tables adjusted where appropriate to reflect the experience of the group and an extrapolation of past longevity improvements into the future. bp’s most substantial pension liabilities are in the UK, the US and the Eurozone where our mortality assumptions are as follows: Years Mortality assumptions UK US Eurozone 2022 2021 2020 2022 2021 2020 2022 2021 2020 Life expectancy at age 60 for a male currently aged 60 26.9 26.9 26.9 25.0 24.9 24.7 26.0 25.8 25.7 Life expectancy at age 60 for a male currently aged 40 28.5 28.4 28.4 26.6 26.6 26.4 28.5 28.3 28.2 Life expectancy at age 60 for a female currently aged 60 28.8 28.9 28.8 28.0 27.9 27.7 29.3 29.1 29.0 Life expectancy at age 60 for a female currently aged 40 30.6 30.5 30.4 29.5 29.4 29.2 31.4 31.2 31.2 Pension plan assets are generally held in trusts, the primary objective of which is to accumulate assets sufficient to meet the obligations of the plans. The assets of the trusts are invested in a manner consistent with fiduciary obligations and principles that reflect current practices in portfolio management. A significant proportion of the assets are held in equities, which are expected to generate a higher level of return over the long term, with an acceptable level of risk. In order to provide reasonable assurance that no single security or type of security has an unwarranted impact on the total portfolio, the investment portfolios are highly diversified. The trustee’s long-term investment objective for the primary UK plan as it matures is to invest in assets whose value changes in the same way as the plan liabilities, in order to reduce the level of funding risk. To move towards this objective, the UK plan uses a liability driven investment (LDI) approach for part of the portfolio, investing primarily in government bonds to achieve this matching effect for the most significant plan liability assumptions of interest rate and inflation rate. This is partly funded by short-term sale and repurchase agreements, whereby the plan borrows money using existing bonds as security and which will be bought back at a specified price at an agreed future date. The funds raised are used to invest in further bonds to increase the proportion of assets which match the plan liabilities. The borrowings are shown separately in the analysis of pension plan assets in the table below. For the primary UK pension plan there is an agreement with the trustee to increase the proportion of assets with liability matching characteristics over time primarily by reducing the proportion of plan assets held as equities and increasing the proportion held as bonds. This agreement is not impacted by the closure of the plan to future accrual. There is a similar agreement in place for the primary US plan. During 2022, the asset allocation policies of the UK and the US plans switched 2% and 3% of plan assets respectively from equities to bonds (2021 5% and 13% respectively). The current asset allocation policy for the major plans at 31 December 2022 was as follows: UK US Asset category % % Total equity (including private equity) 10 24 Bonds/cash (including LDI) 83 76 Property/real estate 7 — 24. Pensions and other post-retirement benefits – continued The amounts invested under the LDI programme by the primary UK pension plan as at 31 December 2022 were $3,981 million (2021 $7,399 million) of government-issued nominal bonds and $11,945 million (2021 $24,516 million) of index-linked bonds. Some of the group’s pension plans in the Eurozone and other countries use derivative financial instruments as part of their asset mix to manage the level of risk. The fair value of these instruments is included in other assets in the table below. The group’s main pension plans do not invest directly in either securities or property/real estate of the company or of any subsidiary. The fair values of the various categories of assets held by the defined benefit plans at 31 December are presented in the table below, including the effects of derivative financial instruments. Movements in the fair value of plan assets during the year are shown in detail in the table on page 232. $ million UK a US b Eurozone Other Total Fair value of pension plan assets At 31 December 2022 Listed equities – developed markets 1,252 127 299 213 1,891 – emerging markets 117 17 48 71 253 Private equity c 2,715 1,126 — 2 3,843 Government issued nominal bonds d 4,039 1,370 682 263 6,354 Government issued index-linked bonds d 11,945 — 79 — 12,024 Corporate bonds d 6,317 2,569 563 146 9,595 Property e 2,297 — 89 18 2,404 Cash 567 175 61 116 919 Other f 1,088 33 56 357 1,534 Debt (repurchase agreements) used to fund liability driven investments (5,290) — — — (5,290) 25,047 5,417 1,877 1,186 33,527 At 31 December 2021 Listed equities – developed markets 2,964 340 473 290 4,067 – emerging markets 252 45 67 76 440 Private equity c 3,233 1,537 — 3 4,773 Government issued nominal bonds d 7,491 2,606 974 432 11,503 Government issued index-linked bonds d 24,516 — 100 — 24,616 Corporate bonds d 10,128 2,475 689 498 13,790 Property e 2,714 — 110 22 2,846 Cash 1,136 116 54 69 1,375 Other 1,133 54 70 22 1,279 Debt (repurchase agreements) used to fund liability driven investments (10,723) — — — (10,723) 42,844 7,173 2,537 1,412 53,966 At 31 December 2020 Listed equities – developed markets 5,008 1,112 542 318 6,980 – emerging markets 418 115 68 70 671 Private equity c 2,899 1,604 — 4 4,507 Government issued nominal bonds d 4,303 1,839 1,111 616 7,869 Government issued index-linked bonds d 24,576 — 107 — 24,683 Corporate bonds d 8,906 2,398 587 279 12,170 Property e 2,553 — 110 28 2,691 Cash 1,392 267 51 163 1,873 Other 795 131 104 30 1,060 Debt (repurchase agreements) used to fund liability driven investments (9,387) — — — (9,387) 41,463 7,466 2,680 1,508 53,117 a Bonds held by the UK pension plans are denominated in sterling or hedged back to sterling to minimize foreign currency exposure. Property held by the UK pension plans is in the United Kingdom. b Bonds held by the US pension plans are denominated in US dollars or hedged back to USD to minimize foreign currency exposure. c Private equity is valued at fair value based on the most recent transaction price or third-party net asset, revenue or earnings based valuations that generally result in the use of significant unobservable inputs. d Bonds held by pension plans are predominantly valued using observable market data based inputs other than quoted market prices in active markets. e Properties are valued based on an analysis of recent market transactions supported by market knowledge derived from third-party professional valuers that generally result in the use of significant unobservable inputs. f Other includes insurance policies arising from annuity buy-in in Canada amounting to $341 million. 24. Pensions and other post-retirement benefits – continued $ million 2022 UK US Eurozone Other Total Analysis of the amount charged to profit or loss Current service cost a 41 219 87 25 372 Past service cost b 23 — (1) (21) 1 Settlement b (8) — — (4) (12) Operating charge (credit) relating to defined benefit plans 56 219 86 — 361 Payments to defined contribution plans 110 132 6 36 284 Total operating charge (credit) 166 351 92 36 645 Interest income on plan assets a (694) (189) (34) (44) (961) Interest on plan liabilities 529 217 85 61 892 Other finance (income) expense (165) 28 51 17 (69) Analysis of the amount recognized in other comprehensive income Actual asset return less interest income on plan assets (12,955) (1,581) (507) (151) (15,194) Change in financial assumptions underlying the present value of the plan liabilities 11,531 2,195 1,903 221 15,850 Change in demographic assumptions underlying the present value of the plan liabilities 47 — (14) (15) 18 Experience gains and losses arising on the plan liabilities (146) (15) (159) (14) (334) Remeasurements recognized in other comprehensive income (1,523) 599 1,223 41 340 Movements in benefit obligation during the year Benefit obligation at 1 January 32,834 8,273 7,108 1,652 49,867 Exchange adjustments (3,224) — (443) (68) (3,735) Operating charge relating to defined benefit plans 56 219 86 — 361 Interest cost 529 217 85 61 892 Contributions by plan participants 9 — 2 4 15 Benefit payments (funded plans) c (1,211) (364) (78) (79) (1,732) Benefit payments (unfunded plans) c (7) (285) (229) (23) (544) Reclassified as assets held for sale — — — (12) (12) Disposals (74) — (2) — (76) Remeasurements (11,432) (2,180) (1,730) (192) (15,534) Benefit obligation at 31 December a d 17,480 5,880 4,799 1,343 29,502 Movements in fair value of plan assets during the year Fair value of plan assets at 1 January 42,844 7,173 2,537 1,412 53,966 Exchange adjustments (4,258) — (156) (52) (4,466) Interest income on plan assets a e 694 189 34 44 961 Contributions by plan participants 9 — 2 4 15 Contributions by employers (funded plans) 10 — 45 19 74 Benefit payments (funded plans) c (1,211) (364) (78) (79) (1,732) Reclassified as assets held for sale — — — (11) (11) Disposals (86) — — — (86) Remeasurements e (12,955) (1,581) (507) (151) (15,194) Fair value of plan assets at 31 December f 25,047 5,417 1,877 1,186 33,527 Surplus (deficit) at 31 December 7,567 (463) (2,922) (157) 4,025 Represented by Asset recognized 7,716 1,227 256 70 9,269 Liability recognized (149) (1,690) (3,178) (227) (5,244) 7,567 (463) (2,922) (157) 4,025 The surplus (deficit) may be analysed between funded and unfunded plans as follows Funded 7,716 1,227 238 39 9,220 Unfunded (149) (1,690) (3,160) (196) (5,195) 7,567 (463) (2,922) (157) 4,025 The defined benefit obligation may be analysed between funded and unfunded plans as follows Funded (17,331) (4,190) (1,639) (1,147) (24,307) Unfunded (149) (1,690) (3,160) (196) (5,195) (17,480) (5,880) (4,799) (1,343) (29,502) a The costs of managing plan investments are offset against the investment return, the costs of administering pension plan benefits are generally included in current service cost and the costs of administering other post-retirement benefit plans are included in the benefit obligation. Following the closure of the primary UK pension plan to future accrual, current service cost in the UK consists of $30 million of costs of administering that plan and $11 million of current service cost from the remaining small worldwide plans administered and reported through the UK b Past service costs predominantly represent largely offsetting income and costs due to the removal of some benefits for members in Turkish plans and their replacement with new arrangements administered and reported through the UK. Settlements reflect costs associated with buyouts in Canada and in certain other small worldwide plans administered and reported through the UK. c The benefit payments amount shown above comprises $2,217 million benefits and $8 million settlements, plus $51 million of plan expenses incurred in the administration of the benefit. d The benefit obligation for the US is made up of $4,411 million for pension liabilities and $1,469 million for other post-retirement benefit liabilities (which are unfunded and are primarily retiree medical liabilities). The benefit obligation for the Eurozone includes $2,992 million for pension liabilities in Germany which is largely unfunded. e The actual return on plan assets is made up of the sum of the interest income on plan assets and the remeasurement of plan assets as disclosed above. f The fair value of plan assets includes borrowings related to the LDI programme as described on page 230. 24. Pensions and other post-retirement benefits – continued $ million 2021 UK US Eurozone Other Total Analysis of the amount charged to profit or loss Current service cost a 154 246 105 31 536 Past service cost b (302) — (27) 2 (327) Settlement b — — (4) (1) (5) Operating charge relating to defined benefit plans (148) 246 74 32 204 Payments to defined contribution plans 76 136 7 36 255 Total operating charge (72) 382 81 68 459 Interest income on plan assets a (684) (150) (30) (40) (904) Interest on plan liabilities 559 209 78 56 902 Other finance (income) expense (125) 59 48 16 (2) Analysis of the amount recognized in other comprehensive income Actual asset return less interest income on plan assets 2,440 749 12 25 3,226 Change in financial assumptions underlying the present value of the plan liabilities (100) 777 233 97 1,007 Change in demographic assumptions underlying the present value of the plan liabilities 66 (41) (15) 1 11 Experience gains and losses arising on the plan liabilities 7 173 (11) 3 172 Remeasurements recognized in other comprehensive income 2,413 1,658 219 126 4,416 Movements in benefit obligation during the year Benefit obligation at 1 January 34,171 10,187 8,161 1,895 54,414 Exchange adjustments (255) — (623) (51) (929) Operating charge relating to defined benefit plans (148) 246 74 32 204 Interest cost 559 209 78 56 902 Contributions by plan participants c 18 — 2 6 26 Benefit payments (funded plans) d (1,530) (1,192) (87) (164) (2,973) Benefit payments (unfunded plans) d (8) (268) (288) (21) (585) Disposals — — (2) — (2) Remeasurements 27 (909) (207) (101) (1,190) Benefit obligation at 31 December a e 32,834 8,273 7,108 1,652 49,867 Movements in fair value of plan assets during the year Fair value of plan assets at 1 January 41,463 7,466 2,680 1,508 53,117 Exchange adjustments (365) — (214) (28) (607) Interest income on plan assets a f 684 150 30 40 904 Contributions by plan participants c 18 — 2 6 26 Contributions by employers (funded plans) 134 — 115 25 274 Benefit payments (funded plans) d (1,530) (1,192) (87) (164) (2,973) Disposals — — (1) — (1) Remeasurements f 2,440 749 12 25 3,226 Fair value of plan assets at 31 December g 42,844 7,173 2,537 1,412 53,966 Surplus (deficit) at 31 December 10,010 (1,100) (4,571) (240) 4,099 Represented by Asset recognized 10,280 1,410 155 74 11,919 Liability recognized (270) (2,510) (4,726) (314) (7,820) 10,010 (1,100) (4,571) (240) 4,099 The surplus (deficit) may be analysed between funded and unfunded plans as follows Funded 10,280 1,410 94 30 11,814 Unfunded (270) (2,510) (4,665) (270) (7,715) 10,010 (1,100) (4,571) (240) 4,099 The defined benefit obligation may be analysed between funded and unfunded plans as follows Funded (32,564) (5,763) (2,443) (1,382) (42,152) Unfunded (270) (2,510) (4,665) (270) (7,715) (32,834) (8,273) (7,108) (1,652) (49,867) a The costs of managing plan investments are offset against the investment return, the costs of administering pension plan benefits are generally included in current service cost and the costs of administering other post-retirement benefit plans are included in the benefit obligation. b The past service credit in the UK represents curtailment gains arising from the closure of the primary pension plan in the UK to future accrual. For active members of that plan on 30 June 2021, benefits payable are now linked to salary as at that date. Past service credits and settlements in the Eurozone include $18 million of curtailments and settlements due to restructuring initiatives. Remaining past service cost and settlements represent charges for special termination benefits reflecting the increased liability arising as a result of early retirements. c Most of the contributions made by plan participants into UK pension plans were made under salary sacrifice. d The benefit payments amount shown above comprises $3,416 million benefits and $93 million settlements, plus $49 million of plan expenses incurred in the administration of the benefit. e The benefit obligation for the US is made up of $6,164 million for pension liabilities and $2,109 million for other post-retirement benefit liabilities (which are unfunded and are primarily retiree medical liabilities). The benefit obligation for the Eurozone includes $4,405 million for pension liabilities in Germany which is largely unfunded. f The actual return on plan assets is made up of the sum of the interest income on plan assets and the remeasurement of plan assets as disclosed above. g The fair value of plan assets includes borrowings related to the LDI programme as described on page 230. 24. Pensions and other post-retirement benefits – continued $ million 2020 UK US Eurozone Other Total Analysis of the amount charged to profit or loss Current service cost a 250 292 103 38 683 Past service cost b (48) (66) 12 (20) (122) Settlement — (23) 10 (1) (14) Operating charge relating to defined benefit plans 202 203 125 17 547 Payments to defined contribution plans 49 183 2 38 272 Total operating charge 251 386 127 55 819 Interest income on plan assets a (725) (210) (33) (40) (1,008) Interest on plan liabilities 596 289 97 59 1,041 Other finance (income) expense (129) 79 64 19 33 Analysis of the amount recognized in other comprehensive income Actual asset return less interest income on plan assets 4,108 1,041 104 38 5,291 Change in financial assumptions underlying the present value of the plan liabilities (4,207) (1,178) (143) (42) (5,570) Change in demographic assumptions underlying the present value of the plan liabilities 585 29 56 (4) 666 Experience gains and losses arising on the plan liabilities 54 (101) (178) 8 (217) Remeasurements recognized in other comprehensive income 540 (209) (161) — 170 a The costs of managing plan investments are offset against the investment return, the costs of administering pension plan benefits are generally included in current service cost and the costs of administering other post-retirement benefit plans are included in the benefit obligation. b Past service costs represent curtailment gains arising from restructuring programmes in the UK, US and other countries, whilst past service costs and settlements in the Eurozone represent charges for special termination benefits reflecting the increased liability arising as a result of early retirements. Settlement costs in the US resulted from a pension risk transfer to an external carrier for a group of small benefit retirees. Sensitivity analysis The discount rate, inflation and the mortality assumptions all have a significant effect on the amounts reported. A one-percentage point change, in isolation, in certain assumptions as at 31 December 2022 for the group’s pensions and other post-retirement benefit expense would have had the effects shown in the tables below. The effects shown for the expense in 2023 comprise the total of current service cost and net finance income or expense. $ million One percentage point UK US Eurozone Increase Decrease Increase Decrease Increase Decrease Discount rate a Effect on expense in 2023 (200) 179 (42) 48 (9) 5 Effect on obligation at 31 December 2022 (2,043) 2,552 (480) 686 (512) 616 Inflation rate b Effect on expense in 2023 82 (77) 7 (6) 31 (28) Effect on obligation at 31 December 2022 1,646 (1,531) 39 (34) 506 (441) a The amounts presented reflect that the discount rate is used to determine the asset interest income as well as the interest cost on the obligation. b The amounts presented reflect the total impact of an inflation rate change on the assumptions for rate of increase in salaries, pensions in payment and deferred pensions. $ million One year increase UK US Eurozone Longevity Effect on expense in 2023 25 4 9 Effect on obligation at 31 December 2022 504 68 182 Estimated future benefit payments and the weighted average duration of defined benefit obligations The expected benefit payments, which reflect expected future service, as appropriate, but exclude plan expenses, and the weighted average duration of the defined benefit obligations at 31 December 2022 are as follows: $ million Estimated future benefit payments UK US Eurozone Other Total 2023 985 497 307 95 1,884 2024 1,016 473 301 90 1,880 2025 1,022 477 307 90 1,896 2026 1,035 468 297 90 1,890 2027 1,048 470 293 90 1,901 2028-2032 5,371 2,283 1,376 459 9,489 Years Weighted average duration 13.0 9.8 12.0 10.8 $ million Employee costs 2022 2021 2020 Wages and salaries a 7,486 6,934 7,600 Social security costs 720 733 729 Share-based payments b 1,034 733 728 Pension and other post-retirement benefit costs 576 457 852 9,816 8,857 9,909 2022 2021 2020 Average number of employees c d US Non-US Total US Non-US Total US Non-US Total gas & low carbon energy 700 3,400 4,100 400 3,400 3,800 oil production & operations 3,000 5,700 8,700 3,100 6,000 9,100 customers & products e 8,000 35,700 43,700 6,200 35,800 42,000 other businesses and corporate 1,300 8,500 9,800 1,400 7,700 9,100 13,000 53,300 66,300 11,100 52,900 64,000 12,400 55,700 68,100 a Includes termination costs of $27 million (2021 $74 million and 2020 $1,237 million). b The group provides certain employees with shares and share options as part of their remuneration packages. The majority of these share-based payment arrangements are equity-settled. c Reported to the nearest 100. d Comparative data for the new reportable segments from 2021 onwards is not available for 2020. e Includes 23,300 (2021 21,300 and 2020 19,100) service station staff.

Auditor_s remuneration

Auditor’s remuneration	12 Months Ended
	Dec. 31, 2022
Additional information [abstract]
Auditor's remuneration	Auditor’s remuneration $ million Fees 2022 2021 2020 The audit of the company annual accounts a 36 37 30 The audit of accounts of subsidiaries of the company 15 15 11 Total audit 51 52 41 Audit-related assurance services b 4 5 11 Total audit and audit-related assurance services 55 57 52 Non-audit and other assurance services — — 1 Services relating to bp pension plans 1 1 1 56 58 54 a Fees in respect of the audit of the accounts of BP p.l.c. including the group’s consolidated financial statements. b Includes interim reviews and audit of internal control over financial reporting and non-statutory audit services. 2020 fees include audit fees relating to the Petrochemicals disposal. 2022 includes $0.3 million of additional fees for 2021. 2021 includes $1.0 million of additional fees for 2020. 2020 includes $0.5 million of additional fees for 2019. Auditor's remuneration is included in the income statement within distribution and administration expenses. Tax services (in relation to income tax, indirect tax compliance, employee tax services and tax advisory services) were $nil in all periods presented. The audit committee has established pre-approval policies and procedures for the engagement of Deloitte to render audit and certain assurance and other services. The audit fees payable to Deloitte were considered as part of the audit tender process in 2016 and challenged by the audit committee through comparison with the audit pricing proposals of the other bidding firms. Changes in audit fees subsequent to the audit tender, including matters relevant to the 2022 audit, have been reviewed and challenged by the Audit Committee, before being approved. Deloitte performed further assurance services that were not prohibited by regulatory or other professional requirements and were pre-approved by the Committee. Deloitte is engaged for these services when its expertise and experience of bp are important. Most of this work is of an audit-related or assurance nature. Under SEC regulations, the remuneration of the auditor of $56 million (2021 $58 million and 2020 $54 million) is required to be presented as follows: audit $51 million (2021 $52 million and 2020 $41 million); other audit-related $4 million (2021 $5 million and 2020 $11 million); tax $nil (2021 $nil and 2020 $nil); and all other fees $1 million (2021 $1 million and 2020 $2 million).

Subsidiaries, joint arrangement

Subsidiaries, joint arrangements and associates	12 Months Ended
	Dec. 31, 2022
Interest In Other Entities [Abstract]
Subsidiaries, joint arrangements and associates	Subsidiaries, joint arrangements and associates a The more important subsidiaries, joint arrangements and associates of the group at 31 December 2022 and the group percentage of ordinary share capital (to nearest whole number) are set out below. The group's share of the assets and liabilities of the more important unincorporated joint arrangements are held by subsidiaries listed in the table below. Those subsidiaries held directly by the parent company are marked with an asterisk (*), the percentage owned being that of the group unless otherwise indicated. A complete list of undertakings of the group is included in Note 13 in the parent company financial statements of BP p.l.c. which are filed with the Registrar of Companies in the UK, along with the group’s annual report. Subsidiaries % Country of Principal activities International BP Corporate Holdings Limited 100 England & Wales Investment holding BP Exploration Operating Company Limited 100 England & Wales Exploration and production *BP Global Investments Limited 100 England & Wales Investment holding *BP International Limited 100 England & Wales Integrated oil operations BP Oil International Limited 100 England & Wales Integrated oil operations *Burmah Castrol PLC 100 Scotland Investment holding Azerbaijan BP Exploration (Caspian Sea) Limited 100 England & Wales Exploration and production BP Exploration (Azerbaijan) Limited 100 England & Wales Exploration and production Egypt BP Exploration (Delta) Limited 100 England & Wales Exploration and production Germany BP Europa SE 100 Germany Refining and marketing India BP Exploration (Alpha) Limited 100 England & Wales Exploration and production Trinidad & Tobago BP Trinidad and Tobago LLC 70 US Exploration and production UK BP Capital Markets p.l.c. 100 England & Wales Finance US *BP Holdings North America Limited 100 England & Wales Investment holding Atlantic Richfield Company 100 US Exploration and production, refining and marketing BP America Inc. 100 US BP America Production Company 100 US BP Company North America Inc. 100 US BP Corporation North America Inc. 100 US BP Products North America Inc. 100 US The Standard Oil Company 100 US Archaea Energy Inc. 100 US Bioenergy BP Capital Markets America Inc. 100 US Finance Joint arrangements % Country of Principal activities Angola Azule Energy Holdings Limited 50 England & Wales Exploration and production Argentina Pan American Energy Group S.L. 50 Spain Integrated oil operations a There were no important associates in the group at 31 December 2022. .

