BP p.l.c. (BP) 20-F 8 Mar 24 2023 FY Annual report (foreign) Financial data

Cover

Cover	12 Months Ended
	Dec. 31, 2023 shares
Document Information [Line Items]
Document Type	20-F
Document Registration Statement	false
Document Annual Report	true
Document Period End Date	Dec. 31, 2023
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	2023
Document Fiscal Period Focus	FY
Document Financial Statement Error Correction [Flag]	true
Document Financial Statement Restatement Recovery Analysis [Flag]	false
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	Kate Thomson
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	17,900,800,485
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/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/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/27ABP/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
4.699% Guaranteed Notes due 2029
Document Information [Line Items]
Title of 12(b) Security	4.699% Guaranteed Notes due 2029
Trading Symbol	BP/29
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
4.893% Guaranteed Notes due 2033
Document Information [Line Items]
Title of 12(b) Security	4.893% Guaranteed Notes due 2033
Trading Symbol	BP/33A
Security Exchange Name	NYSE
4.989% Guaranteed Notes due 2034
Document Information [Line Items]
Title of 12(b) Security	4.989% Guaranteed Notes due 2034
Trading Symbol	BP/34
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
6.450% Perpetual Subordinated Fixed Rate Reset Notes
Document Information [Line Items]
Title of 12(b) Security	6.450% Perpetual Subordinated Fixed Rate Reset Notes
Trading Symbol	BP/P3
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, 2023	Dec. 31, 2022	Dec. 31, 2021
Profit (loss) [abstract]
Sales and other operating revenues		$ 210,130	$ 241,392	$ 157,739
Earnings from joint ventures – after interest and tax		67	1,128	543
Earnings from associates – after interest and tax		831	1,402	3,456
Interest and other income		1,635	1,103	581
Gains on sale of businesses and fixed assets		369	3,866	1,876
Total revenues and other income		213,032	248,891	164,195
Purchases		119,307	141,043	92,923
Production and manufacturing expenses		25,044	28,610	25,843
Production and similar taxes		1,779	2,325	1,308
Depreciation, depletion and amortization		15,928	14,318	14,805
Net impairment and losses on sale of businesses and fixed assets		5,857	30,522	(1,121)
Exploration expense		997	585	424
Distribution and administration expenses		16,772	13,449	11,931
Profit (loss) before interest and taxation		27,348	18,039	18,082
Finance costs		3,840	2,703	2,857
Net finance (income) expense relating to pensions and other post-retirement benefits		(241)	(69)	(2)
Profit (loss) before taxation		23,749	15,405	15,227
Taxation		7,869	16,762	6,740
Profit (loss) for the year	[1]	15,880	(1,357)	8,487
Attributable to
bp shareholders		15,239	(2,487)	7,565
Non-controlling interests		$ 641	$ 1,130	$ 922
Ordinary Shares
Profit (loss) for the year attributable to bp shareholders
Basic earnings (loss) per share (USD per share)		$ 0.8778	$ (0.1310)	$ 0.3757
Diluted earnings (loss) per share (USD per share)		0.8585	(0.1310)	0.3733
American Depositary Share
Profit (loss) for the year attributable to bp shareholders
Basic earnings (loss) per share (USD per share)		5.27	(0.79)	2.25
Diluted earnings (loss) per share (USD per share)		$ 5.15	$ (0.79)	$ 2.24
[1] See Note 32 for further information.

Group statement of comprehensiv

Group statement of comprehensive income - USD ($) $ in Millions		12 Months Ended
		Dec. 31, 2023		Dec. 31, 2022		Dec. 31, 2021
Statement of comprehensive income [abstract]
Profit (loss) for the year	[1]	$ 15,880		$ (1,357)		$ 8,487
Items that may be reclassified subsequently to profit or loss
Currency translation differences	[1]	585		(3,786)		(921)
Exchange (gains) losses on translation of foreign operations reclassified to gain or loss on sale of businesses and fixed assets	[1]	(2)		10,759		36
Cash flow hedges marked to market	[1]	1,065		(825)		(430)
Cash flow hedges reclassified to the income statement	[1]	(428)		1,502		255
Costs of hedging marked to market	[1]	(67)		61		(105)
Costs of hedging reclassified to the income statement	[1]	(11)		25		21
Share of items relating to equity-accounted entities, net of tax	[1]	(192)		402		44
Income tax relating to items that may be reclassified	[1]	(10)		(334)		65
Total items that may be reclassified subsequently to profit or loss	[1]	940		7,804		(1,035)
Items that will not be reclassified to profit or loss
Remeasurements of the net pension and other post-retirement benefit liability or asset	[1]	(2,262)		340		4,416
Other comprehensive income, before tax, gains (losses) on remeasurements of equity instruments		51		0		0
Cash flow hedges that will subsequently be transferred to the balance sheet	[1]	15		(4)		1
Income tax relating to items that will not be reclassified	[1]	745		68		(1,317)
Total items that will not be reclassified to profit or loss	[1]	(1,451)		404		3,100
Other comprehensive income		(511)	[2]	8,208	[1]	2,065	[1]
Total comprehensive income		15,369	[2]	6,851	[1]	10,552	[1]
Attributable to
bp shareholders	[1]	14,702		5,782		9,654
Non-controlling interests	[1]	$ 667		$ 1,069		$ 898
[1] See Note 32 for further information. 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, 2020	[1]	$ 85,568		$ 46,701		$ (13,224)	$ (8,719)		$ (808)		$ 47,300		$ 71,250		$ 12,076		$ 2,242
Profit (loss) for the year		8,487	[2]								7,565	[1]	7,565	[1]	507	[1]	415	[1]
Other comprehensive income		2,065	[2]				(846)	[1]	(209)	[1]	3,144	[1]	2,089	[1]			(24)	[1]
Total comprehensive income		10,552	[2]				(846)	[1]	(209)	[1]	10,709	[1]	9,654	[1]	507	[1]	391	[1]
Dividends	[1],[3]	(4,627)									(4,316)		(4,316)				(311)
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)
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		(1,357)	[2]	0							(2,487)	[1]	(2,487)	[1]	519	[1]	611	[1]
Other comprehensive income		8,208	[2]				6,914	[1]	770	[1]	585	[1]	8,269	[1]			(61)	[1]
Total comprehensive income		6,851	[2]				6,914	[1]	770	[1]	(1,902)	[1]	5,782	[1]	519	[1]	550	[1]
Dividends	[1],[3]	(4,659)									(4,365)		(4,365)				(294)
Cash flow hedges transferred to the balance sheet, net of tax	[1]	(1)							(1)				(1)
Issued capital, ordinary shares		820		820	[1]								820	[1]
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
Issue of perpetual hybrid bonds	[1]	370									(4)		(4)		374
Payments on issue of perpetual hybrid bonds	[1]	(529)					15						15		(544)
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
Profit (loss) for the year		15,880	[2]	0							15,239	[1]	15,239	[1]	586	[1]	55	[1]
Other comprehensive income	[1]	(511)					728		431		(1,696)		(537)				26
Total comprehensive income	[1]	15,369					728		431		13,543		14,702		586		81
Dividends	[1],[3]	(5,234)									(4,831)		(4,831)				(403)
Cash flow hedges transferred to the balance sheet, net of tax	[1]	1							1				1
Repurchase of ordinary share capital		(8,167)	[1]	0							(8,167)	[1]	(8,167)	[1]
Share-based payments, net of tax	[1]	669		140		830					(301)		669
Share of equity-accounted entities’ changes in equity, net of tax	[1]	1									1		1
Issue of perpetual hybrid bonds	[1]	175									(1)		(1)		176
Payments on issue of perpetual hybrid bonds	[1]	(591)					(5)						(5)		(586)
Transactions involving non-controlling interests, net of tax	[1]	282									363		363				(81)
Equity outstanding, end of period at Dec. 31, 2023	[1]	$ 85,493		$ 48,013		$ (11,323)	$ (1,920)		$ 174		$ 35,339		$ 70,283		$ 13,566		$ 1,644
[1] See Note 32 for further information. See Note 32 for further information. See Note 10 for further information.

Group balance sheet

Group balance sheet - USD ($) $ in Millions		Dec. 31, 2023	Dec. 31, 2022
Non-current assets
Property, plant and equipment		$ 104,719	$ 106,044
Goodwill		12,472	11,960
Intangible assets		9,991	10,200
Investments in joint ventures		12,435	12,400
Investments in associates		7,814	8,201
Other investments		2,189	2,670
Fixed assets		149,620	151,475
Loans		1,942	1,271
Trade and other receivables		1,767	1,092
Derivative financial instruments		9,980	12,841
Prepayments		623	576
Deferred tax assets		4,268	3,908
Defined benefit pension plan surpluses		7,948	9,269
Non-current assets		176,148	180,432
Current assets
Loans		240	315
Inventories		22,819	28,081
Trade and other receivables		31,123	34,010
Derivative financial instruments		12,583	11,554
Prepayments		2,520	2,092
Current tax receivable		837	621
Other investments		843	578
Cash and cash equivalents		33,030	29,195
Current assets other than non-current assets or disposal groups classified as held for sale or as held for distribution to owners		103,995	106,446
Non-current assets or disposal groups classified as held for sale or as held for distribution to owners		151	1,242
Current assets		104,146	107,688
Total assets		280,294	288,120
Current liabilities
Trade and other payables		61,155	63,984
Derivative financial instruments		5,250	12,618
Accruals		6,527	6,398
Current lease liabilities		2,650	2,102
Current finance debt		3,284	3,198
Current tax payable		2,732	4,065
Provisions		4,418	6,332
Current liabilities other than liabilities included in disposal groups classified as held for sale		86,016	98,697
Liabilities included in disposal groups classified as held for sale		62	321
Current liabilities		86,078	99,018
Non-current liabilities
Other payables		10,076	10,387
Derivative financial instruments		10,402	13,537
Accruals		1,310	1,233
Non-current lease liabilities		8,471	6,447
Finance debt		48,670	43,746
Deferred tax liabilities		9,617	10,526
Provisions		14,721	14,992
Defined benefit pension plan and other post-retirement benefit plan deficits		5,456	5,244
Non-current liabilities		108,723	106,112
Total liabilities		194,801	205,130
Net assets		85,493	82,990
Equity
bp shareholders’ equity		70,283	67,553
Non-controlling interests		15,210	15,437
Total equity	[1]	$ 85,493	$ 82,990
[1] See Note 32 for further information.

Group cash flow statement

Group cash flow statement - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Operating activities
Profit (loss) before taxation	$ 23,749	$ 15,405	$ 15,227
Adjustments to reconcile profit before taxation to net cash provided by operating activities
Exploration expenditure written off	746	385	167
Depreciation, depletion and amortization	15,928	14,318	14,805
Impairment and (gain) loss on sale of businesses and fixed assets	5,488	26,656	(2,997)
Earnings from joint ventures and associates	(898)	(2,530)	(3,999)
Dividends received from joint ventures and associates	2,092	1,700	1,842
Interest receivable	(1,265)	(444)	(235)
Interest received	1,119	414	320
Finance costs	3,840	2,703	2,857
Interest paid	(2,950)	(2,208)	(2,474)
Net finance expense relating to pensions and other post-retirement benefits	(241)	(69)	(2)
Share-based payments	616	795	627
Net operating charge for pensions and other post-retirement benefits, less contributions and benefit payments for unfunded plans	(193)	(257)	(655)
Net charge for provisions, less payments	(2,481)	440	2,934
(Increase) decrease in inventories	5,634	(5,492)	(7,458)
(Increase) decrease in other current and non-current assets	4,620	(18,584)	(13,263)
Increase (decrease) in other current and non-current liabilities	(13,592)	17,806	20,095
Income taxes paid	(10,173)	(10,106)	(4,179)
Cash flows from (used in) operating activities	32,039	40,932	23,612
Investing activities
Expenditure on property, plant and equipment, intangible and other assets	(14,285)	(12,069)	(10,887)
Acquisitions, net of cash acquired	(799)	(3,530)	(186)
Investment in joint ventures	(1,039)	(600)	(1,440)
Investment in associates	(130)	(131)	(335)
Total cash capital expenditure	(16,253)	(16,330)	(12,848)
Proceeds from disposals of fixed assets	133	709	1,145
Proceeds from disposals of businesses, net of cash disposed	1,193	1,841	5,812
Proceeds from loan repayments	55	67	197
Net cash used in investing activities	(14,872)	(13,713)	(5,694)
Financing activities
Repurchase of shares	(7,918)	(9,996)	(3,151)
Lease liability payments	(2,560)	(1,961)	(2,082)
Proceeds from long-term financing	7,568	2,013	6,987
Repayments of long-term financing	(3,902)	(11,697)	(16,804)
Net increase (decrease) in short-term debt	(861)	(1,392)	1,077
Proceeds from issuing other equity instruments	175	370	924
Payments of other equity instruments	(1,008)	(708)	(538)
Payments from changes in ownership interests in subsidiaries that do not result in loss of control	(187)	(9)	(560)
Receipts relating to transactions involving non-controlling interests (other)	546	11	683
Dividends paid
bp shareholders	(4,809)	(4,358)	(4,304)
Non-controlling interests	(403)	(294)	(311)
Net cash provided by (used in) financing activities	(13,359)	(28,021)	(18,079)
Currency translation differences relating to cash and cash equivalents	27	(684)	(269)
Increase (decrease) in cash and cash equivalents	3,835	(1,486)	(430)
Cash and cash equivalents at beginning of year	29,195	30,681	31,111
Cash and cash equivalents at end of year	$ 33,030	$ 29,195	$ 30,681

Significant accounting policies

Significant accounting policies, judgements, estimates and assumptions	12 Months Ended
	Dec. 31, 2023
Corporate information and statement of IFRS compliance [abstract]
Significant accounting policies, judgements, estimates and assumptions	Material accounting policy information, significant 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) were approved and signed by the chief executive officer and chairman on 8 March 2024 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 material accounting policy information 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 2023. 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. Material accounting policy information: 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; 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. 1 . Material accounting policy information, significant judgements, estimates and assumptions – continued 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 30) 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. The assumptions for future carbon emissions costs in value-in-use impairment testing differ from the investment appraisal assumptions and are described below. Management has also not identified any off-balance sheet commodity purchase obligations to be onerous contracts as result of the transition to a lower carbon economy at 31 December 2023. 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 2023. Prices are disclosed in real 2022 terms. The near term Brent oil assumption was held constant at $70 per barrel to reflect near-term supply constraints before declining after 2030 to $50 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 2050 were held constant at $4.00 per mmBtu reflecting an assumption that declining domestic demand in the US is offset by higher LNG exports. The revised assumptions for Brent oil and Henry Hub gas 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 carbon emissions price series for the investment economics which is applied to bp's anticipated share of bp's forecast of the investment assets' scope 1 and 2 GHG emissions where they exceed defined thresholds, and is assumed to apply whether or not bp is the asset 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. A key input into the determination of impairment is the assumption, aligned with bp’s aim to reach net zero greenhouse gas emissions by 2050 or sooner, that the current recognized portfolio of oil and gas properties and refining assets will have an immaterial carrying value by 2050. 1 . Material accounting policy information, significant 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 the 2023 value-in-use impairment tests is for the UK North Sea and the Gelsenkirchen refinery. The assumptions for UK North Sea were £45/tCO 2 e in 2024 gradually increasing to £201/tCO 2 e in 2050. The assumption applied for the Gelsenkirchen refinery was an average of approximately €72/tCO 2 e. 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 realized 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 13) 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 charges were recognized on certain upstream oil and gas properties partly as a result of price and discount rate changes. 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. The recoverability of the group's exploration and appraisal intangible assets was considered during 2023. 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 have immaterial carrying values within the next 12 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 2023 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 material 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 13) 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 cost assumptions 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 does not expect manufacturing to cease at refineries within a determinate period of time, as existing property, plant and equipment is expected to be renewed or replaced. 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 2023 are not material. See significant judgements and estimates: provisions for further information. 1. Material accounting policy information, significant 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 Oil and gas price assumptions applied in value-in-use impairment testing have been updated to reflect the current outlook on Brent oil supply constraints and an assumption that declining domestic natural gas demand in the US is offset by higher LNG exports. 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 during the year to reflect higher US Treasury yields. The principal impact of this rate increase was a $0.9 billion decrease in the decommissioning provision with an associated decrease in the carrying amount of property, plant and equipment of $0.7 billion and a pre-tax credit to the income statement of $0.2 billion. Impairment discount rates were also increased from those reported in 2022. 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 2023 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 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 revenue 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 . Material accounting policy information, significant 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 has significant influence over Aker BP, a Norwegian oil and gas company, 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. bp owned 15.9% of the voting shares at 31 December 2023. bp’s group chief executive officer, Murray Auchincloss, has been a member of the Aker BP board since 2017. bp’s other nominated director, group chief financial officer, 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 continues to have significant influence at 31 December 2023. Significant judgements and estimate: 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’. 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. It is considered by management that any measure of fair value, other than nil, would be subject to such high measurement uncertainty, considering the sanctions and restrictions implemented by Russia on Russian assets held by foreign investors, 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 zero when determining the measurement of the interest in Rosneft and the other businesses with Rosneft within Russia as at 31 December 2023. Events or outcomes within the next financial year, that are different to those outlined above, could materially change the fair value of the investment. 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 and its other businesses with Rosneft within Russia, for the years to 31 December 2022 and 31 December 2023 have not been met. 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. 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. 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. 1. Material accounting policy information, significant judgements, estimates and assumptions – continued 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 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, 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 bas

Non-current assets held for sal

Non-current assets held for sale (Notes)	12 Months Ended
	Dec. 31, 2023
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 2023 is $151 million (2022 $1,242 million), with associated liabilities of $62 million (2022 $321 million). customers & products On 16 November 2023, bp entered into an agreement to sell its Türkiye ground fuels business to Petrol Ofisi. This includes the group's interest in three joint venture terminals in Türkiye. Completion of the sale is subject to regulatory approvals. The carrying amount of assets classified as held for sale at 31 December 2023 is $151 million, with associated liabilities of $62 million. Cumulative foreign exchange losses within reserves of approximately $850 million are expected to be recycled to the group income statement at completion. Transactions that have been classified as held for sale during 2023, but were completed by 31 December 2023, are described below. gas & low carbon energy The assets held for sale balance at 31 December 2022 included assets of $511 million and associated liabilities of $48 million relating to the agreement to sell bp's upstream business in Algeria to Eni. The transaction closed on 28 February 2023. customers & products In addition, at 31 December 2022 assets of $731 million and associated liabilities of $273 million were classified as held for sale relating to the sale of bp's 50% interest in the bp-Husky Toledo refinery in Ohio US, to Cenovus Energy, its partner in the facility. The sale completed on 28 February 2023. The total assets and liabilities held for sale at 31 December 2023 and 2022, which for 2023 are all in the customers & products segments and for 2022 in the gas & low carbon energy and customers & products segments, are set out in the table below. $ million 2023 2022 Property, plant and equipment 49 693 Goodwill — 58 Intangible assets 3 — Loans 1 — Inventories — 255 Cash — 35 Trade and other receivables 98 201 Assets classified as held for sale 151 1,242 Trade and other payables (1) (256) Lease liabilities (40) (14) Provisions (10) (36) Deferred tax liabilities — (15) Defined benefit pension plan and other post-retirement benefit plan deficits (11) — Liabilities directly associated with assets classified as held for sale (62) (321)

Business combinations

Business combinations	12 Months Ended
	Dec. 31, 2023
Disclosure of business combinations and other significant transactions [Abstract]
Business combinations and other significant transactions	Business combinations and other significant transactions Business combinations 2023 The group undertook a number of business combinations during 2023. Total consideration paid in cash amounted to $1,282 million (2022 $3,671 million), offset by cash acquired of $484 million (2022 $141 million). The fair value of the net assets (including goodwill) recognized from business combinations in the full year, inclusive of measurement period adjustments for business combinations in previous periods, was $1,228 million (2022 $4,121 million). This principally related to the acquisition of TravelCenters of America. 2022 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 total cash consideration for the transaction, all paid at completion, was $3,137 million. The transaction was accounted for as a business combination using the acquisition method. As the transaction completed shortly prior to the end of the reporting period, the acquisition-date fair values of the assets and liabilities acquired reported in 2022 were provisional. The final and provisional fair values of the identifiable assets and liabilities acquired, as at the date of acquisition are shown in the table below. The measurement period adjustments between the provisional and final values were recognized in 2023 as the impact on the comparative period was not material. 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 final fair value of bp’s interest in Mavrix LLC immediately before the acquisition date was $303 million and the gain recognized in ‘Interest and other income’, initially in 2022 and revised in 2023, as a result of remeasuring this interest to fair value was $196 million. $ million Provisional Final Assets Property plant and equipment 885 929 Goodwill 409 707 Intangible assets 3,475 3,178 Investments in equity-accounted entities 917 883 Inventory 42 31 Trade and other receivables 67 47 Cash and cash equivalents 107 96 Liabilities Trade and other payables (1,032) (1,145) Finance debt (1,044) (1,044) Deferred tax liabilities (293) (214) Provisions (16) (21) Non-controlling interest (7) (7) Total consideration 3,510 3,440 Of which: Cash 3,137 3,137 Fair value of previously held interest in Mavrix LLC 373 303

Disposals and impairment

Disposals and impairment	12 Months Ended
	Dec. 31, 2023
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. $ million 2023 2022 2021 Gains on sale of businesses and fixed assets gas & low carbon energy 19 45 1,034 oil production & operations 297 3,446 869 customers & products 44 374 (52) other businesses & corporate 9 1 25 369 3,866 1,876 $ million 2023 2022 2021 Losses on sale of businesses and fixed assets, and closures gas & low carbon energy 9 — 1 oil production & operations 5 921 86 customers & products 143 177 142 other businesses & corporate (1) 11,083 1 156 12,181 230 Impairment losses gas & low carbon energy 2,213 745 834 oil production & operations 1,840 4,480 1,617 customers & products 1,614 1,874 962 other businesses & corporate 80 13,536 63 5,747 20,635 3,476 Impairment reversals gas & low carbon energy (1) (1,333) (2,338) oil production & operations (26) (893) (2,479) customers & products — (68) (7) other businesses & corporate (19) — (3) (46) (2,294) (4,827) Impairment and losses on sale of businesses and fixed assets, and closures 5,857 30,522 (1,121) Disposals Disposal proceeds and principal gains and losses on disposals by segment are described below. $ million 2023 2022 2021 Proceeds from disposals of fixed assets 133 709 1,145 Proceeds from disposals of businesses, net of cash disposed 1,193 1,841 5,812 1,326 2,550 6,957 By business gas & low carbon energy 536 22 2,425 oil production & operations 333 1,935 3,022 customers & products 436 592 1,050 other businesses & corporate 21 1 460 1,326 2,550 6,957 Proceeds from disposals of businesses in 2023 includes $477 million relating to the sale of the upstream business in Algeria to Eni and $351 million relating to the disposal of the bp-Husky Toledo refinery to Cenovus Energy. At 31 December 2023, deferred consideration relating to disposals amounted to $141 million receivable within one year (2022 $191 million and 2021 $205 million) and $217 million receivable after one year (2022 $194 million and 2021 $823 million). The amounts of deferred consideration are reported within Trade and other receivables in Other receivables in the group balance sheet. In addition, contingent consideration receivable relating to disposals amounted to $1,694 million at 31 December 2023 (2022 $1,896 million and 2021 $1,917 million). The contingent consideration at 31 December 2023 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 2023 gains principally related to prior period disposals in the US and Canada. 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. customers & products In 2022, gains principally relate to a gain of $268 million arising from the divestment of our Swiss retail assets. 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. Summarized financial information relating to the sale of businesses is shown in the table below. The principal transactions categorized as a business disposal in 2023 were the sale of the upstream business in Algeria to Eni and the disposal of the bp-Husky Toledo refinery to Cenovus Energy. 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. $ million 2023 2022 2021 Non-current assets 1,145 3,681 1,620 Current assets 557 2,972 69 Non-current liabilities (60) (1,869) (287) Current liabilities (454) (1,074) (3) Total carrying amount of net assets disposed 1,188 3,710 1,399 Recycling of foreign exchange on disposal — (26) 35 Costs on disposal 57 488 (5) 1,245 4,172 1,429 Gains (losses) on sale of businesses 158 6,219 1,632 Total consideration 1,403 10,391 3,061 Non-cash consideration (51) (8,999) (108) Consideration received (receivable) (159) 449 2,859 Proceeds from the sale of businesses, net of cash disposed a 1,193 1,841 5,812 a Proceeds are stated net of cash and cash equivalents disposed of $33 million (2022 $318 million and 2021 $2 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 2023 impairment loss of $2,213 million primarily relates to losses incurred in respect of certain assets in Mauritania & Senegal ($1,434 million) and principally arose as a result of increased forecast future expenditure. A further $565 million relates to producing assets in Trinidad and arose as a result of changes to the group's oil and gas price and discount rate assumptions and activity phasing. The recoverable amount of all CGUs for which impairment charges or reversals were recognized in 2023 in total, based on their value in use, is $4,811 million. 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 all CGUs for which impairment charges or reversals were recognized in 2021 in total, based on their value in use, is $17,330 million. oil production & operations Impairment losses and reversals in all years relate primarily to producing assets and, in 2022, equity accounted investments. The 2023 impairment loss of $1,840 million primarily arose as a result of changes to the group's oil and gas price and discount rate assumptions, activity phasing and disposal decisions in relation to certain assets in North Sea ($852 million) and in bpx energy ($802 million). The recoverable amount of all CGUs for which impairment charges or reversals were recognized in 2023 in total, based on their value in use, is $14,072 million . 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 all CGUs for which impairment charges or reversals were recognized in 2021, based on their value in use, is $16,586 million. customers & products The 2023 impairment loss of $1,614 million primarily relates to strategy implementation and changes to economic assumptions in the products business including an impairment of the Gelsenkirchen refinery in Germany ($1,336 million). 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 2023 in total, based on their value in use, is $327 million. The 2022 impairment loss of $1,874 million primarily relates to changes in economic assumptions in the products business including an 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). 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 were recognized in 2021.

Segmental analysis

Segmental analysis	12 Months Ended
	Dec. 31, 2023
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 2023, 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. 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 of inventories other than for trading inventories, 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 as inventory holding gains and losses 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. • an adjustment relating to certain trading inventories that are not price risk managed which relate to a minimum inventory volume that is required to be held to maintain underlying business activities. This adjustment represents the movement in fair value of the inventories due to prices, on a grade-by-grade basis, during the period. This is calculated from each operation’s inventory management system on a monthly basis using the discrete monthly movement in market prices for these inventories. 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 that are price risk-managed. 5. Segmental analysis – continued $ million 2023 By business gas & low carbon energy oil production & operations customers & products other Consolidation adjustment and eliminations Total Segment revenues Sales and other operating revenues 50,297 24,904 160,215 2,657 (27,943) 210,130 Less: sales and other operating revenues between segments (1,808) (23,708) (367) (2,060) 27,943 — Third party sales and other operating revenues 48,489 1,196 159,848 597 — 210,130 Earnings from joint ventures and associates – after interest and tax (677) 1,164 427 (16) — 898 Segment results Replacement cost profit (loss) before interest and taxation 14,080 11,191 4,230 (903) (14) 28,584 Inventory holding gains (losses) a 1 — (1,237) — — (1,236) Profit (loss) before interest and taxation 14,081 11,191 2,993 (903) (14) 27,348 Finance costs (3,840) Net finance income relating to pensions and other post-retirement benefits 241 Profit before taxation 23,749 Other income statement items Depreciation, depletion and amortization US 96 3,554 1,883 85 — 5,618 Non-US 5,584 2,138 1,665 923 — 10,310 Charges for provisions, net of write-back of unused provisions, including change in discount rate 139 35 2,007 152 — 2,333 Segment assets Investments in joint ventures and associates 4,173 10,721 5,327 28 — 20,249 Additions to non-current assets b 4,859 7,384 9,383 1,075 — 22,701 a See explanation of inventory holding gains and losses on page 193. b Includes additions to property, plant and equipment; goodwill; intangible assets; investments in joint ventures; and investments in associates. 5. Segmental analysis – continued $ million 2022 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 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 income 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 193. 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 — — 3,655 Profit (loss) before interest and taxation 2,166 10,509 5,563 (89) (67) 18,082 Finance costs (2,857) Net finance income 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 193. b Includes additions to property, plant and equipment; goodwill; intangible assets; investments in joint ventures; and investments in associates. $ million 2023 By geographical area US Non-US Total Revenues Third party sales and other operating revenues a 60,577 149,553 210,130 Other income statement items Production and similar taxes 136 1,643 1,779 Non-current assets Non-current assets b c 64,238 83,816 148,054 a Non-US region includes UK $39,975 million b Non-US region includes UK $23,949 million c Includes property, plant and equipment; goodwill; intangible assets; investments in joint ventures; investments in associates; and non-current prepayments. $ 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. 5. Segmental analysis – continued $ 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.

Sales and other operating reven

Sales and other operating revenues	12 Months Ended
	Dec. 31, 2023
Revenue [abstract]
Sales and other operating revenues	Sales and other operating revenues $ million 2023 2022 2021 Crude oil 2,413 6,309 5,483 Oil products 128,969 149,854 101,418 Natural gas, LNG and NGLs 29,541 41,770 24,378 Non-oil products and other revenues from contracts with customers 10,298 7,896 6,082 Revenue from contracts with customers 171,221 205,829 137,361 Other operating revenues a 38,909 35,563 20,378 Total sales and other operating revenues 210,130 241,392 157,739 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, 2023
Analysis of income and expense [abstract]
Income statement analysis	Income statement analysis $ million 2023 2022 2021 Interest and other income Interest income from Financial assets measured at amortized cost 1,034 371 221 Financial assets measured at fair value through profit or loss 215 59 5 Other income 386 673 355 1,635 1,103 581 Currency exchange losses charged to the income statement a 74 160 345 Expenditure on research and development 298 274 266 Costs relating to the Gulf of Mexico oil spill (pre-interest and tax) b 57 84 70 Finance costs Interest expense on lease liabilities 363 245 288 Interest expense on other liabilities measured at amortized cost c 3,115 2,070 1,820 Capitalized at 4.88% (2022 3.56% and 2021 2.63%) d (514) (464) (287) Finance debt risk management activities e (35) 43 145 Unwinding of discount on provisions 504 369 391 Unwinding of discount on other payables measured at amortized cost 407 440 500 3,840 2,703 2,857 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 2023 includes a loss of $49 million (2022 gain of $37 million and 2021 loss of $195 million) associated with the buyback of finance debt. d Tax relief on capitalized interest is approximately $130 million (2022 $108 million and 2021 $66 million). e Relates to temporary valuation differences associated with the group’s interest rate and foreign currency exchange risk management of finance debt.

Exploration for and evaluation

Exploration for and evaluation of oil and natural gas resources	12 Months Ended
	Dec. 31, 2023
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 2023 2022 2021 Exploration and evaluation costs Exploration expenditure written off 746 385 167 Other exploration costs 251 200 257 Exploration expense for the year 997 585 424 Impairment losses 20 2 1 Intangible assets – exploration and appraisal expenditure a 4,328 4,213 4,289 Liabilities 109 88 98 Net assets 4,219 4,125 4,191 Cash used in operating activities 251 200 257 Cash used in investing activities 1,039 909 369 a Amount capitalized at 31 December 2023, 2022 and 2021 relates to assets in various regions. The largest of these is approximately $600 million capitalized in the Middle East region (2022 approximately $600 million and 2021 approximately $700 million and capitalized in the Middle East region).

Taxation

Taxation	12 Months Ended
	Dec. 31, 2023
Income Taxes [Abstract]
Taxation	Taxation Tax on profit $ million 2023 2022 2021 Current tax Charge for the year 9,048 12,523 4,808 Adjustment in respect of prior years (373) 145 138 8,675 12,668 4,946 Deferred tax Origination and reversal of temporary differences in the current year a (238) 4,768 3,366 Adjustment in respect of prior years b (568) (674) (1,572) (806) 4,094 1,794 Tax charge on profit 7,869 16,762 6,740 a 2022 includes a charge of $1,834 million in respect of the impact of the UK Energy Profits Levy on existing temporary differences unwinding over the period 1 January 2023 to 31 March 2028. b The adjustment in respect of prior years reflects 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. 2023 also includes a credit of $232 million in respect of a revision to the deferred tax impact of the UK Energy Profits Levy. In 2023, the total tax credit recognized within other comprehensive income was $735 million (2022 $266 million charge and 2021 $1,252 million charge). In 2023 and 2021 this primarily comprises the deferred tax impact of the remeasurements of the net pension and other post-retirement benefit liability or asset. In 2022 this primarily comprises a release of deferred withholding tax on other comprehensive income movements relating to Rosneft. See Note 32 for further information. The total tax charge recognized directly in equity was $56 million (2022 $214 million credit and 2021 $170 million charge). This mainly relates to transactions involving non-controlling interests. 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 2023 2022 excluding impact of Rosneft 2022 impact of Rosneft a 2022 2021 Profit (loss) before taxation 23,749 40,925 (25,520) 15,405 15,227 Tax charge (credit) on profit or loss b 7,869 17,823 (1,061) 16,762 6,740 Effective tax rate 33% 44% 4% 109% 44% % Tax rate computed at the weighted average statutory rate c 34 42 20 77 54 Increase (decrease) resulting from Tax reported in equity-accounted entities d (2) (1) — (4) (3) Adjustments in respect of prior years (4) (1) — (3) (9) Deferred tax not recognized 2 (1) — (2) 8 Tax incentives for investment — — — (1) (1) Disposal impacts e — (3) — (8) (4) Foreign exchange — 1 — 3 1 Items not deductible for tax purposes 2 2 — 5 1 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 1 — 3 (3) Effective tax rate 33 44 4 109 44 a Includes the impact of bp's decision to exit its shareholding in Rosneft and its other businesses with Rosneft in Russia. 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. 2023 and 2022 include the impact 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 liability 2023 2022 At 1 January 6,618 2,370 Exchange adjustments a 134 (334) Charge (credit) for the year in the income statement (806) 4,094 Charge (credit) for the year in other comprehensive income (735) 272 Charge (credit) for the year in equity 56 (214) Acquisitions and disposals b 82 430 At 31 December 5,349 6,618 a 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 2023 2022 2021 2023 2022 Deferred tax liability Depreciation (1,552) 1,863 899 17,392 18,025 Pension plan surpluses a 133 42 105 2,568 3,022 Derivative financial instruments 12 (21) (33) 12 — Other taxable temporary differences b 10 (992) 180 1,020 1,000 (1,397) 892 1,151 20,992 22,047 Deferred tax asset Depreciation (166) (309) (846) (2,141) (1,974) Lease liabilities (176) (8) (43) (1,785) (1,047) Pension plan and other post-retirement benefit plan deficits (60) 47 119 (755) (647) Decommissioning, environmental and other provisions 563 770 (744) (6,042) (6,653) Derivative financial instruments (14) (6) (9) (136) (282) Tax credits (67) 1,578 1,282 (893) (779) Loss carry forward 296 1,536 1,064 (2,467) (2,669) Other deductible temporary differences c 215 (406) (180) (1,424) (1,378) 591 3,202 643 (15,643) (15,429) Net deferred tax charge (credit) and net deferred tax liability (806) 4,094 1,794 5,349 6,618 Of which – deferred tax liabilities 9,617 10,526 – deferred tax assets 4,268 3,908 a In November 2023 the UK Government announced a reduction in the authorised surplus payments charge applicable to defined benefit pension schemes from 35% to 25%. The legislation has not yet been enacted or substantively enacted, but is expected to be effective from 6 April 2024. The change is expected to reduce the deferred tax liability on pension plan surpluses by around $0.7 billion with the related gain recognised in other comprehensive income when the legislation is substantively enacted. b The 2022 income statement includes amounts relating to deferred withholding tax on unremitted earnings of Rosneft. The 2023 and 2022 balance sheet amounts do not include any temporary differences that are individually significant in their nature. c The 2023 and 2022 balance sheet amounts do not include any temporary differences that are individually significant in their nature. Of the $4,268 million of deferred tax assets recognized on the group balance sheet at 31 December 2023 (2022 $3,908 million), $2,336 million (2022 $2,779 million) relates to entities that have suffered a loss in either the current or preceding period. For 2023, this mainly includes $1,003 million in Germany, $672 million in Mauritania and $500 million in Senegal (2022 mainly included $1,333 million in the UK, $505 million in Mauritania and $370 million in Senegal). For 2023 these amounts are supported by forecasts consistent with bp's future oil and gas price assumptions (see Note 1 for further information) and for Germany, forecast profits associated with the customers & products businesses, that indicate sufficient future taxable profits will be available to utilize such assets within any applicable expiry period. 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 2023 2022 Unused US state tax losses a 2.1 2.1 Unused tax losses – other jurisdictions b 5.6 5.4 Unused tax credits 31.3 28.6 of which – arising in the UK c 27.3 24.6 – arising in the US d 4.0 4.0 Deductible temporary differences e 20.7 22.7 Taxable temporary differences associated with investments in subsidiaries and equity-accounted entities 0.7 0.7 a For 2023 the majority of these losses expire in the period 2024-2043 with applicable tax rates ranging from 3% to 9%. b 2023 and 2022 mainly relate to the UK, Brazil and Canada. 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. 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 2023 these tax credits expire in the period 2025-2033. e 2023 and 2022 mainly comprise fixed asset temporary differences in overseas branches of UK entities. Substantially all of the temporary differences have no expiry date. $ million Impact of previously unrecognized deferred tax or write-down of deferred tax assets on tax charge 2023 2022 2021 Current tax benefit relating to the utilization of previously unrecognized deferred tax assets 360 492 331 Deferred tax benefit arising from the reversal of a previous write-down of deferred tax assets 3 — 773 Deferred tax benefit relating to the recognition of previously unrecognized deferred tax assets 332 792 820 Deferred tax expense arising from the write-down of a previously recognized deferred tax asset 54 — 29

Dividends

Dividends	12 Months Ended
	Dec. 31, 2023
Interim Financial Reporting [Abstract]
Dividends	Dividends The quarterly dividend which is expected to be paid on 28 March 2024 in respect of the fourth quarter 2023 is 7.270 cents per ordinary share ($0.43620 per American Depositary Share (ADS)). The corresponding amount in sterling will be announced on 12 March 2024. Pence per share Cents per share $ million 2023 2022 2021 2023 2022 2021 2023 2022 2021 Dividends announced and paid in cash Preference shares 1 1 2 Ordinary shares March 5.5507 4.1595 3.7684 6.610 5.460 5.250 1,183 1,068 1,063 June 5.3089 4.3556 3.7118 6.610 5.460 5.250 1,152 1,061 1,062 September 5.7320 5.1684 3.9529 7.270 6.006 5.460 1,249 1,140 1,100 December 5.7367 4.9402 4.1045 7.270 6.006 5.460 1,224 1,088 1,077 22.3283 18.6237 15.5376 27.760 22.932 21.420 4,809 4,358 4,304 Dividend announced, paid in March 2024 7.270 1,222 The amount of unclaimed dividends recognized as a liability in other payables at 31 December 2023 is $91 million (2022 $69 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 2023 dividend expected to be paid on 28 March 2024. The financial statements for the year ended 31 December 2023 do not reflect the dividend announced on 6 February 2024 and which is expected to be paid on 28 March 2024; this will be treated as an appropriation of profit in the year ending 31 December 2024.

