Cover
Cover | 6 Months Ended |
Jun. 30, 2023 | |
Document Information [Line Items] | |
Document Type | 6-K |
Amendment Flag | false |
Document Period End Date | Jun. 30, 2023 |
Document Fiscal Year Focus | 2023 |
Document Fiscal Period Focus | Q2 |
Entity Registrant Name | BP PLC |
Entity Central Index Key | 0000313807 |
Current Fiscal Year End Date | --12-31 |
Group income statement
Group income statement - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Profit (loss) [abstract] | ||||
Revenue and other operating income | $ 48,538 | $ 67,866 | $ 104,720 | $ 117,124 |
Share of profit (loss) of joint ventures accounted for using equity method | 360 | 62 | 555 | 441 |
Share of profit (loss) of associates accounted for using equity method | 231 | 127 | 404 | 998 |
Interest And Other Income1 | 378 | 142 | 626 | 336 |
Gain On Disposals, Property, Plant And Equipment And Disposal Of Investments In Subsidiaries, Joint Ventures And Associates | (28) | 1,309 | 125 | 1,827 |
Revenue | 49,479 | 69,506 | 106,430 | 120,726 |
Cost of inventories recognised as expense during period | 29,172 | 39,141 | 58,294 | 66,949 |
Production And Manufacturing Expenses, Excluding Taxes | 6,231 | 7,601 | 13,213 | 14,576 |
Tax expense other than income tax expense | 404 | 624 | 878 | 1,129 |
Depreciation, depletion and amortization | 3,923 | 3,512 | 7,723 | 7,137 |
Impairment loss (reversal of impairment loss) net of losses of sales of businesses and fixed assets recognised in profit or loss | 1,269 | 445 | 1,357 | 26,476 |
Expense arising from exploration for and evaluation of mineral resources | 293 | 128 | 399 | 220 |
Distribution and administrative expense | 3,834 | 3,453 | 7,581 | 6,533 |
Profit (loss) from operating activities | 4,353 | 14,602 | 16,985 | (2,294) |
Finance costs | 920 | 556 | 1,763 | 1,220 |
Interest Income (Expense) Relating To Pensions And Other Post-Retirement Benefits | (61) | (17) | (119) | (37) |
Profit (loss) before tax | 3,494 | 14,063 | 15,341 | (3,477) |
Tax expense (income) | 1,541 | 4,527 | 4,966 | 7,057 |
Profit (loss) | 1,953 | 9,536 | 10,375 | (10,534) |
Attributable to | ||||
Profit (loss), attributable to owners of parent | 1,792 | 9,257 | 10,010 | (11,127) |
Profit (loss), attributable to non-controlling interests | $ 161 | $ 279 | $ 365 | $ 593 |
Ordinary shares [member] | ||||
Profit (loss), attributable to bp shareholders | ||||
Basic earnings (loss) per share | $ 0.1022 | $ 0.4774 | $ 0.5653 | $ (0.5721) |
Diluted earnings (loss) per share | 0.1001 | 0.4718 | 0.5540 | (0.5721) |
ADS [Member] | ||||
Profit (loss), attributable to bp shareholders | ||||
Basic earnings (loss) per share | 0.61 | 2.86 | 3.39 | (3.43) |
Diluted earnings (loss) per share | $ 0.60 | $ 2.83 | $ 3.32 | $ (3.43) |
Condensed group statement of co
Condensed group statement of comprehensive income - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | ||
Statement of comprehensive income [abstract] | |||||
Profit (loss) | $ 1,953 | $ 9,536 | $ 10,375 | $ (10,534) | |
Items that may be reclassified subsequently to profit or loss | |||||
Gains (losses) on exchange differences on translation, before tax | [1] | 11 | (2,454) | 464 | (4,203) |
Reclassification adjustments on exchange differences on translation, before tax | [2] | 0 | 0 | 0 | 10,791 |
Gains (Losses) On Cash Flow Hedges And Costs Of Hedging, Before Tax [Line Items] | (56) | 99 | 490 | 321 | |
Share of other comprehensive income of associates and joint ventures accounted for using equity method that will be reclassified to profit or loss, net of tax | (27) | 59 | (230) | 144 | |
Income tax relating to components of other comprehensive income that will be reclassified to profit or loss | 71 | (70) | (5) | (172) | |
Other comprehensive income that will be reclassified to profit or loss, net of tax | (1) | (2,366) | 719 | 6,881 | |
Items that will not be reclassified to profit or loss | |||||
Other comprehensive income, before tax, gains (losses) on remeasurements of defined benefit plans | (855) | (392) | (942) | 1,736 | |
Other Comprehensive Income, Cash Flow Hedges To Be Transferred To Balance Sheet, Before Tax | 0 | (3) | 0 | (4) | |
Income tax relating to components of other comprehensive income that will not be reclassified to profit or loss | 308 | 179 | 331 | (489) | |
Other comprehensive income that will not be reclassified to profit or loss, net of tax | (547) | (216) | (611) | 1,243 | |
Other comprehensive income | (548) | (2,582) | 108 | 8,124 | |
Comprehensive income | 1,405 | 6,954 | 10,483 | (2,410) | |
Attributable to | |||||
Comprehensive income, attributable to owners of parent | 1,240 | 6,742 | 10,101 | (2,936) | |
Comprehensive income, attributable to non-controlling interests | $ 165 | $ 212 | $ 382 | $ 526 | |
[1]Second quarter 2022 is principally affected by movements in the Pound Sterling against the US dollar. First half 2022 principally affected by movements in the Pound Sterling and Russian rouble against the US dollar.[2]First half 2022 predominantly relates to the loss of significant influence over Rosneft. |
Condensed group statement of ch
Condensed group statement of changes in equity - USD ($) $ in Millions | Total | Equity attributable to owners of parent [member] | Non-controlling interests, hybrid bonds | Non-controlling interests, other interest | Reserve of exchange differences on translation [member] | ||
Equity at beginning of period at Dec. 31, 2021 | $ 90,439 | $ 75,463 | [1] | $ 13,041 | $ 1,935 | ||
Comprehensive income | (2,410) | (2,936) | [1] | 254 | 272 | ||
Dividends recognised as distributions to owners | (2,258) | (2,130) | [1] | (128) | |||
Cash flow hedges transferred to the balance sheet, net of tax | (1) | (1) | [1] | ||||
Issue of equity | [2] | 820 | 820 | [1] | |||
Increase (Decrease) In Number Of Shares Outstanding Through Share Repurchase, Equity Amount | (4,490) | (4,490) | [1] | ||||
Increase (decrease) through share-based payment transactions, equity | 380 | 380 | [1] | ||||
Increase (decrease) through other changes, equity | 128 | (2) | [1] | 130 | |||
Payments on increase (decrease) though other changes, equity | (379) | 15 | [1] | (394) | |||
Increase (decrease) through changes in ownership interests in subsidiaries that do not result in loss of control, equity | (666) | (510) | [1] | (156) | |||
Equity at end of period at Jun. 30, 2022 | 81,563 | 66,609 | [1] | 13,031 | 1,923 | $ 9,200 | |
Equity at beginning of period at Dec. 31, 2022 | 82,990 | 67,553 | 13,390 | 2,047 | |||
Comprehensive income | 10,483 | 10,101 | 288 | 94 | |||
Dividends recognised as distributions to owners | (2,483) | (2,348) | (135) | ||||
Increase (Decrease) In Number Of Shares Outstanding Through Share Repurchase, Equity Amount | (5,166) | (5,166) | |||||
Increase (decrease) through share-based payment transactions, equity | 205 | 205 | |||||
Increase (decrease) through other changes, equity | 132 | (1) | 133 | ||||
Payments on increase (decrease) though other changes, equity | (414) | (5) | (409) | ||||
Increase (decrease) through changes in ownership interests in subsidiaries that do not result in loss of control, equity | (144) | 0 | (144) | ||||
Equity at end of period at Jun. 30, 2023 | $ 85,603 | $ 70,339 | $ 13,402 | $ 1,862 | |||
[1]In 2022 $9.2 billion of the opening foreign currency translation reserve has been moved to the profit and loss account reserve as a result of bp's decision to exit its shareholding in Rosneft and its other businesses with Rosneft in Russia.[2]Relates to ordinary shares issued as non-cash consideration for the acquisition of the public units of BP Midstream Partners LP. |