Significant accounting polici_2

Significant accounting policies, judgements, estimates and assumptions (Policies)	12 Months Ended
	Dec. 31, 2022
Corporate Information And Statement Of IFRS Compliance [Abstract]
Authorization of financial statements and statement of compliance with International Financial Reporting Standards and Basis of preparation	Authorization of financial statements and statement of compliance with International Financial Reporting Standards The consolidated financial statements of BP p.l.c and its subsidiaries (collectively referred to as bp or the group) for the year ended 31 December 2022 were approved and signed by the chief executive officer and chairman on 10 March 2023 having been duly authorized to do so by the board of directors. BP p.l.c. is a public limited company incorporated and domiciled in England and Wales. The consolidated financial statements have been prepared in accordance with United Kingdom adopted international accounting standards and International Financial Reporting Standards (IFRSs) as issued by the International Accounting Standards Board (IASB) and 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. IFRS as adopted by the UK does not differ from IFRS as adopted by the EU. IFRS as adopted by the UK and EU differs in certain respects from IFRS as issued by the IASB. The differences have no impact on the group’s consolidated financial statements for the years presented. The significant accounting policies and accounting judgements, estimates and assumptions of the group are set out below. Basis of preparation The consolidated financial statements have been prepared on a going concern basis and in accordance with IFRS and IFRS Interpretations Committee (IFRIC) interpretations issued and effective for the year ended 31 December 2022. The accounting policies that follow have been consistently applied to all years presented, except where otherwise indicated. The consolidated financial statements are presented in US dollars and all values are rounded to the nearest million dollars ($ million), except where otherwise indicated.
Use of judgements, estimates and assumptions	Significant accounting policies: use of judgements, estimates and assumptions Inherent in the application of many of the accounting policies used in preparing the consolidated financial statements is the need for bp management to make judgements, estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities, and the reported amounts of revenues and expenses. Actual outcomes could differ from the estimates and assumptions used. The accounting judgements and estimates that have a significant impact on the results of the group are set out in boxed text below, and should be read in conjunction with the information provided in the Notes on financial statements. The areas requiring the most significant judgement and estimation in the preparation of the consolidated financial statements are: accounting for the investments in Rosneft and Aker BP; the formation of Azule Energy, exploration and appraisal intangible assets; the recoverability of asset carrying values, including the estimation of reserves; supplier financing arrangements; derivative financial instruments; provisions and contingencies; pensions and other post-retirement benefits; and taxation. Judgements and estimates, not all of which are significant, made in assessing the impact of the current economic and geopolitical environment, and climate change and the transition to a lower carbon economy on the consolidated financial statements are also set out in boxed text below. Where an estimate has a significant risk of resulting in a material adjustment to the carrying amounts of assets and liabilities within the next financial year this is specifically noted within the boxed text. Judgements and estimates made in assessing the impact of climate change and the transition to a lower carbon economy Climate change and the transition to a lower carbon economy were considered in preparing the consolidated financial statements. These may have significant impacts on the currently reported amounts of the group’s assets and liabilities discussed below and on similar assets and liabilities that may be recognized in the future. The group’s assumptions for investment appraisal (see page 28) form part of an investment decision-making framework for currently unsanctioned future capital expenditure on property, plant and equipment, and intangibles including exploration and appraisal assets, that is designed to support the effective and resilient implementation of bp’s strategy. The price assumptions used for investment appraisal include oil and gas price assumptions, which are producer prices and are therefore net of any future carbon prices that the purchaser may be required to pay, and an assumption of a single carbon emissions cost imposed on the producer in respect of operational greenhouse gas (GHG) emissions (carbon dioxide and methane) in order to incentivize engineering solutions to mitigate GHG emissions on projects. The group's oil and gas price assumptions for value-in-use impairment testing are aligned with those investment appraisal assumptions, except for 2023 oil and gas prices which reflect near-term market conditions. The assumptions for future carbon emissions costs in value-in-use impairment testing differ from the investment appraisal assumptions and are described below. Impairment of property, plant and equipment and goodwill The energy transition is likely to impact the future prices of commodities such as oil and natural gas which in turn may affect the recoverable amount of property, plant and equipment and goodwill in the oil and gas industry. Management’s best estimate of oil and natural gas price assumptions for value-in-use impairment testing were revised during 2022. Prices are disclosed in real 2021 terms. The Brent oil assumption from 2024 up to 2030 was increased to $70 per barrel to reflect near-term supply constraints before steadily declining to $45 per barrel by 2050 continuing to reflect the assumption that as the energy system decarbonizes, falling oil demand will cause oil prices to decline. The price assumptions for Henry Hub gas up to 2035 and up to 2050 were increased to $4.00 per mmBtu and $3.50 per mmBtu respectively, reflecting increased demand for US gas production to offset reduced Russian gas flows. The revised assumptions sit within the range of external scenarios considered by management and are in line with a range of transition paths consistent with the temperature goal of the Paris climate change agreement, of holding the increase in the global average temperature to well below 2°C above pre-industrial levels and pursuing efforts to limit the temperature increase to 1.5°C above pre-industrial levels. As noted above, the group’s investment appraisal process includes a single carbon emissions price assumption for the investment economics which is applied to bp's anticipated share of bp's forecast of the investments assets' scope 1 and 2 GHG emissions where they exceed defined thresholds, and is assumed to be payable by bp as the producer or as a non-operator. However, for value-in-use impairment testing on bp's existing cash generating units (CGUs), consistent with all other relevant cash flows estimated, bp is required to reflect management's best estimate of any expected applicable carbon emission costs payable by bp, including where bp is not the operator, in the future for each jurisdiction in which the group has interests. This requires management’s best estimate of how future changes to relevant carbon emission cost policies and/or legislation are likely to affect the future cash flows of the group’s applicable CGUs, whether currently enacted or not. Future potential carbon pricing and/or costs of carbon emissions allowances are included in the value-in-use calculations to the extent management has sufficient information to make such an estimate. Currently this results in limited application of carbon price assumptions in value-in-use impairment tests given that carbon pricing legislation in most impacted jurisdictions where the group has interests is not in place and there is not sufficient information available as to the relevant policy makers' future intentions regarding carbon pricing to support an estimate. 1 . Significant accounting policies, judgements, estimates and assumptions – continued Where we consider that the outcome of a value-in-use impairment test could be significantly affected by a carbon price in place in any jurisdiction, this is incorporated into the value-in use impairment testing cash flows. The most significant instances where a carbon price has been incorporated in this way are for the UK North Sea and Gelsenkirchen refinery, where assumptions of approximately £100/tCO 2 e and an average of approximately €70/tCO 2 e were applied in the 2022 value-in-use impairment tests respectively. However, as bp’s forecast future prices are producer prices, the group considers it reasonable to assume that if, in addition to the costs already in place, further scope 1 and 2 emission costs were partially to be borne directly by oil and gas producers including bp in future and the prevalence of such costs were to become widespread, the gross oil and gas prices realised by producers would be correspondingly higher over the long term, resulting in no expected overall materially negative impacts on the group’s net cash flows. See significant judgements and estimates: recoverability of asset carrying values for further information including sensitivity analysis in relation to reasonably possible changes in the price assumptions and carbon costs. Production assumptions within upstream property, plant and equipment and goodwill value-in-use impairment tests reflect management’s current best estimate of future production of the existing upstream portfolio. The group sees the expected reduction in upstream hydrocarbon production by around 25% by 2030 from its 2019 baseline (see page 11) being achieved through future active management, including divestments, and high-grading of the portfolio. Changes in upstream production since 2019 will be included in the best estimate to the extent the divestments have been announced or completed however, as the specific future changes to the remainder of the portfolio are not yet known, the current best estimate used for accounting purposes does not include the full extent of the expected upstream production reduction. See significant judgements and estimates: recoverability of asset carrying values and Note 14 for sensitivity analyses in relation to reasonably possible changes in production for upstream oil and gas properties and goodwill respectively. Impairment reversals were recognized on certain upstream oil and gas properties partly as a result of the higher near-term assumptions. See Note 4 for further information. For the customers & products segment, though the energy transition may impact demand for certain refined products in the future, management anticipates sufficiently robust demand for the remainder of each refinery’s useful life. Management will continue to review price assumptions as the energy transition progresses and this may result in impairment charges or reversals in the future. Exploration and appraisal intangible assets The energy transition may affect the future development or viability of exploration prospects. A significant proportion of the group's exploration and appraisal intangible assets were written off in 2020 and the recoverability of the remaining intangibles was considered during 2022. No significant write-offs were identified. These assets will continue to be assessed as the energy transition progresses. See significant judgement: exploration and appraisal intangible assets and Note 8 for further information. Property, plant and equipment – depreciation and expected useful lives The energy transition may curtail the expected useful lives of oil and gas industry assets thereby accelerating depreciation charges. However, a significant majority of bp’s existing upstream oil and natural gas properties are likely to be fully depreciated within the next 10 years and, as outlined in bp's strategy, oil and natural gas production will remain an important part of bp’s business activities over that period. The significant majority of refining assets, recognized on the group’s balance sheet at 31 December 2022 that are subject to depreciation, will be depreciated within the next 12 years; demand for refined products is expected to remain sufficient to support the remaining useful lives of existing assets. Therefore, management does not expect the useful lives of bp’s reported property, plant and equipment to change and do not consider this to be a significant accounting judgement or estimate. Significant capital expenditure is still required for ongoing projects as well as renewal and/or replacement of aged assets and therefore the useful lives of future capital expenditure may be different. See significant accounting policy: property, plant and equipment for more information. Provisions: decommissioning The energy transition may bring forward the decommissioning of oil and gas industry assets thereby increasing the present value of associated decommissioning provisions. The majority of bp’s existing upstream oil and gas properties are expected to start decommissioning within the next two decades. The group’s expectation to reduce its upstream hydrocarbon production by around 25% by 2030 from its 2019 baseline (see page 11) is expected to be achieved through future active management, including divestments, and high-grading of the portfolio. Any resulting increases or decreases to the weighted average timing of decommissioning will be driven by the profile of assets held in the revised portfolio. Currently, the expected timing of decommissioning expenditures for the upstream oil and gas assets in the group’s portfolio has not materially been brought forward. Management does not expect a reasonably possible change of two years in the expected timing of all decommissioning to have a material effect on the upstream decommissioning provisions, assuming cash flows remain unchanged. Decommissioning cost estimates are based on the known regulatory and external environment. These cost estimates may change in the future, including as a result of the transition to a lower carbon economy. For refineries, decommissioning provisions are generally not recognized as the associated obligations have indeterminate settlement dates, typically driven by the cessation of manufacturing. Management will continue to review facts and circumstances to assess if decommissioning provisions need to be recognized. Decommissioning provisions relating to refineries at 31 December 2022 are not material. See significant judgements and estimates: provisions for further information. 1. Significant accounting policies, judgements, estimates and assumptions – continued Judgements and estimates made in assessing the impact of the geopolitical and economic environment In preparing the consolidated financial statements, the following areas involving judgement and estimates were identified as most relevant with regards to the impact of the current geopolitical and economic environment. Oil and gas price assumptions The near-term oil and gas price assumptions applied in value-in-use impairment testing have been increased to reflect current supply constraints and increased demand for gas to replace Russian supply. See significant judgements and estimates: recoverability of asset carrying values for further information. Discount rate assumptions The discount rates used for impairment testing and provisions were reassessed during the year in light of changing economic and geopolitical outlooks. The nominal discount rate applied to provisions was increased twice during the year to reflect rising US Treasury yields. The principal impact of these rate increases was a $3.2 billion decrease in the decommissioning provision with an associated decrease in the carrying amount of property, plant and equipment of $2.5 billion and a pre-tax credit to the income statement of $0.7 billion. Impairment discount rates were also increased from those reported in 2021. See significant judgements and estimates: recoverability of asset carrying values and provisions for further information. Pensions and other post-retirement benefits The volatility in the financial markets during 2022 impacted the assumptions used for determining the fair value of plan assets and the present value of defined benefit obligations in the group’s defined benefit pension plans. See significant estimate: pensions and other post-retirement benefits and Note 24 for further information.
Basis of consolidation	Basis of consolidation The consolidated group financial statements consolidate the financial statements of BP p.l.c. and its subsidiaries drawn up to 31 December each year. Subsidiaries are consolidated from the date of their acquisition, being the date on which the group obtains control, including when control is obtained via potential voting rights, and continue to be consolidated until the date that control ceases. The financial statements of subsidiaries are prepared for the same reporting year as the parent company, using consistent accounting policies. Intra-group balances and transactions, including unrealized profits arising from intra-group transactions, have been eliminated. Unrealized losses are eliminated unless the transaction provides evidence of an impairment of the asset transferred.
Business combinations and goodwill	Interests in other entities Business combinations and goodwill Business combinations are accounted for using the acquisition method. The identifiable assets acquired and liabilities assumed are recognized at their fair values at the acquisition date. Goodwill is initially measured as the excess of the aggregate of the consideration transferred, the amount recognized for any non-controlling interest and the acquisition-date fair values of any previously held interest in the acquiree over the fair value of the identifiable assets acquired and liabilities assumed at the acquisition date. The amount recognized for any non-controlling interest is measured at the present ownership's proportionate share in the recognized amounts of the acquiree’s identifiable net assets. At the acquisition date, any goodwill acquired is allocated to each of the cash-generating units, or groups of cash-generating units, expected to benefit from the combination’s synergies. Following initial recognition, goodwill is measured at cost less any accumulated impairment losses. Goodwill arising on business combinations prior to 1 January 2003 is stated at the previous carrying amount under UK generally accepted accounting practice, less subsequent impairments. Goodwill may arise upon investments in joint ventures and associates, being the surplus of the cost of investment over the group’s share of the net fair value of the identifiable assets and liabilities. Any such goodwill is recorded within the corresponding investment in joint ventures and associates.
Interests in joint arrangements and associates	Interests in joint arrangements The results, assets and liabilities of joint ventures are incorporated in these consolidated financial statements using the equity method of accounting as described below. Certain of the group’s activities, particularly in the oil production & operations and gas & low carbon energy segments, are conducted through joint operations. bp recognizes, on a line-by-line basis in the consolidated financial statements, its share of the assets, liabilities and expenses of these joint operations incurred jointly with the other partners, along with the group’s income from the sale of its share of the output and any liabilities and expenses that the group has incurred in relation to the joint operation. For joint arrangements in a separate entity, judgement may be required as to whether the arrangement should be classified as a joint venture or if the legal form, contractual arrangements or other facts and circumstances indicate that the group has rights to the assets and obligations for the liabilities of the arrangement, rather than rights to the net assets, and therefore should be classified as a joint operation. No such judgement made by the group is considered significant. Interests in associates The results, assets and liabilities of associates are incorporated in these consolidated financial statements using the equity method of accounting as described below. 1 . Significant accounting policies, judgements, estimates and assumptions – continued Significant judgement: investment in Aker BP Judgement is required in assessing the level of control or influence over another entity in which the group holds an interest. For bp, the judgement that the group continues to have significant influence over Aker BP, a Norwegian oil and gas company, following completion of Aker BP's acquisition of Lundin Energy's oil and gas business, is significant. As a consequence of this judgement, bp uses the equity method of accounting for its investment and bp's share of Aker BP's oil and natural gas reserves is included in the group's estimated net proved reserves of equity-accounted entities. If significant influence was not present, the investment would be accounted for as an investment in an equity instrument measured at fair value as described under 'Financial assets' below and no share of Aker BP's oil and natural gas reserves would be reported. Significant influence is defined in IFRS as the power to participate in the financial and operating policy decisions of the investee but is not control or joint control of those decisions. Significant influence is presumed when an entity owns 20% or more of the voting power of the investee. Significant influence is presumed not to be present when an entity owns less than 20% of the voting power of the investee. IFRS identifies several indicators that may provide evidence of significant influence, including representation on the board of directors of the investee and participation in policy-making processes. bp owned 27.85% of the voting shares of Aker BP at 31 December 2021 and significant influence was presumed. On completion of Aker BP's acquisition of Lundin Energy's oil and gas business on 30 June 2022 , bp's interest was diluted to 15.9% of the voting shares of Aker BP as a result of new Aker BP shares being issued as partial consideration to Lundin Energy shareholders. bp owned 15.9% of the voting shares at 31 December 2022. bp’s group chief financial officer, Murray Auchincloss, has been a member of the Aker BP board since 2017. bp’s other nominated director, Kate Thomson has been a member of the Aker BP board since formation of that company in 2016. She is also a member of the Aker BP board’s Audit and Risk Committee. bp also holds the voting rights at general meetings of shareholders conferred by its stake in Aker BP. bp's management considers, therefore, that the group retained significant influence, as defined by IFRS, over Aker BP following the acquisition of Lundin Energy's oil and gas business and continues to have significant influence at 31 December 2022. Significant judgements and estimate: investment in Rosneft On 27 February 2022, bp announced it will exit its shareholding in Rosneft and bp's two nominated Rosneft directors both stepped down from Rosneft's board. As a result, the significant judgement on significant influence over Rosneft was reassessed and a new significant estimate was identified for the fair value of bp's equity investment in Rosneft. From that date, bp accounts for its interest in Rosneft as a financial asset measured at fair value within ‘Other investments’. Russia has implemented a number of counter-sanctions including restrictions on the divestment of Russian assets by foreign investors. Further, bp is not able to sell its Rosneft shares on the Moscow Stock Exchange and is unable to ascribe probabilities to possible outcomes of any exit process. As a result, it is considered that any measure of fair value, other than $nil, would be subject to such high measurement uncertainty that no estimate would provide useful information even if it were accompanied by a description of the estimate made in producing it and an explanation of the uncertainties that affect the estimate. Accordingly, it is not currently possible to estimate any carrying value other than $nil when determining the measurement of the interest in Rosneft as at 31 December 2022. Events or outcomes within the next financial year, that are different to those outlined above, could materially change the fair value of the investment. During 2022, Rosneft has held shareholder meetings to approve resolutions to pay dividends. bp did not participate in those meetings. In line with the resolutions, bp would be entitled to dividend income. Russia has imposed restrictions on the payments of dividends to certain foreign shareholders, including those based in the UK, requiring such dividends to be paid in roubles into restricted bank accounts and a requirement for approval of the Russian government for transfers from any such bank accounts out of Russia. Given the restrictions applicable to such accounts, management has made the significant judgement that the criteria for recognizing any dividend income from Rosneft for the year to 31 December 2022 have not been met. Since the first quarter 2022, bp has also determined that its other businesses with Rosneft within Russia, which are included in the oil production & operations segment also have a fair value of $nil and are subject to similar sanctions and restrictions with respect to the receipt of dividends as described above. Management considers that the criteria for recognizing dividend income from other businesses with Rosneft within Russia that declared a dividend during 2022 have not been met. The total pre-tax charge during the year-ended 31 December 2022 relating to bp’s investment in Rosneft and other businesses with Rosneft in Russia is $25,520 million. Significant judgement: formation of Azule Energy On 1 August 2022, Azule Energy, an independent incorporated 50:50 joint venture, between bp and Eni, was formed through the combination of the two companies’ Angolan businesses. As part of the consideration for contributing its assets, bp received 500,000 shares in Azule Energy. The group determined that the fair value of these shares at the date of the transaction was $6.9 billion and the transaction resulted in a gain on disposal of $3.9 billion, of which 50% has been deferred against the investment on the balance sheet and will be amortised over time, consistent with bp’s accounting policy for unrealized gains on transactions between the group and equity-accounted entities. The fair value was determined using a discounted cash flow analysis with judgments over the assumptions including capital expenditure, costs, production and commodity price forecasts, and a post-tax discount rate that would be applied by a market participant. The equity method of accounting Under the equity method, an investment is carried on the balance sheet at cost plus post-acquisition changes in the group’s share of net assets of the entity, less distributions received and less any impairment in value of the investment. Loans advanced to equity-accounted entities that have the characteristics of equity financing are also included in the investment on the group balance sheet. The group income statement reflects the group’s share of the results after tax of the equity-accounted entity, adjusted to account for depreciation, amortization and any impairment of the equity-accounted entity’s assets based on their fair values at the date of acquisition. The group statement of comprehensive income includes the group’s share of the equity-accounted entity’s other comprehensive income. The group’s share of amounts recognized directly in equity by an equity-accounted entity is recognized in the group’s statement of changes in equity.
Segmental reporting	Segmental reporting The group’s operating segments are established on the basis of those components of the group that are evaluated regularly by the chief executive officer, bp’s chief operating decision maker, in deciding how to allocate resources and in assessing performance. The accounting policies of the operating segments are the same as the group’s accounting policies described in this note, except that IFRS requires that the measure of profit or loss disclosed for each operating segment is the measure that is provided regularly to the chief operating decision maker. For bp, this measure of profit or loss is replacement cost profit before interest and tax which reflects the replacement cost of inventories sold in the period and is arrived at by excluding inventory holding gains and losses from profit before interest and tax. Replacement cost profit for the group is not a recognized measure under IFRS. bp changed its segmental reporting during 2022, see 'Changes in segmentation' below. For further information see Note 5. The accounting policies of the operating segments are the same as the group’s accounting policies described in Note 1. However, IFRS requires that the measure of profit or loss disclosed for each operating segment is the measure that is provided regularly to the chief operating decision maker for the purposes of performance assessment and resource allocation. For bp, this measure of profit or loss is 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 a . Replacement cost profit or loss before interest and tax for the group is not a recognized measure under IFRS. Sales between segments are made at prices that approximate market prices, taking into account the volumes involved. Segment revenues and segment results include transactions between business segments. These transactions and any unrealized profits and losses are eliminated on consolidation, unless unrealized losses provide evidence of an impairment of the asset transferred. Sales to external customers by region are based on the location of the group subsidiary which made the sale. The UK region includes the UK-based international activities of customers & products. All surpluses and deficits recognized on the group balance sheet in respect of pension and other post-retirement benefit plans are allocated to Other businesses and corporate. However, the periodic expense relating to these plans is allocated to the operating segments based upon the business in which the employees work. Certain financial information is provided separately for the US as this is an individually material country for bp, and for the UK as this is bp’s country of domicile.
Foreign currency translation	Foreign currency translation In individual subsidiaries, joint ventures and associates, transactions in foreign currencies are initially recorded in the functional currency of those entities at the spot exchange rate on the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated into the functional currency at the spot exchange rate on the balance sheet date. Any resulting exchange differences are included in the income statement, unless hedge accounting is applied. Non-monetary items, other than those measured at fair value, are not retranslated subsequent to initial recognition. In the consolidated financial statements, the assets and liabilities of non-US dollar functional currency subsidiaries, joint ventures, associates, and related goodwill, are translated into US dollars at the spot exchange rate on the balance sheet date. The results and cash flows of non-US dollar functional currency subsidiaries, joint ventures and associates are translated into US dollars using average rates of exchange. In the consolidated financial statements, exchange adjustments arising when the opening net assets and the profits for the year retained by non-US dollar functional currency subsidiaries, joint ventures and associates are translated into US dollars are recognized in a separate component of equity and reported in other comprehensive income. Exchange gains and losses arising on long-term intra-group foreign currency borrowings used to finance the group’s non-US dollar investments are also reported in other comprehensive income if the borrowings form part of the net investment in the subsidiary, joint venture or associate. On disposal or for certain partial disposals of a non-US dollar functional currency subsidiary, joint venture or associate, the related accumulated exchange gains and losses recognized in equity are reclassified from equity to the income statement.
Non-current assets held for sale	Non-current assets held for sale Non-current assets and disposal groups classified as held for sale are measured at the lower of carrying amount and fair value less costs to sell. Significant non-current assets and disposal groups are classified as held for sale if their carrying amounts will be recovered through a sale transaction rather than through continuing use. This condition is regarded as met only when the sale is highly probable and the asset or disposal group is available for immediate sale in its present condition subject only to terms that are usual and customary for sales of such assets. Management must be committed to the sale, which should be expected to qualify for recognition as a completed sale within one year from the date of classification as held for sale, and actions required to complete the plan of sale should indicate that it is unlikely that significant changes to the plan will be made or that the plan will be withdrawn. Property, plant and equipment and intangible assets are not depreciated or amortized, and equity accounting of associates and joint ventures is ceased once classified as held for sale.
Intangible assets	Intangible assets Intangible assets, other than goodwill, include expenditure on the exploration for and evaluation of oil and natural gas resources, biogas rights agreements, digital assets, patents, licences and trademarks and are stated at the amount initially recognized, less accumulated amortization and accumulated impairment losses. Intangible assets are carried initially at cost unless acquired as part of a business combination. Any such asset is measured at fair value at the date of the business combination and is recognized separately from goodwill if the asset is separable or arises from contractual or other legal rights. Intangible assets with a finite life, other than capitalized exploration and appraisal costs as described below, are amortized on a straight-line basis over their expected useful lives. For patents, licences and trademarks, expected useful life is the shorter of the duration of the legal agreement and economic useful life, and can range from three three The expected useful lives of assets and the amortization method are reviewed on an annual basis and, if necessary, changes in useful lives or the amortization method are accounted for prospectively. Oil and natural gas exploration and appraisal expenditure Oil and natural gas exploration and appraisal expenditure is accounted for using the principles of the successful efforts method of accounting as described below. Licence and property acquisition costs Exploration licence and leasehold property acquisition costs are capitalized within intangible assets and are reviewed at each reporting date to confirm that there is no indication that the carrying amount exceeds the recoverable amount. This review includes confirming that exploration drilling is still under way or planned or that it has been determined, or work is under way to determine, that the discovery is economically viable based on a range of technical and commercial considerations, and sufficient progress is being made on establishing development plans and timing. If no future activity is planned, the remaining balance of the licence and property acquisition costs is written off. Lower value licences are pooled and amortized on a straight-line basis over the estimated period of exploration. Upon internal approval for development and recognition of proved or sanctioned probable reserves of oil and natural gas, the relevant expenditure is transferred to property, plant and equipment.
Exploration, appraisal, and development expenditure	Exploration and appraisal expenditure Geological and geophysical exploration costs are recognized as an expense as incurred. Costs directly associated with an exploration well are initially capitalized as an intangible asset until the drilling of the well is complete and the results have been evaluated. These costs include employee remuneration, materials and fuel used, rig costs and payments made to contractors. If potentially commercial quantities of hydrocarbons are not found, the exploration well costs are written off. If hydrocarbons are found and, subject to further appraisal activity, are likely to be capable of commercial development, the costs continue to be carried as an asset. If it is determined that development will not occur, that is, the efforts are not successful, then the costs are expensed. 1. Significant accounting policies, judgements, estimates and assumptions – continued Costs directly associated with appraisal activity undertaken to determine the size, characteristics and commercial potential of a reservoir following the initial discovery of hydrocarbons, including the costs of appraisal wells where hydrocarbons were not found, are initially capitalized as an intangible asset. Upon internal approval for development and recognition of proved or sanctioned probable reserves, the relevant expenditure is transferred to property, plant and equipment. If development is not approved and no further activity is expected to occur, then the costs are expensed. The determination of whether potentially economic oil and natural gas reserves have been discovered by an exploration well is usually made within one year of well completion, but can take longer, depending on the complexity of the geological structure. Exploration wells that discover potentially economic quantities of oil and natural gas and are in areas where major capital expenditure (e.g. an offshore platform or a pipeline) would be required before production could begin, and where the economic viability of that major capital expenditure depends on the successful completion of further exploration or appraisal work in the area, remain capitalized on the balance sheet as long as such work is under way or firmly planned. Significant judgement: exploration and appraisal intangible assets Judgement is required to determine whether it is appropriate to continue to carry costs associated with exploration wells and exploratory-type stratigraphic test wells on the balance sheet. This includes costs relating to exploration licences or leasehold property acquisitions. It is not unusual to have such costs remaining suspended on the balance sheet for several years while additional appraisal drilling and seismic work on the potential oil and natural gas field is performed or while the optimum development plans and timing are established. The costs are carried based on the current regulatory and political environment or any known changes to that environment. All such carried costs are subject to regular technical, commercial and management review on at least an annual basis to confirm the continued intent to develop, or otherwise extract value from, the discovery. Where this is no longer the case, the costs are immediately expensed. The carrying amount of capitalized costs are included in Note 8.
Property, plant and equipment	Property, plant and equipment Property, plant and equipment owned by the group is stated at cost, less accumulated depreciation and accumulated impairment losses. The initial cost of an asset comprises its purchase price or construction cost, any costs directly attributable to bringing the asset into the location and condition necessary for it to be capable of operating in the manner intended by management, the initial estimate of any decommissioning obligation, if applicable, and, for assets that necessarily take a substantial period of time to get ready for their intended use, directly attributable general or specific finance costs. The purchase price or construction cost is the aggregate amount paid and the fair value of any other consideration given to acquire the asset. Expenditure on major maintenance refits or repairs comprises the cost of replacement assets or parts of assets, inspection costs and overhaul costs. Where an asset or part of an asset that was separately depreciated is replaced and it is probable that future economic benefits associated with the item will flow to the group, the expenditure is capitalized and the carrying amount of the replaced asset is derecognized. Inspection costs associated with major maintenance programmes are capitalized and amortized over the period to the next inspection. Overhaul costs for major maintenance programmes, and all other maintenance costs are expensed as incurred. Expenditure on the construction, installation and completion of infrastructure facilities such as platforms, pipelines and the drilling of development wells, including service and unsuccessful development or delineation wells, is capitalized within property, plant and equipment and is depreciated from the commencement of production. Oil and natural gas properties, including certain related pipelines, are depreciated using a unit-of-production method. The cost of producing wells is amortized over proved developed reserves. Licence acquisition, common facilities and future decommissioning costs are amortized over total proved reserves. The unit-of-production rate for the depreciation of common facilities takes into account expenditures incurred to date, together with estimated future capital expenditure expected to be incurred relating to as yet undeveloped reserves expected to be processed through these common facilities. Information on the carrying amounts of the group’s oil and natural gas properties, together with the amounts recognized in the income statement as depreciation, depletion and amortization is contained in Note 12 and Note 5 respectively. Estimates of oil and natural gas reserves determined in accordance with US Securities and Exchange Commission (SEC) regulations, including the application of prices using 12-month historical price data in assessing the commerciality of technical volumes, are typically used to calculate depreciation, depletion and amortization charges for the group’s oil and gas properties. Therefore, where this approach is adopted, charges are not dependent on management forecasts of future oil and gas prices. However, for certain oil and natural gas assets, the use of reserves determined in accordance with SEC regulations would result in a charge that is not reflective of the pattern in which the future economic benefits are expected to be consumed. In these limited instances other approaches are applied to determine the reserves base used to calculate depreciation, depletion and amortization, including the use of management’s best estimate of price assumptions as disclosed in Significant judgements and estimates: recoverability of asset carrying values, to determine the commerciality of technical proved reserves. The impact of changes in estimated proved reserves is dealt with prospectively by amortizing the remaining carrying value of the asset over the expected future production. The estimation of oil and natural gas reserves and bp’s process to manage reserves bookings is described in Supplementary information on oil and natural gas on page 263, which is unaudited. Details on bp’s proved reserves and production compliance and governance processes are provided on page 361. The 2022 movements in proved reserves are reflected in the tables showing movements in oil and natural gas reserves by region in Supplementary information on oil and natural gas (unaudited) on page 263. 1. Significant accounting policies, judgements, estimates and assumptions – continued Other property, plant and equipment is depreciated on a straight-line basis over its expected useful life. The typical useful lives of the group’s other property, plant and equipment on initial recognition are as follows: Land improvements 15 to 25 years Buildings 20 to 50 years Refineries 20 to 30 years Pipelines 10 to 50 years Service stations 15 years Office equipment 3 to 10 years Fixtures and fittings 5 to 15 years The expected useful lives and depreciation method of property, plant and equipment are reviewed on an annual basis and, if necessary, changes in useful lives or the depreciation method are accounted for prospectively. An item of property, plant and equipment is derecognized upon disposal or when no future economic benefits are expected to arise from the continued use of the asset. Any gain or loss arising on derecognition of the asset (calculated as the difference between the net disposal proceeds and the carrying amount of the item) is included in the income statement in the period in which the item is derecognized.
Impairment of property, plant and equipment, intangible assets, and goodwill	Impairment of property, plant and equipment, intangible assets, goodwill, and equity-accounted entities The group assesses assets or groups of assets, called cash-generating units (CGUs), for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset or CGU may not be recoverable; for example, changes in the group’s business plans, plans to dispose rather than retain assets, changes in the group’s assumptions about commodity prices, low plant utilization, evidence of physical damage or, for oil and gas assets, significant downward revisions of estimated reserves or increases in estimated future development expenditure or decommissioning costs. If any such indication of impairment exists, the group makes an estimate of the asset’s or CGU’s recoverable amount. Individual assets are grouped into CGUs for impairment assessment purposes at the lowest level at which there are identifiable cash inflows that are largely independent of the cash inflows of other groups of assets. A CGU’s recoverable amount is the higher of its fair value less costs of disposal and its value in use. If it is probable that the value of the CGU will be primarily recovered through a disposal transaction, the expected disposal proceeds are considered in determining the recoverable amount. Where the carrying amount of a CGU exceeds its recoverable amount, the CGU is considered impaired and is written down to its recoverable amount. The business segment plans, which are approved on an annual basis by senior management, are the primary source of information for the determination of value in use. They contain forecasts for oil and natural gas production, power generation, refinery throughputs, sales volumes for various types of refined products (e.g. gasoline and lubricants), revenues, costs and capital expenditure. Carbon taxes and costs of emissions allowances are included in estimates of future cash flows, where applicable, based on the regulatory environment in each jurisdiction in which the group operates. As an initial step in the preparation of these plans, various assumptions regarding market conditions, such as oil prices, natural gas prices, power prices, refining margins, refined product margins and cost inflation rates are set by senior management. These assumptions take account of existing prices, global supply-demand equilibrium for oil and natural gas, other macroeconomic factors and historical trends and variability. In assessing value in use, the estimated future cash flows are adjusted for the risks specific to the asset group to the extent that they are not already reflected in the discount rate and are discounted to their present value typically using a pre-tax discount rate that reflects current market assessments of the time value of money. Fair value less costs of disposal is the price that would be received to sell the asset in an orderly transaction between market participants and does not reflect the effects of factors that may be specific to the group and not applicable to entities in general. Fair value may be determined by reference to agreed or expected sales proceeds, recent market transactions for similar assets or using discounted cash flow analyses. Where discounted cash flow analyses are used to calculate fair value less costs of disposal, estimates are made about the assumptions market participants would use when pricing the asset, CGU or group of CGUs containing goodwill and the test is performed on a post-tax basis. An assessment is made at each reporting date as to whether there is any indication that previously recognized impairment losses may no longer exist or may have decreased. If such an indication exists, the recoverable amount is estimated. A previously recognized impairment loss is reversed only if there has been a change in the estimates used to determine the asset’s or CGU's recoverable amount since the last impairment loss was recognized. If that is the case, the carrying amount of the asset or CGU is increased to the lower of its recoverable amount and the carrying amount that would have been determined, net of depreciation, had no impairment loss been recognized for the asset or CGU in prior years. Impairment reversals are recognized in profit or loss. After a reversal, the depreciation charge is adjusted in future periods to allocate the asset’s or CGU's revised carrying amount, less any residual value, on a systematic basis over its remaining useful life. Goodwill is reviewed for impairment annually or more frequently if events or changes in circumstances indicate the recoverable amount of the group of CGUs to which the goodwill relates should be assessed. In assessing whether goodwill has been impaired, the carrying amount of the group of CGUs to which goodwill has been allocated is compared with its recoverable amount. Where the recoverable amount of the group of CGUs is less than the carrying amount (including goodwill), an impairment loss is recognized. An impairment loss recognized for goodwill is not reversed in a subsequent period. The group assesses investments in equity-accounted entities for impairment whenever there is objective evidence that the investment is impaired, after recognizing its share of any losses of the equity-accounted entity itself. If any such objective evidence of impairment exists, the carrying amount of the investment is compared with its recoverable amount, being the higher of its fair value less costs of disposal and value in use. If the carrying amount exceeds the recoverable amount, the investment is written down to its recoverable amount. 1. Significant accounting policies, judgements, estimates and assumptions – continued Significant judgements and estimates: recoverability of asset carrying values Determination as to whether, and by how much, an asset, CGU, or group of CGUs containing goodwill is impaired involves management estimates on highly uncertain matters such as the effects of inflation and deflation on operating expenses, discount rates, capital expenditure, carbon pricing (where applicable), production profiles, reserves and resources, and future commodity prices, including the outlook for global or regional market supply-and-demand conditions for crude oil, natural gas, power and refined products. Judgement is required when determining the appropriate grouping of assets into a CGU or the appropriate grouping of CGUs for impairment testing purposes. For example, individual oil and gas properties may form separate CGUs whilst certain oil and gas properties with shared infrastructure may be grouped together to form a single CGU. Alternative groupings of assets or CGUs may result in a different outcome from impairment testing. See Note 14 for details on how these groupings have been determined in relation to the impairment testing of goodwill. As described above, the recoverable amount of an asset is the higher of its value in use and its fair value less costs of disposal. Fair value less costs of disposal may be determined based on expected sales proceeds or similar recent market transaction data. Details of impairment charges and reversals recognized in the income statement are provided in Note 4 and details on the carrying amounts of assets are shown in Note 12, Note 14 and Note 15. The estimates for assumptions made in impairment tests in 2022 relating to discount rates and oil and gas properties are discussed below. Changes in the economic environment including as a result of the energy transition or other facts and circumstances may necessitate revisions to these assumptions and could result in a material change to the carrying values of the group's assets within the next financial year. Discount rates For discounted cash flow calculations, future cash flows are adjusted for risks specific to the CGU. Value-in-use calculations are typically discounted using a pre-tax discount rate based upon the cost of funding the group derived from an established model, adjusted to a pre-tax basis and incorporating a market participant capital structure and country risk premiums. Fair value less costs of disposal discounted cash flow calculations use a post-tax discount rate. The discount rates applied in impairment tests are reassessed each year and, in 2022, the post-tax discount rate was 7% (2021 6%) other than for low carbon energy assets. Where the CGU is located in a country that was judged to be higher risk an additional premium of 1% to 2% was reflected in the post-tax discount rate (2021 1% to 3%). The judgement of classifying a country as higher risk and the applicable premium takes into account various economic and geopolitical factors. The pre-tax discount rate, other than for low carbon energy assets, typically ranged from 7% to 18% (2021 7% to 15%) depending on the risk premium and applicable tax rate in the geographic location of the CGU. For low carbon energy assets where the risk profile of expected cash flows supports a lower rate, the post-tax discount rate for fair value less costs of disposal impairment tests was 6%. Oil and natural gas properties For oil and natural gas properties in the oil production & operations and gas & low carbon energy segments, expected future cash flows are estimated using management’s best estimate of future oil and natural gas prices, production and reserves and certain resources volumes. Forecast cash flows include the impact of all approved emission reduction projects. The estimated future level of production in all impairment tests is based on assumptions about future commodity prices, production and development costs, field decline rates, current fiscal regimes and other factors. In 2022, the group identified oil and gas properties in these segments with carrying amounts totalling $11,652 million (2021 $26,341 million) where the headroom, based on the most recent impairment test performed in the year on those assets, was less than or equal to 20% of the carrying value. A change in the discount rate, reserves, resources or the oil and gas price assumptions in 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 risk of impairment reversals or charges in that period. Management considers that reasonably possible changes in the discount rate or forecast revenue, arising from a change in oil and natural gas prices and/or production could result in a material change in their carrying amounts within the next financial year, see Sensitivity analyses, below. The recoverability of intangible exploration and appraisal expenditure is covered under Oil and natural gas exploration, appraisal and development expenditure above. Oil and natural gas prices The price assumptions used for value-in-use impairment testing are based on those used for investment appraisal. bp’s carbon emissions cost assumptions and their interrelationship with oil and gas prices are described in 'Judgements and estimates made in assessing the impact of climate change and the transition to a lower carbon economy' on page 185. The investment appraisal price assumptions are recommended by the senior vice president economic & energy insights after considering a range of external price sets, and supply and demand profiles associated with various energy transition scenarios. They are reviewed and approved by management. As a result of the current uncertainty over the pace of transition to lower-carbon supply and demand and the social, political and environmental actions that will be taken to meet the goals of the Paris climate change agreement, the scenarios considered include those where those goals are met as well as those where they are not met. During the year, bp's price assumptions applied in value-in-use impairment testing (in real 2021 terms) for Brent oil from 2024 up to 2030 was increased to $70 per barrel to reflect near term supply constraints before steadily declining to $45 per barrel by 2050 continuing to reflect the assumption that as the energy system decarbonises, falling oil demand will cause oil prices to decline. The price assumptions for Henry Hub gas up to 2035 and up to 2050 were increased to $4.00 per mmBtu and $3.50 per mmBtu respectively to reflect the increased demand for US gas production to offset reduced Russian gas flows. These price assumptions are derived from the central case investment appraisal assumptions, adjusted where applicable to reflect short-term market conditions (see page 28). A summary of the group’s revised price assumptions for Brent oil and Henry Hub gas, applied in 2022 and 2021, in real 2021 terms, is provided below. The assumptions represent management’s best estimate of future prices at the balance sheet date, which sit within the range of external scenarios considered as appropriate for the purpose. They are considered by bp to be in line with a range of transition paths consistent with the temperature goal of the Paris climate change agreement, of holding the increase in the global average temperature to well below 2°C above pre-industrial levels and pursuing efforts to limit the temperature increase to 1.5°C above pre-industrial levels. However, they do not correspond to any specific Paris-consistent scenario. An inflation rate of 2% (2021 2%) is applied to determine the price assumptions in nominal terms. The majority of bp’s reserves and resources that support the carrying value of the group’s existing oil and gas properties are expected to be produced over the next 10 years. The recoverability of deferred tax assets is also affected by the group’s oil and natural gas price assumptions as these could impact the estimate of future taxable profits. See Note 9 for further information. 1. Significant accounting policies, judgements, estimates and assumptions – continued 2022 price assumptions 2023 2025 2030 2040 2050 Brent oil ($/bbl) 77 70 70 58 45 Henry Hub gas ($/mmBtu) 4.00 4.00 4.00 3.50 3.50 2021 price assumptions 2022 2025 2030 2040 2050 Brent oil ($/bbl) 71 61 61 56 46 Henry Hub gas ($/mmBtu) 4.08 3.06 3.06 3.06 2.80 Global oil production increased by 4.9% in 2022. Despite western sanctions on Russian oil exports, Russian export volumes remain at 97% of pre-invasion levels, as oil shipments to the EU and OECD Asian countries are redirected to China, India, and Türkiye. Global oil demand continued its post-COVID-19 recovery, increasing by 2.3% in 2022. Europe’s energy crisis, a strong US dollar, and persistent COVID-19 lockdowns in China all contributed to slower energy demand growth and weaker oil demand growth. Brent increased by $30 per barrel in 2022 as a result of the rebound in oil demand and the oil risk premium associated with the Russia-Ukraine war. bp's long-term assumption for oil prices is lower than the 2022 price average, based on the judgement that, in the long term, oil demand is likely to fall so that the price levels needed to encourage sufficient investment to meet declining global oil demand is also lower. US gas prices increased around two-thirds to $6.4 per mmBtu in 2022. The higher prices reflect much tighter demand supply balance for most of 2022. Through April, lower production particularly in Appalachia, depleted gas stocks to 90% of the five-year average, increasing prices. Thereafter, while production recovered, a record warm summer and lower coal stocks at power plants increased the call on gas fired generation, keeping demand strong and preventing gas stocks from rebuilding, This, was despite an outage at the Freeport LNG terminal since June reducing the demand for LNG exports. Further, industrial demand was further boosted by geopolitical disruptions that increased global product prices, favouring US firms due to relatively lower feedstock costs. Prices only moderated in the fourth quarter when growth in production and moderate weather allowed gas inventories to be replenished. The level of US gas prices in 2022 is above bp’s long term price assumption based on the judgement of the price level required to incentivize new production. Oil and natural gas reserves In addition to oil and natural gas prices, significant technical and commercial assessments are required to determine the group’s estimated oil and natural gas reserves. Reserves estimates are regularly reviewed and updated. Factors such as the availability of geological and engineering data, reservoir performance data, acquisition and divestment activity and drilling of new wells all impact on the determination of the group’s estimates of its oil and natural gas reserves. bp bases its reserves estimates on the requirement of reasonable certainty with rigorous technical and commercial assessments based on conventional industry practice and regulatory requirements. Reserves assumptions for value-in-use tests reflect the reserves and resources that management currently intend to develop. The recoverable amount of oil and gas properties is determined using a combination of inputs including reserves, resources and production volumes. Risk factors may be applied to reserves and resources which do not meet the criteria to be treated as proved or probable. Sensitivity analyses Management considers discount rates, oil and natural gas prices and production to be the key sources of estimation uncertainty in determining the recoverable amount of upstream oil and gas assets. The sensitivity analyses below, in addition to covering the key sources of estimation uncertainty, also indicate how the energy transition, potential future carbon emissions costs for operational GHG emissions and/or reduced demand for oil and gas may further impact forecast revenue cash inflows to a greater extent than currently anticipated in the group’s value-in-use estimates for oil and gas CGUs, if carbon emissions costs were to be implemented as a deduction against revenue cash flows. The analyses therefore represent a net revenue sensitivity. A change in net revenue from upstream oil and gas properties can arise either due to changes in oil and natural gas prices, carbon emissions costs/carbon prices, changes in oil and natural gas production, or a combination of these. Management tested the impact of changes in net revenue cash flows in value-in-use impairment testing under the following sensitivity analyses: an increase in net revenues of 10% in all years up to 2030, 25% in all subsequent years to 2040 and 40% in all remaining years to 2050; and a decrease in net revenues of 25% in all years up to 2030, 50% in all subsequent years to 2040 and 60% in all remaining years to 2050. Net revenue reductions of this magnitude in isolation could indicatively lead to a reduction in the carrying amount of bp’s currently held upstream oil and gas properties in the range of $15-16 billion, which is approximately 14-15% of the net book value of property, plant and equipment as at 31 December 2022. If this net revenue reduction was due to reductions in prices in isolation, it reflects an indicative decrease in the carrying amount of using price assumptions for Brent oil trending broadly towards the bottom of the range of prices associated with the World Business Council for Sustainable Development (WBCSD) 'family' of scenarios considered to be consistent with limiting global average temperature to 1.5°C above pre-industrial levels. This ‘family’ of scenarios is also used in bp's TCFD scenario analysis (see page 50). Net revenue increases of this magnitude in isolation could indicatively lead to an increase in the carrying amount of bp’s currently held upstream oil and gas properties in the range of $1-2 billion, which is approximately 1-2% of the net book value of property, plant and equipment as at 31 December 2022. This potential increase in the carrying amount would arise due to reversals of previously recognized impairments and represents approximately half of the total impairment reversal capacity available at 31 December 2022. If this net revenue increase was due to increases in prices in isolation, it reflects an indicative increase in the carrying amount of using price assumptions for Brent oil trending broadly towards the top end until 2040, and then towards the mean average at 2050, of the range of prices associated with the WBCSD 'family' of scenarios considered to be consistent with limiting global average temperature to 1.5°C above pre-industrial levels. This ‘family’ of scenarios is also used in bp's TCFD scenario analysis. 1. Significant accounting policies, judgements, estimates and assumptions – continued These sensitivity analyses do not, however, represent management’s best estimate of any impairment charges or reversals that might be recognized as they do not fully incorporate consequential changes that may arise, such as changes in costs and business plans and phasing of development. For example, costs across the industry are more likely to decrease as oil and natural gas prices fall. The analyses also assume the impact of increases in carbon price on operational GHG emissions are fully absorbed as a decrease in net revenue (and vice versa) rather than reflecting how carbon prices or other carbon emissions costs may ultimately be incorporated by the market. The above sensitivity analyses therefore do not reflect a linear relationship between net revenue and value that can be extrapolated. The interdependency of these inputs and factors plus the diverse characteristics of the group's upstream oil and gas properties limits the practicability of estimating the probability or extent to which the overall recoverable amount is impacted by changes to the price assumptions or production volumes. Management also tested the impact of a one percentage point change in the discount rate used for value-in-use impairment testing of upstream oil and gas properties. This level of change reflects past experience of a reasonable change in rate that could arise within the next financial year. If the discount rate was one percentage point higher across all tests performed, the net impairment reversal recognized in 2022 would have been approximately $0.5 billion lower. If the discount rate was one percentage point lower, the net impairment reversal recognized would have been approximately $0.5 billion higher. Goodwill Irrespective of whether there is any indication of impairment, bp is required to test annually for impairment of goodwill acquired in business combinations. The group carries goodwill of $12.0 billion on its balance sheet (2021 $12.4 billion), principally relating to the Atlantic Richfield, Burmah Castrol, Devon Energy and Reliance transactions. Of this, $7.2 billion relates to goodwill in the oil production & operations and gas & low carbon energy segments (2021 $7.6 billion), for which oil and gas price and production assumptions are key sources of estimation uncertainty. Sensitivities and additional information relating to impairment testing of goodwill in these segments are provided in Note 14.
Inventories	Inventories Inventories, other than inventories held for short-term trading purposes, are stated at the lower of cost and net realizable value. Cost is typically determined by the first-in first-out method and comprises direct purchase costs, cost of production, transportation and manufacturing expenses. Net realizable value is determined by reference to prices existing at the balance sheet date, adjusted where the sale of inventories after the reporting period gives evidence about their net realizable value at the end of the period. Inventories held for short-term trading purposes are stated at fair value less costs to sell and any changes in fair value are recognized in the income statement. Supplies are valued at the lower of cost on a weighted-average basis and net realizable value.
Leases	Leases Agreements that convey the right to control the use of an identified asset for a period of time in exchange for consideration are accounted for as leases. The right to control is conveyed if bp has both the right to obtain substantially all of the economic benefits from, and the right to direct the use of, the identified asset throughout the period of use. An asset is identified if it is explicitly or implicitly specified by the agreement and any substitution rights held by the lessor over the asset are not considered substantive. Agreements that convey the right to control the use of an intangible asset including rights to explore for or use hydrocarbons are not accounted for as leases. See significant accounting policy: intangible assets. A lease liability is recognized on the balance sheet on the lease commencement date at the present value of future lease payments over the lease term. The discount rate applied is the rate implicit in the lease if readily determinable, otherwise an incremental borrowing rate is used. For the majority of the leases in the group, there is not sufficient information available to readily determine the rate implicit in the lease, and therefore the incremental borrowing rate is used . The incremental borrowing rate is determined based on factors such as the group’s cost of borrowing, lessee legal entity credit risk, currency and lease term. The lease term is the non-cancellable period of a lease together with any periods covered by an extension option that bp is reasonably certain to exercise, or periods covered by a termination option that bp is reasonably certain not to exercise. The future lease payments included in the present value calculation are any fixed payments, payments that vary depending on an index or rate, payments due for the reasonably certain exercise of options and expected residual value guarantee payments. Repayments of principal are presented as financing cash flows and payments of interest are presented as operating cash flows. Payments that vary based on factors other than an index or a rate such as usage, sales volumes or revenues are not included in the present value calculation and are recognized in the income statement and presented as operating cash flows. The lease liability is recognized on an amortized cost basis with interest expense recognized in the income statement over the lease term, except for where capitalized as exploration, appraisal or development expenditure. The right-of-use asset is recognized on the balance sheet as property, plant and equipment at a value equivalent to the initial measurement of the lease liability adjusted for lease prepayments, lease incentives, initial direct costs and any restoration obligations. The right-of-use asset is depreciated typically on a straight-line basis over the lease term. The depreciation charge is recognized in the income statement except for where capitalized as exploration, appraisal or development expenditure. Right-of-use assets are assessed for impairment in line with the accounting policy for impairment of property, plant and equipment, intangible assets and goodwill. Agreements may include both lease and non-lease components. Payments for lease and non-lease components are allocated on a relative stand-alone selling price basis except for leases of retail service stations where the group has elected not to separate non-lease payments from the calculation of the lease liability and right-of-use asset. If the lease term at commencement of the agreement is less than 12 months, a lease liability and right-of-use asset are not recognized, and a lease expense is recognized in the income statement on a straight-line basis. 1. Significant accounting policies, judgements, estimates and assumptions – continued If a significant event or change in circumstances, within the control of bp, arises that affects the reasonably certain lease term or there are changes to the lease payments, the present value of the lease liability is remeasured using the revised term and payments, with the right-of-use asset adjusted by an equivalent amount. Modifications to a lease agreement beyond the original terms and conditions are accounted for as a re-measurement of the lease liability with a corresponding adjustment to the right-of-use asset. Any gain or loss on modification is recognized in the income statement. Modifications that increase the scope of the lease at a price commensurate with the stand-alone selling price are accounted for as a separate new lease. The group recognizes the full lease liability, rather than its working interest share, for leases entered into on behalf of a joint operation if the group has the primary responsibility for making the lease payments. This may be the case if for example bp, as operator of the joint operation, is the sole signatory to the lease agreement. In such cases, bp’s working interest share of the right-of-use asset is recognized if it is jointly controlled by the group and the other joint operators, and a receivable is recognized for the share of the asset transferred to the other joint operators. If bp is a non-operator, a payable to the operator is recognized if they have the primary responsibility for making the lease payments and bp has joint control over the right-of-use asset, otherwise no balances are recognized.
Financial assets	Financial assets Financial assets are recognized initially at fair value, normally being the transaction price. In the case of financial assets not measured at fair value through profit or loss, directly attributable transaction costs are also included. The subsequent measurement of financial assets depends on their classification, as set out below. The group derecognizes financial assets when the contractual rights to the cash flows expire or the rights to receive cash flows have been transferred to a third party and either substantially all of the risks and rewards of the asset have been transferred, or substantially all the risks and rewards of the asset have neither been retained nor transferred but control of the asset has been transferred. This includes the derecognition of receivables for which discounting arrangements are entered into. The group classifies its financial asset debt instruments as measured at amortized cost, fair value through other comprehensive income or fair value through profit or loss. The classification depends on the business model for managing the financial assets and the contractual cash flow characteristics of the financial asset. Financial assets measured at amortized cost Financial assets are classified as measured at amortized cost when they are held in a business model the objective of which is to collect contractual cash flows and the contractual cash flows represent solely payments of principal and interest. Such assets are carried at amortized cost using the effective interest method if the time value of money is significant. Gains and losses are recognized in profit or loss when the assets are derecognized or impaired and when interest income is recognized using the effective interest method. This category of financial assets includes trade and other receivables. Financial assets measured at fair value through other comprehensive income Financial assets are classified as measured at fair value through other comprehensive income when they are held in a business model the objective of which is both to collect contractual cash flows and sell the financial assets, and the contractual cash flows represent solely payments of principal and interest. Financial assets measured at fair value through profit or loss Financial assets are classified as measured at fair value through profit or loss when the asset does not meet the criteria to be measured at amortized cost or fair value through other comprehensive income. Such assets are carried on the balance sheet at fair value with gains or losses recognized in the income statement. Derivatives, other than those designated as effective hedging instruments, are included in this category. Investments in equity instruments Investments in equity instruments are subsequently measured at fair value through profit or loss unless an election is made on an instrument-by-instrument basis to recognize fair value gains and losses in other comprehensive income. Derivatives designated as hedging instruments in an effective hedge Derivatives designated as hedging instruments in an effective hedge are carried on the balance sheet at fair value. The treatment of gains and losses arising from revaluation is described below in the accounting policy for derivative financial instruments and hedging activities. Cash equivalents Cash equivalents are short-term highly liquid investments that are readily convertible to known amounts of cash, are subject to insignificant risk of changes in value and generally have a maturity of three months or less from the date of acquisition. Cash equivalents are classified as financial assets measured at amortized cost or, in the case of certain money market funds, fair value through profit or loss. Impairment of financial assets measured at amortized cost The group assesses on a forward-looking basis the expected credit losses associated with financial assets measured at amortized cost at each balance sheet date. Expected credit losses are measured based on the maximum contractual period over which the group is exposed to credit risk. As lifetime expected credit losses are recognized for trade receivables and the tenor of substantially all other in-scope financial assets is less than 12 months there is no significant difference between the measurement of 12-month and lifetime expected credit losses for the group. The measurement of expected credit losses is a function of the probability of default, loss given default and exposure at default. The expected credit loss is estimated as the difference between the asset’s carrying amount and the present value of the future cash flows the group expects to receive discounted at the financial asset’s original effective interest rate. The carrying amount of the asset is adjusted, with the amount of the impairment gain or loss recognized in the income statement. A financial asset or group of financial assets classified as measured at amortized cost is considered to be credit-impaired if there is reasonable and supportable evidence that one or more events that have a detrimental impact on the estimated future cash flows of the financial asset (or group of financial assets) have occurred. Financial assets are written off where the group has no reasonable expectation of recovering amounts due. Equity instruments Instruments are classified as either financial liabilities or as equity in accordance with the substance of the contractual arrangements. Instruments that cannot be settled in the group’s own equity instruments and that include no contractual obligation to deliver cash or another financial asset or to exchange financial assets or financial liabilities with another entity that are potentially unfavourable are classified as equity. Equity instruments issued by the group are recognized at the proceeds received, net of directly attributable issue costs.
Financial liabilities	Financial liabilities Financial liabilities are recognized when the group becomes party to the contractual provisions of the instrument. The group derecognizes financial liabilities when the obligation specified in the contract is discharged, cancelled or expired. The measurement of financial liabilities depends on their classification, as follows: Financial liabilities measured at fair value through profit or loss Financial liabilities that meet the definition of held for trading are classified as measured at fair value through profit or loss. Such liabilities are carried on the balance sheet at fair value with gains or losses recognized in the income statement. Derivatives, other than those designated as effective hedging instruments, are included in this category. Derivatives designated as hedging instruments in an effective hedge Derivatives designated as hedging instruments in an effective hedge are carried on the balance sheet at fair value. The treatment of gains and losses arising from revaluation is described below in the accounting policy for derivative financial instruments and hedging activities. Financial liabilities measured at amortized cost All other financial liabilities are initially recognized at fair value, net of directly attributable transaction costs. For interest-bearing loans and borrowings this is typically equivalent to the fair value of the proceeds received, net of issue costs associated with the borrowing. After initial recognition, other financial liabilities are subsequently measured at amortized cost using the effective interest method. Amortized cost is calculated by taking into account any issue costs and any discount or premium on settlement. Gains and losses arising on the repurchase, settlement or cancellation of liabilities are recognized in interest and other income and finance costs respectively. This category of financial liabilities includes trade and other payables and finance debt. Significant judgement: supplier financing arrangements The group’s trade payables include some supplier arrangements that utilize letter of credit facilities. Judgement is required to assess the payables subject to these arrangements to determine whether they should continue to be classified as trade payables and give rise to operating cash flows or finance debt and financing cash flows. The criteria used in making this assessment include the payment terms for the amount due relative to terms commonly seen in the markets in which bp operates and whether the arrangements significantly change the nature of the liability. Liabilities subject to these arrangements with payment terms of up to approximately 60 days are generally considered to be trade payables and give rise to operating cash flows. At 31 December 2022, trade payables subject to these arrangements and this significant judgement included $9.5 billion (2021 $9.2 billion) payable to the providers of the letters of credit. See Note 29 - Liquidity risk for further information. Financial guarantees The group issues financial guarantee contracts to make specified payments to reimburse holders for losses incurred if certain associates, joint ventures or third-party entities fail to make payments when due in accordance with the original or modified terms of a debt instrument such as a loan. The liability for a financial guarantee contract is initially measured at fair value and subsequently measured at the higher of the contract’s estimated expected credit loss and the amount initially recognized less, where appropriate, cumulative amortization. Derivative financial instruments and hedging activities The group uses derivative financial instruments to manage certain exposures to fluctuations in foreign currency exchange rates, interest rates and commodity prices, as well as for trading purposes. These derivative financial instruments are recognized initially at fair value on the date on which a derivative contract is entered into and subsequently remeasured at fair value. Derivatives are carried as assets when the fair value is positive and as liabilities when the fair value is negative. Contracts to buy or sell a non-financial item (for example, oil, oil products, gas or power) that can be settled net in cash, with the exception of contracts that were entered into and continue to be held for the purpose of the receipt or delivery of a non-financial item in accordance with the group’s expected purchase, sale or usage requirements, are accounted for as financial instruments. Gains or losses arising from changes in the fair value of derivatives that are not designated as effective hedging instruments are recognized in the income statement. If, at inception of a contract, the valuation cannot be supported by observable market data, any gain or loss determined by the valuation methodology is not recognized in the income statement but is deferred on the balance sheet and is commonly known as a ‘day-one gain or loss’. This deferred gain or loss is recognized in the income statement over the life of the contract until substantially all the remaining contractual cash flows can be valued using observable market data at which point any remaining deferred gain or loss is recognized in the income statement. Changes in valuation subsequent to the initial valuation at inception of a contract are recognized immediately in the income statement. For the purpose of hedge accounting, hedges are classified as: • Fair value hedges when hedging exposure to changes in the fair value of a recognized asset or liability. • Cash flow hedges when hedging exposure to variability in cash flows that is attributable to either a particular risk associated with a recognized asset or liability or a highly probable forecast transaction. Hedge relationships are formally designated and documented at inception, together with the risk management objective and strategy for undertaking the hedge. The documentation includes identification of the hedging instrument, the hedged item or transaction, the nature of the risk being hedged, the existence at inception of an economic relationship and subsequent measurement of the hedging instrument's effectiveness in offsetting the exposure to changes in the hedged item’s fair value or cash flows attributable to the hedged risk, the hedge ratio and sources of hedge ineffectiveness. Hedges meeting the criteria for hedge accounting are accounted for as follows: Fair value hedges The change in fair value of a hedging derivative is recognized in profit or loss. The change in the fair value of the hedged item attributable to the risk being hedged is recorded as part of the carrying value of the hedged item and is also recognized in profit or loss, where it offsets. The group applies fair value hedge accounting when hedging interest rate risk and certain currency risks on fixed rate finance debt. Fair value hedge accounting is discontinued only when the hedging relationship or a part thereof ceases to meet the qualifying criteria. This includes when the risk management objective changes or when the hedging instrument is sold, terminated or exercised. The accumulated adjustment to the carrying amount of a hedged item at such time is then amortized prospectively to profit or loss as finance interest expense over the hedged item's remaining period to maturity. 1. Significant accounting policies, judgements, estimates and assumptions – continued Cash flow hedges The effective portion of the gain or loss on a cash flow hedging instrument is reported in other comprehensive income, while the ineffective portion is recognized in profit or loss. Amounts reported in other comprehensive income are reclassified to the income statement when the hedged transaction affects profit or loss. Where the hedged item is a highly probably forecast transaction that results in the recognition of a non-financial asset or liability, such as a forecast foreign currency transaction for the purchase of property, plant and equipment, the amounts recognized within other comprehensive income are transferred to the initial carrying amount of the non-financial asset or liability. Where the hedged item is an equity investment, the amounts recognized in other comprehensive income remain in the separate component of equity until the hedged cash flows affect profit or loss or when accounting under the equity method is discontinued. Where the hedged item is recognized directly in profit or loss, the amounts recognized in other comprehensive income are reclassified to production and manufacturing expenses or sales and other operating revenues as appropriate. Cash flow hedge accounting is discontinued only when the hedging relationship or a part thereof ceases to meet the qualifying criteria. This includes when the designated hedged forecast transaction or part thereof is no longer considered to be highly probable to occur, or when the hedging instrument is sold, terminated or exercised without replacement or rollover. When cash flow hedge accounting is discontinued amounts previously recognized within other comprehensive income remain in equity until the forecast transaction occurs and are reclassified to profit or loss or transferred to the initial carrying amount of a non-financial asset or liability as above. If the forecast transaction is no longer expected to occur, amounts previously recognized within other comprehensive income will be immediately reclassified to profit or loss. Costs of hedging The foreign currency basis spread of cross-currency interest rate swaps are excluded from hedge designations and accounted for as costs of hedging. Changes in fair value of the foreign currency basis spread are recognized in other comprehensive income to the extent that they relate to the hedged item.
Fair value measurement	Fair value measurement Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants. The group categorizes assets and liabilities measured at fair value into one of three levels depending on the ability to observe inputs employed in their measurement. Level 1 inputs are quoted prices in active markets for identical assets or liabilities. Level 2 inputs are inputs that are observable, either directly or indirectly, other than quoted prices included within level 1 for the asset or liability. Level 3 inputs are unobservable inputs for the asset or liability reflecting significant modifications to observable related market data or bp’s assumptions about pricing by market participants. Significant estimate and judgement: derivative financial instruments In some cases the fair values of derivatives are estimated using internal models due to the absence of quoted prices or other observable, market-corroborated data. This primarily applies to the group’s longer-term derivative contracts. The majority of these contracts are valued using models with inputs that include price curves for each of the different products that are built up from available active market pricing data (including volatility and correlation) and modelled using the maximum available external information. Additionally, where limited data exists for certain products, prices are determined using historical and long-term pricing relationships. The use of alternative assumptions or valuation methodologies may result in significantly different values for these derivatives. A reasonably possible change in the price assumptions used in the models relating to index price would not have a material impact on net assets and the Group income statement primarily as a result of offsetting movements between derivative assets and liabilities. In some cases, judgement is required to determine whether contracts to buy or sell commodities meet the definition of a derivative or to determine appropriate presentation and classification of transactions in certain cases. In particular, contracts to buy and sell LNG are not considered to meet the definition as they are not considered capable of being net settled due to a lack of liquidity in the LNG market and the inability or lack of history of net settlement and are accounted for on an accruals basis, rather than as a derivative. Under IFRS, bp fair values the derivative financial instruments used to risk-manage the LNG contracts themselves, resulting in a measurement mismatch. For more information, including the carrying amounts of level 3 derivatives, see Note 30.
Offsetting of financial assets and liabilities	Offsetting of financial assets and liabilities Financial assets and liabilities are presented gross in the balance sheet unless both of the following criteria are met: the group currently has a legally enforceable right to set off the recognized amounts; and the group intends to either settle on a net basis or realize the asset and settle the liability simultaneously. A right of set off is the group’s legal right to settle an amount payable to a creditor by applying against it an amount receivable from the same counterparty. The relevant legal jurisdiction and laws applicable to the relationships between the parties are considered when assessing whether a current legally enforceable right to set off exists.
Provisions and contingencies, Decommissioning, Environmental expenditures and liabilities	Provisions and contingencies Provisions are recognized when the group has a present legal or constructive obligation as a result of a past event, it is probable that an outflow of resources embodying economic benefits will be required to settle the obligation and a reliable estimate can be made of the amount of the obligation. Where appropriate, the future cash flow estimates are adjusted to reflect risks specific to the liability. If the effect of the time value of money is material, provisions are determined by discounting the expected future cash flows at a pre-tax risk-free rate that reflects current market assessments of the time value of money. Where discounting is used, the increase in the provision due to the passage of time is recognized within finance costs. Provisions are discounted using a nominal discount rate of 3.5% (2021 2.0%). Provisions are split between amounts expected to be settled within 12 months of the balance sheet date (current) and amounts expected to be settled later (non-current). Contingent liabilities are possible obligations whose existence will only be confirmed by future events not wholly within the control of the group, or present obligations where it is not probable that an outflow of resources will be required or the amount of the obligation cannot be measured with sufficient reliability. Contingent liabilities are not recognized in the consolidated financial statements but are disclosed, if material, unless the possibility of an outflow of economic resources is considered remote. 1. Significant accounting policies, judgements, estimates and assumptions – continued Decommissioning Liabilities for decommissioning costs are recognized when the group has an obligation to plug and abandon a well, dismantle and remove a facility or an item of plant and to restore the site on which it is located, and when a reliable estimate of that liability can be made. Where an obligation exists for a new facility or item of plant, such as oil and natural gas production or transportation facilities, this liability will be recognized on construction or installation. Similarly, where an obligation exists for a well, this liability is recognized when it is drilled. An obligation for decommissioning may also crystallize during the period of operation of a well, facility or item of plant through a change in legislation or through a decision to terminate operations; an obligation may also arise in cases where an asset has been sold but the subsequent owner is no longer able to fulfil its decommissioning obligations, for example due to bankruptcy. The amount recognized is the present value of the estimated future expenditure determined in accordance with local conditions and requirements. The provision for the costs of decommissioning wells, production facilities and pipelines at the end of their economic lives is estimated using existing technology, at future prices, depending on the expected timing of the activity, and discounted using a nominal discount rate. An amount equivalent to the decommissioning provision is recognized as part of the corresponding intangible asset (in the case of an exploration or appraisal well) or property, plant and equipment. The decommissioning portion of the property, plant and equipment is subsequently depreciated at the same rate as the rest of the asset. Other than the unwinding of discount on or utilization of the provision, any change in the present value of the estimated expenditure is reflected as an adjustment to the provision and the corresponding asset where that asset is generating or is expected to generate future economic benefits. Environmental expenditures and liabilities Environmental expenditures that are required in order for the group to obtain future economic benefits from its assets are capitalized as part of those assets. Expenditures that relate to an existing condition caused by past operations that do not contribute to future earnings are expensed. Liabilities for environmental costs are recognized when a clean-up is probable and the associated costs can be reliably estimated. Generally, the timing of recognition of these provisions coincides with the commitment to a formal plan of action or, if earlier, on divestment or on closure of inactive sites. The amount recognized is the best estimate of the expenditure required to settle the obligation. Provisions for environmental liabilities have been estimated using existing technology, at future prices and discounted using a nominal discount rate. Emissions Liabilities for emissions are recognized when the cumulative volumes of gases emitted by the group at the end of the reporting period exceed the allowances granted free of charge held for own use or a set baseline for emissions. The provision is measured at the best estimate of the expenditure required to settle the present obligation at the balance sheet date. It is based on the excess of actual emissions over the free allowances held or set baseline in tonnes (or other appropriate quantity) and is valued at the actual cost of any allowances that have been purchased and held for own use on a first-in-first-out (FIFO) basis, and, if insufficient allowances are held, for the remaining requirement on the basis of the spot market price of allowances at the balance sheet date. The majority of these provisions are typically settled within 12 months of the balance sheet date however certain schemes may have longer compliance periods. The cost of allowances purchased to cover a shortfall is recognized separately on the balance sheet as an intangible asset unless the emission allowances acquired or generated by the group are risk-managed by the shipping & trading function, then they are recognized on the balance sheet as inventory. Restructuring provisions Restructuring provisions are recognized where a detailed formal plan exists, and a valid expectation of risk of redundancy has been made to those affected but where the specific outcomes remain uncertain. Where formal redundancy offers have been made, the obligations for those amounts are reported as payables and, if not, as provisions if unpaid at the year-end. 1. Significant accounting policies, judgements, estimates and assumptions – continued Significant judgements and estimates: provisions The group holds provisions for the future decommissioning of oil and natural gas production facilities and pipelines at the end of their economic lives. The largest decommissioning obligations facing bp relate to the plugging and abandonment of wells and the removal and disposal of oil and natural gas platforms and pipelines around the world. Most of these decommissioning events are many years in the future and the precise requirements that will have to be met when the removal event occurs are uncertain. Decommissioning technologies and costs are constantly changing, as are political, environmental, safety and public expectations. The timing and amounts of future cash flows are subject to significant uncertainty and estimation is required in determining the amounts of provisions to be recognized. Any changes in the expected future costs are reflected in both the provision and, where still recognized, the asset. If oil and natural gas production facilities and pipelines are sold to third parties, judgement is required to assess whether the new owner will be unable to meet their decommissioning obligations, whether bp would then be responsible for decommissioning, and if so the extent of that responsibility. This typically requires assessment of the local legal requirements and the financial standing of the owner. If the standing deteriorates significantly, for example, bankruptcy of the owner, a provision may be required. The group has assessed that $0.8 billion of decommissioning provisions should be recognized as at 31 December 2022 (2021 $0.5 billion) for assets previously sold to third parties where the sale transferred the decommissioning obligation to the new owner. See Note 33 for further information. Decommissioning provisions associated with downstream refineries are generally not recognized, as the potential obligations cannot be measured, given their indeterminate settlement dates. Obligations may arise if refineries cease manufacturing operations and any such obligations would be recognized in the period when sufficient information becomes available to determine potential settlement dates. See Note 33 for further information. The group performs periodic reviews of its downstream refineries for any changes in facts and circumstances including those relating to the energy transition, that might require the recognition of a decommissioning provision. Portfolio strength and flexibility are such that the point of cessation of manufacturing at the group’s operating refineries cannot yet be reliably determined for the purposes of determining a decommissioning provision. The provision for environmental liabilities is estimated based on current legal and constructive requirements, technology, price levels and expected plans for remediation. Actual costs and cash outflows can differ from current estimates because of changes in laws and regulations, public expectations, prices, discovery and analysis of site conditions and changes in clean-up technology. The timing and amount of future expenditures relating to decommissioning and environmental liabilities are reviewed annually. The interest rate used in discounting the cash flows is reviewed quarterly. The nominal interest rate used to determine the balance sheet obligations at the end of 2022 was 3.5% (2021 2.0%), which was based on long-dated US government bonds. The weighted average period over which decommissioning and environmental costs are generally expected to be incurred is estimated to be approximately 17 years (2021 17 years) and 6 years (2021 6 years) respectively. Costs at future prices are typically determined by applying an inflation rate of 1.5% (2021 1.5%) to decommissioning costs and 2% (2021 2%) for all other provisions. A lower rate is typically applied to decommissioning as certain costs are expected to remain fixed at current or past prices. The estimated phasing of undiscounted cash flows in real terms for upstream decommissioning is approximately $5.6 billion (2021 $5.3 billion) within the next 10 years, $5.3 billion (2021 $6.9 billion) in 10 to 20 years and the remainder of approximately $6.0 billion (2021 $6.0 billion) after 20 years. The timing and amount of decommissioning cash flows are inherently uncertain and therefore the phasing is management’s current best estimate but may not be what will ultimately occur. Further information about the group’s provisions is provided in Note 23. Changes in assumptions in relation to the group's provisions could result in a material change in their carrying amounts within the next financial year. A 1.0 percentage point increase in the nominal discount rate applied could decrease the group’s provision balances by approximately $1.8 billion (2021 $2.6 billion). The pre-tax impact on the group income statement would be a credit of approximately $0.5 billion (2021 $0.7 billion). This level of change reflects past experience of a reasonable change in rate that could arise within the next financial year. The discounting impact on the group's decommissioning provisions for oil and gas properties in the oil productions & operations and gas & low carbon energy segments of a two-year change in the timing of expected future decommissioning expenditures is approximately $0.5 billion (2021 $0.2 billion). Management currently does not consider a change of greater than two years to be reasonably possible in the next financial year and therefore the timing of upstream decommissioning expenditure is not a key source of estimation uncertainty. If all expected future decommissioning expenditures were 10% higher, then these decommissioning provisions would increase by approximately $1.2 billion (2021 $1.6 billion) and a pre-tax charge of approximately $0.3 billion (2021 $0.4 billion) would be recognized. A one percentage point increase in the inflation rate applied to upstream decommissioning costs to determine the nominal cash flows could increase the decommissioning provision by approximately $2.0 billion (2021 $2.9 billion) with a pre-tax charge of approximately $0.5 billion (2021 $0.7 billion). As described in Note 33, the group is subject to claims and actions for which no provisions have been recognized. The facts and circumstances relating to particular cases are evaluated regularly in determining whether a provision relating to a specific litigation should be recognized or revised. Accordingly, significant management judgement relating to provisions and contingent liabilities is required, since the outcome of litigation is difficult to predict.
Employee benefits and Pensions and other post-retirement benefits	Employee benefits Wages, salaries, bonuses, social security contributions, paid annual leave and sick leave are accrued in the period in which the associated services are rendered by employees of the group. Deferred bonus arrangements that have a vesting date more than 12 months after the balance sheet date are valued on an actuarial basis using the projected unit credit method and amortized on a straight-line basis over the service period until the award vests. The accounting policies for share-based payments and for pensions and other post-retirement benefits are described below. Pensions and other post-retirement benefits The cost of providing benefits under the group’s defined benefit plans is determined separately for each plan using the projected unit credit method, which attributes entitlement to benefits to the current period to determine current service cost and to the current and prior periods to determine the present value of the defined benefit obligation. Past service costs, resulting from either a plan amendment or a curtailment (a reduction in future obligations as a result of a material reduction in the plan membership), are recognized immediately when the company becomes committed to a change. Net interest expense relating to pensions and other post-retirement benefits, which is recognized in the income statement, represents the net change in present value of plan obligations and the value of plan assets resulting from the passage of time, and is determined by applying the discount rate to the present value of the benefit obligation at the start of the year, and to the fair value of plan assets at the start of the year, taking into account expected changes in the obligation or plan assets during the year. Remeasurements of the defined benefit liability and asset, comprising actuarial gains and losses, and the return on plan assets (excluding amounts included in net interest described above) are recognized within other comprehensive income in the period in which they occur and are not subsequently reclassified to profit and loss. The defined benefit pension plan surplus or deficit recognized on the balance sheet for each plan comprises the difference between the present value of the defined benefit obligation (using a discount rate based on high quality corporate bonds) and the fair value of plan assets out of which the obligations are to be settled directly. Fair value is based on market price information and, in the case of quoted securities, is the published bid price. Defined benefit pension plan surpluses are only recognized to the extent they are recoverable, either by way of a refund from the plan or reductions in future contributions to the plan. Contributions to defined contribution plans are recognized in the income statement in the period in which they become payable. Significant estimate: pensions and other post-retirement benefits Accounting for defined benefit pensions and other post-retirement benefits involves making significant estimates when measuring the group's pension plan surpluses and deficits. These estimates require assumptions to be made about many uncertainties. Pensions and other post-retirement benefit assumptions are reviewed by management at the end of each year. These assumptions are used to determine the projected benefit obligation at the year end and hence the surpluses and deficits recorded on the group's balance sheet and pension and other post-retirement benefit expense for the following year. The assumptions that are the most significant to the amounts reported are the discount rate, inflation rate and mortality levels. Assumptions about these variables are based on the environment in each country. The assumptions used vary from year to year, with resultant effects on future net income and net assets. Changes to some of these assumptions, in particular the discount rate and inflation rate, could result in material changes to the carrying amounts of the group's pension and other post-retirement benefit obligations within the next financial year, in particular for the UK, US and Eurozone plans. Any differences between these assumptions and the actual outcome will also affect future net income and net assets. The values ascribed to these assumptions and a sensitivity analysis of the impact of changes in the assumptions on the benefit expense and obligation used are provided in Note 24.
Share-based payments	Share-based payments Equity-settled transactions The cost of equity-settled transactions with employees is measured by reference to the fair value of the equity instruments on the date on which they are granted and is recognized as an expense over the vesting period, which ends on the date on which the employees become fully entitled to the award. A corresponding credit is recognized within equity. Fair value is determined by using an appropriate, widely used valuation model. In valuing equity-settled transactions, no account is taken of any vesting conditions, other than conditions linked to the price of the shares of the company (market conditions). Non-vesting conditions, such as the condition that employees contribute to a savings-related plan, are taken into account in the grant-date fair value, and failure to meet a non-vesting condition, where this is within the control of the employee is treated as a cancellation and any remaining unrecognized cost is expensed. 1. Significant accounting policies, judgements, estimates and assumptions – continued For other equity-settled share-based payment transactions, the goods or services received and the corresponding increase in equity are measured at the fair value of the goods or services received unless their fair value cannot be reliably estimated. If the fair value of the goods and services received cannot be reliably estimated, the transaction is measured by reference to the fair value of the equity instruments granted. Cash-settled transactions The cost of cash-settled transactions is recognized as an expense over the vesting period, measured by reference to the fair value of the corresponding liability which is recognized on the balance sheet. The liability is remeasured at fair value at each balance sheet date until settlement, with changes in fair value recognized in the income statement.
Income taxes	Income taxes Income tax expense represents the sum of current tax and deferred tax. Income tax is recognized in the income statement, except to the extent that it relates to items recognized in other comprehensive income or directly in equity, in which case the related tax is recognized in other comprehensive income or directly in equity. Current tax is based on the taxable profit for the period. Taxable profit differs from net profit as reported in the income statement because it is determined in accordance with the rules established by the applicable taxation authorities. It therefore excludes items of income or expense that are taxable or deductible in other periods as well as items that are never taxable or deductible. The group’s liability for current tax is calculated using tax rates and laws that have been enacted or substantively enacted by the balance sheet date. Deferred tax is provided, using the liability method, on temporary differences at the balance sheet date between the tax bases of assets and liabilities and their carrying amounts for financial reporting purposes. Deferred tax liabilities are recognized for all taxable temporary differences except: • Where the deferred tax liability arises on the initial recognition of goodwill. • Where the deferred tax liability arises on the initial recognition of an asset or liability in a transaction that is not a business combination, at the time of the transaction, affects neither accounting profit nor taxable profit or loss and, at the time of the transaction, does not give rise to equal taxable and deductible temporary differences. • In respect of taxable temporary differences associated with investments in subsidiaries and associates and interests in joint arrangements, where the group is able to control the timing of the reversal of the temporary differences and it is probable that the temporary differences will not reverse in the foreseeable future. 1. Significant accounting policies, judgements, estimates and assumptions – continued Deferred tax assets are recognized for deductible temporary differences, carry-forward of unused tax credits and unused tax losses, to the extent that it is probable that taxable profit will be available against which the deductible temporary differences and the carry-forward of unused tax credits and unused tax losses can be utilized, except where the deferred tax asset relating to the deductible temporary difference arises from the initial recognition of an asset or liability in a transaction that is not a business combination, at the time of the transaction, affects neither accounting profit nor taxable profit or loss and, at the time of the transaction, does not give rise to equal taxable and deductive temporary differences. In respect of deductible temporary differences associated with investments in subsidiaries and associates and interests in joint arrangements, deferred tax assets are recognized only to the extent that it is probable that the temporary differences will reverse in the foreseeable future and taxable profit will be available against which the temporary differences can be utilized. The carrying amount of deferred tax assets is reviewed at each balance sheet date and reduced to the extent that it is no longer probable or increased to the extent that it is probable that sufficient taxable profit will be available to allow all or part of the deferred tax asset to be utilized. Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period when the asset is realized or the liability is settled, based on tax rates (and tax laws) that have been enacted or substantively enacted at the balance sheet date. Deferred tax assets and liabilities are not discounted. Deferred tax assets and liabilities are offset only when there is a legally enforceable right to set off current tax assets against current tax liabilities and when the deferred tax assets and liabilities relate to income taxes levied by the same taxation authority on either the same taxable entity or different taxable entities where there is an intention to settle the current tax assets and liabilities on a net basis or to realize the assets and settle the liabilities simultaneously. Where tax treatments are uncertain, if it is considered probable that a taxation authority will accept the group's proposed tax treatment, income taxes are recognized consistent with the group's income tax filings. If it is not considered probable, the uncertainty is reflected within the carrying amount of the applicable tax asset or liability using either the most likely amount or an expected value, depending on which method better predicts the resolution of the uncertainty. The computation of the group’s income tax expense and liability involves the interpretation of applicable tax laws and regulations in many jurisdictions throughout the world. The resolution of tax positions taken by the group, through negotiations with relevant tax authorities or through litigation, can take several years to complete and in some cases it is difficult to predict the ultimate outcome. Therefore, judgement is required to determine whether provisions for income taxes are required and, if so, estimation is required of the amounts that could be payable. In addition, the group has carry-forward tax losses and tax credits in certain taxing jurisdictions that are available to offset against future taxable profit. However, deferred tax assets are recognized only to the extent that it is probable that taxable profit will be available against which the unused tax losses or tax credits can be utilized. Management judgement is exercised in assessing whether this is the case and estimates are required to be made of the amount of future taxable profits that will be available. Such judgements are inherently impacted by estimates affecting future taxable profits such as oil and natural gas prices and decommissioning expenditure, see significant judgements and estimates: recoverability of asset carrying values and provisions. Significant judgement and estimate: taxation The value of deferred tax assets and liabilities is an area involving inherent uncertainty and estimation and balances are therefore subject to risk of material change as a result of underlying assumptions and judgements used, in particular the forecast of future profitability used to determine the recoverability of deferred tax, for example future oil and gas prices, see ‘Significant judgement and estimates - Recoverability of asset carrying values’. It is impracticable to disclose the extent of the possible effects of profitability assumptions on the group’s deferred tax assets. It is reasonably possible that to the extent that actual outcomes differ from management’s estimates, material income tax charges or credits, and material changes in current and deferred tax assets or liabilities, may arise within the next financial year and in future periods. Judgement is required when determining whether a particular tax is an income tax or another type of tax (for example, a production tax). The attributes of the tax, including whether it is calculated on profits or another measure such as production or revenues, the extent of deductibility of costs and the interaction with existing income taxes, are considered in determining the classification of the tax. Accounting for deferred tax is applied to income taxes as described above but is not applied to other types of taxes; rather such taxes are recognized in the income statement in accordance with the applicable accounting policy such as Provisions and contingencies. This judgement is considered significant only in relation to the group’s taxes payable under the fiscal terms of bp’s onshore concession in Abu Dhabi. These are principally reported as income taxes rather than as production taxes. For more information see Note 9 and Note 33.
Customs duties and sales taxes	Customs duties and sales taxes Customs duties and sales taxes that are passed on or charged to customers are excluded from revenues and expenses. Assets and liabilities are recognized net of the amount of customs duties or sales tax except: • Customs duties or sales taxes incurred on the purchase of goods and services which are not recoverable from the taxation authority are recognized as part of the cost of acquisition of the asset. • Receivables and payables are stated with the amount of customs duty or sales tax included. The net amount of sales tax recoverable from, or payable to, the taxation authority is included within receivables or payables in the balance sheet.
Own equity instruments - treasury shares	Own equity instruments – treasury shares The group’s holdings in its own equity instruments are shown as deductions from shareholders’ equity. Treasury shares represent bp shares repurchased and available for specific and limited purposes. For accounting purposes, shares held in Employee Share Ownership Plans (ESOPs) to meet the future requirements of the employee share-based payment plans are treated in the same manner as treasury shares and are, therefore, included in the consolidated financial statements as treasury shares. The cost of treasury shares subsequently sold or reissued is calculated on a weighted-average basis. Consideration, if any, received for the sale of such shares is also recognized in equity. No gain or loss is recognized in the income statement on the purchase, sale, issue or cancellation of equity shares. Shares repurchased under the share buy-back programme which are immediately cancelled are not shown as treasury shares, but are shown as a deduction from the profit and loss account reserve in the group statement of changes in equity.
Revenue and other income	Revenue and other income Revenue from contracts with customers is recognized when or as the group satisfies a performance obligation by transferring control of a promised good or service to a customer. The transfer of control of oil, natural gas, natural gas liquids, LNG, petroleum and chemical products, and other items usually coincides with title passing to the customer and the customer taking physical possession. The group principally satisfies its performance obligations at a point in time; the amounts of revenue recognized relating to performance obligations satisfied over time are not significant. When, or as, a performance obligation is satisfied, the group recognizes as revenue the amount of the transaction price that is allocated to that performance obligation. The transaction price is the amount of consideration to which the group expects to be entitled. The transaction price is allocated to the performance obligations in the contract based on standalone selling prices of the goods or services promised. Contracts for the sale of commodities are typically priced by reference to quoted prices. Revenue from term commodity contracts is recognized based on the contractual pricing provisions for each delivery. Certain of these contracts have pricing terms based on prices at a point in time after delivery has been made. Revenue from such contracts is initially recognized based on relevant prices at the time of delivery and subsequently adjusted as appropriate. All revenue from these contracts, both that recognized at the time of delivery and that from post-delivery price adjustments, is disclosed as revenue from contracts with customers. Sales and purchase of commodities accounted for under IFRS 15 are presented on a gross basis in Revenue from contracts with customers and Purchases respectively. Physically settled derivatives which represent trading or optimization activities are presented net alongside financially settled derivative contracts in Other operating revenues within Sales and other operating income. Certain physically settled sale and purchase derivative contracts which are not part of trading and optimization activities are presented gross within Other operating revenues and Purchases respectively. Changes in the fair value of derivative assets and liabilities prior to physical delivery are also classified as other operating revenues. Physical exchanges with counterparties in the same line of business in order to facilitate sales to customers are reported net, as are sales and purchases made with a common counterparty, as part of an arrangement similar to a physical exchange. Where the group acts as agent on behalf of a third party to procure or market energy commodities, any associated fee income is recognized but no purchase or sale is recorded. Interest income is recognized as the interest accrues (using the effective interest rate, that is, the rate that exactly discounts estimated future cash receipts through the expected life of the financial instrument to the net carrying amount of the financial asset). Dividend income from investments is recognized when the shareholders’ right to receive the payment is established. Contract asset and contract liability balances are included within amounts presented for trade receivables and other payables respectively.
Finance costs	Finance costs Finance costs directly attributable to the acquisition, construction or production of qualifying assets, which are assets that necessarily take a substantial period of time to get ready for their intended use, are added to the cost of those assets until such time as the assets are substantially ready for their intended use. All other finance costs are recognized in the income statement in the period in which they are incurred.
Updates to significant accounting policies	Updates to significant accounting policies Impact of new International Financial Reporting Standards There are no new or amended standards or interpretations adopted during the year that have a significant impact on the consolidated financial statements. Impact of new International Financial Reporting Standards - Not yet adopted The following pronouncements from the IASB have not been adopted by the group in these financial statements as they will only become effective for future financial reporting periods. There are no other standards, amendments or interpretations in issue but not yet adopted that the directors anticipate will have a material effect on the reported income or net assets of the group. IFRS 17 ' Insurance Contracts' IFRS 17 'Insurance Contracts' provides a new general model for accounting for contracts where the issuer accepts significant insurance risk from another party and agrees to compensate that party if a future uncertain event adversely affects them. IFRS 17 replaces IFRS 4 'Insurance Contracts' and will be effective for bp for the financial reporting period commencing 1 January 2023. The standard has been endorsed by the UK and the EU. The new standard is not expected to have a material effect on bp's net assets as at 1 January 2023 or 1 January 2022. Other changes to significant accounting policies Change in segmentation As a result of bp's decision to exit its shareholding in Rosneft on 27 February 2022, the group has ceased to report Rosneft as a separate segment in its financial reporting for 2022. Rosneft results up to 27 February 2022 are included within other businesses & corporate (OB&C), and 2021 and 2020 comparatives have been restated to include the Rosneft segment as per the table below: 1. Significant accounting policies, judgements, estimates and assumptions – continued $ million 2021 2020 OB&C Rosneft OB&C restated OB&C Rosneft OB&C restated Profit (loss) before interest and tax (2,777) 2,688 (89) (579) (238) (817) Inventory holding (gains) losses* — (259) (259) — 89 89 RC profit (loss) before interest and tax (2,777) 2,429 (348) (579) (149) (728) Net (favourable) adverse impact of adjusting items 1,394 291 1,685 (303) 205 (98) Underlying RC profit (loss) before interest and tax (1,383) 2,720 1,337 (882) 56 (826) Taxation on an underlying RC basis 294 (269) 25 37 (3) 34 Underlying RC profit (loss) before interest (1,089) 2,451 1,362 (845) 53 (792)

Significant accounting polici_3

Significant accounting policies, judgements, estimates and assumptions (Tables)	12 Months Ended
	Dec. 31, 2022
Corporate Information And Statement Of IFRS Compliance [Abstract]
Summary of typical useful lives of other property, plant and equipment	Other property, plant and equipment is depreciated on a straight-line basis over its expected useful life. The typical useful lives of the group’s other property, plant and equipment on initial recognition are as follows: Land improvements 15 to 25 years Buildings 20 to 50 years Refineries 20 to 30 years Pipelines 10 to 50 years Service stations 15 years Office equipment 3 to 10 years Fixtures and fittings 5 to 15 years $ million Land and land improvements Buildings Oil and gas properties a Plant, machinery and equipment Fittings, fixtures and office equipment Transportation Oil depots, storage tanks and service stations Total Cost - owned PP&E At 1 January 2022 3,713 1,245 208,034 44,037 2,231 3,033 10,241 272,534 Exchange adjustments (184) (30) — (599) (83) (14) (590) (1,500) Additions 51 31 6,221 2,188 252 42 993 9,778 Acquisitions 1 40 — 998 — 37 3 1,079 Transfers from intangible assets — — 357 — — — — 357 Reclassified as assets held for sale (49) — (4,351) (1,408) — — — (5,808) Deletions and disposals (19) (336) (31,977) (554) (180) (22) (558) (33,646) At 31 December 2022 3,513 950 178,284 44,662 2,220 3,076 10,089 242,794 Depreciation - owned PP&E At 1 January 2022 706 654 134,550 21,841 1,792 2,388 5,783 167,714 Exchange adjustments (26) (21) — (299) (61) (11) (354) (772) Charge for the year 47 26 9,770 1,457 135 72 501 12,008 Impairment losses 6 14 1,251 1,487 — 4 336 3,098 Impairment reversals — — (2,221) (65) — (5) — (2,291) Reclassified as assets held for sale (18) — (3,972) (1,164) — — — (5,154) Deletions and disposals (15) (172) (28,688) (354) (177) (17) (447) (29,870) At 31 December 2022 700 501 110,690 22,903 1,689 2,431 5,819 144,733 Owned PP&E - net book amount at 31 December 2022 2,813 449 67,594 21,759 531 645 4,270 98,061 Right-of-use assets - net book amount at 31 December 2022 b — 1,157 17 926 7 2,333 3,543 7,983 Total PP&E - net book amount at 31 December 2022 2,813 1,606 67,611 22,685 538 2,978 7,813 106,044 Cost - owned PP&E At 1 January 2021 3,872 1,210 214,323 42,914 2,418 3,049 10,276 278,062 Exchange adjustments (205) (19) — (736) (31) (16) (627) (1,634) Additions 68 59 7,931 2,187 171 40 762 11,218 Acquisitions — — — 1 — — — 1 Transfers from intangible assets — — 38 — — — — 38 Reclassified as assets held for sale — — (7,399) — — — — (7,399) Deletions and disposals (22) (5) (6,859) (329) (327) (40) (170) (7,752) At 31 December 2021 3,713 1,245 208,034 44,037 2,231 3,033 10,241 272,534 Depreciation - owned PP&E At 1 January 2021 692 631 140,551 20,031 1,845 2,381 5,786 171,917 Exchange adjustments (29) (10) — (370) (21) (12) (373) (815) Charge for the year 48 36 10,193 1,502 158 71 523 12,531 Impairment losses 4 — 2,340 937 — 12 4 3,297 Impairment reversals — (3) (4,794) — — (30) — (4,827) Reclassified as assets held for sale — — (7,399) — — — — (7,399) Deletions and disposals (9) — (6,341) (259) (190) (34) (157) (6,990) At 31 December 2021 706 654 134,550 21,841 1,792 2,388 5,783 167,714 Owned PP&E - net book amount at 31 December 2021 3,007 591 73,484 22,196 439 645 4,458 104,820 Right-of-use assets - net book amount at 31 December 2021 b — 1,331 32 617 15 2,513 3,574 8,082 Total PP&E - net book amount at 31 December 2021 3,007 1,922 73,516 22,813 454 3,158 8,032 112,902 Assets under construction included above At 31 December 2022 22,313 At 31 December 2021 19,704 Depreciation charge for the year on right-of-use assets 2022 190 18 321 10 853 577 1,969 2021 209 27 279 10 844 613 1,982 a For information on significant estimates and judgements made in relation to the estimation of oil and natural reserves see Property, plant and equipment within Note 1. b $560 million (2021 $203 million) of drilling rig right-of-use assets and $2,208 million (2021 $2,230 million) of shipping vessel right-of-use assets are included in Plant, machinery and equipment and Transportation respectively.
Summary of long-term price assumptions used in impairment testing	2022 price assumptions 2023 2025 2030 2040 2050 Brent oil ($/bbl) 77 70 70 58 45 Henry Hub gas ($/mmBtu) 4.00 4.00 4.00 3.50 3.50 2021 price assumptions 2022 2025 2030 2040 2050 Brent oil ($/bbl) 71 61 61 56 46 Henry Hub gas ($/mmBtu) 4.08 3.06 3.06 3.06 2.80
Summary of changes to segmental presentation	$ million 2021 2020 OB&C Rosneft OB&C restated OB&C Rosneft OB&C restated Profit (loss) before interest and tax (2,777) 2,688 (89) (579) (238) (817) Inventory holding (gains) losses* — (259) (259) — 89 89 RC profit (loss) before interest and tax (2,777) 2,429 (348) (579) (149) (728) Net (favourable) adverse impact of adjusting items 1,394 291 1,685 (303) 205 (98) Underlying RC profit (loss) before interest and tax (1,383) 2,720 1,337 (882) 56 (826) Taxation on an underlying RC basis 294 (269) 25 37 (3) 34 Underlying RC profit (loss) before interest (1,089) 2,451 1,362 (845) 53 (792)

Non-current assets held for s_2

Non-current assets held for sale (Tables)	12 Months Ended
	Dec. 31, 2022
Disclosure of assets and liabilities held for sale [Abstract]
Disclosure of assets and liabilities held for sale	The total assets and liabilities held for sale at 31 December 2022 and 2021, which are all in the gas & low carbon energy, oil production and operations and customers & products segments, are set out in the table below. $ million 2022 2021 Property, plant and equipment 693 35 Goodwill 58 137 Investments in associates — 632 Inventories 255 152 Cash 35 — Trade and other receivables 201 696 Assets classified as held for sale 1,242 1,652 Trade and other payables (256) (238) Lease liabilities (14) (74) Provisions (36) (47) Deferred tax liabilities (15) — Liabilities directly associated with assets classified as held for sale (321) (359)

Business combinations (Tables)

Business combinations (Tables)	12 Months Ended
	Dec. 31, 2022
Business combinations [Abstract]
Summary of fair values of identifiable assets and liabilities acquired	$ million 2022 Assets Property plant and equipment 885 Goodwill 409 Intangible assets 3,475 Investments in equity-accounted entities 917 Inventory 42 Trade and other receivables 67 Cash and cash equivalents 107 Liabilities Trade and other payables (1,032) Finance debt (1,044) Deferred tax liabilities (293) Provisions (16) Non-controlling interest (7) Total consideration 3,510 Of which: Cash 3,137 Fair value of previously held interest in Mavrix LLC 373
Analysis of the cash flows related to acquisition	$ million 2022 Transaction costs of the acquisition (included in cash flows from operating activities) 56 Cash consideration paid, net of cash acquired (included in cash flows from investing activities) 3,030 Total net cash outflow for the acquisition 3,086 Settlement of acquired debt and warrants liabilities immediately after completion (included in cash flows from financing activities) 1,044 Total net cash outflow related to the acquisition 4,130

Disposals and impairment (Table

Disposals and impairment (Tables)	12 Months Ended
	Dec. 31, 2022
Impairment Of Assets [Abstract]
Summary of amounts recognized in the income statement in respect of disposals and impairments	The following amounts were recognized in the income statement in respect of disposals and impairments. The impacts of bp's decision taken on 27 February 2022 to exit its shareholding in Rosneft are included within this note - for further information see Note 1 - Significant judgements and estimate: investment in Rosneft and Note 17 Investments in associates. $ million 2022 2021 2020 Gains on sale of businesses and fixed assets gas & low carbon energy 45 1,034 — oil production & operations 3,446 869 360 customers & products 374 (52) 2,320 other businesses & corporate 1 25 194 3,866 1,876 2,874 $ million 2022 2021 2020 Losses on sale of businesses and fixed assets, and closures gas & low carbon energy — 1 9 oil production & operations 921 86 375 customers & products 177 142 296 other businesses & corporate 11,083 1 1 12,181 230 681 Impairment losses gas & low carbon energy 745 834 6,214 oil production & operations 4,480 1,617 6,723 customers & products 1,874 962 840 other businesses & corporate 13,536 63 12 20,635 3,476 13,789 Impairment reversals gas & low carbon energy (1,333) (2,338) (3) oil production & operations (893) (2,479) (86) customers & products (68) (7) — other businesses & corporate — (3) — (2,294) (4,827) (89) Impairment and losses on sale of businesses and fixed assets, and closures 30,522 (1,121) 14,381
Summary of disposal proceeds and principal gains and losses on disposals by segment	Disposal proceeds and principal gains and losses on disposals by segment are described below. $ million 2022 2021 2020 Proceeds from disposals of fixed assets 709 1,145 491 Proceeds from disposals of businesses, net of cash disposed 1,841 5,812 4,989 2,550 6,957 5,480 By business gas & low carbon energy 22 2,425 38 oil production & operations 1,935 3,022 1,157 customers & products 592 1,050 3,959 other businesses & corporate 1 460 326 2,550 6,957 5,480
Summary financial information relating to the sale of business	$ million 2022 2021 2020 Non-current assets 3,681 1,620 9,092 Current assets 2,972 69 1,539 Non-current liabilities (1,869) (287) (1,639) Current liabilities (1,074) (3) (782) Total carrying amount of net assets disposed 3,710 1,399 8,210 Recycling of foreign exchange on disposal (26) 35 (328) Costs on disposal 488 (5) 13 4,172 1,429 7,895 Gains (losses) on sale of businesses 6,219 1,632 2,570 Total consideration 10,391 3,061 10,465 Non-cash consideration (8,999) (108) (219) Consideration received (receivable) 449 2,859 (5,257) Proceeds from the sale of businesses, net of cash disposed a 1,841 5,812 4,989 a Proceeds are stated net of cash and cash equivalents disposed of $318 million (2021 $2 million and 2020 $101 million).