Earnings per share

Earnings per share	12 Months Ended
	Dec. 31, 2023
Earnings per share [abstract]
Earnings per share	Earnings per share Cents per share Per ordinary share 2023 2022 2021 Basic earnings per share 87.78 (13.10) 37.57 Diluted earnings per share 85.85 (13.10) 37.33 Dollars per share Per American Depositary Share (ADS) a 2023 2022 2021 Basic earnings per share 5.27 (0.79) 2.25 Diluted earnings per share 5.15 (0.79) 2.24 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 2023 2022 2021 Profit (loss) attributable to bp shareholders 15,239 (2,487) 7,565 Less: dividend requirements on preference shares 1 1 2 Profit (loss) for the year attributable to bp ordinary shareholders 15,238 (2,488) 7,563 Shares thousand 2023 2022 2021 Basic weighted average number of ordinary shares a 17,360,288 18,987,936 20,128,862 Potential dilutive effect of ordinary shares issuable under employee share-based payment plans 389,790 — 131,526 Weighted average number of ordinary shares outstanding used to calculate diluted earnings per share 17,750,078 18,987,936 20,260,388 Shares thousand 2023 2022 2021 Basic weighted average number of ordinary shares – ADS equivalent 2,893,381 3,164,656 3,354,810 Potential dilutive effect of ordinary shares (ADS equivalent) issuable under employee share-based payment plans 64,965 — 21,921 Weighted average number of ordinary shares (ADS equivalent) outstanding used to calculate diluted earnings per share 2,958,346 3,164,656 3,376,731 a Excludes treasury shares. See Note 31 for further information. 11. Earnings per share – continued The number of ordinary shares outstanding at 31 December 2023, excluding treasury shares, and including certain shares that will be issuable in the future under employee share-based payment plans was 16,824,651,796 (2022 17,974,112,648). Between 31 December 2023 and 16 February 2024, the latest practicable date before the completion of these financial statements, there was a net decrease of 21,406,501 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 105-132. 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 2023 2022 Number of options a b thousand Weighted average Number of options a b thousand Weighted average Outstanding 545,044 4.04 564,079 4.00 Exercisable 905 3.31 342 4.99 Dilutive effect 166,581 n/a 83,204 n/a a Numbers of options shown are ordinary share equivalents (one ADS is equivalent to six ordinary shares). b At 31 December 2023 the quoted market price of one bp ordinary share was £4.66 (2022 £4.75). 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 Share plans 2023 2022 Number of shares a Number of shares a Vesting thousand thousand Within one year 226,190 167,672 1 to 2 years 257,511 192,734 2 to 3 years 114,500 226,027 3 to 4 years 1,176 2,595 Over 4 years 308 173 599,685 589,201 Dilutive effect 284,908 244,886 a Numbers of shares shown are ordinary share equivalents (one ADS is equivalent to six ordinary shares). There has been a net decrease of 109,230,677 in the number of potential ordinary shares relating to employee share-based payment plans between 31 December 2023 and 16 February 2024.

Property, plant and equipment

Property, plant and equipment	12 Months Ended
	Dec. 31, 2023
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 c Plant, machinery and equipment Fittings, fixtures and office equipment c Transportation Oil depots, storage tanks and service stations Total Cost - owned PP&E At 1 January 2023 3,513 950 179,028 44,662 2,202 3,076 10,089 243,520 Exchange adjustments 112 2 — 294 31 2 342 783 Additions 134 48 8,252 2,921 221 80 1,126 12,782 Acquisitions 206 — — 27 12 48 1,060 1,353 Transfers from intangible assets — — 171 — — — — 171 Reclassified as assets held for sale (7) — — (3) (3) (1) (74) (88) Deletions and disposals (34) (8) (2,105) (517) (173) (247) (319) (3,403) At 31 December 2023 3,924 992 185,346 47,384 2,290 2,958 12,224 255,118 Depreciation - owned PP&E At 1 January 2023 700 501 111,434 22,903 1,671 2,431 5,819 145,459 Exchange adjustments 14 3 — 200 18 2 206 443 Charge for the year 45 30 10,468 1,519 163 85 629 12,939 Impairment losses 108 22 3,628 1,467 — 10 58 5,293 Impairment reversals — — (18) — — (9) — (27) Reclassified as assets held for sale (1) — — (2) (1) (1) (74) (79) Deletions and disposals (28) (3) (2,070) (416) (167) (226) (275) (3,185) At 31 December 2023 838 553 123,442 25,671 1,684 2,292 6,363 160,843 Owned PP&E - net book amount at 31 December 2023 3,086 439 61,904 21,713 606 666 5,861 94,275 Right-of-use assets - net book amount at 31 December 2023 b — 1,243 53 916 4 2,463 5,765 10,444 Total PP&E - net book amount at 31 December 2023 3,086 1,682 61,957 22,629 610 3,129 11,626 104,719 Cost - owned PP&E At 1 January 2022 c 3,713 1,245 208,778 44,037 2,213 3,033 10,241 273,260 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 3,513 950 179,028 44,662 2,202 3,076 10,089 243,520 Depreciation - owned PP&E At 1 January 2022 c 706 654 135,294 21,841 1,774 2,388 5,783 168,440 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 700 501 111,434 22,903 1,671 2,431 5,819 145,459 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 Assets under construction included above At 31 December 2023 13,390 At 31 December 2022 22,313 Depreciation charge for the year on right-of-use assets 2023 196 16 558 5 1,055 783 2,613 2022 190 18 321 10 853 577 1,969 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 $661 million (2022 $560 million) of drilling rig right-of-use assets and $2,337 million (2022 $2,208 million) of shipping vessel right-of-use assets are included in Plant, machinery and equipment and Transportation respectively. c An amendment has been made to prior year balances to correctly present offsetting movements in oil and gas properties (an increase of $744 million) and fittings, fixtures and office equipment (a decrease of $18 million) cost and depreciation. The amendment has no impact on reported profit or net book amounts of PPE.

Capital commitments

Capital commitments	12 Months Ended
	Dec. 31, 2023
Additional information [abstract]
Capital commitments	Capital commitments

Goodwill and impairment review

Goodwill and impairment review of goodwill	12 Months Ended
	Dec. 31, 2023
Intangible Assets [Abstract]
Goodwill and impairment review of goodwill	Goodwill and impairment review of goodwill $ million 2023 2022 Cost At 1 January 12,577 12,991 Exchange adjustments 184 (367) Acquisitions and other additions 415 573 Reclassified as assets held for sale — (58) Deletions and disposals — (562) At 31 December 13,176 12,577 Impairment losses At 1 January 617 618 Exchange adjustments 2 (1) Impairment losses for the year 85 — At 31 December 704 617 Net book amount at 31 December 12,472 11,960 Net book amount at 1 January 11,960 12,373 Impairment review of goodwill $ million Goodwill at 31 December 2023 2022 gas & low carbon energy 2,095 2,232 oil production & operations 4,925 4,925 customers & products 5,431 4,740 other businesses & corporate 21 63 12,472 11,960 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, Archaea 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 2023 2022 2023 2022 Goodwill 2,095 2,232 4,925 4,925 Excess of recoverable amount over carrying amount 5,886 12,971 18,854 36,045 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 decrease in headroom for both segments relates to movements due to the impacts of updates to price and discount rate assumptions. No material impairment of the goodwill balances in either gas & low carbon energy or oil production & operations was recognized during 2023 (2022 $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 185 mmboe per year (2022 191 mmboe per year) and in the oil production and operations segment is 402 mmboe per year (2022 346 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 17%, and 11% for the gas & low carbon energy segment (2022 16% for the oil production & operations segment and 10% for the gas & low carbon energy segment). 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 22% (2022 27%) 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 15% (2022 18%) 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 2023 2022 Castrol US Fuels European Fuels Archaea Other Total Castrol US Fuels European Fuels Archaea Other Total Goodwill 2,672 792 839 707 421 5,431 2,524 606 815 409 386 4,740 Cash flows for each CGU are derived from the business segment plans, which cover a period of up to five years, except for Archaea where a business plan to 2035 is in place following the recent acquisition. To determine the value in use for each of the cash-generating units, cash flows for a period of 10 years (12 years for Archaea), 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, European Fuels and Archaea 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 9% (2022 8%) 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% (2022 3.4%) growth rate.

Intangible assets

Intangible assets	12 Months Ended
	Dec. 31, 2023
Intangible Assets [Abstract]
Intangible assets	Intangible assets $ million 2023 2022 Exploration and appraisal expenditure a Biogas rights agreements Other intangibles Total Exploration and appraisal expenditure a Biogas rights agreements Other intangibles Total Cost At 1 January 12,571 3,398 6,817 22,786 14,311 — 6,152 20,463 Exchange adjustments — — 144 144 — — (216) (216) Acquisitions b — — 130 130 — 3,398 194 3,592 Remeasurements of acquisition accounting b — (394) — (394) — — — — Additions 1,058 23 799 1,880 894 — 831 1,725 Transfers to property, plant and equipment (171) — — (171) (357) — — (357) Reclassified as assets held for sale — — (6) (6) (9) — (7) (16) Deletions and disposals (383) (38) (767) (1,188) (2,268) — (137) (2,405) At 31 December 13,075 2,989 7,117 23,181 12,571 3,398 6,817 22,786 Amortization At 1 January 8,358 — 4,228 12,586 10,022 — 3,990 14,012 Exchange adjustments — — 79 79 — — (128) (128) Exploration expenditure written off 746 — — 746 385 — — 385 Charge for the year — 106 642 748 — — 491 491 Impairment losses 20 — 77 97 2 — 21 23 Impairment reversals — — — — — — (3) (3) Reclassified as assets held for sale — — (3) (3) (9) — (7) (16) Deletions and disposals (377) (1) (685) (1,063) (2,042) — (136) (2,178) At 31 December 8,747 105 4,338 13,190 8,358 — 4,228 12,586 Net book amount at 31 December 4,328 2,884 2,779 9,991 4,213 3,398 2,589 10,200 Net book amount at 1 January 4,213 3,398 2,589 10,200 4,289 — 2,162 6,451 a For further information see Intangible assets within Note 1 and Note 8. b Primarily relates to the acquisition of Archaea Energy Inc. See Note 3 for further information.

Investments in joint ventures (

Investments in joint ventures (Notes)	12 Months Ended
	Dec. 31, 2023
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 2023 2022 2021 2023 2022 Azule Energy 700 540 — 5,066 5,264 Pan American Energy Group — 538 (217) — 2,000 Other joint ventures a (633) 50 760 7,369 5,136 67 1,128 543 12,435 12,400 a 2023 includes Pan American Energy Group as no longer considered material to the group post 2022 impairment. The joint venture that is material to the group at 31 December 2023 is Azule Energy, which was formed during 2022 and in which bp owns a 50% stake. bp classifies its investment in Azule Energy Holdings Limited as a joint venture because, per the terms of the shareholders' agreements, bp has joint control over Azule Energy. Azule Energy Holdings Limited is based in Angola and its functional currency is USD. Following the 2022 impairment of bp's investment in PAEG, this is no longer considered material to the group for 2023 and is now included with Other joint ventures. The following table provides summarized financial information relating to Azule Energy for 2023 and 2022 and Pan American Energy Group for 2022 and 2021. 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 is based on preliminary operational and financial results of Azule Energy Holdings Limited for 2023 and 2022 and Pan American Energy Group S.L. for 2022 and 2021. Actual results may differ from these amounts - immaterial adjustments to the 2022 numbers for Azule Energy Holdings Limited have been included in the 2023 numbers and adjustments to the 2021 numbers for Pan America Energy Group S.L. have been included in the 2022 numbers. 16. Investments in joint ventures – continued $ million Gross amount 2023 2022 2021 Azule Energy Azule Energy PAEG PAEG Sales and other operating revenues 5,164 2,274 6,408 4,394 Profit (loss) before interest and taxation 2,146 1,460 1,560 806 Finance costs 400 218 376 262 Profit (loss) before taxation a 1,746 1,242 1,184 544 Taxation b 346 162 108 978 Profit (loss) for the year 1,400 1,080 1,076 (434) Other comprehensive income — — — — Total comprehensive income 1,400 1,080 1,076 (434) Non-current assets 18,788 22,218 14,598 Current assets c 3,928 4,132 3,054 Total assets 22,716 26,350 17,652 Current liabilities d 2,510 2,594 1,996 Non-current liabilities e 10,074 13,228 5,856 Total liabilities 12,584 15,822 7,852 Net assets 10,132 10,528 9,800 Less: non-controlling interests — — — 10,132 10,528 9,800 a Azule Energy includes depreciation and amortisation of $2,768 million (2022 $1,145 million), interest income of $nil (2022 $11 million) and interest expense of $407 million (2022 $218 million). For 2022 and 2021 PAEG includes depreciation and amortisation of $1,039 million and $930 million respectively, interest income of $29 million and $19 million respectively and interest expense of $375 million and $262 million respectively. 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 $603 million (2022 $1,031 million). PAEG includes cash and cash equivalents of $1,012 million for 2022. d Azule Energy includes current financial liabilities of $2,409 million (2022 $2,077 million). PAEG includes current financial liabilities of $751 million for 2022. e Azule Energy includes non-current financial liabilities of $4,735 million (2022 $4,700 million). PAEG includes non-current financial liabilities of $2,151 million for 2022 . The group received dividends of $708 million from Azule Energy Holdings Limited in 2023 (2022 $500 million). The group received dividends of $35 million and $nil from Pan American Energy Group S.L in 2022 and 2021 respectively. The following table provides aggregated summarized financial information relating to the group’s share of joint ventures. $ million bp share 2023 2022 2021 Azule Energy Other Total Azule Energy PAEG Other Total PAEG Other Total Sales and other operating revenues 2,582 13,705 16,287 1,137 3,204 9,770 14,111 2,197 9,048 11,245 Profit (loss) before interest and taxation 1,073 8 1,081 730 780 255 1,765 403 927 1,330 Finance costs 200 421 621 109 188 137 434 131 58 189 Profit (loss) before taxation 873 (413) 460 621 592 118 1,331 272 869 1,141 Taxation 173 219 392 81 54 67 202 489 107 596 Non-controlling interest — 1 1 — — 1 1 — 2 2 Profit (loss) for the year 700 (633) 67 540 538 50 1,128 (217) 760 543 Other comprehensive income — 45 45 — — 50 50 — 5 5 Total comprehensive income 700 (588) 112 540 538 100 1,178 (217) 765 548 Non-current assets 9,394 16,505 25,899 11,109 7,299 7,775 26,183 Current assets 1,964 4,387 6,351 2,066 1,527 2,778 6,371 Total assets 11,358 20,892 32,250 13,175 8,826 10,553 32,554 Current liabilities 1,255 2,992 4,247 1,297 998 1,713 4,008 Non-current liabilities 5,037 7,505 12,542 6,614 2,928 3,687 13,229 Total liabilities 6,292 10,497 16,789 7,911 3,926 5,400 17,237 Net assets 5,066 10,395 15,461 5,264 4,900 5,153 15,317 Less: non-controlling interests — (15) (15) — — (13) (13) 5,066 10,380 15,446 5,264 4,900 5,140 15,304 Group investment in joint ventures Group share of net assets (as above) 5,066 10,380 15,446 5,264 4,900 5,140 15,304 Cumulative impairment charge — (3,007) (3,007) — (2,900) — (2,900) Loans made by group companies to joint ventures — (4) (4) — — (4) (4) 5,066 7,369 12,435 5,264 2,000 5,136 12,400 16. Investments in joint ventures – continued Transactions between the group and its joint ventures are summarized below. $ million Sales to joint ventures 2023 2022 2021 Product Sales Amount receivable at Sales Amount receivable at Sales Amount receivable at LNG, crude oil and oil products, natural gas 3,585 501 4,212 316 3,923 292 Purchases from joint ventures 2023 2022 2021 Product Purchases Amount Purchases Amount Purchases Amount LNG, crude oil and oil products, natural gas, refinery operating costs, plant processing fees 3,328 427 1,893 574 716 93 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 2023 relate to heating oil, gasoline, diesel and lubricant product transactions with Mobene and Ocwen Energy. The majority of purchases from joint ventures in 2023 relate to crude oil and oil products transactions with Azule Energy. The bp investment in Pan American Energy Group S.L. joint venture had an impairment charge in 2022 of $2,900 million as a result of expected portfolio changes.

Investments in associates

Investments in associates	12 Months Ended
	Dec. 31, 2023
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 2023. The associate which was material to the Group at 31 December 2021 was Rosneft. At 31 December 2021 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. 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’. For further information see Note 1 Significant judgements and estimate: investment in Rosneft . $ million Income statement Balance sheet Earnings from associates Investments in associates 2023 2022 2021 2023 2022 Rosneft — 528 2,694 — — Other associates 831 874 762 7,814 8,201 831 1,402 3,456 7,814 8,201 The group recognized dividends, net of withholding tax, of $nil from Rosneft in 2023 (2022 $nil and 2021 $640 million). 17. Investments in associates – continued The following table provides summarized financial information relating to Rosneft for 2021. 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 Sales and other operating revenues 118,755 Profit before interest and taxation 18,537 Finance costs 1,357 Profit (loss) before taxation 17,180 Taxation 3,209 Non-controlling interests 1,743 Profit (loss) for the year 12,228 Other comprehensive income 54 Total comprehensive income 12,282 Summarized financial information for the group’s share of associates is shown below. $ million bp share 2023 2022 2021 Total Total Rosneft Other Total Sales and other operating revenues 11,396 14,841 26,163 10,005 36,168 Profit before interest and taxation 2,279 3,053 4,084 1,602 5,686 Finance costs 41 73 299 73 372 Profit (loss) before taxation 2,238 2,980 3,785 1,529 5,314 Taxation 1,407 1,498 707 767 1,474 Non-controlling interests — 80 384 — 384 Profit (loss) for the year 831 1,402 2,694 762 3,456 Other comprehensive income (237) 352 12 27 39 Total comprehensive income 594 1,754 2,706 789 3,495 Non-current assets 11,483 11,993 Current assets 3,776 3,368 Total assets 15,259 15,361 Current liabilities 3,003 2,936 Non-current liabilities 4,473 4,255 Total liabilities 7,476 7,191 Net assets 7,783 8,170 Less: non-controlling interests — — 7,783 8,170 Group investment in associates Group share of net assets (as above) 7,783 8,170 Loans made by group companies to associates 31 31 7,814 8,201 17. Investments in associates – continued Transactions between the group and its associates are summarized below. $ million Sales to associates 2023 2022 2021 Product Sales Amount receivable at Sales Amount receivable at Sales Amount receivable at LNG, crude oil and oil products, natural gas 1,009 368 1,042 417 852 201 $ million Purchases from associates 2023 2022 2021 Product Purchases Amount Purchases Amount Purchases Amount Crude oil and oil products, natural gas, transportation tariff 5,473 2,607 6,199 2,086 7,683 2,072 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 2023 and 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 $8,615 million (2022 $8,488 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 2023 was $nil (2022 $nil).

Other investments

Other investments	12 Months Ended
	Dec. 31, 2023
Financial Instruments [Abstract]
Other investments	Other investments $ million 2023 2022 Current Non-current Current Non-current Equity investments a — 1,177 — 1,040 Contingent consideration 754 939 364 1,522 Other 89 73 214 108 843 2,189 578 2,670 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 2023 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 3,006 — 3,032 Loans 1,725 457 — 2,182 Trade and other receivables 20 31,354 — — 31,354 Derivative financial instruments 30 — 22,444 119 22,563 Cash and cash equivalents 25 27,804 5,226 — 33,030 Financial liabilities Trade and other payables 22 (65,516) — — (65,516) Derivative financial instruments 30 — (13,545) (2,107) (15,652) Accruals (7,837) — — (7,837) Lease liabilities 28 (11,121) — — (11,121) Finance debt 26 (51,954) — — (51,954) (75,519) 17,588 (1,988) (59,919) 29. Financial instruments and financial risk factors – continued $ 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)

Inventories

Inventories	12 Months Ended
	Dec. 31, 2023
Inventories [Abstract]
Inventories	Inventories $ million 2023 2022 Crude oil 3,227 3,608 Natural gas 410 825 Emissions allowances 464 436 Refined petroleum and petrochemical products 7,413 7,920 11,514 12,789 Trading inventories 9,850 14,004 21,364 26,793 Supplies 1,455 1,288 22,819 28,081 Cost of inventories expensed in the income statement 119,307 141,043 The inventory valuation at 31 December 2023 is stated net of a provision of $497 million (2022 $483 million) to write down inventories to their net realizable value, of which $310 million (2022 $195 million) relates to hydrocarbon inventories. The net charge to the income statement in the year in respect of inventory net realizable value provisions was $87 million (2022 $199 million charge), of which $112 million charge (2022 $137 million charge) related to hydrocarbon inventories. Trading inventories are valued using quoted benchmark prices adjusted as appropriate for location and quality differentials. They are predominantly categorized within level 2 of the fair value hierarchy.

Trade and other receivables

Trade and other receivables	12 Months Ended
	Dec. 31, 2023
Subclassifications of assets, liabilities and equities [abstract]
Trade and other receivables	Trade and other receivables $ million 2023 2022 Current Non-current Current Non-current Financial assets Trade receivables 25,175 652 28,229 12 Amounts receivable from joint ventures and associates 843 26 654 79 Other receivables 3,936 722 3,953 608 29,954 1,400 32,836 699 Non-financial assets Sales taxes and production taxes 1,028 355 1,037 379 Other receivables 141 12 137 14 1,169 367 1,174 393 31,123 1,767 34,010 1,092 In both 2023 and 2022 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, 2023
SEC Schedule, 12-09, Valuation and Qualifying Accounts [Abstract]
Valuation and qualifying accounts	Valuation and qualifying accounts $ million 2023 2022 2021 Trade and other receivables Fixed asset Trade and other receivables Fixed asset Trade and other receivables Fixed asset At 1 January 636 3,050 584 169 555 186 Charged to costs and expenses 866 176 143 17,471 136 3 Charged to other accounts a 1 (1) (8) (27) (11) — Deductions (79) (42) (83) (41) (96) (20) Reclassifications — — — (14,522) — — At 31 December 1,424 3,183 636 3,050 584 169 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 $1,301 million (2022 $513 million, 2021 $456 million) relating to receivables that were credit-impaired at the end of the year and $123 million (2022 $123 million, 2021 $128 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 2022 principally relates to bp’s investments in Rosneft and Pan American Energy Group S.L.. Amounts related to bp’s investments in Rosneft and other businesses with Rosneft within Russia were reclassified in 2022 following bp’s loss of significant influence. 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, 2023
Subclassifications of assets, liabilities and equities [abstract]
Trade and other payables	Trade and other payables $ million 2023 2022 Current Non-current Current Non-current Financial liabilities Trade payables 42,406 — 47,210 — Amounts payable to joint ventures and associates 3,034 — 2,660 — Payables for capital expenditure and acquisitions 3,063 305 2,579 446 Payables related to the Gulf of Mexico oil spill 1,130 7,602 1,213 8,350 Other payables 7,313 663 5,995 1,133 56,946 8,570 59,657 9,929 Non-financial liabilities Sales taxes, customs duties, production taxes and social security 2,264 134 2,361 124 Other payables 1,945 1,372 1,966 334 4,209 1,506 4,327 458 61,155 10,076 63,984 10,387 Materially all of bp's trade payables have payment terms of less than 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 $3,782 million payable over 9 years, $2,098 million payable over 10 years and $2,812 million payable over 9 years respectively at 31 December 2023. Reported within net cash provided by operating activities in the group cash flow statement is a net cash outflow of $1,280 million (2022 outflow of $1,370 million, 2021 outflow of $1,484 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 2023 also include amounts payable for settled economic loss and property damage claims which are payable over a period of up to four years.

Provisions

Provisions	12 Months Ended
	Dec. 31, 2023
Other Provisions, Contingent Liabilities And Contingent Assets [Abstract]
Provisions	Provisions $ million Decommissioning Environmental Litigation and claims Emissions Other Total At 1 January 2023 12,343 1,721 779 5,062 1,419 21,324 Exchange adjustments 129 6 — 29 25 189 Acquisitions 5 33 2 — — 40 New and increase in existing provisions a 915 228 147 2,347 718 4,355 Write-back of unused provisions a (3) (51) (15) (710) (261) (1,040) Unwinding of discount b 418 55 19 — 12 504 Change in discount rate (921) (41) (23) — (6) (991) Utilization (70) (307) (173) (3,703) (491) (4,744) Reclassified to other payables (444) (29) — — — (473) Reclassified as liabilities directly associated with assets held for sale — (1) (9) — — (10) Deletions — — — — (15) (15) At 31 December 2023 12,372 1,614 727 3,025 1,401 19,139 Of which – current 637 371 111 2,807 492 4,418 – non-current 11,735 1,243 616 218 909 14,721 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, 2023
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 2023 the committee was composed of six 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 2023 the aggregate level of contributions was $42 million (2022 $74 million and 2021 $274 million). The aggregate level of contributions in 2024 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 2023. The closure of the defined benefit plan to future accrual reduces the need for funding and 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 2023 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 2023. 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 2023. 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 primary UK pension plan was as at 31 December 2020; the 31 December 2023 valuation is currently underway. 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 2023 2022 2021 2023 2022 2021 2023 2022 2021 Discount rate for plan liabilities 4.8 5.0 1.8 5.0 5.2 2.7 3.6 4.2 1.3 Rate of increase for pensions in payment 2.8 2.9 3.2 — — — 2.1 1.8 1.4 Rate of increase in deferred pensions 2.8 2.9 3.2 — — — 0.7 0.6 0.4 Inflation for plan liabilities 3.0 3.1 3.3 2.0 2.0 2.1 2.4 2.1 1.6 % Financial assumptions used to determine benefit expense UK US Eurozone 2023 2022 2021 2023 2022 2021 2023 2022 2021 Discount rate for plan service cost b N/A N/A 1.5 5.2 2.8 2.4 4.3 1.7 1.4 Discount rate for plan other finance expense c 5.0 1.8 1.7 5.2 2.7 2.2 4.2 1.3 1.0 Inflation for plan service cost b N/A N/A 2.8 2.0 2.1 1.7 2.1 1.6 1.5 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. 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 5.0% (2022 2.5%) and 1.9% (2022 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 2023 2022 2021 2023 2022 2021 2023 2022 2021 Life expectancy at age 60 for a male currently aged 60 27.4 26.9 26.9 25.0 25.0 24.9 26.1 26.0 25.8 Life expectancy at age 60 for a male currently aged 40 29.2 28.5 28.4 26.7 26.6 26.6 28.6 28.5 28.3 Life expectancy at age 60 for a female currently aged 60 29.2 28.8 28.9 28.1 28.0 27.9 29.3 29.3 29.1 Life expectancy at age 60 for a female currently aged 40 30.6 30.6 30.5 29.6 29.5 29.4 31.6 31.4 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 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. There is a similar agreement in place for the primary US plan. During 2023, the asset allocation policy of the UK plan switched 2% of plan assets from equities to bonds (2022 2%). The US asset allocation policy remained consistent. The current asset allocation policy for the major plans at 31 December 2023 was as follows: UK US Asset category % % Total equity (including private equity) 8 19 Bonds/cash (including LDI) 85 81 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 2023 were $6,215 million (2022 $3,981 million) of government-issued nominal bonds and $13,177 million (2022 $11,945 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 216. $ million UK a US b Eurozone Other Total Fair value of pension plan assets At 31 December 2023 Listed equities – developed markets 862 97 333 232 1,524 – emerging markets 28 12 51 66 157 Private equity c 2,022 1,014 — 2 3,038 Government issued nominal bonds d 6,285 1,457 746 285 8,773 Government issued index-linked bonds d 13,177 — 88 — 13,265 Corporate bonds d 6,144 2,802 605 166 9,717 Property e 2,437 — 92 17 2,546 Cash 453 59 82 85 679 Other f 1,123 33 55 391 1,602 Debt (repurchase agreements) used to fund liability driven investments (6,485) — — — (6,485) 26,046 5,474 2,052 1,244 34,816 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 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 $374 million. 24. Pensions and other post-retirement benefits – continued $ million 2023 UK US Eurozone Other Total Analysis of the amount charged to profit or loss Current service cost a 44 156 47 21 268 Past service cost b 4 — 5 (2) 7 Settlement b — — — 3 3 Operating charge (credit) relating to defined benefit plans 48 156 52 22 278 Payments to defined contribution plans 132 158 7 36 333 Total operating charge (credit) 180 314 59 58 611 Interest income on plan assets a (1,259) (274) (78) (56) (1,667) Interest on plan liabilities 869 297 194 66 1,426 Other finance (income) expense (390) 23 116 10 (241) Analysis of the amount recognized in other comprehensive income Actual asset return less interest income on plan assets (677) 45 82 28 (522) Change in financial assumptions underlying the present value of the plan liabilities (649) 28 (508) (24) (1,153) Change in demographic assumptions underlying the present value of the plan liabilities (230) (5) 8 — (227) Experience gains and losses arising on the plan liabilities (320) 45 (84) (1) (360) Remeasurements recognized in other comprehensive income (1,876) 113 (502) 3 (2,262) Movements in benefit obligation during the year Benefit obligation at 1 January 17,480 5,880 4,799 1,343 29,502 Exchange adjustments 1,056 — 215 30 1,301 Operating charge relating to defined benefit plans 48 156 52 22 278 Interest cost 869 297 194 66 1,426 Contributions by plan participants 6 — 2 5 13 Benefit payments (funded plans) c (1,071) (262) (79) (81) (1,493) Benefit payments (unfunded plans) c (8) (166) (230) (25) (429) Reclassified as assets held for sale — — — (14) (14) Remeasurements 1,199 (68) 584 25 1,740 Benefit obligation at 31 December a d 19,579 5,837 5,537 1,371 32,324 Movements in fair value of plan assets during the year Fair value of plan assets at 1 January 25,047 5,417 1,877 1,186 33,527 Exchange adjustments 1,462 — 81 39 1,582 Interest income on plan assets a e 1,259 274 78 56 1,667 Contributions by plan participants 6 — 2 5 13 Contributions by employers (funded plans) 20 — 11 11 42 Benefit payments (funded plans) c (1,071) (262) (79) (81) (1,493) Remeasurements e (677) 45 82 28 (522) Fair value of plan assets at 31 December f 26,046 5,474 2,052 1,244 34,816 Surplus (deficit) at 31 December 6,467 (363) (3,485) (127) 2,492 Represented by Asset recognized 6,631 1,133 120 64 7,948 Liability recognized (164) (1,496) (3,605) (191) (5,456) 6,467 (363) (3,485) (127) 2,492 The surplus (deficit) may be analysed between funded and unfunded plans as follows Funded 6,631 1,133 104 29 7,897 Unfunded (164) (1,496) (3,589) (156) (5,405) 6,467 (363) (3,485) (127) 2,492 The defined benefit obligation may be analysed between funded and unfunded plans as follows Funded (19,415) (4,341) (1,948) (1,215) (26,919) Unfunded (164) (1,496) (3,589) (156) (5,405) (19,579) (5,837) (5,537) (1,371) (32,324) 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 $34 million of costs of administering that plan and $10 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. There was also a $5 million past service cost in France relating to statutory retirement age changes. Settlements represent charges for special termination benefits arising as a result of early retirements. c The benefit payments amount shown above comprises $1,858 million benefits and $10 million settlements, plus $54 million of plan expenses incurred in the administration of the benefit. d The benefit obligation for the US is made up of $4,527 million for pension liabilities and $1,310 million for other post-retirement benefit liabilities (which are unfunded and are primarily retiree medical liabilities). The benefit obligation for the Eurozone includes $3,393 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 214. 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 214. 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 (credit) relating to defined benefit plans (148) 246 74 32 204 Payments to defined contribution plans 76 136 7 36 255 Total operating charge (credit) (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 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 arising as a result of early retirements. 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 2023 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 2024 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 2024 (197) 173 (40) 46 (8) 4 Effect on obligation at 31 December 2023 (2,259) 2,811 (449) 651 (608) 737 Inflation rate b Effect on expense in 2024 89 (83) 7 (6) 34 (29) Effect on obligation at 31 December 2023 1,872 (1,738) 41 (35) 582 (503) 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 2024 28 4 10 Effect on obligation at 31 December 2023 577 64 216 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 2023 are as follows: $ million Estimated future benefit payments UK US Eurozone Other Total 2024 1,169 474 332 88 2,063 2025 1,113 469 326 84 1,992 2026 1,126 456 318 85 1,985 2027 1,146 458 313 86 2,003 2028 1,159 441 308 86 1,994 2029 - 2033 5,958 2,204 1,454 440 10,056 Years Weighted average duration 12.9 9.3 12.9 11.4 $ million Employee costs 2023 2022 2021 Wages and salaries a 7,835 7,486 6,934 Social security costs 943 720 733 Share-based payments b 1,131 1,034 733 Pension and other post-retirement benefit costs 370 576 457 10,279 9,816 8,857 2023 2022 2021 Average number of employees c US Non-US Total US Non-US Total US Non-US Total gas & low carbon energy 900 3,700 4,600 700 3,400 4,100 400 3,400 3,800 oil production & operations 3,100 5,500 8,600 3,000 5,700 8,700 3,100 6,000 9,100 customers & products d 19,500 36,300 55,800 8,000 35,700 43,700 6,200 35,800 42,000 other businesses and corporate 1,400 9,000 10,400 1,300 8,500 9,800 1,400 7,700 9,100 24,900 54,500 79,400 13,000 53,300 66,300 11,100 52,900 64,000 a Includes termination costs of $96 million (2022 $27 million and 2021 $74 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 Includes 33,800 (2022 23,300 and 2021 21,300) service station staff.

Cash and cash equivalents

Cash and cash equivalents	12 Months Ended
	Dec. 31, 2023
Subclassifications of assets, liabilities and equities [abstract]
Cash and cash equivalents	Cash and cash equivalents $ million 2023 2022 Cash 16,683 15,008 Triparty repos and term bank deposits 9,788 7,971 Other cash equivalents 6,559 6,216 33,030 29,195 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 2023 includes $5,282 million (2022 $5,866 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 $7,174 million (2022 $5,822 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, 2023
Financial Instruments [Abstract]
Finance debt	Finance debt $ million 2023 2022 Current Non-current Total Current Non-current Total Borrowings 3,284 48,670 51,954 3,198 43,746 46,944 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 $2,688 million (2022 $2,297 million) and issued commercial paper of $456 million (2022 $725 million). Finance debt does not include accrued interest of $495 million (2022 $409 million), which is reported within other payables. As part of actively managing its debt portfolio, during the year the group bought back $1.7 billion equivalent of finance debt consisting entirely of euro bonds (2022 $7.4 billion US dollar bonds). Derivatives associated with non-US dollar debt bought back 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 2023 US dollar 4 13 33,511 8 18,134 51,645 Other currencies 6 7 205 10 104 309 33,716 18,238 51,954 2022 US dollar 3 14 28,651 6 18,105 46,756 Other currencies 6 8 188 — — 188 28,839 18,105 46,944 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 2023, 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 2023 2022 Fair value Carrying Fair value Carrying Short-term borrowings 596 596 901 901 Long-term borrowings 48,199 51,358 41,689 46,043 Total finance debt 48,795 51,954 42,590 46,944

Capital disclosures and net deb

Capital disclosures and net debt	12 Months Ended
	Dec. 31, 2023
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-IFRS 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 2023, gearing was 19.7% (2022 20.5%). $ million At 31 December 2023 2022 Finance debt 51,954 46,944 Less: fair value asset (liability) of hedges related to finance debt a (1,988) (3,673) 53,942 50,617 Less: cash and cash equivalents 33,030 29,195 Net debt 20,912 21,422 Total equity 85,493 82,990 Gearing 19.7% 20.5% 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 $73 million (2022 liability of $91 million) are not included in the calculation of net debt shown above as hedge accounting was not applied for these instruments. Certain subsidiaries in the group have externally imposed capital requirements and have been in compliance with these requirements throughout the year. 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 2023 46,944 5,312 8,549 42 60,847 Exchange adjustments 33 — 132 1 166 Net financing cash flow 3,040 (213) (2,560) (22) 245 Fair value (gains) losses 1,389 (2,065) — — (676) New and remeasured leases/joint operations payables — — 4,956 10 4,966 Other movements b 548 (56) 44 (1) 535 At 31 December 2023 51,954 2,978 11,121 30 66,083 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 operations payables — — 2,367 21 2,388 Other movements c 481 — (208) (201) 72 At 31 December 2022 46,944 5,312 8,549 42 60,847 a Currency swaps include cross currency interest rate swaps. b 2023 other movements in finance debt include $545 million acquired with TravelCenters of America. c 2022 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 $746 million (2022 $497 million) at the balance sheet date for shares repurchased between the end of the reporting period and 6 February 2024. $7,918 million (2022 $9,996 million) is included in financing activities in the group cash flow statement for the cash used to repurchase shares during the year.