Group balance sheet
Group balance sheet - USD ($) $ in Millions | Jun. 30, 2023 | Dec. 31, 2022 |
Non-current assets [abstract] | ||
Property, plant and equipment | $ 108,126 | $ 106,044 |
Goodwill | 12,206 | 11,960 |
Intangible assets other than goodwill | 10,447 | 10,200 |
Investments in joint ventures accounted for using equity method | 13,081 | 12,400 |
Investments in associates accounted for using equity method | 7,941 | 8,201 |
Other non-current financial assets | 2,328 | 2,670 |
Non-Current, Fixed Assets | 154,129 | 151,475 |
Non-current loans and receivables | 1,468 | 1,271 |
Trade and other non-current receivables | 1,209 | 1,092 |
Non-current derivative financial assets | 10,655 | 12,841 |
Non-current prepayments | 685 | 576 |
Deferred tax assets | 3,747 | 3,908 |
Non-current net defined benefit asset | 8,860 | 9,269 |
Non-current assets | 180,753 | 180,432 |
Current assets [abstract] | ||
Current loans and receivables | 304 | 315 |
Current inventories | 23,349 | 28,081 |
Trade and other current receivables | 27,701 | 34,010 |
Current derivative financial assets | 12,042 | 11,554 |
Current prepayments | 1,673 | 2,092 |
Current tax assets, current | 660 | 621 |
Other current financial assets | 671 | 578 |
Cash and cash equivalents | 28,914 | 29,195 |
Current assets other than non-current assets or disposal groups classified as held for sale or as held for distribution to owners | 95,314 | 106,446 |
Non-current assets or disposal groups classified as held for sale or as held for distribution to owners | 0 | 1,242 |
Current assets | 95,314 | 107,688 |
Assets | 276,067 | 288,120 |
Current liabilities [abstract] | ||
Trade and other current payables | 56,183 | 63,984 |
Current derivative financial liabilities | 6,351 | 12,618 |
Accruals classified as current | 6,004 | 6,398 |
Current lease liabilities | 2,465 | 2,102 |
Current borrowings and current portion of non-current borrowings | 2,338 | 3,198 |
Current tax liabilities, current | 3,550 | 4,065 |
Current provisions | 4,574 | 6,332 |
Current liabilities other than liabilities included in disposal groups classified as held for sale | 81,465 | 98,697 |
Liabilities included in disposal groups classified as held for sale | 0 | 321 |
Current liabilities | 81,465 | 99,018 |
Non-current liabilities [abstract] | ||
Trade and other non-current payables | 9,282 | 10,387 |
Non-current derivative financial liabilities | 11,071 | 13,537 |
Accruals classified as non-current | 1,245 | 1,233 |
Non-current lease liabilities | 8,496 | 6,447 |
Non-current portion of non-current borrowings | 47,400 | 43,746 |
Deferred tax liabilities | 10,648 | 10,526 |
Non-current provisions | 15,572 | 14,992 |
Non-current net defined benefit liability | 5,285 | 5,244 |
Non-current liabilities | 108,999 | 106,112 |
Liabilities | 190,464 | 205,130 |
Assets (liabilities) | 85,603 | 82,990 |
Equity [abstract] | ||
Equity attributable to owners of parent | 70,339 | 67,553 |
Non-controlling interests | 15,264 | 15,437 |
Equity | $ 85,603 | $ 82,990 |
Group cash flow statement
Group cash flow statement - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Cash flows from (used in) operating activities [abstract] | ||||
Profit (loss) before tax | $ 3,494 | $ 14,063 | $ 15,341 | $ (3,477) |
Adjustments to reconcile profit (loss) [abstract] | ||||
Adjustments For Depreciation And Amortisation Expense Including Expense Arising From Exploration For And Evaluation Of Mineral Resource, Write-Off | 4,164 | 3,591 | 8,014 | 7,265 |
Adjustments For Impairment Loss (Reversal Of Impairment Loss) Recognised In Profit Or Loss, And Adjustments For Gain Loss On Disposal Of Investments In Subsidiaries, Joint Ventures, And Associates | 1,297 | (864) | 1,232 | 24,649 |
Share Of Profit Loss Of Associates And Joint Ventures Accounted For Using Equity Method, Excluding Dividends Received | (31) | 72 | (30) | (1,021) |
Adjustments For Finance Costs And Interest Expense, Net Of Interest Paid | 102 | (46) | 165 | 138 |
Adjustments for share-based payments | 243 | 208 | 221 | 378 |
Adjustments For Increase (Decrease) In Pension And Other Post-Retirement Benefits | (47) | (36) | (90) | (182) |
Adjustments for provisions | (221) | 796 | (1,320) | 1,280 |
Adjustments For Decrease (Increase) In Inventories And Other Assets And Increase (Decrease) In Other Liabilities | (742) | (4,416) | (4,497) | (6,187) |
Income taxes paid (refund), classified as operating activities | (1,966) | (2,505) | (5,121) | (3,770) |
Cash flows from (used in) operating activities | 6,293 | 10,863 | 13,915 | 19,073 |
Cash flows from (used in) investing activities [abstract] | ||||
Purchase of property, plant and equipment, intangible assets other than goodwill, investment property and other non-current assets | (3,453) | (2,666) | (6,582) | (5,268) |
Cash flows used in obtaining control of subsidiaries or other businesses, classified as investing activities | (804) | 3 | (752) | (5) |
Other cash payments to acquire interests in joint ventures, classified as investing activities | (50) | (159) | (590) | (453) |
Purchase of interests in associates | (7) | (16) | (15) | (41) |
Outflows of cash from investing activities | (4,314) | (2,838) | (7,939) | (5,767) |
Proceeds from disposals of property, plant and equipment, intangible assets other than goodwill, investment property and other non-current assets | 28 | 202 | 43 | 670 |
Cash flows from losing control of subsidiaries or other businesses | 60 | 111 | 845 | 660 |
Cash receipts from repayment of advances and loans made to other parties | 21 | 16 | 27 | 45 |
Inflows of cash from investing activities | 109 | 329 | 915 | 1,375 |
Cash flows from (used in) investing activities | (4,205) | (2,509) | (7,024) | (4,392) |
Cash flows from (used in) financing activities [abstract] | ||||
Payments to acquire or redeem entity's shares | (2,073) | (2,288) | (4,521) | (3,880) |
Payments of lease liabilities, classified as financing activities | (620) | (472) | (1,175) | (970) |
Proceeds from non-current borrowings | 3,643 | 0 | 6,038 | 2,002 |
Repayments of non-current borrowings | (2,828) | (4,573) | (3,627) | (5,465) |
Cash flows from (used in) increase (decrease) in current borrowings | (348) | (688) | (877) | (964) |
Proceeds from issuing other equity instruments | 87 | 62 | 132 | 128 |
Payments of other equity instruments | (250) | (161) | (486) | (309) |
Payments from changes in ownership interests in subsidiaries that do not result in loss of control | 0 | (1) | (180) | (6) |
Proceeds from contributions of non-controlling interests | 2 | 0 | 9 | 7 |
Dividends paid to equity holders of parent, classified as financing activities | (1,153) | (1,062) | (2,336) | (2,130) |
Dividends paid to non-controlling interests, classified as financing activities | (67) | (63) | (135) | (128) |
Cash flows from (used in) financing activities | (3,607) | (9,246) | (7,158) | (11,715) |
Effect of exchange rate changes on cash and cash equivalents | 0 | (414) | (14) | (539) |
Increase (decrease) in cash and cash equivalents | (1,519) | (1,306) | (281) | 2,427 |
Cash and cash equivalents | $ 28,914 | $ 33,108 | $ 28,914 | $ 33,108 |
Analysis of replacement cost pr
Analysis of replacement cost profit (loss) before interest and tax and reconciliation to profit (loss) before taxation (Notes) | 6 Months Ended |
Jun. 30, 2023 | |