Segmental analysis (Tables)

Segmental analysis (Tables)	12 Months Ended
	Dec. 31, 2022
Operating Segments [Abstract]
Summary of financial information, by segment	$ million 2022 By business gas & low carbon energy oil production & operations customers & products other Consolidation adjustment and eliminations Total Segment revenues Sales and other operating revenues 56,255 33,193 188,623 2,299 (38,978) 241,392 Less: sales and other operating revenues between segments (5,913) (30,294) (1,418) (1,353) 38,978 — Third party sales and other operating revenues 50,342 2,899 187,205 946 — 241,392 Earnings from joint ventures and associates – after interest and tax 148 1,609 248 525 — 2,530 Segment results Replacement cost profit (loss) before interest and taxation 14,696 19,721 8,869 (26,737) 139 16,688 Inventory holding gains (losses) a (8) (7) 1,366 — — 1,351 Profit (loss) before interest and taxation 14,688 19,714 10,235 (26,737) 139 18,039 Finance costs (2,703) Net finance expense relating to pensions and other post-retirement benefits 69 Profit before taxation 15,405 Other income statement items Depreciation, depletion and amortization US 75 3,141 1,328 80 — 4,624 Non-US 4,933 2,423 1,542 796 — 9,694 Charges for provisions, net of write-back of unused provisions, including change in discount rate (234) 213 3,955 143 — 4,077 Segment assets Investments in joint ventures and associates 5,299 11,370 3,875 57 — 20,601 Additions to non-current assets b 4,439 15,098 9,541 1,047 — 30,125 a See explanation of inventory holding gains and losses on page 209. b Includes additions to property, plant and equipment; goodwill; intangible assets; investments in joint ventures; and investments in associates. 5. Segmental analysis – continued $ million 2021 By business gas & low carbon energy oil production & operations customers & products other businesses & corporate Consolidation adjustment and eliminations Total Segment revenues Sales and other operating revenues 30,840 24,519 130,095 1,724 (29,439) 157,739 Less: sales and other operating revenues between segments (4,563) (22,408) (1,226) (1,242) 29,439 — Third party sales and other operating revenues 26,277 2,111 128,869 482 — 157,739 Earnings from joint ventures and associates – after interest and tax 426 576 385 2,612 — 3,999 Segment results Replacement cost profit (loss) before interest and taxation 2,133 10,501 2,208 (348) (67) 14,427 Inventory holding gains (losses) a 33 8 3,355 259 — 3,655 Profit (loss) before interest and taxation 2,166 10,509 5,563 (89) (67) 18,082 Finance costs (2,857) Net finance expense relating to pensions and other post-retirement benefits 2 Profit before taxation 15,227 Other income statement items Depreciation, depletion and amortization US 80 3,174 1,349 94 — 4,697 Non-US 4,384 3,354 1,651 719 — 10,108 Charges for provisions, net of write-back of unused provisions, including change in discount rate 173 7 3,063 477 — 3,720 Segment assets Investments in joint ventures and associates 5,224 8,044 3,291 14,424 — 30,983 Additions to non-current assets b 4,963 6,090 3,940 1,007 — 16,000 a See explanation of inventory holding gains and losses on page 209. b Includes additions to property, plant and equipment; goodwill; intangible assets; investments in joint ventures; and investments in associates. 5. Segmental analysis – continued $ million 2020 By business gas & low carbon energy oil production & operations customers & products other businesses & corporate Consolidation adjustment and eliminations Total Segment revenues Sales and other operating revenues 16,275 17,234 90,744 1,666 (19,975) 105,944 Less: sales and other operating revenues between segments (2,708) (15,879) (158) (1,230) 19,975 — Third party sales and other operating revenues 13,567 1,355 90,586 436 — 105,944 Earnings from joint ventures and associates – after interest and tax (45) (327) 214 (245) — (403) Segment results Replacement cost profit (loss) before interest and taxation (7,068) (14,583) 3,418 (728) 89 (18,872) Inventory holding gains (losses) a 19 (2) (2,796) (89) — (2,868) Profit (loss) before interest and taxation (7,049) (14,585) 622 (817) 89 (21,740) Finance costs (3,115) Net finance expense relating to pensions and other post-retirement benefits (33) Profit before taxation (24,888) Other income statement items Depreciation, depletion and amortization US 96 3,700 1,359 39 — 5,194 Non-US 3,361 4,087 1,631 616 — 9,695 Charges for provisions, net of write-back of unused provisions, including change in discount rate (2) 58 1,903 543 — 2,502 Segment assets Investments in joint ventures and associates 3,663 8,154 3,671 11,849 — 27,337 Additions to non-current assets b 3,507 5,321 5,359 570 — 14,757 a See explanation of inventory holding gains and losses on page 209. b Includes additions to property, plant and equipment; goodwill; intangible assets; investments in joint ventures; and investments in associates.
Disclosure of geographical areas	$ million 2022 By geographical area US Non-US Total Revenues Third party sales and other operating revenues a 71,118 170,274 241,392 Other income statement items Production and similar taxes 194 2,131 2,325 Non-current assets Non-current assets b c 60,237 89,144 149,381 a Non-US region includes UK $36,541 million b Non-US region includes UK $24,813 million c Includes property, plant and equipment; goodwill; intangible assets; investments in joint ventures; investments in associates; and non-current prepayments. $ million 2021 By geographical area US Non-US Total Revenues Third party sales and other operating revenues a 53,748 103,991 157,739 Other income statement items Production and similar taxes 108 1,200 1,308 Non-current assets Non-current assets b c 54,395 108,793 163,188 a Non-US region includes UK $11,248 million. b Non-US region includes UK $19,530 million. c Includes property, plant and equipment; goodwill; intangible assets; investments in joint ventures; investments in associates; and non-current prepayments. 5. Segmental analysis – continued $ million 2020 By geographical area US Non-US Total Revenues Third party sales and other operating revenues a 27,413 78,531 105,944 Other income statement items Production and similar taxes 57 638 695 Non-current assets Non-current assets b c 52,493 108,786 161,279 a Non-US region includes UK $13,836 million. b Non-US region includes UK $19,583 million. c Includes property, plant and equipment; goodwill; intangible assets; investments in joint ventures; investments in associates; and non-current prepayments.

Sales and other operating rev_2

Sales and other operating revenues (Tables)	12 Months Ended
	Dec. 31, 2022
Revenue [abstract]
Summary of revenue from contracts with customers, by product	$ million 2022 2021 2020 Crude oil 6,309 5,483 5,048 Oil products 149,854 101,418 63,564 Natural gas, LNG and NGLs 41,770 24,378 10,762 Non-oil products and other revenues from contracts with customers 7,896 6,082 9,779 Revenue from contracts with customers 205,829 137,361 89,153 Other operating revenues a 35,563 20,378 16,791 Total sales and other operating revenues 241,392 157,739 105,944

Income statement analysis (Tabl

Income statement analysis (Tables)	12 Months Ended
	Dec. 31, 2022
Analysis of income and expense [abstract]
Summary of finance income and finance costs	$ million 2022 2021 2020 Interest and other income Interest income from Financial assets measured at amortized cost 371 221 215 Financial assets measured at fair value through profit or loss 59 5 25 Other income 673 355 423 1,103 581 663 Currency exchange losses charged to the income statement a 160 345 38 Expenditure on research and development 274 266 332 Costs relating to the Gulf of Mexico oil spill (pre-interest and tax) b 84 70 255 Finance costs Interest expense on lease liabilities 245 288 337 Interest expense on other liabilities measured at amortized cost c 2,070 1,820 2,166 Capitalized at 3.56% (2021 2.63% and 2020 2.75%) d (464) (287) (345) Losses arising on finance debt risk management activities e 43 145 — Unwinding of discount on provisions 369 391 437 Unwinding of discount on other payables measured at amortized cost 440 500 520 2,703 2,857 3,115 a Excludes exchange gains and losses arising on financial instruments measured at fair value through profit or loss. b Included within production and manufacturing expenses. c 2022 includes a gain of $37 million (2021 loss of $195 million and 2020 loss of $158 million) associated with the buyback of finance debt. d Tax relief on capitalized interest is approximately $108 million (2021 $66 million and 2020 $83 million). e From 2021 temporary valuation differences associated with the group’s interest rate and foreign currency exchange risk management of finance debt are being presented within finance costs. Previously these were presented within production and manufacturing expenses. Relevant amounts in the comparative period were not reclassified as the amounts were not material.

Exploration for and evaluatio_2

Exploration for and evaluation of oil and natural gas resources (Tables)	12 Months Ended
	Dec. 31, 2022
Exploration For And Evaluation Of Mineral Resources [Abstract]
Detailed information about exploration and evaluation assets	$ million 2022 2021 2020 Exploration and evaluation costs Exploration expenditure written off a 385 167 9,920 Other exploration costs 200 257 360 Exploration expense for the year 585 424 10,280 Impairment losses 2 1 156 Intangible assets – exploration and appraisal expenditure b 4,213 4,289 4,113 Liabilities 88 98 71 Net assets 4,125 4,191 4,042 Cash used in operating activities 200 257 360 Cash used in investing activities 909 369 674 a 2020 includes $2,643 million in the Gulf of Mexico primarily relating to the Paleogene assets, $2,539 million in Canada primarily relating to Terre de Grace, $2,141 million in Brazil, $952 million in Egypt and $832 million in Angola. b Amount capitalized at 31 December 2022, 2021 and 2020 relates to assets in various regions. The largest of these is approximately $600 million capitalized in the Middle East region (2021 approximately $700 million and 2020 approximately $700 million capitalized in the Middle East Region).

Taxation (Tables)

Taxation (Tables)	12 Months Ended
	Dec. 31, 2022
Income Taxes [Abstract]
Disclosure of major components of tax expense (income)	Tax on profit $ million 2022 2021 2020 Current tax Charge for the year 12,523 4,808 2,095 Adjustment in respect of prior years 145 138 50 12,668 4,946 2,145 Deferred tax a Origination and reversal of temporary differences in the current year 4,768 3,366 (7,826) Adjustment in respect of prior years (674) (1,572) 1,522 4,094 1,794 (6,304) Tax charge (credit) on profit or loss 16,762 6,740 (4,159) a Origination and reversal of temporary differences in the current year include the impact of tax rate changes on deferred tax balances. 2022 includes a charge of $1,834 million in respect of the introduction of the UK Energy Profits Levy. The adjustment in respect of prior years reflect the reassessment of the deferred tax balances for prior periods in light of changes in facts and circumstances during the year, including changes to price assumptions and profit forecasts.
Disclosure of reconciliation of items affected by overall tax credit	$ million 2022 excluding impact of Rosneft 2022 impact of Rosneft a 2022 2021 2020 Profit (loss) before taxation 40,925 (25,520) 15,405 15,227 (24,888) Tax charge (credit) on profit or loss b 17,823 (1,061) 16,762 6,740 (4,159) Effective tax rate 44% 4% 109% 44% 17% % Tax rate computed at the weighted average statutory rate c 42 20 77 54 31 Increase (decrease) resulting from Tax reported in equity-accounted entities d (1) — (4) (3) — Adjustments in respect of prior years (1) — (3) (9) (6) Deferred tax not recognized (1) — (2) 8 (3) Tax incentives for investment — — (1) (1) 1 Disposal impacts e (3) — (8) (4) — Foreign exchange 1 — 3 1 (1) Items not deductible for tax purposes 2 — 5 1 (3) Impact of bp's decision to exit its shareholding in Rosneft — (16) 27 — — Tax rate change effect of UK Energy Profits Levy f 4 — 12 — — Other 1 — 3 (3) (2) Effective tax rate 44 4 109 44 17 a Includes the impact of bp's decision to exit its shareholding in Rosneft and its other businesses with Rosneft in Russia. See also Note 1 - Significant judgements and estimate: investment in Rosneft. b The tax credit regarding the impact of Rosneft relates to the release of deferred withholding tax on unremitted earnings. c Calculated based on the statutory corporate income tax rate applicable in the countries in which the group operates, weighted by the profits and losses before tax in the respective countries. 2022 includes the higher North Sea tax rate as a result of the UK Energy Profits Levy. d Includes withholding tax in respect of distributions from equity-accounted entities. e 2022 primarily relates to the contribution of bp's Angolan business to Azule Energy and 2021 primarily relates to the divestment of a 20% stake in Oman Block 61. f 2022 comprises the deferred tax impact of the UK Energy Profits Levy on existing temporary differences.
Disclosure of deferred tax in the income statement and the balance sheet by category of temporary difference	$ million Analysis of movements during the year in the net deferred tax (asset) liability 2022 2021 At 1 January 2,370 (913) Exchange adjustments a (334) 9 Charge for the year in the income statement 4,094 1,794 Charge for the year in other comprehensive income 272 1,302 Charge (credit) for the year in equity (214) 170 Acquisitions and disposals b 430 8 At 31 December 6,618 2,370 a 2022 primarily relates to the foreign currency retranslation effect on the deferred tax liability on pension plan surpluses in the UK. b 2022 primarily relates to the Archaea Energy acquisition and the contribution of bp's Angolan business to Azule Energy. 9. Taxation – continued The following table provides an analysis of deferred tax in the income statement and the balance sheet by category of temporary difference: $ million Income statement Balance sheet 2022 2021 2020 2022 2021 Deferred tax liability Depreciation 1,863 899 (7,295) 18,025 16,276 Pension plan surpluses 42 105 69 3,022 3,898 Derivative financial instruments (21) (33) 33 — 24 Other taxable temporary differences a (992) 180 (32) 1,000 1,782 892 1,151 (7,225) 22,047 21,980 Deferred tax asset Depreciation (309) (846) (849) (1,974) (1,678) Lease liabilities (8) (43) 286 (1,047) (1,128) Pension plan and other post-retirement benefit plan deficits 47 119 2 (647) (1,221) Decommissioning, environmental and other provisions 770 (744) 438 (6,653) (7,891) Derivative financial instruments (6) (9) — (282) (75) Tax credits 1,578 1,282 310 (779) (2,359) Loss carry forward 1,536 1,064 543 (2,669) (4,202) Other deductible temporary differences b (406) (180) 191 (1,378) (1,056) 3,202 643 921 (15,429) (19,610) Net deferred tax charge (credit) and net deferred tax liability 4,094 1,794 (6,304) 6,618 2,370 Of which – deferred tax liabilities 10,526 8,780 – deferred tax assets 3,908 6,410 a The 2022 income statement and 2021 balance sheet include amounts relating to deferred withholding tax on unremitted earnings of Rosneft. The 2022 balance sheet amount does not include any temporary differences that are individually significant in their nature. b The 2022 and 2021 balance sheet amounts do not include any temporary differences that are individually significant in their nature. A summary of temporary differences, unused tax credits and unused tax losses for which deferred tax has not been recognized is shown in the table below. $ billion At 31 December 2022 2021 Unused US state tax losses a 2.1 2.5 Unused tax losses – other jurisdictions b 5.4 6.0 Unused tax credits 28.6 28.2 of which – arising in the UK c 24.6 24.6 – arising in the US d 4.0 3.6 Deductible temporary differences e 22.7 49.0 Taxable temporary differences associated with investments in subsidiaries and equity-accounted entities 0.7 0.7 a For 2022 these losses expire in the period 2023-2042 with applicable tax rates ranging from 3% to 10%. b 2022 and 2021 mainly relate to the UK, Canada and Brazil. The majority of the unused tax losses have no fixed expiry date. c The UK unused tax credits arise predominantly in overseas branches of UK entities based in jurisdictions with higher statutory corporate income tax rates than the UK. No deferred tax asset has been recognized on these tax credits as they are unlikely to have value in the future; UK taxes on these overseas branches are largely mitigated by double tax relief in respect of overseas tax. These tax credits have no fixed expiry date. 2022 includes $0.7 billion in respect of Algeria. These amounts will be eliminated following the disposal of bp’s interests in Algeria in February 2023. d The US unused tax credits predominantly comprise foreign tax credits. No deferred tax asset has been recognized on these tax credits as they are unlikely to have value in the future. For 2022 these tax credits expire in the period 2023-2032. e The majority comprises fixed asset temporary differences in overseas branches of UK entities and the reduction in the year mainly reflects the contribution of bp's Angolan business to Azule Energy. Substantially all of the temporary differences have no expiry date. 2022 includes $2.0 billion in respect of Algeria. These amounts will be eliminated following the disposal of bp’s interests in Algeria in February 2023.
Disclosure of unrecognized deferred tax or write-down of deferred tax assets	$ million Impact of previously unrecognized deferred tax or write-down of deferred tax assets on tax charge 2022 2021 2020 Current tax benefit relating to the utilization of previously unrecognized deferred tax assets 492 331 46 Deferred tax benefit arising from the reversal of a previous write-down of deferred tax assets — 773 11 Deferred tax benefit relating to the recognition of previously unrecognized deferred tax assets 792 820 — Deferred tax expense arising from the write-down of a previously recognized deferred tax asset — 29 1,622

Dividends (Tables)

Dividends (Tables)	12 Months Ended
	Dec. 31, 2022
Interim Financial Reporting [Abstract]
Disclosure of dividends announced and paid	Pence per share Cents per share $ million 2022 2021 2020 2022 2021 2020 2022 2021 2020 Dividends announced and paid in cash Preference shares 1 2 1 Ordinary shares March 4.1595 3.7684 8.1558 5.460 5.250 10.500 1,068 1,063 2,102 June 4.3556 3.7118 8.3421 5.460 5.250 10.500 1,061 1,062 2,119 September 5.1684 3.9529 4.0433 6.006 5.460 5.250 1,140 1,100 1,059 December 4.9402 4.1045 3.9169 6.006 5.460 5.250 1,088 1,077 1,059 18.6237 15.5376 24.4581 22.932 21.420 31.500 4,358 4,304 6,340 Dividend announced, paid in March 2023 6.61 1,188

Earnings per share (Tables)

Earnings per share (Tables)	12 Months Ended
	Dec. 31, 2022
Earnings per share [abstract]
Summary of earnings per share	Cents per share Per ordinary share 2022 2021 2020 Basic earnings per share (13.10) 37.57 (100.42) Diluted earnings per share (13.10) 37.33 (100.42) Dollars per share Per American Depositary Share (ADS) a 2022 2021 2020 Basic earnings per share (0.79) 2.25 (6.03) Diluted earnings per share (0.79) 2.24 (6.03) $ million 2022 2021 2020 Profit (loss) attributable to bp shareholders (2,487) 7,565 (20,305) Less: dividend requirements on preference shares 1 2 1 Profit (loss) for the year attributable to bp ordinary shareholders (2,488) 7,563 (20,306) Shares thousand 2022 2021 2020 Basic weighted average number of ordinary shares a 18,987,936 20,128,862 20,221,514 Potential dilutive effect of ordinary shares issuable under employee share-based payment plans — 131,526 — Weighted average number of ordinary shares outstanding used to calculate diluted earnings per share 18,987,936 20,260,388 20,221,514 Shares thousand 2022 2021 2020 Basic weighted average number of ordinary shares – ADS equivalent 3,164,656 3,354,810 3,370,252 Potential dilutive effect of ordinary shares (ADS equivalent) issuable under employee share-based payment plans — 21,921 — Weighted average number of ordinary shares (ADS equivalent) outstanding used to calculate diluted earnings per share 3,164,656 3,376,731 3,370,252
Summary of antidilutive securities	The following table shows the number of shares potentially issuable under equity-settled employee share option plans, including the number of options outstanding, the number of options exercisable at the end of each year, and the corresponding weighted average exercise prices. The dilutive effect of these plans at 31 December is also shown. Share options 2022 2021 Number of options a b thousand Weighted average Number of options a b thousand Weighted average Outstanding 564,079 4.00 590,961 4.26 Exercisable 342 4.99 1,080 4.73 Dilutive effect 83,204 n/a 3,588 n/a a Numbers of options shown are ordinary share equivalents (one ADS is equivalent to six ordinary shares). b At 31 December 2022 the quoted market price of one bp ordinary share was £4.75 (2021 £3.31). Share plans 2022 2021 Number of shares a Number of shares a Vesting thousand thousand Within one year 167,672 92,210 1 to 2 years 192,734 149,077 2 to 3 years 226,027 179,449 3 to 4 years 2,595 109,265 Over 4 years 173 928 589,201 530,929 Dilutive effect 244,886 152,899 a Numbers of shares shown are ordinary share equivalents (one ADS is equivalent to six ordinary shares).

Property, plant and equipment (

Property, plant and equipment (Tables)	12 Months Ended
	Dec. 31, 2022
Property, plant and equipment [abstract]
Disclosure of detailed information about property, plant and equipment	Other property, plant and equipment is depreciated on a straight-line basis over its expected useful life. The typical useful lives of the group’s other property, plant and equipment on initial recognition are as follows: Land improvements 15 to 25 years Buildings 20 to 50 years Refineries 20 to 30 years Pipelines 10 to 50 years Service stations 15 years Office equipment 3 to 10 years Fixtures and fittings 5 to 15 years $ million Land and land improvements Buildings Oil and gas properties a Plant, machinery and equipment Fittings, fixtures and office equipment Transportation Oil depots, storage tanks and service stations Total Cost - owned PP&E At 1 January 2022 3,713 1,245 208,034 44,037 2,231 3,033 10,241 272,534 Exchange adjustments (184) (30) — (599) (83) (14) (590) (1,500) Additions 51 31 6,221 2,188 252 42 993 9,778 Acquisitions 1 40 — 998 — 37 3 1,079 Transfers from intangible assets — — 357 — — — — 357 Reclassified as assets held for sale (49) — (4,351) (1,408) — — — (5,808) Deletions and disposals (19) (336) (31,977) (554) (180) (22) (558) (33,646) At 31 December 2022 3,513 950 178,284 44,662 2,220 3,076 10,089 242,794 Depreciation - owned PP&E At 1 January 2022 706 654 134,550 21,841 1,792 2,388 5,783 167,714 Exchange adjustments (26) (21) — (299) (61) (11) (354) (772) Charge for the year 47 26 9,770 1,457 135 72 501 12,008 Impairment losses 6 14 1,251 1,487 — 4 336 3,098 Impairment reversals — — (2,221) (65) — (5) — (2,291) Reclassified as assets held for sale (18) — (3,972) (1,164) — — — (5,154) Deletions and disposals (15) (172) (28,688) (354) (177) (17) (447) (29,870) At 31 December 2022 700 501 110,690 22,903 1,689 2,431 5,819 144,733 Owned PP&E - net book amount at 31 December 2022 2,813 449 67,594 21,759 531 645 4,270 98,061 Right-of-use assets - net book amount at 31 December 2022 b — 1,157 17 926 7 2,333 3,543 7,983 Total PP&E - net book amount at 31 December 2022 2,813 1,606 67,611 22,685 538 2,978 7,813 106,044 Cost - owned PP&E At 1 January 2021 3,872 1,210 214,323 42,914 2,418 3,049 10,276 278,062 Exchange adjustments (205) (19) — (736) (31) (16) (627) (1,634) Additions 68 59 7,931 2,187 171 40 762 11,218 Acquisitions — — — 1 — — — 1 Transfers from intangible assets — — 38 — — — — 38 Reclassified as assets held for sale — — (7,399) — — — — (7,399) Deletions and disposals (22) (5) (6,859) (329) (327) (40) (170) (7,752) At 31 December 2021 3,713 1,245 208,034 44,037 2,231 3,033 10,241 272,534 Depreciation - owned PP&E At 1 January 2021 692 631 140,551 20,031 1,845 2,381 5,786 171,917 Exchange adjustments (29) (10) — (370) (21) (12) (373) (815) Charge for the year 48 36 10,193 1,502 158 71 523 12,531 Impairment losses 4 — 2,340 937 — 12 4 3,297 Impairment reversals — (3) (4,794) — — (30) — (4,827) Reclassified as assets held for sale — — (7,399) — — — — (7,399) Deletions and disposals (9) — (6,341) (259) (190) (34) (157) (6,990) At 31 December 2021 706 654 134,550 21,841 1,792 2,388 5,783 167,714 Owned PP&E - net book amount at 31 December 2021 3,007 591 73,484 22,196 439 645 4,458 104,820 Right-of-use assets - net book amount at 31 December 2021 b — 1,331 32 617 15 2,513 3,574 8,082 Total PP&E - net book amount at 31 December 2021 3,007 1,922 73,516 22,813 454 3,158 8,032 112,902 Assets under construction included above At 31 December 2022 22,313 At 31 December 2021 19,704 Depreciation charge for the year on right-of-use assets 2022 190 18 321 10 853 577 1,969 2021 209 27 279 10 844 613 1,982 a For information on significant estimates and judgements made in relation to the estimation of oil and natural reserves see Property, plant and equipment within Note 1. b $560 million (2021 $203 million) of drilling rig right-of-use assets and $2,208 million (2021 $2,230 million) of shipping vessel right-of-use assets are included in Plant, machinery and equipment and Transportation respectively.

Goodwill and impairment revie_2

Goodwill and impairment review of goodwill (Tables)	12 Months Ended
	Dec. 31, 2022
Intangible Assets [Abstract]
Disclosure of reconciliation of goodwill	$ million 2022 2021 Cost At 1 January 12,991 13,093 Exchange adjustments (367) (91) Acquisitions and other additions 573 139 Reclassified as assets held for sale (58) (137) Deletions and disposals (562) (13) At 31 December 12,577 12,991 Impairment losses At 1 January 618 613 Exchange adjustments (1) (1) Impairment losses for the year — 7 Deletions and disposals — (1) At 31 December 617 618 Net book amount at 31 December 11,960 12,373 Net book amount at 1 January 12,373 12,480 Impairment review of goodwill $ million Goodwill at 31 December 2022 2021 gas & low carbon energy 2,232 2,147 oil production & operations 4,925 5,464 customers & products 4,740 4,697 other businesses & corporate 63 65 11,960 12,373
Schedule of goodwill	$ million $ million gas & low carbon energy oil production & operations 2022 2021 2022 2021 Goodwill 2,232 2,147 4,925 5,464 Excess of recoverable amount over carrying amount 12,971 3,991 36,045 32,438 $ million 2022 2021 Castrol US Fuels European Fuels Other Total Castrol US Fuels European Fuels Other Total Goodwill 2,524 606 815 795 4,740 2,837 606 862 392 4,697

Intangible assets (Tables)

Intangible assets (Tables)	12 Months Ended
	Dec. 31, 2022
Intangible Assets [Abstract]
Disclosure of detailed information about intangible assets	$ million 2022 2021 Exploration and appraisal expenditure a Biogas rights agreements Other intangibles Total Exploration and appraisal expenditure a Other intangibles Total Cost At 1 January 14,311 — 6,152 20,463 14,417 5,622 20,039 Exchange adjustments — — (216) (216) — (137) (137) Acquisitions b — 3,398 194 3,592 — 47 47 Additions 894 — 831 1,725 409 628 1,037 Transfers to property, plant and equipment (357) — — (357) (38) — (38) Reclassified as assets held for sale (9) — (7) (16) — — — Deletions and disposals (2,268) — (137) (2,405) (477) (8) (485) At 31 December 12,571 3,398 6,817 22,786 14,311 6,152 20,463 Amortization At 1 January 10,022 — 3,990 14,012 10,304 3,642 13,946 Exchange adjustments — — (128) (128) — (86) (86) Exploration expenditure written off 385 — — 385 167 — 167 Charge for the year — — 491 491 — 427 427 Impairment losses 2 — 21 23 1 15 16 Impairment reversals — — (3) (3) — — — Reclassified as assets held for sale (9) — (7) (16) — — — Deletions and disposals (2,042) — (136) (2,178) (450) (8) (458) At 31 December 8,358 — 4,228 12,586 10,022 3,990 14,012 Net book amount at 31 December 4,213 3,398 2,589 10,200 4,289 2,162 6,451 Net book amount at 1 January 4,289 — 2,162 6,451 4,113 1,980 6,093 a For further information see Intangible assets within Note 1 and Note 8. b 2022 acquisitions primarily relates to the acquisition of Archaea Energy Inc. See Note 3.

Investments in joint ventures_2

Investments in joint ventures (Tables)	12 Months Ended
	Dec. 31, 2022
Separate Financial Statements [Abstract]
Investments in joint ventures	The following table provides aggregated summarized financial information for the group's joint ventures as it relates to the amounts recognized in the group income statement and on the group balance sheet. $ million Income statement Balance sheet Earnings from joint ventures Investments in joint ventures 2022 2021 2020 2022 2021 Azule Energy 540 — — 5,264 — Pan American Energy Group 538 (217) (208) 2,000 4,396 Other joint ventures 50 760 (94) 5,136 5,586 1,128 543 (302) 12,400 9,982 $ million Gross amount 2022 2021 2020 Azule Energy PAEG PAEG PAEG Sales and other operating revenues 2,274 6,408 4,394 3,505 Profit (loss) before interest and taxation 1,460 1,560 806 (366) Finance costs 218 376 262 250 Profit (loss) before taxation a 1,242 1,184 544 (616) Taxation b 162 108 978 (200) Profit (loss) for the year 1,080 1,076 (434) (416) Other comprehensive income — — — — Total comprehensive income 1,080 1,076 (434) (416) Non-current assets 22,218 14,598 14,206 Current assets c 4,132 3,054 1,864 Total assets 26,350 17,652 16,070 Current liabilities d 2,594 1,996 2,034 Non-current liabilities e 13,228 5,856 5,244 Total liabilities 15,822 7,852 7,278 Net assets 10,528 9,800 8,792 Less: non-controlling interests — — — 10,528 9,800 8,792 a Azule Energy includes depreciation and amortisation of $1,145 million, interest income of $11 million and interest expense of $218 million. PAEG includes depreciation and amortisation of $1,039 million (2021 $930 million and 2020 $937 million), interest income of $29 million (2021 $19 million and 2020 $18 million) and interest expense of $375 million (2021 $262 million and 2020 $250 million). b PAEG 2021 net income expense includes a deferred tax charge of $415 million related to a change in the income tax rate. c Azule Energy includes cash and cash equivalents of $1,031 million. PAEG includes cash and cash equivalents of $1,012 million (2021 $893 million). d Azule Energy includes current financial liabilities of $2,077 million. PAEG includes current financial liabilities of $751 million (2021 $767 million). e Azule Energy includes non-current financial liabilities of $4,700 million. PAEG includes non-current financial liabilities of $2,151 million (2021 $2,132 million). Transactions between the group and its joint ventures are summarized below. $ million Sales to joint ventures 2022 2021 2020 Product Sales Amount receivable at Sales Amount receivable at Sales Amount receivable at LNG, crude oil and oil products, natural gas 4,212 316 3,923 292 2,974 180 Purchases from joint ventures 2022 2021 2020 Product Purchases Amount payable at Purchases Amount Purchases Amount LNG, crude oil and oil products, natural gas, refinery operating costs, plant processing fees 1,893 574 716 93 959 84
Summarized financial information relating to the group's share of joint ventures	$ million bp share 2022 2021 2020 Azule Energy PAEG Other Total PAEG Other Total PAEG Other Total Sales and other operating revenues 1,137 3,204 9,770 14,111 2,197 9,048 11,245 1,753 8,793 10,545 Profit (loss) before interest and taxation 730 780 255 1,765 403 927 1,330 (183) 32 (151) Finance costs 109 188 137 434 131 58 189 125 76 201 Profit (loss) before taxation 621 592 118 1,331 272 869 1,141 (308) (44) (352) Taxation 81 54 67 202 489 107 596 (100) 49 (51) Non-controlling interest — — 1 1 — 2 2 — 1 1 Profit (loss) for the year 540 538 50 1,128 (217) 760 543 (208) (94) (302) Other comprehensive income — — 50 50 — 5 5 — (5) (5) Total comprehensive income 540 538 100 1,178 (217) 765 548 (208) (99) (307) Non-current assets 11,109 7,299 7,775 26,183 7,103 7,702 14,805 Current assets 2,066 1,527 2,778 6,371 932 2,385 3,317 Total assets 13,175 8,826 10,553 32,554 8,035 10,087 18,122 Current liabilities 1,297 998 1,713 4,008 1,017 1,272 2,289 Non-current liabilities 6,614 2,928 3,687 13,229 2,622 3,219 5,841 Total liabilities 7,911 3,926 5,400 17,237 3,639 4,491 8,130 Net assets 5,264 4,900 5,153 15,317 4,396 5,596 9,992 Less: non-controlling interests — — (13) (13) — 5 5 5,264 4,900 5,140 15,304 4,396 5,591 9,987 Group investment in joint ventures Group share of net assets (as above) 5,264 4,900 5,140 15,304 4,396 5,591 9,987 Impairment charge for the year — (2,900) — (2,900) — — — Loans made by group companies to joint ventures — — (4) (4) — (5) (5) 5,264 2,000 5,136 12,400 4,396 5,586 9,982

Investments in associates (Tabl

Investments in associates (Tables)	12 Months Ended
	Dec. 31, 2022
Interest In Other Entities [Abstract]
Disclosure of interests in associates	The following table provides aggregated summarized financial information for the group’s associates as it relates to the amounts recognized in the group income statement and on the group balance sheet. There were no individually material associates to the Group at 31 December 2022. The associate which was material to the Group at both 31 December 2021 and 2020 was Rosneft. At 31 December 2021 and 2020 bp classified its investment in Rosneft as an associate because, in management's judgement, bp had significant influence over Rosneft. On 27 February 2022, bp announced it would exit its shareholding in Rosneft and bp's two nominated Rosneft directors both stepped down from Rosneft's board. As a result, the significant judgement on significant influence over Rosneft was reassessed and a new significant estimate was identified for the fair value of bp's equity investment in Rosneft. From that date, bp accounts for its interest in Rosneft as a financial asset measured at fair value within ‘Other investments’. The total pre-tax charge during the year-ended 31 December 2022 relating to bp’s investment in Rosneft is $24,561 million consisting of $11,082 million included in losses on disposal, primarily relating to the recycling to the income statement of accumulated exchange losses, and a $13,479 million impairment charge including $528 million which relates to estimated earnings in the first two months of the year prior to the loss of significant influence. For further information see Note 1 - Investment in Rosneft and Note 4 Disposals and impairment. As a result of bp's decision to exit its other businesses with Rosneft in Russia, which were primarily accounted for as investments in associates, an additional impairment charge of $1,043 million including $35 million which relates to estimated earnings in the first two months of the year and accumulated exchange losses of $479 million previously charged to equity have been taken to the income statement. The total pre-tax charge in 2022 relating to bp's investment in Rosneft and other businesses with Rosneft in Russia is $25,520 million. $ million Income statement Balance sheet Earnings from associates Investments in associates 2022 2021 2020 2022 2021 Rosneft a 528 2,694 (229) — 14,354 Other associates 874 762 128 8,201 6,647 1,402 3,456 (101) 8,201 21,001 The following table provides summarized financial information relating to Rosneft for 2021 and 2020. This information is presented on a 100% basis and reflects adjustments made by bp to Rosneft’s own results in applying the equity method of accounting. bp adjusted Rosneft’s results for the accounting required under IFRS relating to bp’s purchase of its interest in Rosneft and the amortization of the deferred gain relating to the disposal of bp’s interest in TNK-BP. $ million Gross amount 2021 2020 Sales and other operating revenues 118,755 82,786 Profit before interest and taxation 18,537 1,270 Finance costs 1,357 1,742 Profit (loss) before taxation 17,180 (472) Taxation 3,209 208 Non-controlling interests 1,743 482 Profit (loss) for the year 12,228 (1,162) Other comprehensive income 54 1,653 Total comprehensive income 12,282 491 Non-current assets 155,898 Current assets 45,790 Total assets 201,688 Current liabilities 47,061 Non-current liabilities 78,117 Total liabilities 125,178 Net assets 76,510 Less: non-controlling interests 11,357 65,153 Transactions between the group and its associates are summarized below. $ million Sales to associates 2022 2021 2020 Product Sales Amount receivable at Sales Amount receivable at Sales Amount receivable at LNG, crude oil and oil products, natural gas 1,042 417 852 201 855 169 $ million Purchases from associates 2022 2021 2020 Product Purchases Amount payable at Purchases Amount Purchases Amount Crude oil and oil products, natural gas, transportation tariff 6,199 2,086 7,683 2,072 4,926 1,280
Summarized financial information of associates	Summarized financial information for the group’s share of associates is shown below. $ million bp share 2022 2021 2020 Total Rosneft Other Total Rosneft Other Total Sales and other operating revenues 14,841 26,163 10,005 36,168 17,535 5,946 23,481 Profit before interest and taxation 3,053 4,084 1,602 5,686 295 276 571 Finance costs 73 299 73 372 372 80 452 Profit (loss) before taxation 2,980 3,785 1,529 5,314 (77) 196 119 Taxation 1,498 707 767 1,474 51 67 118 Non-controlling interests 80 384 — 384 101 1 102 Profit (loss) for the year 1,402 2,694 762 3,456 (229) 128 (101) Other comprehensive income 352 12 27 39 336 (19) 317 Total comprehensive income 1,754 2,706 789 3,495 107 109 216 Non-current assets 11,993 34,346 9,259 43,605 Current assets 3,368 10,088 2,418 12,506 Total assets 15,361 44,434 11,677 56,111 Current liabilities 2,936 10,368 1,876 12,244 Non-current liabilities 4,255 17,210 3,298 20,508 Total liabilities 7,191 27,578 5,174 32,752 Net assets 8,170 16,856 6,503 23,359 Less: non-controlling interests — 2,502 — 2,502 8,170 14,354 6,503 20,857 Group investment in associates Group share of net assets (as above) 8,170 14,354 6,503 20,857 Loans made by group companies to associates 31 — 144 144 8,201 14,354 6,647 21,001

Other investments (Tables)

Other investments (Tables)	12 Months Ended
	Dec. 31, 2022
Financial Instruments [Abstract]
Schedule of other investments	$ million 2022 2021 Current Non-current Current Non-current Equity investments a — 1,040 — 717 Contingent consideration 364 1,522 237 1,680 Other 214 108 43 147 578 2,670 280 2,544 a The majority of equity investments are unlisted.

Inventories (Tables)

Inventories (Tables)	12 Months Ended
	Dec. 31, 2022
Inventories [Abstract]
Summary of inventory	$ million 2022 2021 Crude oil 3,608 3,259 Natural gas 825 474 Emissions allowances 436 290 Refined petroleum and petrochemical products 7,920 6,638 12,789 10,661 Trading inventories 14,004 11,525 26,793 22,186 Supplies 1,288 1,525 28,081 23,711 Cost of inventories expensed in the income statement 141,043 92,923

Trade and other receivables (Ta

Trade and other receivables (Tables)	12 Months Ended
	Dec. 31, 2022
Subclassifications of assets, liabilities and equities [abstract]
Disclosure of trade and other receivables	$ million 2022 2021 Current Non-current Current Non-current Financial assets Trade receivables 28,229 12 22,307 17 Amounts receivable from joint ventures and associates 654 79 404 89 Receivables related to disposals a 191 194 205 823 Other receivables 3,762 414 2,874 472 32,836 699 25,790 1,401 Non-financial assets Sales taxes and production taxes 1,037 379 1,131 474 Other receivables 137 14 218 818 1,174 393 1,349 1,292 34,010 1,092 27,139 2,693 a For further information see Note 4 - Disposals and Impairment.

Valuation and qualifying acco_2

Valuation and qualifying accounts (Tables)	12 Months Ended
	Dec. 31, 2022
SEC Schedule, 12-09, Valuation and Qualifying Accounts [Abstract]
Summary of valuation and qualifying accounts	$ million 2022 2021 2020 Trade and other receivables Fixed asset Trade and other receivables Fixed asset Trade and other receivables Fixed asset At 1 January 584 169 555 186 509 249 Charged to costs and expenses 143 17,471 136 3 214 103 Charged to other accounts a (8) (27) (11) — 2 — Deductions (83) (41) (96) (20) (170) (166) Reclassifications — (14,522) — — — — At 31 December 636 3,050 584 169 555 186 a Principally exchange adjustments.

Trade and other payables (Table

Trade and other payables (Tables)	12 Months Ended
	Dec. 31, 2022
Subclassifications of assets, liabilities and equities [abstract]
Schedule of trade and other payables	$ million 2022 2021 Current Non-current Current Non-current Financial liabilities Trade payables 47,210 — 37,327 — Amounts payable to joint ventures and associates 2,660 — 2,165 — Payables for capital expenditure and acquisitions 2,579 446 2,063 764 Payables related to the Gulf of Mexico oil spill 1,213 8,350 1,276 9,154 Other payables 5,995 1,133 5,736 175 59,657 9,929 48,567 10,093 Non-financial liabilities Sales taxes, customs duties, production taxes and social security 2,361 124 2,708 77 Other payables 1,966 334 1,336 397 4,327 458 4,044 474 63,984 10,387 52,611 10,567

Provisions (Tables)

Provisions (Tables)	12 Months Ended
	Dec. 31, 2022
Other Provisions, Contingent Liabilities And Contingent Assets [Abstract]
Summary of movements in each class of provisions	$ million Decommissioning Environmental Litigation and claims Emissions Other Total At 1 January 2021 16,665 1,745 834 3,753 1,831 24,828 Exchange adjustments (286) (15) (3) (64) (83) (451) Acquisitions 33 — — — — 33 New and increase in existing provisions a 1,215 502 241 3,695 223 5,876 Write-back of unused provisions a (9) (89) (53) (40) (174) (365) Unwinding of discount b 310 35 14 — 10 369 Change in discount rate (3,245) (134) (81) — (13) (3,473) Utilization (44) (314) (171) (2,282) (321) (3,132) Reclassified to other payables (369) (3) — — (5) (377) Reclassified as liabilities directly associated with assets held for sale (32) (3) — — (1) (36) Deletions (1,895) (3) (2) — (48) (1,948) At 31 December 2022 12,343 1,721 779 5,062 1,419 21,324 Of which – current 577 390 191 4,643 531 6,332 – non-current 11,766 1,331 588 419 888 14,992 a Recognized in the Group income statement, other than changes in decommissioning provisions related to owned assets. b Recognized in the Group income statement.

Pensions and other post-retir_2

Pensions and other post-retirement benefits (Tables)	12 Months Ended
	Dec. 31, 2022
Employee Benefits [Abstract]
Disclosure of defined benefit plans	The assumptions are reviewed by management at the end of each year and are used to evaluate the accrued benefit obligation at 31 December and pension expense for the following year. % Financial assumptions used to determine benefit obligation a UK US Eurozone 2022 2021 2020 2022 2021 2020 2022 2021 2020 Discount rate for plan liabilities 5.0 1.8 1.4 5.2 2.7 2.2 4.2 1.3 1.0 Rate of increase for pensions in payment 2.9 3.2 2.8 — — — 1.8 1.4 1.3 Rate of increase in deferred pensions 2.9 3.2 2.8 — — — 0.6 0.4 0.5 Inflation for plan liabilities 3.1 3.3 2.9 2.0 2.1 1.7 2.1 1.6 1.5 % Financial assumptions used to determine benefit expense UK US Eurozone 2022 2021 2020 2022 2021 2020 2022 2021 2020 Discount rate for plan service cost b N/A 1.5 2.1 2.8 2.4 3.2 1.7 1.4 1.8 Discount rate for plan other finance expense c 1.8 1.7 2.1 2.7 2.2 3.1 1.3 1.0 1.3 Inflation for plan service cost b N/A 2.8 2.6 2.1 1.7 1.5 1.6 1.5 1.7 a Salary growth has not been a material financial assumption for the Group following the closure of the primary pension plan to future accrual in 2021. The rate of increase in salaries for the UK was 3.6% in 2020. b UK discount rate and inflation rate assumptions are not significant in determining the benefit expense following the closure of the primary UK plan to future accrual in 2021. Rates for the remaining small worldwide plan administered/reported through the UK are 2.5% and 2.2% respectively. c The discount rate for plan other finance expense in 2021 was 1.4% for the primary UK plan for the period before the plan closed to future accrual on 30th June 2021 and 1.9% thereafter. Years Mortality assumptions UK US Eurozone 2022 2021 2020 2022 2021 2020 2022 2021 2020 Life expectancy at age 60 for a male currently aged 60 26.9 26.9 26.9 25.0 24.9 24.7 26.0 25.8 25.7 Life expectancy at age 60 for a male currently aged 40 28.5 28.4 28.4 26.6 26.6 26.4 28.5 28.3 28.2 Life expectancy at age 60 for a female currently aged 60 28.8 28.9 28.8 28.0 27.9 27.7 29.3 29.1 29.0 Life expectancy at age 60 for a female currently aged 40 30.6 30.5 30.4 29.5 29.4 29.2 31.4 31.2 31.2
Disclosure of fair value of plan assets	The current asset allocation policy for the major plans at 31 December 2022 was as follows: UK US Asset category % % Total equity (including private equity) 10 24 Bonds/cash (including LDI) 83 76 Property/real estate 7 — The fair values of the various categories of assets held by the defined benefit plans at 31 December are presented in the table below, including the effects of derivative financial instruments. Movements in the fair value of plan assets during the year are shown in detail in the table on page 232. $ million UK a US b Eurozone Other Total Fair value of pension plan assets At 31 December 2022 Listed equities – developed markets 1,252 127 299 213 1,891 – emerging markets 117 17 48 71 253 Private equity c 2,715 1,126 — 2 3,843 Government issued nominal bonds d 4,039 1,370 682 263 6,354 Government issued index-linked bonds d 11,945 — 79 — 12,024 Corporate bonds d 6,317 2,569 563 146 9,595 Property e 2,297 — 89 18 2,404 Cash 567 175 61 116 919 Other f 1,088 33 56 357 1,534 Debt (repurchase agreements) used to fund liability driven investments (5,290) — — — (5,290) 25,047 5,417 1,877 1,186 33,527 At 31 December 2021 Listed equities – developed markets 2,964 340 473 290 4,067 – emerging markets 252 45 67 76 440 Private equity c 3,233 1,537 — 3 4,773 Government issued nominal bonds d 7,491 2,606 974 432 11,503 Government issued index-linked bonds d 24,516 — 100 — 24,616 Corporate bonds d 10,128 2,475 689 498 13,790 Property e 2,714 — 110 22 2,846 Cash 1,136 116 54 69 1,375 Other 1,133 54 70 22 1,279 Debt (repurchase agreements) used to fund liability driven investments (10,723) — — — (10,723) 42,844 7,173 2,537 1,412 53,966 At 31 December 2020 Listed equities – developed markets 5,008 1,112 542 318 6,980 – emerging markets 418 115 68 70 671 Private equity c 2,899 1,604 — 4 4,507 Government issued nominal bonds d 4,303 1,839 1,111 616 7,869 Government issued index-linked bonds d 24,576 — 107 — 24,683 Corporate bonds d 8,906 2,398 587 279 12,170 Property e 2,553 — 110 28 2,691 Cash 1,392 267 51 163 1,873 Other 795 131 104 30 1,060 Debt (repurchase agreements) used to fund liability driven investments (9,387) — — — (9,387) 41,463 7,466 2,680 1,508 53,117 a Bonds held by the UK pension plans are denominated in sterling or hedged back to sterling to minimize foreign currency exposure. Property held by the UK pension plans is in the United Kingdom. b Bonds held by the US pension plans are denominated in US dollars or hedged back to USD to minimize foreign currency exposure. c Private equity is valued at fair value based on the most recent transaction price or third-party net asset, revenue or earnings based valuations that generally result in the use of significant unobservable inputs. d Bonds held by pension plans are predominantly valued using observable market data based inputs other than quoted market prices in active markets. e Properties are valued based on an analysis of recent market transactions supported by market knowledge derived from third-party professional valuers that generally result in the use of significant unobservable inputs. f Other includes insurance policies arising from annuity buy-in in Canada amounting to $341 million.
Disclosure of net defined benefit liability (asset)	$ million 2022 UK US Eurozone Other Total Analysis of the amount charged to profit or loss Current service cost a 41 219 87 25 372 Past service cost b 23 — (1) (21) 1 Settlement b (8) — — (4) (12) Operating charge (credit) relating to defined benefit plans 56 219 86 — 361 Payments to defined contribution plans 110 132 6 36 284 Total operating charge (credit) 166 351 92 36 645 Interest income on plan assets a (694) (189) (34) (44) (961) Interest on plan liabilities 529 217 85 61 892 Other finance (income) expense (165) 28 51 17 (69) Analysis of the amount recognized in other comprehensive income Actual asset return less interest income on plan assets (12,955) (1,581) (507) (151) (15,194) Change in financial assumptions underlying the present value of the plan liabilities 11,531 2,195 1,903 221 15,850 Change in demographic assumptions underlying the present value of the plan liabilities 47 — (14) (15) 18 Experience gains and losses arising on the plan liabilities (146) (15) (159) (14) (334) Remeasurements recognized in other comprehensive income (1,523) 599 1,223 41 340 Movements in benefit obligation during the year Benefit obligation at 1 January 32,834 8,273 7,108 1,652 49,867 Exchange adjustments (3,224) — (443) (68) (3,735) Operating charge relating to defined benefit plans 56 219 86 — 361 Interest cost 529 217 85 61 892 Contributions by plan participants 9 — 2 4 15 Benefit payments (funded plans) c (1,211) (364) (78) (79) (1,732) Benefit payments (unfunded plans) c (7) (285) (229) (23) (544) Reclassified as assets held for sale — — — (12) (12) Disposals (74) — (2) — (76) Remeasurements (11,432) (2,180) (1,730) (192) (15,534) Benefit obligation at 31 December a d 17,480 5,880 4,799 1,343 29,502 Movements in fair value of plan assets during the year Fair value of plan assets at 1 January 42,844 7,173 2,537 1,412 53,966 Exchange adjustments (4,258) — (156) (52) (4,466) Interest income on plan assets a e 694 189 34 44 961 Contributions by plan participants 9 — 2 4 15 Contributions by employers (funded plans) 10 — 45 19 74 Benefit payments (funded plans) c (1,211) (364) (78) (79) (1,732) Reclassified as assets held for sale — — — (11) (11) Disposals (86) — — — (86) Remeasurements e (12,955) (1,581) (507) (151) (15,194) Fair value of plan assets at 31 December f 25,047 5,417 1,877 1,186 33,527 Surplus (deficit) at 31 December 7,567 (463) (2,922) (157) 4,025 Represented by Asset recognized 7,716 1,227 256 70 9,269 Liability recognized (149) (1,690) (3,178) (227) (5,244) 7,567 (463) (2,922) (157) 4,025 The surplus (deficit) may be analysed between funded and unfunded plans as follows Funded 7,716 1,227 238 39 9,220 Unfunded (149) (1,690) (3,160) (196) (5,195) 7,567 (463) (2,922) (157) 4,025 The defined benefit obligation may be analysed between funded and unfunded plans as follows Funded (17,331) (4,190) (1,639) (1,147) (24,307) Unfunded (149) (1,690) (3,160) (196) (5,195) (17,480) (5,880) (4,799) (1,343) (29,502) a The costs of managing plan investments are offset against the investment return, the costs of administering pension plan benefits are generally included in current service cost and the costs of administering other post-retirement benefit plans are included in the benefit obligation. Following the closure of the primary UK pension plan to future accrual, current service cost in the UK consists of $30 million of costs of administering that plan and $11 million of current service cost from the remaining small worldwide plans administered and reported through the UK b Past service costs predominantly represent largely offsetting income and costs due to the removal of some benefits for members in Turkish plans and their replacement with new arrangements administered and reported through the UK. Settlements reflect costs associated with buyouts in Canada and in certain other small worldwide plans administered and reported through the UK. c The benefit payments amount shown above comprises $2,217 million benefits and $8 million settlements, plus $51 million of plan expenses incurred in the administration of the benefit. d The benefit obligation for the US is made up of $4,411 million for pension liabilities and $1,469 million for other post-retirement benefit liabilities (which are unfunded and are primarily retiree medical liabilities). The benefit obligation for the Eurozone includes $2,992 million for pension liabilities in Germany which is largely unfunded. e The actual return on plan assets is made up of the sum of the interest income on plan assets and the remeasurement of plan assets as disclosed above. f The fair value of plan assets includes borrowings related to the LDI programme as described on page 230. 24. Pensions and other post-retirement benefits – continued $ million 2021 UK US Eurozone Other Total Analysis of the amount charged to profit or loss Current service cost a 154 246 105 31 536 Past service cost b (302) — (27) 2 (327) Settlement b — — (4) (1) (5) Operating charge relating to defined benefit plans (148) 246 74 32 204 Payments to defined contribution plans 76 136 7 36 255 Total operating charge (72) 382 81 68 459 Interest income on plan assets a (684) (150) (30) (40) (904) Interest on plan liabilities 559 209 78 56 902 Other finance (income) expense (125) 59 48 16 (2) Analysis of the amount recognized in other comprehensive income Actual asset return less interest income on plan assets 2,440 749 12 25 3,226 Change in financial assumptions underlying the present value of the plan liabilities (100) 777 233 97 1,007 Change in demographic assumptions underlying the present value of the plan liabilities 66 (41) (15) 1 11 Experience gains and losses arising on the plan liabilities 7 173 (11) 3 172 Remeasurements recognized in other comprehensive income 2,413 1,658 219 126 4,416 Movements in benefit obligation during the year Benefit obligation at 1 January 34,171 10,187 8,161 1,895 54,414 Exchange adjustments (255) — (623) (51) (929) Operating charge relating to defined benefit plans (148) 246 74 32 204 Interest cost 559 209 78 56 902 Contributions by plan participants c 18 — 2 6 26 Benefit payments (funded plans) d (1,530) (1,192) (87) (164) (2,973) Benefit payments (unfunded plans) d (8) (268) (288) (21) (585) Disposals — — (2) — (2) Remeasurements 27 (909) (207) (101) (1,190) Benefit obligation at 31 December a e 32,834 8,273 7,108 1,652 49,867 Movements in fair value of plan assets during the year Fair value of plan assets at 1 January 41,463 7,466 2,680 1,508 53,117 Exchange adjustments (365) — (214) (28) (607) Interest income on plan assets a f 684 150 30 40 904 Contributions by plan participants c 18 — 2 6 26 Contributions by employers (funded plans) 134 — 115 25 274 Benefit payments (funded plans) d (1,530) (1,192) (87) (164) (2,973) Disposals — — (1) — (1) Remeasurements f 2,440 749 12 25 3,226 Fair value of plan assets at 31 December g 42,844 7,173 2,537 1,412 53,966 Surplus (deficit) at 31 December 10,010 (1,100) (4,571) (240) 4,099 Represented by Asset recognized 10,280 1,410 155 74 11,919 Liability recognized (270) (2,510) (4,726) (314) (7,820) 10,010 (1,100) (4,571) (240) 4,099 The surplus (deficit) may be analysed between funded and unfunded plans as follows Funded 10,280 1,410 94 30 11,814 Unfunded (270) (2,510) (4,665) (270) (7,715) 10,010 (1,100) (4,571) (240) 4,099 The defined benefit obligation may be analysed between funded and unfunded plans as follows Funded (32,564) (5,763) (2,443) (1,382) (42,152) Unfunded (270) (2,510) (4,665) (270) (7,715) (32,834) (8,273) (7,108) (1,652) (49,867) a The costs of managing plan investments are offset against the investment return, the costs of administering pension plan benefits are generally included in current service cost and the costs of administering other post-retirement benefit plans are included in the benefit obligation. b The past service credit in the UK represents curtailment gains arising from the closure of the primary pension plan in the UK to future accrual. For active members of that plan on 30 June 2021, benefits payable are now linked to salary as at that date. Past service credits and settlements in the Eurozone include $18 million of curtailments and settlements due to restructuring initiatives. Remaining past service cost and settlements represent charges for special termination benefits reflecting the increased liability arising as a result of early retirements. c Most of the contributions made by plan participants into UK pension plans were made under salary sacrifice. d The benefit payments amount shown above comprises $3,416 million benefits and $93 million settlements, plus $49 million of plan expenses incurred in the administration of the benefit. e The benefit obligation for the US is made up of $6,164 million for pension liabilities and $2,109 million for other post-retirement benefit liabilities (which are unfunded and are primarily retiree medical liabilities). The benefit obligation for the Eurozone includes $4,405 million for pension liabilities in Germany which is largely unfunded. f The actual return on plan assets is made up of the sum of the interest income on plan assets and the remeasurement of plan assets as disclosed above. g The fair value of plan assets includes borrowings related to the LDI programme as described on page 230. 24. Pensions and other post-retirement benefits – continued $ million 2020 UK US Eurozone Other Total Analysis of the amount charged to profit or loss Current service cost a 250 292 103 38 683 Past service cost b (48) (66) 12 (20) (122) Settlement — (23) 10 (1) (14) Operating charge relating to defined benefit plans 202 203 125 17 547 Payments to defined contribution plans 49 183 2 38 272 Total operating charge 251 386 127 55 819 Interest income on plan assets a (725) (210) (33) (40) (1,008) Interest on plan liabilities 596 289 97 59 1,041 Other finance (income) expense (129) 79 64 19 33 Analysis of the amount recognized in other comprehensive income Actual asset return less interest income on plan assets 4,108 1,041 104 38 5,291 Change in financial assumptions underlying the present value of the plan liabilities (4,207) (1,178) (143) (42) (5,570) Change in demographic assumptions underlying the present value of the plan liabilities 585 29 56 (4) 666 Experience gains and losses arising on the plan liabilities 54 (101) (178) 8 (217) Remeasurements recognized in other comprehensive income 540 (209) (161) — 170 a The costs of managing plan investments are offset against the investment return, the costs of administering pension plan benefits are generally included in current service cost and the costs of administering other post-retirement benefit plans are included in the benefit obligation. b Past service costs represent curtailment gains arising from restructuring programmes in the UK, US and other countries, whilst past service costs and settlements in the Eurozone represent charges for special termination benefits reflecting the increased liability arising as a result of early retirements. Settlement costs in the US resulted from a pension risk transfer to an external carrier for a group of small benefit retirees.
Disclosure of sensitivity analysis for actuarial assumptions	A one-percentage point change, in isolation, in certain assumptions as at 31 December 2022 for the group’s pensions and other post-retirement benefit expense would have had the effects shown in the tables below. The effects shown for the expense in 2023 comprise the total of current service cost and net finance income or expense. $ million One percentage point UK US Eurozone Increase Decrease Increase Decrease Increase Decrease Discount rate a Effect on expense in 2023 (200) 179 (42) 48 (9) 5 Effect on obligation at 31 December 2022 (2,043) 2,552 (480) 686 (512) 616 Inflation rate b Effect on expense in 2023 82 (77) 7 (6) 31 (28) Effect on obligation at 31 December 2022 1,646 (1,531) 39 (34) 506 (441) a The amounts presented reflect that the discount rate is used to determine the asset interest income as well as the interest cost on the obligation. b The amounts presented reflect the total impact of an inflation rate change on the assumptions for rate of increase in salaries, pensions in payment and deferred pensions.
Disclosure of additional information about defined benefit plans [text block]	$ million One year increase UK US Eurozone Longevity Effect on expense in 2023 25 4 9 Effect on obligation at 31 December 2022 504 68 182
Disclosure of information about maturity profile of defined benefit obligation	The expected benefit payments, which reflect expected future service, as appropriate, but exclude plan expenses, and the weighted average duration of the defined benefit obligations at 31 December 2022 are as follows: $ million Estimated future benefit payments UK US Eurozone Other Total 2023 985 497 307 95 1,884 2024 1,016 473 301 90 1,880 2025 1,022 477 307 90 1,896 2026 1,035 468 297 90 1,890 2027 1,048 470 293 90 1,901 2028-2032 5,371 2,283 1,376 459 9,489 Years Weighted average duration 13.0 9.8 12.0 10.8

Cash and cash equivalents (Tabl

Cash and cash equivalents (Tables)	12 Months Ended
	Dec. 31, 2022
Subclassifications of assets, liabilities and equities [abstract]
Schedule of cash and cash equivalents	$ million 2022 2021 Cash 15,008 9,101 Triparty repos and term bank deposits 7,971 15,655 Cash equivalents (excluding triparty repos and term bank deposits) 6,216 5,925 29,195 30,681

Finance debt (Tables)

Finance debt (Tables)	12 Months Ended
	Dec. 31, 2022
Financial Instruments [Abstract]
Disclosure of detailed information about borrowings	$ million 2022 2021 Current Non-current Total Current Non-current Total Borrowings 3,198 43,746 46,944 5,557 55,619 61,176 The following table shows the weighted-average interest rates achieved through a combination of borrowings and derivative financial instruments entered into to manage interest rate and currency exposures. Fixed rate debt Floating rate debt Total Weighted Weighted Amount Weighted Amount Amount 2022 US dollar 3 14 28,651 6 18,105 46,756 Other currencies 6 8 188 — — 188 28,839 18,105 46,944 2021 US dollar 3 12 35,891 2 25,074 60,965 Other currencies 6 9 188 1 23 211 36,079 25,097 61,176
Summary of the fair value and carrying amount of finance debt	The carrying amount of the group’s short-term borrowings, comprising mainly of commercial paper, approximates their fair value. The fair values of the significant majority of the group’s long-term borrowings are determined using quoted prices in active markets, and so fall within level 1 of the fair value hierarchy. Where quoted prices are not available, quoted prices for similar instruments in active markets are used and such measurements are therefore categorized in level 2 of the fair value hierarchy. $ million 2022 2021 Fair value Carrying Fair value Carrying Short-term borrowings 901 901 2,191 2,191 Long-term borrowings 41,689 46,043 60,755 58,985 Total finance debt 42,590 46,944 62,946 61,176

Capital disclosures and net d_2

Capital disclosures and net debt (Tables)	12 Months Ended
	Dec. 31, 2022
Subclassifications of assets, liabilities and equities [abstract]
Disclosure of the net debt ratio	At 31 December 2022, gearing was 20.5% (2021 25.3%). $ million At 31 December 2022 2021 Finance debt 46,944 61,176 Less: fair value asset (liability) of hedges related to finance debt a (3,673) (118) 50,617 61,294 Less: cash and cash equivalents 29,195 30,681 Net debt 21,422 30,613 Total equity 82,990 90,439 Gearing 20.5% 25.3%
Disclosure of reconciliation of liabilities arising from financing activities	An analysis of changes in liabilities arising from financing activities is provided below. $ million Finance Currency swaps a Lease liabilities Net partner payable for leases entered into on behalf of joint operations Total liabilities arising from financing activities At 1 January 2022 61,176 481 8,611 250 70,518 Exchange adjustments (164) — (260) 1 (423) Net financing cash flow (10,855) (192) (1,961) (29) (13,037) Fair value (gains) losses (3,694) 5,023 — — 1,329 New and remeasured leases/joint operation payables — — 2,367 21 2,388 Other movements b 481 — (208) (201) 72 At 31 December 2022 46,944 5,312 8,549 42 60,847 At 1 January 2021 72,664 (2,965) 9,262 267 79,228 Exchange adjustments (185) — (215) — (400) Net financing cash flow (8,575) (126) (2,082) (40) (10,823) Fair value (gains) losses (2,578) 3,562 — — 984 New and remeasured leases/joint operations payables — — 1,767 23 1,790 Other movements (150) 10 (121) — (261) At 31 December 2021 61,176 481 8,611 250 70,518 a Currency swaps include cross currency interest rate swaps. b Other movements in finance debt include $1,044 million acquired with Archaea Energy Inc. and a non-cash reduction in balances related to the Alaska divestment. Other movements in the net partner payable for leases entered into on behalf of joint operations primarily represent transfers to amounts held for sale.