Leases

Leases	12 Months Ended
	Dec. 31, 2023
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 (2022 7 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 2023 2022 Undiscounted lease liability cash flows due: Within 1 year 3,038 2,348 1 to 2 years 2,177 1,728 2 to 3 years 1,386 1,232 3 to 4 years 1,139 740 4 to 5 years 947 632 5 to 10 years 3,045 1,909 Over 10 years 1,348 1,275 13,080 9,864 Impact of discounting (1,959) (1,315) Lease liabilities at 31 December 11,121 8,549 Of which – current 2,650 2,102 – non-current 8,471 6,447 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 2023 is $5,507 million (2022 $5,360 million). The majority of this future commitment relates to the floating LNG vessel to service the Greater Tortue Ahmeyim project from 2025. $ million 2023 2022 Total cash outflow for amounts included in lease liabilities a 2,904 2,200 Expense for variable payments not included in the lease liability a 27 27 Short-term lease expense a 657 482 Additions to right-of-use assets in the period 5,015 2,451 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, 2023
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 2023 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 3,006 — 3,032 Loans 1,725 457 — 2,182 Trade and other receivables 20 31,354 — — 31,354 Derivative financial instruments 30 — 22,444 119 22,563 Cash and cash equivalents 25 27,804 5,226 — 33,030 Financial liabilities Trade and other payables 22 (65,516) — — (65,516) Derivative financial instruments 30 — (13,545) (2,107) (15,652) Accruals (7,837) — — (7,837) Lease liabilities 28 (11,121) — — (11,121) Finance debt 26 (51,954) — — (51,954) (75,519) 17,588 (1,988) (59,919) 29. Financial instruments and financial risk factors – continued $ 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) 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 $11 million (2022 net loss of $238 million and 2021 net gain of $627 million). Dividend income of $18 million (2022 $14 million and 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 29. Financial instruments and financial risk factors – continued 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 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 2023 was $26 million (2022 $63 million) whereas the average value-at-risk measure for the period was $49 million (2022 $89 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 2023, the total foreign currency borrowings not swapped into US dollars amounted to $309 million (2022 $188 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 2023 the most significant open contracts in place were for USD equivalent amounts of $296 million sterling and $22 million Euro (2022 $5 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 2023 was 35% of total finance debt outstanding (2022 39%). The weighted average interest rate on finance debt at 31 December 2023 was 5% (2022 4%) and the weighted average maturity of fixed rate debt was thirteen years (2022 fourteen 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 (see Note 26). If the interest rates applicable to these floating rate instruments were to have changed by one percentage point on 1 January 2024, it is estimated that the group’s finance costs for 2024 would change by approximately $182 million (2022 $181 million). Prior to June 2023, the main benchmark interest rate to which bp was exposed was 3 month USD LIBOR, primarily in relation to finance debt and derivative contracts. During 2023, bp's internal working group for IBOR reform continued to monitor market developments and managed the transition to alternative benchmark rates. Publication of USD LIBOR tenors, including 3 month USD LIBOR, ceased from 30 June 2023. Finance debt exposed to IBOR benchmark rates was renegotiated with relevant counterparties and transitioned to reference alternative risk free benchmarks. Amendments to finance debt terms arising were limited only to changes necessary to ensure economic equivalence with the former interest benchmarks, for example credit spread adjustments to the contractual interest rates. Derivatives that previously referenced USD LIBOR also transitioned to referencing the Secured Overnight Financing Rate (SOFR) via the International Swaps and Derivatives Association (ISDA) fallback protocol. The derivatives comprise relevant derivative contracts hedging finance debt and hybrid bonds. In October 2020 the 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. New contracts are being executed based on the new risk free rates. As at 31 December 2023, bp has no remaining contractual exposure 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 2023 was $1,655 million (2022 $1,704 million) in respect of liabilities of joint ventures and associates and $598 million (2022 $680 million) in respect of liabilities of other third parties. An amount of $201 million (2022 $267 million) is recorded as a liability at 31 December 2023 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 2023, the group had in place credit enhancements designed to mitigate approximately $12.0 billion (2022 $12.6 billion) of credit risk of which approximately $10.7 billion (2022 $10.3 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 in the table below. % As at 31 December 2023 2022 AAA to AA- 7 % 9 % A+ to A- 59 % 49 % BBB+ to BBB- 15 % 15 % BB+ to BB- 7 % 11 % B+ to B- 4 % 12 % CCC+ and below 8 % 4 % 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 2023 Master Cash Derivative assets 25,188 (2,625) 22,563 (3,436) (1,245) 17,882 Derivative liabilities (18,277) 2,625 (15,652) 3,436 263 (11,953) Trade and other receivables 17,867 (7,789) 10,078 (1,141) (633) 8,304 Trade and other payables (16,284) 7,789 (8,495) 1,141 44 (7,310) At 31 December 2022 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) (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 $13,180 million (2022 $12,730 million), allowing LCs to be issued for a maximum 24-month duration. There were also uncommitted secured LC facilities in place at 31 December 2023 for $3,515 million (2022 $3,800 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 2023, $9,955 million (2022 $9,520 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+ (stable). During 2023, $6 billion (2022 $2 billion) of long-term taxable bonds were issued with terms ranging from seven 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 $33.0 billion at 31 December 2023 (2022 $29.2 billion), primarily invested with highly rated banks or money market funds and readily accessible at immediate and short notice. At 31 December 2023, the group had substantial amounts of undrawn borrowing facilities available, consisting of an undrawn committed $8.0 billion (2022 $8.0 billion) credit facility and $4.0 billion (2022 $4.0 billion) of standby facilities. As at 31 December 2023 $0.2 billion of the credit facility was available for one year and $7.8 billion was available for 2 years. As at 31 December 2023 $0.1 billion of the standby facilities were available for three years and $3.9 billion were available for four years. The facilities are with 27 international banks and borrowings under them would be at pre-agreed rates. For further information on the group's sources and uses of cash see Liquidity and capital resources on page 340. 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 2023 2022 Trade and other payables a Accruals Finance Interest on finance debt Trade and other payables a Accruals Finance Interest on finance debt b Within one year 56,852 6,527 3,054 2,394 59,618 6,398 2,978 2,013 1 to 2 years 1,876 329 3,820 2,151 1,625 230 2,811 1,848 2 to 3 years 1,158 147 4,767 1,907 1,378 207 4,066 1,684 3 to 4 years 1,178 135 5,367 1,666 1,192 110 5,077 1,452 4 to 5 years 1,141 121 5,778 1,396 1,188 114 5,773 1,204 5 to 10 years 5,028 382 12,939 4,894 6,109 348 13,621 3,680 Over 10 years 136 196 14,586 6,890 772 224 13,135 6,968 67,369 7,837 50,311 21,298 71,882 7,631 47,461 18,849 a 2023 includes $10,662 million (2022 $11,884 million) in relation to the Gulf of Mexico oil spill, of which $9,520 million (2022 $10,660 million) matures in greater than one year. b Comparative amounts for interest on finance debt have been amended to align with current year presentation. The amendment has increased cash outflows by $3,022 million. 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 $24,120 million at 31 December 2023 (2022 $23,970 million) to be received on the same day as the related cash outflows. $ million Cash outflows for derivative financial instruments at 31 December 2023 2022 Within one year 2,071 1,492 1 to 2 years 1,718 2,531 2 to 3 years 5,136 2,053 3 to 4 years 3,077 5,575 4 to 5 years 1,743 3,584 5 to 10 years 6,708 7,627 Over 10 years 4,092 2,772 24,545 25,634 For further information on our derivative financial instruments, see Note 30.

Derivative financial instrument

Derivative financial instruments	12 Months Ended
	Dec. 31, 2023
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 2023 2022 Fair value Fair value Fair value Fair value Derivatives held for trading a Currency derivatives 478 (1,511) 634 (2,346) Oil price derivatives 1,859 (1,139) 2,753 (1,961) Natural gas price derivatives 14,750 (6,708) 15,437 (12,129) Power price derivatives 5,355 (4,187) 5,527 (6,004) Other derivatives 2 — 44 — 22,444 (13,545) 24,395 (22,440) Embedded derivatives Other embedded derivatives — — — (41) — — — (41) Cash flow hedges Currency forwards — (1) — — — (1) — — Fair value hedges Currency swaps 119 (2,102) — (3,670) Interest rate swaps — (4) — (4) 119 (2,106) — (3,674) 22,563 (15,652) 24,395 (26,155) Of which – current 12,583 (5,250) 11,554 (12,618) – non-current 9,980 (10,402) 12,841 (13,537) a Includes embedded derivatives for which the critical terms are matched by standalone derivatives that are also classified as held for trading. 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 2023 Less than 1-2 years 2-3 years 3-4 years 4-5 years Over Total Currency derivatives 95 31 38 33 28 253 478 Oil price derivatives 1,423 206 81 52 41 56 1,859 Natural gas price derivatives 8,705 1,412 625 458 426 3,124 14,750 Power price derivatives 2,339 961 513 360 250 932 5,355 Other derivatives — — — — — 2 2 12,562 2,610 1,257 903 745 4,367 22,444 $ 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 30. Derivative financial instruments – continued Derivative liabilities held for trading have the following fair values and maturities. $ million 2023 Less than 1-2 years 2-3 years 3-4 years 4-5 years Over Total Currency derivatives (341) (3) (405) (166) (7) (589) (1,511) Oil price derivatives (1,047) (61) (14) (4) (1) (12) (1,139) Natural gas price derivatives (2,126) (796) (473) (348) (293) (2,672) (6,708) Power price derivatives (1,692) (666) (413) (306) (227) (883) (4,187) (5,206) (1,526) (1,305) (824) (528) (4,156) (13,545) $ 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) 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 2023 Less than 1-2 years 2-3 years 3-4 years 4-5 years Over Total Fair value of derivative assets Level 1 98 41 11 1 — — 151 Level 2 12,802 1,857 557 236 124 130 15,706 Level 3 1,765 1,063 784 699 638 4,263 9,212 14,665 2,961 1,352 936 762 4,393 25,069 Less: netting by counterparty (2,103) (351) (95) (33) (17) (26) (2,625) 12,562 2,610 1,257 903 745 4,367 22,444 Fair value of derivative liabilities Level 1 (70) (44) (11) (1) — — (126) Level 2 (6,051) (1,127) (844) (365) (93) (500) (8,980) Level 3 (1,188) (706) (545) (491) (452) (3,682) (7,064) (7,309) (1,877) (1,400) (857) (545) (4,182) (16,170) Less: netting by counterparty 2,103 351 95 33 17 26 2,625 (5,206) (1,526) (1,305) (824) (528) (4,156) (13,545) Net fair value 7,356 1,084 (48) 79 217 211 8,899 $ 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 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 2023 28 905 (524) 61 44 514 Gains (losses) recognized in the income statement 79 19 379 161 29 667 Settlements 13 (320) 86 (3) (71) (295) Transfers out of level 3 (13) (5) (61) — — (79) Net fair value of contracts at 31 December 2023 107 599 (120) 219 2 807 Deferred day-one gains (losses) 1,341 Derivative asset (liability) 2,148 $ 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 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 2023 was a $631 million gain (2022 $1,223 million gain related to derivatives still held at 31 December 2022). 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 $19,786 million (2022 $7,829 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 2022 and 2023. bp realised significant profits in 2023 as LNG cargoes were 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 2023, there were material gains recognized on the associated derivative positions due to the movement in the underlying commodity prices. For the year ended 31 December 2022, 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 35 and on page 338. 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 gain of $632 million (2022 $1,280 million net loss and 2021 $775 million net loss). 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 2023, 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 2023 Cash flow hedges Foreign exchange risk Highly probable forecast capital expenditure 1 (1) — Commodity price risk Highly probable forecast sales 1,065 (1,065) — At 31 December 2022 Cash flow hedges Foreign exchange risk Highly probable forecast capital expenditure — — — Commodity price risk Highly probable forecast sales (825) 825 — 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 2023 $ million $ million $ million mmBtu Cash flow hedges Foreign exchange risk Highly probable forecast capital expenditure — (1) 318 Commodity price risk Highly probable forecast sales — — (392) At 31 December 2022 Cash flow hedges Foreign exchange risk Highly probable forecast capital expenditure — — 5 Commodity price risk Highly probable forecast sales — — (469) 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 2023 and 2022 relating to highly probable forecast capital expenditure matures within 12 months of the relevant balance sheet date. All of the nominal amount of hedging instruments at 31 December 2023 relating to highly probable forecast sales matures within 12 months (2022 349 mmBtu within 12 months and 120 mmBtu within one to two years) of the relevant balance sheet date. 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 2023 2022 At 31 December Forecast capital expenditure Forecast sales Forecast capital expenditure Forecast sales Sterling/US dollar 1.27 1.25 Euro/US dollar 1.11 — Henry Hub $/mmBtu 4.02 4.03 Fair value hedges At 31 December 2023, 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. bp's fair value hedge accounting relationships have been directly affected by interest rate benchmark reform. Prior to 2023, the group's swaps which reference interest rates were primarily exposed to 3 month USD LIBOR. During 2023, all the swaps that previously referenced USD LIBOR transitioned to referencing SOFR through activation of the ISDA fallback clauses. The transition was enacted on an 'economically equivalent' basis. No other changes were made to the terms of swap contracts upon transition to SOFR. The hedge relationships were not discontinued and SOFR is now assessed as the hedged interest rate benchmark risk. The interest rate benchmark reform did not change the risk management strategy for fair value hedges. New derivative hedging instruments are being executed based on the new risk free rates. 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 2023 Fair value hedges Interest rate risk on finance debt — — — Interest rate and foreign currency risk on finance debt (1,417) 1,356 61 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) 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 2023 Assets Liabilities Fair value hedges Interest rate risk on finance debt — (4) 387 Interest rate and foreign currency risk on finance debt 119 (2,102) 16,862 At 31 December 2022 Fair value hedges Interest rate risk on finance debt — (4) 368 Interest rate and foreign currency risk on finance debt — (3,670) 17,032 All hedging instruments are presented within derivative financial instruments on the group balance sheet and are categorized within level 2 of the fair value hierarchy. 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 2023 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 239 — 148 — — — — 387 Interest rate and foreign currency risk on finance debt 1,857 1,716 1,933 1,441 1,741 4,164 4,010 16,862 At 31 December 2022 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 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 2023 2022 Interest rate swaps Cross-currency interest rate swaps Interest rate swaps Cross-currency interest rate swaps Interest rate 3.49 % 7.35 % 2.48 % 6.23 % Sterling/US dollar 1.27 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 2023 Liabilities Assets Liabilities Discontinued hedges Fair value hedges Interest rate risk on finance debt (426) 4 — (237) Interest rate and foreign currency risk on finance debt (16,834) 1,512 — — At 31 December 2022 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 — — 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 Interest rate and foreign currency risk on finance debt Total At 1 January 2023 — (108) — (104) (212) Recognized in other comprehensive income Cash flow hedges marked to market 15 1,065 — — 1,080 Cash flow hedges reclassified to the income statement - hedged item affected profit or loss — (428) — — (428) Costs of hedging marked to market — — — (67) (67) Costs of hedging reclassified to the income statement — — — (11) (11) 15 637 — (78) 574 Cash flow hedges transferred to the balance sheet (1) — — — (1) At 31 December 2023 14 529 — (182) 361 $ 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) a Relates to the acquisition of an 18.5% interest in Rosneft in 2013. Substantially all of the cash flow hedge reserve balances at 31 December 2023 and amounts reclassified from these cash flow hedge reserves into profit or loss during the year relate to continuing hedge relationships. The amounts reclassified are presented in sales and other operating revenues in the income statement. In 2022 all of the cash flow hedge reserve related to the purchase of equity was reclassified to the income statement 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 2022 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, 2023
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: 2023 2022 2021 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 19,097,783 4,774 20,778,082 5,194 21,449,782 5,362 Issue of new shares for employee share-based payment plans 66,000 17 55,000 14 35,001 9 Issue of new shares – other b — — 165,105 41 — — Repurchase of ordinary share capital (1,262,983) (316) (1,900,404) (475) (706,701) (177) At 31 December 17,900,800 4,475 19,097,783 4,774 20,778,082 5,194 4,496 4,795 5,215 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. b 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. 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 2023 the company repurchased 1,263 million ordinary shares for a total consideration of $7,918 million, including transaction costs of $43 million. All shares purchased were for cancellation. The repurchased shares represented 7.1% of ordinary share capital. A further 156 million ordinary shares were repurchased between the end of the reporting period and 16 February 2024, the latest practicable date before the completion of these financial statements, for a total cost of $922 million of which $746 million has been accrued at 31 December 2023. The number of shares in issue is reduced when shares are repurchased. Treasury shares a 2023 2022 2021 Shares Nominal value Shares Nominal value Shares Nominal value At 1 January 1,124,927 281 1,137,457 283 1,187,650 296 Purchases for settlement of employee share plans 24,688 6 14,150 4 1,432 — Issue of new shares for employee share-based payment plans 71,039 19 55,000 14 35,096 9 Shares re-issued for employee share-based payment plans (143,575) (35) (81,680) (20) (86,721) (22) At 31 December 1,077,079 271 1,124,927 281 1,137,457 283 Of which – shares held in treasury by bp 726,339 183 940,571 235 1,037,201 259 – shares held in ESOP trusts 350,704 88 184,356 46 100,256 24 – shares held by bp’s US share plan administrator b 36 — — — — — 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 4.9% (2022 5.0% and 2021 5.2%) of the called-up ordinary share capital of the company. During 2023, the movement in shares held in treasury by bp represented 1.1% (2022 less than 0.5% and 2021 less than 0.3%) of the ordinary share capital of the company. Share Share Capital Merger Total share capital At 1 January 2023 4,795 13,692 2,180 27,206 47,873 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 — — — — — Items that will not be reclassified to profit or loss Remeasurements of the net pension and other post-retirement benefit liability or asset — — — — — Remeasurements of equity investments — — — — — 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 (316) — 316 — — Share-based payments, net of tax a 17 123 — — 140 Share of equity-accounted entities’ changes in equity, net of tax — — — — — Issue of perpetual hybrid bonds — — — — — Payments on perpetual hybrid bonds — — — — — Transactions involving non-controlling interests, net of tax — — — — — At 31 December 2023 4,496 13,815 2,496 27,206 48,013 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) b — — — — — Cash flow hedges and costs of hedging (including reclassifications) c — — — — — 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 a 14 168 — — 182 Issue of perpetual hybrid bonds — — — — — Payments on 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 a Movements in treasury shares relate to employee share-based payment plans. b Following bp’s decision to exit its shareholding in Rosneft on 27 February 2022, $10,372 million was reclassified to the income statement. c Following bp’s decision to exit its shareholding in Rosneft on 27 February 2022 $651 million was reclassified to the income statement. 32. Capital and reserves – continued $ million Treasury Foreign Investments in equity instruments Cash flow Costs of hedging Total Profit and bp Non-controlling interests Total equity Hybrid bonds Other interest (12,153) (2,643) — (183) (73) (256) 34,732 67,553 13,390 2,047 82,990 — — — — — — 15,239 15,239 586 55 15,880 — 728 — — — — — 728 — 26 754 — — — 488 (110) 378 — 378 — — 378 — — — — — — (192) (192) — — (192) — — — — — — (1,504) (1,504) — — (1,504) — — 38 — — 38 — 38 — — 38 — — — 15 — 15 — 15 — — 15 — 728 38 503 (110) 431 13,543 14,702 586 81 15,369 — — — — — — (4,831) (4,831) — (403) (5,234) — — — (1) — (1) — (1) — — (1) — — — — — — (8,167) (8,167) — — (8,167) 830 — — — — — (301) 669 — — 669 — — — — — — 1 1 — — 1 — — — — — — (1) (1) 176 — 175 — (5) — — — — — (5) (586) — (591) — — — — — — 363 363 — (81) 282 (11,323) (1,920) 38 319 (183) 174 35,339 70,283 13,566 1,644 85,493 (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 32. Capital and reserves – continued Share Share Capital Merger Total share capital 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 a 9 161 — — 170 Share of equity-accounted entities’ changes in equity, net of tax — — — — — Issue of perpetual hybrid bonds — — — — — Payments on perpetual hybrid bonds — — — — — Transactions involving non-controlling interests, net of tax b — — — — — At 31 December 2021 5,215 12,745 1,705 27,206 46,871 a Movements in treasury shares relate to employee share-based payment plans. b 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 (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 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. Investments in equity instruments This reserve records the change in fair value of investments in equity instruments for which the group has elected to recognize fair value gains and losses in other comprehensive income. 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. 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. 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 p.l.c., 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 $477 million (2022 $468 million and 2021 $499 million) and $473 million (2022 $468 million and 2021 $497 million) respectively. The accumulated non-controlling interest at the end of the year was $12,066 million (2022 $12,066 million). On 26 February BP Capital Markets p.l.c. issued a further $1.3 billion of US dollar perpetual subordinated hybrid bonds with a coupon fixed for an initial period up to 2034 of 6.45%. On 26 February BP Capital Markets p.l.c. announced its intent to voluntarily buy back up to $1.3 billion of the non-call 2025 4.375% US dollar hybrid bonds issued in 2020. Taken together these transactions are not expected to have a significant impact on net debt or gearing. Non-controlling interests also includes perpetual subordinated hybrid securities issued during 2023, 2022 and 2021 by a group subsidiary. 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 $114 million (2022 $61 million) and $113 million (2022 $51 million) respectively. The accumulated non-controlling interest at the end of the year was $1,500 million (2022 $1,324 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 2023 Pre-tax Tax Net of tax Items that may be reclassified subsequently to profit or loss Currency translation differences (including reclassifications) 583 171 754 Cash flow hedges (including reclassifications) 637 (149) 488 Costs of hedging (including reclassifications) (78) (32) (110) Share of items relating to equity-accounted entities, net of tax (192) — (192) Items that will not be reclassified to profit or loss Remeasurements of the net pension and other post-retirement benefit liability or asset (2,262) 758 (1,504) Remeasurements of equity investments 51 (13) 38 Cash flow hedges that will subsequently be transferred to the balance sheet 15 — 15 Other comprehensive income (1,246) 735 (511) $ 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

Capital and reserves

Capital and reserves	12 Months Ended
	Dec. 31, 2023
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: 2023 2022 2021 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 19,097,783 4,774 20,778,082 5,194 21,449,782 5,362 Issue of new shares for employee share-based payment plans 66,000 17 55,000 14 35,001 9 Issue of new shares – other b — — 165,105 41 — — Repurchase of ordinary share capital (1,262,983) (316) (1,900,404) (475) (706,701) (177) At 31 December 17,900,800 4,475 19,097,783 4,774 20,778,082 5,194 4,496 4,795 5,215 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. b 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. 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 2023 the company repurchased 1,263 million ordinary shares for a total consideration of $7,918 million, including transaction costs of $43 million. All shares purchased were for cancellation. The repurchased shares represented 7.1% of ordinary share capital. A further 156 million ordinary shares were repurchased between the end of the reporting period and 16 February 2024, the latest practicable date before the completion of these financial statements, for a total cost of $922 million of which $746 million has been accrued at 31 December 2023. The number of shares in issue is reduced when shares are repurchased. Treasury shares a 2023 2022 2021 Shares Nominal value Shares Nominal value Shares Nominal value At 1 January 1,124,927 281 1,137,457 283 1,187,650 296 Purchases for settlement of employee share plans 24,688 6 14,150 4 1,432 — Issue of new shares for employee share-based payment plans 71,039 19 55,000 14 35,096 9 Shares re-issued for employee share-based payment plans (143,575) (35) (81,680) (20) (86,721) (22) At 31 December 1,077,079 271 1,124,927 281 1,137,457 283 Of which – shares held in treasury by bp 726,339 183 940,571 235 1,037,201 259 – shares held in ESOP trusts 350,704 88 184,356 46 100,256 24 – shares held by bp’s US share plan administrator b 36 — — — — — 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 4.9% (2022 5.0% and 2021 5.2%) of the called-up ordinary share capital of the company. During 2023, the movement in shares held in treasury by bp represented 1.1% (2022 less than 0.5% and 2021 less than 0.3%) of the ordinary share capital of the company. Share Share Capital Merger Total share capital At 1 January 2023 4,795 13,692 2,180 27,206 47,873 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 — — — — — Items that will not be reclassified to profit or loss Remeasurements of the net pension and other post-retirement benefit liability or asset — — — — — Remeasurements of equity investments — — — — — 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 (316) — 316 — — Share-based payments, net of tax a 17 123 — — 140 Share of equity-accounted entities’ changes in equity, net of tax — — — — — Issue of perpetual hybrid bonds — — — — — Payments on perpetual hybrid bonds — — — — — Transactions involving non-controlling interests, net of tax — — — — — At 31 December 2023 4,496 13,815 2,496 27,206 48,013 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) b — — — — — Cash flow hedges and costs of hedging (including reclassifications) c — — — — — 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 a 14 168 — — 182 Issue of perpetual hybrid bonds — — — — — Payments on 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 a Movements in treasury shares relate to employee share-based payment plans. b Following bp’s decision to exit its shareholding in Rosneft on 27 February 2022, $10,372 million was reclassified to the income statement. c Following bp’s decision to exit its shareholding in Rosneft on 27 February 2022 $651 million was reclassified to the income statement. 32. Capital and reserves – continued $ million Treasury Foreign Investments in equity instruments Cash flow Costs of hedging Total Profit and bp Non-controlling interests Total equity Hybrid bonds Other interest (12,153) (2,643) — (183) (73) (256) 34,732 67,553 13,390 2,047 82,990 — — — — — — 15,239 15,239 586 55 15,880 — 728 — — — — — 728 — 26 754 — — — 488 (110) 378 — 378 — — 378 — — — — — — (192) (192) — — (192) — — — — — — (1,504) (1,504) — — (1,504) — — 38 — — 38 — 38 — — 38 — — — 15 — 15 — 15 — — 15 — 728 38 503 (110) 431 13,543 14,702 586 81 15,369 — — — — — — (4,831) (4,831) — (403) (5,234) — — — (1) — (1) — (1) — — (1) — — — — — — (8,167) (8,167) — — (8,167) 830 — — — — — (301) 669 — — 669 — — — — — — 1 1 — — 1 — — — — — — (1) (1) 176 — 175 — (5) — — — — — (5) (586) — (591) — — — — — — 363 363 — (81) 282 (11,323) (1,920) 38 319 (183) 174 35,339 70,283 13,566 1,644 85,493 (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 32. Capital and reserves – continued Share Share Capital Merger Total share capital 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 a 9 161 — — 170 Share of equity-accounted entities’ changes in equity, net of tax — — — — — Issue of perpetual hybrid bonds — — — — — Payments on perpetual hybrid bonds — — — — — Transactions involving non-controlling interests, net of tax b — — — — — At 31 December 2021 5,215 12,745 1,705 27,206 46,871 a Movements in treasury shares relate to employee share-based payment plans. b 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 (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 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. Investments in equity instruments This reserve records the change in fair value of investments in equity instruments for which the group has elected to recognize fair value gains and losses in other comprehensive income. 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. 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. 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 p.l.c., 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 $477 million (2022 $468 million and 2021 $499 million) and $473 million (2022 $468 million and 2021 $497 million) respectively. The accumulated non-controlling interest at the end of the year was $12,066 million (2022 $12,066 million). On 26 February BP Capital Markets p.l.c. issued a further $1.3 billion of US dollar perpetual subordinated hybrid bonds with a coupon fixed for an initial period up to 2034 of 6.45%. On 26 February BP Capital Markets p.l.c. announced its intent to voluntarily buy back up to $1.3 billion of the non-call 2025 4.375% US dollar hybrid bonds issued in 2020. Taken together these transactions are not expected to have a significant impact on net debt or gearing. Non-controlling interests also includes perpetual subordinated hybrid securities issued during 2023, 2022 and 2021 by a group subsidiary. 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 $114 million (2022 $61 million) and $113 million (2022 $51 million) respectively. The accumulated non-controlling interest at the end of the year was $1,500 million (2022 $1,324 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 2023 Pre-tax Tax Net of tax Items that may be reclassified subsequently to profit or loss Currency translation differences (including reclassifications) 583 171 754 Cash flow hedges (including reclassifications) 637 (149) 488 Costs of hedging (including reclassifications) (78) (32) (110) Share of items relating to equity-accounted entities, net of tax (192) — (192) Items that will not be reclassified to profit or loss Remeasurements of the net pension and other post-retirement benefit liability or asset (2,262) 758 (1,504) Remeasurements of equity investments 51 (13) 38 Cash flow hedges that will subsequently be transferred to the balance sheet 15 — 15 Other comprehensive income (1,246) 735 (511) $ 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

Contingent liabilities and lega

Contingent liabilities and legal proceedings	12 Months Ended
	Dec. 31, 2023
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 2023 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 (2022 $16 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 includes an exclusive remedy provision regarding class members pursuing exposure-based personal injury claims for later-manifested physical conditions (LMPCs). As of 31 December 2023, there were 60 pending lawsuits brought by class members claiming LMPCs. 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 600 cases in which the courts granted BPXP’s motions for summary judgment). As of 31 December 2023, 88 cases remained pending in the district courts and around 100 appeals filed to the Fifth Circuit in cases where the district courts have granted summary judgment in favour of bp also remain pending. Non-US government lawsuits Two class actions are pending in Mexican Federal District Courts against various bp group entities including BPXP and BP America Production Company by separate plaintiff classes. Although the two actions are separate, both broadly seek penalties, damages and compensation for alleged environmental, health and economic harm in Mexico as a result of the Incident. One of the actions also seeks an order requiring the bp defendants to repair alleged damage to the Gulf of Mexico. bp has answered the complaints in both actions 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. 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 that decision and directing bp to pay a civil penalty of $20.16 million and to disgorge $207,169 in unjust profits. Following an appeal by bp to the US Court of Appeals, the Fifth Circuit issued an opinion upholding the FERC’s manipulation finding on a few trades. The Fifth Circuit also found that the FERC did not have jurisdiction over most of the transactions identified as being violations. In July 2023, bp and FERC reached a settlement agreement that reduced the civil penalty to $10.75 million and fully resolved all claims by the FERC related to the matter. 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 over 20 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. Over the last several years, defendants removed each lawsuit to federal court and the removals were contested by plaintiffs, eventually resulting in multiple decisions by several Circuit Court of Appeals rejecting defendants’ attempts to have the cases moved to federal court. In 2023, the US Supreme Court declined to review the various Circuit Court of Appeals decisions. Accordingly, the cases will proceed in the various state courts. Due to these jurisdictional challenges, the lawsuits all remain at relatively early stages. 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 were named defendants in 17 of these cases. The lawsuits allege that the defendants' historical operations in oil and gas fields within the Louisiana onshore coastal zone failed to comply with state permits and/or were conducted without the required coastal use permits. The scope and scale of plaintiffs’ damages demands are significant and unprecedented, including substantial remediation costs and the claimed costs for restoring coastal wetlands allegedly impacted by oil and gas 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 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. There is a small subset of the removed cases in which the defendants continue to contest jurisdiction and await a final ruling from the Fifth Circuit on a related “federal officer” removal jurisdiction theory. Following remand, the state court in the other lead case of Cameron Parish v. Auster et al., in which bp was the principal defendant, had established a November 2023 trial date. Before trial commenced during the fourth quarter 2023, bp entered into a settlement agreement and release with the plaintiffs in respect of all claims arising within Cameron Parish. The terms of the settlement agreement and release are confidential and bp does not expect those terms to have a significant effect on the company’s financial position or profitability. 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 the other remanded cases remain at early stages in the litigation. While it is not possible to predict the outcomes of these novel 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, 2023
Related Party [Abstract]
Remuneration of senior management and non-executive directors	Remuneration of senior management and non-executive directors Remuneration of directors $ million 2023 2022 2021 Total for all directors Emoluments 8 8 9 Amounts received under incentive schemes a 6 13 4 Total 14 21 13 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 105. Remuneration of directors and senior management $ million 2023 2022 2021 Total for all senior management and non-executive directors Short-term employee benefits 31 31 30 Pensions and other post-retirement benefits — — 1 Share-based payments a 12 31 32 Termination benefits — — — Total 43 62 63 a Includes a reversal of $14 million relating to the lapse of Bernard Looney's outstanding share awards in prior years. Senior management comprises members of the leadership team, see pages 86-87 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 2023 to 16 February 2024.

Employee costs and numbers

Employee costs and numbers	12 Months Ended
	Dec. 31, 2023
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 2023 the committee was composed of six 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 2023 the aggregate level of contributions was $42 million (2022 $74 million and 2021 $274 million). The aggregate level of contributions in 2024 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 2023. The closure of the defined benefit plan to future accrual reduces the need for funding and 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 2023 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 2023. 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 2023. 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 primary UK pension plan was as at 31 December 2020; the 31 December 2023 valuation is currently underway. 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 2023 2022 2021 2023 2022 2021 2023 2022 2021 Discount rate for plan liabilities 4.8 5.0 1.8 5.0 5.2 2.7 3.6 4.2 1.3 Rate of increase for pensions in payment 2.8 2.9 3.2 — — — 2.1 1.8 1.4 Rate of increase in deferred pensions 2.8 2.9 3.2 — — — 0.7 0.6 0.4 Inflation for plan liabilities 3.0 3.1 3.3 2.0 2.0 2.1 2.4 2.1 1.6 % Financial assumptions used to determine benefit expense UK US Eurozone 2023 2022 2021 2023 2022 2021 2023 2022 2021 Discount rate for plan service cost b N/A N/A 1.5 5.2 2.8 2.4 4.3 1.7 1.4 Discount rate for plan other finance expense c 5.0 1.8 1.7 5.2 2.7 2.2 4.2 1.3 1.0 Inflation for plan service cost b N/A N/A 2.8 2.0 2.1 1.7 2.1 1.6 1.5 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. 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 5.0% (2022 2.5%) and 1.9% (2022 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 2023 2022 2021 2023 2022 2021 2023 2022 2021 Life expectancy at age 60 for a male currently aged 60 27.4 26.9 26.9 25.0 25.0 24.9 26.1 26.0 25.8 Life expectancy at age 60 for a male currently aged 40 29.2 28.5 28.4 26.7 26.6 26.6 28.6 28.5 28.3 Life expectancy at age 60 for a female currently aged 60 29.2 28.8 28.9 28.1 28.0 27.9 29.3 29.3 29.1 Life expectancy at age 60 for a female currently aged 40 30.6 30.6 30.5 29.6 29.5 29.4 31.6 31.4 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 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. There is a similar agreement in place for the primary US plan. During 2023, the asset allocation policy of the UK plan switched 2% of plan assets from equities to bonds (2022 2%). The US asset allocation policy remained consistent. The current asset allocation policy for the major plans at 31 December 2023 was as follows: UK US Asset category % % Total equity (including private equity) 8 19 Bonds/cash (including LDI) 85 81 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 2023 were $6,215 million (2022 $3,981 million) of government-issued nominal bonds and $13,177 million (2022 $11,945 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 216. $ million UK a US b Eurozone Other Total Fair value of pension plan assets At 31 December 2023 Listed equities – developed markets 862 97 333 232 1,524 – emerging markets 28 12 51 66 157 Private equity c 2,022 1,014 — 2 3,038 Government issued nominal bonds d 6,285 1,457 746 285 8,773 Government issued index-linked bonds d 13,177 — 88 — 13,265 Corporate bonds d 6,144 2,802 605 166 9,717 Property e 2,437 — 92 17 2,546 Cash 453 59 82 85 679 Other f 1,123 33 55 391 1,602 Debt (repurchase agreements) used to fund liability driven investments (6,485) — — — (6,485) 26,046 5,474 2,052 1,244 34,816 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 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 $374 million. 24. Pensions and other post-retirement benefits – continued $ million 2023 UK US Eurozone Other Total Analysis of the amount charged to profit or loss Current service cost a 44 156 47 21 268 Past service cost b 4 — 5 (2) 7 Settlement b — — — 3 3 Operating charge (credit) relating to defined benefit plans 48 156 52 22 278 Payments to defined contribution plans 132 158 7 36 333 Total operating charge (credit) 180 314 59 58 611 Interest income on plan assets a (1,259) (274) (78) (56) (1,667) Interest on plan liabilities 869 297 194 66 1,426 Other finance (income) expense (390) 23 116 10 (241) Analysis of the amount recognized in other comprehensive income Actual asset return less interest income on plan assets (677) 45 82 28 (522) Change in financial assumptions underlying the present value of the plan liabilities (649) 28 (508) (24) (1,153) Change in demographic assumptions underlying the present value of the plan liabilities (230) (5) 8 — (227) Experience gains and losses arising on the plan liabilities (320) 45 (84) (1) (360) Remeasurements recognized in other comprehensive income (1,876) 113 (502) 3 (2,262) Movements in benefit obligation during the year Benefit obligation at 1 January 17,480 5,880 4,799 1,343 29,502 Exchange adjustments 1,056 — 215 30 1,301 Operating charge relating to defined benefit plans 48 156 52 22 278 Interest cost 869 297 194 66 1,426 Contributions by plan participants 6 — 2 5 13 Benefit payments (funded plans) c (1,071) (262) (79) (81) (1,493) Benefit payments (unfunded plans) c (8) (166) (230) (25) (429) Reclassified as assets held for sale — — — (14) (14) Remeasurements 1,199 (68) 584 25 1,740 Benefit obligation at 31 December a d 19,579 5,837 5,537 1,371 32,324 Movements in fair value of plan assets during the year Fair value of plan assets at 1 January 25,047 5,417 1,877 1,186 33,527 Exchange adjustments 1,462 — 81 39 1,582 Interest income on plan assets a e 1,259 274 78 56 1,667 Contributions by plan participants 6 — 2 5 13 Contributions by employers (funded plans) 20 — 11 11 42 Benefit payments (funded plans) c (1,071) (262) (79) (81) (1,493) Remeasurements e (677) 45 82 28 (522) Fair value of plan assets at 31 December f 26,046 5,474 2,052 1,244 34,816 Surplus (deficit) at 31 December 6,467 (363) (3,485) (127) 2,492 Represented by Asset recognized 6,631 1,133 120 64 7,948 Liability recognized (164) (1,496) (3,605) (191) (5,456) 6,467 (363) (3,485) (127) 2,492 The surplus (deficit) may be analysed between funded and unfunded plans as follows Funded 6,631 1,133 104 29 7,897 Unfunded (164) (1,496) (3,589) (156) (5,405) 6,467 (363) (3,485) (127) 2,492 The defined benefit obligation may be analysed between funded and unfunded plans as follows Funded (19,415) (4,341) (1,948) (1,215) (26,919) Unfunded (164) (1,496) (3,589) (156) (5,405) (19,579) (5,837) (5,537) (1,371) (32,324) 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 $34 million of costs of administering that plan and $10 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. There was also a $5 million past service cost in France relating to statutory retirement age changes. Settlements represent charges for special termination benefits arising as a result of early retirements. c The benefit payments amount shown above comprises $1,858 million benefits and $10 million settlements, plus $54 million of plan expenses incurred in the administration of the benefit. d The benefit obligation for the US is made up of $4,527 million for pension liabilities and $1,310 million for other post-retirement benefit liabilities (which are unfunded and are primarily retiree medical liabilities). The benefit obligation for the Eurozone includes $3,393 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 214. 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 214. 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 (credit) relating to defined benefit plans (148) 246 74 32 204 Payments to defined contribution plans 76 136 7 36 255 Total operating charge (credit) (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 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 arising as a result of early retirements. 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 2023 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 2024 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 2024 (197) 173 (40) 46 (8) 4 Effect on obligation at 31 December 2023 (2,259) 2,811 (449) 651 (608) 737 Inflation rate b Effect on expense in 2024 89 (83) 7 (6) 34 (29) Effect on obligation at 31 December 2023 1,872 (1,738) 41 (35) 582 (503) 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 2024 28 4 10 Effect on obligation at 31 December 2023 577 64 216 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 2023 are as follows: $ million Estimated future benefit payments UK US Eurozone Other Total 2024 1,169 474 332 88 2,063 2025 1,113 469 326 84 1,992 2026 1,126 456 318 85 1,985 2027 1,146 458 313 86 2,003 2028 1,159 441 308 86 1,994 2029 - 2033 5,958 2,204 1,454 440 10,056 Years Weighted average duration 12.9 9.3 12.9 11.4 $ million Employee costs 2023 2022 2021 Wages and salaries a 7,835 7,486 6,934 Social security costs 943 720 733 Share-based payments b 1,131 1,034 733 Pension and other post-retirement benefit costs 370 576 457 10,279 9,816 8,857 2023 2022 2021 Average number of employees c US Non-US Total US Non-US Total US Non-US Total gas & low carbon energy 900 3,700 4,600 700 3,400 4,100 400 3,400 3,800 oil production & operations 3,100 5,500 8,600 3,000 5,700 8,700 3,100 6,000 9,100 customers & products d 19,500 36,300 55,800 8,000 35,700 43,700 6,200 35,800 42,000 other businesses and corporate 1,400 9,000 10,400 1,300 8,500 9,800 1,400 7,700 9,100 24,900 54,500 79,400 13,000 53,300 66,300 11,100 52,900 64,000 a Includes termination costs of $96 million (2022 $27 million and 2021 $74 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 Includes 33,800 (2022 23,300 and 2021 21,300) service station staff.