Disclosure of operating segments [abstract] | |
Analysis of replacement cost profit (loss) before interest and tax and reconciliation to profit (loss) before taxation | Analysis of replacement cost profit (loss) before interest and tax and reconciliation to profit (loss) before taxation Second Second First First quarter quarter half half $ million 2023 2022 2023 2022 gas & low carbon energy 2,289 2,737 9,636 1,213 oil production & operations 2,568 7,237 5,885 11,068 customers & products 555 3,531 3,235 5,512 other businesses & corporate (297) (1,028) (387) (25,747) 5,115 12,477 18,369 (7,954) Consolidation adjustment – UPII* (30) (21) (52) 13 5,085 12,456 18,317 (7,941) Inventory holding gains (losses)* gas & low carbon energy — (9) 1 16 oil production & operations — (7) 1 (6) customers & products (732) 2,162 (1,334) 5,637 Profit (loss) before interest and tax 4,353 14,602 16,985 (2,294) Finance costs 920 556 1,763 1,220 Net finance expense/(income) relating to pensions and other post-retirement benefits (61) (17) (119) (37) Profit (loss) before taxation 3,494 14,063 15,341 (3,477) RC profit (loss) before interest and tax* US 2,244 3,322 5,319 5,599 Non-US 2,841 9,134 12,998 (13,540) 5,085 12,456 18,317 (7,941) |
Statutory accounts
Statutory accounts | 6 Months Ended |
Jun. 30, 2023 | |
Common Domain Members [Abstract] | |
Statutory accounts | Statutory accountsThe financial information shown in this publication, which was approved by the Board of Directors on 31 July 2023, is unaudited and does not constitute statutory financial statements. Audited financial information will be published in BP Annual Report and Form 20-F 2023. |
Basis of preparation
Basis of preparation | 6 Months Ended |
Jun. 30, 2023 | |
Corporate information and statement of IFRS compliance [abstract] | |
Disclosure of basis of preparation of financial statements [text block] | Basis of preparation The interim financial information included in this report has been prepared in accordance with IAS 34 'Interim Financial Reporting'. The results for the interim periods are unaudited and, in the opinion of management, include all adjustments necessary for a fair presentation of the results for each period. All such adjustments are of a normal recurring nature. This report should be read in conjunction with the consolidated financial statements and related notes for the year ended 31 December 2022 included in BP Annual Report and Form 20-F 2022. The directors consider it appropriate to adopt the going concern basis of accounting in preparing these interim financial statements. bp prepares its consolidated financial statements included within BP Annual Report and Form 20-F on the basis of International Financial Reporting Standards (IFRS) as issued by the International Accounting Standards Board (IASB), IFRS as adopted by the UK, and European Union (EU), and in accordance with the provisions of the UK Companies Act 2006 as applicable to companies reporting under international accounting standards. IFRS as adopted by the UK does not differ from IFRS as adopted by the EU except for Pillar Two amendments noted below. IFRS as adopted by the UK and EU differ in certain respects from IFRS as issued by the IASB. The differences have no impact on the group’s consolidated financial statements for the periods presented. The financial information presented herein has been prepared in accordance with the accounting policies expected to be used in preparing BP Annual Report and Form 20-F 2023 which are the same as those used in preparing BP Annual Report and Form 20-F 2022. In May 2023 the IASB issued International Tax Reform – Pillar Two Model Rules - Amendments to IAS 12 Income Taxes to clarify the application of IAS 12 to tax legislation enacted or substantively enacted to implement Pillar Two of the Organisation for Economic Co-operation and Development’s Base Erosion and Profit Shifting project, which aims to address the tax challenges arising from the digitalisation of the economy. The amendments include a mandatory temporary exception from accounting for deferred tax on such tax law. The amendments were adopted by the UK in July and are yet to be adopted by the EU, however no impact is expected on the financial statements for 2023. There are no other new or amended standards or interpretations adopted from 1 January 2023 onwards, including IFRS 17 'Insurance Contracts,' that have a significant impact on the financial information. In July 2023 the UK government enacted legislation to implement the Pillar Two rules. The legislation is effective for bp from 1 January 2024 and includes an income inclusion rule and a domestic minimum tax, which together are designed to ensure a minimum effective tax rate of 15% in each country in which the group operates. Similar legislation is being enacted by other governments around the world. As a result of the amendments to IAS 12, no impact is expected on the financial statements in 2023, and work is ongoing to assess the potential impact in the 2024 financial statements. Significant accounting judgements and estimates bp's significant accounting judgements and estimates were disclosed in BP Annual Report and Form 20-F 2022 . These have been subsequently considered at the end of each quarter to determine if any changes were required to those judgements and estimates. No significant changes were identified. Investment in Rosneft Since the first quarter 2022, bp accounts for its interest in Rosneft and its other businesses with Rosneft within Russia, as financial assets measured at fair value within ‘Other investments’. It is considered by management 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. Ac cordingly, it is not currently possible to estimate any carrying value other than zero when determining the measurement of the interest in Rosneft and the other businesses with Rosneft within Russia as at 30 June 2023. |
Business combinations
Business combinations | 6 Months Ended |
Jun. 30, 2023 | |
Business combinations [Abstract] | |
Disclosure of business combinations [text block] | Business combinations The group undertook a number of business combinations during the first half of 2023. Total consideration paid in cash for the second quarter and half year 2023 amounted to $1,313 million and $1,250 million respectively, offset by cash acquired of $509 million and $498 million respectively. The provisional fair value of the net assets (including goodwill) recognized from business combinations, inclusive of measurement period adjustments for business combinations in previous periods, for the half year 2023 was $1,223 million. This principally related to the acquisition of TravelCenters of America. |
Non-current assets held for sal
Non-current assets held for sale | 6 Months Ended |
Jun. 30, 2023 | |
Non-current assets held for sale [Abstract] | |
Non-current assets held for sale | Non-current assets held for sale There were no assets or liabilities classified as held for sale at 30 June 2023. |
Impairment of assets
Impairment of assets | 6 Months Ended |
Jun. 30, 2023 | |
Impairments [Abstract] | |