Leases (Tables)

Leases (Tables)	12 Months Ended
	Dec. 31, 2022
Disclosure of leases [Abstract]
Disclosure of maturity analysis of operating lease payments	The table below shows the timing of the undiscounted cash outflows for the lease liabilities included on the balance sheet. $ million 2022 2021 Undiscounted lease liability cash flows due: Within 1 year 2,348 1,949 1 to 2 years 1,728 1,631 2 to 3 years 1,232 1,207 3 to 4 years 740 1,005 4 to 5 years 632 682 5 to 10 years 1,909 2,089 Over 10 years 1,275 1,462 9,864 10,025 Impact of discounting (1,315) (1,414) Lease liabilities at 31 December 8,549 8,611 Of which – current 2,102 1,747 – non-current 6,447 6,864
Disclosure of quantitative information about right-of-use assets [text block]	$ million 2022 2021 Total cash outflow for amounts included in lease liabilities a 2,200 2,372 Expense for variable payments not included in the lease liability a 27 37 Short-term lease expense a 482 409 Additions to right-of-use assets in the period 2,451 1,807 Gain (loss) on sale and leaseback transactions — (1)

Financial instruments and fin_2

Financial instruments and financial risk factors (Tables)	12 Months Ended
	Dec. 31, 2022
Financial Instruments [Abstract]
Disclosure of financial assets	Other investments $ million 2022 2021 Current Non-current Current Non-current Equity investments a — 1,040 — 717 Contingent consideration 364 1,522 237 1,680 Other 214 108 43 147 578 2,670 280 2,544 a The majority of equity investments are unlisted. Contingent consideration relates to amounts arising on disposals which are financial assets classified as measured at fair value through profit or loss. The fair value is determined using an estimate of discounted future cash flows that are expected to be received and is considered a level 3 valuation under the fair value hierarchy. Future cash flows are estimated based on inputs including oil and natural gas prices, production volumes and operating costs related to the disposed operations. The discount rate used is based on a risk-free rate adjusted for asset-specific risks. The contingent consideration principally relates to the disposal of our Alaskan business. The accounting classification of each category of financial instruments and their carrying amounts are set out below. $ million At 31 December 2022 Note Measured at amortized cost Mandatorily measured at fair value through profit or loss Derivative hedging instruments Total carrying Financial assets Other investments 18 26 3,222 — 3,248 Loans 1,245 341 — 1,586 Trade and other receivables 20 33,535 — — 33,535 Derivative financial instruments 30 — 24,395 — 24,395 Cash and cash equivalents 25 25,611 3,584 — 29,195 Financial liabilities Trade and other payables 22 (69,586) — — (69,586) Derivative financial instruments 30 — (22,481) (3,674) (26,155) Accruals (7,631) — — (7,631) Lease liabilities 28 (8,549) — — (8,549) Finance debt 26 (46,944) — — (46,944) (72,293) 9,061 (3,674) (66,906) 29. Financial instruments and financial risk factors – continued $ million At 31 December 2021 Note Measured at amortized cost Mandatorily measured at fair value through profit or loss Derivative hedging instruments Total carrying Financial assets Other investments 18 — 2,824 — 2,824 Loans 1,045 232 — 1,277 Trade and other receivables 20 27,191 — — 27,191 Derivative financial instruments 30 — 12,402 348 12,750 Cash and cash equivalents 25 27,107 3,574 — 30,681 Financial liabilities Trade and other payables 22 (58,660) — — (58,660) Derivative financial instruments 30 — (13,456) (465) (13,921) Accruals (6,606) — — (6,606) Lease liabilities 28 (8,611) — — (8,611) Finance debt 26 (61,176) — — (61,176) (79,710) 5,576 (117) (74,251)
Disclosure of financial liabilities	The accounting classification of each category of financial instruments and their carrying amounts are set out below. $ million At 31 December 2022 Note Measured at amortized cost Mandatorily measured at fair value through profit or loss Derivative hedging instruments Total carrying Financial assets Other investments 18 26 3,222 — 3,248 Loans 1,245 341 — 1,586 Trade and other receivables 20 33,535 — — 33,535 Derivative financial instruments 30 — 24,395 — 24,395 Cash and cash equivalents 25 25,611 3,584 — 29,195 Financial liabilities Trade and other payables 22 (69,586) — — (69,586) Derivative financial instruments 30 — (22,481) (3,674) (26,155) Accruals (7,631) — — (7,631) Lease liabilities 28 (8,549) — — (8,549) Finance debt 26 (46,944) — — (46,944) (72,293) 9,061 (3,674) (66,906) 29. Financial instruments and financial risk factors – continued $ million At 31 December 2021 Note Measured at amortized cost Mandatorily measured at fair value through profit or loss Derivative hedging instruments Total carrying Financial assets Other investments 18 — 2,824 — 2,824 Loans 1,045 232 — 1,277 Trade and other receivables 20 27,191 — — 27,191 Derivative financial instruments 30 — 12,402 348 12,750 Cash and cash equivalents 25 27,107 3,574 — 30,681 Financial liabilities Trade and other payables 22 (58,660) — — (58,660) Derivative financial instruments 30 — (13,456) (465) (13,921) Accruals (6,606) — — (6,606) Lease liabilities 28 (8,611) — — (8,611) Finance debt 26 (61,176) — — (61,176) (79,710) 5,576 (117) (74,251)
Analysis of credit exposures using external credit grading system	Management information used to monitor credit risk, which reflects the impact of credit enhancements, indicates that the risk profile of financial assets which are subject to review for impairment under IFRS 9 is as set out below. % As at 31 December 2022 2021 AAA to AA- 9 % 14 % A+ to A- 49 % 46 % BBB+ to BBB- 15 % 14 % BB+ to BB- 11 % 8 % B+ to B- 12 % 16 % CCC+ and below 4 % 2 %
Disclosure of offsetting of financial assets	Financial instruments subject to offsetting, enforceable master netting arrangements and similar agreements The following table shows the amounts recognized for financial assets and liabilities which are subject to offsetting arrangements on a gross basis, and the amounts offset in the balance sheet. Amounts which cannot be offset under IFRS, but which could be settled net under the terms of master netting agreements if certain conditions arise, and collateral received or pledged, are also presented in the table to show the total net exposure of the group. $ million Gross amounts of recognized financial assets (liabilities) Amounts Net amounts Related amounts not set off Net amount At 31 December 2022 Master Cash Derivative assets 33,199 (8,804) 24,395 (3,988) (918) 19,489 Derivative liabilities (34,918) 8,804 (26,114) 3,988 436 (21,690) Trade and other receivables 17,947 (8,381) 9,566 (1,325) (224) 8,017 Trade and other payables (20,671) 8,381 (12,290) 1,325 61 (10,904) At 31 December 2021 Derivative assets 20,519 (7,769) 12,750 (3,104) (414) 9,232 Derivative liabilities a (21,683) 7,769 (13,914) 3,104 357 (10,453) Trade and other receivables 17,105 (8,104) 9,001 (1,038) (249) 7,714 Trade and other payables a (19,279) 8,104 (11,175) 1,038 22 (10,115) a Comparative amounts for collateral pledged, and the resulting net exposure, have been updated to reflect current year presentation.
Disclosure of offsetting of financial liabilities	Financial instruments subject to offsetting, enforceable master netting arrangements and similar agreements The following table shows the amounts recognized for financial assets and liabilities which are subject to offsetting arrangements on a gross basis, and the amounts offset in the balance sheet. Amounts which cannot be offset under IFRS, but which could be settled net under the terms of master netting agreements if certain conditions arise, and collateral received or pledged, are also presented in the table to show the total net exposure of the group. $ million Gross amounts of recognized financial assets (liabilities) Amounts Net amounts Related amounts not set off Net amount At 31 December 2022 Master Cash Derivative assets 33,199 (8,804) 24,395 (3,988) (918) 19,489 Derivative liabilities (34,918) 8,804 (26,114) 3,988 436 (21,690) Trade and other receivables 17,947 (8,381) 9,566 (1,325) (224) 8,017 Trade and other payables (20,671) 8,381 (12,290) 1,325 61 (10,904) At 31 December 2021 Derivative assets 20,519 (7,769) 12,750 (3,104) (414) 9,232 Derivative liabilities a (21,683) 7,769 (13,914) 3,104 357 (10,453) Trade and other receivables 17,105 (8,104) 9,001 (1,038) (249) 7,714 Trade and other payables a (19,279) 8,104 (11,175) 1,038 22 (10,115) a Comparative amounts for collateral pledged, and the resulting net exposure, have been updated to reflect current year presentation.
Disclosure of detailed information of maturities of trade and other payables, accrued expenses, finance debt, and Interest	The table below shows the timing of undiscounted cash outflows relating to finance debt, trade and other payables and accruals. As part of actively managing the group’s debt portfolio it is possible that cash flows in relation to finance debt could be accelerated from the profile provided. $ million 2022 2021 Trade and other payables a Accruals Finance Interest on finance debt Trade and other payables a Accruals Finance Interest on finance debt Within one year 59,618 6,398 2,978 2,133 48,497 5,638 5,370 1,497 1 to 2 years 1,625 230 2,811 1,923 1,627 209 4,425 1,341 2 to 3 years 1,378 207 4,066 1,770 1,346 108 5,953 1,204 3 to 4 years 1,192 110 5,077 1,566 1,328 144 5,958 1,047 4 to 5 years 1,188 114 5,773 1,324 1,146 56 5,504 896 5 to 10 years 6,109 348 13,621 4,283 5,695 218 16,483 2,705 Over 10 years 772 224 13,135 2,828 1,699 233 14,744 1,699 71,882 7,631 47,461 15,827 61,338 6,606 58,437 10,389 a 2022 includes $11,884 million (2021 $13,170 million) in relation to the Gulf of Mexico oil spill, of which $10,660 million (2021 $11,883 million) matures in greater than one year.
Disclosure of maturity analysis for derivative financial liabilities	The table below shows the timing of cash outflows for derivative financial instruments entered into for the purpose of managing interest rate and foreign currency exchange risk, whether or not hedge accounting is applied, based upon contractual payment dates. As part of actively managing the group’s debt portfolio it is possible that cash flows in relation to associated derivatives could be accelerated from the profile provided. The amounts reflect the gross settlement amount where the pay leg of a derivative will be settled separately from the receive leg, as in the case of cross-currency swaps hedging non-US dollar finance debt or hybrid bonds. The swaps are with high investment-grade counterparties and therefore the settlement-day risk exposure is considered to be negligible. Not shown in the table are the gross settlement amounts (inflows) for the receive leg of derivatives that are settled separately from the pay leg, which amount to $23,970 million at 31 December 2022 (2021 $27,048 million) to be received on the same day as the related cash outflows. $ million Cash outflows for derivative financial instruments at 31 December 2022 2021 Within one year 1,492 1,497 1 to 2 years 2,531 1,492 2 to 3 years 2,053 2,531 3 to 4 years 5,575 2,053 4 to 5 years 3,584 5,575 5 to 10 years 7,627 8,618 Over 10 years 2,772 5,365 25,634 27,131 For further information on our derivative financial instruments, see Note 30. Derivative liabilities held for trading have the following fair values and maturities. $ million 2022 Less than 1-2 years 2-3 years 3-4 years 4-5 years Over Total Currency derivatives (587) (95) (3) (629) (319) (713) (2,346) Oil price derivatives (1,615) (318) (23) (4) (1) — (1,961) Natural gas price derivatives (7,255) (1,157) (539) (328) (214) (2,636) (12,129) Power price derivatives (2,924) (1,002) (506) (335) (273) (964) (6,004) (12,381) (2,572) (1,071) (1,296) (807) (4,313) (22,440) $ million 2021 Less than 1-2 years 2-3 years 3-4 years 4-5 years Over Total Currency derivatives (191) (2) (13) (5) (173) (259) (643) Oil price derivatives (1,340) (179) (39) (7) (2) — (1,567) Natural gas price derivatives (4,551) (1,053) (460) (351) (282) (1,576) (8,273) Power price derivatives (1,485) (601) (211) (135) (92) (442) (2,966) (7,567) (1,835) (723) (498) (549) (2,277) (13,449)

Derivative financial instrume_2

Derivative financial instruments (Tables)	12 Months Ended
	Dec. 31, 2022
Financial Instruments [Abstract]
Disclosure of fair value of derivative instruments	The fair values of derivative financial instruments at 31 December are set out below. Exchange traded derivatives are valued using closing prices provided by the exchange as at the balance sheet date. These derivatives are categorized within level 1 of the fair value hierarchy. Exchange traded derivatives are typically considered settled through the (normally daily) payment or receipt of variation margin. Over-the-counter (OTC) financial swaps, forwards and physical commodity sale and purchase contracts are generally valued using readily available information in the public markets and quotations provided by brokers and price index developers. These quotes are corroborated with market data and are categorized within level 2 of the fair value hierarchy. In certain less liquid markets, or for longer-term contracts, forward prices are not as readily available. In these circumstances, OTC financial swaps and physical commodity sale and purchase contracts are valued using internally developed methodologies that consider historical relationships between various commodities, and that result in management’s best estimate of fair value. These contracts are categorized within level 3 of the fair value hierarchy. 30. Derivative financial instruments – continued Financial OTC and physical commodity options are valued using industry standard models that consider various assumptions, including quoted forward prices for commodities, time value, volatility factors, and contractual prices for the underlying instruments, as well as other relevant economic factors. The degree to which these inputs are observable in the forward markets determines whether the option is categorized within level 2 or level 3 of the fair value hierarchy. $ million 2022 2021 Fair value Fair value Fair value Fair value Derivatives held for trading Currency derivatives 634 (2,346) 272 (643) Oil price derivatives 2,753 (1,961) 2,192 (1,567) Natural gas price derivatives 15,437 (12,129) 6,823 (8,273) Power price derivatives 5,527 (6,004) 3,105 (2,966) Other derivatives 44 — 10 — 24,395 (22,440) 12,402 (13,449) Embedded derivatives Other embedded derivatives — (41) — (7) — (41) — (7) Cash flow hedges Currency forwards — — 1 — — — 1 — Fair value hedges Currency swaps — (3,670) 326 (465) Interest rate swaps — (4) 21 — — (3,674) 347 (465) 24,395 (26,155) 12,750 (13,921) Of which – current 11,554 (12,618) 5,744 (7,565) – non-current 12,841 (13,537) 7,006 (6,356) The following table shows the fair value of derivative assets and derivative liabilities held for trading, analysed by maturity period and by methodology of fair value estimation. This information is presented on a gross basis, that is, before netting by counterparty. $ million 2022 Less than 1-2 years 2-3 years 3-4 years 4-5 years Over Total Fair value of derivative assets Level 1 207 17 19 4 — — 247 Level 2 17,161 5,628 935 289 77 65 24,155 Level 3 1,525 1,014 783 659 601 4,215 8,797 18,893 6,659 1,737 952 678 4,280 33,199 Less: netting by counterparty (7,339) (1,143) (205) (61) (27) (29) (8,804) 11,554 5,516 1,532 891 651 4,251 24,395 Fair value of derivative liabilities Level 1 (281) (20) (22) (7) — — (330) Level 2 (18,116) (2,901) (702) (915) (437) (805) (23,876) Level 3 (1,323) (794) (552) (435) (397) (3,537) (7,038) (19,720) (3,715) (1,276) (1,357) (834) (4,342) (31,244) Less: netting by counterparty 7,339 1,143 205 61 27 29 8,804 (12,381) (2,572) (1,071) (1,296) (807) (4,313) (22,440) Net fair value (827) 2,944 461 (405) (156) (62) 1,955 $ million 2021 Less than 1-2 years 2-3 years 3-4 years 4-5 years Over Total Fair value of derivative assets Level 1 63 25 4 6 1 — 99 Level 2 11,418 1,957 631 298 139 102 14,545 Level 3 888 600 510 416 382 2,731 5,527 12,369 2,582 1,145 720 522 2,833 20,171 Less: netting by counterparty (6,657) (694) (145) (42) (26) (205) (7,769) 5,712 1,888 1,000 678 496 2,628 12,402 Fair value of derivative liabilities Level 1 (57) (28) (4) (8) (2) — (99) Level 2 (13,646) (2,189) (575) (251) (305) (216) (17,182) Level 3 (521) (312) (289) (281) (268) (2,266) (3,937) (14,224) (2,529) (868) (540) (575) (2,482) (21,218) Less: netting by counterparty 6,657 694 145 42 26 205 7,769 (7,567) (1,835) (723) (498) (549) (2,277) (13,449) Net fair value (1,855) 53 277 180 (53) 351 (1,047)
Derivative assets held for trading fair value, and maturities	Derivative assets held for trading have the following fair values and maturities. $ million 2022 Less than 1-2 years 2-3 years 3-4 years 4-5 years Over Total Currency derivatives 536 14 10 10 9 55 634 Oil price derivatives 1,971 445 150 63 35 89 2,753 Natural gas price derivatives 7,157 3,740 749 442 316 3,033 15,437 Power price derivatives 1,848 1,317 623 376 291 1,072 5,527 Other derivatives 42 — — — — 2 44 11,554 5,516 1,532 891 651 4,251 24,395 $ million 2021 Less than 1-2 years 2-3 years 3-4 years 4-5 years Over Total Currency derivatives 168 52 1 1 — 50 272 Oil price derivatives 1,544 429 167 47 4 1 2,192 Natural gas price derivatives 2,678 847 547 456 368 1,927 6,823 Power price derivatives 1,322 553 285 174 124 647 3,105 Other derivatives — 7 — — — 3 10 5,712 1,888 1,000 678 496 2,628 12,402
Derivative liabilities held for trading, fair value and maturities	The table below shows the timing of cash outflows for derivative financial instruments entered into for the purpose of managing interest rate and foreign currency exchange risk, whether or not hedge accounting is applied, based upon contractual payment dates. As part of actively managing the group’s debt portfolio it is possible that cash flows in relation to associated derivatives could be accelerated from the profile provided. The amounts reflect the gross settlement amount where the pay leg of a derivative will be settled separately from the receive leg, as in the case of cross-currency swaps hedging non-US dollar finance debt or hybrid bonds. The swaps are with high investment-grade counterparties and therefore the settlement-day risk exposure is considered to be negligible. Not shown in the table are the gross settlement amounts (inflows) for the receive leg of derivatives that are settled separately from the pay leg, which amount to $23,970 million at 31 December 2022 (2021 $27,048 million) to be received on the same day as the related cash outflows. $ million Cash outflows for derivative financial instruments at 31 December 2022 2021 Within one year 1,492 1,497 1 to 2 years 2,531 1,492 2 to 3 years 2,053 2,531 3 to 4 years 5,575 2,053 4 to 5 years 3,584 5,575 5 to 10 years 7,627 8,618 Over 10 years 2,772 5,365 25,634 27,131 For further information on our derivative financial instruments, see Note 30. Derivative liabilities held for trading have the following fair values and maturities. $ million 2022 Less than 1-2 years 2-3 years 3-4 years 4-5 years Over Total Currency derivatives (587) (95) (3) (629) (319) (713) (2,346) Oil price derivatives (1,615) (318) (23) (4) (1) — (1,961) Natural gas price derivatives (7,255) (1,157) (539) (328) (214) (2,636) (12,129) Power price derivatives (2,924) (1,002) (506) (335) (273) (964) (6,004) (12,381) (2,572) (1,071) (1,296) (807) (4,313) (22,440) $ million 2021 Less than 1-2 years 2-3 years 3-4 years 4-5 years Over Total Currency derivatives (191) (2) (13) (5) (173) (259) (643) Oil price derivatives (1,340) (179) (39) (7) (2) — (1,567) Natural gas price derivatives (4,551) (1,053) (460) (351) (282) (1,576) (8,273) Power price derivatives (1,485) (601) (211) (135) (92) (442) (2,966) (7,567) (1,835) (723) (498) (549) (2,277) (13,449)
Disclosure of changes in fair value of derivative instruments	30. Derivative financial instruments – continued Level 3 derivatives The following table shows the changes during the year in the net fair value of derivatives held for trading purposes within level 3 of the fair value hierarchy. $ million Oil Natural gas Power Currency Other Total Fair value contracts at 1 January 2022 199 534 40 (154) 10 629 Gains (losses) recognized in the income statement 17 508 334 215 34 1,108 Purchases a — (4) (889) — — (893) Settlements (73) (210) (32) — — (315) Transfers out of level 3 (115) 77 23 — — (15) Net fair value of contracts at 31 December 2022 28 905 (524) 61 44 514 Deferred day-one gains (losses) 1,245 Derivative asset (liability) 1,759 $ million Oil Natural gas Power Currency Other Total Fair value contracts at 1 January 2021 191 147 (173) 5 6 176 Gains (losses) recognized in the income statement 302 410 407 (159) 1 961 Purchases — — — — 3 3 Settlements (248) (33) (115) — — (396) Transfers out of level 3 (46) 10 (79) — — (115) Net fair value of contracts at 31 December 2021 199 534 40 (154) 10 629 Deferred day-one gains (losses) 961 Derivative asset (liability) 1,590
Disclosure of detailed information about hedging instruments and items	The tables below summarize the change in the fair value of hedging instruments and the hedged item used to calculate ineffectiveness in the period. $ million Change in fair value of hedging instrument used to calculate ineffectiveness Change in fair value of hedged item used to calculate ineffectiveness Hedge ineffectiveness recognized in profit or (loss) At 31 December 2022 Cash flow hedges Foreign exchange risk Highly probable forecast capital expenditure — — — Commodity price risk Highly probable forecast sales (825) 825 — At 31 December 2021 Cash flow hedges Foreign exchange risk Highly probable forecast capital expenditure (1) 1 — Commodity price risk Highly probable forecast sales (430) 430 — 30. Derivative financial instruments – continued The tables below summarize the carrying amount and nominal amount of the derivatives designated as hedging instruments in cash flow hedge relationships. Carrying amount of hedging instrument Nominal amounts of hedging instruments Assets Liabilities At 31 December 2022 $ million $ million $ million mmBtu Cash flow hedges Foreign exchange risk Highly probable forecast capital expenditure — — 5 Commodity price risk Highly probable forecast sales — — (469) At 31 December 2021 Cash flow hedges Foreign exchange risk Highly probable forecast capital expenditure 1 — 55 Commodity price risk Highly probable forecast sales — — (420) All hedging instruments are presented within derivative financial instruments on the group balance sheet. All of the nominal amount of hedging instruments at 31 December 2022 and 2021 relating to highly probably forecast capital expenditure matures within 12 months of the relevant balance sheet date. Of the nominal amount of hedging instruments at 31 December 2022 relating to highly probably forecast sales 349 mmBtu (2021 245 mmBtu) matures within 12 months and 120 mmBtu (2021 175 mmBtu) within one to two years. The table below summarizes the weighted average exchange rates and the weighted average sales price in relation to the derivatives designated as hedging instruments in cash flow hedge relationships at 31 December. Weighted average price/rate 2022 2021 At 31 December Forecast capital expenditure Forecast sales Forecast capital expenditure Forecast sales Sterling/US dollar 1.25 1.33 Henry Hub $/mmBtu 4.03 3.24 The tables below summarize the change in the fair value of hedging instruments and the hedged item used to calculate ineffectiveness in the period. The signage convention for changes in fair value presented in this table is consistent with that presented in Note 27. $ million Change in fair value of hedging instrument used to calculate ineffectiveness Change in fair value of hedged item used to calculate ineffectiveness Hedge ineffectiveness recognized in profit or (loss) At 31 December 2022 Fair value hedges Interest rate risk on finance debt 26 (27) 1 Interest rate and foreign currency risk on finance debt 3,519 (3,495) (24) At 31 December 2021 Fair value hedges Interest rate risk on finance debt 54 (54) — Interest rate and foreign currency risk on finance debt 2,565 (2,460) (105) The tables below summarize the carrying amount of the derivatives designated as hedging instruments in fair value hedge relationships at 31 December. $ million Carrying amount of hedging instrument Nominal amounts of hedging instruments At 31 December 2022 Assets Liabilities Fair value hedges Interest rate risk on finance debt — (4) 368 Interest rate and foreign currency risk on finance debt — (3,670) 17,032 At 31 December 2021 Fair value hedges Interest rate risk on finance debt 21 — 1,102 Interest rate and foreign currency risk on finance debt 326 (465) 18,880 All hedging instruments are presented within derivative financial instruments on the group balance sheet. Ineffectiveness arising on fair value hedges is included within finance costs in the income statement. 30. Derivative financial instruments – continued The tables below summarize the profile by tenor of the nominal amount of the derivatives designated as hedging instruments in fair value hedge relationships at 31 December. $ million At 31 December 2022 Less than 1 year 1-2 years 2-3 years 3-4 years 4-5 years 5-10 years Over 10 years Total Fair value hedges Interest rate risk on finance debt — 216 — 152 — — — 368 Interest rate and foreign currency risk on finance debt 1,307 2,238 1,971 2,244 1,845 4,869 2,558 17,032 At 31 December 2021 Fair value hedges Interest rate risk on finance debt 713 — 219 — 170 — — 1,102 Interest rate and foreign currency risk on finance debt 715 1,426 2,377 2,114 2,400 4,471 5,377 18,880 The table below summarizes the weighted average floating interest rate and the weighted average exchange rates in relation to the derivatives designated as hedging instruments in fair value hedge relationships at 31 December. At 31 December 2022 2021 Interest rate swaps Cross-currency interest rate swaps Interest rate swaps Cross-currency interest rate swaps Interest rate 2.48 % 6.23 % 0.31 % 1.91 % Sterling/US dollar 1.36 1.36 Euro/US dollar 1.13 1.13 Canadian dollar/US dollar 0.78 0.78 The tables below summarize the carrying amount, and the accumulated fair value adjustments included within the carrying amount, of the hedged items designated in fair value hedge relationships at 31 December. $ million Carrying amount of hedged item Accumulated fair value adjustment included in the carrying amount of hedged items At 31 December 2022 Assets Liabilities Assets Liabilities Discontinued hedges Fair value hedges Interest rate risk on finance debt — (422) 4 — (337) Interest rate and foreign currency risk on finance debt — (17,003) 2,312 — — At 31 December 2021 Fair value hedges Interest rate risk on finance debt — (1,170) — (22) (524) Interest rate and foreign currency risk on finance debt — (18,837) — (94) — The hedged item for all fair value hedges is presented within finance debt on the group balance sheet. 30. Derivative financial instruments – continued Movement in reserves related to hedge accounting The table below provides a reconciliation of the cash flow hedge and costs of hedging reserves on a pre-tax basis by risk category. The signage convention of this table is consistent with that presented in Note 32. $ million Cash flow hedge reserve Costs of hedging reserve Highly probable forecast capital expenditure Highly probable forecast sales Purchase of equity a Interest rate and foreign currency risk on finance debt Total At 1 January 2022 3 (134) (651) (190) (972) Recognized in other comprehensive income Cash flow hedges marked to market (4) (825) — — (829) Cash flow hedges reclassified to the income statement - hedged item affected profit or loss — 851 651 — 1,502 Costs of hedging marked to market — — — 61 61 Costs of hedging reclassified to the income statement — — — 25 25 (4) 26 651 86 759 Cash flow hedges transferred to the balance sheet 1 — — — 1 At 31 December 2022 — (108) — (104) (212) $ million Cash flow hedge reserve Costs of hedging reserve Highly probable forecast capital expenditure Highly probable forecast sales Purchase of equity a Interest rate and foreign currency risk on finance debt Total At 1 January 2021 12 41 (651) (106) (704) Recognized in other comprehensive income Cash flow hedges marked to market 1 (430) — — (429) Cash flow hedges reclassified to the income statement - hedged item affected profit or loss — 255 — — 255 Costs of hedging marked to market — — — (105) (105) Costs of hedging reclassified to the income statement — — — 21 21 1 (175) — (84) (258) Cash flow hedges transferred to the balance sheet (10) — — — (10) At 31 December 2021 3 (134) (651) (190) (972) a See Note 32 for further information on the cash flow hedge reserve relating to the purchase of equity.

Called-up share capital (Tables

Called-up share capital (Tables)	12 Months Ended
	Dec. 31, 2022
Share Capital, Reserves And Other Equity Interest [Abstract]
Disclosure of classes of share capital	The allotted, called up and fully paid share capital at 31 December was as follows: 2022 2021 2020 Issued Shares $ million Shares $ million Shares $ million 8% cumulative first preference shares of £1 each a 7,233 12 7,233 12 7,233 12 9% cumulative second preference shares of £1 each a 5,473 9 5,473 9 5,473 9 21 21 21 Ordinary shares of 25 cents each At 1 January 20,778,082 5,194 21,449,782 5,362 21,535,840 5,383 Issue of new shares for employee share-based payment plans 55,000 14 35,001 9 34,000 9 Issue of new shares – other 165,105 41 — — — — Repurchase of ordinary share capital (1,900,404) (475) (706,701) (177) (120,058) (30) At 31 December 19,097,783 4,774 20,778,082 5,194 21,449,782 5,362 4,795 5,215 5,383 a The nominal amount of 8% cumulative first preference shares and 9% cumulative second preference shares that can be in issue at any time shall not exceed £10,000,000 for each class of preference shares. Treasury shares a 2022 2021 2020 Shares Nominal value Shares Nominal value Shares Nominal value At 1 January 1,137,457 283 1,187,650 296 1,296,856 323 Purchases for settlement of employee share plans 14,150 4 1,432 — — — Issue of new shares for employee share-based payment plans 55,000 14 35,096 9 34,116 9 Shares re-issued for employee share-based payment plans (81,680) (20) (86,721) (22) (143,322) (36) At 31 December 1,124,927 281 1,137,457 283 1,187,650 296 Of which – shares held in treasury by bp 940,571 235 1,037,201 259 1,105,157 275 – shares held in ESOP trusts 184,356 46 100,256 24 82,491 21 – shares held by bp’s US share plan administrator b — — — — 2 — a See Note 32 for definition of treasury shares. b Held in the form of ADSs to meet the requirements of employee share-based payment plans in the US.

Capital and reserves (Tables)

Capital and reserves (Tables)	12 Months Ended
	Dec. 31, 2022
Share Capital, Reserves And Other Equity Interest [Abstract]
Disclosure of reserves and other equity interest	Share Share Capital Merger Total share capital At 1 January 2022 5,215 12,745 1,705 27,206 46,871 Profit (loss) for the year — — — — — Items that may be reclassified subsequently to profit or loss Currency translation differences (including reclassifications) a — — — — — Cash flow hedges and costs of hedging (including reclassifications) — — — — — Share of items relating to equity-accounted entities, net of tax — — — — — Other — — — — — Items that will not be reclassified to profit or loss Remeasurements of the net pension and other post-retirement benefit liability or asset — — — — — Cash flow hedges that will subsequently be transferred to the balance sheet — — — — — Total comprehensive income — — — — — Dividends — — — — — Cash flow hedges transferred to the balance sheet, net of tax — — — — — Issue of ordinary share capital 41 779 — — 820 Repurchases of ordinary share capital (475) — 475 — — Share-based payments, net of tax b 14 168 — — 182 Share of equity-accounted entities’ changes in equity, net of tax — — — — — Issue of perpetual hybrid bonds — — — — — Payments on perpetual hybrid bonds — — — — — Tax on issue of perpetual hybrid bonds — — — — — Transactions involving non-controlling interests, net of tax — — — — — At 31 December 2022 4,795 13,692 2,180 27,206 47,873 At 1 January 2021 5,383 12,584 1,528 27,206 46,701 Profit (loss) for the year — — — — — Items that may be reclassified subsequently to profit or loss Currency translation differences (including reclassifications) — — — — — Cash flow hedges and costs of hedging (including reclassifications) — — — — — Share of items relating to equity-accounted entities, net of tax — — — — — Other — — — — — Items that will not be reclassified to profit or loss Remeasurements of the net pension and other post-retirement benefit liability or asset — — — — — Cash flow hedges that will subsequently be transferred to the balance sheet — — — — — Total comprehensive income — — — — — Dividends — — — — — Cash flow hedges transferred to the balance sheet, net of tax — — — — — Repurchases of ordinary share capital (177) — 177 — — Share-based payments, net of tax b 9 161 — — 170 Share of equity-accounted entities’ changes in equity, net of tax — — — — — Issue of perpetual hybrid bonds — — — — — Payments on perpetual hybrid bonds — — — — — Tax on issue of perpetual hybrid bonds — — — — — Transactions involving non-controlling interests, net of tax c — — — — — At 31 December 2021 5,215 12,745 1,705 27,206 46,871 a Following, bp’s decision to exit its shareholding in Rosneft on 27 February 2022 $10,372 million was reclassified to the income statement. See Note 1 - Investment in Rosneft. b Movements in treasury shares relate to employee share-based payment plans. c Principally relates to the sale of 49% interest in a controlled affiliate holding certain refined product and crude logistics assets onshore US and the buy-out of the non-controlling interest in the Thorntons fuels and convenience retail business. 32. Capital and reserves – continued $ million Treasury Foreign Cash flow Costs of hedging Total Profit and bp Non-controlling interests Total equity Hybrid bonds Other interest (12,624) (9,572) (851) (176) (1,027) 51,815 75,463 13,041 1,935 90,439 — — — — — (2,487) (2,487) 519 611 (1,357) — 6,914 — — — — 6,914 — (61) 6,853 — — 671 103 774 — 774 — — 774 — — — — — 402 402 — — 402 — — — — — (225) (225) — — (225) — — — — — 408 408 — — 408 — — (4) — (4) — (4) — — (4) — 6,914 667 103 770 (1,902) 5,782 519 550 6,851 — — — — — (4,365) (4,365) — (294) (4,659) — — 1 — 1 — 1 — — 1 — — — — — — 820 — — 820 — — — — — (10,493) (10,493) — — (10,493) 471 — — — — 194 847 — — 847 — — — — — — — — — — — — — — — (4) (4) 374 — 370 — 15 — — — — 15 (544) — (529) — — — — — — — — — — — — — — — (513) (513) — (144) (657) (12,153) (2,643) (183) (73) (256) 34,732 67,553 13,390 2,047 82,990 (13,224) (8,719) (708) (100) (808) 47,300 71,250 12,076 2,242 85,568 — — — — — 7,565 7,565 507 415 8,487 — (846) — — — — (846) — (24) (870) — — (134) (76) (210) — (210) — — (210) — — — — — 44 44 — — 44 — — — — — 1 1 — — 1 — — — — — 3,099 3,099 — — 3,099 — — 1 — 1 — 1 — — 1 — (846) (133) (76) (209) 10,709 9,654 507 391 10,552 — — — — — (4,316) (4,316) — (311) (4,627) — — (10) — (10) — (10) — — (10) — — — — — (3,151) (3,151) — — (3,151) 600 — — — — (138) 632 — — 632 — — — — — 556 556 — — 556 — — — — — (26) (26) 950 — 924 — (7) — — — — (7) (492) — (499) — — — — — — — — — — — — — — — 881 881 — (387) 494 (12,624) (9,572) (851) (176) (1,027) 51,815 75,463 13,041 1,935 90,439 32. Capital and reserves – continued Share Share Capital Merger Total share capital At 1 January 2020 5,404 12,417 1,498 27,206 46,525 Profit (loss) for the year — — — — — Items that may be reclassified subsequently to profit or loss Currency translation differences (including reclassifications) — — — — — Cash flow hedges and costs of hedging (including reclassifications) — — — — — Share of items relating to equity-accounted entities, net of tax a — — — — — Other — — — — — Items that will not be reclassified to profit or loss Remeasurements of the net pension and other post-retirement benefit liability or asset — — — — — Cash flow hedges that will subsequently be transferred to the balance sheet — — — — — Total comprehensive income — — — — — Dividends — — — — — Cash flow hedges transferred to the balance sheet, net of tax — — — — — Repurchases of ordinary share capital (30) — 30 — — Share-based payments, net of tax b 9 167 — — 176 Share of equity-accounted entities’ changes in equity, net of tax c — — — — — Issue of perpetual hybrid bonds — — — — — Payments on perpetual hybrid bonds — — — — — Tax on issue of perpetual hybrid bonds — — — — — Transactions involving non-controlling interests, net of tax d — — — — — At 31 December 2020 5,383 12,584 1,528 27,206 46,701 a Principally foreign exchange effects relating to the Russian rouble. b Movements in treasury shares relate to employee share-based payment plans. c Principally relates to a non-controlling interest transaction entered into by Rosneft. d Principally relates to the sale of interests in our UK and New Zealand retail property portfolio, for which proceeds of $0.5 billion and $0.2 billion were received respectively. 32. Capital and reserves – continued $ million Treasury Foreign Cash flow Costs of hedging Total Profit and bp Non-controlling interests Total equity Hybrid bonds Other interest (14,412) (6,495) (752) (160) (912) 73,706 98,412 — 2,296 100,708 — — — — — (20,305) (20,305) 256 (680) (20,729) — (2,224) — — — — (2,224) — 37 (2,187) — — 31 60 91 — 91 — — 91 — — — — — 312 312 — — 312 — — — — — 71 71 — — 71 — — — — — 65 65 — — 65 — — 7 — 7 — 7 — — 7 — (2,224) 38 60 98 (19,857) (21,983) 256 (643) (22,370) — — — — — (6,367) (6,367) — (238) (6,605) — — 6 — 6 — 6 — — 6 — — — — — (776) (776) — — (776) 1,188 — — — — (638) 726 — — 726 — — — — — 1,341 1,341 — — 1,341 — — — — — (48) (48) 11,909 — 11,861 — — — — — — — (89) — (89) — — — — — 3 3 — — 3 — — — — — (64) (64) — 827 763 (13,224) (8,719) (708) (100) (808) 47,300 71,250 12,076 2,242 85,568
Disclosure of pre-tax and tax amounts components of other comprehensive income	The pre-tax amounts of each component of other comprehensive income, and the related amounts of tax, are shown in the table below. $ million 2022 Pre-tax Tax Net of tax Items that may be reclassified subsequently to profit or loss Currency translation differences (including reclassifications) 6,973 (120) 6,853 Cash flow hedges (including reclassifications) 677 (6) 671 Costs of hedging (including reclassifications) 86 17 103 Share of items relating to equity-accounted entities, net of tax 402 — 402 Other — (225) (225) Items that will not be reclassified to profit or loss Remeasurements of the net pension and other post-retirement benefit liability or asset 340 68 408 Cash flow hedges that will subsequently be transferred to the balance sheet (4) — (4) Other comprehensive income 8,474 (266) 8,208 $ million 2021 Pre-tax Tax Net of tax Items that may be reclassified subsequently to profit or loss Currency translation differences (including reclassifications) (885) 15 (870) Cash flow hedges (including reclassifications) (175) 41 (134) Costs of hedging (including reclassifications) (84) 8 (76) Share of items relating to equity-accounted entities, net of tax 44 — 44 Other — 1 1 Items that will not be reclassified to profit or loss Remeasurements of the net pension and other post-retirement benefit liability or asset 4,416 (1,317) 3,099 Cash flow hedges that will subsequently be transferred to the balance sheet 1 — 1 Other comprehensive income 3,317 (1,252) 2,065 $ million 2020 Pre-tax Tax Net of tax Items that may be reclassified subsequently to profit or loss Currency translation differences (including reclassifications) (2,196) 9 (2,187) Cash flow hedges (including reclassifications) 41 (10) 31 Costs of hedging (including reclassifications) 64 (4) 60 Share of items relating to equity-accounted entities, net of tax 312 — 312 Other — 71 71 Items that will not be reclassified to profit or loss Remeasurements of the net pension and other post-retirement benefit liability or asset 170 (105) 65 Cash flow hedges that will subsequently be transferred to the balance sheet 7 — 7 Other comprehensive income (1,602) (39) (1,641)

Remuneration of senior manage_2

Remuneration of senior management and non-executive directors (Tables)	12 Months Ended
	Dec. 31, 2022
Related Party [Abstract]
Remuneration of directors and senior management	Remuneration of directors $ million 2022 2021 2020 Total for all directors Emoluments 8 9 6 Amounts received under incentive schemes a 13 4 14 Total 21 13 20 a Excludes amounts relating to past directors. Remuneration of directors and senior management $ million 2022 2021 2020 Total for all senior management and non-executive directors Short-term employee benefits 31 30 17 Pensions and other post-retirement benefits — 1 2 Share-based payments 31 32 52 Termination benefits — — 8 Total 62 63 79

Employee costs and numbers (Tab

Employee costs and numbers (Tables)	12 Months Ended
	Dec. 31, 2022
Additional information [abstract]
Employee costs and average number of employees	$ million Employee costs 2022 2021 2020 Wages and salaries a 7,486 6,934 7,600 Social security costs 720 733 729 Share-based payments b 1,034 733 728 Pension and other post-retirement benefit costs 576 457 852 9,816 8,857 9,909 2022 2021 2020 Average number of employees c d US Non-US Total US Non-US Total US Non-US Total gas & low carbon energy 700 3,400 4,100 400 3,400 3,800 oil production & operations 3,000 5,700 8,700 3,100 6,000 9,100 customers & products e 8,000 35,700 43,700 6,200 35,800 42,000 other businesses and corporate 1,300 8,500 9,800 1,400 7,700 9,100 13,000 53,300 66,300 11,100 52,900 64,000 12,400 55,700 68,100 a Includes termination costs of $27 million (2021 $74 million and 2020 $1,237 million). b The group provides certain employees with shares and share options as part of their remuneration packages. The majority of these share-based payment arrangements are equity-settled. c Reported to the nearest 100. d Comparative data for the new reportable segments from 2021 onwards is not available for 2020. e Includes 23,300 (2021 21,300 and 2020 19,100) service station staff.

Auditor_s remuneration (Tables)

Auditor’s remuneration (Tables)	12 Months Ended
	Dec. 31, 2022
Additional information [abstract]
Summary of auditor's remuneration	$ million Fees 2022 2021 2020 The audit of the company annual accounts a 36 37 30 The audit of accounts of subsidiaries of the company 15 15 11 Total audit 51 52 41 Audit-related assurance services b 4 5 11 Total audit and audit-related assurance services 55 57 52 Non-audit and other assurance services — — 1 Services relating to bp pension plans 1 1 1 56 58 54 a Fees in respect of the audit of the accounts of BP p.l.c. including the group’s consolidated financial statements. b Includes interim reviews and audit of internal control over financial reporting and non-statutory audit services. 2020 fees include audit fees relating to the Petrochemicals disposal.

Subsidiaries, joint arrangeme_2

Subsidiaries, joint arrangements and associates (Tables)	12 Months Ended
	Dec. 31, 2022
Interest In Other Entities [Abstract]
Disclosure of interests in subsidiaries, joint arrangements, and associates	The more important subsidiaries, joint arrangements and associates of the group at 31 December 2022 and the group percentage of ordinary share capital (to nearest whole number) are set out below. The group's share of the assets and liabilities of the more important unincorporated joint arrangements are held by subsidiaries listed in the table below. Those subsidiaries held directly by the parent company are marked with an asterisk (*), the percentage owned being that of the group unless otherwise indicated. A complete list of undertakings of the group is included in Note 13 in the parent company financial statements of BP p.l.c. which are filed with the Registrar of Companies in the UK, along with the group’s annual report. Subsidiaries % Country of Principal activities International BP Corporate Holdings Limited 100 England & Wales Investment holding BP Exploration Operating Company Limited 100 England & Wales Exploration and production *BP Global Investments Limited 100 England & Wales Investment holding *BP International Limited 100 England & Wales Integrated oil operations BP Oil International Limited 100 England & Wales Integrated oil operations *Burmah Castrol PLC 100 Scotland Investment holding Azerbaijan BP Exploration (Caspian Sea) Limited 100 England & Wales Exploration and production BP Exploration (Azerbaijan) Limited 100 England & Wales Exploration and production Egypt BP Exploration (Delta) Limited 100 England & Wales Exploration and production Germany BP Europa SE 100 Germany Refining and marketing India BP Exploration (Alpha) Limited 100 England & Wales Exploration and production Trinidad & Tobago BP Trinidad and Tobago LLC 70 US Exploration and production UK BP Capital Markets p.l.c. 100 England & Wales Finance US *BP Holdings North America Limited 100 England & Wales Investment holding Atlantic Richfield Company 100 US Exploration and production, refining and marketing BP America Inc. 100 US BP America Production Company 100 US BP Company North America Inc. 100 US BP Corporation North America Inc. 100 US BP Products North America Inc. 100 US The Standard Oil Company 100 US Archaea Energy Inc. 100 US Bioenergy BP Capital Markets America Inc. 100 US Finance Joint arrangements % Country of Principal activities Angola Azule Energy Holdings Limited 50 England & Wales Exploration and production Argentina Pan American Energy Group S.L. 50 Spain Integrated oil operations a There were no important associates in the group at 31 December 2022. .

Significant accounting polici_4

Significant accounting policies, judgements, estimates and assumptions - Significant accounting policies: use of judgements, estimates and assumptions (Details) $ in Millions	12 Months Ended
	Dec. 31, 2022 usd_per_mmBtu	Dec. 31, 2022 £ / tonneOfCO2Emissions	Dec. 31, 2022 € / tonneOfCO2Emissions	Dec. 31, 2022 USD ($)	Dec. 31, 2022 usd_per_bbl	Dec. 31, 2021 usd_per_mmBtu	Dec. 31, 2021 USD ($)	Dec. 31, 2021 usd_per_bbl	Dec. 31, 2020 USD ($)
Disclosure of impairment loss and reversal of impairment loss [line items]
Change in discount rate				$ 3,473
Increase (decrease) through other changes, property, plant and equipment				2,500
Profit (loss) before taxation				15,405			$ 15,227		$ (24,888)
Decommissioning
Disclosure of impairment loss and reversal of impairment loss [line items]
Change in discount rate				3,245
Profit (loss) before taxation				$ 700
North Sea
Disclosure of impairment loss and reversal of impairment loss [line items]
Long-term carbon price assumptions used in value-in-use impairment testing | £ / tonneOfCO2Emissions		100
Gelsenkirchen refinery
Disclosure of impairment loss and reversal of impairment loss [line items]
Long-term carbon price assumptions used in value-in-use impairment testing | € / tonneOfCO2Emissions			70
5 to 10 years
Disclosure of impairment loss and reversal of impairment loss [line items]
Long-term price assumptions used in value-in-use impairment testing	4				70	3.06		61
Later than twenty years and not later than thirty years
Disclosure of impairment loss and reversal of impairment loss [line items]
Long-term price assumptions used in value-in-use impairment testing	3.5				45	2.8		46

Significant accounting polici_5

Significant accounting policies, judgements, estimates and assumptions - Significant judgement: accounting for interests in other entities (Details) shares in Thousands, $ in Millions		2 Months Ended	12 Months Ended
		Feb. 27, 2022 director	Dec. 31, 2022 USD ($) shares	Dec. 31, 2021 USD ($)	Dec. 31, 2020 USD ($)	Aug. 01, 2022 USD ($)
Disclosure of associates [line items]
Investments in associatesa	[1]		$ 8,201	$ 21,001
Profit (loss) before taxation			15,405	15,227	$ (24,888)
Gains on sale of businesses and fixed assets			3,866	1,876	2,874
Angola
Disclosure of associates [line items]
Financial assets, at fair value						$ 6,900
Gains on sale of businesses and fixed assets			3,900
Azule Energy Holdings Limited [Member]
Disclosure of associates [line items]
Profit (loss) before taxation			621
oil production & operations
Disclosure of associates [line items]
Gains on sale of businesses and fixed assets			$ 3,446	$ 869	360
Aker BP [Member]
Disclosure of associates [line items]
Proportion of ownership interest in associate			15.90%	27.85%
Estimate at acquisition date of proportion of voting rights held in associate				15.90%
Aker BP [Member] | oil production & operations
Disclosure of associates [line items]
Proportion of ownership interest in associate				27.90%
Gains on sale of businesses and fixed assets			$ 904
Rosnefta
Disclosure of associates [line items]
Proportion of ownership interest in associate				18.50%
Number of company-nominated directors on board | director		2
Investments in associatesa			0	$ 14,354
Profit (loss) before taxation			25,520	$ 3,785	$ (77)
Rosnefta | Carrying amount
Disclosure of associates [line items]
Investments in associatesa			0
Rosnefta | Carrying amount | oil production & operations
Disclosure of associates [line items]
Investments in associatesa			$ 0
Azule Energy Holdings Limited [Member]
Disclosure of associates [line items]
Number of shares issued | shares			500
[1]See Note 1 - Significant judgements and estimate: investment in Rosneft for further information

Significant accounting polici_6

Significant accounting policies, judgements, estimates and assumptions - Intangible assets (Details)	12 Months Ended
	Dec. 31, 2022
Bottom of range [member] | Patents, Licences, And Trademarks
Disclosure of detailed information about intangible assets [line items]
Intangible assets other than goodwill, estimated useful lives	3 years
Bottom of range [member] | Computer software
Disclosure of detailed information about intangible assets [line items]
Intangible assets other than goodwill, estimated useful lives	3 years
Top of range [member] | Patents, Licences, And Trademarks
Disclosure of detailed information about intangible assets [line items]
Intangible assets other than goodwill, estimated useful lives	15 years
Top of range [member] | Biogas rights agreement
Disclosure of detailed information about intangible assets [line items]
Intangible assets other than goodwill, estimated useful lives	50 years
Top of range [member] | Computer software
Disclosure of detailed information about intangible assets [line items]
Intangible assets other than goodwill, estimated useful lives	5 years

Significant accounting polici_7

Significant accounting policies, judgements, estimates and assumptions - Summary of useful lives of property, plant and equipment (Details)	12 Months Ended
	Dec. 31, 2022
Land improvements | Bottom of range [member]
Disclosure of detailed information about property, plant and equipment [line items]
Useful lives of property, plant and equipment	15 years
Land improvements | Top of range [member]
Disclosure of detailed information about property, plant and equipment [line items]
Useful lives of property, plant and equipment	25 years
Buildings | Bottom of range [member]
Disclosure of detailed information about property, plant and equipment [line items]
Useful lives of property, plant and equipment	20 years
Buildings | Top of range [member]
Disclosure of detailed information about property, plant and equipment [line items]
Useful lives of property, plant and equipment	50 years
Refineries | Bottom of range [member]
Disclosure of detailed information about property, plant and equipment [line items]
Useful lives of property, plant and equipment	20 years
Refineries | Top of range [member]
Disclosure of detailed information about property, plant and equipment [line items]
Useful lives of property, plant and equipment	30 years
Pipelines | Bottom of range [member]
Disclosure of detailed information about property, plant and equipment [line items]
Useful lives of property, plant and equipment	10 years
Pipelines | Top of range [member]
Disclosure of detailed information about property, plant and equipment [line items]
Useful lives of property, plant and equipment	50 years
Service stations
Disclosure of detailed information about property, plant and equipment [line items]
Useful lives of property, plant and equipment	15 years
Office equipment | Bottom of range [member]
Disclosure of detailed information about property, plant and equipment [line items]
Useful lives of property, plant and equipment	3 years
Office equipment | Top of range [member]
Disclosure of detailed information about property, plant and equipment [line items]
Useful lives of property, plant and equipment	10 years
Fixtures and fittings | Bottom of range [member]
Disclosure of detailed information about property, plant and equipment [line items]
Useful lives of property, plant and equipment	5 years
Fixtures and fittings | Top of range [member]
Disclosure of detailed information about property, plant and equipment [line items]
Useful lives of property, plant and equipment	15 years

Significant accounting polici_8

Significant accounting policies, judgements, estimates and assumptions - Impairment of property, plant and equipment, intangible assets, and goodwill (Details) $ in Millions	12 Months Ended
	Dec. 31, 2022 USD ($)	Dec. 31, 2022 USD ($) usd_per_mmBtu	Dec. 31, 2022 USD ($)	Dec. 31, 2022 USD ($) usd_per_bbl	Dec. 31, 2021 USD ($) usd_per_mmBtu	Dec. 31, 2021 USD ($)	Dec. 31, 2021 USD ($) usd_per_bbl
Disclosure of impairment loss and reversal of impairment loss [line items]
Discount rate used to determine recoverable costs, fair value less costs of disposal	7%	7%	7%	7%	6%	6%	6%
Carrying amount of oil and gas properties	$ 106,044	$ 106,044	$ 106,044	$ 106,044	$ 112,902	$ 112,902	$ 112,902
Nominal Inflation Rate Used in Determining Price Assumptions			2%			2%
Goodwill	11,960	11,960	$ 11,960	11,960	12,373	$ 12,373	12,373
gas & low carbon energy and oil production & operations [Member]
Disclosure of impairment loss and reversal of impairment loss [line items]
Goodwill	$ 7,200	$ 7,200	$ 7,200	$ 7,200	$ 7,600	$ 7,600	$ 7,600
Bottom of range [member]
Disclosure of impairment loss and reversal of impairment loss [line items]
Premium added to discount rate	1%	1%	1%	1%	1%	1%	1%
Discount rate used in current estimate of value in use	7%	7%	7%	7%	7%	7%	7%
Top of range [member]
Disclosure of impairment loss and reversal of impairment loss [line items]
Premium added to discount rate	2%	2%	2%	2%	3%	3%	3%
Discount rate used in current estimate of value in use	18%	18%	18%	18%	15%	15%	15%
Within one year
Disclosure of impairment loss and reversal of impairment loss [line items]
Long-term price assumptions used in value-in-use impairment testing		4		77	4.08		71
Later than one year and not later than five years [member]
Disclosure of impairment loss and reversal of impairment loss [line items]
Long-term price assumptions used in value-in-use impairment testing		4		70	3.06		61
5 to 10 years
Disclosure of impairment loss and reversal of impairment loss [line items]
Long-term price assumptions used in value-in-use impairment testing		4		70	3.06		61
Later than ten years and not later than twenty years
Disclosure of impairment loss and reversal of impairment loss [line items]
Long-term price assumptions used in value-in-use impairment testing		3.5		58	3.06		56
Later than twenty years and not later than thirty years
Disclosure of impairment loss and reversal of impairment loss [line items]
Long-term price assumptions used in value-in-use impairment testing		3.5		45	2.8		46
Low carbon energy assets
Disclosure of impairment loss and reversal of impairment loss [line items]
Discount rate used in current estimate of value in use	6%	6%	6%	6%
Oil and gas properties with headroom equal to or less than 20% of carrying value
Disclosure of impairment loss and reversal of impairment loss [line items]
Carrying amount of oil and gas properties	$ 11,652	$ 11,652	$ 11,652	$ 11,652	$ 26,341	$ 26,341	$ 26,341
Oil and gas properties
Disclosure of impairment loss and reversal of impairment loss [line items]
Carrying amount of oil and gas properties	67,611	$ 67,611	$ 67,611	$ 67,611	$ 73,516	$ 73,516	$ 73,516
Percentage of headroom (less than or equal to)			20%
Ten Percentage Point Decrease | Oil and gas properties | Bottom of range [member]
Disclosure of impairment loss and reversal of impairment loss [line items]
Sensitivity Analysis, Effect Of Change In Price Assumptions And/Or Production Volumes Used To Estimate Revenue Cash Flows	(15,000)
Sensitivity Analysis, Effect Of Change In Price Assumptions And/Or Production Volumes Used To Estimate Revenue Cash Flows, As A Percent Of Net Book Value Of Property, Plant And Equipment			14%
Ten Percentage Point Decrease | Oil and gas properties | Top of range [member]
Disclosure of impairment loss and reversal of impairment loss [line items]
Sensitivity Analysis, Effect Of Change In Price Assumptions And/Or Production Volumes Used To Estimate Revenue Cash Flows	(16,000)
Sensitivity Analysis, Effect Of Change In Price Assumptions And/Or Production Volumes Used To Estimate Revenue Cash Flows, As A Percent Of Net Book Value Of Property, Plant And Equipment			15%
Ten Percentage Point Increase | Oil and gas properties | Bottom of range [member]
Disclosure of impairment loss and reversal of impairment loss [line items]
Sensitivity Analysis, Effect Of Change In Price Assumptions And/Or Production Volumes Used To Estimate Revenue Cash Flows	1,000
Sensitivity Analysis, Effect Of Change In Price Assumptions And/Or Production Volumes Used To Estimate Revenue Cash Flows, As A Percent Of Net Book Value Of Property, Plant And Equipment			1%
Ten Percentage Point Increase | Oil and gas properties | Top of range [member]
Disclosure of impairment loss and reversal of impairment loss [line items]
Sensitivity Analysis, Effect Of Change In Price Assumptions And/Or Production Volumes Used To Estimate Revenue Cash Flows	2,000
Sensitivity Analysis, Effect Of Change In Price Assumptions And/Or Production Volumes Used To Estimate Revenue Cash Flows, As A Percent Of Net Book Value Of Property, Plant And Equipment			2%
One Percentage Point Increase
Disclosure of impairment loss and reversal of impairment loss [line items]
Sensitivity Analysis For Types Of Market Risk, Effect Of Change In Discount Rate Used To Estimate Impairment Charges	500
One Percentage Point Decrease
Disclosure of impairment loss and reversal of impairment loss [line items]
Sensitivity Analysis For Types Of Market Risk, Effect Of Change In Discount Rate Used To Estimate Impairment Charges	$ (500)

Significant accounting polici_9

Significant accounting policies, judgements, estimates and assumptions - Significant judgement: supplier financing arrangements (Details) - USD ($) $ in Millions	Dec. 31, 2022	Dec. 31, 2021
Committed Letter Of Credit Facilities [Member] | Liquidity risk
Disclosure of detailed information about financial instruments [line items]
Trade payables	$ 9,520	$ 9,154

Significant accounting polic_10

Significant accounting policies, judgements, estimates and assumptions - Provisions and contingencies, decommissioning, environmental expenditures and liabilities (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Disclosure of other provisions [line items]
Nominal discount rate	3.50%	2%
New and increase in existing provisionsa	$ 5,876
Provisions, discounted cash flow, nominal interest rate	3.50%	2%
Liabilities for decommissioning costs, weighted average recognition period	17 years	17 years
Environmental expenditures and liabilities, weighted average recognition period	6 years	6 years
Provision For Decommissioning Costs, Nominal Rate Of Inflation	1.50%	1.50%
Provision For Costs Other Than Decommissioning, Nominal Rate Of Inflation	2%	2%
Change In nominal interest rate	100%
Reduction to provision through change in discount rate	$ 3,473
Charges for provisions, net of write-back of unused provisions, including change in discount rate	4,077	$ 3,720	$ 2,502
Provision for decommissioning | Within ten years
Disclosure of other provisions [line items]
Provisions, undiscounted cash flow	5,600	5,300
Provision for decommissioning | Ten to twenty years
Disclosure of other provisions [line items]
Provisions, undiscounted cash flow	5,300	6,900
Provision for decommissioning | Later than twenty years
Disclosure of other provisions [line items]
Provisions, undiscounted cash flow	6,000	6,000
Assets previously sold | Provision for decommissioning
Disclosure of other provisions [line items]
New and increase in existing provisionsa	800	500
1.0 percentage point increase [Member]
Disclosure of other provisions [line items]
Reduction to provision through change in discount rate	1,800	2,600
Increase (Decrease) Through Change In Discount Rate, Other Provisions, Impact On Income Statement	500	700
1.0 percentage point increase [Member] | Provision for decommissioning
Disclosure of other provisions [line items]
Increase (decrease) through change in inflation rate, provisions	2,000	2,900
Increase (Decrease) Through Change In Inflation Rate, Provisions, Impact On Income Statement	500	700
Change in timing of future expenditure [Member] | Provision for decommissioning
Disclosure of other provisions [line items]
Charges for provisions, net of write-back of unused provisions, including change in discount rate	500	200
Ten Percentage Point Increase
Disclosure of other provisions [line items]
Increase (decrease) in provision for decommissioning costs, as result of increased expense	1,200	1,600
Increase (decrease) future decommissioning expenditure, impact on income statement	$ 300	$ 400