Auditor_s remuneration

Auditor’s remuneration	12 Months Ended
	Dec. 31, 2023
Additional information [abstract]
Auditor's remuneration	Auditor’s remuneration $ million Fees 2023 2022 2021 The audit of the company annual accounts a 38 36 37 The audit of accounts of subsidiaries of the company 15 15 15 Total audit 53 51 52 Audit-related assurance services b 4 4 5 Total audit and audit-related assurance services 57 55 57 Non-audit and other assurance services 3 — — Services relating to bp pension plans 1 1 1 61 56 58 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. 2023 includes $0.2 million of additional fees for 2022. 2022 includes $0.3 million of additional fees for 2021. 2021 includes $1.0 million of additional fees for 2020. 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 2023 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 $61 million (2022 $56 million and 2021 $58 million) is required to be presented as follows: audit $53 million (2022 $51 million and 2021 $52 million); other audit-related $4 million (2022 $4 million and 2021 $5 million); tax $nil (2022 $nil and 2021 $nil); and all other fees $4 million (2022 $1 million and 2021 $1 million).

Subsidiaries, joint arrangement

Subsidiaries, joint arrangements and associates	12 Months Ended
	Dec. 31, 2023
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 2023 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 14 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 Gamma Holdings Limited 100 England & Wales Investment holding *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 Trinidad and 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 a There were no important associates in the group at 31 December 2023.

Events after reporting period

Events after reporting period	12 Months Ended
	Dec. 31, 2023
Events after reporting period [Abstract]
Disclosure of events after reporting period [text block]	Events after the reporting period On 14 February 2024 bp announced that it had agreed to form a new joint venture in Egypt with ADNOC (bp 51%, ADNOC 49%). As part of the agreement bp will contribute its interests in three non-operated development concessions as well as exploration agreements in Egypt, and ADNOC will make a proportionate cash contribution. Formation of the joint venture and completion of these transactions is subject to regulatory approval. From 14 February 2024 the associated carrying values of these interests have been determined to meet the criteria to be classified as assets held for sale under IFRS 5 Non-current Assets Held for Sale and Discontinued Operations. The carrying value of fixed assets associated with these interests at 31 December 2023 was $1.4 billion. The impacts are expected to be reflected in the group’s first quarter 2024 interim financial statements.

Significant accounting polici_2

Significant accounting policies, judgements, estimates and assumptions (Policies)	12 Months Ended
	Dec. 31, 2023
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) were approved and signed by the chief executive officer and chairman on 8 March 2024 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 material accounting policy information 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 2023. 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	Material accounting policy information: 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; 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. 1 . Material accounting policy information, significant judgements, estimates and assumptions – continued 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 30) 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. The assumptions for future carbon emissions costs in value-in-use impairment testing differ from the investment appraisal assumptions and are described below. Management has also not identified any off-balance sheet commodity purchase obligations to be onerous contracts as result of the transition to a lower carbon economy at 31 December 2023. 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 2023. Prices are disclosed in real 2022 terms. The near term Brent oil assumption was held constant at $70 per barrel to reflect near-term supply constraints before declining after 2030 to $50 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 2050 were held constant at $4.00 per mmBtu reflecting an assumption that declining domestic demand in the US is offset by higher LNG exports. The revised assumptions for Brent oil and Henry Hub gas 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 carbon emissions price series for the investment economics which is applied to bp's anticipated share of bp's forecast of the investment assets' scope 1 and 2 GHG emissions where they exceed defined thresholds, and is assumed to apply whether or not bp is the asset 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. A key input into the determination of impairment is the assumption, aligned with bp’s aim to reach net zero greenhouse gas emissions by 2050 or sooner, that the current recognized portfolio of oil and gas properties and refining assets will have an immaterial carrying value by 2050. 1 . Material accounting policy information, significant 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 the 2023 value-in-use impairment tests is for the UK North Sea and the Gelsenkirchen refinery. The assumptions for UK North Sea were £45/tCO 2 e in 2024 gradually increasing to £201/tCO 2 e in 2050. The assumption applied for the Gelsenkirchen refinery was an average of approximately €72/tCO 2 e. 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 realized 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 13) 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 charges were recognized on certain upstream oil and gas properties partly as a result of price and discount rate changes. 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. The recoverability of the group's exploration and appraisal intangible assets was considered during 2023. 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 have immaterial carrying values within the next 12 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 2023 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 material 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 13) 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 cost assumptions 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 does not expect manufacturing to cease at refineries within a determinate period of time, as existing property, plant and equipment is expected to be renewed or replaced. 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 2023 are not material. See significant judgements and estimates: provisions for further information. 1. Material accounting policy information, significant 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 Oil and gas price assumptions applied in value-in-use impairment testing have been updated to reflect the current outlook on Brent oil supply constraints and an assumption that declining domestic natural gas demand in the US is offset by higher LNG exports. 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 during the year to reflect higher US Treasury yields. The principal impact of this rate increase was a $0.9 billion decrease in the decommissioning provision with an associated decrease in the carrying amount of property, plant and equipment of $0.7 billion and a pre-tax credit to the income statement of $0.2 billion. Impairment discount rates were also increased from those reported in 2022. 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 2023 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 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	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 revenue 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 . Material accounting policy information, significant 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 has significant influence over Aker BP, a Norwegian oil and gas company, 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. bp owned 15.9% of the voting shares at 31 December 2023. bp’s group chief executive officer, Murray Auchincloss, has been a member of the Aker BP board since 2017. bp’s other nominated director, group chief financial officer, 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 continues to have significant influence at 31 December 2023. Significant judgements and estimate: 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’. 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. It is considered by management that any measure of fair value, other than nil, would be subject to such high measurement uncertainty, considering the sanctions and restrictions implemented by Russia on Russian assets held by foreign investors, 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 zero when determining the measurement of the interest in Rosneft and the other businesses with Rosneft within Russia as at 31 December 2023. Events or outcomes within the next financial year, that are different to those outlined above, could materially change the fair value of the investment. 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 and its other businesses with Rosneft within Russia, for the years to 31 December 2022 and 31 December 2023 have not been met. 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. 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. 1. Material accounting policy information, significant judgements, estimates and assumptions – continued 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. 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. 1. Material accounting policy information, significant judgements, estimates and assumptions – continued 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 247, which is unaudited. Details on bp’s proved reserves and production compliance and governance processes are provided on page 346. The 2023 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 247. 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 discount rates, 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. Material accounting policy information, significant 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. 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 2023, the post-tax discount rate was 8% (2022 7%) other than for renewable power assets. Where the CGU is located in a country that was judged to be higher risk, an additional premium of 1% to 4% was reflected in the post-tax discount rate (2022 1% to 2%). 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 renewable power assets, typically ranged from 9% to 20% (2022 7% to 18%) depending on the risk premium and applicable tax rate in the geographic location of the CGU. For renewable power assets tested on a value-in-use basis in 2023 (including those in equity accounted entities), where the risk profile of expected cash flows supports a lower rate, tests were performed using a post-tax WACC-based discount rate of 6.5%. For assets tested in 2022, the tests were performed on a fair value less costs of disposal basis using a post-tax cost of equity-based discount rate of 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 2023, the group identified oil and gas properties in these segments with carrying amounts totalling $18,374 million (2022 $11,652 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 170. 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 2022 terms) for the near term Brent oil assumption was held constant at $70 per barrel to reflect near term supply constraints before declining after 2030 to $50 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 2050 were held constant at $4.00 per mmBtu reflecting an assumption that declining domestic demand in the US is offset by higher LNG exports. These price assumptions are derived from the central case investment appraisal assumptions, adjusted where applicable to reflect short-term market conditions (see page 30). A summary of the group’s revised price assumptions for Brent oil and Henry Hub gas, applied in 2023 and 2022, in real 2022 terms, is provided below. The assumptions represent management’s best estimate of future prices at the balance sheet date, which sit within the range of external scenarios considered as appropriate for the purpose. They are considered by bp to be in line with a range of transition paths consistent with the temperature goal of the Paris climate change agreement, of holding the increase in the global average temperature to well below 2°C above pre-industrial levels and pursuing efforts to limit the temperature increase to 1.5°C above pre-industrial levels. However, they do not correspond to any specific Paris-consistent scenario. An inflation rate of 2% (2022 2%) is applied to determine the price assumptions in nominal terms. The majority of bp’s reserves and resources that support the carrying value of the group’s existing oil and gas properties are expected to be produced over the next 12 years. The recoverability of deferred tax assets is also affected by the group’s oil and natural gas price assumptions as these could impact the estimate of future taxable profits. See Note 9 for further information. 1. Material accounting policy information, significant judgements, estimates and assumptions – continued 2023 price assumptions 2024 2025 2030 2040 2050 Brent oil ($/bbl) 70 70 70 63 50 Henry Hub gas ($/mmBtu) 4.00 4.00 4.00 4.00 4.00 2022 price assumptions 2023 2025 2030 2040 2050 Brent oil ($/bbl) 78 71 71 59 46 Henry Hub gas ($/mmBtu) 4.08 4.08 4.08 3.57 3.57 Global oil production increased by 2.2% in 2023. Strong US tight oil supply and non-OPEC+ supply more than offset OPEC+ pledged additional output reductions. Global oil demand continued its recovery, increasing by 2.4% in 2023. Chinese demand growth was unexpectedly strong making up 75% of total oil demand growth, with the rest coming from other non-OECD countries. Brent dropped by nearly $20 per barrel in 2023 as oil markets recovered from the shocks in 2022 and supply/demand was balanced. bp’s long term view is for a more stable market in 2024 as the price responsiveness of shale activity, OPEC+ discipline and ample spare capacity limits the scope for large movements, even with the political tensions in the Middle East. bp's long-term assumption for oil prices is lower than the 2023 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 in 2023 decreased around 60% compared to 2022, to $2.5 per mmbtu. Prices fell as gas production growth outpaced demand. Milder than normal winter weather and an extended outage at Freeport LNG left US gas storage stocks well above historic average levels at the end of winter 2022/2023. Henry Hub prices fell during the summer which incentivized coal-to-gas switching in the power sector, and hot weather in the third-quarter helped the market avoid storage containment issues. Meanwhile gas production continued to grow, reaching record levels by the end of 2023 despite a 20% decrease in gas rigs over the first half of the year. Growth was supported by strong associated gas production as well as pipeline de-bottlenecking. Finally, mild weather in the fourth-quarter further loosened balances and storage stocks exited the year 13% above five-year average levels. The level of US gas prices in 2023 is below bp’s long term price assumption based on the judgment 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 8% in all years up to 2040, and 25% in all remaining years to 2050; and a decrease in net revenues of 20% in all years up to 2030, 35% in all subsequent years to 2040 and 50% 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 $16-17 billion which is approximately 23-24% of the net book value of property, plant and equipment as at 31 December 2023. 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 55). 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 $2-3 billion which is approximately 3-4% of the net book value of property, plant and equipment as at 31 December 2023. This potential increase in the carrying amount would arise due to reversals of previously recognized impairments and represents approximately one third of the total impairment reversal capacity available at 31 December 2023. 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. Material accounting policy information, significant 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 loss recognized in 2023 would have been approximately $0.8 billion higher. If the discount rate was one percentage point lower, the net impairment loss recognized would have been approximately $0.9 billion lower. 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 $12.5 billion on its balance sheet (2022 $12.0 billion), principally relating to the Atlantic Richfield, Burmah Castrol, Devon Energy and Reliance transactions. Of this, $7.0 billion relates to goodwill in the oil production & operations and gas & low carbon energy segments (2022 $7.2 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 material accounting policy information: 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. Material accounting policy information, significant 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 held for the purpose of meeting short-term cash commitments and 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 2023, trade payables subject to these arrangements and this significant judgement included $10 billion (2022 $9.5 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: 1. Material accounting policy information, significant judgements, estimates and assumptions – continued 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. 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 probable 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 4% (2022 3.5% ) . 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. 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 trading and shipping 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. Material accounting policy information, significant 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 $0.6 billion of decommissioning provisions should be recognized as at 31 December 2023 (2022 $0.8 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 is not yet expected within a determinate time period, as existing property plant and equipment is expected to be renewed or replaced. 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 2023 was 4% (2022 3.5%), 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 (2022 17 years) and 6 years (2022 6 years) respectively. Costs at future prices are typically determined by applying an inflation rate of 1.5% (2022 1.5%) to decommissioning costs and 2% (2022 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 $5.5 billion (2022 $5.6 billion) within the next 10 years, $5.8 billion (2022 $5.3 billion) in 10 to 20 years and the remainder of approximately $6.6 billion (2022 $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 $1.6 billion (2022 $1.8 billion). The pre-tax impact on the group income statement would be a credit of approximately $0.4 billion (2022 $0.5 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 $0.6 billion (2022 $0.5 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 $1.1 billion (2022 $1.2 billion) and a pre-tax charge of approximately $0.2 billion (2022 $0.3 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 $1.9 billion (2022 $2.0 billion) with a pre-tax charge of approximately $0.5 billion (2022 $0.5 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 material accounting policy information 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.
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. Material accounting policy information, significant 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'. 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. 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. In line with the amendments to IAS 12, the exception from accounting for deferred tax for the Pillar Two rules has been applied and there are no impacts on the consolidated financial statements for 2023. Based on an assessment of historic data and forecasts for the year ending 31 December 2024, the Group does not expect a material exposure to Pillar Two income taxes for the year ending 31 December 2024. 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 material accounting policy information Impact of new International Financial Reporting Standards

Significant accounting polici_3

Significant accounting policies, judgements, estimates and assumptions (Tables)	12 Months Ended
	Dec. 31, 2023
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 c Plant, machinery and equipment Fittings, fixtures and office equipment c Transportation Oil depots, storage tanks and service stations Total Cost - owned PP&E At 1 January 2023 3,513 950 179,028 44,662 2,202 3,076 10,089 243,520 Exchange adjustments 112 2 — 294 31 2 342 783 Additions 134 48 8,252 2,921 221 80 1,126 12,782 Acquisitions 206 — — 27 12 48 1,060 1,353 Transfers from intangible assets — — 171 — — — — 171 Reclassified as assets held for sale (7) — — (3) (3) (1) (74) (88) Deletions and disposals (34) (8) (2,105) (517) (173) (247) (319) (3,403) At 31 December 2023 3,924 992 185,346 47,384 2,290 2,958 12,224 255,118 Depreciation - owned PP&E At 1 January 2023 700 501 111,434 22,903 1,671 2,431 5,819 145,459 Exchange adjustments 14 3 — 200 18 2 206 443 Charge for the year 45 30 10,468 1,519 163 85 629 12,939 Impairment losses 108 22 3,628 1,467 — 10 58 5,293 Impairment reversals — — (18) — — (9) — (27) Reclassified as assets held for sale (1) — — (2) (1) (1) (74) (79) Deletions and disposals (28) (3) (2,070) (416) (167) (226) (275) (3,185) At 31 December 2023 838 553 123,442 25,671 1,684 2,292 6,363 160,843 Owned PP&E - net book amount at 31 December 2023 3,086 439 61,904 21,713 606 666 5,861 94,275 Right-of-use assets - net book amount at 31 December 2023 b — 1,243 53 916 4 2,463 5,765 10,444 Total PP&E - net book amount at 31 December 2023 3,086 1,682 61,957 22,629 610 3,129 11,626 104,719 Cost - owned PP&E At 1 January 2022 c 3,713 1,245 208,778 44,037 2,213 3,033 10,241 273,260 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 3,513 950 179,028 44,662 2,202 3,076 10,089 243,520 Depreciation - owned PP&E At 1 January 2022 c 706 654 135,294 21,841 1,774 2,388 5,783 168,440 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 700 501 111,434 22,903 1,671 2,431 5,819 145,459 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 Assets under construction included above At 31 December 2023 13,390 At 31 December 2022 22,313 Depreciation charge for the year on right-of-use assets 2023 196 16 558 5 1,055 783 2,613 2022 190 18 321 10 853 577 1,969 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 $661 million (2022 $560 million) of drilling rig right-of-use assets and $2,337 million (2022 $2,208 million) of shipping vessel right-of-use assets are included in Plant, machinery and equipment and Transportation respectively. c An amendment has been made to prior year balances to correctly present offsetting movements in oil and gas properties (an increase of $744 million) and fittings, fixtures and office equipment (a decrease of $18 million) cost and depreciation. The amendment has no impact on reported profit or net book amounts of PPE.
Summary of long-term price assumptions used in impairment testing	2023 price assumptions 2024 2025 2030 2040 2050 Brent oil ($/bbl) 70 70 70 63 50 Henry Hub gas ($/mmBtu) 4.00 4.00 4.00 4.00 4.00 2022 price assumptions 2023 2025 2030 2040 2050 Brent oil ($/bbl) 78 71 71 59 46 Henry Hub gas ($/mmBtu) 4.08 4.08 4.08 3.57 3.57

Non-current assets held for s_2

Non-current assets held for sale (Tables)	12 Months Ended
	Dec. 31, 2023
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 2023 and 2022, which for 2023 are all in the customers & products segments and for 2022 in the gas & low carbon energy and customers & products segments, are set out in the table below. $ million 2023 2022 Property, plant and equipment 49 693 Goodwill — 58 Intangible assets 3 — Loans 1 — Inventories — 255 Cash — 35 Trade and other receivables 98 201 Assets classified as held for sale 151 1,242 Trade and other payables (1) (256) Lease liabilities (40) (14) Provisions (10) (36) Deferred tax liabilities — (15) Defined benefit pension plan and other post-retirement benefit plan deficits (11) — Liabilities directly associated with assets classified as held for sale (62) (321)

Business combinations (Tables)

Business combinations (Tables)	12 Months Ended
	Dec. 31, 2023
Disclosure of business combinations and other significant transactions [Abstract]
Summary of fair values of identifiable assets and liabilities acquired	$ million Provisional Final Assets Property plant and equipment 885 929 Goodwill 409 707 Intangible assets 3,475 3,178 Investments in equity-accounted entities 917 883 Inventory 42 31 Trade and other receivables 67 47 Cash and cash equivalents 107 96 Liabilities Trade and other payables (1,032) (1,145) Finance debt (1,044) (1,044) Deferred tax liabilities (293) (214) Provisions (16) (21) Non-controlling interest (7) (7) Total consideration 3,510 3,440 Of which: Cash 3,137 3,137 Fair value of previously held interest in Mavrix LLC 373 303

Disposals and impairment (Table

Disposals and impairment (Tables)	12 Months Ended
	Dec. 31, 2023
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. $ million 2023 2022 2021 Gains on sale of businesses and fixed assets gas & low carbon energy 19 45 1,034 oil production & operations 297 3,446 869 customers & products 44 374 (52) other businesses & corporate 9 1 25 369 3,866 1,876 $ million 2023 2022 2021 Losses on sale of businesses and fixed assets, and closures gas & low carbon energy 9 — 1 oil production & operations 5 921 86 customers & products 143 177 142 other businesses & corporate (1) 11,083 1 156 12,181 230 Impairment losses gas & low carbon energy 2,213 745 834 oil production & operations 1,840 4,480 1,617 customers & products 1,614 1,874 962 other businesses & corporate 80 13,536 63 5,747 20,635 3,476 Impairment reversals gas & low carbon energy (1) (1,333) (2,338) oil production & operations (26) (893) (2,479) customers & products — (68) (7) other businesses & corporate (19) — (3) (46) (2,294) (4,827) Impairment and losses on sale of businesses and fixed assets, and closures 5,857 30,522 (1,121)
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 2023 2022 2021 Proceeds from disposals of fixed assets 133 709 1,145 Proceeds from disposals of businesses, net of cash disposed 1,193 1,841 5,812 1,326 2,550 6,957 By business gas & low carbon energy 536 22 2,425 oil production & operations 333 1,935 3,022 customers & products 436 592 1,050 other businesses & corporate 21 1 460 1,326 2,550 6,957
Summary financial information relating to the sale of business	$ million 2023 2022 2021 Non-current assets 1,145 3,681 1,620 Current assets 557 2,972 69 Non-current liabilities (60) (1,869) (287) Current liabilities (454) (1,074) (3) Total carrying amount of net assets disposed 1,188 3,710 1,399 Recycling of foreign exchange on disposal — (26) 35 Costs on disposal 57 488 (5) 1,245 4,172 1,429 Gains (losses) on sale of businesses 158 6,219 1,632 Total consideration 1,403 10,391 3,061 Non-cash consideration (51) (8,999) (108) Consideration received (receivable) (159) 449 2,859 Proceeds from the sale of businesses, net of cash disposed a 1,193 1,841 5,812 a Proceeds are stated net of cash and cash equivalents disposed of $33 million (2022 $318 million and 2021 $2 million).

Segmental analysis (Tables)

Segmental analysis (Tables)	12 Months Ended
	Dec. 31, 2023
Operating Segments [Abstract]
Summary of financial information, by segment	$ million 2023 By business gas & low carbon energy oil production & operations customers & products other Consolidation adjustment and eliminations Total Segment revenues Sales and other operating revenues 50,297 24,904 160,215 2,657 (27,943) 210,130 Less: sales and other operating revenues between segments (1,808) (23,708) (367) (2,060) 27,943 — Third party sales and other operating revenues 48,489 1,196 159,848 597 — 210,130 Earnings from joint ventures and associates – after interest and tax (677) 1,164 427 (16) — 898 Segment results Replacement cost profit (loss) before interest and taxation 14,080 11,191 4,230 (903) (14) 28,584 Inventory holding gains (losses) a 1 — (1,237) — — (1,236) Profit (loss) before interest and taxation 14,081 11,191 2,993 (903) (14) 27,348 Finance costs (3,840) Net finance income relating to pensions and other post-retirement benefits 241 Profit before taxation 23,749 Other income statement items Depreciation, depletion and amortization US 96 3,554 1,883 85 — 5,618 Non-US 5,584 2,138 1,665 923 — 10,310 Charges for provisions, net of write-back of unused provisions, including change in discount rate 139 35 2,007 152 — 2,333 Segment assets Investments in joint ventures and associates 4,173 10,721 5,327 28 — 20,249 Additions to non-current assets b 4,859 7,384 9,383 1,075 — 22,701 a See explanation of inventory holding gains and losses on page 193. b Includes additions to property, plant and equipment; goodwill; intangible assets; investments in joint ventures; and investments in associates. 5. Segmental analysis – continued $ million 2022 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 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 income 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 193. 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 — — 3,655 Profit (loss) before interest and taxation 2,166 10,509 5,563 (89) (67) 18,082 Finance costs (2,857) Net finance income 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 193. b Includes additions to property, plant and equipment; goodwill; intangible assets; investments in joint ventures; and investments in associates.
Disclosure of geographical areas	$ million 2023 By geographical area US Non-US Total Revenues Third party sales and other operating revenues a 60,577 149,553 210,130 Other income statement items Production and similar taxes 136 1,643 1,779 Non-current assets Non-current assets b c 64,238 83,816 148,054 a Non-US region includes UK $39,975 million b Non-US region includes UK $23,949 million c Includes property, plant and equipment; goodwill; intangible assets; investments in joint ventures; investments in associates; and non-current prepayments. $ 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. 5. Segmental analysis – continued $ 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.

Sales and other operating rev_2

Sales and other operating revenues (Tables)	12 Months Ended
	Dec. 31, 2023
Revenue [abstract]
Summary of revenue from contracts with customers, by product	$ million 2023 2022 2021 Crude oil 2,413 6,309 5,483 Oil products 128,969 149,854 101,418 Natural gas, LNG and NGLs 29,541 41,770 24,378 Non-oil products and other revenues from contracts with customers 10,298 7,896 6,082 Revenue from contracts with customers 171,221 205,829 137,361 Other operating revenues a 38,909 35,563 20,378 Total sales and other operating revenues 210,130 241,392 157,739

Income statement analysis (Tabl

Income statement analysis (Tables)	12 Months Ended
	Dec. 31, 2023
Analysis of income and expense [abstract]
Summary of finance income and finance costs	$ million 2023 2022 2021 Interest and other income Interest income from Financial assets measured at amortized cost 1,034 371 221 Financial assets measured at fair value through profit or loss 215 59 5 Other income 386 673 355 1,635 1,103 581 Currency exchange losses charged to the income statement a 74 160 345 Expenditure on research and development 298 274 266 Costs relating to the Gulf of Mexico oil spill (pre-interest and tax) b 57 84 70 Finance costs Interest expense on lease liabilities 363 245 288 Interest expense on other liabilities measured at amortized cost c 3,115 2,070 1,820 Capitalized at 4.88% (2022 3.56% and 2021 2.63%) d (514) (464) (287) Finance debt risk management activities e (35) 43 145 Unwinding of discount on provisions 504 369 391 Unwinding of discount on other payables measured at amortized cost 407 440 500 3,840 2,703 2,857 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 2023 includes a loss of $49 million (2022 gain of $37 million and 2021 loss of $195 million) associated with the buyback of finance debt. d Tax relief on capitalized interest is approximately $130 million (2022 $108 million and 2021 $66 million). e Relates to temporary valuation differences associated with the group’s interest rate and foreign currency exchange risk management of finance debt.

Exploration for and evaluatio_2

Exploration for and evaluation of oil and natural gas resources (Tables)	12 Months Ended
	Dec. 31, 2023
Exploration For And Evaluation Of Mineral Resources [Abstract]
Detailed information about exploration and evaluation assets	$ million 2023 2022 2021 Exploration and evaluation costs Exploration expenditure written off 746 385 167 Other exploration costs 251 200 257 Exploration expense for the year 997 585 424 Impairment losses 20 2 1 Intangible assets – exploration and appraisal expenditure a 4,328 4,213 4,289 Liabilities 109 88 98 Net assets 4,219 4,125 4,191 Cash used in operating activities 251 200 257 Cash used in investing activities 1,039 909 369 a Amount capitalized at 31 December 2023, 2022 and 2021 relates to assets in various regions. The largest of these is approximately $600 million capitalized in the Middle East region (2022 approximately $600 million and 2021 approximately $700 million and capitalized in the Middle East region).

Taxation (Tables)

Taxation (Tables)	12 Months Ended
	Dec. 31, 2023
Income Taxes [Abstract]
Disclosure of major components of tax expense (income)	Tax on profit $ million 2023 2022 2021 Current tax Charge for the year 9,048 12,523 4,808 Adjustment in respect of prior years (373) 145 138 8,675 12,668 4,946 Deferred tax Origination and reversal of temporary differences in the current year a (238) 4,768 3,366 Adjustment in respect of prior years b (568) (674) (1,572) (806) 4,094 1,794 Tax charge on profit 7,869 16,762 6,740 a 2022 includes a charge of $1,834 million in respect of the impact of the UK Energy Profits Levy on existing temporary differences unwinding over the period 1 January 2023 to 31 March 2028. b The adjustment in respect of prior years reflects 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. 2023 also includes a credit of $232 million in respect of a revision to the deferred tax impact of the UK Energy Profits Levy.
Disclosure of reconciliation of items affected by overall tax credit	$ million 2023 2022 excluding impact of Rosneft 2022 impact of Rosneft a 2022 2021 Profit (loss) before taxation 23,749 40,925 (25,520) 15,405 15,227 Tax charge (credit) on profit or loss b 7,869 17,823 (1,061) 16,762 6,740 Effective tax rate 33% 44% 4% 109% 44% % Tax rate computed at the weighted average statutory rate c 34 42 20 77 54 Increase (decrease) resulting from Tax reported in equity-accounted entities d (2) (1) — (4) (3) Adjustments in respect of prior years (4) (1) — (3) (9) Deferred tax not recognized 2 (1) — (2) 8 Tax incentives for investment — — — (1) (1) Disposal impacts e — (3) — (8) (4) Foreign exchange — 1 — 3 1 Items not deductible for tax purposes 2 2 — 5 1 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 1 — 3 (3) Effective tax rate 33 44 4 109 44 a Includes the impact of bp's decision to exit its shareholding in Rosneft and its other businesses with Rosneft in Russia. 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. 2023 and 2022 include the impact 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 liability 2023 2022 At 1 January 6,618 2,370 Exchange adjustments a 134 (334) Charge (credit) for the year in the income statement (806) 4,094 Charge (credit) for the year in other comprehensive income (735) 272 Charge (credit) for the year in equity 56 (214) Acquisitions and disposals b 82 430 At 31 December 5,349 6,618 a 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 2023 2022 2021 2023 2022 Deferred tax liability Depreciation (1,552) 1,863 899 17,392 18,025 Pension plan surpluses a 133 42 105 2,568 3,022 Derivative financial instruments 12 (21) (33) 12 — Other taxable temporary differences b 10 (992) 180 1,020 1,000 (1,397) 892 1,151 20,992 22,047 Deferred tax asset Depreciation (166) (309) (846) (2,141) (1,974) Lease liabilities (176) (8) (43) (1,785) (1,047) Pension plan and other post-retirement benefit plan deficits (60) 47 119 (755) (647) Decommissioning, environmental and other provisions 563 770 (744) (6,042) (6,653) Derivative financial instruments (14) (6) (9) (136) (282) Tax credits (67) 1,578 1,282 (893) (779) Loss carry forward 296 1,536 1,064 (2,467) (2,669) Other deductible temporary differences c 215 (406) (180) (1,424) (1,378) 591 3,202 643 (15,643) (15,429) Net deferred tax charge (credit) and net deferred tax liability (806) 4,094 1,794 5,349 6,618 Of which – deferred tax liabilities 9,617 10,526 – deferred tax assets 4,268 3,908 a In November 2023 the UK Government announced a reduction in the authorised surplus payments charge applicable to defined benefit pension schemes from 35% to 25%. The legislation has not yet been enacted or substantively enacted, but is expected to be effective from 6 April 2024. The change is expected to reduce the deferred tax liability on pension plan surpluses by around $0.7 billion with the related gain recognised in other comprehensive income when the legislation is substantively enacted. b The 2022 income statement includes amounts relating to deferred withholding tax on unremitted earnings of Rosneft. The 2023 and 2022 balance sheet amounts do not include any temporary differences that are individually significant in their nature. c The 2023 and 2022 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 2023 2022 Unused US state tax losses a 2.1 2.1 Unused tax losses – other jurisdictions b 5.6 5.4 Unused tax credits 31.3 28.6 of which – arising in the UK c 27.3 24.6 – arising in the US d 4.0 4.0 Deductible temporary differences e 20.7 22.7 Taxable temporary differences associated with investments in subsidiaries and equity-accounted entities 0.7 0.7 a For 2023 the majority of these losses expire in the period 2024-2043 with applicable tax rates ranging from 3% to 9%. b 2023 and 2022 mainly relate to the UK, Brazil and Canada. 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. 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 2023 these tax credits expire in the period 2025-2033. e 2023 and 2022 mainly comprise fixed asset temporary differences in overseas branches of UK entities. Substantially all of the temporary differences have no expiry date.
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 2023 2022 2021 Current tax benefit relating to the utilization of previously unrecognized deferred tax assets 360 492 331 Deferred tax benefit arising from the reversal of a previous write-down of deferred tax assets 3 — 773 Deferred tax benefit relating to the recognition of previously unrecognized deferred tax assets 332 792 820 Deferred tax expense arising from the write-down of a previously recognized deferred tax asset 54 — 29

Dividends (Tables)

Dividends (Tables)	12 Months Ended
	Dec. 31, 2023
Interim Financial Reporting [Abstract]
Disclosure of dividends announced and paid	Pence per share Cents per share $ million 2023 2022 2021 2023 2022 2021 2023 2022 2021 Dividends announced and paid in cash Preference shares 1 1 2 Ordinary shares March 5.5507 4.1595 3.7684 6.610 5.460 5.250 1,183 1,068 1,063 June 5.3089 4.3556 3.7118 6.610 5.460 5.250 1,152 1,061 1,062 September 5.7320 5.1684 3.9529 7.270 6.006 5.460 1,249 1,140 1,100 December 5.7367 4.9402 4.1045 7.270 6.006 5.460 1,224 1,088 1,077 22.3283 18.6237 15.5376 27.760 22.932 21.420 4,809 4,358 4,304 Dividend announced, paid in March 2024 7.270 1,222

Earnings per share (Tables)

Earnings per share (Tables)	12 Months Ended
	Dec. 31, 2023
Earnings per share [abstract]
Summary of earnings per share	Cents per share Per ordinary share 2023 2022 2021 Basic earnings per share 87.78 (13.10) 37.57 Diluted earnings per share 85.85 (13.10) 37.33 Dollars per share Per American Depositary Share (ADS) a 2023 2022 2021 Basic earnings per share 5.27 (0.79) 2.25 Diluted earnings per share 5.15 (0.79) 2.24 $ million 2023 2022 2021 Profit (loss) attributable to bp shareholders 15,239 (2,487) 7,565 Less: dividend requirements on preference shares 1 1 2 Profit (loss) for the year attributable to bp ordinary shareholders 15,238 (2,488) 7,563 Shares thousand 2023 2022 2021 Basic weighted average number of ordinary shares a 17,360,288 18,987,936 20,128,862 Potential dilutive effect of ordinary shares issuable under employee share-based payment plans 389,790 — 131,526 Weighted average number of ordinary shares outstanding used to calculate diluted earnings per share 17,750,078 18,987,936 20,260,388 Shares thousand 2023 2022 2021 Basic weighted average number of ordinary shares – ADS equivalent 2,893,381 3,164,656 3,354,810 Potential dilutive effect of ordinary shares (ADS equivalent) issuable under employee share-based payment plans 64,965 — 21,921 Weighted average number of ordinary shares (ADS equivalent) outstanding used to calculate diluted earnings per share 2,958,346 3,164,656 3,376,731
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 2023 2022 Number of options a b thousand Weighted average Number of options a b thousand Weighted average Outstanding 545,044 4.04 564,079 4.00 Exercisable 905 3.31 342 4.99 Dilutive effect 166,581 n/a 83,204 n/a a Numbers of options shown are ordinary share equivalents (one ADS is equivalent to six ordinary shares). b At 31 December 2023 the quoted market price of one bp ordinary share was £4.66 (2022 £4.75). Share plans 2023 2022 Number of shares a Number of shares a Vesting thousand thousand Within one year 226,190 167,672 1 to 2 years 257,511 192,734 2 to 3 years 114,500 226,027 3 to 4 years 1,176 2,595 Over 4 years 308 173 599,685 589,201 Dilutive effect 284,908 244,886 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, 2023
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 c Plant, machinery and equipment Fittings, fixtures and office equipment c Transportation Oil depots, storage tanks and service stations Total Cost - owned PP&E At 1 January 2023 3,513 950 179,028 44,662 2,202 3,076 10,089 243,520 Exchange adjustments 112 2 — 294 31 2 342 783 Additions 134 48 8,252 2,921 221 80 1,126 12,782 Acquisitions 206 — — 27 12 48 1,060 1,353 Transfers from intangible assets — — 171 — — — — 171 Reclassified as assets held for sale (7) — — (3) (3) (1) (74) (88) Deletions and disposals (34) (8) (2,105) (517) (173) (247) (319) (3,403) At 31 December 2023 3,924 992 185,346 47,384 2,290 2,958 12,224 255,118 Depreciation - owned PP&E At 1 January 2023 700 501 111,434 22,903 1,671 2,431 5,819 145,459 Exchange adjustments 14 3 — 200 18 2 206 443 Charge for the year 45 30 10,468 1,519 163 85 629 12,939 Impairment losses 108 22 3,628 1,467 — 10 58 5,293 Impairment reversals — — (18) — — (9) — (27) Reclassified as assets held for sale (1) — — (2) (1) (1) (74) (79) Deletions and disposals (28) (3) (2,070) (416) (167) (226) (275) (3,185) At 31 December 2023 838 553 123,442 25,671 1,684 2,292 6,363 160,843 Owned PP&E - net book amount at 31 December 2023 3,086 439 61,904 21,713 606 666 5,861 94,275 Right-of-use assets - net book amount at 31 December 2023 b — 1,243 53 916 4 2,463 5,765 10,444 Total PP&E - net book amount at 31 December 2023 3,086 1,682 61,957 22,629 610 3,129 11,626 104,719 Cost - owned PP&E At 1 January 2022 c 3,713 1,245 208,778 44,037 2,213 3,033 10,241 273,260 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 3,513 950 179,028 44,662 2,202 3,076 10,089 243,520 Depreciation - owned PP&E At 1 January 2022 c 706 654 135,294 21,841 1,774 2,388 5,783 168,440 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 700 501 111,434 22,903 1,671 2,431 5,819 145,459 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 Assets under construction included above At 31 December 2023 13,390 At 31 December 2022 22,313 Depreciation charge for the year on right-of-use assets 2023 196 16 558 5 1,055 783 2,613 2022 190 18 321 10 853 577 1,969 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 $661 million (2022 $560 million) of drilling rig right-of-use assets and $2,337 million (2022 $2,208 million) of shipping vessel right-of-use assets are included in Plant, machinery and equipment and Transportation respectively. c An amendment has been made to prior year balances to correctly present offsetting movements in oil and gas properties (an increase of $744 million) and fittings, fixtures and office equipment (a decrease of $18 million) cost and depreciation. The amendment has no impact on reported profit or net book amounts of PPE.