Disclosure of impairment of assets [text block] | Impairment and losses on sale of businesses and fixed assets Net impairment charges and losses on sale of businesses and fixed assets for the second quarter and half year were $1,269 million and $1,357 million respectively, compared with net charges of $445 million and $26,476 million for the same periods in 2022 and include net impairment charges for the second quarter and half year of $1,208 million and $1,167 million respectively, compared with net charges of $402 million and $14,788 million for the same periods in 2022. Second quarter and half year 2023 impairments includes a net impairment charge of $1,058 million and $1,060 million respectively, compared with net charges of $265 million and $517 million for the same periods in 2022 in the gas & low carbon energy segment. The impairment charge and the loss on sale of businesses and fixed assets for 2022 mainly relates to bp's investment in Rosneft, which has been reported in other businesses and corporate. |
Sales and other operating reven
Sales and other operating revenues | 6 Months Ended |
Jun. 30, 2023 | |
Revenue [abstract] | |
Sales and other operating revenues | Sales and other operating revenues Second Second First First quarter quarter half half $ million 2023 2022 2023 2022 By segment gas & low carbon energy 10,428 13,243 28,314 21,409 oil production & operations 5,777 9,504 11,930 17,662 customers & products 38,051 55,557 76,933 97,720 other businesses & corporate 590 516 1,328 968 54,846 78,820 118,505 137,759 Less: sales and other operating revenues between segments gas & low carbon energy 840 1,621 1,376 3,569 oil production & operations 5,236 8,753 11,497 15,789 customers & products (180) 392 (36) 1,084 other businesses & corporate 412 188 948 193 6,308 10,954 13,785 20,635 External sales and other operating revenues gas & low carbon energy 9,588 11,622 26,938 17,840 oil production & operations 541 751 433 1,873 customers & products 38,231 55,165 76,969 96,636 other businesses & corporate 178 328 380 775 Total sales and other operating revenues 48,538 67,866 104,720 117,124 By geographical area US 20,065 27,331 39,225 46,483 Non-US 38,492 54,331 84,842 97,128 58,557 81,662 124,067 143,611 Less: sales and other operating revenues between areas 10,019 13,796 19,347 26,487 48,538 67,866 104,720 117,124 Revenues from contracts with customers Sales and other operating revenues include the following in relation to revenues from contracts with customers: Crude oil 520 2,034 1,157 4,178 Oil products 31,218 43,267 61,359 75,018 Natural gas, LNG and NGLs 5,841 8,944 15,485 19,624 Non-oil products and other revenues from contracts with customers 2,750 1,825 4,622 4,170 Revenue from contracts with customers 40,329 56,070 82,623 102,990 Other operating revenues (a) 8,209 11,796 22,097 14,134 Total sales and other operating revenues 48,538 67,866 104,720 117,124 (a) Principally relates to commodity derivative transactions including sales of bp own production in trading books. |
Depreciation, depletion and amo
Depreciation, depletion and amortization | 6 Months Ended |
Jun. 30, 2023 | |
Analysis of income and expense [abstract] | |
Disclosure of depreciation and amortisation expense [text block] | Depreciation, depletion and amortization Second Second First First quarter quarter half half $ million 2023 2022 2023 2022 Total depreciation, depletion and amortization by segment gas & low carbon energy 1,407 1,203 2,847 2,458 oil production & operations 1,370 1,371 2,697 2,800 customers & products 894 715 1,691 1,432 other businesses & corporate 252 223 488 447 3,923 3,512 7,723 7,137 Total depreciation, depletion and amortization by geographical area US 1,338 1,159 2,592 2,242 Non-US 2,585 2,353 5,131 4,895 3,923 3,512 7,723 7,137 |
Earnings per share
Earnings per share | 6 Months Ended |
Jun. 30, 2023 | |
Earnings per share [abstract] | |
Disclosure of earnings per share [text block] | Earnings per share and shares in issue Basic earnings per ordinary share (EpS) amounts are calculated by dividing the profit (loss) for the period attributable to ordinary shareholders by the weighted average number of ordinary shares outstanding during the period. Against the authority granted at bp's 2022 annual general meeting, 329 million ordinary shares repurchased for cancellation were settled during the second quarter 2023 for a total cost of $2,073 million. A further 152 million ordinary shares were repurchased between the end of the reporting period and the date when the financial statements are authorised for issue for a total cost of $917 million. This amount, plus a further $224 million, has been accrued at 30 June 2023. The number of shares in issue is reduced when shares are repurchased, but is not reduced in respect of the period-end commitment to repurchase shares subsequent to the end of the period. The calculation of EpS is performed separately for each discrete quarterly period, and for the year-to-date period. As a result, the sum of the discrete quarterly EpS amounts in any particular year-to-date period may not be equal to the EpS amount for the year-to-date period. For the diluted EpS calculation the weighted average number of shares outstanding during the period is adjusted for the number of shares that are potentially issuable in connection with employee share-based payment plans using the treasury stock method. Second Second First First quarter quarter half half $ million 2023 2022 2023 2022 Results for the period Profit (loss) for the period attributable to bp shareholders 1,792 9,257 10,010 (11,127) Less: preference dividend 1 1 1 1 Profit (loss) attributable to bp ordinary shareholders 1,791 9,256 10,009 (11,128) Number of shares (thousand) (a)(b) Basic weighted average number of shares outstanding 17,523,778 19,388,427 17,706,388 19,451,040 ADS equivalent (c) 2,920,629 3,231,404 2,951,064 3,241,840 Weighted average number of shares outstanding used to calculate diluted earnings per share 17,900,984 19,619,628 18,068,256 19,451,040 ADS equivalent (c) 2,983,497 3,269,938 3,011,376 3,241,840 Shares in issue at period-end 17,379,366 19,135,400 17,379,366 19,135,400 ADS equivalent (c) 2,896,561 3,189,233 2,896,561 3,189,233 (a) Excludes treasury shares and includes certain shares that will be issued in the future under employee share-based payment plans. (b) If the inclusion of potentially issuable shares would decrease loss per share, the potentially issuable shares are excluded from the weighted average number of shares outstanding used to calculate diluted earnings per share. The numbers of potentially issuable shares that have been excluded from the calculation for the first half 2022 are 202,620 thousand (ADS equivalent 33,770 thousand). (c) One ADS is equivalent to six ordinary shares. Issued ordinary share capital as at 30 June 2023 comprised 17,446,784,783 ordinary shares (31 December 2022 18,157,211,814 ordinary shares). This includes shares held in trust to settle future employee share plan obligations and excludes 936,028,077 ordinary shares which have been bought back and are held in treasury by BP (31 December 2022 940,571,303 ordinary shares). |
Dividends
Dividends | 6 Months Ended |
Jun. 30, 2023 | |
Interim Financial Reporting [Abstract] | |