Significant accounting polic_11

Significant accounting policies, judgements, estimates and assumptions - Updates to significant accounting policies (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Disclosure of disaggregation of revenue from contracts with customers [line items]
Profit (loss) before interest and taxation	$ 18,039	$ 18,082	$ (21,740)
Inventory holding gains (losses)	(1,351)	(3,655)	2,868
Other Business And Corporate, Non-Segment [Member]
Disclosure of disaggregation of revenue from contracts with customers [line items]
Profit (loss) before interest and taxation	(26,737)	(89)	(817)
Inventory holding gains (losses)	$ 0	(259)	89
Replacement Cost Profit (Loss) Before Interest And Taxation, Before Adjustments		(348)	(728)
Net (favourable) adverse impact of adjusting items		1,685	(98)
Underlying replacement Cost Profit (Loss) Before Interest And Taxation		1,337	(826)
Taxation on underlying replacement cost profit		25	34
Underlying replacement cost profit before interest		1,362	(792)
Other Business And Corporate, Non-Segment [Member] | Previously stated [member]
Disclosure of disaggregation of revenue from contracts with customers [line items]
Profit (loss) before interest and taxation		(2,777)	(579)
Inventory holding gains (losses)		0	0
Replacement Cost Profit (Loss) Before Interest And Taxation, Before Adjustments		(2,777)	(579)
Net (favourable) adverse impact of adjusting items		1,394	(303)
Underlying replacement Cost Profit (Loss) Before Interest And Taxation		(1,383)	(882)
Taxation on underlying replacement cost profit		294	37
Underlying replacement cost profit before interest		(1,089)	(845)
Operating segments | Rosneft | Previously stated [member]
Disclosure of disaggregation of revenue from contracts with customers [line items]
Profit (loss) before interest and taxation		2,688	(238)
Inventory holding gains (losses)		(259)	89
Replacement Cost Profit (Loss) Before Interest And Taxation, Before Adjustments		2,429	(149)
Net (favourable) adverse impact of adjusting items		291	205
Underlying replacement Cost Profit (Loss) Before Interest And Taxation		2,720	56
Taxation on underlying replacement cost profit		(269)	(3)
Underlying replacement cost profit before interest		$ 2,451	$ 53

Non-current assets held for s_3

Non-current assets held for sale - Narrative (Details) $ in Millions, $ in Millions	12 Months Ended
	Dec. 31, 2022 USD ($)	Dec. 31, 2022 CAD ($)	Dec. 31, 2021 USD ($)	Dec. 31, 2020 USD ($)	Dec. 31, 2022 CAD ($)
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	$ 1,242		$ 1,652
Liabilities included in disposal groups classified as held for sale	321		359
Consideration paid (received)	(3,671)
Contingent consideration receivable relating to disposals	1,896		1,917	$ 1,999
Gains on sale of businesses and fixed assets	$ 3,866		$ 1,876	2,874
Aker BP [Member]
Assets and liabilities held for sale [Line Items]
Proportion of ownership interest in associate	15.90%	15.90%	27.85%
Azule Energy Holdings Limited [Member]
Assets and liabilities held for sale [Line Items]
Proportion of ownership interest in joint venture	50%	50%
gas & low carbon energy
Assets and liabilities held for sale [Line Items]
Gains on sale of businesses and fixed assets	$ 45		$ 1,034	0
gas & low carbon energy | Eni
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	511
Liabilities included in disposal groups classified as held for sale	48
customers & products
Assets and liabilities held for sale [Line Items]
Gains on sale of businesses and fixed assets	$ 374		(52)	2,320
customers & products | bp-Husky Toledo refinery
Assets and liabilities held for sale [Line Items]
Proportion of ownership interest in joint venture	50%	50%
customers & products | bp-Husky Toledo refinery | Cenovus Energy Inc.
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	$ 731
Liabilities included in disposal groups classified as held for sale	273
oil production & operations
Assets and liabilities held for sale [Line Items]
Gains on disposals of investments	1,932
Gains on sale of businesses and fixed assets	$ 3,446		869	$ 360
oil production & operations | Aker BP [Member]
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			$ 595
Proportion of ownership interest in joint venture	15.90%	15.90%
Proportion of ownership interest in associate			27.90%
Gains on sale of businesses and fixed assets	$ 904
oil production & operations | Sunrise Oil Sands | Cenovus Energy Inc.
Assets and liabilities held for sale [Line Items]
Proportion of ownership interest in joint venture	50%	50%
Consideration paid (received)		$ (600)
Contingent consideration receivable relating to disposals					$ 600
oil production & operations | Azule Energy Holdings Limited [Member]
Assets and liabilities held for sale [Line Items]
Current financial assets at fair value through profit or loss, designated upon initial recognition or subsequently	$ 4,922
oil production & operations | Basra Energy Company [Member] | Rumaila [Member]
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			$ 1,009
Liabilities included in disposal groups classified as held for sale			$ 333

Non-current assets held for s_4

Non-current assets held for sale (Details) - USD ($) $ in Millions		Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Assets and liabilities held for sale [Line Items]
Property, plant and equipment		$ 106,044	$ 112,902
Goodwill		11,960	12,373
Investments in associatesa	[1]	8,201	21,001
Inventories		28,081	23,711
Cash and cash equivalents		29,195	30,681	$ 31,111	$ 22,472
Trade and other receivables		34,010	27,139
Non-current assets or disposal groups classified as held for sale or as held for distribution to owners		1,242	1,652
Trade and other current payables		(63,984)	(52,611)
Lease liabilities		(8,549)	(8,611)
Current provisions		(6,332)	(5,256)
Deferred tax liabilities		(10,526)	(8,780)
Liabilities included in disposal groups classified as held for sale		(321)	(359)
Non-current assets held for sale [member]
Assets and liabilities held for sale [Line Items]
Property, plant and equipment		693	35
Goodwill		58	137
Investments in associatesa		0	632
Inventories		255	152
Cash and cash equivalents		35	0
Trade and other receivables		201	696
Trade and other current payables		(256)	(238)
Lease liabilities		(14)	(74)
Current provisions		(36)	(47)
Deferred tax liabilities		$ (15)	$ 0
[1]See Note 1 - Significant judgements and estimate: investment in Rosneft for further information

Business combinations - Summary

Business combinations - Summary of fair values of identifiable assets and liabilities acquired (Details) - Archaea Energy Inc. $ in Millions	Dec. 31, 2022 USD ($)
Disclosure of detailed information about business combination [line items]
Property, plant and equipment recognised as of acquisition date	$ 885
Goodwill recognised as of acquisition date	409
Identifiable intangible assets recognised as of acquisition date	3,475
Investments accounted for using equity method, recognised as of acquisition date	917
Inventory recognised as of acquisition date	42
Trade and other receivables recognised as of acquisition date	67
Cash acquired in acquisition	107
Trade and other payables recognised as of acquisition date	(1,032)
Borrowings recognised as of acquisition date	(1,044)
Deferred tax liabilities recognised as of acquisition date	(293)
Provisions recognised as of acquisition date	(16)
Non-controlling interest in acquiree recognised at acquisition date	(7)
Identifiable assets acquired (liabilities assumed)	3,510
Cash transferred	3,137
Consideration transferred, acquisition-date fair value	$ 373

Business combinations - Analysi

Business combinations - Analysis of cash flows related to acquisition (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Disclosure of detailed information about business combination [line items]
Consideration paid (received)	$ 3,671
Outflows of cash from investing activities	16,330	$ 12,848	$ 14,055
Cash flows used in obtaining control of subsidiaries or other businesses, classified as investing activities	3,530	$ 186	$ 44
Archaea Energy Inc.
Disclosure of detailed information about business combination [line items]
Acquisition-related costs for transaction recognised separately from acquisition of assets and assumption of liabilities in business combination	56
Consideration paid (received)	3,030
Repayments of borrowings, classified as financing activities	1,044
Outflows of cash from investing activities	4,130
Cash flows used in obtaining control of subsidiaries or other businesses, classified as investing activities	$ 3,086

Business combinations - Narrati

Business combinations - Narrative (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 28, 2022	Dec. 31, 2021	Dec. 31, 2020
Disclosure of detailed information about business combination [line items]
Consideration paid (received)	$ 3,671
Cash and cash equivalents in subsidiary or businesses acquired or disposed	141
Interest and other income	1,103		$ 581	$ 663
Estimated revenue of acquiree since acquisition date	370
Estimated loss before tax of acquiree since acquisition date	169
Archaea Energy Inc.
Disclosure of detailed information about business combination [line items]
Consideration paid (received)	3,030
Cash transferred	3,137
Identifiable assets acquired (liabilities assumed)	3,510
Mavrix LLC
Disclosure of detailed information about business combination [line items]
Interest and other income	267
Other business combinations [Member]
Disclosure of detailed information about business combination [line items]
Identifiable assets acquired (liabilities assumed)	$ 611
Mavrix LLC
Disclosure of detailed information about business combination [line items]
Proportion of ownership interest in joint venture		50%
Acquisition-date fair value of equity interest in acquiree held by acquirer immediately before acquisition date		$ 373

Disposals and impairment - Sche

Disposals and impairment - Schedule of amounts recognized in the income statement in respect of disposals and impairments (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Disclosure of information for impairment loss recognised or reversed for individual asset or cash-generating unit [line items]
Gains on sale of businesses and fixed assets	$ 3,866	$ 1,876	$ 2,874
Losses on sale of businesses and fixed assets, and closures	12,181	230	681
Impairment losses	20,635	3,476	13,789
Impairment reversals	(2,294)	(4,827)	(89)
Impairment and losses on sale of businesses and fixed assets, and closures	30,522	(1,121)	14,381
gas & low carbon energy
Disclosure of information for impairment loss recognised or reversed for individual asset or cash-generating unit [line items]
Gains on sale of businesses and fixed assets	45	1,034	0
Losses on sale of businesses and fixed assets, and closures	0	1	9
Impairment losses	745	834	6,214
Impairment reversals	(1,333)	(2,338)	(3)
oil production & operations
Disclosure of information for impairment loss recognised or reversed for individual asset or cash-generating unit [line items]
Gains on sale of businesses and fixed assets	3,446	869	360
Losses on sale of businesses and fixed assets, and closures	921	86	375
Impairment losses	4,480	1,617	6,723
Impairment reversals	(893)	(2,479)	(86)
customers & products
Disclosure of information for impairment loss recognised or reversed for individual asset or cash-generating unit [line items]
Gains on sale of businesses and fixed assets	374	(52)	2,320
Losses on sale of businesses and fixed assets, and closures	177	142	296
Impairment losses	1,874	962	840
Impairment reversals	(68)	(7)	0
other businesses & corporate
Disclosure of information for impairment loss recognised or reversed for individual asset or cash-generating unit [line items]
Gains on sale of businesses and fixed assets	1	25	194
Losses on sale of businesses and fixed assets, and closures	11,083	1	1
Impairment losses	13,536	63	12
Impairment reversals	$ 0	$ (3)	$ 0

Disposals and impairment - Sc_2

Disposals and impairment - Schedule of proceeds and principal gains and losses on disposals by segment (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Disclosure of information for impairment loss recognised or reversed for individual asset or cash-generating unit [line items]
Proceeds from disposals of fixed assets	$ 709	$ 1,145	$ 491
Proceeds from disposals of businesses, net of cash disposed	1,841	5,812	4,989
Proceeds from disposal of fixed assets and businesses, net of cash disposed	2,550	6,957	5,480
gas & low carbon energy
Disclosure of information for impairment loss recognised or reversed for individual asset or cash-generating unit [line items]
Proceeds from disposal of fixed assets and businesses, net of cash disposed	22	2,425	38
oil production & operations
Disclosure of information for impairment loss recognised or reversed for individual asset or cash-generating unit [line items]
Proceeds from disposal of fixed assets and businesses, net of cash disposed	1,935	3,022	1,157
customers & products
Disclosure of information for impairment loss recognised or reversed for individual asset or cash-generating unit [line items]
Proceeds from disposal of fixed assets and businesses, net of cash disposed	592	1,050	3,959
other businesses & corporate
Disclosure of information for impairment loss recognised or reversed for individual asset or cash-generating unit [line items]
Proceeds from disposal of fixed assets and businesses, net of cash disposed	$ 1	$ 460	$ 326

Disposals and impairment - Narr

Disposals and impairment - Narrative (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Disclosure of impairment loss and reversal of impairment loss [line items]
Proceeds from disposals of businesses, net of cash disposed	$ 1,841	$ 5,812	$ 4,989
Deferred consideration relating to the disposals, receivable within one year	191	205	1,291
Deferred consideration relating to the disposals, receivable after one year	194	823	2,402
Contingent consideration receivable relating to disposals	1,896	1,917	1,999
Gains on sale of businesses and fixed assets	3,866	1,876	2,874
Losses on sale of businesses and fixed assets, and closures	12,181	230	681
Impairment losses	20,635	3,476	13,789
Reversal of impairment loss	2,294	4,827	89
Earnings from associates – after interest and tax	1,402	$ 3,456	(101)
Rosnefta
Disclosure of impairment loss and reversal of impairment loss [line items]
Proportion of ownership interest in associate		18.50%
Earnings from associates – after interest and tax	$ 528	$ 2,694	(229)
Pan American Energy Group [Member]
Disclosure of impairment loss and reversal of impairment loss [line items]
Proportion of ownership interest in joint venture	50%
Discontinued operations [member]
Disclosure of impairment loss and reversal of impairment loss [line items]
Proceeds from disposals of businesses, net of cash disposed	$ 1,841	5,812	4,989
Discontinued operations [member] | Sunrise Oil Sands
Disclosure of impairment loss and reversal of impairment loss [line items]
Proceeds from disposals of businesses, net of cash disposed	$ 310
Proportion of ownership interest in joint venture	50%
gas & low carbon energy
Disclosure of impairment loss and reversal of impairment loss [line items]
Gains on sale of businesses and fixed assets	$ 45	1,034	0
Losses on sale of businesses and fixed assets, and closures	0	1	9
Impairment losses	745	834	6,214
Reversal of impairment loss	1,333	2,338	3
Recoverable amount of impaired cash-generating units based on value-in-use	9,609	7,365
Recoverable amount of asset or cash-generating unit		17,330	13,563
gas & low carbon energy | Mauritania & Senegal
Disclosure of impairment loss and reversal of impairment loss [line items]
Impairment losses	729	819	1,909
gas & low carbon energy | Trinidad and Tobago
Disclosure of impairment loss and reversal of impairment loss [line items]
Impairment losses			2,416
gas & low carbon energy | India
Disclosure of impairment loss and reversal of impairment loss [line items]
Impairment losses			1,313
oil production & operations
Disclosure of impairment loss and reversal of impairment loss [line items]
Gains on sale of businesses and fixed assets	3,446	869	360
Losses on sale of businesses and fixed assets, and closures	921	86	375
Gains on disposal, relating to fair value movements on deferred and contingent consideration		502	166
Loss on likely disposal of exploration asset			120
Impairment losses	4,480	1,617	6,723
Reversal of impairment loss	893	2,479	86
Recoverable amount of impaired cash-generating units based on value-in-use		6,760
Recoverable amount of asset or cash-generating unit	7,831	16,586
Impairment loss due to portfolio changes		1,109
oil production & operations | Pan American Energy Group [Member]
Disclosure of impairment loss and reversal of impairment loss [line items]
Impairment losses	2,900
oil production & operations | Aker BP [Member]
Disclosure of impairment loss and reversal of impairment loss [line items]
Gains on sale of businesses and fixed assets		$ 171
oil production & operations | Rosnefta
Disclosure of impairment loss and reversal of impairment loss [line items]
Losses on sale of businesses and fixed assets, and closures	$ 479
oil production & operations | Discontinued operations [member] | Aker BP [Member]
Disclosure of impairment loss and reversal of impairment loss [line items]
Proportion of ownership interest in associate	12%	2.10%
oil production & operations | Brazil
Disclosure of impairment loss and reversal of impairment loss [line items]
Gains on sale of businesses and fixed assets		$ 100
oil production & operations | North Sea
Disclosure of impairment loss and reversal of impairment loss [line items]
Impairment losses			2,796
Reversal of impairment loss	$ (643)
oil production & operations | US
Disclosure of impairment loss and reversal of impairment loss [line items]
Losses on sale of businesses and fixed assets, and closures			78
Impairment losses			2,744
oil production & operations | RUSSIAN FEDERATION
Disclosure of impairment loss and reversal of impairment loss [line items]
Impairment losses	1,043
oil production & operations | Canada
Disclosure of impairment loss and reversal of impairment loss [line items]
Impairment losses			865
customers & products
Disclosure of impairment loss and reversal of impairment loss [line items]
Gains on sale of businesses and fixed assets	374	(52)	2,320
Losses on sale of businesses and fixed assets, and closures	177	142	296
Impairment losses	1,874	962	840
Reversal of impairment loss	68	7	0
Recoverable amount of asset or cash-generating unit	1,648
Impairment loss due to portfolio changes		595
other businesses & corporate
Disclosure of impairment loss and reversal of impairment loss [line items]
Gains on sale of businesses and fixed assets	1	25	194
Losses on sale of businesses and fixed assets, and closures	11,083	1	1
Impairment losses	13,536	63	12
Reversal of impairment loss	0	$ 3	0
other businesses & corporate | Rosnefta
Disclosure of impairment loss and reversal of impairment loss [line items]
Losses on sale of businesses and fixed assets, and closures	11,082
Impairment losses	13,479
Earnings from associates – after interest and tax	528
other businesses & corporate | Reserve of exchange differences on translation [member] | Rosnefta
Disclosure of impairment loss and reversal of impairment loss [line items]
Losses on sale of businesses and fixed assets, and closures	10,372
other businesses & corporate | Reserve of cash flow hedges [member] | Rosnefta
Disclosure of impairment loss and reversal of impairment loss [line items]
Losses on sale of businesses and fixed assets, and closures	651
other businesses & corporate | Equity attributable to owners of parent [member]
Disclosure of impairment loss and reversal of impairment loss [line items]
Losses on sale of businesses and fixed assets, and closures	59
Angola
Disclosure of impairment loss and reversal of impairment loss [line items]
Proceeds from disposals of businesses, net of cash disposed	669
Angola | oil production & operations | Angola
Disclosure of impairment loss and reversal of impairment loss [line items]
Gains on sale of businesses and fixed assets	1,932
Block 61 | Oman
Disclosure of impairment loss and reversal of impairment loss [line items]
Ownership percentage in subsidiary		60%
Block 61 | Oman | Discontinued operations [member]
Disclosure of impairment loss and reversal of impairment loss [line items]
Proportion of ownership interest in associate		20%
Block 61 | gas & low carbon energy | Oman
Disclosure of impairment loss and reversal of impairment loss [line items]
Gains on sale of businesses and fixed assets		$ 1,031
Block 61 | gas & low carbon energy | Oman | Discontinued operations [member]
Disclosure of impairment loss and reversal of impairment loss [line items]
Proportion of ownership interest in associate		20%
Rumaila [Member] | oil production & operations | Iraq
Disclosure of impairment loss and reversal of impairment loss [line items]
Gains on sale of businesses and fixed assets	349
Alaska | oil production & operations
Disclosure of impairment loss and reversal of impairment loss [line items]
Gains on sale of businesses and fixed assets			130
North Sea | oil production & operations
Disclosure of impairment loss and reversal of impairment loss [line items]
Losses on sale of businesses and fixed assets, and closures			134
Reversal of impairment loss		$ 950
Swiss retail [Member] | customers & products
Disclosure of impairment loss and reversal of impairment loss [line items]
Gains on sale of businesses and fixed assets	268
Petrochemicals | customers & products
Disclosure of impairment loss and reversal of impairment loss [line items]
Gains on sale of businesses and fixed assets			2,300
Kwinana | customers & products
Disclosure of impairment loss and reversal of impairment loss [line items]
Losses on sale of businesses and fixed assets, and closures			$ 229
Trinidad and Tobago | gas & low carbon energy
Disclosure of impairment loss and reversal of impairment loss [line items]
Reversal of impairment loss	1,331	600
KGD6 | gas & low carbon energy | India
Disclosure of impairment loss and reversal of impairment loss [line items]
Reversal of impairment loss		1,229
BPX Energy [Member] | oil production & operations
Disclosure of impairment loss and reversal of impairment loss [line items]
Reversal of impairment loss		1,356
Hawkville [Member] | oil production & operations
Disclosure of impairment loss and reversal of impairment loss [line items]
Reversal of impairment loss		$ 982
Gelsenkirchen refinery | customers & products
Disclosure of impairment loss and reversal of impairment loss [line items]
Impairment losses	$ 1,366

Disposals and impairment - Summ

Disposals and impairment - Summary of financial information relating to the sale of businesses (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Disclosure of information for impairment loss recognised or reversed for individual asset or cash-generating unit [line items]
Non-current assets	$ 180,432	$ 194,682
Current assets	107,688	92,590
Non-current liabilities	(106,112)	(116,546)
Current liabilities	(99,018)	(80,287)
Net assets	82,990	90,439
Recycling of foreign exchange on disposal	(160)	(345)	$ (38)
Total consideration	(3,671)
Proceeds from the sale of businesses, net of cash disposed	1,841	5,812	4,989
Discontinued operations [member]
Disclosure of information for impairment loss recognised or reversed for individual asset or cash-generating unit [line items]
Non-current assets	3,681	1,620	9,092
Current assets	2,972	69	1,539
Non-current liabilities	(1,869)	(287)	(1,639)
Current liabilities	(1,074)	(3)	(782)
Net assets	3,710	1,399	8,210
Recycling of foreign exchange on disposal	(26)	35	(328)
Costs on disposal	488	(5)	13
Total carrying amount of net assets disposed, including foreign exchange and cost of disposal	4,172	1,429	7,895
Gains (losses) on sale of businesses	6,219	1,632	2,570
Total consideration	10,391	3,061	10,465
Non-cash consideration	(8,999)	(108)	(219)
Consideration received (receivable)	449	2,859	(5,257)
Proceeds from the sale of businesses, net of cash disposed	1,841	5,812	4,989
Cash and cash equivalents disposed of	$ 318	$ 2	$ 101

Segmental analysis - Narrative

Segmental analysis - Narrative (Details)	12 Months Ended
	Dec. 31, 2022 participant
Operating Segments [Abstract]
Number of reportable segments (segment)	3

Segmental analysis - Results by

Segmental analysis - Results by Segment (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Segment revenues
Sales and other operating revenues	$ 241,392	$ 157,739	$ 105,944
Less: sales and other operating revenues between segments	0	0	0
Third party sales and other operating revenues	241,392	157,739	105,944
Earnings from joint ventures and associates – after interest and tax	2,530	3,999	(403)
Segment results
Replacement cost profit (loss) before interest and taxation	16,688	14,427	(18,872)
Inventory holding gains (losses)	1,351	3,655	(2,868)
Profit (loss) before interest and taxation	18,039	18,082	(21,740)
Finance costs	(2,703)	(2,857)	(3,115)
Net finance expense relating to pensions and other post-retirement benefits	69	2	(33)
Profit (loss) before taxation	15,405	15,227	(24,888)
Other income statement items
Depreciation, depletion and amortization	14,318	14,805	14,889
Charges for provisions, net of write-back of unused provisions, including change in discount rate	4,077	3,720	2,502
Segment assets
Investments in joint ventures and associates	20,601	30,983	27,337
Additions to non-current assets	30,125	16,000	14,757
US
Segment revenues
Third party sales and other operating revenues	71,118	53,748	27,413
Other income statement items
Depreciation, depletion and amortization	4,624	4,697	5,194
Non-US
Segment revenues
Third party sales and other operating revenues	170,274	103,991	78,531
Other income statement items
Depreciation, depletion and amortization	9,694	10,108	9,695
Operating segments | gas & low carbon energy
Segment revenues
Sales and other operating revenues	56,255	30,840	16,275
Less: sales and other operating revenues between segments	(5,913)	(4,563)	(2,708)
Third party sales and other operating revenues	50,342	26,277	13,567
Earnings from joint ventures and associates – after interest and tax	148	426	(45)
Segment results
Replacement cost profit (loss) before interest and taxation	14,696	2,133	(7,068)
Inventory holding gains (losses)	(8)	33	19
Profit (loss) before interest and taxation	14,688	2,166	(7,049)
Other income statement items
Charges for provisions, net of write-back of unused provisions, including change in discount rate	(234)	173	(2)
Segment assets
Investments in joint ventures and associates	5,299	5,224	3,663
Additions to non-current assets	4,439	4,963	3,507
Operating segments | gas & low carbon energy | US
Other income statement items
Depreciation, depletion and amortization	75	80	96
Operating segments | gas & low carbon energy | Non-US
Other income statement items
Depreciation, depletion and amortization	4,933	4,384	3,361
Operating segments | oil production & operations
Segment revenues
Sales and other operating revenues	33,193	24,519	17,234
Less: sales and other operating revenues between segments	(30,294)	(22,408)	(15,879)
Third party sales and other operating revenues	2,899	2,111	1,355
Earnings from joint ventures and associates – after interest and tax	1,609	576	(327)
Segment results
Replacement cost profit (loss) before interest and taxation	19,721	10,501	(14,583)
Inventory holding gains (losses)	(7)	8	(2)
Profit (loss) before interest and taxation	19,714	10,509	(14,585)
Other income statement items
Charges for provisions, net of write-back of unused provisions, including change in discount rate	213	7	58
Segment assets
Investments in joint ventures and associates	11,370	8,044	8,154
Additions to non-current assets	15,098	6,090	5,321
Operating segments | oil production & operations | US
Other income statement items
Depreciation, depletion and amortization	3,141	3,174	3,700
Operating segments | oil production & operations | Non-US
Other income statement items
Depreciation, depletion and amortization	2,423	3,354	4,087
Operating segments | customers & products
Segment revenues
Sales and other operating revenues	188,623	130,095	90,744
Less: sales and other operating revenues between segments	(1,418)	(1,226)	(158)
Third party sales and other operating revenues	187,205	128,869	90,586
Earnings from joint ventures and associates – after interest and tax	248	385	214
Segment results
Replacement cost profit (loss) before interest and taxation	8,869	2,208	3,418
Inventory holding gains (losses)	1,366	3,355	(2,796)
Profit (loss) before interest and taxation	10,235	5,563	622
Other income statement items
Charges for provisions, net of write-back of unused provisions, including change in discount rate	3,955	3,063	1,903
Segment assets
Investments in joint ventures and associates	3,875	3,291	3,671
Additions to non-current assets	9,541	3,940	5,359
Operating segments | customers & products | US
Other income statement items
Depreciation, depletion and amortization	1,328	1,349	1,359
Operating segments | customers & products | Non-US
Other income statement items
Depreciation, depletion and amortization	1,542	1,651	1,631
Consolidation adjustment and eliminations
Segment revenues
Sales and other operating revenues	(38,978)	(29,439)	(19,975)
Less: sales and other operating revenues between segments	38,978	29,439	19,975
Third party sales and other operating revenues	0	0	0
Earnings from joint ventures and associates – after interest and tax	0	0	0
Segment results
Replacement cost profit (loss) before interest and taxation	139	(67)	89
Inventory holding gains (losses)	0	0	0
Profit (loss) before interest and taxation	139	(67)	89
Other income statement items
Charges for provisions, net of write-back of unused provisions, including change in discount rate	0	0	0
Segment assets
Investments in joint ventures and associates	0	0	0
Additions to non-current assets	0	0	0
Consolidation adjustment and eliminations | US
Other income statement items
Depreciation, depletion and amortization	0	0	0
Consolidation adjustment and eliminations | Non-US
Other income statement items
Depreciation, depletion and amortization	0	0	0
other businesses & corporate
Segment revenues
Sales and other operating revenues	2,299	1,724	1,666
Less: sales and other operating revenues between segments	(1,353)	(1,242)	(1,230)
Third party sales and other operating revenues	946	482	436
Earnings from joint ventures and associates – after interest and tax	525	2,612	(245)
Segment results
Replacement cost profit (loss) before interest and taxation	(26,737)	(348)	(728)
Inventory holding gains (losses)	0	259	(89)
Profit (loss) before interest and taxation	(26,737)	(89)	(817)
Other income statement items
Charges for provisions, net of write-back of unused provisions, including change in discount rate	143	477	543
Segment assets
Investments in joint ventures and associates	57	14,424	11,849
Additions to non-current assets	1,047	1,007	570
other businesses & corporate | US
Other income statement items
Depreciation, depletion and amortization	80	94	39
other businesses & corporate | Non-US
Other income statement items
Depreciation, depletion and amortization	$ 796	$ 719	$ 616

Segmental analysis - Results _2

Segmental analysis - Results by Geographical Area (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Disclosure of geographical areas [line items]
Sales and other operating revenues	$ 241,392	$ 157,739	$ 105,944
Production and similar taxes	2,325	1,308	695
Non-current assets	149,381	163,188	161,279
US
Disclosure of geographical areas [line items]
Sales and other operating revenues	71,118	53,748	27,413
Production and similar taxes	194	108	57
Non-current assets	60,237	54,395	52,493
Non-US
Disclosure of geographical areas [line items]
Sales and other operating revenues	170,274	103,991	78,531
Production and similar taxes	2,131	1,200	638
Non-current assets	89,144	108,793	108,786
United Kingdom
Disclosure of geographical areas [line items]
Sales and other operating revenues	36,541	11,248	13,836
Non-current assets	$ 24,813	$ 19,530	$ 19,583

Sales and other operating rev_3

Sales and other operating revenues (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Disclosure of disaggregation of revenue from contracts with customers [line items]
Revenue from contracts with customers	$ 205,829	$ 137,361	$ 89,153
Other revenue	35,563	20,378	16,791
Sales and other operating revenues	241,392	157,739	105,944
Crude oil
Disclosure of disaggregation of revenue from contracts with customers [line items]
Revenue from contracts with customers	6,309	5,483	5,048
Oil products
Disclosure of disaggregation of revenue from contracts with customers [line items]
Revenue from contracts with customers	149,854	101,418	63,564
Natural gas, LNG and NGLs
Disclosure of disaggregation of revenue from contracts with customers [line items]
Revenue from contracts with customers	41,770	24,378	10,762
Non-oil products and other revenues from contracts with customers
Disclosure of disaggregation of revenue from contracts with customers [line items]
Revenue from contracts with customers	$ 7,896	$ 6,082	$ 9,779

Income statement analysis - Sum

Income statement analysis - Summary of non-operating income and expense (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Interest and other income
Other income	$ 673	$ 355	$ 423
Finance income	1,103	581	663
Currency exchange losses charged to the income statementa	160	345	38
Expenditure on research and development	274	266	332
Finance costs
Interest payable on lease liabilities	245	288	337
Interest costs capitalised	464	287	345
Other finance cost	43	145	0
Expense due to unwinding of discount on provisions	369	391	437
Expense Due To Unwinding Of Other Payables Measured At Amortized Cost	440	500	520
Finance costs	$ 2,703	$ 2,857	$ 3,115
Capitalisation rate of borrowing costs eligible for capitalisation	3.56%	2.63%	2.75%
Interest Expense, Repayment Of Borrowings	$ (37)	$ 195	$ 158
Tax relief on capitalized interest	108	66	83
Measured at amortized cost
Interest and other income
Interest income	371	221	215
Financial assets at fair value, class [member]
Interest and other income
Interest income	59	5	25
Financial liabilities at amortised cost, class [member]
Finance costs
Interest payable on other liabilities measured at amortized cost	2,070	1,820	2,166
Gulf of Mexico Oil Spill
Interest and other income
Costs relating to Gulf of Mexico oil spill, pre-interest and tax	$ 84	$ 70	$ 255

Exploration for and evaluatio_3

Exploration for and evaluation of oil and natural gas resources - Summary of exploration and evaluation information (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Exploration and evaluation costs
Exploration expenditure written off	$ 385	$ 167	$ 9,920
Exploration expense	585	424	10,280
Intangible assets	10,200	6,451	6,093
Exploration and appraisal expenditure
Exploration and evaluation costs
Intangible assets	4,213	4,289	4,113
gas & low carbon energy and oil production & operations [Member]
Exploration and evaluation costs
Exploration expenditure written off	385	167	9,920
Other exploration costs	200	257	360
Exploration expense	585	424	10,280
Liabilities	88	98	71
Net assets	4,125	4,191	4,042
Cash used in operating activities	200	257	360
Cash used in investing activities	909	369	674
gas & low carbon energy and oil production & operations [Member] | Exploration and appraisal expenditure
Exploration and evaluation costs
Impairment losses	2	1	156
Intangible assets	4,213	4,289	4,113
gas & low carbon energy and oil production & operations [Member] | Gulf of Mexico | Exploration and appraisal expenditure
Exploration and evaluation costs
Exploration expenditure written off			2,643
gas & low carbon energy and oil production & operations [Member] | Canada | Exploration and appraisal expenditure
Exploration and evaluation costs
Exploration expenditure written off			2,539
gas & low carbon energy and oil production & operations [Member] | Brazil | Exploration and appraisal expenditure
Exploration and evaluation costs
Exploration expenditure written off			2,141
gas & low carbon energy and oil production & operations [Member] | Egypt | Exploration and appraisal expenditure
Exploration and evaluation costs
Exploration expenditure written off			952
gas & low carbon energy and oil production & operations [Member] | Angola | Exploration and appraisal expenditure
Exploration and evaluation costs
Exploration expenditure written off			832
gas & low carbon energy and oil production & operations [Member] | Middle East
Exploration and evaluation costs
Intangible assets	$ 600	$ 700	$ 700

Taxation - Disclosure of major

Taxation - Disclosure of major components of tax expense (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Current tax
Charge for the year	$ 12,523	$ 4,808	$ 2,095
Adjustment in respect of prior years	145	138	50
Current tax	12,668	4,946	2,145
Deferred tax
Origination and reversal of temporary differences in the current year	4,768	3,366	(7,826)
Adjustment in respect of prior years	(674)	(1,572)	1,522
Deferred tax expense (income) recognised in profit or loss	4,094	1,794	(6,304)
Tax charge (credit) on profit or loss	16,762	$ 6,740	$ (4,159)
Tax charge related to UK Energy Profit Levy	$ 1,834

Taxation - Narrative (Details)

Taxation - Narrative (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Disclosure of temporary difference, unused tax losses and unused tax credits [line items]
Tax charge (credit) recognized within other comprehensive income	$ 266	$ 1,252	$ 39
Tax recognized directly in equity	214	170	$ 154
Deferred tax assets	3,908	6,410
Deferred tax assets in entities which have suffered a loss in either the current or preceding period	2,779	6,342
UK
Disclosure of temporary difference, unused tax losses and unused tax credits [line items]
Deferred tax assets in entities which have suffered a loss in either the current or preceding period	1,333	892
Mauritania
Disclosure of temporary difference, unused tax losses and unused tax credits [line items]
Deferred tax assets in entities which have suffered a loss in either the current or preceding period	505
Senegal
Disclosure of temporary difference, unused tax losses and unused tax credits [line items]
Deferred tax assets in entities which have suffered a loss in either the current or preceding period	$ 370
US
Disclosure of temporary difference, unused tax losses and unused tax credits [line items]
Deferred tax assets in entities which have suffered a loss in either the current or preceding period		2,224
India
Disclosure of temporary difference, unused tax losses and unused tax credits [line items]
Deferred tax assets in entities which have suffered a loss in either the current or preceding period		762
Angola
Disclosure of temporary difference, unused tax losses and unused tax credits [line items]
Deferred tax assets in entities which have suffered a loss in either the current or preceding period		$ 541

Taxation - Disclosure of reconc

Taxation - Disclosure of reconciliation of items affected by overall tax credit (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Disclosure of temporary difference, unused tax losses and unused tax credits [line items]
Profit (loss) before taxation	$ 15,405	$ 15,227	$ (24,888)
Tax charge (credit) on profit or lossb	$ 16,762	$ 6,740	$ (4,159)
Effective tax rate	109%	44%	17%
Tax rate computed at the weighted average statutory rate	77%	54%	31%
Increase (decrease) resulting from
Tax reported in equity-accounted entitiesd	(0.04)	(0.03)	0
Adjustments in respect of prior years	(3.00%)	(9.00%)	(6.00%)
Deferred tax not recognized	(0.02)	0.08	(0.03)
Tax incentives for investment	(0.01)	(0.01)	0.01
Tax rate effect of disposals	(0.08)	(0.04)	0
Foreign exchange	3%	1%	(1.00%)
Items not deductible for tax purposes	5%	1%	(3.00%)
Tax rate effect from decision to exit shareholding in associate	27%	0%	0%
Tax rate effect from imposition of new taxes	12%	0%	0%
Other	3%	(3.00%)	(2.00%)
Discontinued operations [member] | Oman | Block 61
Increase (decrease) resulting from
Proportion of ownership interest in associate		20%
Excluding impact of Rosneft
Disclosure of temporary difference, unused tax losses and unused tax credits [line items]
Profit (loss) before taxation	$ 40,925
Tax charge (credit) on profit or lossb	$ 17,823
Effective tax rate	44%
Tax rate computed at the weighted average statutory rate	42%
Increase (decrease) resulting from
Tax reported in equity-accounted entitiesd	(0.01)
Adjustments in respect of prior years	(1.00%)
Deferred tax not recognized	(0.01)
Tax incentives for investment	0
Tax rate effect of disposals	(0.03)
Foreign exchange	1%
Items not deductible for tax purposes	2%
Tax rate effect from decision to exit shareholding in associate	0%
Tax rate effect from imposition of new taxes	4%
Other	1%
Impact of Rosneft
Disclosure of temporary difference, unused tax losses and unused tax credits [line items]
Profit (loss) before taxation	$ (25,520)
Tax charge (credit) on profit or lossb	$ (1,061)
Effective tax rate	4%
Tax rate computed at the weighted average statutory rate	20%
Increase (decrease) resulting from
Tax reported in equity-accounted entitiesd	0
Adjustments in respect of prior years	0%
Deferred tax not recognized	0
Tax incentives for investment	0
Tax rate effect of disposals	0
Foreign exchange	0%
Items not deductible for tax purposes	0%
Tax rate effect from decision to exit shareholding in associate	(16.00%)
Tax rate effect from imposition of new taxes	0%
Other	0%

Taxation - Disclosure of moveme

Taxation - Disclosure of movement in net deferred tax liability (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Reconciliation of changes in deferred tax liability (asset) [abstract]
Net deferred tax liability, beginning of period	$ 2,370	$ (913)
Exchange adjustmentsa	(334)	9
Charge for the year in the income statement	4,094	1,794	$ (6,304)
Charge for the year in other comprehensive income	272	1,302
Charge (credit) for the year in equity	(214)	170
Acquisitions and disposalsb	430	8
Net deferred tax liability, end of period	$ 6,618	$ 2,370	$ (913)

Taxation - Disclosure of deferr

Taxation - Disclosure of deferred tax in the income statement and the balance sheet by category of temporary difference (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Disclosure of temporary difference, unused tax losses and unused tax credits [line items]
Charge for the year in the income statement	$ 4,094	$ 1,794	$ (6,304)
Balance sheet
Deferred tax liability	10,526	8,780
Deferred tax asset	(3,908)	(6,410)
Deferred tax liability (asset)	6,618	2,370	(913)
Before Offset Amount
Balance sheet
Deferred tax liability	22,047	21,980
Deferred tax asset	(15,429)	(19,610)
Before Offset Amount | Temporary Differences, Deferred Tax Liability
Disclosure of temporary difference, unused tax losses and unused tax credits [line items]
Charge for the year in the income statement	892	1,151	(7,225)
Before Offset Amount | Depreciation
Disclosure of temporary difference, unused tax losses and unused tax credits [line items]
Charge for the year in the income statement	1,863	899	(7,295)
Balance sheet
Deferred tax liability	18,025	16,276
Before Offset Amount | Pension plan surpluses
Disclosure of temporary difference, unused tax losses and unused tax credits [line items]
Charge for the year in the income statement	42	105	69
Balance sheet
Deferred tax liability	3,022	3,898
Before Offset Amount | Derivative financial instruments
Disclosure of temporary difference, unused tax losses and unused tax credits [line items]
Charge for the year in the income statement	(21)	(33)	33
Balance sheet
Deferred tax liability	0	24
Before Offset Amount | Other taxable temporary differencesa
Disclosure of temporary difference, unused tax losses and unused tax credits [line items]
Charge for the year in the income statement	(992)	180	(32)
Balance sheet
Deferred tax liability	1,000	1,782
Before Offset Amount | Temporary Differences, Deferred Tax Assets
Disclosure of temporary difference, unused tax losses and unused tax credits [line items]
Charge for the year in the income statement	3,202	643	921
Before Offset Amount | Depreciation
Disclosure of temporary difference, unused tax losses and unused tax credits [line items]
Charge for the year in the income statement	(309)	(846)	(849)
Balance sheet
Deferred tax asset	(1,974)	(1,678)
Before Offset Amount | Lease Liabilities
Disclosure of temporary difference, unused tax losses and unused tax credits [line items]
Charge for the year in the income statement	(8)	(43)	286
Balance sheet
Deferred tax asset	(1,047)	(1,128)
Before Offset Amount | Pension plan and other post-retirement benefit plan deficits
Disclosure of temporary difference, unused tax losses and unused tax credits [line items]
Charge for the year in the income statement	47	119	2
Balance sheet
Deferred tax asset	(647)	(1,221)
Before Offset Amount | Decommissioning, environmental and other provisions
Disclosure of temporary difference, unused tax losses and unused tax credits [line items]
Charge for the year in the income statement	770	(744)	438
Balance sheet
Deferred tax asset	(6,653)	(7,891)
Before Offset Amount | Derivative financial instruments
Disclosure of temporary difference, unused tax losses and unused tax credits [line items]
Charge for the year in the income statement	(6)	(9)	0
Balance sheet
Deferred tax asset	(282)	(75)
Before Offset Amount | Tax credits
Disclosure of temporary difference, unused tax losses and unused tax credits [line items]
Charge for the year in the income statement	1,578	1,282	310
Balance sheet
Deferred tax asset	(779)	(2,359)
Before Offset Amount | Loss carry forward
Disclosure of temporary difference, unused tax losses and unused tax credits [line items]
Charge for the year in the income statement	1,536	1,064	543
Balance sheet
Deferred tax asset	(2,669)	(4,202)
Before Offset Amount | Other deductible temporary differencesb
Disclosure of temporary difference, unused tax losses and unused tax credits [line items]
Charge for the year in the income statement	(406)	(180)	$ 191
Balance sheet
Deferred tax asset	$ (1,378)	$ (1,056)

Taxation - Disclosure of tempor

Taxation - Disclosure of temporary differences, unused tax credits and unused tax losses (Details) - USD ($) $ in Billions	Dec. 31, 2022	Dec. 31, 2021
Disclosure of temporary difference, unused tax losses and unused tax credits [line items]
Unused tax credits for which no deferred tax asset recognised	$ 28.6	$ 28.2
Taxable temporary differences associated with investments in subsidiaries and equity-accounted entities	0.7	0.7
Fixed Asset Related Temporary Differences [Member]
Disclosure of temporary difference, unused tax losses and unused tax credits [line items]
Deductible temporary differences	22.7	49
Fixed Asset Related Temporary Differences [Member] | ALGERIA
Disclosure of temporary difference, unused tax losses and unused tax credits [line items]
Deductible temporary differences	2
UK Tax Authority
Disclosure of temporary difference, unused tax losses and unused tax credits [line items]
Unused tax credits for which no deferred tax asset recognised	24.6	24.6
UK Tax Authority | ALGERIA
Disclosure of temporary difference, unused tax losses and unused tax credits [line items]
Unused tax credits for which no deferred tax asset recognised	0.7
Internal Revenue Service (IRS) | US Tax Authority
Disclosure of temporary difference, unused tax losses and unused tax credits [line items]
Unused tax losses for which no deferred tax asset recognised	2.1	2.5
Unused tax credits for which no deferred tax asset recognised	$ 4	3.6
Internal Revenue Service (IRS) | US Tax Authority | Bottom of range [member]
Disclosure of temporary difference, unused tax losses and unused tax credits [line items]
Tax rate computed at the weighted average statutory ratea	3%
Internal Revenue Service (IRS) | US Tax Authority | Top of range [member]
Disclosure of temporary difference, unused tax losses and unused tax credits [line items]
Tax rate computed at the weighted average statutory ratea	10%
Her Majesty's Revenue and Customs, And Other Foreign Tax Authorities, Excluding Internal Revenue Service
Disclosure of temporary difference, unused tax losses and unused tax credits [line items]
Unused tax losses for which no deferred tax asset recognised	$ 5.4	$ 6

Taxation - Disclosure of unreco

Taxation - Disclosure of unrecognized deferred tax or write-down of deferred tax assets (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Income Taxes [Abstract]
Current tax benefit relating to the utilization of previously unrecognized deferred tax assets	$ 492	$ 331	$ 46
Deferred tax benefit arising from the reversal of a previous write-down of deferred tax assets	0	773	11
Deferred tax benefit relating to the recognition of previously unrecognized deferred tax assets	792	820	0
Deferred tax expense arising from the write-down of a previously recognized deferred tax asset	$ 0	$ 29	$ 1,622

Dividends - Narrative (Details)

Dividends - Narrative (Details) - USD ($) $ / shares in Units, $ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Disclosure of classes of share capital [line items]
Current dividend payables	$ 69	$ 62
Ordinary Shares
Disclosure of classes of share capital [line items]
Quarterly dividend paid per ordinary share (in USD per share)	$ 0.0661
American Depositary Share
Disclosure of classes of share capital [line items]
Quarterly dividend paid per ordinary share (in USD per share)	$ 0.39660

Dividends - Schedule of dividen

Dividends - Schedule of dividends announced and paid (Details) $ / shares in Units, $ in Millions	3 Months Ended																									12 Months Ended
	Mar. 31, 2023 USD ($)	Dec. 31, 2022 USD ($) $ / shares	Dec. 31, 2022 £ / shares	Sep. 30, 2022 USD ($) $ / shares	Sep. 30, 2022 £ / shares	Jun. 30, 2022 USD ($) $ / shares	Jun. 30, 2022 £ / shares	Mar. 31, 2022 USD ($) $ / shares	Mar. 31, 2022 £ / shares	Dec. 31, 2021 USD ($) $ / shares	Dec. 31, 2021 £ / shares	Sep. 30, 2021 USD ($) $ / shares	Sep. 30, 2021 £ / shares	Jun. 30, 2021 USD ($) $ / shares	Jun. 30, 2021 £ / shares	Mar. 31, 2021 USD ($) $ / shares	Mar. 31, 2021 £ / shares	Dec. 31, 2020 USD ($) $ / shares	Dec. 31, 2020 £ / shares	Sep. 30, 2020 USD ($) $ / shares	Sep. 30, 2020 £ / shares	Jun. 30, 2020 USD ($) $ / shares	Jun. 30, 2020 £ / shares	Mar. 31, 2020 USD ($) $ / shares	Mar. 31, 2020 £ / shares	Dec. 31, 2022 USD ($) $ / shares	Dec. 31, 2022 £ / shares	Dec. 31, 2021 USD ($) $ / shares	Dec. 31, 2021 £ / shares	Dec. 31, 2020 USD ($) $ / shares	Dec. 31, 2020 £ / shares
Disclosure of classes of share capital [line items]
Quarterly dividend paid per ordinary share (in Pence and USD per share) | (per share)		$ 0.06006	£ 0.049402	$ 0.06006	£ 0.051684	$ 0.05460	£ 0.043556	$ 0.05460	£ 0.041595	$ 0.05460	£ 0.041045	$ 0.05460	£ 0.039529	$ 0.05250	£ 0.037118	$ 0.05250	£ 0.037684	$ 0.05250	£ 0.039169	$ 0.05250	£ 0.040433	$ 0.10500	£ 0.083421	$ 0.10500	£ 0.081558	$ 0.22932	£ 0.186237	$ 0.21420	£ 0.155376	$ 0.31500	£ 0.244581
Dividend paid per ordinary share		$ 1,088		$ 1,140		$ 1,061		$ 1,068		$ 1,077		$ 1,100		$ 1,062		$ 1,063		$ 1,059		$ 1,059		$ 2,119		$ 2,102		$ 4,358		$ 4,304		$ 6,340
Preference shares
Disclosure of classes of share capital [line items]
Dividends paid, other than ordinary shares																										$ 1		$ 2		$ 1
Ordinary Shares
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 | $ / shares																										$ 0.0661
Subsequent Event
Disclosure of classes of share capital [line items]
Dividend paid per ordinary share	$ 1,188

Earnings per share - Earnings p

Earnings per share - Earnings per share, basic and diluted (Details) - $ / shares	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Ordinary Shares
Earnings per share [line items]
Basic earnings (loss) per share (USD per share)	$ (0.1310)	$ 0.3757	$ (1.0042)
Diluted earnings (loss) per share (USD per share)	(0.1310)	0.3733	(1.0042)
American Depositary Share
Earnings per share [line items]
Basic earnings (loss) per share (USD per share)	(0.79)	2.25	(6.03)
Diluted earnings (loss) per share (USD per share)	$ (0.79)	$ 2.24	$ (6.03)

Earnings per share - Weighted a

Earnings per share - Weighted average number of shares outstanding reconciliation (Details) - USD ($) shares in Thousands, $ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Earnings per share [line items]
bp shareholders	$ (2,487)	$ 7,565	$ (20,305)
Less: dividend requirements on preference shares	1	2	1
Profit (loss) for the year attributable to bp ordinary shareholders	$ (2,488)	$ 7,563	$ (20,306)
Ordinary Shares
Earnings per share [line items]
Basic weighted average number of ordinary shares (in shares)	18,987,936	20,128,862	20,221,514
Potential dilutive effect of ordinary shares issuable under employee share-based payment plans (in shares)	0	131,526	0
Weighted average number of ordinary shares outstanding used to calculate diluted earnings per share (in shares)	18,987,936	20,260,388	20,221,514
American Depositary Share
Earnings per share [line items]
Basic weighted average number of ordinary shares (in shares)	3,164,656	3,354,810	3,370,252
Potential dilutive effect of ordinary shares issuable under employee share-based payment plans (in shares)	0	21,921	0
Weighted average number of ordinary shares outstanding used to calculate diluted earnings per share (in shares)	3,164,656	3,376,731	3,370,252

Earnings per share - Narrative

Earnings per share - Narrative (Details) - shares	2 Months Ended	12 Months Ended
	Feb. 17, 2023	Dec. 31, 2022	Dec. 31, 2021
Equity-Settled Share-Based Payment Arrangement, Share Unit
Earnings per share [line items]
Performance or restricted period		3 years
Ordinary Shares
Earnings per share [line items]
Number of ordinary shares outstanding (in shares)		17,974,112,648	19,642,221,041
Ordinary Shares | Subsequent Event
Earnings per share [line items]
Net increase in the number of ordinary shares outstanding (in shares)	6,834,739
Increase in number of ordinary shares outstanding (in shares)	20,346,389

Earnings per share - Dilutive e

Earnings per share - Dilutive effect of share options (Details)	12 Months Ended
	Dec. 31, 2022 shares $ / shares	Dec. 31, 2021 shares $ / shares	Dec. 31, 2022 shares £ / shares	Dec. 31, 2021 shares £ / shares
Disclosure of terms and conditions of share-based payment arrangement [line items]
Number of ordinary share equivalents per American Depositary Share (in shares)	6		6
Quoted market price (gbp per share) | £ / shares			£ 4.75	£ 3.31
Equity-Settled Share-Based Payment Arrangement
Disclosure of terms and conditions of share-based payment arrangement [line items]
Number of options outstanding (in shares)	564,079,000	590,961,000	564,079,000	590,961,000
Weighted average exercise price of share options outstanding in share-based payment arrangement | $ / shares	$ 4	$ 4.26
Number of options exercisable (in shares)	342,000	1,080,000	342,000	1,080,000
Weighted average exercise price of share options exercisable in share-based payment arrangement | $ / shares	$ 4.99	$ 4.73
Dilutive effect (in shares)	83,204,000	3,588,000

Earnings per share - Dilutive_2

Earnings per share - Dilutive effect of share units (Details) - shares	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Earnings per share [line items]
Number of ordinary share equivalents per American Depositary Share (in shares)	6
Equity-Settled Share-Based Payment Arrangement, Share Unit
Earnings per share [line items]
Number of equity instruments other than options, expected to vest within one year (in shares)	167,672,000	92,210,000
Number of equity instruments other than options, expected to vest within two years (in shares)	192,734,000	149,077,000
Number of equity instruments other than options, expected to vest within three years (in shares)	226,027,000	179,449,000
Number of equity instruments other than options, expected to vest within four years (in shares)	2,595,000	109,265,000
Number of equity instruments other than options, expected to vest over four years (in shares)	173,000	928,000
Number of equity instruments other than options, expected to vest (in shares)	589,201,000	530,929,000
Dilutive effect (in shares)	244,886,000	152,899,000

Property, plant and equipment -

Property, plant and equipment - Summary of property, plant and equipment (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Reconciliation of changes in property, plant and equipment [abstract]
Beginning balance, property, plant and equipment	$ 112,902
Ending balance, property, plant and equipment	106,044	$ 112,902
Land and land improvements
Reconciliation of changes in property, plant and equipment [abstract]
Beginning balance, property, plant and equipment	3,007
Ending balance, property, plant and equipment	2,813	3,007
Buildings
Reconciliation of changes in property, plant and equipment [abstract]
Beginning balance, property, plant and equipment	1,922
Ending balance, property, plant and equipment	1,606	1,922
Oil and gas properties
Reconciliation of changes in property, plant and equipment [abstract]
Beginning balance, property, plant and equipment	73,516
Ending balance, property, plant and equipment	67,611	73,516
Plant, Machinery & Equipment
Reconciliation of changes in property, plant and equipment [abstract]
Beginning balance, property, plant and equipment	22,813
Ending balance, property, plant and equipment	22,685	22,813
Fixtures, fittings and office equipment
Reconciliation of changes in property, plant and equipment [abstract]
Beginning balance, property, plant and equipment	454
Ending balance, property, plant and equipment	538	454
Transportation
Reconciliation of changes in property, plant and equipment [abstract]
Beginning balance, property, plant and equipment	3,158
Ending balance, property, plant and equipment	2,978	3,158
Oil depots, storage tanks and service stations
Reconciliation of changes in property, plant and equipment [abstract]
Beginning balance, property, plant and equipment	8,032
Ending balance, property, plant and equipment	7,813	8,032
Assets under construction
Reconciliation of changes in property, plant and equipment [abstract]
Beginning balance, property, plant and equipment	19,704
Ending balance, property, plant and equipment	22,313	19,704
Property plant and equipment not subject to operating leases
Reconciliation of changes in property, plant and equipment [abstract]
Beginning balance, property, plant and equipment	104,820
Ending balance, property, plant and equipment	98,061	104,820
Property plant and equipment not subject to operating leases | Carrying amount
Reconciliation of changes in property, plant and equipment [abstract]
Beginning balance, property, plant and equipment	272,534	278,062
Exchange adjustments	(1,500)	(1,634)
Additions	9,778	11,218
Acquisitions	1,079	1
Transfers from intangible assets	357	38
Reclassified as assets held for sale	5,808	7,399
Deletions and disposals	(33,646)	(7,752)
Ending balance, property, plant and equipment	242,794	272,534
Property plant and equipment not subject to operating leases | Accumulated depreciation
Reconciliation of changes in property, plant and equipment [abstract]
Beginning balance, property, plant and equipment	(167,714)	(171,917)
Exchange adjustments	772	815
Charge for the year	12,008	12,531
Impairment losses	3,098	3,297
Impairment reversals	(2,291)	(4,827)
Reclassified as assets held for sale	(5,154)	(7,399)
Deletions and disposals	29,870	6,990
Ending balance, property, plant and equipment	(144,733)	(167,714)
Property plant and equipment not subject to operating leases | Land and land improvements
Reconciliation of changes in property, plant and equipment [abstract]
Beginning balance, property, plant and equipment	3,007
Ending balance, property, plant and equipment	2,813	3,007
Property plant and equipment not subject to operating leases | Land and land improvements | Carrying amount
Reconciliation of changes in property, plant and equipment [abstract]
Beginning balance, property, plant and equipment	3,713	3,872
Exchange adjustments	(184)	(205)
Additions	51	68
Acquisitions	1	0
Transfers from intangible assets	0	0
Reclassified as assets held for sale	49	0
Deletions and disposals	(19)	(22)
Ending balance, property, plant and equipment	3,513	3,713
Property plant and equipment not subject to operating leases | Land and land improvements | Accumulated depreciation
Reconciliation of changes in property, plant and equipment [abstract]
Beginning balance, property, plant and equipment	(706)	(692)
Exchange adjustments	26	29
Charge for the year	47	48
Impairment losses	6	4
Impairment reversals	0	0
Reclassified as assets held for sale	(18)	0
Deletions and disposals	15	9
Ending balance, property, plant and equipment	(700)	(706)
Property plant and equipment not subject to operating leases | Buildings
Reconciliation of changes in property, plant and equipment [abstract]
Beginning balance, property, plant and equipment	591
Ending balance, property, plant and equipment	449	591
Property plant and equipment not subject to operating leases | Buildings | Carrying amount
Reconciliation of changes in property, plant and equipment [abstract]
Beginning balance, property, plant and equipment	1,245	1,210
Exchange adjustments	(30)	(19)
Additions	31	59
Acquisitions	40	0
Transfers from intangible assets	0	0
Reclassified as assets held for sale	0	0
Deletions and disposals	(336)	(5)
Ending balance, property, plant and equipment	950	1,245
Property plant and equipment not subject to operating leases | Buildings | Accumulated depreciation
Reconciliation of changes in property, plant and equipment [abstract]
Beginning balance, property, plant and equipment	(654)	(631)
Exchange adjustments	21	10
Charge for the year	26	36
Impairment losses	14	0
Impairment reversals	0	(3)
Reclassified as assets held for sale	0	0
Deletions and disposals	172	0
Ending balance, property, plant and equipment	(501)	(654)
Property plant and equipment not subject to operating leases | Oil and gas properties
Reconciliation of changes in property, plant and equipment [abstract]
Beginning balance, property, plant and equipment	73,484
Ending balance, property, plant and equipment	67,594	73,484
Property plant and equipment not subject to operating leases | Oil and gas properties | Carrying amount
Reconciliation of changes in property, plant and equipment [abstract]
Beginning balance, property, plant and equipment	208,034	214,323
Exchange adjustments	0	0
Additions	6,221	7,931
Acquisitions	0	0
Transfers from intangible assets	357	38
Reclassified as assets held for sale	4,351	7,399
Deletions and disposals	(31,977)	(6,859)
Ending balance, property, plant and equipment	178,284	208,034
Property plant and equipment not subject to operating leases | Oil and gas properties | Accumulated depreciation
Reconciliation of changes in property, plant and equipment [abstract]
Beginning balance, property, plant and equipment	(134,550)	(140,551)
Exchange adjustments	0	0
Charge for the year	9,770	10,193
Impairment losses	1,251	2,340
Impairment reversals	(2,221)	(4,794)
Reclassified as assets held for sale	(3,972)	(7,399)
Deletions and disposals	28,688	6,341
Ending balance, property, plant and equipment	(110,690)	(134,550)
Property plant and equipment not subject to operating leases | Plant, Machinery & Equipment
Reconciliation of changes in property, plant and equipment [abstract]
Beginning balance, property, plant and equipment	22,196
Ending balance, property, plant and equipment	21,759	22,196
Property plant and equipment not subject to operating leases | Plant, Machinery & Equipment | Carrying amount
Reconciliation of changes in property, plant and equipment [abstract]
Beginning balance, property, plant and equipment	44,037	42,914
Exchange adjustments	(599)	(736)
Additions	2,188	2,187
Acquisitions	998	1
Transfers from intangible assets	0	0
Reclassified as assets held for sale	1,408	0
Deletions and disposals	(554)	(329)
Ending balance, property, plant and equipment	44,662	44,037
Property plant and equipment not subject to operating leases | Plant, Machinery & Equipment | Accumulated depreciation
Reconciliation of changes in property, plant and equipment [abstract]
Beginning balance, property, plant and equipment	(21,841)	(20,031)
Exchange adjustments	299	370
Charge for the year	1,457	1,502
Impairment losses	1,487	937
Impairment reversals	(65)	0
Reclassified as assets held for sale	(1,164)	0
Deletions and disposals	354	259
Ending balance, property, plant and equipment	(22,903)	(21,841)
Property plant and equipment not subject to operating leases | Fixtures, fittings and office equipment
Reconciliation of changes in property, plant and equipment [abstract]
Beginning balance, property, plant and equipment	439
Ending balance, property, plant and equipment	531	439
Property plant and equipment not subject to operating leases | Fixtures, fittings and office equipment | Carrying amount
Reconciliation of changes in property, plant and equipment [abstract]
Beginning balance, property, plant and equipment	2,231	2,418
Exchange adjustments	(83)	(31)
Additions	252	171
Acquisitions	0	0
Transfers from intangible assets	0	0
Reclassified as assets held for sale	0	0
Deletions and disposals	(180)	(327)
Ending balance, property, plant and equipment	2,220	2,231
Property plant and equipment not subject to operating leases | Fixtures, fittings and office equipment | Accumulated depreciation
Reconciliation of changes in property, plant and equipment [abstract]
Beginning balance, property, plant and equipment	(1,792)	(1,845)
Exchange adjustments	61	21
Charge for the year	135	158
Impairment losses	0	0
Impairment reversals	0	0
Reclassified as assets held for sale	0	0
Deletions and disposals	177	190
Ending balance, property, plant and equipment	(1,689)	(1,792)
Property plant and equipment not subject to operating leases | Transportation
Reconciliation of changes in property, plant and equipment [abstract]
Beginning balance, property, plant and equipment	645
Ending balance, property, plant and equipment	645	645
Property plant and equipment not subject to operating leases | Transportation | Carrying amount
Reconciliation of changes in property, plant and equipment [abstract]
Beginning balance, property, plant and equipment	3,033	3,049
Exchange adjustments	(14)	(16)
Additions	42	40
Acquisitions	37	0
Transfers from intangible assets	0	0
Reclassified as assets held for sale	0	0
Deletions and disposals	(22)	(40)
Ending balance, property, plant and equipment	3,076	3,033
Property plant and equipment not subject to operating leases | Transportation | Accumulated depreciation
Reconciliation of changes in property, plant and equipment [abstract]
Beginning balance, property, plant and equipment	(2,388)	(2,381)
Exchange adjustments	11	12
Charge for the year	72	71
Impairment losses	4	12
Impairment reversals	(5)	(30)
Reclassified as assets held for sale	0	0
Deletions and disposals	17	34
Ending balance, property, plant and equipment	(2,431)	(2,388)
Property plant and equipment not subject to operating leases | Oil depots, storage tanks and service stations
Reconciliation of changes in property, plant and equipment [abstract]
Beginning balance, property, plant and equipment	4,458
Ending balance, property, plant and equipment	4,270	4,458
Property plant and equipment not subject to operating leases | Oil depots, storage tanks and service stations | Carrying amount
Reconciliation of changes in property, plant and equipment [abstract]
Beginning balance, property, plant and equipment	10,241	10,276
Exchange adjustments	(590)	(627)
Additions	993	762
Acquisitions	3	0
Transfers from intangible assets	0	0
Reclassified as assets held for sale	0	0
Deletions and disposals	(558)	(170)
Ending balance, property, plant and equipment	10,089	10,241
Property plant and equipment not subject to operating leases | Oil depots, storage tanks and service stations | Accumulated depreciation
Reconciliation of changes in property, plant and equipment [abstract]
Beginning balance, property, plant and equipment	(5,783)	(5,786)
Exchange adjustments	354	373
Charge for the year	501	523
Impairment losses	336	4
Impairment reversals	0	0
Reclassified as assets held for sale	0	0
Deletions and disposals	447	157
Ending balance, property, plant and equipment	(5,819)	(5,783)
Property, plant and equipment subject to operating leases [member]
Reconciliation of changes in property, plant and equipment [abstract]
Beginning balance, property, plant and equipment	8,082
Ending balance, property, plant and equipment	7,983	8,082
Property, plant and equipment subject to operating leases [member] | Accumulated depreciation
Reconciliation of changes in property, plant and equipment [abstract]
Charge for the year	1,969	1,982
Property, plant and equipment subject to operating leases [member] | Land and land improvements
Reconciliation of changes in property, plant and equipment [abstract]
Beginning balance, property, plant and equipment	0
Ending balance, property, plant and equipment	0	0
Property, plant and equipment subject to operating leases [member] | Buildings
Reconciliation of changes in property, plant and equipment [abstract]
Beginning balance, property, plant and equipment	1,331
Ending balance, property, plant and equipment	1,157	1,331
Property, plant and equipment subject to operating leases [member] | Buildings | Accumulated depreciation
Reconciliation of changes in property, plant and equipment [abstract]
Charge for the year	190	209
Property, plant and equipment subject to operating leases [member] | Oil and gas properties
Reconciliation of changes in property, plant and equipment [abstract]
Beginning balance, property, plant and equipment	32
Ending balance, property, plant and equipment	17	32
Property, plant and equipment subject to operating leases [member] | Oil and gas properties | Accumulated depreciation
Reconciliation of changes in property, plant and equipment [abstract]
Charge for the year	18	27
Property, plant and equipment subject to operating leases [member] | Plant, Machinery & Equipment
Reconciliation of changes in property, plant and equipment [abstract]
Beginning balance, property, plant and equipment	617
Ending balance, property, plant and equipment	926	617
Property, plant and equipment subject to operating leases [member] | Plant, Machinery & Equipment | Accumulated depreciation
Reconciliation of changes in property, plant and equipment [abstract]
Charge for the year	321	279
Property, plant and equipment subject to operating leases [member] | Drilling rigs [Member]
Reconciliation of changes in property, plant and equipment [abstract]
Beginning balance, property, plant and equipment	203
Ending balance, property, plant and equipment	560	203
Property, plant and equipment subject to operating leases [member] | Fixtures, fittings and office equipment
Reconciliation of changes in property, plant and equipment [abstract]
Beginning balance, property, plant and equipment	15
Ending balance, property, plant and equipment	7	15
Property, plant and equipment subject to operating leases [member] | Fixtures, fittings and office equipment | Accumulated depreciation
Reconciliation of changes in property, plant and equipment [abstract]
Charge for the year	10	10
Property, plant and equipment subject to operating leases [member] | Transportation
Reconciliation of changes in property, plant and equipment [abstract]
Beginning balance, property, plant and equipment	2,513
Ending balance, property, plant and equipment	2,333	2,513
Property, plant and equipment subject to operating leases [member] | Transportation | Accumulated depreciation
Reconciliation of changes in property, plant and equipment [abstract]
Charge for the year	853	844
Property, plant and equipment subject to operating leases [member] | Ships [member]
Reconciliation of changes in property, plant and equipment [abstract]
Beginning balance, property, plant and equipment	2,230
Ending balance, property, plant and equipment	2,208	2,230
Property, plant and equipment subject to operating leases [member] | Oil depots, storage tanks and service stations
Reconciliation of changes in property, plant and equipment [abstract]
Beginning balance, property, plant and equipment	3,574
Ending balance, property, plant and equipment	3,543	3,574
Property, plant and equipment subject to operating leases [member] | Oil depots, storage tanks and service stations | Accumulated depreciation
Reconciliation of changes in property, plant and equipment [abstract]
Charge for the year	$ 577	$ 613