Goodwill and impairment revie_2

Goodwill and impairment review of goodwill (Tables)	12 Months Ended
	Dec. 31, 2023
Intangible Assets [Abstract]
Disclosure of reconciliation of goodwill	$ million 2023 2022 Cost At 1 January 12,577 12,991 Exchange adjustments 184 (367) Acquisitions and other additions 415 573 Reclassified as assets held for sale — (58) Deletions and disposals — (562) At 31 December 13,176 12,577 Impairment losses At 1 January 617 618 Exchange adjustments 2 (1) Impairment losses for the year 85 — At 31 December 704 617 Net book amount at 31 December 12,472 11,960 Net book amount at 1 January 11,960 12,373 Impairment review of goodwill $ million Goodwill at 31 December 2023 2022 gas & low carbon energy 2,095 2,232 oil production & operations 4,925 4,925 customers & products 5,431 4,740 other businesses & corporate 21 63 12,472 11,960
Schedule of goodwill	$ million $ million gas & low carbon energy oil production & operations 2023 2022 2023 2022 Goodwill 2,095 2,232 4,925 4,925 Excess of recoverable amount over carrying amount 5,886 12,971 18,854 36,045 $ million 2023 2022 Castrol US Fuels European Fuels Archaea Other Total Castrol US Fuels European Fuels Archaea Other Total Goodwill 2,672 792 839 707 421 5,431 2,524 606 815 409 386 4,740

Intangible assets (Tables)

Intangible assets (Tables)	12 Months Ended
	Dec. 31, 2023
Intangible Assets [Abstract]
Disclosure of detailed information about intangible assets	$ million 2023 2022 Exploration and appraisal expenditure a Biogas rights agreements Other intangibles Total Exploration and appraisal expenditure a Biogas rights agreements Other intangibles Total Cost At 1 January 12,571 3,398 6,817 22,786 14,311 — 6,152 20,463 Exchange adjustments — — 144 144 — — (216) (216) Acquisitions b — — 130 130 — 3,398 194 3,592 Remeasurements of acquisition accounting b — (394) — (394) — — — — Additions 1,058 23 799 1,880 894 — 831 1,725 Transfers to property, plant and equipment (171) — — (171) (357) — — (357) Reclassified as assets held for sale — — (6) (6) (9) — (7) (16) Deletions and disposals (383) (38) (767) (1,188) (2,268) — (137) (2,405) At 31 December 13,075 2,989 7,117 23,181 12,571 3,398 6,817 22,786 Amortization At 1 January 8,358 — 4,228 12,586 10,022 — 3,990 14,012 Exchange adjustments — — 79 79 — — (128) (128) Exploration expenditure written off 746 — — 746 385 — — 385 Charge for the year — 106 642 748 — — 491 491 Impairment losses 20 — 77 97 2 — 21 23 Impairment reversals — — — — — — (3) (3) Reclassified as assets held for sale — — (3) (3) (9) — (7) (16) Deletions and disposals (377) (1) (685) (1,063) (2,042) — (136) (2,178) At 31 December 8,747 105 4,338 13,190 8,358 — 4,228 12,586 Net book amount at 31 December 4,328 2,884 2,779 9,991 4,213 3,398 2,589 10,200 Net book amount at 1 January 4,213 3,398 2,589 10,200 4,289 — 2,162 6,451 a For further information see Intangible assets within Note 1 and Note 8. b Primarily relates to the acquisition of Archaea Energy Inc. See Note 3 for further information.

Investments in joint ventures_2

Investments in joint ventures (Tables)	12 Months Ended
	Dec. 31, 2023
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 2023 2022 2021 2023 2022 Azule Energy 700 540 — 5,066 5,264 Pan American Energy Group — 538 (217) — 2,000 Other joint ventures a (633) 50 760 7,369 5,136 67 1,128 543 12,435 12,400 $ million Gross amount 2023 2022 2021 Azule Energy Azule Energy PAEG PAEG Sales and other operating revenues 5,164 2,274 6,408 4,394 Profit (loss) before interest and taxation 2,146 1,460 1,560 806 Finance costs 400 218 376 262 Profit (loss) before taxation a 1,746 1,242 1,184 544 Taxation b 346 162 108 978 Profit (loss) for the year 1,400 1,080 1,076 (434) Other comprehensive income — — — — Total comprehensive income 1,400 1,080 1,076 (434) Non-current assets 18,788 22,218 14,598 Current assets c 3,928 4,132 3,054 Total assets 22,716 26,350 17,652 Current liabilities d 2,510 2,594 1,996 Non-current liabilities e 10,074 13,228 5,856 Total liabilities 12,584 15,822 7,852 Net assets 10,132 10,528 9,800 Less: non-controlling interests — — — 10,132 10,528 9,800 a Azule Energy includes depreciation and amortisation of $2,768 million (2022 $1,145 million), interest income of $nil (2022 $11 million) and interest expense of $407 million (2022 $218 million). For 2022 and 2021 PAEG includes depreciation and amortisation of $1,039 million and $930 million respectively, interest income of $29 million and $19 million respectively and interest expense of $375 million and $262 million respectively. 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 $603 million (2022 $1,031 million). PAEG includes cash and cash equivalents of $1,012 million for 2022. d Azule Energy includes current financial liabilities of $2,409 million (2022 $2,077 million). PAEG includes current financial liabilities of $751 million for 2022. e Azule Energy includes non-current financial liabilities of $4,735 million (2022 $4,700 million). PAEG includes non-current financial liabilities of $2,151 million for 2022 . Transactions between the group and its joint ventures are summarized below. $ million Sales to joint ventures 2023 2022 2021 Product Sales Amount receivable at Sales Amount receivable at Sales Amount receivable at LNG, crude oil and oil products, natural gas 3,585 501 4,212 316 3,923 292 Purchases from joint ventures 2023 2022 2021 Product Purchases Amount Purchases Amount Purchases Amount LNG, crude oil and oil products, natural gas, refinery operating costs, plant processing fees 3,328 427 1,893 574 716 93
Summarized financial information relating to the group's share of joint ventures	$ million bp share 2023 2022 2021 Azule Energy Other Total Azule Energy PAEG Other Total PAEG Other Total Sales and other operating revenues 2,582 13,705 16,287 1,137 3,204 9,770 14,111 2,197 9,048 11,245 Profit (loss) before interest and taxation 1,073 8 1,081 730 780 255 1,765 403 927 1,330 Finance costs 200 421 621 109 188 137 434 131 58 189 Profit (loss) before taxation 873 (413) 460 621 592 118 1,331 272 869 1,141 Taxation 173 219 392 81 54 67 202 489 107 596 Non-controlling interest — 1 1 — — 1 1 — 2 2 Profit (loss) for the year 700 (633) 67 540 538 50 1,128 (217) 760 543 Other comprehensive income — 45 45 — — 50 50 — 5 5 Total comprehensive income 700 (588) 112 540 538 100 1,178 (217) 765 548 Non-current assets 9,394 16,505 25,899 11,109 7,299 7,775 26,183 Current assets 1,964 4,387 6,351 2,066 1,527 2,778 6,371 Total assets 11,358 20,892 32,250 13,175 8,826 10,553 32,554 Current liabilities 1,255 2,992 4,247 1,297 998 1,713 4,008 Non-current liabilities 5,037 7,505 12,542 6,614 2,928 3,687 13,229 Total liabilities 6,292 10,497 16,789 7,911 3,926 5,400 17,237 Net assets 5,066 10,395 15,461 5,264 4,900 5,153 15,317 Less: non-controlling interests — (15) (15) — — (13) (13) 5,066 10,380 15,446 5,264 4,900 5,140 15,304 Group investment in joint ventures Group share of net assets (as above) 5,066 10,380 15,446 5,264 4,900 5,140 15,304 Cumulative impairment charge — (3,007) (3,007) — (2,900) — (2,900) Loans made by group companies to joint ventures — (4) (4) — — (4) (4) 5,066 7,369 12,435 5,264 2,000 5,136 12,400

Investments in associates (Tabl

Investments in associates (Tables)	12 Months Ended
	Dec. 31, 2023
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 2023. The associate which was material to the Group at 31 December 2021 was Rosneft. At 31 December 2021 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. 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’. For further information see Note 1 Significant judgements and estimate: investment in Rosneft . $ million Income statement Balance sheet Earnings from associates Investments in associates 2023 2022 2021 2023 2022 Rosneft — 528 2,694 — — Other associates 831 874 762 7,814 8,201 831 1,402 3,456 7,814 8,201 The following table provides summarized financial information relating to Rosneft for 2021. 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 Sales and other operating revenues 118,755 Profit before interest and taxation 18,537 Finance costs 1,357 Profit (loss) before taxation 17,180 Taxation 3,209 Non-controlling interests 1,743 Profit (loss) for the year 12,228 Other comprehensive income 54 Total comprehensive income 12,282 Transactions between the group and its associates are summarized below. $ million Sales to associates 2023 2022 2021 Product Sales Amount receivable at Sales Amount receivable at Sales Amount receivable at LNG, crude oil and oil products, natural gas 1,009 368 1,042 417 852 201 $ million Purchases from associates 2023 2022 2021 Product Purchases Amount Purchases Amount Purchases Amount Crude oil and oil products, natural gas, transportation tariff 5,473 2,607 6,199 2,086 7,683 2,072
Summarized financial information of associates	Summarized financial information for the group’s share of associates is shown below. $ million bp share 2023 2022 2021 Total Total Rosneft Other Total Sales and other operating revenues 11,396 14,841 26,163 10,005 36,168 Profit before interest and taxation 2,279 3,053 4,084 1,602 5,686 Finance costs 41 73 299 73 372 Profit (loss) before taxation 2,238 2,980 3,785 1,529 5,314 Taxation 1,407 1,498 707 767 1,474 Non-controlling interests — 80 384 — 384 Profit (loss) for the year 831 1,402 2,694 762 3,456 Other comprehensive income (237) 352 12 27 39 Total comprehensive income 594 1,754 2,706 789 3,495 Non-current assets 11,483 11,993 Current assets 3,776 3,368 Total assets 15,259 15,361 Current liabilities 3,003 2,936 Non-current liabilities 4,473 4,255 Total liabilities 7,476 7,191 Net assets 7,783 8,170 Less: non-controlling interests — — 7,783 8,170 Group investment in associates Group share of net assets (as above) 7,783 8,170 Loans made by group companies to associates 31 31 7,814 8,201

Other investments (Tables)

Other investments (Tables)	12 Months Ended
	Dec. 31, 2023
Financial Instruments [Abstract]
Schedule of other investments	$ million 2023 2022 Current Non-current Current Non-current Equity investments a — 1,177 — 1,040 Contingent consideration 754 939 364 1,522 Other 89 73 214 108 843 2,189 578 2,670 a The majority of equity investments are unlisted.

Inventories (Tables)

Inventories (Tables)	12 Months Ended
	Dec. 31, 2023
Inventories [Abstract]
Summary of inventory	$ million 2023 2022 Crude oil 3,227 3,608 Natural gas 410 825 Emissions allowances 464 436 Refined petroleum and petrochemical products 7,413 7,920 11,514 12,789 Trading inventories 9,850 14,004 21,364 26,793 Supplies 1,455 1,288 22,819 28,081 Cost of inventories expensed in the income statement 119,307 141,043

Trade and other receivables (Ta

Trade and other receivables (Tables)	12 Months Ended
	Dec. 31, 2023
Subclassifications of assets, liabilities and equities [abstract]
Disclosure of trade and other receivables	$ million 2023 2022 Current Non-current Current Non-current Financial assets Trade receivables 25,175 652 28,229 12 Amounts receivable from joint ventures and associates 843 26 654 79 Other receivables 3,936 722 3,953 608 29,954 1,400 32,836 699 Non-financial assets Sales taxes and production taxes 1,028 355 1,037 379 Other receivables 141 12 137 14 1,169 367 1,174 393 31,123 1,767 34,010 1,092

Valuation and qualifying acco_2

Valuation and qualifying accounts (Tables)	12 Months Ended
	Dec. 31, 2023
SEC Schedule, 12-09, Valuation and Qualifying Accounts [Abstract]
Summary of valuation and qualifying accounts	$ million 2023 2022 2021 Trade and other receivables Fixed asset Trade and other receivables Fixed asset Trade and other receivables Fixed asset At 1 January 636 3,050 584 169 555 186 Charged to costs and expenses 866 176 143 17,471 136 3 Charged to other accounts a 1 (1) (8) (27) (11) — Deductions (79) (42) (83) (41) (96) (20) Reclassifications — — — (14,522) — — At 31 December 1,424 3,183 636 3,050 584 169 a Principally exchange adjustments.

Trade and other payables (Table

Trade and other payables (Tables)	12 Months Ended
	Dec. 31, 2023
Subclassifications of assets, liabilities and equities [abstract]
Schedule of trade and other payables	$ million 2023 2022 Current Non-current Current Non-current Financial liabilities Trade payables 42,406 — 47,210 — Amounts payable to joint ventures and associates 3,034 — 2,660 — Payables for capital expenditure and acquisitions 3,063 305 2,579 446 Payables related to the Gulf of Mexico oil spill 1,130 7,602 1,213 8,350 Other payables 7,313 663 5,995 1,133 56,946 8,570 59,657 9,929 Non-financial liabilities Sales taxes, customs duties, production taxes and social security 2,264 134 2,361 124 Other payables 1,945 1,372 1,966 334 4,209 1,506 4,327 458 61,155 10,076 63,984 10,387

Provisions (Tables)

Provisions (Tables)	12 Months Ended
	Dec. 31, 2023
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 2023 12,343 1,721 779 5,062 1,419 21,324 Exchange adjustments 129 6 — 29 25 189 Acquisitions 5 33 2 — — 40 New and increase in existing provisions a 915 228 147 2,347 718 4,355 Write-back of unused provisions a (3) (51) (15) (710) (261) (1,040) Unwinding of discount b 418 55 19 — 12 504 Change in discount rate (921) (41) (23) — (6) (991) Utilization (70) (307) (173) (3,703) (491) (4,744) Reclassified to other payables (444) (29) — — — (473) Reclassified as liabilities directly associated with assets held for sale — (1) (9) — — (10) Deletions — — — — (15) (15) At 31 December 2023 12,372 1,614 727 3,025 1,401 19,139 Of which – current 637 371 111 2,807 492 4,418 – non-current 11,735 1,243 616 218 909 14,721 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, 2023
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 2023 2022 2021 2023 2022 2021 2023 2022 2021 Discount rate for plan liabilities 4.8 5.0 1.8 5.0 5.2 2.7 3.6 4.2 1.3 Rate of increase for pensions in payment 2.8 2.9 3.2 — — — 2.1 1.8 1.4 Rate of increase in deferred pensions 2.8 2.9 3.2 — — — 0.7 0.6 0.4 Inflation for plan liabilities 3.0 3.1 3.3 2.0 2.0 2.1 2.4 2.1 1.6 % Financial assumptions used to determine benefit expense UK US Eurozone 2023 2022 2021 2023 2022 2021 2023 2022 2021 Discount rate for plan service cost b N/A N/A 1.5 5.2 2.8 2.4 4.3 1.7 1.4 Discount rate for plan other finance expense c 5.0 1.8 1.7 5.2 2.7 2.2 4.2 1.3 1.0 Inflation for plan service cost b N/A N/A 2.8 2.0 2.1 1.7 2.1 1.6 1.5 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. 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 5.0% (2022 2.5%) and 1.9% (2022 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 2023 2022 2021 2023 2022 2021 2023 2022 2021 Life expectancy at age 60 for a male currently aged 60 27.4 26.9 26.9 25.0 25.0 24.9 26.1 26.0 25.8 Life expectancy at age 60 for a male currently aged 40 29.2 28.5 28.4 26.7 26.6 26.6 28.6 28.5 28.3 Life expectancy at age 60 for a female currently aged 60 29.2 28.8 28.9 28.1 28.0 27.9 29.3 29.3 29.1 Life expectancy at age 60 for a female currently aged 40 30.6 30.6 30.5 29.6 29.5 29.4 31.6 31.4 31.2
Disclosure of fair value of plan assets	The current asset allocation policy for the major plans at 31 December 2023 was as follows: UK US Asset category % % Total equity (including private equity) 8 19 Bonds/cash (including LDI) 85 81 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 216. $ million UK a US b Eurozone Other Total Fair value of pension plan assets At 31 December 2023 Listed equities – developed markets 862 97 333 232 1,524 – emerging markets 28 12 51 66 157 Private equity c 2,022 1,014 — 2 3,038 Government issued nominal bonds d 6,285 1,457 746 285 8,773 Government issued index-linked bonds d 13,177 — 88 — 13,265 Corporate bonds d 6,144 2,802 605 166 9,717 Property e 2,437 — 92 17 2,546 Cash 453 59 82 85 679 Other f 1,123 33 55 391 1,602 Debt (repurchase agreements) used to fund liability driven investments (6,485) — — — (6,485) 26,046 5,474 2,052 1,244 34,816 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 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 $374 million.
Disclosure of net defined benefit liability (asset)	$ million 2023 UK US Eurozone Other Total Analysis of the amount charged to profit or loss Current service cost a 44 156 47 21 268 Past service cost b 4 — 5 (2) 7 Settlement b — — — 3 3 Operating charge (credit) relating to defined benefit plans 48 156 52 22 278 Payments to defined contribution plans 132 158 7 36 333 Total operating charge (credit) 180 314 59 58 611 Interest income on plan assets a (1,259) (274) (78) (56) (1,667) Interest on plan liabilities 869 297 194 66 1,426 Other finance (income) expense (390) 23 116 10 (241) Analysis of the amount recognized in other comprehensive income Actual asset return less interest income on plan assets (677) 45 82 28 (522) Change in financial assumptions underlying the present value of the plan liabilities (649) 28 (508) (24) (1,153) Change in demographic assumptions underlying the present value of the plan liabilities (230) (5) 8 — (227) Experience gains and losses arising on the plan liabilities (320) 45 (84) (1) (360) Remeasurements recognized in other comprehensive income (1,876) 113 (502) 3 (2,262) Movements in benefit obligation during the year Benefit obligation at 1 January 17,480 5,880 4,799 1,343 29,502 Exchange adjustments 1,056 — 215 30 1,301 Operating charge relating to defined benefit plans 48 156 52 22 278 Interest cost 869 297 194 66 1,426 Contributions by plan participants 6 — 2 5 13 Benefit payments (funded plans) c (1,071) (262) (79) (81) (1,493) Benefit payments (unfunded plans) c (8) (166) (230) (25) (429) Reclassified as assets held for sale — — — (14) (14) Remeasurements 1,199 (68) 584 25 1,740 Benefit obligation at 31 December a d 19,579 5,837 5,537 1,371 32,324 Movements in fair value of plan assets during the year Fair value of plan assets at 1 January 25,047 5,417 1,877 1,186 33,527 Exchange adjustments 1,462 — 81 39 1,582 Interest income on plan assets a e 1,259 274 78 56 1,667 Contributions by plan participants 6 — 2 5 13 Contributions by employers (funded plans) 20 — 11 11 42 Benefit payments (funded plans) c (1,071) (262) (79) (81) (1,493) Remeasurements e (677) 45 82 28 (522) Fair value of plan assets at 31 December f 26,046 5,474 2,052 1,244 34,816 Surplus (deficit) at 31 December 6,467 (363) (3,485) (127) 2,492 Represented by Asset recognized 6,631 1,133 120 64 7,948 Liability recognized (164) (1,496) (3,605) (191) (5,456) 6,467 (363) (3,485) (127) 2,492 The surplus (deficit) may be analysed between funded and unfunded plans as follows Funded 6,631 1,133 104 29 7,897 Unfunded (164) (1,496) (3,589) (156) (5,405) 6,467 (363) (3,485) (127) 2,492 The defined benefit obligation may be analysed between funded and unfunded plans as follows Funded (19,415) (4,341) (1,948) (1,215) (26,919) Unfunded (164) (1,496) (3,589) (156) (5,405) (19,579) (5,837) (5,537) (1,371) (32,324) 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 $34 million of costs of administering that plan and $10 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. There was also a $5 million past service cost in France relating to statutory retirement age changes. Settlements represent charges for special termination benefits arising as a result of early retirements. c The benefit payments amount shown above comprises $1,858 million benefits and $10 million settlements, plus $54 million of plan expenses incurred in the administration of the benefit. d The benefit obligation for the US is made up of $4,527 million for pension liabilities and $1,310 million for other post-retirement benefit liabilities (which are unfunded and are primarily retiree medical liabilities). The benefit obligation for the Eurozone includes $3,393 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 214. 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 214. 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 (credit) relating to defined benefit plans (148) 246 74 32 204 Payments to defined contribution plans 76 136 7 36 255 Total operating charge (credit) (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 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
Disclosure of sensitivity analysis for actuarial assumptions	A one-percentage point change, in isolation, in certain assumptions as at 31 December 2023 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 2024 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 2024 (197) 173 (40) 46 (8) 4 Effect on obligation at 31 December 2023 (2,259) 2,811 (449) 651 (608) 737 Inflation rate b Effect on expense in 2024 89 (83) 7 (6) 34 (29) Effect on obligation at 31 December 2023 1,872 (1,738) 41 (35) 582 (503) 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 2024 28 4 10 Effect on obligation at 31 December 2023 577 64 216
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 2023 are as follows: $ million Estimated future benefit payments UK US Eurozone Other Total 2024 1,169 474 332 88 2,063 2025 1,113 469 326 84 1,992 2026 1,126 456 318 85 1,985 2027 1,146 458 313 86 2,003 2028 1,159 441 308 86 1,994 2029 - 2033 5,958 2,204 1,454 440 10,056 Years Weighted average duration 12.9 9.3 12.9 11.4

Cash and cash equivalents (Tabl

Cash and cash equivalents (Tables)	12 Months Ended
	Dec. 31, 2023
Subclassifications of assets, liabilities and equities [abstract]
Schedule of cash and cash equivalents	$ million 2023 2022 Cash 16,683 15,008 Triparty repos and term bank deposits 9,788 7,971 Other cash equivalents 6,559 6,216 33,030 29,195

Finance debt (Tables)

Finance debt (Tables)	12 Months Ended
	Dec. 31, 2023
Financial Instruments [Abstract]
Disclosure of detailed information about borrowings	$ million 2023 2022 Current Non-current Total Current Non-current Total Borrowings 3,284 48,670 51,954 3,198 43,746 46,944 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 2023 US dollar 4 13 33,511 8 18,134 51,645 Other currencies 6 7 205 10 104 309 33,716 18,238 51,954 2022 US dollar 3 14 28,651 6 18,105 46,756 Other currencies 6 8 188 — — 188 28,839 18,105 46,944
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 2023 2022 Fair value Carrying Fair value Carrying Short-term borrowings 596 596 901 901 Long-term borrowings 48,199 51,358 41,689 46,043 Total finance debt 48,795 51,954 42,590 46,944

Capital disclosures and net d_2

Capital disclosures and net debt (Tables)	12 Months Ended
	Dec. 31, 2023
Subclassifications of assets, liabilities and equities [abstract]
Disclosure of the net debt ratio	At 31 December 2023, gearing was 19.7% (2022 20.5%). $ million At 31 December 2023 2022 Finance debt 51,954 46,944 Less: fair value asset (liability) of hedges related to finance debt a (1,988) (3,673) 53,942 50,617 Less: cash and cash equivalents 33,030 29,195 Net debt 20,912 21,422 Total equity 85,493 82,990 Gearing 19.7% 20.5% a
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 2023 46,944 5,312 8,549 42 60,847 Exchange adjustments 33 — 132 1 166 Net financing cash flow 3,040 (213) (2,560) (22) 245 Fair value (gains) losses 1,389 (2,065) — — (676) New and remeasured leases/joint operations payables — — 4,956 10 4,966 Other movements b 548 (56) 44 (1) 535 At 31 December 2023 51,954 2,978 11,121 30 66,083 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 operations payables — — 2,367 21 2,388 Other movements c 481 — (208) (201) 72 At 31 December 2022 46,944 5,312 8,549 42 60,847 a Currency swaps include cross currency interest rate swaps. b 2023 other movements in finance debt include $545 million acquired with TravelCenters of America. c 2022 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, 2023
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 2023 2022 Undiscounted lease liability cash flows due: Within 1 year 3,038 2,348 1 to 2 years 2,177 1,728 2 to 3 years 1,386 1,232 3 to 4 years 1,139 740 4 to 5 years 947 632 5 to 10 years 3,045 1,909 Over 10 years 1,348 1,275 13,080 9,864 Impact of discounting (1,959) (1,315) Lease liabilities at 31 December 11,121 8,549 Of which – current 2,650 2,102 – non-current 8,471 6,447
Disclosure of quantitative information about right-of-use assets [text block]	$ million 2023 2022 Total cash outflow for amounts included in lease liabilities a 2,904 2,200 Expense for variable payments not included in the lease liability a 27 27 Short-term lease expense a 657 482 Additions to right-of-use assets in the period 5,015 2,451 a

Financial instruments and fin_2

Financial instruments and financial risk factors (Tables)	12 Months Ended
	Dec. 31, 2023
Financial Instruments [Abstract]
Disclosure of financial assets	Other investments $ million 2023 2022 Current Non-current Current Non-current Equity investments a — 1,177 — 1,040 Contingent consideration 754 939 364 1,522 Other 89 73 214 108 843 2,189 578 2,670 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 2023 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 3,006 — 3,032 Loans 1,725 457 — 2,182 Trade and other receivables 20 31,354 — — 31,354 Derivative financial instruments 30 — 22,444 119 22,563 Cash and cash equivalents 25 27,804 5,226 — 33,030 Financial liabilities Trade and other payables 22 (65,516) — — (65,516) Derivative financial instruments 30 — (13,545) (2,107) (15,652) Accruals (7,837) — — (7,837) Lease liabilities 28 (11,121) — — (11,121) Finance debt 26 (51,954) — — (51,954) (75,519) 17,588 (1,988) (59,919) 29. Financial instruments and financial risk factors – continued $ 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)
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 2023 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 3,006 — 3,032 Loans 1,725 457 — 2,182 Trade and other receivables 20 31,354 — — 31,354 Derivative financial instruments 30 — 22,444 119 22,563 Cash and cash equivalents 25 27,804 5,226 — 33,030 Financial liabilities Trade and other payables 22 (65,516) — — (65,516) Derivative financial instruments 30 — (13,545) (2,107) (15,652) Accruals (7,837) — — (7,837) Lease liabilities 28 (11,121) — — (11,121) Finance debt 26 (51,954) — — (51,954) (75,519) 17,588 (1,988) (59,919) 29. Financial instruments and financial risk factors – continued $ 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)
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 in the table below. % As at 31 December 2023 2022 AAA to AA- 7 % 9 % A+ to A- 59 % 49 % BBB+ to BBB- 15 % 15 % BB+ to BB- 7 % 11 % B+ to B- 4 % 12 % CCC+ and below 8 % 4 %
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 2023 Master Cash Derivative assets 25,188 (2,625) 22,563 (3,436) (1,245) 17,882 Derivative liabilities (18,277) 2,625 (15,652) 3,436 263 (11,953) Trade and other receivables 17,867 (7,789) 10,078 (1,141) (633) 8,304 Trade and other payables (16,284) 7,789 (8,495) 1,141 44 (7,310) At 31 December 2022 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)
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 2023 Master Cash Derivative assets 25,188 (2,625) 22,563 (3,436) (1,245) 17,882 Derivative liabilities (18,277) 2,625 (15,652) 3,436 263 (11,953) Trade and other receivables 17,867 (7,789) 10,078 (1,141) (633) 8,304 Trade and other payables (16,284) 7,789 (8,495) 1,141 44 (7,310) At 31 December 2022 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)
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 2023 2022 Trade and other payables a Accruals Finance Interest on finance debt Trade and other payables a Accruals Finance Interest on finance debt b Within one year 56,852 6,527 3,054 2,394 59,618 6,398 2,978 2,013 1 to 2 years 1,876 329 3,820 2,151 1,625 230 2,811 1,848 2 to 3 years 1,158 147 4,767 1,907 1,378 207 4,066 1,684 3 to 4 years 1,178 135 5,367 1,666 1,192 110 5,077 1,452 4 to 5 years 1,141 121 5,778 1,396 1,188 114 5,773 1,204 5 to 10 years 5,028 382 12,939 4,894 6,109 348 13,621 3,680 Over 10 years 136 196 14,586 6,890 772 224 13,135 6,968 67,369 7,837 50,311 21,298 71,882 7,631 47,461 18,849 a 2023 includes $10,662 million (2022 $11,884 million) in relation to the Gulf of Mexico oil spill, of which $9,520 million (2022 $10,660 million) matures in greater than one year. b Comparative amounts for interest on finance debt have been amended to align with current year presentation. The amendment has increased cash outflows by $3,022 million.
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 $24,120 million at 31 December 2023 (2022 $23,970 million) to be received on the same day as the related cash outflows. $ million Cash outflows for derivative financial instruments at 31 December 2023 2022 Within one year 2,071 1,492 1 to 2 years 1,718 2,531 2 to 3 years 5,136 2,053 3 to 4 years 3,077 5,575 4 to 5 years 1,743 3,584 5 to 10 years 6,708 7,627 Over 10 years 4,092 2,772 24,545 25,634 For further information on our derivative financial instruments, see Note 30. Derivative liabilities held for trading have the following fair values and maturities. $ million 2023 Less than 1-2 years 2-3 years 3-4 years 4-5 years Over Total Currency derivatives (341) (3) (405) (166) (7) (589) (1,511) Oil price derivatives (1,047) (61) (14) (4) (1) (12) (1,139) Natural gas price derivatives (2,126) (796) (473) (348) (293) (2,672) (6,708) Power price derivatives (1,692) (666) (413) (306) (227) (883) (4,187) (5,206) (1,526) (1,305) (824) (528) (4,156) (13,545) $ 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)

Derivative financial instrume_2

Derivative financial instruments (Tables)	12 Months Ended
	Dec. 31, 2023
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 2023 2022 Fair value Fair value Fair value Fair value Derivatives held for trading a Currency derivatives 478 (1,511) 634 (2,346) Oil price derivatives 1,859 (1,139) 2,753 (1,961) Natural gas price derivatives 14,750 (6,708) 15,437 (12,129) Power price derivatives 5,355 (4,187) 5,527 (6,004) Other derivatives 2 — 44 — 22,444 (13,545) 24,395 (22,440) Embedded derivatives Other embedded derivatives — — — (41) — — — (41) Cash flow hedges Currency forwards — (1) — — — (1) — — Fair value hedges Currency swaps 119 (2,102) — (3,670) Interest rate swaps — (4) — (4) 119 (2,106) — (3,674) 22,563 (15,652) 24,395 (26,155) Of which – current 12,583 (5,250) 11,554 (12,618) – non-current 9,980 (10,402) 12,841 (13,537) 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 2023 Less than 1-2 years 2-3 years 3-4 years 4-5 years Over Total Fair value of derivative assets Level 1 98 41 11 1 — — 151 Level 2 12,802 1,857 557 236 124 130 15,706 Level 3 1,765 1,063 784 699 638 4,263 9,212 14,665 2,961 1,352 936 762 4,393 25,069 Less: netting by counterparty (2,103) (351) (95) (33) (17) (26) (2,625) 12,562 2,610 1,257 903 745 4,367 22,444 Fair value of derivative liabilities Level 1 (70) (44) (11) (1) — — (126) Level 2 (6,051) (1,127) (844) (365) (93) (500) (8,980) Level 3 (1,188) (706) (545) (491) (452) (3,682) (7,064) (7,309) (1,877) (1,400) (857) (545) (4,182) (16,170) Less: netting by counterparty 2,103 351 95 33 17 26 2,625 (5,206) (1,526) (1,305) (824) (528) (4,156) (13,545) Net fair value 7,356 1,084 (48) 79 217 211 8,899 $ 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
Derivative assets held for trading fair value, and maturities	Derivative assets held for trading have the following fair values and maturities. $ million 2023 Less than 1-2 years 2-3 years 3-4 years 4-5 years Over Total Currency derivatives 95 31 38 33 28 253 478 Oil price derivatives 1,423 206 81 52 41 56 1,859 Natural gas price derivatives 8,705 1,412 625 458 426 3,124 14,750 Power price derivatives 2,339 961 513 360 250 932 5,355 Other derivatives — — — — — 2 2 12,562 2,610 1,257 903 745 4,367 22,444 $ 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
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 $24,120 million at 31 December 2023 (2022 $23,970 million) to be received on the same day as the related cash outflows. $ million Cash outflows for derivative financial instruments at 31 December 2023 2022 Within one year 2,071 1,492 1 to 2 years 1,718 2,531 2 to 3 years 5,136 2,053 3 to 4 years 3,077 5,575 4 to 5 years 1,743 3,584 5 to 10 years 6,708 7,627 Over 10 years 4,092 2,772 24,545 25,634 For further information on our derivative financial instruments, see Note 30. Derivative liabilities held for trading have the following fair values and maturities. $ million 2023 Less than 1-2 years 2-3 years 3-4 years 4-5 years Over Total Currency derivatives (341) (3) (405) (166) (7) (589) (1,511) Oil price derivatives (1,047) (61) (14) (4) (1) (12) (1,139) Natural gas price derivatives (2,126) (796) (473) (348) (293) (2,672) (6,708) Power price derivatives (1,692) (666) (413) (306) (227) (883) (4,187) (5,206) (1,526) (1,305) (824) (528) (4,156) (13,545) $ 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)
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 2023 28 905 (524) 61 44 514 Gains (losses) recognized in the income statement 79 19 379 161 29 667 Settlements 13 (320) 86 (3) (71) (295) Transfers out of level 3 (13) (5) (61) — — (79) Net fair value of contracts at 31 December 2023 107 599 (120) 219 2 807 Deferred day-one gains (losses) 1,341 Derivative asset (liability) 2,148 $ 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
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 2023 Cash flow hedges Foreign exchange risk Highly probable forecast capital expenditure 1 (1) — Commodity price risk Highly probable forecast sales 1,065 (1,065) — At 31 December 2022 Cash flow hedges Foreign exchange risk Highly probable forecast capital expenditure — — — Commodity price risk Highly probable forecast sales (825) 825 — 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 2023 $ million $ million $ million mmBtu Cash flow hedges Foreign exchange risk Highly probable forecast capital expenditure — (1) 318 Commodity price risk Highly probable forecast sales — — (392) At 31 December 2022 Cash flow hedges Foreign exchange risk Highly probable forecast capital expenditure — — 5 Commodity price risk Highly probable forecast sales — — (469) 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 2023 and 2022 relating to highly probable forecast capital expenditure matures within 12 months of the relevant balance sheet date. All of the nominal amount of hedging instruments at 31 December 2023 relating to highly probable forecast sales matures within 12 months (2022 349 mmBtu within 12 months and 120 mmBtu within one to two years) of the relevant balance sheet date. 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 2023 2022 At 31 December Forecast capital expenditure Forecast sales Forecast capital expenditure Forecast sales Sterling/US dollar 1.27 1.25 Euro/US dollar 1.11 — Henry Hub $/mmBtu 4.02 4.03 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 2023 Fair value hedges Interest rate risk on finance debt — — — Interest rate and foreign currency risk on finance debt (1,417) 1,356 61 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) 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 2023 Assets Liabilities Fair value hedges Interest rate risk on finance debt — (4) 387 Interest rate and foreign currency risk on finance debt 119 (2,102) 16,862 At 31 December 2022 Fair value hedges Interest rate risk on finance debt — (4) 368 Interest rate and foreign currency risk on finance debt — (3,670) 17,032 All hedging instruments are presented within derivative financial instruments on the group balance sheet and are categorized within level 2 of the fair value hierarchy. 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 2023 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 239 — 148 — — — — 387 Interest rate and foreign currency risk on finance debt 1,857 1,716 1,933 1,441 1,741 4,164 4,010 16,862 At 31 December 2022 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 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 2023 2022 Interest rate swaps Cross-currency interest rate swaps Interest rate swaps Cross-currency interest rate swaps Interest rate 3.49 % 7.35 % 2.48 % 6.23 % Sterling/US dollar 1.27 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 2023 Liabilities Assets Liabilities Discontinued hedges Fair value hedges Interest rate risk on finance debt (426) 4 — (237) Interest rate and foreign currency risk on finance debt (16,834) 1,512 — — At 31 December 2022 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 — — 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 Interest rate and foreign currency risk on finance debt Total At 1 January 2023 — (108) — (104) (212) Recognized in other comprehensive income Cash flow hedges marked to market 15 1,065 — — 1,080 Cash flow hedges reclassified to the income statement - hedged item affected profit or loss — (428) — — (428) Costs of hedging marked to market — — — (67) (67) Costs of hedging reclassified to the income statement — — — (11) (11) 15 637 — (78) 574 Cash flow hedges transferred to the balance sheet (1) — — — (1) At 31 December 2023 14 529 — (182) 361 $ 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) a

Called-up share capital (Tables

Called-up share capital (Tables)	12 Months Ended
	Dec. 31, 2023
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: 2023 2022 2021 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 19,097,783 4,774 20,778,082 5,194 21,449,782 5,362 Issue of new shares for employee share-based payment plans 66,000 17 55,000 14 35,001 9 Issue of new shares – other b — — 165,105 41 — — Repurchase of ordinary share capital (1,262,983) (316) (1,900,404) (475) (706,701) (177) At 31 December 17,900,800 4,475 19,097,783 4,774 20,778,082 5,194 4,496 4,795 5,215 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. b 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 2023 2022 2021 Shares Nominal value Shares Nominal value Shares Nominal value At 1 January 1,124,927 281 1,137,457 283 1,187,650 296 Purchases for settlement of employee share plans 24,688 6 14,150 4 1,432 — Issue of new shares for employee share-based payment plans 71,039 19 55,000 14 35,096 9 Shares re-issued for employee share-based payment plans (143,575) (35) (81,680) (20) (86,721) (22) At 31 December 1,077,079 271 1,124,927 281 1,137,457 283 Of which – shares held in treasury by bp 726,339 183 940,571 235 1,037,201 259 – shares held in ESOP trusts 350,704 88 184,356 46 100,256 24 – shares held by bp’s US share plan administrator b 36 — — — — — 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, 2023
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 2023 4,795 13,692 2,180 27,206 47,873 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 — — — — — Items that will not be reclassified to profit or loss Remeasurements of the net pension and other post-retirement benefit liability or asset — — — — — Remeasurements of equity investments — — — — — 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 (316) — 316 — — Share-based payments, net of tax a 17 123 — — 140 Share of equity-accounted entities’ changes in equity, net of tax — — — — — Issue of perpetual hybrid bonds — — — — — Payments on perpetual hybrid bonds — — — — — Transactions involving non-controlling interests, net of tax — — — — — At 31 December 2023 4,496 13,815 2,496 27,206 48,013 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) b — — — — — Cash flow hedges and costs of hedging (including reclassifications) c — — — — — 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 a 14 168 — — 182 Issue of perpetual hybrid bonds — — — — — Payments on 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 a Movements in treasury shares relate to employee share-based payment plans. b Following bp’s decision to exit its shareholding in Rosneft on 27 February 2022, $10,372 million was reclassified to the income statement. c Following bp’s decision to exit its shareholding in Rosneft on 27 February 2022 $651 million was reclassified to the income statement. 32. Capital and reserves – continued $ million Treasury Foreign Investments in equity instruments Cash flow Costs of hedging Total Profit and bp Non-controlling interests Total equity Hybrid bonds Other interest (12,153) (2,643) — (183) (73) (256) 34,732 67,553 13,390 2,047 82,990 — — — — — — 15,239 15,239 586 55 15,880 — 728 — — — — — 728 — 26 754 — — — 488 (110) 378 — 378 — — 378 — — — — — — (192) (192) — — (192) — — — — — — (1,504) (1,504) — — (1,504) — — 38 — — 38 — 38 — — 38 — — — 15 — 15 — 15 — — 15 — 728 38 503 (110) 431 13,543 14,702 586 81 15,369 — — — — — — (4,831) (4,831) — (403) (5,234) — — — (1) — (1) — (1) — — (1) — — — — — — (8,167) (8,167) — — (8,167) 830 — — — — — (301) 669 — — 669 — — — — — — 1 1 — — 1 — — — — — — (1) (1) 176 — 175 — (5) — — — — — (5) (586) — (591) — — — — — — 363 363 — (81) 282 (11,323) (1,920) 38 319 (183) 174 35,339 70,283 13,566 1,644 85,493 (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 32. Capital and reserves – continued Share Share Capital Merger Total share capital 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 a 9 161 — — 170 Share of equity-accounted entities’ changes in equity, net of tax — — — — — Issue of perpetual hybrid bonds — — — — — Payments on perpetual hybrid bonds — — — — — Transactions involving non-controlling interests, net of tax b — — — — — At 31 December 2021 5,215 12,745 1,705 27,206 46,871 a Movements in treasury shares relate to employee share-based payment plans. b 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 (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
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 2023 Pre-tax Tax Net of tax Items that may be reclassified subsequently to profit or loss Currency translation differences (including reclassifications) 583 171 754 Cash flow hedges (including reclassifications) 637 (149) 488 Costs of hedging (including reclassifications) (78) (32) (110) Share of items relating to equity-accounted entities, net of tax (192) — (192) Items that will not be reclassified to profit or loss Remeasurements of the net pension and other post-retirement benefit liability or asset (2,262) 758 (1,504) Remeasurements of equity investments 51 (13) 38 Cash flow hedges that will subsequently be transferred to the balance sheet 15 — 15 Other comprehensive income (1,246) 735 (511) $ 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

Remuneration of senior manage_2

Remuneration of senior management and non-executive directors (Tables)	12 Months Ended
	Dec. 31, 2023
Related Party [Abstract]
Remuneration of directors and senior management	Remuneration of directors $ million 2023 2022 2021 Total for all directors Emoluments 8 8 9 Amounts received under incentive schemes a 6 13 4 Total 14 21 13 a Excludes amounts relating to past directors. Remuneration of directors and senior management $ million 2023 2022 2021 Total for all senior management and non-executive directors Short-term employee benefits 31 31 30 Pensions and other post-retirement benefits — — 1 Share-based payments a 12 31 32 Termination benefits — — — Total 43 62 63

Employee costs and numbers (Tab

Employee costs and numbers (Tables)	12 Months Ended
	Dec. 31, 2023
Additional information [abstract]
Employee costs and average number of employees	$ million Employee costs 2023 2022 2021 Wages and salaries a 7,835 7,486 6,934 Social security costs 943 720 733 Share-based payments b 1,131 1,034 733 Pension and other post-retirement benefit costs 370 576 457 10,279 9,816 8,857 2023 2022 2021 Average number of employees c US Non-US Total US Non-US Total US Non-US Total gas & low carbon energy 900 3,700 4,600 700 3,400 4,100 400 3,400 3,800 oil production & operations 3,100 5,500 8,600 3,000 5,700 8,700 3,100 6,000 9,100 customers & products d 19,500 36,300 55,800 8,000 35,700 43,700 6,200 35,800 42,000 other businesses and corporate 1,400 9,000 10,400 1,300 8,500 9,800 1,400 7,700 9,100 24,900 54,500 79,400 13,000 53,300 66,300 11,100 52,900 64,000 a Includes termination costs of $96 million (2022 $27 million and 2021 $74 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 Includes 33,800 (2022 23,300 and 2021 21,300) service station staff.