Disclosure of dividends [text block] | Dividends Dividends payable BP today announced an interim dividend of 7.270 cents per ordinary share which is expected to be paid on 22 September 2023 to ordinary shareholders and American Depositary Share (ADS) holders on the register on 11 August 2023. The ex-dividend date will be 10 August 2023. The corresponding amount in sterling is due to be announced on 5 September 2023, calculated based on the average of the market exchange rates over three dealing days between 30 August 2023 and 1 September 2023. Holders of ADSs are expected to receive $0.43620 per ADS (less applicable fees). The board has decided not to offer a scrip dividend alternative in respect of the second quarter 2023 dividend. Ordinary shareholders and ADS holders (subject to certain exceptions) will be able to participate in a dividend reinvestment programme. Details of the second quarter dividend and timetable are available at bp.com/dividends and further details of the dividend reinvestment programmes are available at bp.com/drip . Second Second First First quarter quarter half half 2023 2022 2023 2022 Dividends paid per ordinary share cents 6.610 5.460 13.220 10.920 pence 5.309 4.356 10.860 8.515 Dividends paid per ADS (cents) 39.66 32.76 79.32 65.52 |
Net debt
Net debt | 6 Months Ended |
Jun. 30, 2023 | |
Subclassifications of assets, liabilities and equities [abstract] | |
Net Debt | Net debt Net debt* Second Second Fourth First First quarter quarter quarter half half $ million 2023 2022 2022 2023 2022 Finance debt (a) 49,738 52,866 46,944 49,738 52,866 Fair value (asset) liability of hedges related to finance debt (b) 2,836 3,058 3,673 2,836 3,058 52,574 55,924 50,617 52,574 55,924 Less: cash and cash equivalents 28,914 33,108 29,195 28,914 33,108 Net debt (c) 23,660 22,816 21,422 23,660 22,816 Total equity 85,603 81,563 82,990 85,603 81,563 Gearing* 21.7% 21.9% 20.5% 21.7% 21.9% (a) The fair value of finance debt at 30 June 2023 was $45,580 million (30 June 2022 $49,056 million, 31 December 2022 $42,590 million). (b) Derivative financial instruments entered into for the purpose of managing interest rate and foreign currency exchange risk associated with net debt with a fair value liability position of $98 million at 30 June 2023 (second quarter 2022 liability of $246 million, fourth quarter 2022 liability of $91 million) are not included in the calculation of net debt shown above as hedge accounting is not applied for these instruments. (c) Net debt does not include accrued interest, which is reported within other receivables and other payables on the balance sheet and for which the associated cash flows are presented as operating cash flows in the group cash flow statement. As part of actively managing its debt portfolio, in the second quarter the group bought back $1.7 billion equivalent of finance debt consisting entirely of euro bonds (second quarter 2022 $4.5 billion USD bonds). Year to date the group has bought back a total of $1.7 billion equivalent of finance debt ($4.5 billion for the comparative period in 2022). Derivatives associated with non-US dollar debt bought back were also terminated. These transactions have no significant impact on net debt or gearing. |
Basis of preparation (Policies)
Basis of preparation (Policies) | 6 Months Ended |
Jun. 30, 2023 | |
Corporate information and statement of IFRS compliance [abstract] | |
Basis of preparation | The interim financial information included in this report has been prepared in accordance with IAS 34 'Interim Financial Reporting'. The results for the interim periods are unaudited and, in the opinion of management, include all adjustments necessary for a fair presentation of the results for each period. All such adjustments are of a normal recurring nature. This report should be read in conjunction with the consolidated financial statements and related notes for the year ended 31 December 2022 included in BP Annual Report and Form 20-F 2022. The directors consider it appropriate to adopt the going concern basis of accounting in preparing these interim financial statements. bp prepares its consolidated financial statements included within BP Annual Report and Form 20-F on the basis of International Financial Reporting Standards (IFRS) as issued by the International Accounting Standards Board (IASB), IFRS as adopted by the UK, and European Union (EU), and in accordance with the provisions of the UK Companies Act 2006 as applicable to companies reporting under international accounting standards. IFRS as adopted by the UK does not differ from IFRS as adopted by the EU except for Pillar Two amendments noted below. IFRS as adopted by the UK and EU differ in certain respects from IFRS as issued by the IASB. The differences have no impact on the group’s consolidated financial statements for the periods presented. The financial information presented herein has been prepared in accordance with the accounting policies expected to be used in preparing BP Annual Report and Form 20-F 2023 which are the same as those used in preparing BP Annual Report and Form 20-F 2022. In May 2023 the IASB issued International Tax Reform – Pillar Two Model Rules - Amendments to IAS 12 Income Taxes to clarify the application of IAS 12 to tax legislation enacted or substantively enacted to implement Pillar Two of the Organisation for Economic Co-operation and Development’s Base Erosion and Profit Shifting project, which aims to address the tax challenges arising from the digitalisation of the economy. The amendments include a mandatory temporary exception from accounting for deferred tax on such tax law. The amendments were adopted by the UK in July and are yet to be adopted by the EU, however no impact is expected on the financial statements for 2023. There are no other new or amended standards or interpretations adopted from 1 January 2023 onwards, including IFRS 17 'Insurance Contracts,' that have a significant impact on the financial information. In July 2023 the UK government enacted legislation to implement the Pillar Two rules. The legislation is effective for bp from 1 January 2024 and includes an income inclusion rule and a domestic minimum tax, which together are designed to ensure a minimum effective tax rate of 15% in each country in which the group operates. Similar legislation is being enacted by other governments around the world. As a result of the amendments to IAS 12, no impact is expected on the financial statements in 2023, and work is ongoing to assess the potential impact in the 2024 financial statements. |
Updates to significant accounting policies | Significant accounting judgements and estimates bp's significant accounting judgements and estimates were disclosed in BP Annual Report and Form 20-F 2022 . These have been subsequently considered at the end of each quarter to determine if any changes were required to those judgements and estimates. No significant changes were identified. Investment in Rosneft Since the first quarter 2022, bp accounts for its interest in Rosneft and its other businesses with Rosneft within Russia, as financial assets measured at fair value within ‘Other investments’. It is considered by management 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. Ac cordingly, it is not currently possible to estimate any carrying value other than zero when determining the measurement of the interest in Rosneft and the other businesses with Rosneft within Russia as at 30 June 2023. |
Analysis of replacement cost _2
Analysis of replacement cost profit (loss) before interest and tax and reconciliation to profit (loss) before taxation (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Disclosure of operating segments [abstract] | |