Capital commitments (Details)

Capital commitments (Details) - USD ($) $ in Millions	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Associates
Disclosure of detailed information about property, plant and equipment [line items]
Contractual capital commitments	$ 18	$ 126	$ 183
Joint ventures
Disclosure of detailed information about property, plant and equipment [line items]
Contractual capital commitments	1,764	1,075	1,087
Property plant and equipment not subject to operating leases
Disclosure of detailed information about property, plant and equipment [line items]
Contractual capital commitments	$ 9,381	$ 8,208	$ 8,009

Goodwill and impairment revie_3

Goodwill and impairment review of goodwill - Disclosure of reconciliation of goodwill (Details) - Goodwill - USD ($)	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Reconciliation of changes in goodwill [abstract]
Intangible assets and goodwill, beginning of period	$ 12,373,000,000	$ 12,480,000,000
Intangible assets and goodwill, end of period	11,960,000,000	12,373,000,000
Carrying amount
Reconciliation of changes in goodwill [abstract]
Intangible assets and goodwill, beginning of period	12,991,000,000	13,093,000,000
Exchange adjustments	(367,000,000)	(91,000,000)
Acquisitions and other additions	573,000,000	139,000,000
Reclassified as assets held for sale	(58,000,000)	(137,000,000)
Disposals and retirements, intangible assets and goodwill	(562,000,000)	(13,000,000)
Intangible assets and goodwill, end of period	12,577,000,000	12,991,000,000
Accumulated impairment
Reconciliation of changes in goodwill [abstract]
Intangible assets and goodwill, beginning of period	(618,000,000)	(613,000,000)
Exchange adjustments	1,000,000	1,000,000
Impairment loss recognised in profit or loss, goodwill	0	(7,000,000)
Disposals and retirements, intangible assets and goodwill	0	1,000,000
Intangible assets and goodwill, end of period	$ (617,000,000)	$ (618,000,000)

Goodwill and impairment revie_4

Goodwill and impairment review of goodwill - Disclosure of goodwill by segment (Details) - Goodwill - USD ($) $ in Millions	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Disclosure of detailed information about intangible assets [line items]
Intangible assets and goodwill	$ 11,960	$ 12,373	$ 12,480
gas & low carbon energy
Disclosure of detailed information about intangible assets [line items]
Intangible assets and goodwill	2,232	2,147
Amount by which unit's recoverable amount exceeds its carrying amount	12,971	3,991
oil production & operations
Disclosure of detailed information about intangible assets [line items]
Intangible assets and goodwill	4,925	5,464
Amount by which unit's recoverable amount exceeds its carrying amount	36,045	32,438
customers & products
Disclosure of detailed information about intangible assets [line items]
Intangible assets and goodwill	4,740	4,697
customers & products | Castrol
Disclosure of detailed information about intangible assets [line items]
Intangible assets and goodwill	2,524	2,837
customers & products | US fuels
Disclosure of detailed information about intangible assets [line items]
Intangible assets and goodwill	606	606
customers & products | European fuels
Disclosure of detailed information about intangible assets [line items]
Intangible assets and goodwill	815	862
customers & products | Other Products
Disclosure of detailed information about intangible assets [line items]
Intangible assets and goodwill	795	392
other businesses & corporate
Disclosure of detailed information about intangible assets [line items]
Intangible assets and goodwill	$ 63	$ 65

Goodwill and impairment revie_5

Goodwill and impairment review of goodwill - Narrative (Details) $ in Millions	12 Months Ended
	Dec. 31, 2022 USD ($) MMBoe	Dec. 31, 2021 USD ($) MMBoe
Disclosure of detailed information about intangible assets [line items]
Goodwill impairment related to expected divestments | $	$ 0	$ 0
Period used in testing for goodwill impairment	15 years
Estimated Percentage Change in Revenue due to Adverse Impact on Goodwill Headroom	(27.00%)	(33.00%)
gas & low carbon energy
Disclosure of detailed information about intangible assets [line items]
Estimated production volumes by which unit's recoverable amount exceeds its carrying amount for the next 15 years	191	261
Estimated Percentage Change in Revenue due to Adverse Impact on Goodwill Headroom	(18.00%)	(20.00%)
oil production & operations
Disclosure of detailed information about intangible assets [line items]
Estimated production volumes by which unit's recoverable amount exceeds its carrying amount for the next 15 years	346	604
customers & products
Disclosure of detailed information about intangible assets [line items]
Period used in determining value in use for cash-generating units	10 years
customers & products | Castrol
Disclosure of detailed information about intangible assets [line items]
Growth rate used to extrapolate cash flow projections	3.40%	2.80%
customers & products | Top of range [member]
Disclosure of detailed information about intangible assets [line items]
Period over which cash flows for cash generating unit is derived	5 years
Goodwill | Weighted average
Disclosure of detailed information about intangible assets [line items]
Discount rate used in current estimate of value in use		11%
Goodwill | gas & low carbon energy | Weighted average
Disclosure of detailed information about intangible assets [line items]
Discount rate used in current estimate of value in use	10%
Goodwill | oil production & operations | Weighted average
Disclosure of detailed information about intangible assets [line items]
Discount rate used in current estimate of value in use	16%
Goodwill | customers & products | Weighted average | Castrol
Disclosure of detailed information about intangible assets [line items]
Discount rate used in current estimate of value in use	8%	9%

Intangible assets - Schedule of

Intangible assets - Schedule of intangible assets (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Reconciliation of changes in intangible assets other than goodwill [abstract]
Intangible assets, beginning of period	$ 6,451	$ 6,093
Exploration expenditure written off	385	167	$ 9,920
Intangible assets, end of period	10,200	6,451	6,093
Carrying amount
Reconciliation of changes in intangible assets other than goodwill [abstract]
Intangible assets, beginning of period	20,463	20,039
Exchange adjustments	(216)	(137)
Acquisitions	3,592	47
Additions	1,725	1,037
Decrease through classified as held for sale, intangible assets other than goodwill	(16)	0
Transfers to property, plant and equipment	(357)	(38)
Deletions and disposals	2,405	485
Intangible assets, end of period	22,786	20,463	20,039
Accumulated depreciation and amortisation
Reconciliation of changes in intangible assets other than goodwill [abstract]
Intangible assets, beginning of period	(14,012)	(13,946)
Exchange adjustments	128	86
Exploration expenditure written off	385	167
Charge for the year	491	427
Impairment losses	23	16
Reversal of impairment loss recognised in profit or loss, intangible assets other than goodwill	(3)	0
Decrease through classified as held for sale, intangible assets other than goodwill	16	0
Deletions and disposals	(2,178)	(458)
Intangible assets, end of period	(12,586)	(14,012)	(13,946)
Exploration and appraisal expenditure
Reconciliation of changes in intangible assets other than goodwill [abstract]
Intangible assets, beginning of period	4,289	4,113
Intangible assets, end of period	4,213	4,289	4,113
Exploration and appraisal expenditure | Carrying amount
Reconciliation of changes in intangible assets other than goodwill [abstract]
Intangible assets, beginning of period	14,311	14,417
Exchange adjustments	0	0
Acquisitions	0	0
Additions	894	409
Decrease through classified as held for sale, intangible assets other than goodwill	(9)	0
Transfers to property, plant and equipment	(357)	(38)
Deletions and disposals	2,268	477
Intangible assets, end of period	12,571	14,311	14,417
Exploration and appraisal expenditure | Accumulated depreciation and amortisation
Reconciliation of changes in intangible assets other than goodwill [abstract]
Intangible assets, beginning of period	(10,022)	(10,304)
Exchange adjustments	0	0
Exploration expenditure written off	385	167
Charge for the year	0	0
Impairment losses	2	1
Reversal of impairment loss recognised in profit or loss, intangible assets other than goodwill	0	0
Decrease through classified as held for sale, intangible assets other than goodwill	9	0
Deletions and disposals	(2,042)	(450)
Intangible assets, end of period	(8,358)	(10,022)	(10,304)
Biogas rights agreements
Reconciliation of changes in intangible assets other than goodwill [abstract]
Intangible assets, beginning of period	0
Intangible assets, end of period	3,398	0
Biogas rights agreements | Carrying amount
Reconciliation of changes in intangible assets other than goodwill [abstract]
Intangible assets, beginning of period	0
Exchange adjustments	0
Acquisitions	3,398
Additions	0
Decrease through classified as held for sale, intangible assets other than goodwill	0
Transfers to property, plant and equipment	0
Deletions and disposals	0
Intangible assets, end of period	3,398	0
Biogas rights agreements | Accumulated depreciation and amortisation
Reconciliation of changes in intangible assets other than goodwill [abstract]
Intangible assets, beginning of period	0
Exchange adjustments	0
Exploration expenditure written off	0
Charge for the year	0
Impairment losses	0
Reversal of impairment loss recognised in profit or loss, intangible assets other than goodwill	0
Decrease through classified as held for sale, intangible assets other than goodwill	0
Deletions and disposals	0
Intangible assets, end of period	0	0
Other intangibles
Reconciliation of changes in intangible assets other than goodwill [abstract]
Intangible assets, beginning of period	2,162	1,980
Intangible assets, end of period	2,589	2,162	1,980
Other intangibles | Carrying amount
Reconciliation of changes in intangible assets other than goodwill [abstract]
Intangible assets, beginning of period	6,152	5,622
Exchange adjustments	(216)	(137)
Acquisitions	194	47
Additions	831	628
Decrease through classified as held for sale, intangible assets other than goodwill	(7)	0
Transfers to property, plant and equipment	0	0
Deletions and disposals	137	8
Intangible assets, end of period	6,817	6,152	5,622
Other intangibles | Accumulated depreciation and amortisation
Reconciliation of changes in intangible assets other than goodwill [abstract]
Intangible assets, beginning of period	(3,990)	(3,642)
Exchange adjustments	128	86
Exploration expenditure written off	0	0
Charge for the year	491	427
Impairment losses	21	15
Reversal of impairment loss recognised in profit or loss, intangible assets other than goodwill	(3)	0
Decrease through classified as held for sale, intangible assets other than goodwill	7	0
Deletions and disposals	(136)	(8)
Intangible assets, end of period	$ (4,228)	$ (3,990)	$ (3,642)

Investments in joint ventures -

Investments in joint ventures - Summarized aggregate financial information of joint ventures (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Disclosure of joint ventures [line items]
Earnings from joint ventures – after interest and tax	$ 1,128	$ 543	$ (302)
Investments in joint ventures	12,400	9,982
Azule Energy Holdings Limited [Member]
Disclosure of joint ventures [line items]
Earnings from joint ventures – after interest and tax	540	0	0
Investments in joint ventures	5,264	0
Pan American Energy Group [Member]
Disclosure of joint ventures [line items]
Earnings from joint ventures – after interest and tax	538	(217)	(208)
Investments in joint ventures	2,000	4,396
Other joint ventures
Disclosure of joint ventures [line items]
Earnings from joint ventures – after interest and tax	50	760	(94)
Investments in joint ventures	5,136	5,586
Joint ventures
Disclosure of joint ventures [line items]
Earnings from joint ventures – after interest and tax	1,128	543	$ (302)
Investments in joint ventures	$ 12,400	$ 9,982

Investments in joint ventures_3

Investments in joint ventures - Narrative (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Disclosure of joint ventures [line items]
Net impairment and losses on sale of businesses and fixed assets	$ 30,522	$ (1,121)	$ 14,381
Azule Energy Holdings Limited [Member]
Disclosure of joint ventures [line items]
Proportion of ownership interest in joint venture	50%
Dividends received	$ 500
Net impairment and losses on sale of businesses and fixed assets	$ 0
Pan American Energy Group [Member]
Disclosure of joint ventures [line items]
Proportion of ownership interest in joint venture	50%
Dividends received	$ 35	0	$ 18
Net impairment and losses on sale of businesses and fixed assets	2,900	0
Joint ventures
Disclosure of joint ventures [line items]
Provision for doubtful debts	0
Doubtful debt provision, expense	0
Net impairment and losses on sale of businesses and fixed assets	2,900	0
Joint ventures | Equity attributable to owners of parent [member]
Disclosure of joint ventures [line items]
Net impairment and losses on sale of businesses and fixed assets	256	214
Joint ventures | gas & low carbon energy | Equity attributable to owners of parent [member]
Disclosure of joint ventures [line items]
Net impairment and losses on sale of businesses and fixed assets	276	0
Joint ventures | oil production & operations | Equity attributable to owners of parent [member]
Disclosure of joint ventures [line items]
Net impairment and losses on sale of businesses and fixed assets	$ 20	$ 214
Joint ventures | Bottom of range [member]
Disclosure of joint ventures [line items]
Days sales outstanding, related party receivables	30 days
Joint ventures | Top of range [member]
Disclosure of joint ventures [line items]
Days sales outstanding, related party receivables	45 days

Investments in joint ventures_4

Investments in joint ventures - Summarized financial information relating to joint ventures (Details) - USD ($) $ in Millions		12 Months Ended
		Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Disclosure of joint ventures [line items]
Sales and other operating revenues		$ 248,891	$ 164,195	$ 109,078
Profit (loss) before interest and taxation		18,039	18,082	(21,740)
Finance costs		2,703	2,857	3,115
Profit (loss) before taxation		15,405	15,227	(24,888)
Taxation		16,762	6,740	(4,159)
Profit (loss) for the year	[1],[2]	(1,357)	8,487	(20,729)
Other comprehensive income	[1],[2]	8,208	2,065	(1,641)
Total comprehensive income	[1],[2]	6,851	10,552	(22,370)
Non-current assets		180,432	194,682
Current assets		107,688	92,590
Total assets		288,120	287,272
Current liabilities		99,018	80,287
Non-current liabilities		106,112	116,546
Total liabilities		205,130	196,833
Net assets		82,990	90,439
Non-controlling interests		15,437	14,976
bp shareholders’ equity		67,553	75,463
Depreciation, depletion and amortization		14,318	14,805	14,889
Cash and cash equivalents		29,195	30,681	31,111	$ 22,472
Azule Energy Holdings Limited [Member]
Disclosure of joint ventures [line items]
Sales and other operating revenues		2,274
Profit (loss) before interest and taxation		1,460
Finance costs		218
Profit (loss) before taxation		1,242
Taxation		162
Profit (loss) for the year		1,080
Other comprehensive income		0
Total comprehensive income		1,080
Non-current assets		22,218
Current assets		4,132
Total assets		26,350
Current liabilities		2,594
Non-current liabilities		13,228
Total liabilities		15,822
Net assets		10,528
Non-controlling interests		0
bp shareholders’ equity		10,528
Depreciation, depletion and amortization		1,145
Interest income		11
Interest expense		218
Cash and cash equivalents		1,031
Current financial liabilities		2,077
Non-current financial liabilities		4,700
Pan American Energy Group [Member]
Disclosure of joint ventures [line items]
Sales and other operating revenues		6,408	4,394	3,505
Profit (loss) before interest and taxation		1,560	806	(366)
Finance costs		376	262	250
Profit (loss) before taxation		1,184	544	(616)
Taxation		108	978	(200)
Profit (loss) for the year		1,076	(434)	(416)
Other comprehensive income		0	0	0
Total comprehensive income		1,076	(434)	(416)
Non-current assets		14,598	14,206
Current assets		3,054	1,864
Total assets		17,652	16,070
Current liabilities		1,996	2,034
Non-current liabilities		5,856	5,244
Total liabilities		7,852	7,278
Net assets		9,800	8,792
Non-controlling interests		0	0
bp shareholders’ equity		9,800	8,792
Depreciation, depletion and amortization		1,039	930	937
Interest income		29	19	18
Interest expense		375	262	$ 250
Deferred tax expense (income)		415
Cash and cash equivalents		1,012	893
Current financial liabilities		751	767
Non-current financial liabilities		$ 2,151	$ 2,132
[1]See Note 31 for further information.[2]See Note 32 for further information.

Investments in joint ventures_5

Investments in joint ventures - Summarized financial information relating to the group's share of joint ventures (Details) - USD ($) $ in Millions		12 Months Ended
		Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Disclosure of joint ventures [line items]
Sales and other operating revenues		$ 248,891	$ 164,195	$ 109,078
Profit (loss) before interest and taxation		18,039	18,082	(21,740)
Finance costs		2,703	2,857	3,115
Profit (loss) before taxation		15,405	15,227	(24,888)
Taxation		16,762	6,740	(4,159)
Non-controlling interests		1,130	922	(424)
Profit (loss) for the year	[1],[2]	(1,357)	8,487	(20,729)
Other comprehensive income	[1],[2]	8,208	2,065	(1,641)
Total comprehensive income	[1],[2]	6,851	10,552	(22,370)
Non-current assets		180,432	194,682
Current assets		107,688	92,590
Assets		288,120	287,272
Current liabilities		99,018	80,287
Non-current liabilities		106,112	116,546
Liabilities		205,130	196,833
Net assets		82,990	90,439
Non-controlling interests		15,437	14,976
bp shareholders’ equity		67,553	75,463
Net impairment and losses on sale of businesses and fixed assets		(30,522)	1,121	(14,381)
Investments in joint ventures		12,400	9,982
Azule Energy Holdings Limited [Member]
Disclosure of joint ventures [line items]
Sales and other operating revenues		1,137
Profit (loss) before interest and taxation		730
Finance costs		109
Profit (loss) before taxation		621
Taxation		81
Non-controlling interests		0
Profit (loss) for the year		540
Other comprehensive income		0
Total comprehensive income		540
Non-current assets		11,109
Current assets		2,066
Assets		13,175
Current liabilities		1,297
Non-current liabilities		6,614
Liabilities		7,911
Net assets		5,264
Non-controlling interests		0
bp shareholders’ equity		5,264
Net impairment and losses on sale of businesses and fixed assets		0
Loans made by group companies to associates		0
Investments in joint ventures		5,264	0
Pan American Energy Group [Member]
Disclosure of joint ventures [line items]
Sales and other operating revenues		3,204	2,197	1,753
Profit (loss) before interest and taxation		780	403	(183)
Finance costs		188	131	125
Profit (loss) before taxation		592	272	(308)
Taxation		54	489	(100)
Non-controlling interests		0	0	0
Profit (loss) for the year		538	(217)	(208)
Other comprehensive income		0	0	0
Total comprehensive income		538	(217)	(208)
Non-current assets		7,299	7,103
Current assets		1,527	932
Assets		8,826	8,035
Current liabilities		998	1,017
Non-current liabilities		2,928	2,622
Liabilities		3,926	3,639
Net assets		4,900	4,396
Non-controlling interests		0	0
bp shareholders’ equity		4,900	4,396
Net impairment and losses on sale of businesses and fixed assets		(2,900)	0
Loans made by group companies to associates		0	0
Investments in joint ventures		2,000	4,396
Other joint ventures
Disclosure of joint ventures [line items]
Sales and other operating revenues		9,770	9,048	8,793
Profit (loss) before interest and taxation		255	927	32
Finance costs		137	58	76
Profit (loss) before taxation		118	869	(44)
Taxation		67	107	49
Non-controlling interests		1	2	1
Profit (loss) for the year		50	760	(94)
Other comprehensive income		50	5	(5)
Total comprehensive income		100	765	(99)
Non-current assets		7,775	7,702
Current assets		2,778	2,385
Assets		10,553	10,087
Current liabilities		1,713	1,272
Non-current liabilities		3,687	3,219
Liabilities		5,400	4,491
Net assets		5,153	5,596
Non-controlling interests		(13)	5
bp shareholders’ equity		5,140	5,591
Net impairment and losses on sale of businesses and fixed assets		0	0
Loans made by group companies to associates		(4)	(5)
Investments in joint ventures		5,136	5,586
Joint ventures
Disclosure of joint ventures [line items]
Sales and other operating revenues		14,111	11,245	10,545
Profit (loss) before interest and taxation		1,765	1,330	(151)
Finance costs		434	189	201
Profit (loss) before taxation		1,331	1,141	(352)
Taxation		202	596	(51)
Non-controlling interests		1	2	1
Profit (loss) for the year		1,128	543	(302)
Other comprehensive income		50	5	(5)
Total comprehensive income		1,178	548	$ (307)
Non-current assets		26,183	14,805
Current assets		6,371	3,317
Assets		32,554	18,122
Current liabilities		4,008	2,289
Non-current liabilities		13,229	5,841
Liabilities		17,237	8,130
Net assets		15,317	9,992
Non-controlling interests		(13)	5
bp shareholders’ equity		15,304	9,987
Net impairment and losses on sale of businesses and fixed assets		(2,900)	0
Loans made by group companies to associates		(4)	(5)
Investments in joint ventures		$ 12,400	$ 9,982
[1]See Note 31 for further information.[2]See Note 32 for further information.

Investments in joint ventures_6

Investments in joint ventures - Transactions between group and its joint ventures (Details) - Joint ventures - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Sales To Joint Ventures [Abstract]
Sales to related parties	$ 4,212	$ 3,923	$ 2,974
Related party receivable	316	292	180
Purchases from joint ventures [Abstract]
Purchases of goods, related party	1,893	716	959
Related party payables	$ 574	$ 93	$ 84

Investments in associates - Sum

Investments in associates - Summarized aggregate financial information of associates (Details) - USD ($) $ in Millions		12 Months Ended
		Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Disclosure of associates [line items]
Earnings from associates – after interest and tax		$ 1,402	$ 3,456	$ (101)
Investments in associatesa	[1]	8,201	21,001
Sales and other operating revenues		248,891	164,195	109,078
Profit (loss) before interest and taxation		18,039	18,082	(21,740)
Finance costs		2,703	2,857	3,115
Profit (loss) before taxation		15,405	15,227	(24,888)
Taxation		16,762	6,740	(4,159)
Non-controlling interests		1,130	922	(424)
bp shareholders		(2,487)	7,565	(20,305)
Other comprehensive income	[2],[3]	8,208	2,065	(1,641)
Total comprehensive income	[2],[3]	6,851	10,552	(22,370)
Non-current assets		180,432	194,682
Current assets		107,688	92,590
Assets		288,120	287,272
Current liabilities		99,018	80,287
Non-current liabilities		106,112	116,546
Liabilities		205,130	196,833
Net assets		82,990	90,439
Non-controlling interests		15,437	14,976
bp shareholders’ equity		67,553	75,463
Rosnefta
Disclosure of associates [line items]
Sales and other operating revenues			118,755	82,786
Profit (loss) before interest and taxation			18,537	1,270
Finance costs			1,357	1,742
Profit (loss) before taxation			17,180	(472)
Taxation			3,209	208
Non-controlling interests			1,743	482
bp shareholders			12,228	(1,162)
Other comprehensive income			54	1,653
Total comprehensive income			12,282	491
Non-current assets			155,898
Current assets			45,790
Assets			201,688
Current liabilities			47,061
Non-current liabilities			78,117
Liabilities			125,178
Net assets			76,510
Non-controlling interests			11,357
bp shareholders’ equity			65,153
Rosnefta
Disclosure of associates [line items]
Earnings from associates – after interest and tax		528	2,694	(229)
Investments in associatesa		0	14,354
Sales and other operating revenues			26,163	17,535
Profit (loss) before interest and taxation		(24,561)	4,084	295
Finance costs			299	372
Profit (loss) before taxation		25,520	3,785	(77)
Taxation			707	51
Non-controlling interests			384	101
bp shareholders			2,694	(229)
Other comprehensive income			12	336
Total comprehensive income			2,706	107
Non-current assets			34,346
Current assets			10,088
Assets			44,434
Current liabilities			10,368
Non-current liabilities			17,210
Liabilities			27,578
Net assets			16,856
Non-controlling interests			2,502
bp shareholders’ equity			14,354
Other associates
Disclosure of associates [line items]
Earnings from associates – after interest and tax		874	762	128
Investments in associatesa		8,201	6,647
Sales and other operating revenues			10,005	5,946
Profit (loss) before interest and taxation			1,602	276
Finance costs			73	80
Profit (loss) before taxation			1,529	196
Taxation			767	67
Non-controlling interests			0	1
bp shareholders			762	128
Other comprehensive income			27	(19)
Total comprehensive income			789	109
Non-current assets			9,259
Current assets			2,418
Assets			11,677
Current liabilities			1,876
Non-current liabilities			3,298
Liabilities			5,174
Net assets			6,503
Non-controlling interests			0
bp shareholders’ equity			6,503
Associates
Disclosure of associates [line items]
Earnings from associates – after interest and tax		1,402	3,456	(101)
Investments in associatesa		8,201	21,001
Sales and other operating revenues		14,841	36,168	23,481
Profit (loss) before interest and taxation		3,053	5,686	571
Finance costs		73	372	452
Profit (loss) before taxation		2,980	5,314	119
Taxation		1,498	1,474	118
Non-controlling interests		80	384	102
bp shareholders		1,402	3,456	(101)
Other comprehensive income		352	39	317
Total comprehensive income		1,754	3,495	$ 216
Non-current assets		11,993	43,605
Current assets		3,368	12,506
Assets		15,361	56,111
Current liabilities		2,936	12,244
Non-current liabilities		4,255	20,508
Liabilities		7,191	32,752
Net assets		8,170	23,359
Non-controlling interests		0	2,502
bp shareholders’ equity		$ 8,170	$ 20,857
[1]See Note 1 - Significant judgements and estimate: investment in Rosneft for further information[2]See Note 31 for further information.[3]See Note 32 for further information.

Investments in associates - Nar

Investments in associates - Narrative (Details) - USD ($)		12 Months Ended
		Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Disclosure of associates [line items]
Profit (loss) before interest and taxation		$ 18,039,000,000	$ 18,082,000,000	$ (21,740,000,000)
Net impairment and losses on sale of businesses and fixed assets		30,522,000,000	(1,121,000,000)	14,381,000,000
Earnings from associates – after interest and tax		1,402,000,000	3,456,000,000	(101,000,000)
Exchange (gains) losses on translation of foreign operations reclassified to gain or loss on sale of businesses and fixed assets	[1]	(10,759,000,000)	(36,000,000)	353,000,000
Rosnefta
Disclosure of associates [line items]
Profit (loss) before interest and taxation		(24,561,000,000)	4,084,000,000	295,000,000
Earnings from associates – after interest and tax		528,000,000	2,694,000,000	(229,000,000)
Dividends received		0	640,000,000	480,000,000
Rosnefta | Other Business And Corporate, Non-Segment [Member]
Disclosure of associates [line items]
Net impairment and losses on sale of businesses and fixed assets		13,479,000,000
Earnings from associates – after interest and tax		528,000,000
Rosnefta | Reserve of exchange differences on translation [member]
Disclosure of associates [line items]
Losses on disposals of investments		11,082,000,000
Associates
Disclosure of associates [line items]
Profit (loss) before interest and taxation		3,053,000,000	5,686,000,000	571,000,000
Net impairment and losses on sale of businesses and fixed assets		0	291,000,000
Earnings from associates – after interest and tax		1,402,000,000	3,456,000,000	$ (101,000,000)
Provision for doubtful debts		0
Doubtful debt provision, expense		0
Commitments in relations to contracts with associates		8,488,000,000	$ 9,930,000,000
Associates | RUSSIAN FEDERATION
Disclosure of associates [line items]
Profit (loss) before interest and taxation		(25,520,000,000)
Net impairment and losses on sale of businesses and fixed assets		1,043,000,000
Earnings from associates – after interest and tax		35,000,000
Exchange (gains) losses on translation of foreign operations reclassified to gain or loss on sale of businesses and fixed assets		$ 479,000,000
Associates | Bottom of range [member]
Disclosure of associates [line items]
Term of receivables		30 days
Associates | Top of range [member]
Disclosure of associates [line items]
Term of receivables		45 days
[1]See Note 32 for further information.

Investments in associates - S_2

Investments in associates - Summarized financial information relating to associates (Details) - USD ($) $ in Millions		12 Months Ended
		Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Disclosure of associates [line items]
Sales and other operating revenues		$ 248,891	$ 164,195	$ 109,078
Profit (loss) before interest and taxation		18,039	18,082	(21,740)
Finance costs		2,703	2,857	3,115
Profit (loss) before taxation		15,405	15,227	(24,888)
Taxation		16,762	6,740	(4,159)
Non-controlling interests		1,130	922	(424)
Profit for the year		(2,487)	7,565	(20,305)
Other comprehensive income	[1],[2]	8,208	2,065	(1,641)
Total comprehensive income	[1],[2]	6,851	10,552	(22,370)
Non-current assets		180,432	194,682
Current assets		107,688	92,590
Total assets		288,120	287,272
Current liabilities		99,018	80,287
Non-current liabilities		106,112	116,546
Total liabilities		205,130	196,833
Net assets		82,990	90,439
Non-controlling interests		15,437	14,976
bp shareholders’ equity		67,553	75,463
Group investment in associates	[3]	8,201	21,001
Rosnefta
Disclosure of associates [line items]
Sales and other operating revenues			26,163	17,535
Profit (loss) before interest and taxation		(24,561)	4,084	295
Finance costs			299	372
Profit (loss) before taxation		25,520	3,785	(77)
Taxation			707	51
Non-controlling interests			384	101
Profit for the year			2,694	(229)
Other comprehensive income			12	336
Total comprehensive income			2,706	107
Non-current assets			34,346
Current assets			10,088
Total assets			44,434
Current liabilities			10,368
Non-current liabilities			17,210
Total liabilities			27,578
Net assets			16,856
Non-controlling interests			2,502
bp shareholders’ equity			14,354
Loans made by group companies to associates			0
Group investment in associates		0	14,354
Other associates
Disclosure of associates [line items]
Sales and other operating revenues			10,005	5,946
Profit (loss) before interest and taxation			1,602	276
Finance costs			73	80
Profit (loss) before taxation			1,529	196
Taxation			767	67
Non-controlling interests			0	1
Profit for the year			762	128
Other comprehensive income			27	(19)
Total comprehensive income			789	109
Non-current assets			9,259
Current assets			2,418
Total assets			11,677
Current liabilities			1,876
Non-current liabilities			3,298
Total liabilities			5,174
Net assets			6,503
Non-controlling interests			0
bp shareholders’ equity			6,503
Loans made by group companies to associates			144
Group investment in associates		8,201	6,647
Associates
Disclosure of associates [line items]
Sales and other operating revenues		14,841	36,168	23,481
Profit (loss) before interest and taxation		3,053	5,686	571
Finance costs		73	372	452
Profit (loss) before taxation		2,980	5,314	119
Taxation		1,498	1,474	118
Non-controlling interests		80	384	102
Profit for the year		1,402	3,456	(101)
Other comprehensive income		352	39	317
Total comprehensive income		1,754	3,495	216
Non-current assets		11,993	43,605
Current assets		3,368	12,506
Total assets		15,361	56,111
Current liabilities		2,936	12,244
Non-current liabilities		4,255	20,508
Total liabilities		7,191	32,752
Net assets		8,170	23,359
Non-controlling interests		0	2,502
bp shareholders’ equity		8,170	20,857
Loans made by group companies to associates		31	144
Group investment in associates		$ 8,201	21,001
Rosnefta
Disclosure of associates [line items]
Sales and other operating revenues			118,755	82,786
Profit (loss) before interest and taxation			18,537	1,270
Finance costs			1,357	1,742
Profit (loss) before taxation			17,180	(472)
Taxation			3,209	208
Non-controlling interests			1,743	482
Profit for the year			12,228	(1,162)
Other comprehensive income			54	1,653
Total comprehensive income			12,282	$ 491
Non-current assets			155,898
Current assets			45,790
Total assets			201,688
Current liabilities			47,061
Non-current liabilities			78,117
Total liabilities			125,178
Net assets			76,510
Non-controlling interests			11,357
bp shareholders’ equity			$ 65,153
[1]See Note 31 for further information.[2]See Note 32 for further information.[3]See Note 1 - Significant judgements and estimate: investment in Rosneft for further information

Investments in associates - S_3

Investments in associates - Summary of transactions between the group and its associates (Details) - Associates - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Disclosure of associates [line items]
Sales to related parties	$ 1,042	$ 852	$ 855
Related party receivable	417	201	169
Purchases of goods, related party	6,199	7,683	4,926
Related party payables	$ 2,086	$ 2,072	$ 1,280

Other investments - Schedule of

Other investments - Schedule of other investments (Details) - USD ($) $ in Millions	Dec. 31, 2022	Dec. 31, 2021
Disclosure of financial assets [line items]
Other current investments	$ 578	$ 280
Other non-current investments	2,670	2,544
Other investments
Disclosure of financial assets [line items]
Other current investments	0	0
Other non-current investments	1,040	717
Contingent consideration [member]
Disclosure of financial assets [line items]
Other current investments	364	237
Other non-current investments	1,522	1,680
Other
Disclosure of financial assets [line items]
Other current investments	214	43
Other non-current investments	$ 108	$ 147

Inventories - Schedule of inven

Inventories - Schedule of inventories (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Inventories [Abstract]
Crude oil	$ 3,608	$ 3,259
Natural gas	825	474
Emission allowances	436	290
Refined petroleum and petrochemical products	7,920	6,638
Total current inventories	12,789	10,661
Trading inventories	14,004	11,525
Current inventories arising from extractive activities and current production supplies	26,793	22,186
Supplies	1,288	1,525
Total current inventories	28,081	23,711
Cost of inventories expensed in the income statement	$ 141,043	$ 92,923	$ 57,682

Inventories - Narrative (Detail

Inventories - Narrative (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Disclosure of financial assets [line items]
Write down provision to net realizable value	$ 483	$ 432
Net charge to income statement	199
Reversal of inventory write-down		153
Hydrocarbon Inventories
Disclosure of financial assets [line items]
Write down provision to net realizable value	195	64
Net charge to income statement	$ 195
Reversal of inventory write-down		$ 151

Trade and other receivables - S

Trade and other receivables - Summary of trade and other receivables (Details) - USD ($) $ in Millions	Dec. 31, 2022	Dec. 31, 2021
Current
Current trade receivables	$ 28,229	$ 22,307
Current receivables due from related parties	654	404
Current Receivables Related To Disposals	191	205
Other current receivables	3,762	2,874
Trade and other current receivables financial assets	32,836	25,790
Non-current
Non-current trade receivables	12	17
Non-current receivables due from related parties	79	89
Non-Current Receivables Related To Disposals	194	823
Other non-current receivables	414	472
Trade and other non-current receivables financial assets	699	1,401
Current
Current portion of sales taxes and production taxes	1,037	1,131
Other current receivables non-financial asset	137	218
Trade and other current receivables non-financial assets	1,174	1,349
Non-current
Non-current portion of sales taxes and production taxes	379	474
Other non-current receivables non-finance asset	14	818
Trade and other non-current receivables non-financial assets	393	1,292
Trade and other current receivables	34,010	27,139
Trade and other non-current receivables	$ 1,092	$ 2,693

Valuation and qualifying acco_3

Valuation and qualifying accounts - Schedule of valuation and qualifying accounts (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Trade and other receivables
Changes in other provisions [abstract]
Valuation allowances and reserves, beginning of period	$ 584	$ 555	$ 509
Charged to costs and expenses	143	136	214
Exchange adjustments	(8)	(11)	2
Deductions	(83)	(96)	(170)
Valuation Allowances And Reserves, Reclassifications	0	0	0
Valuation allowances and reserves, end of period	636	584	555
Valuation Allowances And Reserves, Balance 1	636	584	555
Fixed asset investments
Changes in other provisions [abstract]
Valuation allowances and reserves, beginning of period	169	186	249
Charged to costs and expenses	17,471	3	103
Exchange adjustments	(27)	0	0
Deductions	(41)	(20)	(166)
Valuation Allowances And Reserves, Reclassifications	(14,522)	0	0
Valuation allowances and reserves, end of period	3,050	169	186
Valuation Allowances And Reserves, Balance 1	3,050	169	186
Credit impaired
Changes in other provisions [abstract]
Valuation allowances and reserves, beginning of period	456	456
Valuation allowances and reserves, end of period	513	456	456
Valuation Allowances And Reserves, Balance 1	513	456	456
Not credit-impaired
Changes in other provisions [abstract]
Valuation allowances and reserves, beginning of period	(128)	(99)
Valuation allowances and reserves, end of period	(123)	(128)	(99)
Valuation Allowances And Reserves, Balance 1	$ (123)	$ (128)	$ (99)

Trade and other payables - Sche

Trade and other payables - Schedule of trade and other payables (Details) - USD ($) $ in Millions	Dec. 31, 2022	Dec. 31, 2021
Current
Current trade payables	$ 47,210	$ 37,327
Current payables to related parties	2,660	2,165
Current payables for capital expenditure and acquisitions	2,579	2,063
Current payables related to the Gulf of Mexico oil spill	1,213	1,276
Other current payables	5,995	5,736
Trade and other current payables financial liabilities	59,657	48,567
Non-current
Non-current trade payables	0	0
Non-current payables to related parties	0	0
Non-current payables for capital expenditure and acquisitionsa	446	764
Non-current payables related to the Gulf of Mexico oil spill	8,350	9,154
Other non-current payables	1,133	175
Trade and other noncurrent payables financial liabilities	9,929	10,093
Current
Current sales taxes, customs duties, production taxes and social security	2,361	2,708
Other current payables non-financial liabilities	1,966	1,336
Trade and other current payables non-financial liabilities	4,327	4,044
Trade and other current payables	63,984	52,611
Non-current
Non-current sales taxes, customs duties, production taxes and social security	124	77
Other non-current payables non-financial liabilities	334	397
Trade and other non-current payables non-financial liabilities	458	474
Trade and other non-current payables	$ 10,387	$ 10,567

Trade and other payables - Narr

Trade and other payables - Narrative (Details) - Gulf of Mexico Oil Spill $ in Millions	12 Months Ended
	Dec. 31, 2022 USD ($) participant	Dec. 31, 2021 USD ($)	Dec. 31, 2020 USD ($)
Disclosure of financial liabilities [line items]
Number of gulf coast states approved by the federal district court included in the agreements (state) | participant	5
Cash Flows From (Used In) Operating Activities, Before Tax	$ 1,370	$ 1,484	$ 1,786
Natural Resource Damages
Disclosure of financial liabilities [line items]
Other payables	4,146
State Claims
Disclosure of financial liabilities [line items]
Other payables	2,263
Clean Water Act Penalties
Disclosure of financial liabilities [line items]
Other payables	$ 3,065

Provisions - Schedule of provis

Provisions - Schedule of provisions (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Reconciliation of changes in other provisions [abstract]
Beginning balance, provisions	$ 24,828
Exchange adjustments	(451)
Acquisitions	33
New and increase in existing provisionsa	5,876
Unused provision reversed, other provisions	365
Unwinding of discountb	369
Change in discount rate	(3,473)
Provision used, other provisions	3,132
Reclassified to other payables	(377)
Decrease through transfer to liabilities included in disposal groups classified as held for sale, other provisions	36
Decrease through loss of control of subsidiary, other provisions	1,948
Ending balance, provisions	21,324	$ 24,828
Current provisions	6,332	5,256
Non-current provisions	14,992	19,572
Decommissioning
Reconciliation of changes in other provisions [abstract]
Beginning balance, provisions	16,665
Exchange adjustments	(286)
Acquisitions	33
New and increase in existing provisionsa	1,215
Unused provision reversed, other provisions	9
Unwinding of discountb	310
Change in discount rate	(3,245)
Provision used, other provisions	44
Reclassified to other payables	(369)
Decrease through transfer to liabilities included in disposal groups classified as held for sale, other provisions	32
Decrease through loss of control of subsidiary, other provisions	1,895
Ending balance, provisions	12,343	16,665
Current provisions	577
Non-current provisions	11,766
Environmental
Reconciliation of changes in other provisions [abstract]
Beginning balance, provisions	1,745
Exchange adjustments	(15)
Acquisitions	0
New and increase in existing provisionsa	502
Unused provision reversed, other provisions	89
Unwinding of discountb	35
Change in discount rate	(134)
Provision used, other provisions	314
Reclassified to other payables	(3)
Decrease through transfer to liabilities included in disposal groups classified as held for sale, other provisions	3
Decrease through loss of control of subsidiary, other provisions	3
Ending balance, provisions	1,721	1,745
Current provisions	390
Non-current provisions	1,331
Litigation And Claims
Reconciliation of changes in other provisions [abstract]
Beginning balance, provisions	834
Exchange adjustments	(3)
Acquisitions	0
New and increase in existing provisionsa	241
Unused provision reversed, other provisions	53
Unwinding of discountb	14
Change in discount rate	(81)
Provision used, other provisions	171
Reclassified to other payables	0
Decrease through transfer to liabilities included in disposal groups classified as held for sale, other provisions	0
Decrease through loss of control of subsidiary, other provisions	2
Ending balance, provisions	779	834
Current provisions	191
Non-current provisions	588
Emissions
Reconciliation of changes in other provisions [abstract]
Beginning balance, provisions	3,753
Exchange adjustments	(64)
Acquisitions	0
New and increase in existing provisionsa	3,695
Unused provision reversed, other provisions	40
Unwinding of discountb	0
Change in discount rate	0
Provision used, other provisions	2,282
Reclassified to other payables	0
Decrease through transfer to liabilities included in disposal groups classified as held for sale, other provisions	0
Decrease through loss of control of subsidiary, other provisions	0
Ending balance, provisions	5,062	3,753
Current provisions	4,643
Non-current provisions	419
Other provisions
Reconciliation of changes in other provisions [abstract]
Beginning balance, provisions	1,831
Exchange adjustments	(83)
Acquisitions	0
New and increase in existing provisionsa	223
Unused provision reversed, other provisions	174
Unwinding of discountb	10
Change in discount rate	(13)
Provision used, other provisions	321
Reclassified to other payables	(5)
Decrease through transfer to liabilities included in disposal groups classified as held for sale, other provisions	1
Decrease through loss of control of subsidiary, other provisions	48
Ending balance, provisions	1,419	$ 1,831
Current provisions	531
Non-current provisions	$ 888

Pensions and other post-retir_3

Pensions and other post-retirement benefits - Narrative (Details) $ in Millions	12 Months Ended
	Dec. 31, 2022 USD ($) director chairman participant	Dec. 31, 2021 USD ($)	Dec. 31, 2020 USD ($)
Funded
Disclosure of defined benefit plans [line items]
Aggregate contributions	$ 74	$ 274	$ 325
Expected aggregate contributions	$ 150
United Kingdom
Disclosure of defined benefit plans [line items]
Number of member-nominated directors in trustee board (director) | director	4
Number of company-nominated directors In trustee board (director) | director	4
Number of company-nominated independent directors in trustee board (director) | director	1
Number of company-nominated independent chairman in trustee board (chairman) | chairman	1
Contribution coverage period	5 years
Percentage of plan asset transfers from equity to bonds investment instrument	2%	5%
United Kingdom | Government issued nominal bondsd
Disclosure of defined benefit plans [line items]
Government issued nominal bonds under liability driven investments LDI	$ 3,981	$ 7,399
United Kingdom | Government issued index-linked bondsd
Disclosure of defined benefit plans [line items]
Index linked bonds under liability driven investments	$ 11,945	$ 24,516
US
Disclosure of defined benefit plans [line items]
Number of companies employees serving as investment committee members (employee) | participant	7
Percentage of plan asset transfers from equity to bonds investment instrument	3%	13%

Pensions and other post-retir_4

Pensions and other post-retirement benefits - Details of assumptions used to estimate benefit obligations (Details)	Dec. 31, 2022	Dec. 31, 2021	Jul. 01, 2021	Jun. 30, 2021	Dec. 31, 2020
United Kingdom
Disclosure of defined benefit plans [line items]
Discount rate for plan liabilities	5%	1.80%			1.40%
Rate of increase for pensions in payment	2.90%	3.20%			2.80%
Rate of increase in deferred pensions	2.90%	3.20%			2.80%
Inflation for plan liabilities	3.10%	3.30%			2.90%
Discount rate for plan service costb		1.50%			2.10%
Discount rate for plan other finance expensec	1.80%	1.70%	1.90%	1.40%	2.10%
Inflation for plan service costb		2.80%			2.60%
Actuarial assumption of expected rates of salary increases					3.60%
US
Disclosure of defined benefit plans [line items]
Discount rate for plan liabilities	5.20%	2.70%			2.20%
Rate of increase for pensions in payment	0%	0%			0%
Rate of increase in deferred pensions	0%	0%			0%
Inflation for plan liabilities	2%	2.10%			1.70%
Discount rate for plan service costb	2.80%	2.40%			3.20%
Discount rate for plan other finance expensec	2.70%	2.20%			3.10%
Inflation for plan service costb	2.10%	1.70%			1.50%
Eurozone
Disclosure of defined benefit plans [line items]
Discount rate for plan liabilities	4.20%	1.30%			1%
Rate of increase for pensions in payment	1.80%	1.40%			1.30%
Rate of increase in deferred pensions	0.60%	0.40%			0.50%
Inflation for plan liabilities	2.10%	1.60%			1.50%
Discount rate for plan service costb	1.70%	1.40%			1.80%
Discount rate for plan other finance expensec	1.30%	1%			1.30%
Inflation for plan service costb	1.60%	1.50%			1.70%
Other
Disclosure of defined benefit plans [line items]
Discount rate for plan service costb	2.50%
Inflation for plan service costb	2.20%

Pensions and other post-retir_5

Pensions and other post-retirement benefits - Summary of mortality assumptions (Details)	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Life expectancy at age 60 for a male currently aged 60 | United Kingdom
Disclosure of defined benefit plans [line items]
Mortality assumptions	26.9	26.9	26.9
Life expectancy at age 60 for a male currently aged 60 | US
Disclosure of defined benefit plans [line items]
Mortality assumptions	25	24.9	24.7
Life expectancy at age 60 for a male currently aged 60 | Eurozone
Disclosure of defined benefit plans [line items]
Mortality assumptions	26	25.8	25.7
Life expectancy at age 60 for a male currently aged 40 | United Kingdom
Disclosure of defined benefit plans [line items]
Mortality assumptions	28.5	28.4	28.4
Life expectancy at age 60 for a male currently aged 40 | US
Disclosure of defined benefit plans [line items]
Mortality assumptions	26.6	26.6	26.4
Life expectancy at age 60 for a male currently aged 40 | Eurozone
Disclosure of defined benefit plans [line items]
Mortality assumptions	28.5	28.3	28.2
Life expectancy at age 60 for a female currently aged 60 | United Kingdom
Disclosure of defined benefit plans [line items]
Mortality assumptions	28.8	28.9	28.8
Life expectancy at age 60 for a female currently aged 60 | US
Disclosure of defined benefit plans [line items]
Mortality assumptions	28	27.9	27.7
Life expectancy at age 60 for a female currently aged 60 | Eurozone
Disclosure of defined benefit plans [line items]
Mortality assumptions	29.3	29.1	29
Life expectancy at age 60 for a female currently aged 40 | United Kingdom
Disclosure of defined benefit plans [line items]
Mortality assumptions	30.6	30.5	30.4
Life expectancy at age 60 for a female currently aged 40 | US
Disclosure of defined benefit plans [line items]
Mortality assumptions	29.5	29.4	29.2
Life expectancy at age 60 for a female currently aged 40 | Eurozone
Disclosure of defined benefit plans [line items]
Mortality assumptions	31.4	31.2	31.2

Pensions and other post-retir_6

Pensions and other post-retirement benefits - Current asset allocation (Details) - USD ($) $ in Millions	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Disclosure of fair value of plan assets [line items]
Otherf	$ 1,534	$ 1,279	$ 1,060
United Kingdom
Disclosure of fair value of plan assets [line items]
Total equity (including private equity)	10%
Bonds/cash (including LDI)	83%
Property/real estate	7%
Otherf	$ 1,088	1,133	795
US
Disclosure of fair value of plan assets [line items]
Total equity (including private equity)	24%
Bonds/cash (including LDI)	76%
Property/real estate	0%
Otherf	$ 33	54	131
Other
Disclosure of fair value of plan assets [line items]
Otherf	357	$ 22	$ 30
Canada
Disclosure of fair value of plan assets [line items]
Otherf	$ 341

Pensions and other post-retir_7

Pensions and other post-retirement benefits - Fair value of assets held by the defined benefit plans (Details) - USD ($) $ in Millions	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Disclosure of fair value of plan assets [line items]
Property	$ 2,404	$ 2,846	$ 2,691
Cash	919	1,375	1,873
Otherf	1,534	1,279	1,060
Debt (repurchase agreements) used to fund liability driven investments	(5,290)	(10,723)	(9,387)
Asset recognized	33,527	53,966	53,117
Listed equities – developed markets
Disclosure of fair value of plan assets [line items]
Equity	1,891	4,067	6,980
Listed equities – emerging markets
Disclosure of fair value of plan assets [line items]
Equity	253	440	671
Private equity
Disclosure of fair value of plan assets [line items]
Equity	3,843	4,773	4,507
Government issued nominal bondsd
Disclosure of fair value of plan assets [line items]
Debt instruments	6,354	11,503	7,869
Government issued index-linked bondsd
Disclosure of fair value of plan assets [line items]
Debt instruments	12,024	24,616	24,683
Corporate bondsd
Disclosure of fair value of plan assets [line items]
Debt instruments	9,595	13,790	12,170
United Kingdom
Disclosure of fair value of plan assets [line items]
Property	2,297	2,714	2,553
Cash	567	1,136	1,392
Otherf	1,088	1,133	795
Debt (repurchase agreements) used to fund liability driven investments	(5,290)	(10,723)	(9,387)
Asset recognized	25,047	42,844	41,463
United Kingdom | Listed equities – developed markets
Disclosure of fair value of plan assets [line items]
Equity	1,252	2,964	5,008
United Kingdom | Listed equities – emerging markets
Disclosure of fair value of plan assets [line items]
Equity	117	252	418
United Kingdom | Private equity
Disclosure of fair value of plan assets [line items]
Equity	2,715	3,233	2,899
United Kingdom | Government issued nominal bondsd
Disclosure of fair value of plan assets [line items]
Debt instruments	4,039	7,491	4,303
United Kingdom | Government issued index-linked bondsd
Disclosure of fair value of plan assets [line items]
Debt instruments	11,945	24,516	24,576
United Kingdom | Corporate bondsd
Disclosure of fair value of plan assets [line items]
Debt instruments	6,317	10,128	8,906
US
Disclosure of fair value of plan assets [line items]
Property	0	0	0
Cash	175	116	267
Otherf	33	54	131
Debt (repurchase agreements) used to fund liability driven investments	0	0	0
Asset recognized	5,417	7,173	7,466
US | Listed equities – developed markets
Disclosure of fair value of plan assets [line items]
Equity	127	340	1,112
US | Listed equities – emerging markets
Disclosure of fair value of plan assets [line items]
Equity	17	45	115
US | Private equity
Disclosure of fair value of plan assets [line items]
Equity	1,126	1,537	1,604
US | Government issued nominal bondsd
Disclosure of fair value of plan assets [line items]
Debt instruments	1,370	2,606	1,839
US | Government issued index-linked bondsd
Disclosure of fair value of plan assets [line items]
Debt instruments	0	0	0
US | Corporate bondsd
Disclosure of fair value of plan assets [line items]
Debt instruments	2,569	2,475	2,398
Eurozone
Disclosure of fair value of plan assets [line items]
Property	89	110	110
Cash	61	54	51
Otherf	56	70	104
Debt (repurchase agreements) used to fund liability driven investments	0	0	0
Asset recognized	1,877	2,537	2,680
Eurozone | Listed equities – developed markets
Disclosure of fair value of plan assets [line items]
Equity	299	473	542
Eurozone | Listed equities – emerging markets
Disclosure of fair value of plan assets [line items]
Equity	48	67	68
Eurozone | Private equity
Disclosure of fair value of plan assets [line items]
Equity	0	0	0
Eurozone | Government issued nominal bondsd
Disclosure of fair value of plan assets [line items]
Debt instruments	682	974	1,111
Eurozone | Government issued index-linked bondsd
Disclosure of fair value of plan assets [line items]
Debt instruments	79	100	107
Eurozone | Corporate bondsd
Disclosure of fair value of plan assets [line items]
Debt instruments	563	689	587
Other
Disclosure of fair value of plan assets [line items]
Property	18	22	28
Cash	116	69	163
Otherf	357	22	30
Debt (repurchase agreements) used to fund liability driven investments	0	0	0
Asset recognized	1,186	1,412	1,508
Other | Listed equities – developed markets
Disclosure of fair value of plan assets [line items]
Equity	213	290	318
Other | Listed equities – emerging markets
Disclosure of fair value of plan assets [line items]
Equity	71	76	70
Other | Private equity
Disclosure of fair value of plan assets [line items]
Equity	2	3	4
Other | Government issued nominal bondsd
Disclosure of fair value of plan assets [line items]
Debt instruments	263	432	616
Other | Government issued index-linked bondsd
Disclosure of fair value of plan assets [line items]
Debt instruments	0	0	0
Other | Corporate bondsd
Disclosure of fair value of plan assets [line items]
Debt instruments	$ 146	$ 498	$ 279