Auditor_s remuneration (Tables)

Auditor’s remuneration (Tables)	12 Months Ended
	Dec. 31, 2023
Additional information [abstract]
Summary of auditor's remuneration	$ million Fees 2023 2022 2021 The audit of the company annual accounts a 38 36 37 The audit of accounts of subsidiaries of the company 15 15 15 Total audit 53 51 52 Audit-related assurance services b 4 4 5 Total audit and audit-related assurance services 57 55 57 Non-audit and other assurance services 3 — — Services relating to bp pension plans 1 1 1 61 56 58 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.

Subsidiaries, joint arrangeme_2

Subsidiaries, joint arrangements and associates (Tables)	12 Months Ended
	Dec. 31, 2023
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 2023 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 14 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 Gamma Holdings Limited 100 England & Wales Investment holding *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 Trinidad and 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 a There were no important associates in the group at 31 December 2023.

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, 2023 usd_per_bbl	Dec. 31, 2023 usd_per_mmBtu	Dec. 31, 2023 £ / tonneOfCO2Emissions	Dec. 31, 2023 € / tonneOfCO2Emissions	Dec. 31, 2023 USD ($)	Dec. 31, 2022 usd_per_bbl	Dec. 31, 2022 usd_per_mmBtu	Dec. 31, 2022 USD ($)	Dec. 31, 2021 USD ($)
Disclosure of impairment loss and reversal of impairment loss [line items]
Change in discount rate					$ 991
Increase (decrease) through other changes, property, plant and equipment					700
Profit (loss) before taxation					23,749			$ 15,405	$ 15,227
Decommissioning
Disclosure of impairment loss and reversal of impairment loss [line items]
Change in discount rate					921
Profit (loss) before taxation					$ 200
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			45
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				72
Later than one year and not later than six years [Member]
Disclosure of impairment loss and reversal of impairment loss [line items]
Long-term price assumptions used in value-in-use impairment testing | usd_per_bbl	70
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	50	4				46	3.57
Later than twenty years and not later than thirty years | 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			201

Significant accounting polici_5

Significant accounting policies, judgements, estimates and assumptions - Significant judgement: accounting for interests in other entities (Details) - USD ($)	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Disclosure of associates [line items]
Investments in associates	$ 7,814,000,000	$ 8,201,000,000
Aker BP [Member]
Disclosure of associates [line items]
Proportion of ownership interest in associate	15.90%
Rosneft
Disclosure of associates [line items]
Investments in associates	$ 0	$ 0
Rosneft | Carrying amount
Disclosure of associates [line items]
Investments in associates	$ 0

Significant accounting polici_6

Significant accounting policies, judgements, estimates and assumptions - Intangible assets (Details)	12 Months Ended
	Dec. 31, 2023
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, 2023
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, 2023 USD ($)	Dec. 31, 2023 USD ($) usd_per_bbl	Dec. 31, 2023 USD ($) usd_per_mmBtu	Dec. 31, 2023 USD ($)	Dec. 31, 2022 USD ($) usd_per_bbl	Dec. 31, 2022 USD ($) usd_per_mmBtu	Dec. 31, 2022 USD ($)
Disclosure of impairment loss and reversal of impairment loss [line items]
Discount rate used to determine recoverable costs, fair value less costs of disposal	8%	8%	8%	8%	7%	7%	7%
Carrying amount of oil and gas properties	$ 104,719	$ 104,719	$ 104,719	$ 104,719	$ 106,044	$ 106,044	$ 106,044
Nominal Inflation Rate Used in Determining Price Assumptions				2%			2%
Goodwill	12,472	12,472	12,472	$ 12,472	11,960	11,960	$ 11,960
gas & low carbon energy and oil production & operations [Member]
Disclosure of impairment loss and reversal of impairment loss [line items]
Goodwill	$ 7,000	$ 7,000	$ 7,000	$ 7,000	$ 7,200	$ 7,200	$ 7,200
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	9%	9%	9%	9%	7%	7%	7%
Top of range [member]
Disclosure of impairment loss and reversal of impairment loss [line items]
Premium added to discount rate	4%	4%	4%	4%	2%	2%	2%
Discount rate used in current estimate of value in use	20%	20%	20%	20%	18%	18%	18%
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		70	4		78	4.08
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		70	4		71	4.08
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		70	4		71	4.08
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		63	4		59	3.57
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		50	4		46	3.57
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	6.50%	6.50%	6.50%	6.50%	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	$ 18,374	$ 18,374	$ 18,374	$ 18,374	$ 11,652	$ 11,652	$ 11,652
Oil and gas properties
Disclosure of impairment loss and reversal of impairment loss [line items]
Carrying amount of oil and gas properties	61,957	$ 61,957	$ 61,957	$ 61,957	$ 67,611	$ 67,611	$ 67,611
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	(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				23%
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	(17,000)
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				24%
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	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				3%
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	3,000
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				4%
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	800
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	$ 900

Significant accounting polici_9

Significant accounting policies, judgements, estimates and assumptions - Significant judgement: supplier financing arrangements (Details) - USD ($) $ in Millions	Dec. 31, 2023	Dec. 31, 2022
Committed Letter Of Credit Facilities [Member] | Liquidity risk
Disclosure of detailed information about financial instruments [line items]
Trade payables	$ 9,955	$ 9,520

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, 2023	Dec. 31, 2022	Dec. 31, 2021
Disclosure of other provisions [line items]
New and increase in existing provisionsa	$ 4,355
Provisions, discounted cash flow, nominal interest rate	4%	3.50%
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	$ 991
Charges for provisions, net of write-back of unused provisions, including change in discount rate	2,333	$ 4,077	$ 3,720
Provision for decommissioning | Within ten years
Disclosure of other provisions [line items]
Provisions, undiscounted cash flow	5,500	5,600
Provision for decommissioning | Ten to twenty years
Disclosure of other provisions [line items]
Provisions, undiscounted cash flow	5,800	5,300
Provision for decommissioning | Later than twenty years
Disclosure of other provisions [line items]
Provisions, undiscounted cash flow	6,600	6,000
Assets previously sold | Provision for decommissioning
Disclosure of other provisions [line items]
New and increase in existing provisionsa	600	800
1.0 percentage point increase [Member]
Disclosure of other provisions [line items]
Reduction to provision through change in discount rate	1,600	1,800
Increase (Decrease) Through Change In Discount Rate, Other Provisions, Impact On Income Statement	400	500
1.0 percentage point increase [Member] | Provision for decommissioning
Disclosure of other provisions [line items]
Increase (decrease) through change in inflation rate, provisions	1,900	2,000
Increase (Decrease) Through Change In Inflation Rate, Provisions, Impact On Income Statement	500	500
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	600	500
Ten Percentage Point Increase
Disclosure of other provisions [line items]
Increase (decrease) in provision for decommissioning costs, as result of increased expense	1,100	1,200
Increase (decrease) future decommissioning expenditure, impact on income statement	$ 200	$ 300

Non-current assets held for s_3

Non-current assets held for sale - Narrative (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
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	$ 151	$ 1,242
Liabilities included in disposal groups classified as held for sale	62	321
Expected reclassification adjustments on exchange differences on translation before tax	850
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]
Non-current assets or disposal groups classified as held for sale or as held for distribution to owners	151
Liabilities included in disposal groups classified as held for sale	$ 62
customers & products | bp-Husky Toledo refinery
Assets and liabilities held for sale [Line Items]
Proportion of ownership interest in joint venture		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

Non-current assets held for s_4

Non-current assets held for sale (Details) - USD ($) $ in Millions	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Assets and liabilities held for sale [Line Items]
Property, plant and equipment	$ 104,719	$ 106,044
Goodwill	12,472	11,960
Intangible assets	9,991	10,200	$ 6,451
Loans	1,942	1,271
Inventories	22,819	28,081
Cash and cash equivalents	33,030	29,195	$ 30,681	$ 31,111
Trade and other receivables	31,123	34,010
Non-current assets or disposal groups classified as held for sale or as held for distribution to owners	151	1,242
Trade and other current payables	(61,155)	(63,984)
Lease liabilities	(11,121)	(8,549)
Current provisions	(4,418)	(6,332)
Deferred tax liabilities	(9,617)	(10,526)
Defined benefit pension plan and other post-retirement benefit plan deficits	(5,456)	(5,244)
Liabilities included in disposal groups classified as held for sale	(62)	(321)
Non-current assets held for sale [member]
Assets and liabilities held for sale [Line Items]
Property, plant and equipment	49	693
Goodwill	0	58
Intangible assets	3	0
Loans	1	0
Inventories	0	255
Cash and cash equivalents	0	35
Trade and other receivables	98	201
Trade and other current payables	(1)	(256)
Lease liabilities	(40)	(14)
Current provisions	(10)	(36)
Deferred tax liabilities	0	(15)
Defined benefit pension plan and other post-retirement benefit plan deficits	$ (11)	$ 0

Business combinations - Narrati

Business combinations - Narrative (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 28, 2022	Dec. 31, 2021
Disclosure of detailed information about business combination [line items]
Consideration paid (received)	$ 1,282	$ 3,671
Cash and cash equivalents in subsidiary or businesses acquired or disposed	484	141
Identifiable assets acquired (liabilities assumed)	1,228	4,121
Interest and other income	1,635	1,103		$ 581
Archaea Energy Inc.
Disclosure of detailed information about business combination [line items]
Cash transferred		$ 3,137
Mavrix LLC
Disclosure of detailed information about business combination [line items]
Interest and other income	$ 196
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			$ 303

Business combinations - Summary

Business combinations - Summary of fair values of identifiable assets and liabilities acquired (Details) - USD ($) $ in Millions	Dec. 31, 2023	Dec. 31, 2022
Disclosure of detailed information about business combination [line items]
Identifiable assets acquired (liabilities assumed)	$ 1,228	$ 4,121
Archaea Energy Inc.
Disclosure of detailed information about business combination [line items]
Cash transferred		3,137
Provisional [Member] | Archaea Energy Inc.
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
Final [Member] | Archaea Energy Inc.
Disclosure of detailed information about business combination [line items]
Property, plant and equipment recognised as of acquisition date		929
Goodwill recognised as of acquisition date		707
Identifiable intangible assets recognised as of acquisition date		3,178
Investments accounted for using equity method, recognised as of acquisition date		883
Inventory recognised as of acquisition date		31
Trade and other receivables recognised as of acquisition date		47
Cash acquired in acquisition		96
Trade and other payables recognised as of acquisition date		(1,145)
Borrowings recognised as of acquisition date		(1,044)
Deferred tax liabilities recognised as of acquisition date		(214)
Provisions recognised as of acquisition date		(21)
Non-controlling interest in acquiree recognised at acquisition date		(7)
Identifiable assets acquired (liabilities assumed)		3,440
Cash transferred		3,137
Consideration transferred, acquisition-date fair value		$ 303

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, 2023	Dec. 31, 2022	Dec. 31, 2021
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	$ 369	$ 3,866	$ 1,876
Losses on sale of businesses and fixed assets, and closures	156	12,181	230
Impairment losses	5,747	20,635	3,476
Impairment reversals	(46)	(2,294)	(4,827)
Impairment and losses on sale of businesses and fixed assets, and closures	5,857	30,522	(1,121)
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	19	45	1,034
Losses on sale of businesses and fixed assets, and closures	9	0	1
Impairment losses	2,213	745	834
Impairment reversals	(1)	(1,333)	(2,338)
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	297	3,446	869
Losses on sale of businesses and fixed assets, and closures	5	921	86
Impairment losses	1,840	4,480	1,617
Impairment reversals	(26)	(893)	(2,479)
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	44	374	(52)
Losses on sale of businesses and fixed assets, and closures	143	177	142
Impairment losses	1,614	1,874	962
Impairment reversals	0	(68)	(7)
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	9	1	25
Losses on sale of businesses and fixed assets, and closures	(1)	11,083	1
Impairment losses	80	13,536	63
Impairment reversals	$ (19)	$ 0	$ (3)

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, 2023	Dec. 31, 2022	Dec. 31, 2021
Disclosure of information for impairment loss recognised or reversed for individual asset or cash-generating unit [line items]
Proceeds from disposals of fixed assets	$ 133	$ 709	$ 1,145
Proceeds from disposals of businesses, net of cash disposed	1,193	1,841	5,812
Proceeds from disposal of fixed assets and businesses, net of cash disposed	1,326	2,550	6,957
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	536	22	2,425
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	333	1,935	3,022
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	436	592	1,050
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	$ 21	$ 1	$ 460

Disposals and impairment - Narr

Disposals and impairment - Narrative (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Disclosure of impairment loss and reversal of impairment loss [line items]
Proceeds from disposals of businesses, net of cash disposed	$ 1,193	$ 1,841	$ 5,812
Deferred consideration relating to the disposals, receivable within one year	141	191	205
Deferred consideration relating to the disposals, receivable after one year	217	194	823
Contingent consideration receivable relating to disposals	1,694	1,896	1,917
Gains on sale of businesses and fixed assets	369	3,866	1,876
Losses on sale of businesses and fixed assets, and closures	156	12,181	230
Impairment losses	5,747	20,635	3,476
Reversal of impairment loss	46	2,294	4,827
Earnings from associates – after interest and tax	831	1,402	3,456
Rosneft
Disclosure of impairment loss and reversal of impairment loss [line items]
Earnings from associates – after interest and tax	$ 0	528	2,694
Aker BP [Member]
Disclosure of impairment loss and reversal of impairment loss [line items]
Proportion of ownership interest in associate	15.90%
Discontinued operations [member]
Disclosure of impairment loss and reversal of impairment loss [line items]
Proceeds from disposals of businesses, net of cash disposed	$ 1,193	$ 1,841	5,812
Discontinued operations [member] | Sunrise Oil Sands
Disclosure of impairment loss and reversal of impairment loss [line items]
Proportion of ownership interest in joint venture	50%	50%
gas & low carbon energy
Disclosure of impairment loss and reversal of impairment loss [line items]
Gains on sale of businesses and fixed assets	$ 19	$ 45	1,034
Losses on sale of businesses and fixed assets, and closures	9	0	1
Impairment losses	2,213	745	834
Reversal of impairment loss	1	1,333	2,338
Recoverable amount of impaired cash-generating units based on value-in-use	4,811	9,609
Recoverable amount of asset or cash-generating unit			17,330
gas & low carbon energy | Mauritania & Senegal
Disclosure of impairment loss and reversal of impairment loss [line items]
Impairment losses	1,434	729	819
gas & low carbon energy | Trinidad and Tobago
Disclosure of impairment loss and reversal of impairment loss [line items]
Impairment losses	565
oil production & operations
Disclosure of impairment loss and reversal of impairment loss [line items]
Gains on sale of businesses and fixed assets	297	3,446	869
Losses on sale of businesses and fixed assets, and closures	5	921	86
Gains on disposal, relating to fair value movements on deferred and contingent consideration			502
Impairment losses	1,840	4,480	1,617
Reversal of impairment loss	26	893	2,479
Recoverable amount of asset or cash-generating unit	14,072	7,831	16,586
Impairment loss due to portfolio changes			1,109
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		904
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 | Rosneft
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	852
Reversal of impairment loss		$ 643
oil production & operations | RUSSIAN FEDERATION
Disclosure of impairment loss and reversal of impairment loss [line items]
Impairment losses		1,043
customers & products
Disclosure of impairment loss and reversal of impairment loss [line items]
Gains on sale of businesses and fixed assets	44	374	(52)
Losses on sale of businesses and fixed assets, and closures	143	177	142
Impairment losses	1,614	1,874	962
Reversal of impairment loss	0	68	7
Recoverable amount of asset or cash-generating unit	327	$ 1,648
Impairment loss due to portfolio changes			595
customers & products | bp-Husky Toledo refinery
Disclosure of impairment loss and reversal of impairment loss [line items]
Proportion of ownership interest in joint venture		50%
other businesses & corporate
Disclosure of impairment loss and reversal of impairment loss [line items]
Gains on sale of businesses and fixed assets	9	$ 1	25
Losses on sale of businesses and fixed assets, and closures	(1)	11,083	1
Impairment losses	80	13,536	63
Reversal of impairment loss	19	0	$ 3
other businesses & corporate | Rosneft
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] | Rosneft
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] | Rosneft
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
other businesses & corporate | Rosneft
Disclosure of impairment loss and reversal of impairment loss [line items]
Recoverable amount of asset or cash-generating unit		0
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%
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
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
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
North Sea | oil production & operations
Disclosure of impairment loss and reversal of impairment loss [line items]
Reversal of impairment loss			$ 950
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]
Impairment losses	802
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	1,336	$ 1,366
Eni | ALGERIA
Disclosure of impairment loss and reversal of impairment loss [line items]
Proceeds from disposals of businesses, net of cash disposed	477
Cenovus Energy Inc. | bp-Husky Toledo refinery
Disclosure of impairment loss and reversal of impairment loss [line items]
Proceeds from disposals of businesses, net of cash disposed	$ 351

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, 2023	Dec. 31, 2022	Dec. 31, 2021
Disclosure of information for impairment loss recognised or reversed for individual asset or cash-generating unit [line items]
Non-current assets	$ 176,148	$ 180,432
Current assets	104,146	107,688
Non-current liabilities	(108,723)	(106,112)
Current liabilities	(86,078)	(99,018)
Net assets	85,493	82,990
Recycling of foreign exchange on disposal	(74)	(160)	$ (345)
Total consideration	(1,282)	(3,671)
Proceeds from the sale of businesses, net of cash disposed	1,193	1,841	5,812
Discontinued operations [member]
Disclosure of information for impairment loss recognised or reversed for individual asset or cash-generating unit [line items]
Non-current assets	1,145	3,681	1,620
Current assets	557	2,972	69
Non-current liabilities	(60)	(1,869)	(287)
Current liabilities	(454)	(1,074)	(3)
Net assets	1,188	3,710	1,399
Recycling of foreign exchange on disposal	0	(26)	35
Costs on disposal	57	488	(5)
Total carrying amount of net assets disposed, including foreign exchange and cost of disposal	1,245	4,172	1,429
Gains (losses) on sale of businesses	158	6,219	1,632
Total consideration	1,403	10,391	3,061
Non-cash consideration	(51)	(8,999)	(108)
Consideration received (receivable)	(159)	449	2,859
Proceeds from the sale of businesses, net of cash disposed	1,193	1,841	5,812
Cash and cash equivalents disposed of	$ 33	$ 318	$ 2

Segmental analysis - Narrative

Segmental analysis - Narrative (Details)	12 Months Ended
	Dec. 31, 2023 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, 2023	Dec. 31, 2022	Dec. 31, 2021
Segment revenues
Sales and other operating revenues	$ 210,130	$ 241,392	$ 157,739
Less: sales and other operating revenues between segments	0	0	0
Third party sales and other operating revenues	210,130	241,392	157,739
Earnings from joint ventures and associates – after interest and tax	898	2,530	3,999
Segment results
Replacement cost profit (loss) before interest and taxation	28,584	16,688	14,427
Inventory holding gains (losses)	(1,236)	1,351	3,655
Profit (loss) before interest and taxation	27,348	18,039	18,082
Finance costs	(3,840)	(2,703)	(2,857)
Net finance expense relating to pensions and other post-retirement benefits	241	69	2
Profit (loss) before taxation	23,749	15,405	15,227
Other income statement items
Depreciation, depletion and amortization	15,928	14,318	14,805
Charges for provisions, net of write-back of unused provisions, including change in discount rate	2,333	4,077	3,720
Segment assets
Investments in joint ventures and associates	20,249	20,601	30,983
Additions to non-current assets	22,701	30,125	16,000
US
Segment revenues
Third party sales and other operating revenues	60,577	71,118	53,748
Other income statement items
Depreciation, depletion and amortization	5,618	4,624	4,697
Non-US
Segment revenues
Third party sales and other operating revenues	149,553	170,274	103,991
Other income statement items
Depreciation, depletion and amortization	10,310	9,694	10,108
Operating segments | gas & low carbon energy
Segment revenues
Sales and other operating revenues	50,297	56,255	30,840
Less: sales and other operating revenues between segments	(1,808)	(5,913)	(4,563)
Third party sales and other operating revenues	48,489	50,342	26,277
Earnings from joint ventures and associates – after interest and tax	(677)	148	426
Segment results
Replacement cost profit (loss) before interest and taxation	14,080	14,696	2,133
Inventory holding gains (losses)	1	(8)	33
Profit (loss) before interest and taxation	14,081	14,688	2,166
Other income statement items
Charges for provisions, net of write-back of unused provisions, including change in discount rate	139	(234)	173
Segment assets
Investments in joint ventures and associates	4,173	5,299	5,224
Additions to non-current assets	4,859	4,439	4,963
Operating segments | gas & low carbon energy | US
Other income statement items
Depreciation, depletion and amortization	96	75	80
Operating segments | gas & low carbon energy | Non-US
Other income statement items
Depreciation, depletion and amortization	5,584	4,933	4,384
Operating segments | oil production & operations
Segment revenues
Sales and other operating revenues	24,904	33,193	24,519
Less: sales and other operating revenues between segments	(23,708)	(30,294)	(22,408)
Third party sales and other operating revenues	1,196	2,899	2,111
Earnings from joint ventures and associates – after interest and tax	1,164	1,609	576
Segment results
Replacement cost profit (loss) before interest and taxation	11,191	19,721	10,501
Inventory holding gains (losses)	0	(7)	8
Profit (loss) before interest and taxation	11,191	19,714	10,509
Other income statement items
Charges for provisions, net of write-back of unused provisions, including change in discount rate	35	213	7
Segment assets
Investments in joint ventures and associates	10,721	11,370	8,044
Additions to non-current assets	7,384	15,098	6,090
Operating segments | oil production & operations | US
Other income statement items
Depreciation, depletion and amortization	3,554	3,141	3,174
Operating segments | oil production & operations | Non-US
Other income statement items
Depreciation, depletion and amortization	2,138	2,423	3,354
Operating segments | customers & products
Segment revenues
Sales and other operating revenues	160,215	188,623	130,095
Less: sales and other operating revenues between segments	(367)	(1,418)	(1,226)
Third party sales and other operating revenues	159,848	187,205	128,869
Earnings from joint ventures and associates – after interest and tax	427	248	385
Segment results
Replacement cost profit (loss) before interest and taxation	4,230	8,869	2,208
Inventory holding gains (losses)	(1,237)	1,366	3,355
Profit (loss) before interest and taxation	2,993	10,235	5,563
Other income statement items
Charges for provisions, net of write-back of unused provisions, including change in discount rate	2,007	3,955	3,063
Segment assets
Investments in joint ventures and associates	5,327	3,875	3,291
Additions to non-current assets	9,383	9,541	3,940
Operating segments | customers & products | US
Other income statement items
Depreciation, depletion and amortization	1,883	1,328	1,349
Operating segments | customers & products | Non-US
Other income statement items
Depreciation, depletion and amortization	1,665	1,542	1,651
Consolidation adjustment and eliminations
Segment revenues
Sales and other operating revenues	(27,943)	(38,978)	(29,439)
Less: sales and other operating revenues between segments	27,943	38,978	29,439
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	(14)	139	(67)
Inventory holding gains (losses)	0	0	0
Profit (loss) before interest and taxation	(14)	139	(67)
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	2,657	2,299	1,724
Less: sales and other operating revenues between segments	(2,060)	(1,353)	(1,242)
Third party sales and other operating revenues	597	946	482
Earnings from joint ventures and associates – after interest and tax	(16)	525	2,612
Segment results
Replacement cost profit (loss) before interest and taxation	(903)	(26,737)	(348)
Inventory holding gains (losses)	0	0	0
Profit (loss) before interest and taxation	(903)	(26,737)	(89)
Other income statement items
Charges for provisions, net of write-back of unused provisions, including change in discount rate	152	143	477
Segment assets
Investments in joint ventures and associates	28	57	14,424
Additions to non-current assets	1,075	1,047	1,007
other businesses & corporate | US
Other income statement items
Depreciation, depletion and amortization	85	80	94
other businesses & corporate | Non-US
Other income statement items
Depreciation, depletion and amortization	$ 923	$ 796	$ 719

Segmental analysis - Results _2

Segmental analysis - Results by Geographical Area (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Disclosure of geographical areas [line items]
Sales and other operating revenues	$ 210,130	$ 241,392	$ 157,739
Production and similar taxes	1,779	2,325	1,308
Non-current assets	148,054	149,381	163,188
US
Disclosure of geographical areas [line items]
Sales and other operating revenues	60,577	71,118	53,748
Production and similar taxes	136	194	108
Non-current assets	64,238	60,237	54,395
Non-US
Disclosure of geographical areas [line items]
Sales and other operating revenues	149,553	170,274	103,991
Production and similar taxes	1,643	2,131	1,200
Non-current assets	83,816	89,144	108,793
United Kingdom
Disclosure of geographical areas [line items]
Sales and other operating revenues	39,975	36,541	11,248
Non-current assets	$ 23,949	$ 24,813	$ 19,530

Sales and other operating rev_3

Sales and other operating revenues (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Disclosure of disaggregation of revenue from contracts with customers [line items]
Revenue from contracts with customers	$ 171,221	$ 205,829	$ 137,361
Other revenue	38,909	35,563	20,378
Sales and other operating revenues	210,130	241,392	157,739
Crude oil
Disclosure of disaggregation of revenue from contracts with customers [line items]
Revenue from contracts with customers	2,413	6,309	5,483
Oil products
Disclosure of disaggregation of revenue from contracts with customers [line items]
Revenue from contracts with customers	128,969	149,854	101,418
Natural gas, LNG and NGLs
Disclosure of disaggregation of revenue from contracts with customers [line items]
Revenue from contracts with customers	29,541	41,770	24,378
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	$ 10,298	$ 7,896	$ 6,082

Income statement analysis - Sum

Income statement analysis - Summary of non-operating income and expense (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Interest and other income
Other income	$ 386	$ 673	$ 355
Finance income	1,635	1,103	581
Currency exchange losses charged to the income statementa	74	160	345
Expenditure on research and development	298	274	266
Finance costs
Interest payable on lease liabilities	363	245	288
Interest costs capitalised	514	464	287
Finance income (cost)	35	(43)	(145)
Expense due to unwinding of discount on provisions	504	369	391
Expense Due To Unwinding Of Other Payables Measured At Amortized Cost	407	440	500
Finance costs	$ 3,840	$ 2,703	$ 2,857
Capitalisation rate of borrowing costs eligible for capitalisation	4.88%	3.56%	2.63%
Interest Expense, Repayment Of Borrowings	$ 49	$ (37)	$ 195
Tax relief on capitalized interest	130	108	66
Measured at amortized cost
Interest and other income
Interest income	1,034	371	221
Financial assets at fair value, class [member]
Interest and other income
Interest income	215	59	5
Financial liabilities at amortised cost, class [member]
Finance costs
Interest payable on other liabilities measured at amortized cost	3,115	2,070	1,820
Gulf of Mexico Oil Spill
Interest and other income
Costs relating to Gulf of Mexico oil spill, pre-interest and tax	$ 57	$ 84	$ 70

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, 2023	Dec. 31, 2022	Dec. 31, 2021
Exploration and evaluation costs
Exploration expenditure written off	$ 746	$ 385	$ 167
Exploration expense	997	585	424
Intangible assets	9,991	10,200	6,451
Exploration and appraisal expenditure
Exploration and evaluation costs
Intangible assets	4,328	4,213	4,289
gas & low carbon energy and oil production & operations [Member]
Exploration and evaluation costs
Exploration expenditure written off	746	385	167
Other exploration costs	251	200	257
Exploration expense	997	585	424
Liabilities	109	88	98
Net assets	4,219	4,125	4,191
Cash used in operating activities	251	200	257
Cash used in investing activities	1,039	909	369
gas & low carbon energy and oil production & operations [Member] | Exploration and appraisal expenditure
Exploration and evaluation costs
Impairment losses	20	2	1
Intangible assets	4,328	4,213	4,289
gas & low carbon energy and oil production & operations [Member] | Middle East
Exploration and evaluation costs
Intangible assets	$ 600	$ 600	$ 700

Taxation - Disclosure of major

Taxation - Disclosure of major components of tax expense (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Current tax
Charge for the year	$ 9,048	$ 12,523	$ 4,808
Adjustment in respect of prior years	(373)	145	138
Current tax	8,675	12,668	4,946
Deferred tax
Origination and reversal of temporary differences in the current yeara	(238)	4,768	3,366
Adjustment in respect of prior years	(568)	(674)	(1,572)
Deferred tax expense (income) recognised in profit or loss	(806)	4,094	1,794
Tax charge on profit	7,869	16,762	$ 6,740
Tax charge related to UK Energy Profit Levy	$ (232)	$ 1,834

Taxation - Narrative (Details)

Taxation - Narrative (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Disclosure of temporary difference, unused tax losses and unused tax credits [line items]
Tax charge (credit) recognized within other comprehensive income	$ 735	$ (266)	$ (1,252)
Tax recognized directly in equity	(56)	214	$ (170)
Deferred tax assets	4,268	3,908
Deferred tax assets in entities which have suffered a loss in either the current or preceding period	2,336	2,779
Germany
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	1,003
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	672	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	$ 500	370
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

Taxation - Disclosure of reconc

Taxation - Disclosure of reconciliation of items affected by overall tax credit (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Disclosure of temporary difference, unused tax losses and unused tax credits [line items]
Profit (loss) before taxation	$ 23,749	$ 15,405	$ 15,227
Tax charge (credit) on profit or lossb	$ 7,869	$ 16,762	$ 6,740
Effective tax rate	33%	109%	44%
Tax rate computed at the weighted average statutory rate	34%	77%	54%
Increase (decrease) resulting from
Tax reported in equity-accounted entitiesd	(0.02)	(0.04)	(0.03)
Adjustments in respect of prior years	(4.00%)	(3.00%)	(9.00%)
Deferred tax not recognized	0.02	(0.02)	0.08
Tax incentives for investment	0	(0.01)	(0.01)
Tax rate effect of disposals	0	(0.08)	(0.04)
Foreign exchange	0%	3%	1%
Items not deductible for tax purposes	2%	5%	1%
Tax rate effect from decision to exit shareholding in associate	0%	27%	0%
Tax rate effect from imposition of new taxes	0%	12%	0%
Other	1%	3%	(3.00%)
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, 2023	Dec. 31, 2022	Dec. 31, 2021
Reconciliation of changes in deferred tax liability (asset) [abstract]
Net deferred tax liability, beginning of period	$ 6,618	$ 2,370
Exchange adjustmentsa	134	(334)
Charge (credit) for the year in the income statement	(806)	4,094	$ 1,794
Charge (credit) for the year in other comprehensive income	(735)	272
Charge (credit) for the year in equity	56	(214)
Acquisitions and disposalsb	82	430
Net deferred tax liability, end of period	$ 5,349	$ 6,618	$ 2,370

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, 2023	Dec. 31, 2022	Dec. 31, 2021
Disclosure of temporary difference, unused tax losses and unused tax credits [line items]
Charge (credit) for the year in the income statement	$ (806)	$ 4,094	$ 1,794
Balance sheet
Deferred tax liability	9,617	10,526
Deferred tax asset	(4,268)	(3,908)
Deferred tax liability (asset)	5,349	6,618	2,370
Before Offset Amount
Balance sheet
Deferred tax liability	20,992	22,047
Deferred tax asset	(15,643)	(15,429)
Before Offset Amount | Temporary Differences, Deferred Tax Liability
Disclosure of temporary difference, unused tax losses and unused tax credits [line items]
Charge (credit) for the year in the income statement	(1,397)	892	1,151
Before Offset Amount | Depreciation
Disclosure of temporary difference, unused tax losses and unused tax credits [line items]
Charge (credit) for the year in the income statement	(1,552)	1,863	899
Balance sheet
Deferred tax liability	17,392	18,025
Before Offset Amount | Pension plan surplusesa
Disclosure of temporary difference, unused tax losses and unused tax credits [line items]
Charge (credit) for the year in the income statement	133	42	105
Balance sheet
Deferred tax liability	2,568	3,022
Before Offset Amount | Pension plan surplusesa | Changes in tax rates or tax laws enacted or announced [member]
Disclosure of temporary difference, unused tax losses and unused tax credits [line items]
Charge (credit) for the year in the income statement	(700)
Before Offset Amount | Derivative financial instruments
Disclosure of temporary difference, unused tax losses and unused tax credits [line items]
Charge (credit) for the year in the income statement	12	(21)	(33)
Balance sheet
Deferred tax liability	12	0
Before Offset Amount | Other taxable temporary differencesb
Disclosure of temporary difference, unused tax losses and unused tax credits [line items]
Charge (credit) for the year in the income statement	10	(992)	180
Balance sheet
Deferred tax liability	1,020	1,000
Before Offset Amount | Temporary Differences, Deferred Tax Assets
Disclosure of temporary difference, unused tax losses and unused tax credits [line items]
Charge (credit) for the year in the income statement	591	3,202	643
Before Offset Amount | Depreciation
Disclosure of temporary difference, unused tax losses and unused tax credits [line items]
Charge (credit) for the year in the income statement	(166)	(309)	(846)
Balance sheet
Deferred tax asset	(2,141)	(1,974)
Before Offset Amount | Lease Liabilities
Disclosure of temporary difference, unused tax losses and unused tax credits [line items]
Charge (credit) for the year in the income statement	(176)	(8)	(43)
Balance sheet
Deferred tax asset	(1,785)	(1,047)
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 (credit) for the year in the income statement	(60)	47	119
Balance sheet
Deferred tax asset	(755)	(647)
Before Offset Amount | Decommissioning, environmental and other provisions
Disclosure of temporary difference, unused tax losses and unused tax credits [line items]
Charge (credit) for the year in the income statement	563	770	(744)
Balance sheet
Deferred tax asset	(6,042)	(6,653)
Before Offset Amount | Derivative financial instruments
Disclosure of temporary difference, unused tax losses and unused tax credits [line items]
Charge (credit) for the year in the income statement	(14)	(6)	(9)
Balance sheet
Deferred tax asset	(136)	(282)
Before Offset Amount | Tax credits
Disclosure of temporary difference, unused tax losses and unused tax credits [line items]
Charge (credit) for the year in the income statement	(67)	1,578	1,282
Balance sheet
Deferred tax asset	(893)	(779)
Before Offset Amount | Loss carry forward
Disclosure of temporary difference, unused tax losses and unused tax credits [line items]
Charge (credit) for the year in the income statement	296	1,536	1,064
Balance sheet
Deferred tax asset	(2,467)	(2,669)
Before Offset Amount | Other deductible temporary differencesc
Disclosure of temporary difference, unused tax losses and unused tax credits [line items]
Charge (credit) for the year in the income statement	215	(406)	$ (180)
Balance sheet
Deferred tax asset	$ (1,424)	$ (1,378)