Disclosure Of Detailed Information About Replacement Costs Profit (Loss) Before Interest And Tax [Table Text Block] | Second Second First First quarter quarter half half $ million 2023 2022 2023 2022 gas & low carbon energy 2,289 2,737 9,636 1,213 oil production & operations 2,568 7,237 5,885 11,068 customers & products 555 3,531 3,235 5,512 other businesses & corporate (297) (1,028) (387) (25,747) 5,115 12,477 18,369 (7,954) Consolidation adjustment – UPII* (30) (21) (52) 13 5,085 12,456 18,317 (7,941) Inventory holding gains (losses)* gas & low carbon energy — (9) 1 16 oil production & operations — (7) 1 (6) customers & products (732) 2,162 (1,334) 5,637 Profit (loss) before interest and tax 4,353 14,602 16,985 (2,294) Finance costs 920 556 1,763 1,220 Net finance expense/(income) relating to pensions and other post-retirement benefits (61) (17) (119) (37) Profit (loss) before taxation 3,494 14,063 15,341 (3,477) RC profit (loss) before interest and tax* US 2,244 3,322 5,319 5,599 Non-US 2,841 9,134 12,998 (13,540) 5,085 12,456 18,317 (7,941) |
Sales and other operating rev_2
Sales and other operating revenues (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Revenue [abstract] | |
Disclosure of sales and operating revenue [Table Text Block] | Second Second First First quarter quarter half half $ million 2023 2022 2023 2022 By segment gas & low carbon energy 10,428 13,243 28,314 21,409 oil production & operations 5,777 9,504 11,930 17,662 customers & products 38,051 55,557 76,933 97,720 other businesses & corporate 590 516 1,328 968 54,846 78,820 118,505 137,759 Less: sales and other operating revenues between segments gas & low carbon energy 840 1,621 1,376 3,569 oil production & operations 5,236 8,753 11,497 15,789 customers & products (180) 392 (36) 1,084 other businesses & corporate 412 188 948 193 6,308 10,954 13,785 20,635 External sales and other operating revenues gas & low carbon energy 9,588 11,622 26,938 17,840 oil production & operations 541 751 433 1,873 customers & products 38,231 55,165 76,969 96,636 other businesses & corporate 178 328 380 775 Total sales and other operating revenues 48,538 67,866 104,720 117,124 By geographical area US 20,065 27,331 39,225 46,483 Non-US 38,492 54,331 84,842 97,128 58,557 81,662 124,067 143,611 Less: sales and other operating revenues between areas 10,019 13,796 19,347 26,487 48,538 67,866 104,720 117,124 Revenues from contracts with customers Sales and other operating revenues include the following in relation to revenues from contracts with customers: Crude oil 520 2,034 1,157 4,178 Oil products 31,218 43,267 61,359 75,018 Natural gas, LNG and NGLs 5,841 8,944 15,485 19,624 Non-oil products and other revenues from contracts with customers 2,750 1,825 4,622 4,170 Revenue from contracts with customers 40,329 56,070 82,623 102,990 Other operating revenues (a) 8,209 11,796 22,097 14,134 Total sales and other operating revenues 48,538 67,866 104,720 117,124 |
Depreciation, depletion and a_2
Depreciation, depletion and amortization (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Analysis of income and expense [abstract] | |
Disclosure Of Detailed Information About Depreciation And Amortization Expense [Table Text Block] | Second Second First First quarter quarter half half $ million 2023 2022 2023 2022 Total depreciation, depletion and amortization by segment gas & low carbon energy 1,407 1,203 2,847 2,458 oil production & operations 1,370 1,371 2,697 2,800 customers & products 894 715 1,691 1,432 other businesses & corporate 252 223 488 447 3,923 3,512 7,723 7,137 Total depreciation, depletion and amortization by geographical area US 1,338 1,159 2,592 2,242 Non-US 2,585 2,353 5,131 4,895 3,923 3,512 7,723 7,137 |
Earnings per share (Tables)
Earnings per share (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Earnings per share [abstract] | |
Earnings per share [text block] | Second Second First First quarter quarter half half $ million 2023 2022 2023 2022 Results for the period Profit (loss) for the period attributable to bp shareholders 1,792 9,257 10,010 (11,127) Less: preference dividend 1 1 1 1 Profit (loss) attributable to bp ordinary shareholders 1,791 9,256 10,009 (11,128) Number of shares (thousand) (a)(b) Basic weighted average number of shares outstanding 17,523,778 19,388,427 17,706,388 19,451,040 ADS equivalent (c) 2,920,629 3,231,404 2,951,064 3,241,840 Weighted average number of shares outstanding used to calculate diluted earnings per share 17,900,984 19,619,628 18,068,256 19,451,040 ADS equivalent (c) 2,983,497 3,269,938 3,011,376 3,241,840 Shares in issue at period-end 17,379,366 19,135,400 17,379,366 19,135,400 ADS equivalent (c) 2,896,561 3,189,233 2,896,561 3,189,233 (a) Excludes treasury shares and includes certain shares that will be issued in the future under employee share-based payment plans. (b) If the inclusion of potentially issuable shares would decrease loss per share, the potentially issuable shares are excluded from the weighted average number of shares outstanding used to calculate diluted earnings per share. The numbers of potentially issuable shares that have been excluded from the calculation for the first half 2022 are 202,620 thousand (ADS equivalent 33,770 thousand). (c) One ADS is equivalent to six ordinary shares. Issued ordinary share capital as at 30 June 2023 comprised 17,446,784,783 ordinary shares (31 December 2022 18,157,211,814 ordinary shares). This includes shares held in trust to settle future employee share plan obligations and excludes 936,028,077 ordinary shares which have been bought back and are held in treasury by BP (31 December 2022 940,571,303 ordinary shares). |
Dividends (Tables)
Dividends (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Interim Financial Reporting [Abstract] | |
Disclosure of dividends announced and paid [Table Text Block] | Dividends payable BP today announced an interim dividend of 7.270 cents per ordinary share which is expected to be paid on 22 September 2023 to ordinary shareholders and American Depositary Share (ADS) holders on the register on 11 August 2023. The ex-dividend date will be 10 August 2023. The corresponding amount in sterling is due to be announced on 5 September 2023, calculated based on the average of the market exchange rates over three dealing days between 30 August 2023 and 1 September 2023. Holders of ADSs are expected to receive $0.43620 per ADS (less applicable fees). The board has decided not to offer a scrip dividend alternative in respect of the second quarter 2023 dividend. Ordinary shareholders and ADS holders (subject to certain exceptions) will be able to participate in a dividend reinvestment programme. Details of the second quarter dividend and timetable are available at bp.com/dividends and further details of the dividend reinvestment programmes are available at bp.com/drip . Second Second First First quarter quarter half half 2023 2022 2023 2022 Dividends paid per ordinary share cents 6.610 5.460 13.220 10.920 pence 5.309 4.356 10.860 8.515 Dividends paid per ADS (cents) 39.66 32.76 79.32 65.52 |
Net debt (Tables)
Net debt (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Subclassifications of assets, liabilities and equities [abstract] | |