Pensions and other post-retir_8

Pensions and other post-retirement benefits - Analysis of the amounts charged to profit (loss), recognized in other comprehensive income, and movement in obligations (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Analysis of the amount charged to profit or loss
Current service cost	$ 372	$ 536	$ 683
Past service cost	1	(327)	(122)
Settlement	(12)	(5)	(14)
Operating charge relating to defined benefit plans	361	204	547
Post-employment benefit expense, defined contribution plans	284	255	272
Employee Benefit, Expense	645	459	819
Interest income on plan assets	(961)	(904)	(1,008)
Interest cost	892	902	1,041
Other finance (income) expense	(69)	(2)	33
Analysis of the amount recognized in other comprehensive income
Actual asset return less interest income on plan assets	(15,194)	3,226	5,291
Change in financial assumptions underlying the present value of the plan liabilities	15,850	1,007	(5,570)
Change in demographic assumptions underlying the present value of the plan liabilities	18	11	666
Experience gains and losses arising on the plan liabilities	(334)	172	(217)
Remeasurements recognized in other comprehensive income (liabilities) assets	340	4,416	170
Movements in benefit obligation and fair value of plan assets during the year
Operating charge relating to defined benefit plans	361	204	547
Interest Expense, Net Defined Benefit Liability	892	902	1,041
Interest income on plan assets	(961)	(904)	(1,008)
Remeasurements recognized in other comprehensive income (liabilities) assets	340	4,416	170
Plan assets, at fair value, beginning of period	53,966	53,117
Plan assets, at fair value, end of period	33,527	53,966	53,117
Surplus (deficit) at 31 December	4,025	4,099
Surplus (deficit) in plan, asset recognized	9,269	11,919
Surplus (deficit) in plan, liability recognized	(5,244)	(7,820)
Funded
Movements in benefit obligation and fair value of plan assets during the year
Contributions to plan by employer, net defined benefit liability (asset)	74	274	325
Surplus (deficit) at 31 December	9,220	11,814
Unfunded
Movements in benefit obligation and fair value of plan assets during the year
Surplus (deficit) at 31 December	5,195	7,715
Accrued benefit obligation
Analysis of the amount charged to profit or loss
Operating charge relating to defined benefit plans	361	204
Interest cost	892	902
Analysis of the amount recognized in other comprehensive income
Remeasurements recognized in other comprehensive income (liabilities) assets	(15,534)	(1,190)
Movements in benefit obligation and fair value of plan assets during the year
Net defined benefit liability (asset), beginning of period	(49,867)	(54,414)
Exchange adjustments (liabilities) assets	(3,735)	(929)
Operating charge relating to defined benefit plans	361	204
Interest Expense, Net Defined Benefit Liability	892	902
Contributions by plan participants (liabilities) assets	15	26
Decrease Through Reclassification to Assets Held For Sale, Net Defined Benefit Liability (Asset)	12
Disposals of (benefit obligations) and fair value of plan asset	76	2
Remeasurements recognized in other comprehensive income (liabilities) assets	(15,534)	(1,190)
Net defined benefit liability (asset), end of period	(29,502)	(49,867)	(54,414)
Net defined benefit liability (asset)	29,502	49,867	54,414
Settlement payments in respect of net defined benefit liabilities (assets)	2,217	3,416
Payments in respect of settlements, net defined benefit liability (asset)	8	93
Expenses incurred for administration of the benefits	51	49
Accrued benefit obligation | Funded
Movements in benefit obligation and fair value of plan assets during the year
Net defined benefit liability (asset), beginning of period	(42,152)
Benefit payments (liabilities) assets	1,732	2,973
Net defined benefit liability (asset), end of period	(24,307)	(42,152)
Net defined benefit liability (asset)	24,307	42,152
Accrued benefit obligation | Unfunded
Movements in benefit obligation and fair value of plan assets during the year
Net defined benefit liability (asset), beginning of period	(7,715)
Benefit payments (liabilities) assets	544	585
Net defined benefit liability (asset), end of period	(5,195)	(7,715)
Net defined benefit liability (asset)	5,195	7,715
Fair value of plan assets
Analysis of the amount charged to profit or loss
Interest income on plan assets	(961)	(904)
Analysis of the amount recognized in other comprehensive income
Remeasurements recognized in other comprehensive income (liabilities) assets	(15,194)	3,226
Movements in benefit obligation and fair value of plan assets during the year
Exchange adjustments (liabilities) assets	(4,466)	(607)
Interest income on plan assets	(961)	(904)
Contributions by plan participants (liabilities) assets	15	26
Decrease Through Reclassification to Assets Held For Sale, Net Defined Benefit Liability (Asset)	11
Disposals of (benefit obligations) and fair value of plan asset	86	1
Remeasurements recognized in other comprehensive income (liabilities) assets	(15,194)	3,226
Plan assets, at fair value, beginning of period	53,966	(53,117)
Plan assets, at fair value, end of period	33,527	53,966	(53,117)
Surplus (deficit) at 31 December	4,025	4,099
Fair value of plan assets | Funded
Movements in benefit obligation and fair value of plan assets during the year
Contributions to plan by employer, net defined benefit liability (asset)	74	274
Benefit payments (liabilities) assets	(1,732)	(2,973)
United Kingdom
Analysis of the amount charged to profit or loss
Current service cost	41	154	250
Past service cost	23	(302)	(48)
Settlement	(8)	0	0
Operating charge relating to defined benefit plans	56	(148)	202
Post-employment benefit expense, defined contribution plans	110	76	49
Employee Benefit, Expense	166	(72)	251
Interest income on plan assets	(694)	(684)	(725)
Interest cost	529	559	596
Other finance (income) expense	(165)	(125)	(129)
Analysis of the amount recognized in other comprehensive income
Actual asset return less interest income on plan assets	(12,955)	2,440	4,108
Change in financial assumptions underlying the present value of the plan liabilities	11,531	(100)	(4,207)
Change in demographic assumptions underlying the present value of the plan liabilities	47	66	585
Experience gains and losses arising on the plan liabilities	(146)	7	54
Remeasurements recognized in other comprehensive income (liabilities) assets	(1,523)	2,413	540
Movements in benefit obligation and fair value of plan assets during the year
Operating charge relating to defined benefit plans	56	(148)	202
Interest Expense, Net Defined Benefit Liability	529	559	596
Interest income on plan assets	(694)	(684)	(725)
Remeasurements recognized in other comprehensive income (liabilities) assets	(1,523)	2,413	540
Plan assets, at fair value, beginning of period	42,844	41,463
Plan assets, at fair value, end of period	25,047	42,844	41,463
Surplus (deficit) at 31 December	7,567	10,010
Surplus (deficit) in plan, asset recognized	7,716	10,280
Surplus (deficit) in plan, liability recognized	(149)	(270)
United Kingdom | Funded
Movements in benefit obligation and fair value of plan assets during the year
Surplus (deficit) at 31 December	7,716	10,280
United Kingdom | Unfunded
Movements in benefit obligation and fair value of plan assets during the year
Surplus (deficit) at 31 December	149	270
United Kingdom | Accrued benefit obligation
Analysis of the amount charged to profit or loss
Operating charge relating to defined benefit plans	56	(148)
Interest cost	529	559
Analysis of the amount recognized in other comprehensive income
Remeasurements recognized in other comprehensive income (liabilities) assets	(11,432)	27
Movements in benefit obligation and fair value of plan assets during the year
Net defined benefit liability (asset), beginning of period	(32,834)	(34,171)
Exchange adjustments (liabilities) assets	(3,224)	(255)
Operating charge relating to defined benefit plans	56	(148)
Interest Expense, Net Defined Benefit Liability	529	559
Contributions by plan participants (liabilities) assets	9	18
Decrease Through Reclassification to Assets Held For Sale, Net Defined Benefit Liability (Asset)	0
Disposals of (benefit obligations) and fair value of plan asset	74	0
Remeasurements recognized in other comprehensive income (liabilities) assets	(11,432)	27
Net defined benefit liability (asset), end of period	(17,480)	(32,834)	(34,171)
Net defined benefit liability (asset)	17,480	32,834	34,171
United Kingdom | Accrued benefit obligation | Funded
Movements in benefit obligation and fair value of plan assets during the year
Net defined benefit liability (asset), beginning of period	(32,564)
Benefit payments (liabilities) assets	1,211	1,530
Net defined benefit liability (asset), end of period	(17,331)	(32,564)
Net defined benefit liability (asset)	17,331	32,564
United Kingdom | Accrued benefit obligation | Unfunded
Movements in benefit obligation and fair value of plan assets during the year
Net defined benefit liability (asset), beginning of period	(270)
Benefit payments (liabilities) assets	7	8
Net defined benefit liability (asset), end of period	(149)	(270)
Net defined benefit liability (asset)	149	270
United Kingdom | Fair value of plan assets
Analysis of the amount charged to profit or loss
Interest income on plan assets	(694)	(684)
Analysis of the amount recognized in other comprehensive income
Remeasurements recognized in other comprehensive income (liabilities) assets	(12,955)	2,440
Movements in benefit obligation and fair value of plan assets during the year
Exchange adjustments (liabilities) assets	(4,258)	(365)
Interest income on plan assets	(694)	(684)
Contributions by plan participants (liabilities) assets	9	18
Decrease Through Reclassification to Assets Held For Sale, Net Defined Benefit Liability (Asset)	0
Disposals of (benefit obligations) and fair value of plan asset	86	0
Remeasurements recognized in other comprehensive income (liabilities) assets	(12,955)	2,440
Plan assets, at fair value, beginning of period	42,844	(41,463)
Plan assets, at fair value, end of period	25,047	42,844	(41,463)
Surplus (deficit) at 31 December	7,567	10,010
United Kingdom | Fair value of plan assets | Funded
Movements in benefit obligation and fair value of plan assets during the year
Contributions to plan by employer, net defined benefit liability (asset)	10	134
Benefit payments (liabilities) assets	(1,211)	(1,530)
US
Analysis of the amount charged to profit or loss
Current service cost	219	246	292
Past service cost	0	0	(66)
Settlement	0	0	(23)
Operating charge relating to defined benefit plans	219	246	203
Post-employment benefit expense, defined contribution plans	132	136	183
Employee Benefit, Expense	351	382	386
Interest income on plan assets	(189)	(150)	(210)
Interest cost	217	209	289
Other finance (income) expense	28	59	79
Analysis of the amount recognized in other comprehensive income
Actual asset return less interest income on plan assets	(1,581)	749	1,041
Change in financial assumptions underlying the present value of the plan liabilities	2,195	777	(1,178)
Change in demographic assumptions underlying the present value of the plan liabilities	0	(41)	29
Experience gains and losses arising on the plan liabilities	(15)	173	(101)
Remeasurements recognized in other comprehensive income (liabilities) assets	599	1,658	(209)
Movements in benefit obligation and fair value of plan assets during the year
Operating charge relating to defined benefit plans	219	246	203
Interest Expense, Net Defined Benefit Liability	217	209	289
Interest income on plan assets	(189)	(150)	(210)
Remeasurements recognized in other comprehensive income (liabilities) assets	599	1,658	(209)
Plan assets, at fair value, beginning of period	7,173	7,466
Plan assets, at fair value, end of period	5,417	7,173	7,466
Surplus (deficit) at 31 December	(463)	(1,100)
Surplus (deficit) in plan, asset recognized	1,227	1,410
Surplus (deficit) in plan, liability recognized	(1,690)	(2,510)
US | Funded
Movements in benefit obligation and fair value of plan assets during the year
Surplus (deficit) at 31 December	1,227	1,410
US | Unfunded
Movements in benefit obligation and fair value of plan assets during the year
Surplus (deficit) at 31 December	1,690	2,510
US | Accrued benefit obligation
Analysis of the amount charged to profit or loss
Operating charge relating to defined benefit plans	219	246
Interest cost	217	209
Analysis of the amount recognized in other comprehensive income
Remeasurements recognized in other comprehensive income (liabilities) assets	(2,180)	(909)
Movements in benefit obligation and fair value of plan assets during the year
Net defined benefit liability (asset), beginning of period	(8,273)	(10,187)
Exchange adjustments (liabilities) assets	0	0
Operating charge relating to defined benefit plans	219	246
Interest Expense, Net Defined Benefit Liability	217	209
Contributions by plan participants (liabilities) assets	0	0
Decrease Through Reclassification to Assets Held For Sale, Net Defined Benefit Liability (Asset)	0
Disposals of (benefit obligations) and fair value of plan asset	0	0
Remeasurements recognized in other comprehensive income (liabilities) assets	(2,180)	(909)
Net defined benefit liability (asset), end of period	(5,880)	(8,273)	(10,187)
Net defined benefit liability (asset)	5,880	8,273	10,187
US | Accrued benefit obligation | Pension plans defined benefit
Movements in benefit obligation and fair value of plan assets during the year
Net defined benefit liability (asset), beginning of period	(6,164)
Net defined benefit liability (asset), end of period	(4,411)	(6,164)
Net defined benefit liability (asset)	4,411	6,164
US | Accrued benefit obligation | Postemployment retirement benefits
Movements in benefit obligation and fair value of plan assets during the year
Net defined benefit liability (asset), beginning of period	(2,109)
Net defined benefit liability (asset), end of period	(1,469)	(2,109)
Net defined benefit liability (asset)	1,469	2,109
US | Accrued benefit obligation | Funded
Movements in benefit obligation and fair value of plan assets during the year
Net defined benefit liability (asset), beginning of period	(5,763)
Benefit payments (liabilities) assets	364	1,192
Net defined benefit liability (asset), end of period	(4,190)	(5,763)
Net defined benefit liability (asset)	4,190	5,763
US | Accrued benefit obligation | Unfunded
Movements in benefit obligation and fair value of plan assets during the year
Net defined benefit liability (asset), beginning of period	(2,510)
Benefit payments (liabilities) assets	285	268
Net defined benefit liability (asset), end of period	(1,690)	(2,510)
Net defined benefit liability (asset)	1,690	2,510
US | Fair value of plan assets
Analysis of the amount charged to profit or loss
Interest income on plan assets	(189)	(150)
Analysis of the amount recognized in other comprehensive income
Remeasurements recognized in other comprehensive income (liabilities) assets	(1,581)	749
Movements in benefit obligation and fair value of plan assets during the year
Exchange adjustments (liabilities) assets	0	0
Interest income on plan assets	(189)	(150)
Contributions by plan participants (liabilities) assets	0	0
Decrease Through Reclassification to Assets Held For Sale, Net Defined Benefit Liability (Asset)	0
Disposals of (benefit obligations) and fair value of plan asset	0	0
Remeasurements recognized in other comprehensive income (liabilities) assets	(1,581)	749
Plan assets, at fair value, beginning of period	7,173	(7,466)
Plan assets, at fair value, end of period	5,417	7,173	(7,466)
Surplus (deficit) at 31 December	(463)	(1,100)
US | Fair value of plan assets | Funded
Movements in benefit obligation and fair value of plan assets during the year
Contributions to plan by employer, net defined benefit liability (asset)	0	0
Benefit payments (liabilities) assets	(364)	(1,192)
Eurozone
Analysis of the amount charged to profit or loss
Current service cost	87	105	103
Past service cost	(1)	(27)	12
Settlement	0	(4)	10
Operating charge relating to defined benefit plans	86	74	125
Post-employment benefit expense, defined contribution plans	6	7	2
Employee Benefit, Expense	92	81	127
Interest income on plan assets	(34)	(30)	(33)
Interest cost	85	78	97
Other finance (income) expense	51	48	64
Analysis of the amount recognized in other comprehensive income
Actual asset return less interest income on plan assets	(507)	12	104
Change in financial assumptions underlying the present value of the plan liabilities	1,903	233	(143)
Change in demographic assumptions underlying the present value of the plan liabilities	(14)	(15)	56
Experience gains and losses arising on the plan liabilities	(159)	(11)	(178)
Remeasurements recognized in other comprehensive income (liabilities) assets	1,223	219	(161)
Movements in benefit obligation and fair value of plan assets during the year
Operating charge relating to defined benefit plans	86	74	125
Interest Expense, Net Defined Benefit Liability	85	78	97
Interest income on plan assets	(34)	(30)	(33)
Remeasurements recognized in other comprehensive income (liabilities) assets	1,223	219	(161)
Plan assets, at fair value, beginning of period	2,537	2,680
Plan assets, at fair value, end of period	1,877	2,537	2,680
Surplus (deficit) at 31 December	(2,922)	(4,571)
Surplus (deficit) in plan, asset recognized	256	155
Surplus (deficit) in plan, liability recognized	(3,178)	(4,726)
Increase (decrease) in net defined benefit liability (asset) resulting from past service cost and losses (gains) arising from settlements		(18)
Eurozone | Funded
Movements in benefit obligation and fair value of plan assets during the year
Surplus (deficit) at 31 December	238	94
Eurozone | Unfunded
Movements in benefit obligation and fair value of plan assets during the year
Surplus (deficit) at 31 December	3,160	4,665
Eurozone | Accrued benefit obligation
Analysis of the amount charged to profit or loss
Operating charge relating to defined benefit plans	86	74
Interest cost	85	78
Analysis of the amount recognized in other comprehensive income
Remeasurements recognized in other comprehensive income (liabilities) assets	(1,730)	(207)
Movements in benefit obligation and fair value of plan assets during the year
Net defined benefit liability (asset), beginning of period	(7,108)	(8,161)
Exchange adjustments (liabilities) assets	(443)	(623)
Operating charge relating to defined benefit plans	86	74
Interest Expense, Net Defined Benefit Liability	85	78
Contributions by plan participants (liabilities) assets	2	2
Decrease Through Reclassification to Assets Held For Sale, Net Defined Benefit Liability (Asset)	0
Disposals of (benefit obligations) and fair value of plan asset	2	2
Remeasurements recognized in other comprehensive income (liabilities) assets	(1,730)	(207)
Net defined benefit liability (asset), end of period	(4,799)	(7,108)	(8,161)
Net defined benefit liability (asset)	4,799	7,108	8,161
Eurozone | Accrued benefit obligation | Funded
Movements in benefit obligation and fair value of plan assets during the year
Net defined benefit liability (asset), beginning of period	(2,443)
Benefit payments (liabilities) assets	78	87
Net defined benefit liability (asset), end of period	(1,639)	(2,443)
Net defined benefit liability (asset)	1,639	2,443
Eurozone | Accrued benefit obligation | Unfunded
Movements in benefit obligation and fair value of plan assets during the year
Net defined benefit liability (asset), beginning of period	(4,665)
Benefit payments (liabilities) assets	229	288
Net defined benefit liability (asset), end of period	(3,160)	(4,665)
Net defined benefit liability (asset)	3,160	4,665
Eurozone | Fair value of plan assets
Analysis of the amount charged to profit or loss
Interest income on plan assets	(34)	(30)
Analysis of the amount recognized in other comprehensive income
Remeasurements recognized in other comprehensive income (liabilities) assets	(507)	12
Movements in benefit obligation and fair value of plan assets during the year
Exchange adjustments (liabilities) assets	(156)	(214)
Interest income on plan assets	(34)	(30)
Contributions by plan participants (liabilities) assets	2	2
Decrease Through Reclassification to Assets Held For Sale, Net Defined Benefit Liability (Asset)	0
Disposals of (benefit obligations) and fair value of plan asset	0	1
Remeasurements recognized in other comprehensive income (liabilities) assets	(507)	12
Plan assets, at fair value, beginning of period	2,537	(2,680)
Plan assets, at fair value, end of period	1,877	2,537	(2,680)
Surplus (deficit) at 31 December	(2,922)	(4,571)
Eurozone | Fair value of plan assets | Funded
Movements in benefit obligation and fair value of plan assets during the year
Contributions to plan by employer, net defined benefit liability (asset)	45	115
Benefit payments (liabilities) assets	(78)	(87)
Other
Analysis of the amount charged to profit or loss
Current service cost	25	31	38
Past service cost	(21)	2	(20)
Settlement	(4)	(1)	(1)
Operating charge relating to defined benefit plans	0	32	17
Post-employment benefit expense, defined contribution plans	36	36	38
Employee Benefit, Expense	36	68	55
Interest income on plan assets	(44)	(40)	(40)
Interest cost	61	56	59
Other finance (income) expense	17	16	19
Analysis of the amount recognized in other comprehensive income
Actual asset return less interest income on plan assets	(151)	25	38
Change in financial assumptions underlying the present value of the plan liabilities	221	97	(42)
Change in demographic assumptions underlying the present value of the plan liabilities	(15)	1	(4)
Experience gains and losses arising on the plan liabilities	(14)	3	8
Remeasurements recognized in other comprehensive income (liabilities) assets	41	126	0
Movements in benefit obligation and fair value of plan assets during the year
Operating charge relating to defined benefit plans	0	32	17
Interest Expense, Net Defined Benefit Liability	61	56	59
Interest income on plan assets	(44)	(40)	(40)
Remeasurements recognized in other comprehensive income (liabilities) assets	41	126	0
Plan assets, at fair value, beginning of period	1,412	1,508
Plan assets, at fair value, end of period	1,186	1,412	1,508
Surplus (deficit) at 31 December	(157)	(240)
Surplus (deficit) in plan, asset recognized	70	74
Surplus (deficit) in plan, liability recognized	(227)	(314)
Other | Funded
Movements in benefit obligation and fair value of plan assets during the year
Surplus (deficit) at 31 December	39	30
Other | Unfunded
Movements in benefit obligation and fair value of plan assets during the year
Surplus (deficit) at 31 December	196	270
Other | Accrued benefit obligation
Analysis of the amount charged to profit or loss
Operating charge relating to defined benefit plans	0	32
Interest cost	61	56
Analysis of the amount recognized in other comprehensive income
Remeasurements recognized in other comprehensive income (liabilities) assets	(192)	(101)
Movements in benefit obligation and fair value of plan assets during the year
Net defined benefit liability (asset), beginning of period	(1,652)	(1,895)
Exchange adjustments (liabilities) assets	(68)	(51)
Operating charge relating to defined benefit plans	0	32
Interest Expense, Net Defined Benefit Liability	61	56
Contributions by plan participants (liabilities) assets	4	6
Decrease Through Reclassification to Assets Held For Sale, Net Defined Benefit Liability (Asset)	12
Disposals of (benefit obligations) and fair value of plan asset	0	0
Remeasurements recognized in other comprehensive income (liabilities) assets	(192)	(101)
Net defined benefit liability (asset), end of period	(1,343)	(1,652)	(1,895)
Net defined benefit liability (asset)	1,343	1,652	1,895
Other | Accrued benefit obligation | Funded
Movements in benefit obligation and fair value of plan assets during the year
Net defined benefit liability (asset), beginning of period	(1,382)
Benefit payments (liabilities) assets	79	164
Net defined benefit liability (asset), end of period	(1,147)	(1,382)
Net defined benefit liability (asset)	1,147	1,382
Other | Accrued benefit obligation | Unfunded
Movements in benefit obligation and fair value of plan assets during the year
Net defined benefit liability (asset), beginning of period	(270)
Benefit payments (liabilities) assets	23	21
Net defined benefit liability (asset), end of period	(196)	(270)
Net defined benefit liability (asset)	196	270
Other | Fair value of plan assets
Analysis of the amount charged to profit or loss
Interest income on plan assets	(44)	(40)
Analysis of the amount recognized in other comprehensive income
Remeasurements recognized in other comprehensive income (liabilities) assets	(151)	25
Movements in benefit obligation and fair value of plan assets during the year
Exchange adjustments (liabilities) assets	(52)	(28)
Interest income on plan assets	(44)	(40)
Contributions by plan participants (liabilities) assets	4	6
Decrease Through Reclassification to Assets Held For Sale, Net Defined Benefit Liability (Asset)	11
Disposals of (benefit obligations) and fair value of plan asset	0	0
Remeasurements recognized in other comprehensive income (liabilities) assets	(151)	25
Plan assets, at fair value, beginning of period	1,412	(1,508)
Plan assets, at fair value, end of period	1,186	1,412	$ (1,508)
Surplus (deficit) at 31 December	(157)	(240)
Other | Fair value of plan assets | Funded
Movements in benefit obligation and fair value of plan assets during the year
Contributions to plan by employer, net defined benefit liability (asset)	19	25
Benefit payments (liabilities) assets	(79)	(164)
Germany | Accrued benefit obligation
Movements in benefit obligation and fair value of plan assets during the year
Net defined benefit liability (asset), beginning of period	(4,405)
Net defined benefit liability (asset), end of period	(2,992)	(4,405)
Net defined benefit liability (asset)	2,992	$ 4,405
Rest of world reported through UK [Member]
Analysis of the amount charged to profit or loss
Current service cost	11
Movements in benefit obligation and fair value of plan assets during the year
Expenses incurred for administration of the benefits	$ 30

Pensions and other post-retir_9

Pensions and other post-retirement benefits - Sensitivity analysis and actuarial assumptions (Details) $ in Millions	Dec. 31, 2022 USD ($)
United Kingdom | Discount rate
Disclosure of defined benefit plans [line items]
Effect on pension and other post-retirement benefit expense in 2023, Increase	$ (200)
Effect on pension and other post-retirement benefit expense in 2023, Decrease	179
Effect on pension and other post-retirement benefit obligation at 31, December 2022, Increase	(2,043)
Effect on pension and other post-retirement benefit obligation at 31 December 2022, Decrease	2,552
United Kingdom | Inflation rate
Disclosure of defined benefit plans [line items]
Effect on pension and other post-retirement benefit expense in 2023, Increase	82
Effect on pension and other post-retirement benefit expense in 2023, Decrease	(77)
Effect on pension and other post-retirement benefit obligation at 31, December 2022, Increase	1,646
Effect on pension and other post-retirement benefit obligation at 31 December 2022, Decrease	(1,531)
US | Discount rate
Disclosure of defined benefit plans [line items]
Effect on pension and other post-retirement benefit expense in 2023, Increase	(42)
Effect on pension and other post-retirement benefit expense in 2023, Decrease	48
Effect on pension and other post-retirement benefit obligation at 31, December 2022, Increase	(480)
Effect on pension and other post-retirement benefit obligation at 31 December 2022, Decrease	686
US | Inflation rate
Disclosure of defined benefit plans [line items]
Effect on pension and other post-retirement benefit expense in 2023, Increase	7
Effect on pension and other post-retirement benefit expense in 2023, Decrease	(6)
Effect on pension and other post-retirement benefit obligation at 31, December 2022, Increase	39
Effect on pension and other post-retirement benefit obligation at 31 December 2022, Decrease	(34)
Eurozone | Discount rate
Disclosure of defined benefit plans [line items]
Effect on pension and other post-retirement benefit expense in 2023, Increase	(9)
Effect on pension and other post-retirement benefit expense in 2023, Decrease	5
Effect on pension and other post-retirement benefit obligation at 31, December 2022, Increase	(512)
Effect on pension and other post-retirement benefit obligation at 31 December 2022, Decrease	616
Eurozone | Inflation rate
Disclosure of defined benefit plans [line items]
Effect on pension and other post-retirement benefit expense in 2023, Increase	31
Effect on pension and other post-retirement benefit expense in 2023, Decrease	(28)
Effect on pension and other post-retirement benefit obligation at 31, December 2022, Increase	506
Effect on pension and other post-retirement benefit obligation at 31 December 2022, Decrease	$ (441)

Pensions and other post-reti_10

Pensions and other post-retirement benefits - Effect of longevity on expenses and obligations (Details) - Actuarial assumption of mortality rates [member] $ in Millions	Dec. 31, 2022 USD ($)
United Kingdom
Disclosure of defined benefit plans [line items]
Increase (Decrease) In Defined Benefit Plan Expense Due To Reasonably Possible Increase In Actuarial Assumption	$ 25
Increase (decrease) in defined benefit obligation due to reasonably possible increase in actuarial assumption	504
US
Disclosure of defined benefit plans [line items]
Increase (Decrease) In Defined Benefit Plan Expense Due To Reasonably Possible Increase In Actuarial Assumption	4
Increase (decrease) in defined benefit obligation due to reasonably possible increase in actuarial assumption	68
Eurozone
Disclosure of defined benefit plans [line items]
Increase (Decrease) In Defined Benefit Plan Expense Due To Reasonably Possible Increase In Actuarial Assumption	9
Increase (decrease) in defined benefit obligation due to reasonably possible increase in actuarial assumption	$ 182

Pensions and other post-reti_11

Pensions and other post-retirement benefits - Expected future benefit payments (Details) $ in Millions	12 Months Ended
	Dec. 31, 2022 USD ($)
Disclosure of defined benefit plans [line items]
Expected Future Benefit, Year One	$ 1,884
Expected Future Benefit Payment, Year Two	1,880
Expected Future Benefit Payment, Year Three	1,896
Expected Future Benefit Payment, Year Four	1,890
Expected Future Benefit Payment, Year Five	1,901
Expected Future Benefit Payment, Years Thereafter	9,489
United Kingdom
Disclosure of defined benefit plans [line items]
Expected Future Benefit, Year One	985
Expected Future Benefit Payment, Year Two	1,016
Expected Future Benefit Payment, Year Three	1,022
Expected Future Benefit Payment, Year Four	1,035
Expected Future Benefit Payment, Year Five	1,048
Expected Future Benefit Payment, Years Thereafter	$ 5,371
Weighted average duration of defined benefit obligation	13 years
US
Disclosure of defined benefit plans [line items]
Expected Future Benefit, Year One	$ 497
Expected Future Benefit Payment, Year Two	473
Expected Future Benefit Payment, Year Three	477
Expected Future Benefit Payment, Year Four	468
Expected Future Benefit Payment, Year Five	470
Expected Future Benefit Payment, Years Thereafter	$ 2,283
Weighted average duration of defined benefit obligation	9 years 9 months 18 days
Eurozone
Disclosure of defined benefit plans [line items]
Expected Future Benefit, Year One	$ 307
Expected Future Benefit Payment, Year Two	301
Expected Future Benefit Payment, Year Three	307
Expected Future Benefit Payment, Year Four	297
Expected Future Benefit Payment, Year Five	293
Expected Future Benefit Payment, Years Thereafter	$ 1,376
Weighted average duration of defined benefit obligation	12 years
Other
Disclosure of defined benefit plans [line items]
Expected Future Benefit, Year One	$ 95
Expected Future Benefit Payment, Year Two	90
Expected Future Benefit Payment, Year Three	90
Expected Future Benefit Payment, Year Four	90
Expected Future Benefit Payment, Year Five	90
Expected Future Benefit Payment, Years Thereafter	$ 459
Weighted average duration of defined benefit obligation	10 years 9 months 18 days

Cash and cash equivalents - Sch

Cash and cash equivalents - Schedule of cash and cash equivalents (Details) - USD ($) $ in Millions	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Subclassifications of assets, liabilities and equities [abstract]
Cash	$ 15,008	$ 9,101
Triparty repos and term bank deposits	7,971	15,655
Cash equivalents (excluding triparty repos and term bank deposits)	6,216	5,925
Total cash and cash equivalents	$ 29,195	$ 30,681	$ 31,111	$ 22,472

Cash and cash equivalents - Nar

Cash and cash equivalents - Narrative (Details) - USD ($) $ in Millions	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Disclosure of geographical areas [line items]
Restricted cash and cash equivalents	$ 5,866	$ 4,740
Cash and cash equivalents	29,195	30,681	$ 31,111	$ 22,472
Non-UK Countries
Disclosure of geographical areas [line items]
Cash and cash equivalents	$ 5,822	$ 4,668

Finance debt - Summary of curre

Finance debt - Summary of current and non-current borrowings (Details) - USD ($) $ in Millions	Dec. 31, 2022	Dec. 31, 2021
Disclosure of detailed information about borrowings [line items]
Current finance debt	$ 3,198	$ 5,557
Non-current finance debt	43,746	55,619
Total	46,944	61,176
Borrowings
Disclosure of detailed information about borrowings [line items]
Current finance debt	3,198	5,557
Non-current finance debt	43,746	55,619
Total	$ 46,944	$ 61,176

Finance debt - Narrative (Detai

Finance debt - Narrative (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Disclosure of detailed information about borrowings [line items]
Current finance debt	$ 3,198	$ 5,557
Euro and sterling bonds
Disclosure of detailed information about borrowings [line items]
Repayments of bonds, notes and debentures	7,400	11,000
Carrying amount | Within one year | Long-Term Borrowings, Excluding Finance Lease Liabilities
Disclosure of detailed information about borrowings [line items]
Current finance debt	2,297	3,366
Carrying amount | Within one year | Commercial Papers
Disclosure of detailed information about borrowings [line items]
Current finance debt	725	2,163
Carrying amount | Within one year | Accrued interest [Member]
Disclosure of detailed information about borrowings [line items]
Current finance debt	$ 409	$ 484

Finance debt - Summary of weigh

Finance debt - Summary of weighted average interest rates (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Disclosure of detailed information about borrowings [line items]
Total borrowings	$ 46,944	$ 61,176
Fixed interest rate [member]
Disclosure of detailed information about borrowings [line items]
Total borrowings	28,839	36,079
Floating interest rate
Disclosure of detailed information about borrowings [line items]
Total borrowings	18,105	25,097
US dollar
Disclosure of detailed information about borrowings [line items]
Total borrowings	46,756	60,965
US dollar | Fixed interest rate [member]
Disclosure of detailed information about borrowings [line items]
Total borrowings	28,651	35,891
US dollar | Floating interest rate
Disclosure of detailed information about borrowings [line items]
Total borrowings	$ 18,105	$ 25,074
US dollar | Weighted average | Fixed interest rate [member]
Disclosure of detailed information about borrowings [line items]
Weighted average interest rate	3%	3%
Weighted average time for which rate is fixed Years	14 years	12 years
US dollar | Weighted average | Floating interest rate
Disclosure of detailed information about borrowings [line items]
Weighted average interest rate	6%	2%
Other currencies
Disclosure of detailed information about borrowings [line items]
Total borrowings	$ 188	$ 211
Other currencies | Fixed interest rate [member]
Disclosure of detailed information about borrowings [line items]
Total borrowings	188	188
Other currencies | Floating interest rate
Disclosure of detailed information about borrowings [line items]
Total borrowings	$ 0	$ 23
Other currencies | Weighted average | Fixed interest rate [member]
Disclosure of detailed information about borrowings [line items]
Weighted average interest rate	6%	6%
Weighted average time for which rate is fixed Years	8 years	9 years
Other currencies | Weighted average | Floating interest rate
Disclosure of detailed information about borrowings [line items]
Weighted average interest rate	0%	1%

Finance debt - Summary of fair

Finance debt - Summary of fair value and carrying value of borrowings (Details) - USD ($) $ in Millions	Dec. 31, 2022	Dec. 31, 2021
Short-term borrowings
Disclosure of detailed information about borrowings [line items]
Financial liabilities, at fair value	$ 901	$ 2,191
Financial liabilities	901	2,191
Long-term borrowings
Disclosure of detailed information about borrowings [line items]
Financial liabilities, at fair value	41,689	60,755
Financial liabilities	46,043	58,985
Borrowings
Disclosure of detailed information about borrowings [line items]
Financial liabilities, at fair value	42,590	62,946
Financial liabilities	$ 46,944	$ 61,176

Capital disclosures and net d_3

Capital disclosures and net debt - Disclosure of the net debt ratio (Details) $ in Millions		Dec. 31, 2022 USD ($)	Dec. 31, 2021 USD ($)	Dec. 31, 2020 USD ($)	Dec. 31, 2019 USD ($)
Disclosure of detailed information about hedges [line items]
Finance debt		$ 46,944	$ 61,176
Less: fair value asset (liability) of hedges related to finance debta		(3,673)	(118)
Debt, net of hedging instruments		50,617	61,294
Less: cash and cash equivalents		29,195	30,681	$ 31,111	$ 22,472
Net debt		21,422	30,613
Equity	[1]	$ 82,990	$ 90,439	$ 85,568	$ 100,708
Gearing		0.205	0.253
Debt Hedges | Derivatives
Disclosure of detailed information about hedges [line items]
Financial liabilities at fair value through profit or loss		$ 91	$ 166
[1]See Note 31 for further information.

Capital disclosures and net d_4

Capital disclosures and net debt - Disclosure of reconciliation of liabilities arising from financing activities (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Disclosure of detailed information about hedges [line items]
Finance debt at beginning of year	$ 61,176
Hedge accounted derivatives at beginning of year	118
Lease liabilities	8,611
Liabilities arising from financing activities at beginning of year	70,518	$ 79,228
Increase (decrease) through effect of changes in foreign exchange rates, liabilities arising from financing activities	(423)	(400)
Increase (decrease) through financing cash flows, liabilities arising from financing activities	(13,037)	(10,823)
Increase (decrease) through changes in fair values, liabilities arising from financing activities	1,329	984
Increase through new leases, liabilities arising from financing activities	2,388	1,790
Increase (decrease) through other changes, liabilities arising from financing activities	72	(261)
Finance debt at end of year	46,944	61,176
Hedge accounted derivatives at end of year	3,673	118
Lease liabilities	8,549	8,611
Liabilities arising from financing activities at beginning of year	60,847	70,518
Borrowings
Disclosure of detailed information about hedges [line items]
Finance debt at beginning of year	61,176	72,664
Increase (decrease) through effect of changes in foreign exchange rates, liabilities arising from financing activities	(164)	(185)
Increase (decrease) through financing cash flows, liabilities arising from financing activities	(10,855)	(8,575)
Increase (decrease) through changes in fair values, liabilities arising from financing activities	(3,694)	(2,578)
Increase through new leases, liabilities arising from financing activities	0	0
Increase (decrease) through other changes, liabilities arising from financing activities	481	(150)
Finance debt at end of year	46,944	61,176
Borrowings | Archaea Energy Inc.
Disclosure of detailed information about hedges [line items]
Increase (decrease) through other changes, liabilities arising from financing activities	1,044
Currency derivatives
Disclosure of detailed information about hedges [line items]
Hedge accounted derivatives at beginning of year	481	(2,965)
Increase (decrease) through effect of changes in foreign exchange rates, liabilities arising from financing activities	0	0
Increase (decrease) through financing cash flows, liabilities arising from financing activities	(192)	(126)
Increase (decrease) through changes in fair values, liabilities arising from financing activities	5,023	3,562
Increase through new leases, liabilities arising from financing activities	0	0
Increase (decrease) through other changes, liabilities arising from financing activities	0	10
Hedge accounted derivatives at end of year	5,312	481
Lease liabilities
Disclosure of detailed information about hedges [line items]
Lease liabilities	8,611	9,262
Increase (decrease) through effect of changes in foreign exchange rates, liabilities arising from financing activities	(260)	(215)
Increase (decrease) through financing cash flows, liabilities arising from financing activities	(1,961)	(2,082)
Increase (decrease) through changes in fair values, liabilities arising from financing activities	0	0
Increase through new leases, liabilities arising from financing activities	2,367	1,767
Increase (decrease) through other changes, liabilities arising from financing activities	(208)	(121)
Lease liabilities	8,549	8,611
Net partner payable for leases entered into on behalf of joint operations
Disclosure of detailed information about hedges [line items]
Net partner (receivable) payable for joint operation leases at beginning of year	250	267
Increase (decrease) through effect of changes in foreign exchange rates, liabilities arising from financing activities	1	0
Increase (decrease) through financing cash flows, liabilities arising from financing activities	(29)	(40)
Increase (decrease) through changes in fair values, liabilities arising from financing activities	0	0
Increase through new leases, liabilities arising from financing activities	21	23
Increase (decrease) through other changes, liabilities arising from financing activities	(201)	0
Net partner (receivable) payable for joint operation leases at end of year	$ 42	$ 250

Capital disclosures and net d_5

Capital disclosures and net debt - Narrative (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Disclosure of detailed information about hedges [line items]
Accrual to acquire or redeem entity's shares	$ 497	$ 0
Repurchase of shares	$ (9,996)	$ (3,151)	$ (776)

Leases - Narrative (Details)

Leases - Narrative (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Undiscounted operating lease payments for future commitments for leases not yet commenced [Abstract]
Weighted-average remaining lease term (years)	7 years	8 years
Undiscounted operating lease payment for future commitments for leases not yet commenced	$ 5,360	$ 4,996

Leases - Disclosure of maturity

Leases - Disclosure of maturity analysis of operating lease payments (Details) - USD ($) $ in Millions	Dec. 31, 2022	Dec. 31, 2021
Disclosure of maturity analysis of operating lease payments [line items]
Gross lease liabilities	$ 9,864	$ 10,025
Effect Of Lease Discounting	(1,315)	(1,414)
Lease liabilities	8,549	8,611
Current lease liabilities	2,102	1,747
Non-current lease liabilities	6,447	6,864
Within one year
Disclosure of maturity analysis of operating lease payments [line items]
Gross lease liabilities	2,348	1,949
1 to 2 years
Disclosure of maturity analysis of operating lease payments [line items]
Gross lease liabilities	1,728	1,631
2 to 3 years
Disclosure of maturity analysis of operating lease payments [line items]
Gross lease liabilities	1,232	1,207
3 to 4 years
Disclosure of maturity analysis of operating lease payments [line items]
Gross lease liabilities	740	1,005
4 to 5 years
Disclosure of maturity analysis of operating lease payments [line items]
Gross lease liabilities	632	682
5 to 10 years
Disclosure of maturity analysis of operating lease payments [line items]
Gross lease liabilities	1,909	2,089
Over 10 years
Disclosure of maturity analysis of operating lease payments [line items]
Gross lease liabilities	$ 1,275	$ 1,462

Leases - Disclosure of quantita

Leases - Disclosure of quantitative information about right-of-use assets (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Disclosure of quantitative information about right-of-use assets [line items]
Total cash outflow for amounts included in lease liabilities	$ 2,200	$ 2,372
Expense for variable payments not included in the lease liability	27	37
Short-term lease expense	482	409
Additions to right-of-use assets in the period	2,451	1,807
Gains (losses) arising from sale and leaseback transactions	$ 0	$ (1)

Financial instruments and fin_3

Financial instruments and financial risk factors - Schedule of financial assets and liabilities (Details) - USD ($) $ in Millions	Dec. 31, 2022	Dec. 31, 2021
Financial liabilities
Financial assets (liabilities)	$ (66,906)	$ (74,251)
Trade and other payables
Financial liabilities
Financial liabilities	(71,882)	(61,338)
Derivatives
Financial liabilities
Financial liabilities	(26,155)	(13,921)
Accruals
Financial liabilities
Financial liabilities	(7,631)	(6,606)
Lease liabilities
Financial liabilities
Financial liabilities	(8,549)	(8,611)
Borrowings
Financial liabilities
Financial liabilities	(46,944)	(61,176)
Other financial assets
Financial assets
Financial assets	3,248	2,824
Loans
Financial assets
Financial assets	1,586	1,277
Trade and other receivables
Financial assets
Financial assets	33,535	27,191
Derivatives
Financial assets
Financial assets	24,395	12,750
Cash and cash equivalents
Financial assets
Financial assets	29,195	30,681
Designated as measured at fair value through other comprehensive income
Financial liabilities
Financial assets (liabilities)	(72,293)	(79,710)
Designated as measured at fair value through other comprehensive income | Trade and other payables
Financial liabilities
Financial liabilities	(69,586)	(58,660)
Designated as measured at fair value through other comprehensive income | Accruals
Financial liabilities
Financial liabilities	(7,631)	6,606
Designated as measured at fair value through other comprehensive income | Lease liabilities
Financial liabilities
Financial liabilities	(8,549)	(8,611)
Designated as measured at fair value through other comprehensive income | Borrowings
Financial liabilities
Financial liabilities	(46,944)	(61,176)
Financial liabilities at fair value through profit or loss, category | Derivatives
Financial liabilities
Financial liabilities	(22,481)	(13,456)
Derivative hedging instruments
Financial liabilities
Financial assets (liabilities)		(117)
Derivative hedging instruments | Derivatives
Financial liabilities
Financial liabilities	(3,674)	465
Measured at amortized cost | Other financial assets
Financial assets
Financial assets	26
Measured at amortized cost | Loans
Financial assets
Financial assets	1,245	1,045
Measured at amortized cost | Trade and other receivables
Financial assets
Financial assets	33,535	27,191
Measured at amortized cost | Cash and cash equivalents
Financial assets
Financial assets	25,611	27,107
Mandatorily measured at fair value through profit or loss
Financial liabilities
Financial assets (liabilities)	9,061	5,576
Mandatorily measured at fair value through profit or loss | Other financial assets
Financial assets
Financial assets	3,222	2,824
Mandatorily measured at fair value through profit or loss | Loans
Financial assets
Financial assets	341	232
Mandatorily measured at fair value through profit or loss | Derivatives
Financial assets
Financial assets	24,395	12,402
Mandatorily measured at fair value through profit or loss | Cash and cash equivalents
Financial assets
Financial assets	3,584	3,574
Derivative hedging instruments
Financial liabilities
Financial assets (liabilities)	(3,674)
Derivative hedging instruments | Derivatives
Financial assets
Financial assets	$ 0	$ 348

Financial instruments and fin_4

Financial instruments and financial risk factors - Narrative (Details) $ in Millions		12 Months Ended
		Dec. 31, 2022 USD ($) bank	Dec. 31, 2021 USD ($)	Dec. 31, 2020 USD ($)	Dec. 31, 2019 USD ($)
Disclosure of detailed information about financial instruments [line items]
Net gain (loss) related to other assets and liabilities classified as measured at fair value		$ (238)	$ 627
Dividends recognised for investments in equity instruments designated as measured at fair value through profit or loss		14	11
Finance debt		46,944	61,176
Proceeds from long-term financing		2,013	6,987	$ 14,736
Issue of perpetual hybrid bonds	[1]	370	924	11,861
Cash and cash equivalents		29,195	30,681	31,111	$ 22,472
Non-controlling interests, hybrid bonds [Member]
Disclosure of detailed information about financial instruments [line items]
Issue of perpetual hybrid bonds	[1]	374	950	$ 11,909
Fixed interest rate [member]
Disclosure of detailed information about financial instruments [line items]
Finance debt		28,839	36,079
Commodity price risk | Trading [Member]
Disclosure of detailed information about financial instruments [line items]
Value at risk		63	100
Commodity price risk | Arithmetic Average [Member]
Disclosure of detailed information about financial instruments [line items]
Value at risk		89	64
Currency risk
Disclosure of detailed information about financial instruments [line items]
Borrowings not swapped		$ 188	211
Period in which maximum value at risk was not exceeded		3 years
Currency risk | Currency Forward Contract, USD And Sterling
Disclosure of detailed information about financial instruments [line items]
Notional amount		$ 5	$ 55
Currency risk | Top of range [member]
Disclosure of detailed information about financial instruments [line items]
Value at risk		$ 400
Interest rate risk
Disclosure of detailed information about financial instruments [line items]
Proportion of floating rate debt, net of interest rate swaps, to total finance debt		39%	41%
Sensitivity analysis for types of market risk, reasonably possible change in risk variable, amount		$ 181	$ 251
Finance debt		1,873	2,062
Credit derivative, nominal amount		$ 24,088	$ 24,088
Interest rate risk | Fixed interest rate [member]
Disclosure of detailed information about financial instruments [line items]
Borrowings excluding leases, weighted average maturity period		14 years	12 years
Interest rate risk | Weighted average | Fixed interest rate [member]
Disclosure of detailed information about financial instruments [line items]
Weighted average interest rate		4%	3%
Credit risk
Disclosure of detailed information about financial instruments [line items]
Risk exposure associated with instruments sharing characteristic		$ 12,600	$ 9,500
Credit risk | Financial assets which are subject to review for impairment under IFRS 9
Disclosure of detailed information about financial instruments [line items]
Risk exposure associated with instruments sharing characteristic		10,300	7,500
Credit risk | Financial guarantee contracts
Disclosure of detailed information about financial instruments [line items]
Financial liabilities		267	337
Credit risk | Financial guarantee contracts | Third party arrangement
Disclosure of detailed information about financial instruments [line items]
Exposure to credit risk on loan commitments and financial guarantee contracts		680	694
Credit risk | Joint ventures and associates | Financial guarantee contracts
Disclosure of detailed information about financial instruments [line items]
Exposure to credit risk on loan commitments and financial guarantee contracts		1,704	1,407
Liquidity risk
Disclosure of detailed information about financial instruments [line items]
Cash and cash equivalents		29,200	30,700
Liquidity risk | Non-controlling interests, hybrid bonds [Member]
Disclosure of detailed information about financial instruments [line items]
Issue of perpetual hybrid bonds		400	900
Liquidity risk | Committed Letter Of Credit Facilities [Member]
Disclosure of detailed information about financial instruments [line items]
Maximum borrowing capacity		12,730	12,575
Trade payables		9,520	9,154
Liquidity risk | Secured Letter Of Credit Facilities
Disclosure of detailed information about financial instruments [line items]
Maximum borrowing capacity		3,800	4,290
Liquidity risk | Long-Term Taxable Bonds
Disclosure of detailed information about financial instruments [line items]
Proceeds from long-term financing		2,000	6,000
Liquidity risk | Credit Facility
Disclosure of detailed information about financial instruments [line items]
Maximum borrowing capacity		8,000	8,000
Liquidity risk | Standby Credit Facility
Disclosure of detailed information about financial instruments [line items]
Maximum borrowing capacity		$ 4,000	4,000
Liquidity risk | Committed Letter Of Credit Facilities [Member]
Disclosure of detailed information about financial instruments [line items]
Number of lenders, financial institutions (international bank) | bank		28
Liquidity risk | Standby Credit Facility
Disclosure of detailed information about financial instruments [line items]
Number of lenders, financial institutions (international bank) | bank		27
Liquidity risk | Top of range [member] | Committed Letter Of Credit Facilities [Member]
Disclosure of detailed information about financial instruments [line items]
Borrowings, maturity term		24 months
Liquidity risk | Bottom of range [member] | Long-Term Taxable Bonds
Disclosure of detailed information about financial instruments [line items]
Borrowings, maturity term		10 years
Currency and interest rate risk
Disclosure of detailed information about financial instruments [line items]
Derivative financial assets, undiscounted cash flows		$ 23,970	$ 27,048
[1]See Note 31 for further information.

Financial instruments and fin_5

Financial instruments and financial risk factors - Summary of credit risk profile of financial assets (Details) - Financial assets which are subject to review for impairment under IFRS 9	Dec. 31, 2022	Dec. 31, 2021
AAA to AA-
Disclosure of external credit grades [line items]
Expected credit loss rate, percent	9%	14%
A+ to A-
Disclosure of external credit grades [line items]
Expected credit loss rate, percent	49%	46%
BBB+ to BBB-
Disclosure of external credit grades [line items]
Expected credit loss rate, percent	15%	14%
BB+ to BB-
Disclosure of external credit grades [line items]
Expected credit loss rate, percent	11%	8%
B+ to B-
Disclosure of external credit grades [line items]
Expected credit loss rate, percent	12%	16%
CCC+ and below
Disclosure of external credit grades [line items]
Expected credit loss rate, percent	4%	2%

Financial instruments and fin_6

Financial instruments and financial risk factors - Financial instruments subject to offsetting, enforceable master netting arrangements and similar agreements (Details) - USD ($) $ in Millions	Dec. 31, 2022	Dec. 31, 2021
Derivatives
Net financial assets subject to offsetting, enforceable master netting arrangements or similar agreements [abstract]
Fair value of derivative assets	$ 33,199	$ 20,519
Less: netting by counterparty	(8,804)	(7,769)
Net amounts presented on the balance sheet	24,395	12,750
Related amounts not set off in the balance sheet
Master netting arrangements	(3,988)	(3,104)
Cash collateral (received) pledged	(918)	(414)
Net asset amount	19,489	9,232
Trade and other receivables
Net financial assets subject to offsetting, enforceable master netting arrangements or similar agreements [abstract]
Fair value of derivative assets	17,947	17,105
Less: netting by counterparty	(8,381)	(8,104)
Net amounts presented on the balance sheet	9,566	9,001
Related amounts not set off in the balance sheet
Master netting arrangements	(1,325)	(1,038)
Cash collateral (received) pledged	(224)	(249)
Net asset amount	8,017	7,714
Derivatives
Net financial liabilities subject to offsetting, enforceable master netting arrangements or similar agreements [abstract]
Fair value of derivative liabilities	(34,918)	(21,683)
Less: netting by counterparty	8,804	7,769
Net amounts presented on the balance sheet	(26,114)	(13,914)
Amounts subject to enforceable master netting arrangement or similar agreement not set off against financial liabilities [abstract]
Master netting arrangements	3,988	3,104
Cash collateral (received) pledged	436	357
Net amount	(21,690)	(10,453)
Trade and other payables
Net financial liabilities subject to offsetting, enforceable master netting arrangements or similar agreements [abstract]
Fair value of derivative liabilities	(20,671)	(19,279)
Less: netting by counterparty	8,381	8,104
Net amounts presented on the balance sheet	(12,290)	(11,175)
Amounts subject to enforceable master netting arrangement or similar agreement not set off against financial liabilities [abstract]
Master netting arrangements	1,325	1,038
Cash collateral (received) pledged	61	22
Net amount	$ (10,904)	$ (10,115)

Financial instruments and fin_7

Financial instruments and financial risk factors - Schedule of timing of cash outflows (Details) - USD ($) $ in Millions	Dec. 31, 2022	Dec. 31, 2021
Trade and other payables
Disclosure of detailed information about financial instruments [line items]
Financial liabilities	$ 71,882	$ 61,338
Trade and other payables | Gulf of Mexico Oil Spill
Disclosure of detailed information about financial instruments [line items]
Financial liabilities	11,884	13,170
Accruals
Disclosure of detailed information about financial instruments [line items]
Financial liabilities	7,631	6,606
Finance debt
Disclosure of detailed information about financial instruments [line items]
Financial liabilities	47,461	58,437
Interest on finance debt
Disclosure of detailed information about financial instruments [line items]
Financial liabilities	15,827	10,389
Later than one year [member] | Trade and other payables | Gulf of Mexico Oil Spill
Disclosure of detailed information about financial instruments [line items]
Financial liabilities	10,660	11,883
Within one year | Trade and other payables
Disclosure of detailed information about financial instruments [line items]
Financial liabilities	59,618	48,497
Within one year | Accruals
Disclosure of detailed information about financial instruments [line items]
Financial liabilities	6,398	5,638
Within one year | Finance debt
Disclosure of detailed information about financial instruments [line items]
Financial liabilities	2,978	5,370
Within one year | Interest on finance debt
Disclosure of detailed information about financial instruments [line items]
Financial liabilities	2,133	1,497
1 to 2 years | Trade and other payables
Disclosure of detailed information about financial instruments [line items]
Financial liabilities	1,625	1,627
1 to 2 years | Accruals
Disclosure of detailed information about financial instruments [line items]
Financial liabilities	230	209
1 to 2 years | Finance debt
Disclosure of detailed information about financial instruments [line items]
Financial liabilities	2,811	4,425
1 to 2 years | Interest on finance debt
Disclosure of detailed information about financial instruments [line items]
Financial liabilities	1,923	1,341
2 to 3 years | Trade and other payables
Disclosure of detailed information about financial instruments [line items]
Financial liabilities	1,378	1,346
2 to 3 years | Accruals
Disclosure of detailed information about financial instruments [line items]
Financial liabilities	207	108
2 to 3 years | Finance debt
Disclosure of detailed information about financial instruments [line items]
Financial liabilities	4,066	5,953
2 to 3 years | Interest on finance debt
Disclosure of detailed information about financial instruments [line items]
Financial liabilities	1,770	1,204
3 to 4 years | Trade and other payables
Disclosure of detailed information about financial instruments [line items]
Financial liabilities	1,192	1,328
3 to 4 years | Accruals
Disclosure of detailed information about financial instruments [line items]
Financial liabilities	110	144
3 to 4 years | Finance debt
Disclosure of detailed information about financial instruments [line items]
Financial liabilities	5,077	5,958
3 to 4 years | Interest on finance debt
Disclosure of detailed information about financial instruments [line items]
Financial liabilities	1,566	1,047
4 to 5 years | Trade and other payables
Disclosure of detailed information about financial instruments [line items]
Financial liabilities	1,188	1,146
4 to 5 years | Accruals
Disclosure of detailed information about financial instruments [line items]
Financial liabilities	114	56
4 to 5 years | Finance debt
Disclosure of detailed information about financial instruments [line items]
Financial liabilities	5,773	5,504
4 to 5 years | Interest on finance debt
Disclosure of detailed information about financial instruments [line items]
Financial liabilities	1,324	896
5 to 10 years | Trade and other payables
Disclosure of detailed information about financial instruments [line items]
Financial liabilities	6,109	5,695
5 to 10 years | Accruals
Disclosure of detailed information about financial instruments [line items]
Financial liabilities	348	218
5 to 10 years | Finance debt
Disclosure of detailed information about financial instruments [line items]
Financial liabilities	13,621	16,483
5 to 10 years | Interest on finance debt
Disclosure of detailed information about financial instruments [line items]
Financial liabilities	4,283	2,705
Over 10 years | Trade and other payables
Disclosure of detailed information about financial instruments [line items]
Financial liabilities	772	1,699
Over 10 years | Accruals
Disclosure of detailed information about financial instruments [line items]
Financial liabilities	224	233
Over 10 years | Finance debt
Disclosure of detailed information about financial instruments [line items]
Financial liabilities	13,135	14,744
Over 10 years | Interest on finance debt
Disclosure of detailed information about financial instruments [line items]
Financial liabilities	$ 2,828	$ 1,699

Financial instruments and fin_8

Financial instruments and financial risk factors - Schedule of future cash outflows for derivative instruments (Details) - USD ($) $ in Millions	Dec. 31, 2022	Dec. 31, 2021
Disclosure of detailed information about financial instruments [line items]
Derivative financial liabilities, undiscounted cash flows	$ 25,634	$ 27,131
Interest rate and foreign currency risk on finance debt
Disclosure of detailed information about financial instruments [line items]
Derivative financial assets, undiscounted cash flows	23,970	27,048
Within one year
Disclosure of detailed information about financial instruments [line items]
Derivative financial liabilities, undiscounted cash flows	1,492	1,497
1 to 2 years
Disclosure of detailed information about financial instruments [line items]
Derivative financial liabilities, undiscounted cash flows	2,531	1,492
2 to 3 years
Disclosure of detailed information about financial instruments [line items]
Derivative financial liabilities, undiscounted cash flows	2,053	2,531
3 to 4 years
Disclosure of detailed information about financial instruments [line items]
Derivative financial liabilities, undiscounted cash flows	5,575	2,053
4 to 5 years
Disclosure of detailed information about financial instruments [line items]
Derivative financial liabilities, undiscounted cash flows	3,584	5,575
5 to 10 years
Disclosure of detailed information about financial instruments [line items]
Derivative financial liabilities, undiscounted cash flows	7,627	8,618
Over 10 years
Disclosure of detailed information about financial instruments [line items]
Derivative financial liabilities, undiscounted cash flows	$ 2,772	$ 5,365

Derivative financial instrume_3

Derivative financial instruments - Summary of fair value of derivative instruments (Details) - USD ($) $ in Millions	Dec. 31, 2022	Dec. 31, 2021
Disclosure of detailed information about financial instruments [line items]
Derivative assets held for trading	$ 24,395	$ 12,402
Derivatives held for trading, Fair value liabilities	(22,440)	(13,449)
Embedded derivatives, Fair value assets	0	0
Embedded derivative, Fair value liabilities	(41)	(7)
Fair value asset	24,395	12,750
Fair value liability	(26,155)	(13,921)
Current derivatives, Fair value assets	11,554	5,744
Current derivatives, Fair value liabilities	(12,618)	(7,565)
Non-current derivatives, Fair value assets	12,841	7,006
Non-current derivatives, Fair value liabilities	(13,537)	(6,356)
Cash flow hedges
Disclosure of detailed information about financial instruments [line items]
Hedges, Fair value asset	0	1
Hedges, Fair value liability	0	0
Fair value hedges
Disclosure of detailed information about financial instruments [line items]
Hedges, Fair value asset	0	347
Hedges, Fair value liability	(3,674)	(465)
Currency forwards | Cash flow hedges
Disclosure of detailed information about financial instruments [line items]
Hedges, Fair value asset	0	1
Hedges, Fair value liability	0	0
Currency swaps | Fair value hedges
Disclosure of detailed information about financial instruments [line items]
Hedges, Fair value asset	0	326
Hedges, Fair value liability	(3,670)	(465)
Interest rate swaps | Fair value hedges
Disclosure of detailed information about financial instruments [line items]
Hedges, Fair value asset	0	21
Hedges, Fair value liability	(4)	0
Currency derivatives
Disclosure of detailed information about financial instruments [line items]
Derivative assets held for trading	634	272
Derivatives held for trading, Fair value liabilities	(2,346)	(643)
Oil price derivatives
Disclosure of detailed information about financial instruments [line items]
Derivative assets held for trading	2,753	2,192
Derivatives held for trading, Fair value liabilities	(1,961)	(1,567)
Natural gas price derivatives
Disclosure of detailed information about financial instruments [line items]
Derivative assets held for trading	15,437	6,823
Derivatives held for trading, Fair value liabilities	(12,129)	(8,273)
Power price derivatives
Disclosure of detailed information about financial instruments [line items]
Derivative assets held for trading	5,527	3,105
Derivatives held for trading, Fair value liabilities	(6,004)	(2,966)
Other derivatives
Disclosure of detailed information about financial instruments [line items]
Derivative assets held for trading	44	10
Derivatives held for trading, Fair value liabilities	0	0
Embedded derivatives, Fair value assets	0	0
Embedded derivative, Fair value liabilities	$ (41)	$ (7)