Taxation - Disclosure of tempor

Taxation - Disclosure of temporary differences, unused tax credits and unused tax losses (Details) - USD ($) $ in Billions	Dec. 31, 2023	Dec. 31, 2022
Disclosure of temporary difference, unused tax losses and unused tax credits [line items]
Unused tax credits for which no deferred tax asset recognised	$ 31.3	$ 28.6
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	20.7	22.7
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	27.3	24.6
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	2.1
Unused tax credits for which no deferred tax asset recognised	$ 4	4
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	9%
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	$ 5.6	$ 5.4

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, 2023	Dec. 31, 2022	Dec. 31, 2021
Income Taxes [Abstract]
Current tax benefit relating to the utilization of previously unrecognized deferred tax assets	$ 360	$ 492	$ 331
Deferred tax benefit arising from the reversal of a previous write-down of deferred tax assets	3	0	773
Deferred tax benefit relating to the recognition of previously unrecognized deferred tax assets	332	792	820
Deferred tax expense arising from the write-down of a previously recognized deferred tax asset	$ 54	$ 0	$ 29

Dividends - Narrative (Details)

Dividends - Narrative (Details) - USD ($) $ / shares in Units, $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Disclosure of classes of share capital [line items]
Current dividend payables	$ 91	$ 69
Ordinary Shares
Disclosure of classes of share capital [line items]
Quarterly dividend paid per ordinary share (in USD per share)	$ 0.07270
American Depositary Share
Disclosure of classes of share capital [line items]
Quarterly dividend paid per ordinary share (in USD per share)	$ 0.43620

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, 2024 USD ($)	Dec. 31, 2023 USD ($) $ / shares	Dec. 31, 2023 £ / shares	Sep. 30, 2023 USD ($) $ / shares	Sep. 30, 2023 £ / shares	Jun. 30, 2023 USD ($) $ / shares	Jun. 30, 2023 £ / shares	Mar. 31, 2023 USD ($) $ / shares	Mar. 31, 2023 £ / shares	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, 2023 USD ($) $ / shares	Dec. 31, 2023 £ / shares	Dec. 31, 2022 USD ($) $ / shares	Dec. 31, 2022 £ / shares	Dec. 31, 2021 USD ($) $ / shares	Dec. 31, 2021 £ / shares
Disclosure of classes of share capital [line items]
Quarterly dividend paid per ordinary share (in Pence and USD per share) | (per share)		$ 0.07270	£ 0.057367	$ 0.07270	£ 0.057320	$ 0.06610	£ 0.053089	$ 0.06610	£ 0.055507	$ 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	$ 0.27760	£ 0.223283	$ 0.22932	£ 0.186237	$ 0.21420	£ 0.155376
Dividend paid per ordinary share		$ 1,224		$ 1,249		$ 1,152		$ 1,183		$ 1,088		$ 1,140		$ 1,061		$ 1,068		$ 1,077		$ 1,100		$ 1,062		$ 1,063		$ 4,809		$ 4,358		$ 4,304
Preference shares
Disclosure of classes of share capital [line items]
Dividends paid, other than ordinary shares																										$ 1		$ 1		$ 2
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																										$ 0.07270
Subsequent Event
Disclosure of classes of share capital [line items]
Dividend paid per ordinary share	$ 1,222

Earnings per share - Earnings p

Earnings per share - Earnings per share, basic and diluted (Details) - $ / shares	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Ordinary Shares
Earnings per share [line items]
Basic earnings (loss) per share (USD per share)	$ 0.8778	$ (0.1310)	$ 0.3757
Diluted earnings (loss) per share (USD per share)	0.8585	(0.1310)	0.3733
American Depositary Share
Earnings per share [line items]
Basic earnings (loss) per share (USD per share)	5.27	(0.79)	2.25
Diluted earnings (loss) per share (USD per share)	$ 5.15	$ (0.79)	$ 2.24

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, 2023	Dec. 31, 2022	Dec. 31, 2021
Earnings per share [line items]
bp shareholders	$ 15,239	$ (2,487)	$ 7,565
Less: dividend requirements on preference shares	1	1	2
Profit (loss) for the year attributable to bp ordinary shareholders	$ 15,238	$ (2,488)	$ 7,563
Ordinary Shares
Earnings per share [line items]
Basic weighted average number of ordinary shares (in shares)	17,360,288	18,987,936	20,128,862
Potential dilutive effect of ordinary shares issuable under employee share-based payment plans (in shares)	389,790	0	131,526
Weighted average number of ordinary shares outstanding used to calculate diluted earnings per share (in shares)	17,750,078	18,987,936	20,260,388
American Depositary Share
Earnings per share [line items]
Basic weighted average number of ordinary shares (in shares)	2,893,381	3,164,656	3,354,810
Potential dilutive effect of ordinary shares issuable under employee share-based payment plans (in shares)	64,965	0	21,921
Weighted average number of ordinary shares outstanding used to calculate diluted earnings per share (in shares)	2,958,346	3,164,656	3,376,731

Earnings per share - Narrative

Earnings per share - Narrative (Details) - shares	2 Months Ended	12 Months Ended
	Feb. 16, 2024	Dec. 31, 2023	Dec. 31, 2022
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)		16,824,651,796	17,974,112,648
Ordinary Shares | Subsequent Event
Earnings per share [line items]
Net increase in the number of ordinary shares outstanding (in shares)	(21,406,501)
Increase in number of ordinary shares outstanding (in shares)	(109,230,677)

Earnings per share - Dilutive e

Earnings per share - Dilutive effect of share options (Details)	12 Months Ended
	Dec. 31, 2023 shares $ / shares	Dec. 31, 2022 shares $ / shares	Dec. 31, 2023 shares £ / shares	Dec. 31, 2022 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			£ 4.66	£ 4.75
Equity-Settled Share-Based Payment Arrangement
Disclosure of terms and conditions of share-based payment arrangement [line items]
Number of options outstanding (in shares)	545,044,000	564,079,000	545,044,000	564,079,000
Weighted average exercise price of share options outstanding in share-based payment arrangement | $ / shares	$ 4.04	$ 4
Number of options exercisable (in shares)	905,000	342,000	905,000	342,000
Weighted average exercise price of share options exercisable in share-based payment arrangement | $ / shares	$ 3.31	$ 4.99
Dilutive effect (in shares)	166,581,000	83,204,000

Earnings per share - Dilutive_2

Earnings per share - Dilutive effect of share units (Details) - shares	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
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)	226,190,000	167,672,000
Number of equity instruments other than options, expected to vest within two years (in shares)	257,511,000	192,734,000
Number of equity instruments other than options, expected to vest within three years (in shares)	114,500,000	226,027,000
Number of equity instruments other than options, expected to vest within four years (in shares)	1,176,000	2,595,000
Number of equity instruments other than options, expected to vest over four years (in shares)	308,000	173,000
Number of equity instruments other than options, expected to vest (in shares)	599,685,000	589,201,000
Dilutive effect (in shares)	284,908,000	244,886,000

Property, plant and equipment -

Property, plant and equipment - Summary of property, plant and equipment (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Reconciliation of changes in property, plant and equipment [abstract]
Beginning balance, property, plant and equipment	$ 106,044
Ending balance, property, plant and equipment	104,719	$ 106,044
Land and land improvements
Reconciliation of changes in property, plant and equipment [abstract]
Beginning balance, property, plant and equipment	2,813
Ending balance, property, plant and equipment	3,086	2,813
Buildings
Reconciliation of changes in property, plant and equipment [abstract]
Beginning balance, property, plant and equipment	1,606
Ending balance, property, plant and equipment	1,682	1,606
Oil and gas properties
Reconciliation of changes in property, plant and equipment [abstract]
Beginning balance, property, plant and equipment	67,611
Ending balance, property, plant and equipment	61,957	67,611
Plant, Machinery & Equipment
Reconciliation of changes in property, plant and equipment [abstract]
Beginning balance, property, plant and equipment	22,685
Ending balance, property, plant and equipment	22,629	22,685
Fixtures, fittings and office equipment
Reconciliation of changes in property, plant and equipment [abstract]
Beginning balance, property, plant and equipment	538
Ending balance, property, plant and equipment	610	538
Transportation
Reconciliation of changes in property, plant and equipment [abstract]
Beginning balance, property, plant and equipment	2,978
Ending balance, property, plant and equipment	3,129	2,978
Oil depots, storage tanks and service stations
Reconciliation of changes in property, plant and equipment [abstract]
Beginning balance, property, plant and equipment	7,813
Ending balance, property, plant and equipment	11,626	7,813
Assets under construction
Reconciliation of changes in property, plant and equipment [abstract]
Beginning balance, property, plant and equipment	22,313
Ending balance, property, plant and equipment	13,390	22,313
Property plant and equipment not subject to operating leases
Reconciliation of changes in property, plant and equipment [abstract]
Beginning balance, property, plant and equipment	98,061
Ending balance, property, plant and equipment	94,275	98,061
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	243,520	273,260
Exchange adjustments	783	(1,500)
Additions	12,782	9,778
Acquisitions	1,353	1,079
Transfers from intangible assets	171	357
Reclassified as assets held for sale	88	5,808
Deletions and disposals	(3,403)	(33,646)
Ending balance, property, plant and equipment	255,118	243,520
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	(145,459)	(168,440)
Exchange adjustments	(443)	772
Charge for the year	12,939	12,008
Impairment losses	5,293	3,098
Impairment reversals	(27)	(2,291)
Reclassified as assets held for sale	(79)	(5,154)
Deletions and disposals	3,185	29,870
Ending balance, property, plant and equipment	(160,843)	(145,459)
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	2,813
Ending balance, property, plant and equipment	3,086	2,813
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	3,513	3,713
Exchange adjustments	112	(184)
Additions	134	51
Acquisitions	206	1
Transfers from intangible assets	0	0
Reclassified as assets held for sale	7	49
Deletions and disposals	(34)	(19)
Ending balance, property, plant and equipment	3,924	3,513
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	(700)	(706)
Exchange adjustments	(14)	26
Charge for the year	45	47
Impairment losses	108	6
Impairment reversals	0	0
Reclassified as assets held for sale	(1)	(18)
Deletions and disposals	28	15
Ending balance, property, plant and equipment	(838)	(700)
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	449
Ending balance, property, plant and equipment	439	449
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	950	1,245
Exchange adjustments	2	(30)
Additions	48	31
Acquisitions	0	40
Transfers from intangible assets	0	0
Reclassified as assets held for sale	0	0
Deletions and disposals	(8)	(336)
Ending balance, property, plant and equipment	992	950
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	(501)	(654)
Exchange adjustments	(3)	21
Charge for the year	30	26
Impairment losses	22	14
Impairment reversals	0	0
Reclassified as assets held for sale	0	0
Deletions and disposals	3	172
Ending balance, property, plant and equipment	(553)	(501)
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	67,594
Ending balance, property, plant and equipment	61,904	67,594
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	179,028	208,778
Exchange adjustments	0	0
Additions	8,252	6,221
Acquisitions	0	0
Transfers from intangible assets	171	357
Reclassified as assets held for sale	0	4,351
Deletions and disposals	(2,105)	(31,977)
Ending balance, property, plant and equipment	185,346	179,028
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	(111,434)	(135,294)
Exchange adjustments	0	0
Charge for the year	10,468	9,770
Impairment losses	3,628	1,251
Impairment reversals	(18)	(2,221)
Reclassified as assets held for sale	0	(3,972)
Deletions and disposals	2,070	28,688
Ending balance, property, plant and equipment	(123,442)	(111,434)
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	21,759
Ending balance, property, plant and equipment	21,713	21,759
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	44,662	44,037
Exchange adjustments	294	(599)
Additions	2,921	2,188
Acquisitions	27	998
Transfers from intangible assets	0	0
Reclassified as assets held for sale	3	1,408
Deletions and disposals	(517)	(554)
Ending balance, property, plant and equipment	47,384	44,662
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	(22,903)	(21,841)
Exchange adjustments	(200)	299
Charge for the year	1,519	1,457
Impairment losses	1,467	1,487
Impairment reversals	0	(65)
Reclassified as assets held for sale	(2)	(1,164)
Deletions and disposals	416	354
Ending balance, property, plant and equipment	(25,671)	(22,903)
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	531
Ending balance, property, plant and equipment	606	531
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	2,202	2,213
Exchange adjustments	31	(83)
Additions	221	252
Acquisitions	12	0
Transfers from intangible assets	0	0
Reclassified as assets held for sale	3	0
Deletions and disposals	(173)	(180)
Ending balance, property, plant and equipment	2,290	2,202
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	(1,671)	(1,774)
Exchange adjustments	(18)	61
Charge for the year	163	135
Impairment losses	0	0
Impairment reversals	0	0
Reclassified as assets held for sale	(1)	0
Deletions and disposals	167	177
Ending balance, property, plant and equipment	(1,684)	(1,671)
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	666	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	3,076	3,033
Exchange adjustments	2	(14)
Additions	80	42
Acquisitions	48	37
Transfers from intangible assets	0	0
Reclassified as assets held for sale	1	0
Deletions and disposals	(247)	(22)
Ending balance, property, plant and equipment	2,958	3,076
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	(2,431)	(2,388)
Exchange adjustments	(2)	11
Charge for the year	85	72
Impairment losses	10	4
Impairment reversals	(9)	(5)
Reclassified as assets held for sale	(1)	0
Deletions and disposals	226	17
Ending balance, property, plant and equipment	(2,292)	(2,431)
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	4,270
Ending balance, property, plant and equipment	5,861	4,270
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	10,089	10,241
Exchange adjustments	342	(590)
Additions	1,126	993
Acquisitions	1,060	3
Transfers from intangible assets	0	0
Reclassified as assets held for sale	74	0
Deletions and disposals	(319)	(558)
Ending balance, property, plant and equipment	12,224	10,089
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	(5,819)	(5,783)
Exchange adjustments	(206)	354
Charge for the year	629	501
Impairment losses	58	336
Impairment reversals	0	0
Reclassified as assets held for sale	(74)	0
Deletions and disposals	275	447
Ending balance, property, plant and equipment	(6,363)	(5,819)
Property, plant and equipment subject to operating leases [member]
Reconciliation of changes in property, plant and equipment [abstract]
Beginning balance, property, plant and equipment	7,983
Ending balance, property, plant and equipment	10,444	7,983
Property, plant and equipment subject to operating leases [member] | Accumulated depreciation
Reconciliation of changes in property, plant and equipment [abstract]
Charge for the year	2,613	1,969
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	1,157
Ending balance, property, plant and equipment	1,243	1,157
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	196	190
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	17
Ending balance, property, plant and equipment	53	17
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	16	18
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	926
Ending balance, property, plant and equipment	916	926
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	558	321
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	560
Ending balance, property, plant and equipment	661	560
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	7
Ending balance, property, plant and equipment	4	7
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	5	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	2,333
Ending balance, property, plant and equipment	2,463	2,333
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	1,055	853
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	2,208
Ending balance, property, plant and equipment	2,337	2,208
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	3,543
Ending balance, property, plant and equipment	5,765	3,543
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	$ 783	577
Increase (decrease) due to corrections of prior period errors [member] | 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		744
Increase (decrease) due to corrections of prior period errors [member] | 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		(744)
Increase (decrease) due to corrections of prior period errors [member] | 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		(18)
Increase (decrease) due to corrections of prior period errors [member] | 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		$ (18)

Capital commitments (Details)

Capital commitments (Details) - USD ($) $ in Millions	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Associates
Disclosure of detailed information about property, plant and equipment [line items]
Contractual capital commitments	$ 105	$ 18	$ 126
Joint ventures
Disclosure of detailed information about property, plant and equipment [line items]
Contractual capital commitments	1,580	1,764	1,075
Property plant and equipment not subject to operating leases
Disclosure of detailed information about property, plant and equipment [line items]
Contractual capital commitments	$ 10,354	$ 9,381	$ 8,208

Goodwill and impairment revie_3

Goodwill and impairment review of goodwill - Disclosure of reconciliation of goodwill (Details) - Goodwill - USD ($)	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Reconciliation of changes in goodwill [abstract]
Intangible assets and goodwill, beginning of period	$ 11,960,000,000	$ 12,373,000,000
Intangible assets and goodwill, end of period	12,472,000,000	11,960,000,000
Carrying amount
Reconciliation of changes in goodwill [abstract]
Intangible assets and goodwill, beginning of period	12,577,000,000	12,991,000,000
Exchange adjustments	184,000,000	(367,000,000)
Acquisitions and other additions	415,000,000	573,000,000
Reclassified as assets held for sale	0	(58,000,000)
Disposals and retirements, intangible assets and goodwill	0	(562,000,000)
Intangible assets and goodwill, end of period	13,176,000,000	12,577,000,000
Accumulated impairment
Reconciliation of changes in goodwill [abstract]
Intangible assets and goodwill, beginning of period	(617,000,000)	(618,000,000)
Exchange adjustments	(2,000,000)	1,000,000
Impairment loss recognised in profit or loss, goodwill	(85,000,000)	0
Intangible assets and goodwill, end of period	$ (704,000,000)	$ (617,000,000)

Goodwill and impairment revie_4

Goodwill and impairment review of goodwill - Disclosure of goodwill by segment (Details) - Goodwill - USD ($) $ in Millions	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Disclosure of detailed information about intangible assets [line items]
Intangible assets and goodwill	$ 12,472	$ 11,960	$ 12,373
gas & low carbon energy
Disclosure of detailed information about intangible assets [line items]
Intangible assets and goodwill	2,095	2,232
Amount by which unit's recoverable amount exceeds its carrying amount	5,886	12,971
oil production & operations
Disclosure of detailed information about intangible assets [line items]
Intangible assets and goodwill	4,925	4,925
Amount by which unit's recoverable amount exceeds its carrying amount	18,854	36,045
customers & products
Disclosure of detailed information about intangible assets [line items]
Intangible assets and goodwill	5,431	4,740
customers & products | Castrol
Disclosure of detailed information about intangible assets [line items]
Intangible assets and goodwill	2,672	2,524
customers & products | US fuels
Disclosure of detailed information about intangible assets [line items]
Intangible assets and goodwill	792	606
customers & products | European fuels
Disclosure of detailed information about intangible assets [line items]
Intangible assets and goodwill	839	815
customers & products | Archaea Energy Inc.
Disclosure of detailed information about intangible assets [line items]
Intangible assets and goodwill	707	409
customers & products | Other Products [Member]
Disclosure of detailed information about intangible assets [line items]
Intangible assets and goodwill	421	386
other businesses & corporate
Disclosure of detailed information about intangible assets [line items]
Intangible assets and goodwill	$ 21	$ 63

Goodwill and impairment revie_5

Goodwill and impairment review of goodwill - Narrative (Details) $ in Millions	12 Months Ended
	Dec. 31, 2023 USD ($) MMBoe	Dec. 31, 2022 USD ($) 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
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	185	191
Estimated Percentage Change in Revenue due to Adverse Impact on Goodwill Headroom	(15.00%)	(18.00%)
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	402	346
Estimated Percentage Change in Revenue due to Adverse Impact on Goodwill Headroom	(22.00%)	(27.00%)
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%	3.40%
customers & products | Archaea Energy Inc.
Disclosure of detailed information about intangible assets [line items]
Period used in determining value in use for cash-generating units	12 years
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 | 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	11%	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	17%	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	9%	8%

Intangible assets - Schedule of

Intangible assets - Schedule of intangible assets (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Reconciliation of changes in intangible assets other than goodwill [abstract]
Intangible assets, beginning of period	$ 10,200	$ 6,451
Exploration expenditure written off	746	385	$ 167
Intangible assets, end of period	9,991	10,200	6,451
Carrying amount
Reconciliation of changes in intangible assets other than goodwill [abstract]
Intangible assets, beginning of period	22,786	20,463
Exchange adjustments	144	(216)
Acquisitions	130	3,592
Revaluation increase (decrease), intangible assets other than goodwill	(394)	0
Additions	1,880	1,725
Decrease through classified as held for sale, intangible assets other than goodwill	(6)	(16)
Transfers to property, plant and equipment	(171)	(357)
Deletions and disposals	1,188	2,405
Intangible assets, end of period	23,181	22,786	20,463
Accumulated depreciation and amortisation
Reconciliation of changes in intangible assets other than goodwill [abstract]
Intangible assets, beginning of period	(12,586)	(14,012)
Exchange adjustments	(79)	128
Exploration expenditure written off	746	385
Charge for the year	748	491
Impairment losses	97	23
Reversal of impairment loss recognised in profit or loss, intangible assets other than goodwill	0	(3)
Decrease through classified as held for sale, intangible assets other than goodwill	3	16
Deletions and disposals	(1,063)	(2,178)
Intangible assets, end of period	(13,190)	(12,586)	(14,012)
Exploration and appraisal expenditure
Reconciliation of changes in intangible assets other than goodwill [abstract]
Intangible assets, beginning of period	4,213	4,289
Intangible assets, end of period	4,328	4,213	4,289
Exploration and appraisal expenditure | Carrying amount
Reconciliation of changes in intangible assets other than goodwill [abstract]
Intangible assets, beginning of period	12,571	14,311
Exchange adjustments	0	0
Acquisitions	0	0
Revaluation increase (decrease), intangible assets other than goodwill	0	0
Additions	1,058	894
Decrease through classified as held for sale, intangible assets other than goodwill	0	(9)
Transfers to property, plant and equipment	(171)	(357)
Deletions and disposals	383	2,268
Intangible assets, end of period	13,075	12,571	14,311
Exploration and appraisal expenditure | Accumulated depreciation and amortisation
Reconciliation of changes in intangible assets other than goodwill [abstract]
Intangible assets, beginning of period	(8,358)	(10,022)
Exchange adjustments	0	0
Exploration expenditure written off	746	385
Charge for the year	0	0
Impairment losses	20	2
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	0	9
Deletions and disposals	(377)	(2,042)
Intangible assets, end of period	(8,747)	(8,358)	(10,022)
Biogas rights agreements
Reconciliation of changes in intangible assets other than goodwill [abstract]
Intangible assets, beginning of period	3,398	0
Intangible assets, end of period	2,884	3,398	0
Biogas rights agreements | Carrying amount
Reconciliation of changes in intangible assets other than goodwill [abstract]
Intangible assets, beginning of period	3,398	0
Exchange adjustments	0	0
Acquisitions	0	3,398
Revaluation increase (decrease), intangible assets other than goodwill	(394)	0
Additions	23	0
Decrease through classified as held for sale, intangible assets other than goodwill	0	0
Transfers to property, plant and equipment	0	0
Deletions and disposals	38	0
Intangible assets, end of period	2,989	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	0
Exchange adjustments	0	0
Exploration expenditure written off	0	0
Charge for the year	106	0
Impairment losses	0	0
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	0	0
Deletions and disposals	(1)	0
Intangible assets, end of period	(105)	0	0
Other intangibles
Reconciliation of changes in intangible assets other than goodwill [abstract]
Intangible assets, beginning of period	2,589	2,162
Intangible assets, end of period	2,779	2,589	2,162
Other intangibles | Carrying amount
Reconciliation of changes in intangible assets other than goodwill [abstract]
Intangible assets, beginning of period	6,817	6,152
Exchange adjustments	144	(216)
Acquisitions	130	194
Revaluation increase (decrease), intangible assets other than goodwill	0	0
Additions	799	831
Decrease through classified as held for sale, intangible assets other than goodwill	(6)	(7)
Transfers to property, plant and equipment	0	0
Deletions and disposals	767	137
Intangible assets, end of period	7,117	6,817	6,152
Other intangibles | Accumulated depreciation and amortisation
Reconciliation of changes in intangible assets other than goodwill [abstract]
Intangible assets, beginning of period	(4,228)	(3,990)
Exchange adjustments	(79)	128
Exploration expenditure written off	0	0
Charge for the year	642	491
Impairment losses	77	21
Reversal of impairment loss recognised in profit or loss, intangible assets other than goodwill	0	(3)
Decrease through classified as held for sale, intangible assets other than goodwill	3	7
Deletions and disposals	(685)	(136)
Intangible assets, end of period	$ (4,338)	$ (4,228)	$ (3,990)

Investments in joint ventures -

Investments in joint ventures - Summarized aggregate financial information of joint ventures (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Disclosure of joint ventures [line items]
Earnings from joint ventures – after interest and tax	$ 67	$ 1,128	$ 543
Investments in joint ventures	12,435	12,400
Azule Energy Holdings Limited [Member]
Disclosure of joint ventures [line items]
Earnings from joint ventures – after interest and tax	700	540	0
Investments in joint ventures	5,066	5,264
Pan American Energy Group [Member]
Disclosure of joint ventures [line items]
Earnings from joint ventures – after interest and tax	0	538	(217)
Investments in joint ventures	0	2,000
Other joint ventures
Disclosure of joint ventures [line items]
Earnings from joint ventures – after interest and tax	(633)	50	760
Investments in joint ventures	7,369	5,136
Joint ventures
Disclosure of joint ventures [line items]
Earnings from joint ventures – after interest and tax	67	1,128	$ 543
Investments in joint ventures	$ 12,435	$ 12,400

Investments in joint ventures_3

Investments in joint ventures - Narrative (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Disclosure of joint ventures [line items]
Net impairment and losses on sale of businesses and fixed assets	$ 5,857	$ 30,522	$ (1,121)
Azule Energy Holdings Limited [Member]
Disclosure of joint ventures [line items]
Proportion of ownership interest in joint venture	50%
Dividends received	$ 708	500
Net impairment and losses on sale of businesses and fixed assets	0	0
Pan American Energy Group [Member]
Disclosure of joint ventures [line items]
Dividends received		35	0
Net impairment and losses on sale of businesses and fixed assets		2,900
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	3,007	2,900
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	1,285	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	1,152	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	$ 133	$ (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, 2023		Dec. 31, 2022		Dec. 31, 2021		Dec. 31, 2020
Disclosure of joint ventures [line items]
Sales and other operating revenues		$ 213,032		$ 248,891		$ 164,195
Profit (loss) before interest and taxation		27,348		18,039		18,082
Finance costs		3,840		2,703		2,857
Profit (loss) before taxation		23,749		15,405		15,227
Taxation		7,869		16,762		6,740
Profit (loss) for the year	[1]	15,880		(1,357)		8,487
Other comprehensive income		(511)	[2]	8,208	[1]	2,065	[1]
Total comprehensive income		15,369	[2]	6,851	[1]	10,552	[1]
Non-current assets		176,148		180,432
Current assets		104,146		107,688
Total assets		280,294		288,120
Current liabilities		86,078		99,018
Non-current liabilities		108,723		106,112
Total liabilities		194,801		205,130
Net assets		85,493		82,990
Non-controlling interests		15,210		15,437
bp shareholders’ equity		70,283		67,553
Depreciation, depletion and amortization		15,928		14,318		14,805
Cash and cash equivalents		33,030		29,195		30,681		$ 31,111
Azule Energy Holdings Limited [Member]
Disclosure of joint ventures [line items]
Sales and other operating revenues		5,164		2,274
Profit (loss) before interest and taxation		2,146		1,460
Finance costs		400		218
Profit (loss) before taxation		1,746		1,242
Taxation		346		162
Profit (loss) for the year		1,400		1,080
Other comprehensive income		0		0
Total comprehensive income		1,400		1,080
Non-current assets		18,788		22,218
Current assets		3,928		4,132
Total assets		22,716		26,350
Current liabilities		2,510		2,594
Non-current liabilities		10,074		13,228
Total liabilities		12,584		15,822
Net assets		10,132		10,528
Non-controlling interests		0		0
bp shareholders’ equity		10,132		10,528
Depreciation, depletion and amortization		2,768		1,145
Interest income		0		11
Interest expense		407		218
Cash and cash equivalents		603		1,031
Current financial liabilities		2,409		2,077
Non-current financial liabilities		$ 4,735		4,700
Pan American Energy Group [Member]
Disclosure of joint ventures [line items]
Sales and other operating revenues				6,408		4,394
Profit (loss) before interest and taxation				1,560		806
Finance costs				376		262
Profit (loss) before taxation				1,184		544
Taxation				108		978
Profit (loss) for the year				1,076		(434)
Other comprehensive income				0		0
Total comprehensive income				1,076		(434)
Non-current assets				14,598
Current assets				3,054
Total assets				17,652
Current liabilities				1,996
Non-current liabilities				5,856
Total liabilities				7,852
Net assets				9,800
Non-controlling interests				0
bp shareholders’ equity				9,800
Depreciation, depletion and amortization				1,039		930
Interest income				29		19
Interest expense				375		262
Deferred tax expense (income)						$ 415
Cash and cash equivalents				1,012
Current financial liabilities				751
Non-current financial liabilities				$ 2,151
[1] See Note 32 for further information. 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, 2023		Dec. 31, 2022		Dec. 31, 2021
Disclosure of joint ventures [line items]
Sales and other operating revenues		$ 213,032		$ 248,891		$ 164,195
Profit (loss) before interest and taxation		27,348		18,039		18,082
Finance costs		3,840		2,703		2,857
Profit (loss) before taxation		23,749		15,405		15,227
Taxation		7,869		16,762		6,740
Non-controlling interests		641		1,130		922
Profit (loss) for the year	[1]	15,880		(1,357)		8,487
Other comprehensive income		(511)	[2]	8,208	[1]	2,065	[1]
Total comprehensive income		15,369	[2]	6,851	[1]	10,552	[1]
Non-current assets		176,148		180,432
Current assets		104,146		107,688
Assets		280,294		288,120
Current liabilities		86,078		99,018
Non-current liabilities		108,723		106,112
Liabilities		194,801		205,130
Net assets		85,493		82,990
Non-controlling interests		15,210		15,437
bp shareholders’ equity		70,283		67,553
Net impairment and losses on sale of businesses and fixed assets		(5,857)		(30,522)		1,121
Investments in joint ventures		12,435		12,400
Azule Energy Holdings Limited [Member]
Disclosure of joint ventures [line items]
Sales and other operating revenues		2,582		1,137
Profit (loss) before interest and taxation		1,073		730
Finance costs		200		109
Profit (loss) before taxation		873		621
Taxation		173		81
Non-controlling interests		0		0
Profit (loss) for the year		700		540
Other comprehensive income		0		0
Total comprehensive income		700		540
Non-current assets		9,394		11,109
Current assets		1,964		2,066
Assets		11,358		13,175
Current liabilities		1,255		1,297
Non-current liabilities		5,037		6,614
Liabilities		6,292		7,911
Net assets		5,066		5,264
Non-controlling interests		0		0
bp shareholders’ equity		5,066		5,264
Net impairment and losses on sale of businesses and fixed assets		0		0
Loans made by group companies to associates		0		0
Investments in joint ventures		5,066		5,264
Pan American Energy Group [Member]
Disclosure of joint ventures [line items]
Sales and other operating revenues				3,204		2,197
Profit (loss) before interest and taxation				780		403
Finance costs				188		131
Profit (loss) before taxation				592		272
Taxation				54		489
Non-controlling interests				0		0
Profit (loss) for the year				538		(217)
Other comprehensive income				0		0
Total comprehensive income				538		(217)
Non-current assets				7,299
Current assets				1,527
Assets				8,826
Current liabilities				998
Non-current liabilities				2,928
Liabilities				3,926
Net assets				4,900
Non-controlling interests				0
bp shareholders’ equity				4,900
Net impairment and losses on sale of businesses and fixed assets				(2,900)
Loans made by group companies to associates				0
Investments in joint ventures		0		2,000
Other joint ventures
Disclosure of joint ventures [line items]
Sales and other operating revenues		13,705		9,770		9,048
Profit (loss) before interest and taxation		8		255		927
Finance costs		421		137		58
Profit (loss) before taxation		(413)		118		869
Taxation		219		67		107
Non-controlling interests		1		1		2
Profit (loss) for the year		(633)		50		760
Other comprehensive income		45		50		5
Total comprehensive income		(588)		100		765
Non-current assets		16,505		7,775
Current assets		4,387		2,778
Assets		20,892		10,553
Current liabilities		2,992		1,713
Non-current liabilities		7,505		3,687
Liabilities		10,497		5,400
Net assets		10,395		5,153
Non-controlling interests		(15)		(13)
bp shareholders’ equity		10,380		5,140
Net impairment and losses on sale of businesses and fixed assets		3,007		0
Loans made by group companies to associates		(4)		(4)
Investments in joint ventures		7,369		5,136
Joint ventures
Disclosure of joint ventures [line items]
Sales and other operating revenues		16,287		14,111		11,245
Profit (loss) before interest and taxation		1,081		1,765		1,330
Finance costs		621		434		189
Profit (loss) before taxation		460		1,331		1,141
Taxation		392		202		596
Non-controlling interests		1		1		2
Profit (loss) for the year		67		1,128		543
Other comprehensive income		45		50		5
Total comprehensive income		112		1,178		$ 548
Non-current assets		25,899		26,183
Current assets		6,351		6,371
Assets		32,250		32,554
Current liabilities		4,247		4,008
Non-current liabilities		12,542		13,229
Liabilities		16,789		17,237
Net assets		15,461		15,317
Non-controlling interests		(15)		(13)
bp shareholders’ equity		15,446		15,304
Net impairment and losses on sale of businesses and fixed assets		(3,007)		(2,900)
Loans made by group companies to associates		(4)		(4)
Investments in joint ventures		$ 12,435		$ 12,400
[1] See Note 32 for further information. 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, 2023	Dec. 31, 2022	Dec. 31, 2021
Sales To Joint Ventures [Abstract]
Sales to related parties	$ 3,585	$ 4,212	$ 3,923
Related party receivable	501	316	292
Purchases from joint ventures [Abstract]
Purchases of goods, related party	3,328	1,893	716
Related party payables	$ 427	$ 574	$ 93

Investments in associates - Sum

Investments in associates - Summarized aggregate financial information of associates (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023		Dec. 31, 2022		Dec. 31, 2021
Disclosure of associates [line items]
Earnings from associates – after interest and tax	$ 831		$ 1,402		$ 3,456
Investments in associates	7,814		8,201
Sales and other operating revenues	213,032		248,891		164,195
Profit (loss) before interest and taxation	27,348		18,039		18,082
Finance costs	3,840		2,703		2,857
Profit (loss) before taxation	23,749		15,405		15,227
Taxation	7,869		16,762		6,740
Non-controlling interests	641		1,130		922
bp shareholders	15,239		(2,487)		7,565
Other comprehensive income	(511)	[1]	8,208	[2]	2,065	[2]
Total comprehensive income	15,369	[1]	6,851	[2]	10,552	[2]
Non-current assets	176,148		180,432
Current assets	104,146		107,688
Assets	280,294		288,120
Current liabilities	86,078		99,018
Non-current liabilities	108,723		106,112
Liabilities	194,801		205,130
Net assets	85,493		82,990
Non-controlling interests	15,210		15,437
bp shareholders’ equity	70,283		67,553
Rosneft
Disclosure of associates [line items]
Sales and other operating revenues					118,755
Profit (loss) before interest and taxation					18,537
Finance costs					1,357
Profit (loss) before taxation					17,180
Taxation					3,209
Non-controlling interests					1,743
bp shareholders					12,228
Other comprehensive income					54
Total comprehensive income					12,282
Rosneft
Disclosure of associates [line items]
Earnings from associates – after interest and tax	0		528		2,694
Investments in associates	0		0
Sales and other operating revenues					26,163
Profit (loss) before interest and taxation					4,084
Finance costs					299
Profit (loss) before taxation					3,785
Taxation					707
Non-controlling interests					384
bp shareholders					2,694
Other comprehensive income					12
Total comprehensive income					2,706
Other associates
Disclosure of associates [line items]
Earnings from associates – after interest and tax	831		874		762
Investments in associates	7,814		8,201
Sales and other operating revenues					10,005
Profit (loss) before interest and taxation					1,602
Finance costs					73
Profit (loss) before taxation					1,529
Taxation					767
Non-controlling interests					0
bp shareholders					762
Other comprehensive income					27
Total comprehensive income					789
Associates
Disclosure of associates [line items]
Earnings from associates – after interest and tax	831		1,402		3,456
Investments in associates	7,814		8,201
Sales and other operating revenues	11,396		14,841		36,168
Profit (loss) before interest and taxation	2,279		3,053		5,686
Finance costs	41		73		372
Profit (loss) before taxation	2,238		2,980		5,314
Taxation	1,407		1,498		1,474
Non-controlling interests	0		80		384
bp shareholders	831		1,402		3,456
Other comprehensive income	(237)		352		39
Total comprehensive income	594		1,754		$ 3,495
Non-current assets	11,483		11,993
Current assets	3,776		3,368
Assets	15,259		15,361
Current liabilities	3,003		2,936
Non-current liabilities	4,473		4,255
Liabilities	7,476		7,191
Net assets	7,783		8,170
Non-controlling interests	0		0
bp shareholders’ equity	$ 7,783		$ 8,170
[1] See Note 32 for further information. See Note 32 for further information.