Disclosure of the net debt ratio | Net debt* Second Second Fourth First First quarter quarter quarter half half $ million 2023 2022 2022 2023 2022 Finance debt (a) 49,738 52,866 46,944 49,738 52,866 Fair value (asset) liability of hedges related to finance debt (b) 2,836 3,058 3,673 2,836 3,058 52,574 55,924 50,617 52,574 55,924 Less: cash and cash equivalents 28,914 33,108 29,195 28,914 33,108 Net debt (c) 23,660 22,816 21,422 23,660 22,816 Total equity 85,603 81,563 82,990 85,603 81,563 Gearing* 21.7% 21.9% 20.5% 21.7% 21.9% (a) The fair value of finance debt at 30 June 2023 was $45,580 million (30 June 2022 $49,056 million, 31 December 2022 $42,590 million). (b) Derivative financial instruments entered into for the purpose of managing interest rate and foreign currency exchange risk associated with net debt with a fair value liability position of $98 million at 30 June 2023 (second quarter 2022 liability of $246 million, fourth quarter 2022 liability of $91 million) are not included in the calculation of net debt shown above as hedge accounting is not applied for these instruments. (c) Net debt does not include accrued interest, which is reported within other receivables and other payables on the balance sheet and for which the associated cash flows are presented as operating cash flows in the group cash flow statement. As part of actively managing its debt portfolio, in the second quarter the group bought back $1.7 billion equivalent of finance debt consisting entirely of euro bonds (second quarter 2022 $4.5 billion USD bonds). Year to date the group has bought back a total of $1.7 billion equivalent of finance debt ($4.5 billion for the comparative period in 2022). Derivatives associated with non-US dollar debt bought back were also terminated. These transactions have no significant impact on net debt or gearing. |
Business combinations (Details)
Business combinations (Details) $ in Millions | 3 Months Ended | 6 Months Ended |
Jun. 30, 2023 USD ($) | Jun. 30, 2023 USD ($) | |
Disclosure of detailed information about business combination [line items] | ||
Consideration paid (received) | $ 1,313 | $ 1,250 |
Cash and cash equivalents in subsidiary or businesses acquired or disposed | 509 | 498 |
Identifiable assets acquired (liabilities assumed) | $ 1,223 | $ 1,223 |
Impairment of assets (Details)
Impairment of assets (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Disclosure of impairment loss and reversal of impairment loss [line items] | ||||
Impairment loss (reversal of impairment loss) net of losses of sales of businesses and fixed assets recognised in profit or loss | $ 1,269 | $ 445 | $ 1,357 | $ 26,476 |
Impairment loss (reversal of impairment loss) recognised in profit or loss | 1,208 | 402 | 1,167 | 14,788 |
Operating segments [member] | gas & low carbon energy | ||||
Disclosure of impairment loss and reversal of impairment loss [line items] | ||||
Impairment loss (reversal of impairment loss) recognised in profit or loss | $ 1,058 | $ 265 | $ 1,060 | $ 517 |
Analysis of replacement cost _3
Analysis of replacement cost profit (loss) before interest and tax and reconciliation to profit (loss) before taxation (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Disclosure of operating segments [line items] | ||||
Replacement Cost Profit (Loss) Before Interest And Taxation, Before Adjustments | $ 5,115 | $ 12,477 | $ 18,369 | $ (7,954) |
Replacement Cost Profit (Loss) Before Interest And Taxation | 5,085 | 12,456 | 18,317 | (7,941) |
Profit (loss) from operating activities | 4,353 | 14,602 | 16,985 | (2,294) |
Finance costs | 920 | 556 | 1,763 | 1,220 |
Interest Income (Expense) Relating To Pensions And Other Post-Retirement Benefits | (61) | (17) | (119) | (37) |
Profit (loss) before tax | 3,494 | 14,063 | 15,341 | (3,477) |
UNITED STATES | ||||
Disclosure of operating segments [line items] | ||||
Replacement Cost Profit (Loss) Before Interest And Taxation | 2,244 | 3,322 | 5,319 | 5,599 |
Non-US | ||||
Disclosure of operating segments [line items] | ||||
Replacement Cost Profit (Loss) Before Interest And Taxation | 2,841 | 9,134 | 12,998 | (13,540) |
gas & low carbon energy | ||||
Disclosure of operating segments [line items] | ||||
Inventory Holding Gains (Losses) | 0 | (9) | 1 | 16 |
oil production & operations | ||||
Disclosure of operating segments [line items] | ||||
Inventory Holding Gains (Losses) | 0 | (7) | 1 | (6) |
customers & products | ||||
Disclosure of operating segments [line items] | ||||
Inventory Holding Gains (Losses) | (732) | 2,162 | (1,334) | 5,637 |
Operating segments [member] | gas & low carbon energy | ||||
Disclosure of operating segments [line items] | ||||
Replacement Cost Profit (Loss) Before Interest And Taxation, Before Adjustments | 2,289 | 2,737 | 9,636 | 1,213 |
Operating segments [member] | oil production & operations | ||||
Disclosure of operating segments [line items] | ||||
Replacement Cost Profit (Loss) Before Interest And Taxation, Before Adjustments | 2,568 | 7,237 | 5,885 | 11,068 |
Operating segments [member] | customers & products | ||||
Disclosure of operating segments [line items] | ||||
Replacement Cost Profit (Loss) Before Interest And Taxation, Before Adjustments | 555 | 3,531 | 3,235 | 5,512 |
Other Business And Corporate, Non-Segment | Other Business And Corporate, Non-Segment | ||||
Disclosure of operating segments [line items] | ||||
Replacement Cost Profit (Loss) Before Interest And Taxation, Before Adjustments | (297) | (1,028) | (387) | (25,747) |
Consolidation adjustments and eliminations | ||||
Disclosure of operating segments [line items] | ||||
Consolidation adjustment - UPII | $ (30) | $ (21) | $ (52) | $ 13 |
Sales and other operating rev_3
Sales and other operating revenues (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Disclosure of operating segments [abstract] | ||||
Revenue And Other Operating Income, Gross | $ 54,846 | $ 78,820 | $ 118,505 | $ 137,759 |
Revenue And Other Operating Income, Intersegment | 6,308 | 10,954 | 13,785 | 20,635 |
Revenue and other operating income | 48,538 | 67,866 | 104,720 | 117,124 |
Revenue from contracts with customers | 40,329 | 56,070 | 82,623 | 102,990 |
Other revenue | 8,209 | 11,796 | 22,097 | 14,134 |
Crude Oil [Member] | ||||
Disclosure of operating segments [abstract] | ||||
Revenue from contracts with customers | 520 | 2,034 | 1,157 | 4,178 |
Oil products [Member] | ||||
Disclosure of operating segments [abstract] | ||||
Revenue from contracts with customers | 31,218 | 43,267 | 61,359 | 75,018 |
Natural gas, LNG and NGLs [Member] | ||||
Disclosure of operating segments [abstract] | ||||
Revenue from contracts with customers | 5,841 | 8,944 | 15,485 | 19,624 |
Non-oil products and other revenues from contracts with customers [Member] | ||||
Disclosure of operating segments [abstract] | ||||
Revenue from contracts with customers | 2,750 | 1,825 | 4,622 | 4,170 |
Operating segments [member] | gas & low carbon energy | ||||
Disclosure of operating segments [abstract] | ||||
Revenue And Other Operating Income, Gross | 10,428 | 13,243 | 28,314 | 21,409 |
Revenue And Other Operating Income, Intersegment | 840 | 1,621 | 1,376 | 3,569 |
Revenue and other operating income | 9,588 | 11,622 | 26,938 | 17,840 |
Operating segments [member] | oil production & operations | ||||
Disclosure of operating segments [abstract] | ||||
Revenue And Other Operating Income, Gross | 5,777 | 9,504 | 11,930 | 17,662 |
Revenue And Other Operating Income, Intersegment | 5,236 | 8,753 | 11,497 | 15,789 |
Revenue and other operating income | 541 | 751 | 433 | 1,873 |
Operating segments [member] | customers & products | ||||
Disclosure of operating segments [abstract] | ||||
Revenue And Other Operating Income, Gross | 38,051 | 55,557 | 76,933 | 97,720 |
Revenue And Other Operating Income, Intersegment | (180) | 392 | (36) | 1,084 |
Revenue and other operating income | 38,231 | 55,165 | 76,969 | 96,636 |
Other Business And Corporate, Non-Segment | ||||
Disclosure of operating segments [abstract] | ||||