Derivative financial instrume_4

Derivative financial instruments - Summary of maturities of derivative assets and liabilities (Details) - USD ($) $ in Millions	Dec. 31, 2022	Dec. 31, 2021
Disclosure of detailed information about financial instruments [line items]
Derivative assets held for trading	$ 24,395	$ 12,402
Derivative liabilities held for trading	(22,440)	(13,449)
Currency derivatives
Disclosure of detailed information about financial instruments [line items]
Derivative assets held for trading	634	272
Derivative liabilities held for trading	(2,346)	(643)
Oil price derivatives
Disclosure of detailed information about financial instruments [line items]
Derivative assets held for trading	2,753	2,192
Derivative liabilities held for trading	(1,961)	(1,567)
Natural gas price derivatives
Disclosure of detailed information about financial instruments [line items]
Derivative assets held for trading	15,437	6,823
Derivative liabilities held for trading	(12,129)	(8,273)
Power price derivatives
Disclosure of detailed information about financial instruments [line items]
Derivative assets held for trading	5,527	3,105
Derivative liabilities held for trading	(6,004)	(2,966)
Other derivatives
Disclosure of detailed information about financial instruments [line items]
Derivative assets held for trading	44	10
Derivative liabilities held for trading	0	0
Within one year
Disclosure of detailed information about financial instruments [line items]
Derivative assets held for trading	11,554	5,712
Derivative liabilities held for trading	(12,381)	(7,567)
Within one year | Currency derivatives
Disclosure of detailed information about financial instruments [line items]
Derivative assets held for trading	536	168
Derivative liabilities held for trading	(587)	(191)
Within one year | Oil price derivatives
Disclosure of detailed information about financial instruments [line items]
Derivative assets held for trading	1,971	1,544
Derivative liabilities held for trading	(1,615)	(1,340)
Within one year | Natural gas price derivatives
Disclosure of detailed information about financial instruments [line items]
Derivative assets held for trading	7,157	2,678
Derivative liabilities held for trading	(7,255)	(4,551)
Within one year | Power price derivatives
Disclosure of detailed information about financial instruments [line items]
Derivative assets held for trading	1,848	1,322
Derivative liabilities held for trading	(2,924)	(1,485)
Within one year | Other derivatives
Disclosure of detailed information about financial instruments [line items]
Derivative assets held for trading	42	0
1-2 years
Disclosure of detailed information about financial instruments [line items]
Derivative assets held for trading	5,516	1,888
Derivative liabilities held for trading	(2,572)	(1,835)
1-2 years | Currency derivatives
Disclosure of detailed information about financial instruments [line items]
Derivative assets held for trading	14	52
Derivative liabilities held for trading	(95)	(2)
1-2 years | Oil price derivatives
Disclosure of detailed information about financial instruments [line items]
Derivative assets held for trading	445	429
Derivative liabilities held for trading	(318)	(179)
1-2 years | Natural gas price derivatives
Disclosure of detailed information about financial instruments [line items]
Derivative assets held for trading	3,740	847
Derivative liabilities held for trading	(1,157)	(1,053)
1-2 years | Power price derivatives
Disclosure of detailed information about financial instruments [line items]
Derivative assets held for trading	1,317	553
Derivative liabilities held for trading	(1,002)	(601)
1-2 years | Other derivatives
Disclosure of detailed information about financial instruments [line items]
Derivative assets held for trading	0	7
2-3 years
Disclosure of detailed information about financial instruments [line items]
Derivative assets held for trading	1,532	1,000
Derivative liabilities held for trading	(1,071)	(723)
2-3 years | Currency derivatives
Disclosure of detailed information about financial instruments [line items]
Derivative assets held for trading	10	1
Derivative liabilities held for trading	(3)	(13)
2-3 years | Oil price derivatives
Disclosure of detailed information about financial instruments [line items]
Derivative assets held for trading	150	167
Derivative liabilities held for trading	(23)	(39)
2-3 years | Natural gas price derivatives
Disclosure of detailed information about financial instruments [line items]
Derivative assets held for trading	749	547
Derivative liabilities held for trading	(539)	(460)
2-3 years | Power price derivatives
Disclosure of detailed information about financial instruments [line items]
Derivative assets held for trading	623	285
Derivative liabilities held for trading	(506)	(211)
2-3 years | Other derivatives
Disclosure of detailed information about financial instruments [line items]
Derivative assets held for trading	0	0
3-4 years
Disclosure of detailed information about financial instruments [line items]
Derivative assets held for trading	891	678
Derivative liabilities held for trading	(1,296)	(498)
3-4 years | Currency derivatives
Disclosure of detailed information about financial instruments [line items]
Derivative assets held for trading	10	1
Derivative liabilities held for trading	(629)	(5)
3-4 years | Oil price derivatives
Disclosure of detailed information about financial instruments [line items]
Derivative assets held for trading	63	47
Derivative liabilities held for trading	(4)	(7)
3-4 years | Natural gas price derivatives
Disclosure of detailed information about financial instruments [line items]
Derivative assets held for trading	442	456
Derivative liabilities held for trading	(328)	(351)
3-4 years | Power price derivatives
Disclosure of detailed information about financial instruments [line items]
Derivative assets held for trading	376	174
Derivative liabilities held for trading	(335)	(135)
3-4 years | Other derivatives
Disclosure of detailed information about financial instruments [line items]
Derivative assets held for trading	0	0
4-5 years
Disclosure of detailed information about financial instruments [line items]
Derivative assets held for trading	651	496
Derivative liabilities held for trading	(807)	(549)
4-5 years | Currency derivatives
Disclosure of detailed information about financial instruments [line items]
Derivative assets held for trading	9	0
Derivative liabilities held for trading	(319)	(173)
4-5 years | Oil price derivatives
Disclosure of detailed information about financial instruments [line items]
Derivative assets held for trading	35	4
Derivative liabilities held for trading	(1)	(2)
4-5 years | Natural gas price derivatives
Disclosure of detailed information about financial instruments [line items]
Derivative assets held for trading	316	368
Derivative liabilities held for trading	(214)	(282)
4-5 years | Power price derivatives
Disclosure of detailed information about financial instruments [line items]
Derivative assets held for trading	291	124
Derivative liabilities held for trading	(273)	(92)
4-5 years | Other derivatives
Disclosure of detailed information about financial instruments [line items]
Derivative assets held for trading	0	0
Over 5 years
Disclosure of detailed information about financial instruments [line items]
Derivative assets held for trading	4,251	2,628
Derivative liabilities held for trading	(4,313)	(2,277)
Over 5 years | Currency derivatives
Disclosure of detailed information about financial instruments [line items]
Derivative assets held for trading	55	50
Derivative liabilities held for trading	(713)	(259)
Over 5 years | Oil price derivatives
Disclosure of detailed information about financial instruments [line items]
Derivative assets held for trading	89	1
Derivative liabilities held for trading	0	0
Over 5 years | Natural gas price derivatives
Disclosure of detailed information about financial instruments [line items]
Derivative assets held for trading	3,033	1,927
Derivative liabilities held for trading	(2,636)	(1,576)
Over 5 years | Power price derivatives
Disclosure of detailed information about financial instruments [line items]
Derivative assets held for trading	1,072	647
Derivative liabilities held for trading	(964)	(442)
Over 5 years | Other derivatives
Disclosure of detailed information about financial instruments [line items]
Derivative assets held for trading	$ 2	$ 3

Derivative financial instrume_5

Derivative financial instruments - Analysis of fair value derivative sssets and liabilities by maturity and fair value estimation (Details) - USD ($) $ in Millions	Dec. 31, 2022	Dec. 31, 2021
Disclosure of detailed information about financial instruments [line items]
Derivative financial assets held for trading	$ 24,395	$ 12,402
Derivatives held for trading, Fair value liabilities	(22,440)	(13,449)
Within one year
Disclosure of detailed information about financial instruments [line items]
Derivative financial assets held for trading	11,554	5,712
Derivatives held for trading, Fair value liabilities	(12,381)	(7,567)
1-2 years
Disclosure of detailed information about financial instruments [line items]
Derivative financial assets held for trading	5,516	1,888
Derivatives held for trading, Fair value liabilities	(2,572)	(1,835)
2-3 years
Disclosure of detailed information about financial instruments [line items]
Derivative financial assets held for trading	1,532	1,000
Derivatives held for trading, Fair value liabilities	(1,071)	(723)
3-4 years
Disclosure of detailed information about financial instruments [line items]
Derivative financial assets held for trading	891	678
Derivatives held for trading, Fair value liabilities	(1,296)	(498)
4-5 years
Disclosure of detailed information about financial instruments [line items]
Derivative financial assets held for trading	651	496
Derivatives held for trading, Fair value liabilities	(807)	(549)
Over 5 years
Disclosure of detailed information about financial instruments [line items]
Derivative financial assets held for trading	4,251	2,628
Derivatives held for trading, Fair value liabilities	(4,313)	(2,277)
Derivatives held for trading
Disclosure of detailed information about financial instruments [line items]
Derivative financial assets held for trading	24,395	12,402
Derivative assets held for trading, before netting	33,199	20,171
Less: netting by counterparty	(8,804)	(7,769)
Derivatives held for trading, Fair value liabilities	(22,440)	(13,449)
Derivative financial liabilities held for trading, before netting	(31,244)	(21,218)
Less: netting by counterparty	8,804	7,769
Net fair value	1,955	(1,047)
Derivatives held for trading | Level 1
Disclosure of detailed information about financial instruments [line items]
Derivative financial assets held for trading	247	99
Derivatives held for trading, Fair value liabilities	(330)	(99)
Derivatives held for trading | Level 2
Disclosure of detailed information about financial instruments [line items]
Derivative financial assets held for trading	24,155	14,545
Derivatives held for trading, Fair value liabilities	(23,876)	(17,182)
Derivatives held for trading | Level 3
Disclosure of detailed information about financial instruments [line items]
Derivative financial assets held for trading	8,797	5,527
Derivatives held for trading, Fair value liabilities	(7,038)	(3,937)
Derivatives held for trading | Within one year
Disclosure of detailed information about financial instruments [line items]
Derivative financial assets held for trading	11,554	5,712
Derivative assets held for trading, before netting	18,893	12,369
Less: netting by counterparty	(7,339)	(6,657)
Derivatives held for trading, Fair value liabilities	(12,381)	(7,567)
Derivative financial liabilities held for trading, before netting	(19,720)	(14,224)
Less: netting by counterparty	7,339	6,657
Net fair value	(827)	(1,855)
Derivatives held for trading | Within one year | Level 1
Disclosure of detailed information about financial instruments [line items]
Derivative financial assets held for trading	207	63
Derivatives held for trading, Fair value liabilities	(281)	(57)
Derivatives held for trading | Within one year | Level 2
Disclosure of detailed information about financial instruments [line items]
Derivative financial assets held for trading	17,161	11,418
Derivatives held for trading, Fair value liabilities	(18,116)	(13,646)
Derivatives held for trading | Within one year | Level 3
Disclosure of detailed information about financial instruments [line items]
Derivative financial assets held for trading	1,525	888
Derivatives held for trading, Fair value liabilities	(1,323)	(521)
Derivatives held for trading | 1-2 years
Disclosure of detailed information about financial instruments [line items]
Derivative financial assets held for trading	5,516	1,888
Derivative assets held for trading, before netting	6,659	2,582
Less: netting by counterparty	(1,143)	(694)
Derivatives held for trading, Fair value liabilities	(2,572)	(1,835)
Derivative financial liabilities held for trading, before netting	(3,715)	(2,529)
Less: netting by counterparty	1,143	694
Net fair value	2,944	53
Derivatives held for trading | 1-2 years | Level 1
Disclosure of detailed information about financial instruments [line items]
Derivative financial assets held for trading	17	25
Derivatives held for trading, Fair value liabilities	(20)	(28)
Derivatives held for trading | 1-2 years | Level 2
Disclosure of detailed information about financial instruments [line items]
Derivative financial assets held for trading	5,628	1,957
Derivatives held for trading, Fair value liabilities	(2,901)	(2,189)
Derivatives held for trading | 1-2 years | Level 3
Disclosure of detailed information about financial instruments [line items]
Derivative financial assets held for trading	1,014	600
Derivatives held for trading, Fair value liabilities	(794)	(312)
Derivatives held for trading | 2-3 years
Disclosure of detailed information about financial instruments [line items]
Derivative financial assets held for trading	1,532	1,000
Derivative assets held for trading, before netting	1,737	1,145
Less: netting by counterparty	(205)	(145)
Derivatives held for trading, Fair value liabilities	(1,071)	(723)
Derivative financial liabilities held for trading, before netting	(1,276)	(868)
Less: netting by counterparty	205	145
Net fair value	461	277
Derivatives held for trading | 2-3 years | Level 1
Disclosure of detailed information about financial instruments [line items]
Derivative financial assets held for trading	19	4
Derivatives held for trading, Fair value liabilities	(22)	(4)
Derivatives held for trading | 2-3 years | Level 2
Disclosure of detailed information about financial instruments [line items]
Derivative financial assets held for trading	935	631
Derivatives held for trading, Fair value liabilities	(702)	(575)
Derivatives held for trading | 2-3 years | Level 3
Disclosure of detailed information about financial instruments [line items]
Derivative financial assets held for trading	783	510
Derivatives held for trading, Fair value liabilities	(552)	(289)
Derivatives held for trading | 3-4 years
Disclosure of detailed information about financial instruments [line items]
Derivative financial assets held for trading	891	678
Derivative assets held for trading, before netting	952	720
Less: netting by counterparty	(61)	(42)
Derivatives held for trading, Fair value liabilities	(1,296)	(498)
Derivative financial liabilities held for trading, before netting	(1,357)	(540)
Less: netting by counterparty	61	42
Net fair value	(405)	180
Derivatives held for trading | 3-4 years | Level 1
Disclosure of detailed information about financial instruments [line items]
Derivative financial assets held for trading	4	6
Derivatives held for trading, Fair value liabilities	(7)	(8)
Derivatives held for trading | 3-4 years | Level 2
Disclosure of detailed information about financial instruments [line items]
Derivative financial assets held for trading	289	298
Derivatives held for trading, Fair value liabilities	(915)	(251)
Derivatives held for trading | 3-4 years | Level 3
Disclosure of detailed information about financial instruments [line items]
Derivative financial assets held for trading	659	416
Derivatives held for trading, Fair value liabilities	(435)	(281)
Derivatives held for trading | 4-5 years
Disclosure of detailed information about financial instruments [line items]
Derivative financial assets held for trading	651	496
Derivative assets held for trading, before netting	678	522
Less: netting by counterparty	(27)	(26)
Derivatives held for trading, Fair value liabilities	(807)	(549)
Derivative financial liabilities held for trading, before netting	(834)	(575)
Less: netting by counterparty	27	26
Net fair value	(156)	(53)
Derivatives held for trading | 4-5 years | Level 1
Disclosure of detailed information about financial instruments [line items]
Derivative financial assets held for trading	0	1
Derivatives held for trading, Fair value liabilities	0	(2)
Derivatives held for trading | 4-5 years | Level 2
Disclosure of detailed information about financial instruments [line items]
Derivative financial assets held for trading	77	139
Derivatives held for trading, Fair value liabilities	(437)	(305)
Derivatives held for trading | 4-5 years | Level 3
Disclosure of detailed information about financial instruments [line items]
Derivative financial assets held for trading	601	382
Derivatives held for trading, Fair value liabilities	(397)	(268)
Derivatives held for trading | Over 5 years
Disclosure of detailed information about financial instruments [line items]
Derivative financial assets held for trading	4,251	2,628
Derivative assets held for trading, before netting	4,280	2,833
Less: netting by counterparty	(29)	(205)
Derivatives held for trading, Fair value liabilities	(4,313)	(2,277)
Derivative financial liabilities held for trading, before netting	(4,342)	(2,482)
Less: netting by counterparty	29	205
Net fair value	(62)	351
Derivatives held for trading | Over 5 years | Level 1
Disclosure of detailed information about financial instruments [line items]
Derivative financial assets held for trading	0	0
Derivatives held for trading, Fair value liabilities	0	0
Derivatives held for trading | Over 5 years | Level 2
Disclosure of detailed information about financial instruments [line items]
Derivative financial assets held for trading	65	102
Derivatives held for trading, Fair value liabilities	(805)	(216)
Derivatives held for trading | Over 5 years | Level 3
Disclosure of detailed information about financial instruments [line items]
Derivative financial assets held for trading	4,215	2,731
Derivatives held for trading, Fair value liabilities	$ (3,537)	$ (2,266)

Derivative financial instrume_6

Derivative financial instruments - Disclosure of changes in fair value of derivative instruments (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Reconciliation of changes in fair value measurement, assets [abstract]
Net assets, beginning of period	$ 90,439
Net assets, end of period	82,990	$ 90,439
Level 3
Reconciliation of changes in fair value measurement, assets [abstract]
Deferred day-one gains (losses)	1,245	961
Derivative asset (liability)	1,759	1,590
Level 3 | Derivatives
Reconciliation of changes in fair value measurement, assets [abstract]
Net assets, beginning of period	629	176
Gains (losses) recognized in the income statement	1,108	961
Purchases, fair value measurement, assets	(893)	(3)
Settlements	(315)	(396)
Transfers out of Level 3 of fair value hierarchy, (assets) liabilities	(15)	(115)
Net assets, end of period	514	629
Level 3 | Derivatives | Oil price derivatives
Reconciliation of changes in fair value measurement, assets [abstract]
Net assets, beginning of period	199	191
Gains (losses) recognized in the income statement	17	302
Purchases, fair value measurement, assets	0	0
Settlements	(73)	(248)
Transfers out of Level 3 of fair value hierarchy, (assets) liabilities	(115)	(46)
Net assets, end of period	28	199
Level 3 | Derivatives | Natural gas price derivatives
Reconciliation of changes in fair value measurement, assets [abstract]
Net assets, beginning of period	534	147
Gains (losses) recognized in the income statement	508	410
Purchases, fair value measurement, assets	(4)	0
Settlements	(210)	(33)
Transfers out of Level 3 of fair value hierarchy, (assets) liabilities	77	10
Net assets, end of period	905	534
Level 3 | Derivatives | Power price derivatives
Reconciliation of changes in fair value measurement, assets [abstract]
Net assets, beginning of period	40	(173)
Gains (losses) recognized in the income statement	334	407
Purchases, fair value measurement, assets	(889)	0
Settlements	(32)	(115)
Transfers out of Level 3 of fair value hierarchy, (assets) liabilities	23	(79)
Net assets, end of period	(524)	40
Level 3 | Derivatives | Currency derivatives [Member]
Reconciliation of changes in fair value measurement, assets [abstract]
Net assets, beginning of period	(154)	5
Gains (losses) recognized in the income statement	215	(159)
Purchases, fair value measurement, assets	0	0
Settlements	0	0
Transfers out of Level 3 of fair value hierarchy, (assets) liabilities	0	0
Net assets, end of period	61	(154)
Level 3 | Derivatives | Other derivatives
Reconciliation of changes in fair value measurement, assets [abstract]
Net assets, beginning of period	10	6
Gains (losses) recognized in the income statement	34	1
Purchases, fair value measurement, assets	0	(3)
Settlements	0	0
Transfers out of Level 3 of fair value hierarchy, (assets) liabilities	0	0
Net assets, end of period	$ 44	$ 10

Derivative financial instrume_7

Derivative financial instruments - Narrative (Details) $ in Millions	12 Months Ended
	Dec. 31, 2022 USD ($) MMBTU	Dec. 31, 2021 USD ($) MMBTU	Dec. 31, 2020 USD ($)
Disclosure of detailed information about financial instruments [line items]
Gains (losses) recognized in the income statement, excluding gains and losses on realized physical derivative contracts reflected in sales and purchases | $	$ 7,829	$ 4,466
Derivatives held for trading | Derivatives | Level 3
Disclosure of detailed information about financial instruments [line items]
Gains (losses) recognised in profit or loss attributable to change in unrealised gains or losses for assets held at end of period, fair value measurement | $	1,223	755
Futures, Options, Swaps, and Forward Derivative Contracts
Disclosure of detailed information about financial instruments [line items]
Gains (losses) recognized in the income statement | $	$ 1,280	$ 775	$ (829)
Highly probable forecast sales | Cash flow hedges | Commodity price risk
Disclosure of detailed information about financial instruments [line items]
Nominal Amounts Of Hedging Instruments | MMBTU	(469,000,000)	(420,000,000)
Highly probable forecast sales | Cash flow hedges | Within one year | Commodity price risk
Disclosure of detailed information about financial instruments [line items]
Nominal Amounts Of Hedging Instruments | MMBTU	349	245
Highly probable forecast sales | Cash flow hedges | 1-2 years | Commodity price risk
Disclosure of detailed information about financial instruments [line items]
Nominal Amounts Of Hedging Instruments | MMBTU	120	175

Derivative financial instrume_8

Derivative financial instruments - Fair value of hedge ineffectiveness (Details) - Cash flow hedges - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Highly probable forecast capital expenditure | Foreign exchange risk
Disclosure of detailed information about financial instruments [line items]
Change in fair value of hedging instrument used to calculate ineffectiveness	$ 0	$ (1)
Change in fair value of hedged item used to calculate ineffectiveness	0	1
Hedge ineffectiveness recognized in profit or (loss)	0	0
Highly probable forecast sales | Commodity price risk
Disclosure of detailed information about financial instruments [line items]
Change in fair value of hedging instrument used to calculate ineffectiveness	(825)	(430)
Change in fair value of hedged item used to calculate ineffectiveness	825	430
Hedge ineffectiveness recognized in profit or (loss)	$ 0	$ 0

Derivative financial instrume_9

Derivative financial instruments - Carrying and notional amounts of hedges (Details) - Cash flow hedges $ in Millions	Dec. 31, 2022 USD ($) MMBTU	Dec. 31, 2021 USD ($) MMBTU
Disclosure of detailed information about financial instruments [line items]
Hedging instrument, assets	$ 0	$ 1
Hedging instrument, liabilities	0	0
Highly probable forecast capital expenditure | Foreign exchange risk
Disclosure of detailed information about financial instruments [line items]
Hedging instrument, assets	0	1
Hedging instrument, liabilities	0	0
Nominal amounts of hedging instruments	5	55
Highly probable forecast sales | Commodity price risk
Disclosure of detailed information about financial instruments [line items]
Hedging instrument, assets	0	0
Hedging instrument, liabilities	$ 0	$ 0
Nominal Amounts Of Hedging Instruments | MMBTU	(469,000,000)	(420,000,000)

Derivative financial instrum_10

Derivative financial instruments - Weighted average exchange rates and sales prices, cash flow hedges (Details) - Cash flow hedges	12 Months Ended
	Dec. 31, 2022 MMBTU gBPPerUSD	Dec. 31, 2021 gBPPerUSD
Highly probable forecast capital expenditure
Disclosure of detailed information about hedges [line items]
Average foreign exchange rate (per USD)	1.25	1.33
Highly probable forecast sales
Disclosure of detailed information about hedges [line items]
Average price of hedging instrument (Henry Hub $/mmBtu)	4.03	3.24

Derivative financial instrum_11

Derivative financial instruments - Summary of changes in fair value, hedges used to calculate ineffectiveness (Details) - Fair value hedges - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Interest rate risk on finance debt
Disclosure of detailed information about hedges [line items]
Change in fair value of hedging instrument used to calculate ineffectiveness	$ 26	$ 54
Change in fair value of hedged item used to calculate ineffectiveness	(27)	(54)
Gain (loss) on hedge ineffectiveness recognised in profit or loss	1	0
Interest rate and foreign currency risk on finance debt
Disclosure of detailed information about hedges [line items]
Change in fair value of hedging instrument used to calculate ineffectiveness	3,519	2,565
Change in fair value of hedged item used to calculate ineffectiveness	(3,495)	(2,460)
Gain (loss) on hedge ineffectiveness recognised in profit or loss	$ (24)	$ (105)

Derivative financial instrum_12

Derivative financial instruments - Summary of carrying amount of fair value hedges (Details) - Fair value hedges - USD ($) $ in Millions	Dec. 31, 2022	Dec. 31, 2021
Disclosure of detailed information about hedges [line items]
Hedges, Fair value asset	$ 0	$ 347
Hedging instrument, liabilities	3,674	465
Interest rate risk on finance debt
Disclosure of detailed information about hedges [line items]
Hedges, Fair value asset	0	21
Hedging instrument, liabilities	4	0
Notional amount	368	1,102
Interest rate and foreign currency risk on finance debt
Disclosure of detailed information about hedges [line items]
Hedges, Fair value asset	0	326
Hedging instrument, liabilities	3,670	465
Notional amount	$ 17,032	$ 18,880

Derivative financial instrum_13

Derivative financial instruments - Summary of tenor of nominal amount of hedges (Details) - Fair value hedges - USD ($) $ in Millions	Dec. 31, 2022	Dec. 31, 2021
Interest rate risk on finance debt
Disclosure of detailed information about hedges [line items]
Notional amount	$ 368	$ 1,102
Interest rate and foreign currency risk on finance debt
Disclosure of detailed information about hedges [line items]
Notional amount	17,032	18,880
Within one year | Interest rate risk on finance debt
Disclosure of detailed information about hedges [line items]
Notional amount	0	713
Within one year | Interest rate and foreign currency risk on finance debt
Disclosure of detailed information about hedges [line items]
Notional amount	1,307	715
1 to 2 years | Interest rate risk on finance debt
Disclosure of detailed information about hedges [line items]
Notional amount	216	0
1 to 2 years | Interest rate and foreign currency risk on finance debt
Disclosure of detailed information about hedges [line items]
Notional amount	2,238	1,426
2 to 3 years | Interest rate risk on finance debt
Disclosure of detailed information about hedges [line items]
Notional amount	0	219
2 to 3 years | Interest rate and foreign currency risk on finance debt
Disclosure of detailed information about hedges [line items]
Notional amount	1,971	2,377
3 to 4 years | Interest rate risk on finance debt
Disclosure of detailed information about hedges [line items]
Notional amount	152	0
3 to 4 years | Interest rate and foreign currency risk on finance debt
Disclosure of detailed information about hedges [line items]
Notional amount	2,244	2,114
4 to 5 years | Interest rate risk on finance debt
Disclosure of detailed information about hedges [line items]
Notional amount	0	170
4 to 5 years | Interest rate and foreign currency risk on finance debt
Disclosure of detailed information about hedges [line items]
Notional amount	1,845	2,400
5 to 10 years | Interest rate risk on finance debt
Disclosure of detailed information about hedges [line items]
Notional amount	0	0
5 to 10 years | Interest rate and foreign currency risk on finance debt
Disclosure of detailed information about hedges [line items]
Notional amount	4,869	4,471
Over 10 years | Interest rate risk on finance debt
Disclosure of detailed information about hedges [line items]
Notional amount	0	0
Over 10 years | Interest rate and foreign currency risk on finance debt
Disclosure of detailed information about hedges [line items]
Notional amount	$ 2,558	$ 5,377

Derivative financial instrum_14

Derivative financial instruments - Weighted average exchange rates of hedges (Details)	12 Months Ended
	Dec. 31, 2022 gBPPerUSD	Dec. 31, 2022 eURPerUSD	Dec. 31, 2022 cADPerUSD	Dec. 31, 2021 gBPPerUSD	Dec. 31, 2021 eURPerUSD	Dec. 31, 2021 cADPerUSD
Cross-currency interest rate swaps
Disclosure of detailed information about hedges [line items]
Average foreign exchange rate (per USD)	1.36	1.13	0.78	1.36	1.13	0.78
Fair value hedges | Interest rate swaps | Floating interest rate
Disclosure of detailed information about hedges [line items]
Average rate of hedging instrument	2.48%	2.48%	2.48%	0.31%	0.31%	0.31%
Fair value hedges | Cross-currency interest rate swaps | Floating interest rate
Disclosure of detailed information about hedges [line items]
Average rate of hedging instrument	6.23%	6.23%	6.23%	1.91%	1.91%	1.91%

Derivative financial instrum_15

Derivative financial instruments - Accumulated fair value adjustments of the hedged items (Details) - Fair value hedges - USD ($) $ in Millions	Dec. 31, 2022	Dec. 31, 2021
Interest rate risk on finance debt
Disclosure of detailed information about hedged items [line items]
Hedged item, assets	$ 0	$ 0
Hedged item, liabilities	(422)	(1,170)
Accumulated fair value hedge adjustment on hedged item included in carrying amount, assets	4	0
Accumulated fair value hedge adjustment remaining in statement of financial position for hedged item that ceased to be adjusted for hedging gains and losses, liabilities	0	(22)
Accumulated fair value hedge adjustment remaining in statement of financial position for hedged item that ceased to be adjusted for hedging gains and losses, discontinued hedges	(337)	(524)
Interest rate and foreign currency risk on finance debt
Disclosure of detailed information about hedged items [line items]
Hedged item, assets	0	0
Hedged item, liabilities	(17,003)	(18,837)
Accumulated fair value hedge adjustment on hedged item included in carrying amount, assets	2,312	0
Accumulated fair value hedge adjustment remaining in statement of financial position for hedged item that ceased to be adjusted for hedging gains and losses, liabilities	0	(94)
Accumulated fair value hedge adjustment remaining in statement of financial position for hedged item that ceased to be adjusted for hedging gains and losses, discontinued hedges	$ 0	$ 0

Derivative financial instrum_16

Derivative financial instruments - Movement in reserves related to hedge accounting (Details) - USD ($) $ in Millions		12 Months Ended
		Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Movement in cash flow hedge reserve
Cash flow hedges marked to market	[1]	$ (825)	$ (430)	$ 78
Cash flow hedges reclassified to the income statement - hedged item affected profit or loss	[1]	1,502	255	(37)
Cash flow hedges (including reclassifications), pre-tax		677	(175)	41
Movement in costs of hedging reserve
Costs of hedging marked to market	[1]	61	(105)	42
Costs of hedging reclassified to the income statement	[1]	25	21	22
Costs of hedging (including reclassifications), Pre-tax		86	(84)	64
Movement in cash flow hedge and costs of hedging reserves
Total reserve, period start		(972)	(704)
Cash flow hedges marked to market		(829)	(429)
Cash flow hedges reclassified to the income statement - hedged item affected profit or loss	[1]	1,502	255	(37)
Costs of hedging marked to market	[1]	61	(105)	42
Costs of hedging reclassified to the income statement	[1]	25	21	22
Cash flow hedges and cost of hedges (including reclassifications), pre-tax		759	(258)
Cash flow hedges transferred to the balance sheet	[2]	(1)	10	(6)
Total reserve, period start		(212)	(972)	(704)
Highly probable forecast capital expenditure | Cash flow hedges
Movement in cash flow hedge reserve
Reserve of cash flow hedges, period start		3	12
Cash flow hedges marked to market		(4)	1
Cash flow hedges reclassified to the income statement - hedged item affected profit or loss		0	0
Cash flow hedges (including reclassifications), pre-tax		(4)	1
Reserve of cash flow hedges, period end		0	3	12
Movement in cash flow hedge and costs of hedging reserves
Cash flow hedges reclassified to the income statement - hedged item affected profit or loss		0	0
Cash flow hedges transferred to the balance sheet		(1)	10
Highly probable forecast sales | Cash flow hedges
Movement in cash flow hedge reserve
Reserve of cash flow hedges, period start		(134)	41
Cash flow hedges marked to market		(825)	(430)
Cash flow hedges reclassified to the income statement - hedged item affected profit or loss		851	255
Cash flow hedges (including reclassifications), pre-tax		26	(175)
Reserve of cash flow hedges, period end		(108)	(134)	41
Movement in cash flow hedge and costs of hedging reserves
Cash flow hedges reclassified to the income statement - hedged item affected profit or loss		851	255
Cash flow hedges transferred to the balance sheet		0	0
Purchase of equity | Cash flow hedges
Movement in cash flow hedge reserve
Reserve of cash flow hedges, period start		(651)	(651)
Cash flow hedges marked to market		0	0
Cash flow hedges reclassified to the income statement - hedged item affected profit or loss		651	0
Cash flow hedges (including reclassifications), pre-tax		651	0
Reserve of cash flow hedges, period end		0	(651)	(651)
Movement in cash flow hedge and costs of hedging reserves
Cash flow hedges reclassified to the income statement - hedged item affected profit or loss		651	0
Cash flow hedges transferred to the balance sheet		0	0
Interest rate and foreign currency risk on finance debt | Fair value hedges
Movement in costs of hedging reserve
Cost of hedging reserve, period start		(190)	(106)
Costs of hedging marked to market		61	(105)
Costs of hedging reclassified to the income statement		25	21
Costs of hedging (including reclassifications), Pre-tax		86	(84)
Cost of hedging reserve, period end		(104)	(190)	$ (106)
Movement in cash flow hedge and costs of hedging reserves
Costs of hedging marked to market		61	(105)
Costs of hedging reclassified to the income statement		$ 25	$ 21
[1]See Note 32 for further information.[2]See Note 31 for further information.

Called-up share capital - Summa

Called-up share capital - Summary of allotted, called up and fully paid share capital (Details) £ / shares in Units, $ / shares in Units, shares in Thousands, $ in Millions		3 Months Ended	12 Months Ended
		Mar. 31, 2023 USD ($) shares	Dec. 31, 2022 USD ($) $ / shares shares	Dec. 31, 2021 USD ($) shares	Dec. 31, 2020 USD ($) shares	Dec. 31, 2022 GBP (£) £ / shares shares
Reconciliation of number of shares outstanding [abstract]
Balance, beginning of period		$ 4,795	$ 5,215	$ 5,383
Repurchase of ordinary share capital	[1]		(10,493)	(3,151)	$ (776)
Balance, end of period			4,795	5,215	5,383
Preference shares
Reconciliation of number of shares outstanding [abstract]
Balance, beginning of period		21	21	21
Balance, end of period			21	$ 21	$ 21
Number of shares authorised | £						£ 10,000,000
First Preference Shares
Disclosure of classes of share capital [line items]
Number of shares issued and fully paid (in shares) | shares				7,233	7,233	7,233
Reconciliation of number of shares outstanding [abstract]
Balance, beginning of period		12	12	$ 12
Balance, end of period			$ 12	$ 12	$ 12
Percentage of nominal cumulative preference shares			8%
Par value per share | £ / shares						£ 1
Second Preference Shares
Disclosure of classes of share capital [line items]
Number of shares issued and fully paid (in shares) | shares				5,473	5,473	5,473
Reconciliation of number of shares outstanding [abstract]
Balance, beginning of period		$ 9	$ 9	$ 9
Balance, end of period			$ 9	$ 9	$ 9
Percentage of nominal cumulative preference shares			9%
Par value per share | £ / shares						£ 1
Ordinary Shares
Reconciliation of number of shares outstanding [abstract]
Balance, beginning of period (in shares) | shares		19,097,783	20,778,082	21,449,782	21,535,840
Balance, beginning of period		$ 4,774	$ 5,194	$ 5,362	$ 5,383
Issue of new shares for employee share-based payment plans (in shares) | shares			55,000	35,001	34,000
Issue of new shares for employee share-based payment plans			$ 14	$ 9	$ 9
Issue of new shares – other (in shares) | shares			165,105	0	0
Issue of new shares – other			$ 41	$ 0	$ 0
Repurchase of ordinary share capital (in shares) | shares		(107,000)	(1,900,404)	(706,701)	(120,058)
Repurchase of ordinary share capital			$ (475)	$ (177)	$ (30)
Balance, end of period (in shares) | shares			19,097,783	20,778,082	21,449,782
Balance, end of period			$ 4,774	$ 5,194	$ 5,362
Par value per share | $ / shares			$ 0.25
[1]See Note 31 for further information.

Called-up share capital - Narra

Called-up share capital - Narrative (Details) shares in Thousands, $ in Millions	3 Months Ended	12 Months Ended
	Mar. 31, 2023 USD ($) shares	Dec. 31, 2022 USD ($) vote shares	Dec. 31, 2021 USD ($) shares	Dec. 31, 2020 USD ($) shares
Disclosure of classes of share capital [line items]
Payments to acquire or redeem entity's shares		$ 9,996	$ 3,151	$ 776
Percentage of ordinary share capital repurchased		10%
Accrual to acquire or redeem entity's shares		$ 497	$ 0
Percentage of number of shares held in treasury		5%	5.20%	5.40%
Movement in shares held in treasury to ordinary share capital, percent		0.50%	0.30%	0.30%
Preference shares
Disclosure of classes of share capital [line items]
Number of shareholder votes per each 5 pounds in nominal amount held (vote) | vote		2
Percentage of the capital paid on preference shares, added to accrued and unpaid dividends		10%
Ordinary Shares
Disclosure of classes of share capital [line items]
Number of shareholder votes held (vote) | vote		1
Ordinary share repurchase (in shares) | shares	107,000	1,900,404	706,701	120,058
Payments to acquire or redeem entity's shares	$ 653	$ 9,996
Transaction costs for repurchase of ordinary shares		$ 54
Increase (Decrease) In Number Of Shares Outstanding, Other, Equity | shares		165,105	0	0

Called-up share capital - Treas

Called-up share capital - Treasury shares (Details) - USD ($) shares in Thousands, $ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Treasury shares [member]
Disclosure of classes of share capital [line items]
Balance, beginning of period (in shares)	1,137,457	1,187,650	1,296,856
Treasury shares outstanding, beginning of period	$ 283	$ 296	$ 323
Purchases for settlement of employee share plans (in shares)	14,150	1,432	0
Purchases for settlement of employee share plans	$ 4	$ 0	$ 0
Shares re-issued for employee share-based payment plans (in shares)	(81,680)	(86,721)	(143,322)
Shares re-issued for employee share-based payment plans	$ (20)	$ (22)	$ (36)
Balance, end of period (in shares)	1,124,927	1,137,457	1,187,650
Treasury shares outstanding, end of period	$ 281	$ 283	$ 296
Treasury shares [member]
Disclosure of classes of share capital [line items]
Issue of new shares for employee share-based payment plans (in shares)	55,000	35,096	34,116
Issue of new shares for employee share-based payment plans	$ 14	$ 9	$ 9

Capital and reserves - Summary

Capital and reserves - Summary of reserves and other equity interest (Details) - USD ($) $ in Millions		12 Months Ended
		Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Disclosure of reserves within equity [line items]
Equity outstanding, beginning of period	[1]	$ 90,439	$ 85,568	$ 100,708
Profit (loss) for the year	[1],[2]	(1,357)	8,487	(20,729)
Items that may be reclassified subsequently to profit or loss
Currency translation differences (including reclassifications)a		6,853	(870)	(2,187)
Cash flow hedges and costs of hedging (including reclassifications)		774	(210)	91
Share of items relating to equity-accounted entities, net of tax	[2]	402	44	312
Other		(225)	1	71
Items that will not be reclassified to profit or loss
Remeasurements of the net pension and other post-retirement benefit liability or asset		408	3,099	65
Costs of hedges that will subsequently be transferred to the balance sheet		(4)	1	7
Total comprehensive income	[1],[2]	6,851	10,552	(22,370)
Dividends	[1],[3]	(4,659)	(4,627)	(6,605)
Cash flow hedges transferred to the balance sheet, net of tax	[1]	1	(10)	6
Issued capital, ordinary shares	[1]	820
Repurchase of ordinary share capital	[1]	(10,493)	(3,151)	(776)
Share-based payments, net of tax	[1]	847	632	726
Share of equity-accounted entities’ changes in equity, net of tax	[1]	0	556	1,341
Issue of perpetual hybrid bonds	[1]	370	924	11,861
Payments on issue of perpetual hybrid bonds	[1]	(529)	(499)	(89)
Tax on issue of perpetual hybrid bonds	[1]	0	0	3
Transactions involving non-controlling interests, net of tax	[1]	(657)	494	763
Equity outstanding, end of period	[1]	82,990	90,439	85,568
Proceeds from disposals of fixed assets		709	1,145	491
Rosnefta
Items that will not be reclassified to profit or loss
Total comprehensive income			2,706	107
UK
Items that will not be reclassified to profit or loss
Proceeds from disposals of fixed assets				500
NEW ZEALAND
Items that will not be reclassified to profit or loss
Proceeds from disposals of fixed assets				200
Share Capital And Capital Reserve [Member]
Disclosure of reserves within equity [line items]
Equity outstanding, beginning of period	[1]	46,871	46,701	46,525
Items that will not be reclassified to profit or loss
Dividends		0	0	0
Issued capital, ordinary shares	[1]	820
Repurchase of ordinary share capital		0	0	0
Share-based payments, net of tax	[1]	182	170	176
Equity outstanding, end of period	[1]	47,873	46,871	46,701
Issued capital [member]
Disclosure of reserves within equity [line items]
Equity outstanding, beginning of period		5,215	5,383	5,404
Items that will not be reclassified to profit or loss
Dividends		0	0	0
Issued capital, ordinary shares		41
Repurchase of ordinary share capital		(475)	(177)	(30)
Share-based payments, net of tax		14	9	9
Equity outstanding, end of period		4,795	5,215	5,383
Share premium [member]
Disclosure of reserves within equity [line items]
Equity outstanding, beginning of period		12,745	12,584	12,417
Items that will not be reclassified to profit or loss
Dividends		0	0	0
Issued capital, ordinary shares		779
Share-based payments, net of tax		168	161	167
Equity outstanding, end of period		13,692	12,745	12,584
Capital redemption reserve [member]
Disclosure of reserves within equity [line items]
Equity outstanding, beginning of period		1,705	1,528	1,498
Items that will not be reclassified to profit or loss
Repurchase of ordinary share capital		475	177	30
Equity outstanding, end of period		2,180	1,705	1,528
Merger reserve [member]
Disclosure of reserves within equity [line items]
Equity outstanding, beginning of period		27,206	27,206	27,206
Items that will not be reclassified to profit or loss
Equity outstanding, end of period		27,206	27,206	27,206
Treasury shares [member]
Disclosure of reserves within equity [line items]
Equity outstanding, beginning of period	[1]	(12,624)	(13,224)	(14,412)
Items that will not be reclassified to profit or loss
Share-based payments, net of tax	[1]	471	600	1,188
Equity outstanding, end of period	[1]	(12,153)	(12,624)	(13,224)
Reserve of exchange differences on translation [member]
Disclosure of reserves within equity [line items]
Equity outstanding, beginning of period	[1]	(9,572)	(8,719)	(6,495)
Items that may be reclassified subsequently to profit or loss
Currency translation differences (including reclassifications)a		6,914	(846)	(2,224)
Items that will not be reclassified to profit or loss
Total comprehensive income	[1]	6,914	(846)	(2,224)
Payments on issue of perpetual hybrid bonds	[1]	15	(7)
Equity outstanding, end of period	[1]	(2,643)	(9,572)	(8,719)
Reserve of exchange differences on translation [member] | Rosnefta
Items that may be reclassified subsequently to profit or loss
Currency translation differences (including reclassifications)a		10,372
Reserve of cash flow hedges [member]
Disclosure of reserves within equity [line items]
Equity outstanding, beginning of period		(851)	(708)	(752)
Items that may be reclassified subsequently to profit or loss
Cash flow hedges and costs of hedging (including reclassifications)		671	(134)	31
Items that will not be reclassified to profit or loss
Costs of hedges that will subsequently be transferred to the balance sheet		(4)	1	7
Total comprehensive income		667	(133)	38
Cash flow hedges transferred to the balance sheet, net of tax		1	(10)	6
Equity outstanding, end of period		(183)	(851)	(708)
Reserve of cash flow hedges [member] | Rosnefta
Disclosure of reserves within equity [line items]
Equity outstanding, beginning of period		651
Items that will not be reclassified to profit or loss
Equity outstanding, end of period			651
Reserve of change in value of foreign currency basis spreads [member]
Disclosure of reserves within equity [line items]
Equity outstanding, beginning of period		(176)	(100)	(160)
Items that may be reclassified subsequently to profit or loss
Cash flow hedges and costs of hedging (including reclassifications)		103	(76)	60
Items that will not be reclassified to profit or loss
Total comprehensive income		103	(76)	60
Equity outstanding, end of period		(73)	(176)	(100)
Total Reserve Of Available-For-Sale Securities And Cash Flow Hedges [Member]
Disclosure of reserves within equity [line items]
Equity outstanding, beginning of period	[1]	(1,027)	(808)	(912)
Items that may be reclassified subsequently to profit or loss
Cash flow hedges and costs of hedging (including reclassifications)		774	(210)	91
Items that will not be reclassified to profit or loss
Costs of hedges that will subsequently be transferred to the balance sheet		(4)	1	7
Total comprehensive income	[1]	770	(209)	98
Cash flow hedges transferred to the balance sheet, net of tax	[1]	1	(10)	6
Equity outstanding, end of period	[1]	(256)	(1,027)	(808)
Retained earnings [member]
Disclosure of reserves within equity [line items]
Equity outstanding, beginning of period	[1]	51,815	47,300	73,706
Profit (loss) for the year	[1]	(2,487)	7,565	(20,305)
Items that may be reclassified subsequently to profit or loss
Currency translation differences (including reclassifications)a				0
Share of items relating to equity-accounted entities, net of tax		402	44	312
Other		(225)	1	71
Items that will not be reclassified to profit or loss
Remeasurements of the net pension and other post-retirement benefit liability or asset		408	3,099	65
Costs of hedges that will subsequently be transferred to the balance sheet				0
Total comprehensive income	[1]	(1,902)	10,709	(19,857)
Dividends	[1],[3]	(4,365)	(4,316)	(6,367)
Repurchase of ordinary share capital	[1]	(10,493)	(3,151)	(776)
Share-based payments, net of tax	[1]	194	(138)	(638)
Share of equity-accounted entities’ changes in equity, net of tax	[1]	0	556	1,341
Issue of perpetual hybrid bonds	[1]	(4)	(26)	(48)
Tax on issue of perpetual hybrid bonds	[1]	0	0	3
Transactions involving non-controlling interests, net of tax	[1]	(513)	881	(64)
Equity outstanding, end of period	[1]	34,732	51,815	47,300
Equity attributable to owners of parent [member]
Disclosure of reserves within equity [line items]
Equity outstanding, beginning of period	[1]	75,463	71,250	98,412
Profit (loss) for the year	[1]	(2,487)	7,565	(20,305)
Items that may be reclassified subsequently to profit or loss
Currency translation differences (including reclassifications)a		6,914	(846)	(2,224)
Cash flow hedges and costs of hedging (including reclassifications)		774	(210)	91
Share of items relating to equity-accounted entities, net of tax		402	44	312
Other		(225)	1	71
Items that will not be reclassified to profit or loss
Remeasurements of the net pension and other post-retirement benefit liability or asset		408	3,099	65
Costs of hedges that will subsequently be transferred to the balance sheet		(4)	1	7
Total comprehensive income	[1]	5,782	9,654	(21,983)
Dividends	[1],[3]	(4,365)	(4,316)	(6,367)
Cash flow hedges transferred to the balance sheet, net of tax	[1]	1	(10)	6
Issued capital, ordinary shares	[1]	820
Repurchase of ordinary share capital	[1]	(10,493)	(3,151)	(776)
Share-based payments, net of tax	[1]	847	632	726
Share of equity-accounted entities’ changes in equity, net of tax	[1]	0	556	1,341
Issue of perpetual hybrid bonds	[1]	(4)	(26)	(48)
Payments on issue of perpetual hybrid bonds	[1]	15	(7)	0
Tax on issue of perpetual hybrid bonds	[1]	0	0	3
Transactions involving non-controlling interests, net of tax	[1]	(513)	881	(64)
Equity outstanding, end of period	[1]	67,553	75,463	71,250
Non-controlling interests, hybrid bonds [Member]
Disclosure of reserves within equity [line items]
Equity outstanding, beginning of period	[1]	13,041	12,076	0
Profit (loss) for the year	[1]	519	507	256
Items that may be reclassified subsequently to profit or loss
Currency translation differences (including reclassifications)a				0
Items that will not be reclassified to profit or loss
Total comprehensive income	[1]	519	507	256
Issue of perpetual hybrid bonds	[1]	374	950	11,909
Payments on issue of perpetual hybrid bonds	[1]	(544)	(492)	(89)
Equity outstanding, end of period	[1]	13,390	13,041	12,076
Non-controlling interests, other interest [Member]
Disclosure of reserves within equity [line items]
Equity outstanding, beginning of period	[1]	1,935	2,242	2,296
Profit (loss) for the year	[1]	611	415	(680)
Items that may be reclassified subsequently to profit or loss
Currency translation differences (including reclassifications)a		(61)	(24)	37
Items that will not be reclassified to profit or loss
Total comprehensive income	[1]	550	391	(643)
Dividends	[1],[3]	(294)	(311)	(238)
Transactions involving non-controlling interests, net of tax	[1]	(144)	(387)	827
Equity outstanding, end of period	[1]	$ 2,047	$ 1,935	$ 2,242
[1]See Note 31 for further information.[2]See Note 32 for further information.[3]See Note 10 for further information.

Capital and reserves - Narrativ

Capital and reserves - Narrative (Details) - USD ($) $ in Millions		12 Months Ended
		Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Disclosure of reserves within equity [line items]
Equity	[1]	$ 82,990	$ 90,439	$ 85,568	$ 100,708
Issue of perpetual hybrid bonds	[1]	370	924	11,861
Payments on issue of perpetual hybrid bonds	[1]	(529)	(499)	(89)
Profit (loss) for the year	[1],[2]	(1,357)	8,487	(20,729)
Currency translation differences (including reclassifications)a		6,853	(870)	(2,187)
Corporate bonds [Member]
Disclosure of reserves within equity [line items]
Payments on issue of perpetual hybrid bonds		(468)	(499)	(89)
Project specific bonds [Member]
Disclosure of reserves within equity [line items]
Payments on issue of perpetual hybrid bonds		$ (61)	$ 0
Fixed interest rate [member] | Bottom of range [member]
Disclosure of reserves within equity [line items]
Coupons on hybrid bonds, fixed rate		3.25%
Fixed interest rate [member] | Top of range [member]
Disclosure of reserves within equity [line items]
Coupons on hybrid bonds, fixed rate		4.875%
Rosnefta
Disclosure of reserves within equity [line items]
Ownership percentage in associate			18.50%
Reserve of exchange differences on translation [member]
Disclosure of reserves within equity [line items]
Equity	[1]	$ (2,643)	$ (9,572)	(8,719)	(6,495)
Payments on issue of perpetual hybrid bonds	[1]	15	(7)
Currency translation differences (including reclassifications)a		6,914	(846)	(2,224)
Reserve of exchange differences on translation [member] | Rosnefta
Disclosure of reserves within equity [line items]
Currency translation differences (including reclassifications)a		10,372
Reserve of cash flow hedges [member]
Disclosure of reserves within equity [line items]
Equity		(183)	(851)	(708)	(752)
Reserve of cash flow hedges [member] | Rosnefta
Disclosure of reserves within equity [line items]
Equity			651
Non-controlling interests, hybrid bonds [Member]
Disclosure of reserves within equity [line items]
Equity	[1]	13,390	13,041	12,076	$ 0
Issue of perpetual hybrid bonds	[1]	374	950	11,909
Payments on issue of perpetual hybrid bonds	[1]	(544)	(492)	(89)
Profit (loss) for the year	[1]	519	507	256
Currency translation differences (including reclassifications)a				0
Non-controlling interests, hybrid bonds [Member] | Corporate bonds [Member]
Disclosure of reserves within equity [line items]
Equity		12,066	12,081
Profit (loss) for the year		468	497	$ 89
Non-controlling interests, hybrid bonds [Member] | Project specific bonds [Member]
Disclosure of reserves within equity [line items]
Equity		1,324	960
Issue of perpetual hybrid bonds		1,324
Profit (loss) for the year		$ 51	$ 10
[1]See Note 31 for further information.[2]See Note 32 for further information.

Capital and reserves - Summar_2

Capital and reserves - Summary of pre-tax tax amounts of component of other comprehensive income (Details) - USD ($) $ in Millions		12 Months Ended
		Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Pre-tax
Currency translation differences (including reclassifications), Pre-tax		$ 6,973	$ (885)	$ (2,196)
Cash flow hedges (including reclassifications), pre-tax		677	(175)	41
Costs of hedging (including reclassifications), Pre-tax		86	(84)	64
Share of items relating to equity-accounted entities, net of tax, Pre-tax		402	44	312
Other, Pre-tax		0	0	0
Tax
Currency translation differences (including reclassifications), Tax		(120)	15	9
Cash flow hedges (including reclassifications), Tax		(6)	41	(10)
Costs of hedging (including reclassifications), Tax		17	8	(4)
Share of items relating to equity-accounted entities, net of tax, Tax		0	0	0
Other, Tax		(225)	1	71
Currency translation differences (including reclassifications), Net of tax		6,853	(870)	(2,187)
Cash flow hedges (including reclassifications), Net of tax		671	(134)	31
Costs of hedging (including reclassifications), Net of tax		103	(76)	60
Share of items relating to equity-accounted entities, net of tax, Net of tax	[1]	402	44	312
Other, Net of tax		(225)	1	71
Pre-tax
Remeasurements of the net pension and other post-retirement benefit liability or asset, Pre-tax	[1]	340	4,416	170
Cash flow hedges that will subsequently be transferred to the balance sheet, Pre-tax	[1]	(4)	1	7
Tax
Remeasurements of the net pension and other post-retirement benefit liability or asset, Tax		68	(1,317)	(105)
Cash flow hedges that will subsequently be transferred to the balance sheet, Tax		0	0	0
Remeasurements of the net pension and other post-retirement benefit liability or asset, Net of tax		408	3,099	65
Costs of hedges that will subsequently be transferred to the balance sheet		(4)	1	7
Other comprehensive income, Pre-tax		8,474	3,317	(1,602)
Other comprehensive income, Tax		(266)	(1,252)	(39)
Other comprehensive income	[1],[2]	$ 8,208	$ 2,065	$ (1,641)
[1]See Note 32 for further information.[2]See Note 31 for further information.

Contingent liabilities and le_2

Contingent liabilities and legal proceedings - Disclosure of legal proceedings (Details)	12 Months Ended
	Dec. 31, 2022 USD ($) participant case	Dec. 31, 2021 USD ($)
Assets previously sold | Provision for decommissioning, restoration and rehabilitation costs, production facilities
Disclosure of detailed information about legal proceedings [Line Items]
Estimated increase in existing provisions, decommissioning | $	$ 16,000,000,000	$ 13,000,000,000
Gulf of Mexico Oil Spill
Disclosure of detailed information about legal proceedings [Line Items]
Number of litigation claims approved for compensation	27,603
Medical Benefits Class Action Settlement | Gulf of Mexico Oil Spill
Disclosure of detailed information about legal proceedings [Line Items]
Losses on litigation settlements | $	$ 67,000,000
Number of litigation claims denied	9,624
SPC claims | Gulf of Mexico Oil Spill
Disclosure of detailed information about legal proceedings [Line Items]
Number of litigation claims approved for compensation	22,833
PMCP claims | Gulf of Mexico Oil Spill
Disclosure of detailed information about legal proceedings [Line Items]
Number of litigation claims approved for compensation	4,770
LMPC claims | Gulf of Mexico Oil Spill
Disclosure of detailed information about legal proceedings [Line Items]
Period within which notice must be filed	4 years
Number of litigation cases pending	105
Other civil complaints - personal injury | Gulf of Mexico Oil Spill
Disclosure of detailed information about legal proceedings [Line Items]
Number of litigation cases pending	414
Number of litigation claims denied, motion granted to BPXP	300
Non-US government lawsuits | Gulf of Mexico Oil Spill
Disclosure of detailed information about legal proceedings [Line Items]
Number of class actions filed	2
FERC and CFTC matters
Disclosure of detailed information about legal proceedings [Line Items]
Civil penalty | $	$ 20,160,000
Amount of unjust profits directed to disgorge | $	$ 207,169
Louisiana Coastal Restoration
Disclosure of detailed information about legal proceedings [Line Items]
Number of litigation cases pending	17
Number of coastal parishes | participant	6
Lawsuits filed against oil and gas companies	40
Louisiana Coastal Restoration - private landowners
Disclosure of detailed information about legal proceedings [Line Items]
Number of litigation cases pending	2
Number of plaintiffs | participant	4

Remuneration of senior manage_3

Remuneration of senior management and non-executive directors - Remuneration of directors, senior managment, and non-executive directors (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Directors
Disclosure of transactions between related parties [line items]
Emoluments and short-term employee benefits	$ 8	$ 9	$ 6
Amounts received under incentive schemes and share-based payments	13	4	14
Total	21	13	20
Senior management and non-executive directors
Disclosure of transactions between related parties [line items]
Emoluments and short-term employee benefits	31	30	17
Pensions and other post-retirement benefits	0	1	2
Amounts received under incentive schemes and share-based payments	31	32	52
Short term employee benefits, for loss of office	0	0	8
Total	$ 62	$ 63	$ 79

Employee costs and numbers (Det

Employee costs and numbers (Details) $ in Millions	12 Months Ended
	Dec. 31, 2022 USD ($) employees	Dec. 31, 2021 USD ($) employees	Dec. 31, 2020 USD ($) employees
Entity Information [Line Items]
Wages and salaries | $	$ 7,486	$ 6,934	$ 7,600
Social security costs | $	720	733	729
Share-based payments | $	1,034	733	728
Pension and other post-retirement benefit costs | $	576	457	852
Employee benefits expense | $	$ 9,816	$ 8,857	$ 9,909
Average number of employees (employee)	66,300	64,000	68,100
Termination payments | $	$ 27	$ 74	$ 1,237
Operating segments | gas & low carbon energy
Entity Information [Line Items]
Average number of employees (employee)	4,100	3,800
Operating segments | oil production & operations
Entity Information [Line Items]
Average number of employees (employee)	8,700	9,100
Operating segments | customers & products
Entity Information [Line Items]
Average number of employees (employee)	43,700	42,000
other businesses & corporate
Entity Information [Line Items]
Average number of employees (employee)	9,800	9,100
Service station staff | Operating segments | customers & products
Entity Information [Line Items]
Average number of employees (employee)	23,300	21,300	19,100
US
Entity Information [Line Items]
Average number of employees (employee)	13,000	11,100	12,400
US | Operating segments | gas & low carbon energy
Entity Information [Line Items]
Average number of employees (employee)	700	400
US | Operating segments | oil production & operations
Entity Information [Line Items]
Average number of employees (employee)	3,000	3,100
US | Operating segments | customers & products
Entity Information [Line Items]
Average number of employees (employee)	8,000	6,200
US | other businesses & corporate
Entity Information [Line Items]
Average number of employees (employee)	1,300	1,400
Non-US
Entity Information [Line Items]
Average number of employees (employee)	53,300	52,900	55,700
Non-US | Operating segments | gas & low carbon energy
Entity Information [Line Items]
Average number of employees (employee)	3,400	3,400
Non-US | Operating segments | oil production & operations
Entity Information [Line Items]
Average number of employees (employee)	5,700	6,000
Non-US | Operating segments | customers & products
Entity Information [Line Items]
Average number of employees (employee)	35,700	35,800
Non-US | other businesses & corporate
Entity Information [Line Items]
Average number of employees (employee)	8,500	7,700

Auditor_s remuneration - Summar

Auditor’s remuneration - Summary of auditor's remuneration (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Auditor's remuneration
The audit of the company annual accounts	$ 36	$ 37	$ 30
The audit of accounts of subsidiaries of the company	15	15	11
Total audit	51	52	41
Audit-related assurance services	4	5	11
Total audit and audit-related assurance services	55	57	52
Non-audit and other assurance services	0	0	1
Services relating to BP pension plans	1	1	1
Auditor's remuneration	$ 56	$ 58	$ 54

Auditor_s remuneration - Narrat

Auditor’s remuneration - Narrative (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Additional information [abstract]
Additional fees for prior year services	$ 0.3	$ 1	$ 0.5
Auditor's remuneration	56	58	54
Total audit expenses, excluding interim services	51	52	41
Interim audit-related assurance services	4	5	11
Taxation compliance services	0	0	0
Auditor's remuneration for corporate finance, services related to defined benefit plants, and non-audit and other assurance	$ 1	$ 1	$ 2

Subsidiaries, joint arrangeme_3

Subsidiaries, joint arrangements and associates - Disclosures of interests in subsidiaries, joint arrangements, and associates (Details)	12 Months Ended
	Dec. 31, 2022
Azule Energy Holdings Limited [Member]
Disclosure of subsidiaries [line items]
Proportion of ownership interest in joint operation	50%
Pan American Energy Group [Member]
Disclosure of subsidiaries [line items]
Proportion of ownership interest in joint operation	50%
BP Corporate Holdings Limited
Disclosure of subsidiaries [line items]
Ownership percentage in subsidiary	100%
BP Exploration Operating Company Limited
Disclosure of subsidiaries [line items]
Ownership percentage in subsidiary	100%
*BP Global Investments Limited
Disclosure of subsidiaries [line items]
Ownership percentage in subsidiary	100%
*BP International Limited
Disclosure of subsidiaries [line items]
Ownership percentage in subsidiary	100%
BP Oil International Limited
Disclosure of subsidiaries [line items]
Ownership percentage in subsidiary	100%
*Burmah Castrol PLC
Disclosure of subsidiaries [line items]
Ownership percentage in subsidiary	100%
BP Exploration (Caspian Sea) Limited
Disclosure of subsidiaries [line items]
Ownership percentage in subsidiary	100%
BP Exploration (Azerbaijan) Limited
Disclosure of subsidiaries [line items]
Ownership percentage in subsidiary	100%
BP Exploration (Delta) Limited
Disclosure of subsidiaries [line items]
Ownership percentage in subsidiary	100%
BP Europa SE
Disclosure of subsidiaries [line items]
Ownership percentage in subsidiary	100%
BP Exploration (Alpha) Limited
Disclosure of subsidiaries [line items]
Ownership percentage in subsidiary	100%
BP Trinidad and Tobago LLC
Disclosure of subsidiaries [line items]
Ownership percentage in subsidiary	70%
BP Capital Markets p.l.c.
Disclosure of subsidiaries [line items]
Ownership percentage in subsidiary	100%
*BP Holdings North America Limited
Disclosure of subsidiaries [line items]
Ownership percentage in subsidiary	100%
Atlantic Richfield Company
Disclosure of subsidiaries [line items]
Ownership percentage in subsidiary	100%
BP America Inc.
Disclosure of subsidiaries [line items]
Ownership percentage in subsidiary	100%
BP America Production Company
Disclosure of subsidiaries [line items]
Ownership percentage in subsidiary	100%
BP Company North America Inc.
Disclosure of subsidiaries [line items]
Ownership percentage in subsidiary	100%
BP Corporation North America Inc.
Disclosure of subsidiaries [line items]
Ownership percentage in subsidiary	100%
BP Products North America Inc.
Disclosure of subsidiaries [line items]
Ownership percentage in subsidiary	100%
The Standard Oil Company
Disclosure of subsidiaries [line items]
Ownership percentage in subsidiary	100%
Archaea Energy Inc.
Disclosure of subsidiaries [line items]
Ownership percentage in subsidiary	100%
BP Capital Markets America Inc.
Disclosure of subsidiaries [line items]
Ownership percentage in subsidiary	100%

Events after reporting period (

Events after reporting period (Details) - USD ($) $ in Millions		Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Disclosure of non-adjusting events after reporting period [table]
Investments in associatesa	[1]	$ 8,201	$ 21,001
Equity	[2]	82,990	90,439	$ 85,568	$ 100,708
Reserve of exchange differences on translation [member]
Disclosure of non-adjusting events after reporting period [table]
Equity	[2]	(2,643)	(9,572)	$ (8,719)	$ (6,495)
Rosnefta
Disclosure of non-adjusting events after reporting period [table]
Investments in associatesa		$ 0	$ 14,354
[1]See Note 1 - Significant judgements and estimate: investment in Rosneft for further information[2]See Note 31 for further information.

Uncategorized Items - bp-202212

Label	Element	Value
Treasury Shares Held In Employee Share Ownership Plans [Member]
Treasury shares	ifrs-full_TreasuryShares	$ 21,000,000
Treasury shares	ifrs-full_TreasuryShares	46,000,000
Treasury shares	ifrs-full_TreasuryShares	$ 24,000,000
Number of shares outstanding	ifrs-full_NumberOfSharesOutstanding	184,356,000
Number of shares outstanding	ifrs-full_NumberOfSharesOutstanding	100,256,000
Number of shares outstanding	ifrs-full_NumberOfSharesOutstanding	82,491,000
Treasury Shares Held In Employee Share-based Payment Plans [Member] | UNITED STATES
Treasury shares	ifrs-full_TreasuryShares	$ 0
Treasury shares	ifrs-full_TreasuryShares	0
Treasury shares	ifrs-full_TreasuryShares	$ 0
Number of shares outstanding	ifrs-full_NumberOfSharesOutstanding	0
Number of shares outstanding	ifrs-full_NumberOfSharesOutstanding	2,000
Number of shares outstanding	ifrs-full_NumberOfSharesOutstanding	0
Treasury Shares Held By Parent [Member]
Treasury shares	ifrs-full_TreasuryShares	$ 235,000,000
Treasury shares	ifrs-full_TreasuryShares	275,000,000
Treasury shares	ifrs-full_TreasuryShares	$ 259,000,000
Number of shares outstanding	ifrs-full_NumberOfSharesOutstanding	1,105,157,000
Number of shares outstanding	ifrs-full_NumberOfSharesOutstanding	1,037,201,000
Number of shares outstanding	ifrs-full_NumberOfSharesOutstanding	940,571,000