Revenue And Other Operating Income, Gross | 590 | 516 | 1,328 | 968 |
Revenue And Other Operating Income, Intersegment | 412 | 188 | 948 | 193 |
Revenue and other operating income | 178 | 328 | 380 | 775 |
Geography Eliminations [Member] | ||||
Disclosure of operating segments [abstract] | ||||
Revenue and other operating income | 10,019 | 13,796 | 19,347 | 26,487 |
Reportable Geographical Components [Member] | ||||
Disclosure of operating segments [abstract] | ||||
Revenue and other operating income | 58,557 | 81,662 | 124,067 | 143,611 |
Reportable Geographical Components [Member] | UNITED STATES | ||||
Disclosure of operating segments [abstract] | ||||
Revenue and other operating income | 20,065 | 27,331 | 39,225 | 46,483 |
Reportable Geographical Components [Member] | Non-US | ||||
Disclosure of operating segments [abstract] | ||||
Revenue and other operating income | $ 38,492 | $ 54,331 | $ 84,842 | $ 97,128 |
Depreciation, depletion and a_3
Depreciation, depletion and amortization (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Disclosure of operating segments [line items] | ||||
Depreciation, depletion and amortization | $ 3,923 | $ 3,512 | $ 7,723 | $ 7,137 |
UNITED STATES | ||||
Disclosure of operating segments [line items] | ||||
Depreciation, depletion and amortization | 1,338 | 1,159 | 2,592 | 2,242 |
Non-US | ||||
Disclosure of operating segments [line items] | ||||
Depreciation, depletion and amortization | 2,585 | 2,353 | 5,131 | 4,895 |
Operating segments [member] | gas & low carbon energy | ||||
Disclosure of operating segments [line items] | ||||
Depreciation, depletion and amortization | 1,407 | 1,203 | 2,847 | 2,458 |
Operating segments [member] | oil production & operations | ||||
Disclosure of operating segments [line items] | ||||
Depreciation, depletion and amortization | 1,370 | 1,371 | 2,697 | 2,800 |
Operating segments [member] | customers & products | ||||
Disclosure of operating segments [line items] | ||||
Depreciation, depletion and amortization | 894 | 715 | 1,691 | 1,432 |
Other Business And Corporate, Non-Segment | ||||
Disclosure of operating segments [line items] | ||||
Depreciation, depletion and amortization | $ 252 | $ 223 | $ 488 | $ 447 |
Earnings per share (Details)
Earnings per share (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | Dec. 31, 2022 | |
Earnings per share [line items] | |||||
Payments to acquire or redeem entity's shares | $ 2,073 | $ 2,288 | $ 4,521 | $ 3,880 | |
Profit (loss), attributable to owners of parent | 1,792 | 9,257 | 10,010 | (11,127) | |
Adjustment to profit (loss) for preference share dividends | 1 | 1 | 1 | 1 | |
Profit (loss), attributable to ordinary equity holders of parent entity | 1,791 | $ 9,256 | $ 10,009 | $ (11,128) | |
Subsequent Event1 | |||||
Earnings per share [line items] | |||||
Payments to acquire or redeem entity's shares | 917 | ||||
Payments to acquire or redeem entity's shares, accrued | $ 224 | ||||
Ordinary shares [member] | |||||
Earnings per share [line items] | |||||
Increase (Decrease) In Number Of Shares Outstanding Through Share Repurchase, Equity | (329,000,000) | ||||
Weighted average number of ordinary shares outstanding | 17,523,778,000 | 19,388,427,000 | 17,706,388,000 | 19,451,040,000 | |
Adjusted weighted average number of ordinary shares outstanding | 17,900,984,000 | 19,619,628,000 | 18,068,256,000 | 19,451,040,000 | |
Number Of Shares Outstanding And Reserved For Future Issuance | 17,379,366,000 | 19,135,400,000 | 17,379,366,000 | 19,135,400,000 | |
Adjusted weighted average number of ordinary shares outstanding, number of shares excluded | 202,620,000 | ||||
Number of shares issued | 17,446,784,783 | 17,446,784,783 | 18,157,211,814 | ||
Treasury stock, shares | 936,028,077 | 936,028,077 | 940,571,303 | ||
Ordinary shares [member] | Subsequent Event1 | |||||
Earnings per share [line items] | |||||
Increase (Decrease) In Number Of Shares Outstanding Through Share Repurchase, Equity | (152,000,000) | ||||
ADS [Member] | |||||
Earnings per share [line items] | |||||
Weighted average number of ordinary shares outstanding | 2,920,629,000 | 3,231,404,000 | 2,951,064,000 | 3,241,840,000 | |
Adjusted weighted average number of ordinary shares outstanding | 2,983,497,000 | 3,269,938,000 | 3,011,376,000 | 3,241,840,000 | |
Number Of Shares Outstanding And Reserved For Future Issuance | 2,896,561,000 | 3,189,233,000 | 2,896,561,000 | 3,189,233,000 | |
Adjusted weighted average number of ordinary shares outstanding, number of shares excluded | 33,770,000 |
Dividends (Details)
Dividends (Details) | 3 Months Ended | 6 Months Ended | ||||||||
Sep. 01, 2023 day | Aug. 01, 2023 $ / shares | Jun. 30, 2023 $ / shares | Jun. 30, 2023 £ / shares | Jun. 30, 2022 $ / shares | Jun. 30, 2022 £ / shares | Jun. 30, 2023 $ / shares | Jun. 30, 2023 £ / shares | Jun. 30, 2022 $ / shares | Jun. 30, 2022 £ / shares | |
Disclosure of classes of share capital [line items] | ||||||||||
Dividends Proposed Or Declared, Average Of Market Exchange Rates, Number Of Days | day | 3 | |||||||||
Ordinary shares [member] | ||||||||||
Disclosure of classes of share capital [line items] | ||||||||||
Dividends proposed or declared before financial statements authorised for issue but not recognised as distribution to owners per share | $ 0.07270 | |||||||||
Dividends paid, ordinary shares per share | (per share) | $ 0.06610 | £ 0.05309 | $ 0.05460 | £ 0.04356 | $ 0.13220 | £ 0.10860 | $ 0.10920 | £ 0.08515 | ||
ADS [Member] | ||||||||||
Disclosure of classes of share capital [line items] | ||||||||||
Dividends proposed or declared before financial statements authorised for issue but not recognised as distribution to owners per share | $ 0.43620 | |||||||||
Dividends paid, ordinary shares per share | $ 0.3966 | $ 0.3276 | $ 0.7932 | $ 0.6552 |
Net debt (Details)
Net debt (Details) $ in Millions | 3 Months Ended | 6 Months Ended | ||||||
Jun. 30, 2023 USD ($) | Jun. 30, 2022 USD ($) | Jun. 30, 2023 USD ($) | Jun. 30, 2022 USD ($) | Mar. 31, 2023 USD ($) | Dec. 31, 2022 USD ($) | Mar. 31, 2022 USD ($) | Dec. 31, 2021 USD ($) | |
Disclosure of detailed information about hedges [line items] | ||||||||
Finance debt | $ 49,738 | $ 52,866 | $ 49,738 | $ 52,866 | $ 46,944 | |||
Financial instruments designated as hedging instruments, at fair value | 2,836 | 3,058 | 2,836 | 3,058 | 3,673 | |||
Finance debt, net of hedging instruments | 52,574 | 55,924 | 52,574 | 55,924 | 50,617 | |||
Cash and cash equivalents | 28,914 | 33,108 | 28,914 | 33,108 | $ 30,433 | 29,195 | $ 34,414 | $ 30,681 |
Net debt | 23,660 | 22,816 | 23,660 | 22,816 | 21,422 | |||
Equity | $ 85,603 | $ 81,563 | $ 85,603 | $ 81,563 | $ 82,990 | $ 90,439 | ||
Gearing | 0.217 | 0.219 | 0.217 | 0.219 | 0.205 | |||
Euro bonds [Member] | ||||||||
Disclosure of detailed information about hedges [line items] | ||||||||
Repayments of bonds, notes and debentures | $ 1,700 | $ 1,700 | ||||||
US bonds [Member] | ||||||||
Disclosure of detailed information about hedges [line items] | ||||||||
Repayments of bonds, notes and debentures | $ 4,500 | $ 4,500 | ||||||
Borrowings [Member] | ||||||||
Disclosure of detailed information about hedges [line items] | ||||||||
Financial liabilities, at fair value | 45,580 | 49,056 | 45,580 | 49,056 | $ 42,590 | |||
Derivatives [member] | Debt Hedges | ||||||||
Disclosure of detailed information about hedges [line items] | ||||||||
Financial liabilities at fair value through profit or loss | $ 98 | $ 246 | $ 98 | $ 246 | $ 91 |