Investments in associates - Nar

Investments in associates - Narrative (Details) - USD ($)	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Disclosure of associates [line items]
Net impairment and losses on sale of businesses and fixed assets	$ 5,857,000,000	$ 30,522,000,000	$ (1,121,000,000)
Rosneft
Disclosure of associates [line items]
Dividends received	0	0	$ 640,000,000
Associates
Disclosure of associates [line items]
Provision for doubtful debts	0
Doubtful debt provision, expense	0
Commitments in relations to contracts with associates	8,615,000,000	8,488,000,000
Net impairment and losses on sale of businesses and fixed assets	$ 0	$ 0
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

Investments in associates - S_2

Investments in associates - Summarized financial information relating to associates (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023		Dec. 31, 2022		Dec. 31, 2021
Disclosure of associates [line items]
Sales and other operating revenues	$ 213,032		$ 248,891		$ 164,195
Profit (loss) before interest and taxation	27,348		18,039		18,082
Finance costs	3,840		2,703		2,857
Profit (loss) before taxation	23,749		15,405		15,227
Taxation	7,869		16,762		6,740
Non-controlling interests	641		1,130		922
Profit for the year	15,239		(2,487)		7,565
Other comprehensive income	(511)	[1]	8,208	[2]	2,065	[2]
Total comprehensive income	15,369	[1]	6,851	[2]	10,552	[2]
Non-current assets	176,148		180,432
Current assets	104,146		107,688
Total assets	280,294		288,120
Current liabilities	86,078		99,018
Non-current liabilities	108,723		106,112
Total liabilities	194,801		205,130
Net assets	85,493		82,990
Non-controlling interests	15,210		15,437
bp shareholders’ equity	70,283		67,553
Group investment in associates	7,814		8,201
Rosneft
Disclosure of associates [line items]
Sales and other operating revenues					26,163
Profit (loss) before interest and taxation					4,084
Finance costs					299
Profit (loss) before taxation					3,785
Taxation					707
Non-controlling interests					384
Profit for the year					2,694
Other comprehensive income					12
Total comprehensive income					2,706
Group investment in associates	0		0
Other associates
Disclosure of associates [line items]
Sales and other operating revenues					10,005
Profit (loss) before interest and taxation					1,602
Finance costs					73
Profit (loss) before taxation					1,529
Taxation					767
Non-controlling interests					0
Profit for the year					762
Other comprehensive income					27
Total comprehensive income					789
Group investment in associates	7,814		8,201
Associates
Disclosure of associates [line items]
Sales and other operating revenues	11,396		14,841		36,168
Profit (loss) before interest and taxation	2,279		3,053		5,686
Finance costs	41		73		372
Profit (loss) before taxation	2,238		2,980		5,314
Taxation	1,407		1,498		1,474
Non-controlling interests	0		80		384
Profit for the year	831		1,402		3,456
Other comprehensive income	(237)		352		39
Total comprehensive income	594		1,754		3,495
Non-current assets	11,483		11,993
Current assets	3,776		3,368
Total assets	15,259		15,361
Current liabilities	3,003		2,936
Non-current liabilities	4,473		4,255
Total liabilities	7,476		7,191
Net assets	7,783		8,170
Non-controlling interests	0		0
bp shareholders’ equity	7,783		8,170
Loans made by group companies to associates	31		31
Group investment in associates	$ 7,814		$ 8,201
Rosneft
Disclosure of associates [line items]
Sales and other operating revenues					118,755
Profit (loss) before interest and taxation					18,537
Finance costs					1,357
Profit (loss) before taxation					17,180
Taxation					3,209
Non-controlling interests					1,743
Profit for the year					12,228
Other comprehensive income					54
Total comprehensive income					$ 12,282
[1] See Note 32 for further information. See Note 32 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, 2023	Dec. 31, 2022	Dec. 31, 2021
Disclosure of associates [line items]
Sales to related parties	$ 1,009	$ 1,042	$ 852
Related party receivable	368	417	201
Purchases of goods, related party	5,473	6,199	7,683
Related party payables	$ 2,607	$ 2,086	$ 2,072

Other investments - Schedule of

Other investments - Schedule of other investments (Details) - USD ($) $ in Millions	Dec. 31, 2023	Dec. 31, 2022
Disclosure of financial assets [line items]
Other current investments	$ 843	$ 578
Other non-current investments	2,189	2,670
Other investments
Disclosure of financial assets [line items]
Other current investments	0	0
Other non-current investments	1,177	1,040
Contingent consideration [member]
Disclosure of financial assets [line items]
Other current investments	754	364
Other non-current investments	939	1,522
Other
Disclosure of financial assets [line items]
Other current investments	89	214
Other non-current investments	$ 73	$ 108

Inventories - Schedule of inven

Inventories - Schedule of inventories (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Inventories [Abstract]
Crude oil	$ 3,227	$ 3,608
Natural gas	410	825
Emission allowances	464	436
Refined petroleum and petrochemical products	7,413	7,920
Total current inventories	11,514	12,789
Trading inventories	9,850	14,004
Current inventories arising from extractive activities and current production supplies	21,364	26,793
Supplies	1,455	1,288
Total current inventories	22,819	28,081
Cost of inventories expensed in the income statement	$ 119,307	$ 141,043	$ 92,923

Inventories - Narrative (Detail

Inventories - Narrative (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Disclosure of financial assets [line items]
Write down provision to net realizable value	$ 497	$ 483
Net charge to income statement	87	199
Hydrocarbon Inventories
Disclosure of financial assets [line items]
Write down provision to net realizable value	310	195
Net charge to income statement	$ 112	$ 137

Trade and other receivables - S

Trade and other receivables - Summary of trade and other receivables (Details) - USD ($) $ in Millions	Dec. 31, 2023	Dec. 31, 2022
Current
Current trade receivables	$ 25,175	$ 28,229
Current receivables due from related parties	843	654
Other current receivables	3,936	3,953
Trade and other current receivables financial assets	29,954	32,836
Non-current
Non-current trade receivables	652	12
Non-current receivables due from related parties	26	79
Other non-current receivables	722	608
Trade and other non-current receivables financial assets	1,400	699
Current
Current portion of sales taxes and production taxes	1,028	1,037
Other current receivables non-financial asset	141	137
Trade and other current receivables non-financial assets	1,169	1,174
Non-current
Non-current portion of sales taxes and production taxes	355	379
Other non-current receivables non-finance asset	12	14
Trade and other non-current receivables non-financial assets	367	393
Trade and other current receivables	31,123	34,010
Trade and other non-current receivables	$ 1,767	$ 1,092

Valuation and qualifying acco_3

Valuation and qualifying accounts - Schedule of valuation and qualifying accounts (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Trade and other receivables
Changes in other provisions [abstract]
Valuation allowances and reserves, beginning of period	$ 636	$ 584	$ 555
Charged to costs and expenses	866	143	136
Exchange adjustments	1	(8)	(11)
Deductions	(79)	(83)	(96)
Valuation Allowances And Reserves, Reclassifications	0	0	0
Valuation allowances and reserves, end of period	1,424	636	584
Valuation Allowances And Reserves, Balance 1	1,424	636	584
Fixed asset investments
Changes in other provisions [abstract]
Valuation allowances and reserves, beginning of period	3,050	169	186
Charged to costs and expenses	176	17,471	3
Exchange adjustments	(1)	(27)	0
Deductions	(42)	(41)	(20)
Valuation Allowances And Reserves, Reclassifications	0	(14,522)	0
Valuation allowances and reserves, end of period	3,183	3,050	169
Valuation Allowances And Reserves, Balance 1	3,183	3,050	169
Credit impaired
Changes in other provisions [abstract]
Valuation allowances and reserves, beginning of period	513	456
Valuation allowances and reserves, end of period	1,301	513	456
Valuation Allowances And Reserves, Balance 1	1,301	513	456
Not credit-impaired
Changes in other provisions [abstract]
Valuation allowances and reserves, beginning of period	(123)	(128)
Valuation allowances and reserves, end of period	(123)	(123)	(128)
Valuation Allowances And Reserves, Balance 1	$ (123)	$ (123)	$ (128)

Trade and other payables - Sche

Trade and other payables - Schedule of trade and other payables (Details) - USD ($) $ in Millions	Dec. 31, 2023	Dec. 31, 2022
Current
Current trade payables	$ 42,406	$ 47,210
Current payables to related parties	3,034	2,660
Current payables for capital expenditure and acquisitions	3,063	2,579
Current payables related to the Gulf of Mexico oil spill	1,130	1,213
Other current payables	7,313	5,995
Trade and other current payables financial liabilities	56,946	59,657
Non-current
Non-current trade payables	0	0
Non-current payables to related parties	0	0
Non-current payables for capital expenditure and acquisitionsa	305	446
Non-current payables related to the Gulf of Mexico oil spill	7,602	8,350
Other non-current payables	663	1,133
Trade and other noncurrent payables financial liabilities	8,570	9,929
Current
Current sales taxes, customs duties, production taxes and social security	2,264	2,361
Other current payables non-financial liabilities	1,945	1,966
Trade and other current payables non-financial liabilities	4,209	4,327
Trade and other current payables	61,155	63,984
Non-current
Non-current sales taxes, customs duties, production taxes and social security	134	124
Other non-current payables non-financial liabilities	1,372	334
Trade and other non-current payables non-financial liabilities	1,506	458
Trade and other non-current payables	$ 10,076	$ 10,387

Trade and other payables - Narr

Trade and other payables - Narrative (Details) - Gulf of Mexico Oil Spill $ in Millions	12 Months Ended
	Dec. 31, 2023 USD ($) participant	Dec. 31, 2022 USD ($)	Dec. 31, 2021 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	$ 1,280	$ 1,370	$ 1,484
Natural Resource Damages
Disclosure of financial liabilities [line items]
Other payables	3,782
State Claims
Disclosure of financial liabilities [line items]
Other payables	2,098
Clean Water Act Penalties
Disclosure of financial liabilities [line items]
Other payables	$ 2,812

Provisions - Schedule of provis

Provisions - Schedule of provisions (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Reconciliation of changes in other provisions [abstract]
Beginning balance, provisions	$ 21,324
Exchange adjustments	189
Acquisitions	40
New and increase in existing provisionsa	4,355
Unused provision reversed, other provisions	1,040
Unwinding of discountb	504
Change in discount rate	(991)
Provision used, other provisions	4,744
Reclassified to other payables	(473)
Decrease through transfer to liabilities included in disposal groups classified as held for sale, other provisions	10
Decrease through loss of control of subsidiary, other provisions	15
Ending balance, provisions	19,139	$ 21,324
Current provisions	4,418	6,332
Non-current provisions	14,721	14,992
Decommissioning
Reconciliation of changes in other provisions [abstract]
Beginning balance, provisions	12,343
Exchange adjustments	129
Acquisitions	5
New and increase in existing provisionsa	915
Unused provision reversed, other provisions	3
Unwinding of discountb	418
Change in discount rate	(921)
Provision used, other provisions	70
Reclassified to other payables	(444)
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	12,372	12,343
Current provisions	637
Non-current provisions	11,735
Environmental
Reconciliation of changes in other provisions [abstract]
Beginning balance, provisions	1,721
Exchange adjustments	6
Acquisitions	33
New and increase in existing provisionsa	228
Unused provision reversed, other provisions	51
Unwinding of discountb	55
Change in discount rate	(41)
Provision used, other provisions	307
Reclassified to other payables	(29)
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	0
Ending balance, provisions	1,614	1,721
Current provisions	371
Non-current provisions	1,243
Litigation And Claims
Reconciliation of changes in other provisions [abstract]
Beginning balance, provisions	779
Exchange adjustments	0
Acquisitions	2
New and increase in existing provisionsa	147
Unused provision reversed, other provisions	15
Unwinding of discountb	19
Change in discount rate	(23)
Provision used, other provisions	173
Reclassified to other payables	0
Decrease through transfer to liabilities included in disposal groups classified as held for sale, other provisions	9
Decrease through loss of control of subsidiary, other provisions	0
Ending balance, provisions	727	779
Current provisions	111
Non-current provisions	616
Emissions
Reconciliation of changes in other provisions [abstract]
Beginning balance, provisions	5,062
Exchange adjustments	29
Acquisitions	0
New and increase in existing provisionsa	2,347
Unused provision reversed, other provisions	710
Unwinding of discountb	0
Change in discount rate	0
Provision used, other provisions	3,703
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	3,025	5,062
Current provisions	2,807
Non-current provisions	218
Other provisions
Reconciliation of changes in other provisions [abstract]
Beginning balance, provisions	1,419
Exchange adjustments	25
Acquisitions	0
New and increase in existing provisionsa	718
Unused provision reversed, other provisions	261
Unwinding of discountb	12
Change in discount rate	(6)
Provision used, other provisions	491
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	15
Ending balance, provisions	1,401	$ 1,419
Current provisions	492
Non-current provisions	$ 909

Pensions and other post-retir_3

Pensions and other post-retirement benefits - Narrative (Details) $ in Millions	12 Months Ended
	Dec. 31, 2023 USD ($) participant director chairman	Dec. 31, 2022 USD ($)	Dec. 31, 2021 USD ($)
Funded
Disclosure of defined benefit plans [line items]
Aggregate contributions	$ 42	$ 74	$ 274
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%	2%
United Kingdom | Government issued nominal bondsd
Disclosure of defined benefit plans [line items]
Government issued nominal bonds under liability driven investments LDI	$ 6,215	$ 3,981
United Kingdom | Government issued index-linked bondsd
Disclosure of defined benefit plans [line items]
Index linked bonds under liability driven investments	$ 13,177	$ 11,945
US
Disclosure of defined benefit plans [line items]
Number of companies employees serving as investment committee members (employee) | participant	6

Pensions and other post-retir_4

Pensions and other post-retirement benefits - Details of assumptions used to estimate benefit obligations (Details)	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021	Jul. 01, 2021	Jun. 30, 2021
United Kingdom
Disclosure of defined benefit plans [line items]
Discount rate for plan liabilities	4.80%	5%	1.80%
Rate of increase for pensions in payment	2.80%	2.90%	3.20%
Rate of increase in deferred pensions	2.80%	2.90%	3.20%
Inflation for plan liabilities	3%	3.10%	3.30%
Discount rate for plan service costb			1.50%
Discount rate for plan other finance expensec	5%	1.80%	1.70%	1.90%	1.40%
Inflation for plan service costb			2.80%
US
Disclosure of defined benefit plans [line items]
Discount rate for plan liabilities	5%	5.20%	2.70%
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%	2.10%
Discount rate for plan service costb	5.20%	2.80%	2.40%
Discount rate for plan other finance expensec	5.20%	2.70%	2.20%
Inflation for plan service costb	2%	2.10%	1.70%
Eurozone
Disclosure of defined benefit plans [line items]
Discount rate for plan liabilities	3.60%	4.20%	1.30%
Rate of increase for pensions in payment	2.10%	1.80%	1.40%
Rate of increase in deferred pensions	0.70%	0.60%	0.40%
Inflation for plan liabilities	2.40%	2.10%	1.60%
Discount rate for plan service costb	4.30%	1.70%	1.40%
Discount rate for plan other finance expensec	4.20%	1.30%	1%
Inflation for plan service costb	2.10%	1.60%	1.50%
Other
Disclosure of defined benefit plans [line items]
Discount rate for plan service costb	5%	2.50%
Inflation for plan service costb	1.90%	2.20%

Pensions and other post-retir_5

Pensions and other post-retirement benefits - Summary of mortality assumptions (Details)	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Life expectancy at age 60 for a male currently aged 60 | United Kingdom
Disclosure of defined benefit plans [line items]
Mortality assumptions	27.4	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	25	24.9
Life expectancy at age 60 for a male currently aged 60 | Eurozone
Disclosure of defined benefit plans [line items]
Mortality assumptions	26.1	26	25.8
Life expectancy at age 60 for a male currently aged 40 | United Kingdom
Disclosure of defined benefit plans [line items]
Mortality assumptions	29.2	28.5	28.4
Life expectancy at age 60 for a male currently aged 40 | US
Disclosure of defined benefit plans [line items]
Mortality assumptions	26.7	26.6	26.6
Life expectancy at age 60 for a male currently aged 40 | Eurozone
Disclosure of defined benefit plans [line items]
Mortality assumptions	28.6	28.5	28.3
Life expectancy at age 60 for a female currently aged 60 | United Kingdom
Disclosure of defined benefit plans [line items]
Mortality assumptions	29.2	28.8	28.9
Life expectancy at age 60 for a female currently aged 60 | US
Disclosure of defined benefit plans [line items]
Mortality assumptions	28.1	28	27.9
Life expectancy at age 60 for a female currently aged 60 | Eurozone
Disclosure of defined benefit plans [line items]
Mortality assumptions	29.3	29.3	29.1
Life expectancy at age 60 for a female currently aged 40 | United Kingdom
Disclosure of defined benefit plans [line items]
Mortality assumptions	30.6	30.6	30.5
Life expectancy at age 60 for a female currently aged 40 | US
Disclosure of defined benefit plans [line items]
Mortality assumptions	29.6	29.5	29.4
Life expectancy at age 60 for a female currently aged 40 | Eurozone
Disclosure of defined benefit plans [line items]
Mortality assumptions	31.6	31.4	31.2

Pensions and other post-retir_6

Pensions and other post-retirement benefits - Current asset allocation (Details)	Dec. 31, 2023
United Kingdom
Disclosure of fair value of plan assets [line items]
Total equity (including private equity)	8%
Bonds/cash (including LDI)	85%
Property/real estate	7%
US
Disclosure of fair value of plan assets [line items]
Total equity (including private equity)	19%
Bonds/cash (including LDI)	81%
Property/real estate	0%

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, 2023	Dec. 31, 2022	Dec. 31, 2021
Disclosure of fair value of plan assets [line items]
Property	$ 2,546	$ 2,404	$ 2,846
Cash	679	919	1,375
Otherf	1,602	1,534	1,279
Debt (repurchase agreements) used to fund liability driven investments	(6,485)	(5,290)	(10,723)
Asset recognized	34,816	33,527	53,966
Listed equities – developed markets
Disclosure of fair value of plan assets [line items]
Equity	1,524	1,891	4,067
Listed equities – emerging markets
Disclosure of fair value of plan assets [line items]
Equity	157	253	440
Private equity
Disclosure of fair value of plan assets [line items]
Equity	3,038	3,843	4,773
Government issued nominal bondsd
Disclosure of fair value of plan assets [line items]
Debt instruments	8,773	6,354	11,503
Government issued index-linked bondsd
Disclosure of fair value of plan assets [line items]
Debt instruments	13,265	12,024	24,616
Corporate bondsd
Disclosure of fair value of plan assets [line items]
Debt instruments	9,717	9,595	13,790
United Kingdom
Disclosure of fair value of plan assets [line items]
Property	2,437	2,297	2,714
Cash	453	567	1,136
Otherf	1,123	1,088	1,133
Debt (repurchase agreements) used to fund liability driven investments	(6,485)	(5,290)	(10,723)
Asset recognized	26,046	25,047	42,844
United Kingdom | Listed equities – developed markets
Disclosure of fair value of plan assets [line items]
Equity	862	1,252	2,964
United Kingdom | Listed equities – emerging markets
Disclosure of fair value of plan assets [line items]
Equity	28	117	252
United Kingdom | Private equity
Disclosure of fair value of plan assets [line items]
Equity	2,022	2,715	3,233
United Kingdom | Government issued nominal bondsd
Disclosure of fair value of plan assets [line items]
Debt instruments	6,285	4,039	7,491
United Kingdom | Government issued index-linked bondsd
Disclosure of fair value of plan assets [line items]
Debt instruments	13,177	11,945	24,516
United Kingdom | Corporate bondsd
Disclosure of fair value of plan assets [line items]
Debt instruments	6,144	6,317	10,128
US
Disclosure of fair value of plan assets [line items]
Property	0	0	0
Cash	59	175	116
Otherf	33	33	54
Debt (repurchase agreements) used to fund liability driven investments	0	0	0
Asset recognized	5,474	5,417	7,173
US | Listed equities – developed markets
Disclosure of fair value of plan assets [line items]
Equity	97	127	340
US | Listed equities – emerging markets
Disclosure of fair value of plan assets [line items]
Equity	12	17	45
US | Private equity
Disclosure of fair value of plan assets [line items]
Equity	1,014	1,126	1,537
US | Government issued nominal bondsd
Disclosure of fair value of plan assets [line items]
Debt instruments	1,457	1,370	2,606
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	2,802	2,569	2,475
Eurozone
Disclosure of fair value of plan assets [line items]
Property	92	89	110
Cash	82	61	54
Otherf	55	56	70
Debt (repurchase agreements) used to fund liability driven investments	0	0	0
Asset recognized	2,052	1,877	2,537
Eurozone | Listed equities – developed markets
Disclosure of fair value of plan assets [line items]
Equity	333	299	473
Eurozone | Listed equities – emerging markets
Disclosure of fair value of plan assets [line items]
Equity	51	48	67
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	746	682	974
Eurozone | Government issued index-linked bondsd
Disclosure of fair value of plan assets [line items]
Debt instruments	88	79	100
Eurozone | Corporate bondsd
Disclosure of fair value of plan assets [line items]
Debt instruments	605	563	689
Other
Disclosure of fair value of plan assets [line items]
Property	17	18	22
Cash	85	116	69
Otherf	391	357	22
Debt (repurchase agreements) used to fund liability driven investments	0	0	0
Asset recognized	1,244	1,186	1,412
Other | Listed equities – developed markets
Disclosure of fair value of plan assets [line items]
Equity	232	213	290
Other | Listed equities – emerging markets
Disclosure of fair value of plan assets [line items]
Equity	66	71	76
Other | Private equity
Disclosure of fair value of plan assets [line items]
Equity	2	2	3
Other | Government issued nominal bondsd
Disclosure of fair value of plan assets [line items]
Debt instruments	285	263	432
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	166	$ 146	$ 498
Canada
Disclosure of fair value of plan assets [line items]
Otherf	$ 374

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, 2023	Dec. 31, 2022	Dec. 31, 2021
Analysis of the amount charged to profit or loss
Current service cost	$ 268	$ 372	$ 536
Past service cost	7	1	(327)
Settlement	3	(12)	(5)
Operating charge relating to defined benefit plans	278	361	204
Post-employment benefit expense, defined contribution plans	333	284	255
Employee Benefit, Expense	611	645	459
Interest income on plan assets	(1,667)	(961)	(904)
Interest cost	1,426	892	902
Other finance (income) expense	(241)	(69)	(2)
Analysis of the amount recognized in other comprehensive income
Actual asset return less interest income on plan assets	(522)	(15,194)	3,226
Change in financial assumptions underlying the present value of the plan liabilities	(1,153)	15,850	1,007
Change in demographic assumptions underlying the present value of the plan liabilities	(227)	18	11
Experience gains and losses arising on the plan liabilities	(360)	(334)	172
Remeasurements recognized in other comprehensive income (liabilities) assets	(2,262)	340	4,416
Movements in benefit obligation and fair value of plan assets during the year
Operating charge relating to defined benefit plans	278	361	204
Interest Expense, Net Defined Benefit Liability	1,426	892	902
Interest income on plan assets	(1,667)	(961)	(904)
Remeasurements recognized in other comprehensive income (liabilities) assets	(2,262)	340	4,416
Plan assets, at fair value, beginning of period	33,527	53,966
Plan assets, at fair value, end of period	34,816	33,527	53,966
Surplus (deficit) at 31 December	2,492	4,025
Surplus (deficit) in plan, asset recognized	7,948	9,269
Surplus (deficit) in plan, liability recognized	(5,456)	(5,244)
Funded
Movements in benefit obligation and fair value of plan assets during the year
Contributions to plan by employer, net defined benefit liability (asset)	42	74	274
Surplus (deficit) at 31 December	7,897	9,220
Unfunded
Movements in benefit obligation and fair value of plan assets during the year
Surplus (deficit) at 31 December	5,405	5,195
Accrued benefit obligation
Analysis of the amount charged to profit or loss
Operating charge relating to defined benefit plans	278	361
Interest cost	1,426	892
Analysis of the amount recognized in other comprehensive income
Remeasurements recognized in other comprehensive income (liabilities) assets	1,740	(15,534)
Movements in benefit obligation and fair value of plan assets during the year
Net defined benefit liability (asset), beginning of period	(29,502)	(49,867)
Exchange adjustments (liabilities) assets	1,301	(3,735)
Operating charge relating to defined benefit plans	278	361
Interest Expense, Net Defined Benefit Liability	1,426	892
Contributions by plan participants (liabilities) assets	13	15
Decrease Through Reclassification to Assets Held For Sale, Net Defined Benefit Liability (Asset)	(14)	12
Disposals of (benefit obligations) and fair value of plan asset		76
Remeasurements recognized in other comprehensive income (liabilities) assets	1,740	(15,534)
Net defined benefit liability (asset), end of period	(32,324)	(29,502)	(49,867)
Net defined benefit liability (asset)	32,324	29,502	49,867
Settlement payments in respect of net defined benefit liabilities (assets)	1,858	2,217
Payments in respect of settlements, net defined benefit liability (asset)	10	8
Expenses incurred for administration of the benefits	54	51
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	(24,307)
Benefit payments (liabilities) assets	1,493	1,732
Net defined benefit liability (asset), end of period	(26,919)	(24,307)
Net defined benefit liability (asset)	26,919	24,307
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	(5,195)
Benefit payments (liabilities) assets	429	544
Net defined benefit liability (asset), end of period	(5,405)	(5,195)
Net defined benefit liability (asset)	5,405	5,195
Fair value of plan assets
Analysis of the amount charged to profit or loss
Interest income on plan assets	(1,667)	(961)
Analysis of the amount recognized in other comprehensive income
Remeasurements recognized in other comprehensive income (liabilities) assets	(522)	(15,194)
Movements in benefit obligation and fair value of plan assets during the year
Exchange adjustments (liabilities) assets	1,582	(4,466)
Interest income on plan assets	(1,667)	(961)
Contributions by plan participants (liabilities) assets	13	15
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
Remeasurements recognized in other comprehensive income (liabilities) assets	(522)	(15,194)
Plan assets, at fair value, beginning of period	33,527	(53,966)
Plan assets, at fair value, end of period	34,816	33,527	(53,966)
Surplus (deficit) at 31 December	2,492	4,025
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)	42	74
Benefit payments (liabilities) assets	(1,493)	(1,732)
United Kingdom
Analysis of the amount charged to profit or loss
Current service cost	44	41	154
Past service cost	4	23	(302)
Settlement	0	(8)	0
Operating charge relating to defined benefit plans	48	56	(148)
Post-employment benefit expense, defined contribution plans	132	110	76
Employee Benefit, Expense	180	166	(72)
Interest income on plan assets	(1,259)	(694)	(684)
Interest cost	869	529	559
Other finance (income) expense	(390)	(165)	(125)
Analysis of the amount recognized in other comprehensive income
Actual asset return less interest income on plan assets	(677)	(12,955)	2,440
Change in financial assumptions underlying the present value of the plan liabilities	(649)	11,531	(100)
Change in demographic assumptions underlying the present value of the plan liabilities	(230)	47	66
Experience gains and losses arising on the plan liabilities	(320)	(146)	7
Remeasurements recognized in other comprehensive income (liabilities) assets	(1,876)	(1,523)	2,413
Movements in benefit obligation and fair value of plan assets during the year
Operating charge relating to defined benefit plans	48	56	(148)
Interest Expense, Net Defined Benefit Liability	869	529	559
Interest income on plan assets	(1,259)	(694)	(684)
Remeasurements recognized in other comprehensive income (liabilities) assets	(1,876)	(1,523)	2,413
Plan assets, at fair value, beginning of period	25,047	42,844
Plan assets, at fair value, end of period	26,046	25,047	42,844
Surplus (deficit) at 31 December	6,467	7,567
Surplus (deficit) in plan, asset recognized	6,631	7,716
Surplus (deficit) in plan, liability recognized	(164)	(149)
United Kingdom | Funded
Movements in benefit obligation and fair value of plan assets during the year
Surplus (deficit) at 31 December	6,631	7,716
United Kingdom | Unfunded
Movements in benefit obligation and fair value of plan assets during the year
Surplus (deficit) at 31 December	164	149
United Kingdom | Accrued benefit obligation
Analysis of the amount charged to profit or loss
Operating charge relating to defined benefit plans	48	56
Interest cost	869	529
Analysis of the amount recognized in other comprehensive income
Remeasurements recognized in other comprehensive income (liabilities) assets	1,199	(11,432)
Movements in benefit obligation and fair value of plan assets during the year
Net defined benefit liability (asset), beginning of period	(17,480)	(32,834)
Exchange adjustments (liabilities) assets	1,056	(3,224)
Operating charge relating to defined benefit plans	48	56
Interest Expense, Net Defined Benefit Liability	869	529
Contributions by plan participants (liabilities) assets	6	9
Decrease Through Reclassification to Assets Held For Sale, Net Defined Benefit Liability (Asset)	0	0
Disposals of (benefit obligations) and fair value of plan asset		74
Remeasurements recognized in other comprehensive income (liabilities) assets	1,199	(11,432)
Net defined benefit liability (asset), end of period	(19,579)	(17,480)	(32,834)
Net defined benefit liability (asset)	19,579	17,480	32,834
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	(17,331)
Benefit payments (liabilities) assets	1,071	1,211
Net defined benefit liability (asset), end of period	(19,415)	(17,331)
Net defined benefit liability (asset)	19,415	17,331
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	(149)
Benefit payments (liabilities) assets	8	7
Net defined benefit liability (asset), end of period	(164)	(149)
Net defined benefit liability (asset)	164	149
United Kingdom | Fair value of plan assets
Analysis of the amount charged to profit or loss
Interest income on plan assets	(1,259)	(694)
Analysis of the amount recognized in other comprehensive income
Remeasurements recognized in other comprehensive income (liabilities) assets	(677)	(12,955)
Movements in benefit obligation and fair value of plan assets during the year
Exchange adjustments (liabilities) assets	1,462	(4,258)
Interest income on plan assets	(1,259)	(694)
Contributions by plan participants (liabilities) assets	6	9
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
Remeasurements recognized in other comprehensive income (liabilities) assets	(677)	(12,955)
Plan assets, at fair value, beginning of period	25,047	(42,844)
Plan assets, at fair value, end of period	26,046	25,047	(42,844)
Surplus (deficit) at 31 December	6,467	7,567
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)	20	10
Benefit payments (liabilities) assets	(1,071)	(1,211)
US
Analysis of the amount charged to profit or loss
Current service cost	156	219	246
Past service cost	0	0	0
Settlement	0	0	0
Operating charge relating to defined benefit plans	156	219	246
Post-employment benefit expense, defined contribution plans	158	132	136
Employee Benefit, Expense	314	351	382
Interest income on plan assets	(274)	(189)	(150)
Interest cost	297	217	209
Other finance (income) expense	23	28	59
Analysis of the amount recognized in other comprehensive income
Actual asset return less interest income on plan assets	45	(1,581)	749
Change in financial assumptions underlying the present value of the plan liabilities	28	2,195	777
Change in demographic assumptions underlying the present value of the plan liabilities	(5)	0	(41)
Experience gains and losses arising on the plan liabilities	45	(15)	173
Remeasurements recognized in other comprehensive income (liabilities) assets	113	599	1,658
Movements in benefit obligation and fair value of plan assets during the year
Operating charge relating to defined benefit plans	156	219	246
Interest Expense, Net Defined Benefit Liability	297	217	209
Interest income on plan assets	(274)	(189)	(150)
Remeasurements recognized in other comprehensive income (liabilities) assets	113	599	1,658
Plan assets, at fair value, beginning of period	5,417	7,173
Plan assets, at fair value, end of period	5,474	5,417	7,173
Surplus (deficit) at 31 December	(363)	(463)
Surplus (deficit) in plan, asset recognized	1,133	1,227
Surplus (deficit) in plan, liability recognized	(1,496)	(1,690)
US | Funded
Movements in benefit obligation and fair value of plan assets during the year
Surplus (deficit) at 31 December	1,133	1,227
US | Unfunded
Movements in benefit obligation and fair value of plan assets during the year
Surplus (deficit) at 31 December	1,496	1,690
US | Accrued benefit obligation
Analysis of the amount charged to profit or loss
Operating charge relating to defined benefit plans	156	219
Interest cost	297	217
Analysis of the amount recognized in other comprehensive income
Remeasurements recognized in other comprehensive income (liabilities) assets	(68)	(2,180)
Movements in benefit obligation and fair value of plan assets during the year
Net defined benefit liability (asset), beginning of period	(5,880)	(8,273)
Exchange adjustments (liabilities) assets	0	0
Operating charge relating to defined benefit plans	156	219
Interest Expense, Net Defined Benefit Liability	297	217
Contributions by plan participants (liabilities) assets	0	0
Decrease Through Reclassification to Assets Held For Sale, Net Defined Benefit Liability (Asset)	0	0
Disposals of (benefit obligations) and fair value of plan asset		0
Remeasurements recognized in other comprehensive income (liabilities) assets	(68)	(2,180)
Net defined benefit liability (asset), end of period	(5,837)	(5,880)	(8,273)
Net defined benefit liability (asset)	5,837	5,880	8,273
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	(4,411)
Net defined benefit liability (asset), end of period	(4,527)	(4,411)
Net defined benefit liability (asset)	4,527	4,411
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	(1,469)
Net defined benefit liability (asset), end of period	(1,310)	(1,469)
Net defined benefit liability (asset)	1,310	1,469
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	(4,190)
Benefit payments (liabilities) assets	262	364
Net defined benefit liability (asset), end of period	(4,341)	(4,190)
Net defined benefit liability (asset)	4,341	4,190
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	(1,690)
Benefit payments (liabilities) assets	166	285
Net defined benefit liability (asset), end of period	(1,496)	(1,690)
Net defined benefit liability (asset)	1,496	1,690
US | Fair value of plan assets
Analysis of the amount charged to profit or loss
Interest income on plan assets	(274)	(189)
Analysis of the amount recognized in other comprehensive income
Remeasurements recognized in other comprehensive income (liabilities) assets	45	(1,581)
Movements in benefit obligation and fair value of plan assets during the year
Exchange adjustments (liabilities) assets	0	0
Interest income on plan assets	(274)	(189)
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
Remeasurements recognized in other comprehensive income (liabilities) assets	45	(1,581)
Plan assets, at fair value, beginning of period	5,417	(7,173)
Plan assets, at fair value, end of period	5,474	5,417	(7,173)
Surplus (deficit) at 31 December	(363)	(463)
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	(262)	(364)
Eurozone
Analysis of the amount charged to profit or loss
Current service cost	47	87	105
Past service cost	5	(1)	(27)
Settlement	0	0	(4)
Operating charge relating to defined benefit plans	52	86	74
Post-employment benefit expense, defined contribution plans	7	6	7
Employee Benefit, Expense	59	92	81
Interest income on plan assets	(78)	(34)	(30)
Interest cost	194	85	78
Other finance (income) expense	116	51	48
Analysis of the amount recognized in other comprehensive income
Actual asset return less interest income on plan assets	82	(507)	12
Change in financial assumptions underlying the present value of the plan liabilities	(508)	1,903	233
Change in demographic assumptions underlying the present value of the plan liabilities	8	(14)	(15)
Experience gains and losses arising on the plan liabilities	(84)	(159)	(11)
Remeasurements recognized in other comprehensive income (liabilities) assets	(502)	1,223	219
Movements in benefit obligation and fair value of plan assets during the year
Operating charge relating to defined benefit plans	52	86	74
Interest Expense, Net Defined Benefit Liability	194	85	78
Interest income on plan assets	(78)	(34)	(30)
Remeasurements recognized in other comprehensive income (liabilities) assets	(502)	1,223	219
Plan assets, at fair value, beginning of period	1,877	2,537
Plan assets, at fair value, end of period	2,052	1,877	2,537
Surplus (deficit) at 31 December	(3,485)	(2,922)
Surplus (deficit) in plan, asset recognized	120	256
Surplus (deficit) in plan, liability recognized	(3,605)	(3,178)
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	104	238
Eurozone | Unfunded
Movements in benefit obligation and fair value of plan assets during the year
Surplus (deficit) at 31 December	3,589	3,160
Eurozone | Accrued benefit obligation
Analysis of the amount charged to profit or loss
Operating charge relating to defined benefit plans	52	86
Interest cost	194	85
Analysis of the amount recognized in other comprehensive income
Remeasurements recognized in other comprehensive income (liabilities) assets	584	(1,730)
Movements in benefit obligation and fair value of plan assets during the year
Net defined benefit liability (asset), beginning of period	(4,799)	(7,108)
Exchange adjustments (liabilities) assets	215	(443)
Operating charge relating to defined benefit plans	52	86
Interest Expense, Net Defined Benefit Liability	194	85
Contributions by plan participants (liabilities) assets	2	2
Decrease Through Reclassification to Assets Held For Sale, Net Defined Benefit Liability (Asset)	0	0
Disposals of (benefit obligations) and fair value of plan asset		2
Remeasurements recognized in other comprehensive income (liabilities) assets	584	(1,730)
Net defined benefit liability (asset), end of period	(5,537)	(4,799)	(7,108)
Net defined benefit liability (asset)	5,537	4,799	7,108
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	(1,639)
Benefit payments (liabilities) assets	79	78
Net defined benefit liability (asset), end of period	(1,948)	(1,639)
Net defined benefit liability (asset)	1,948	1,639
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	(3,160)
Benefit payments (liabilities) assets	230	229
Net defined benefit liability (asset), end of period	(3,589)	(3,160)
Net defined benefit liability (asset)	3,589	3,160
Eurozone | Fair value of plan assets
Analysis of the amount charged to profit or loss
Interest income on plan assets	(78)	(34)
Analysis of the amount recognized in other comprehensive income
Remeasurements recognized in other comprehensive income (liabilities) assets	82	(507)
Movements in benefit obligation and fair value of plan assets during the year
Exchange adjustments (liabilities) assets	81	(156)
Interest income on plan assets	(78)	(34)
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
Remeasurements recognized in other comprehensive income (liabilities) assets	82	(507)
Plan assets, at fair value, beginning of period	1,877	(2,537)
Plan assets, at fair value, end of period	2,052	1,877	(2,537)
Surplus (deficit) at 31 December	(3,485)	(2,922)
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)	11	45
Benefit payments (liabilities) assets	(79)	(78)
Other
Analysis of the amount charged to profit or loss
Current service cost	21	25	31
Past service cost	(2)	(21)	2
Settlement	3	(4)	(1)
Operating charge relating to defined benefit plans	22	0	32
Post-employment benefit expense, defined contribution plans	36	36	36
Employee Benefit, Expense	58	36	68
Interest income on plan assets	(56)	(44)	(40)
Interest cost	66	61	56
Other finance (income) expense	10	17	16
Analysis of the amount recognized in other comprehensive income
Actual asset return less interest income on plan assets	28	(151)	25
Change in financial assumptions underlying the present value of the plan liabilities	(24)	221	97
Change in demographic assumptions underlying the present value of the plan liabilities	0	(15)	1
Experience gains and losses arising on the plan liabilities	(1)	(14)	3
Remeasurements recognized in other comprehensive income (liabilities) assets	3	41	126
Movements in benefit obligation and fair value of plan assets during the year
Operating charge relating to defined benefit plans	22	0	32
Interest Expense, Net Defined Benefit Liability	66	61	56
Interest income on plan assets	(56)	(44)	(40)
Remeasurements recognized in other comprehensive income (liabilities) assets	3	41	126
Plan assets, at fair value, beginning of period	1,186	1,412
Plan assets, at fair value, end of period	1,244	1,186	1,412
Surplus (deficit) at 31 December	(127)	(157)
Surplus (deficit) in plan, asset recognized	64	70
Surplus (deficit) in plan, liability recognized	(191)	(227)
Other | Funded
Movements in benefit obligation and fair value of plan assets during the year
Surplus (deficit) at 31 December	29	39
Other | Unfunded
Movements in benefit obligation and fair value of plan assets during the year
Surplus (deficit) at 31 December	156	196
Other | Accrued benefit obligation
Analysis of the amount charged to profit or loss
Operating charge relating to defined benefit plans	22	0
Interest cost	66	61
Analysis of the amount recognized in other comprehensive income
Remeasurements recognized in other comprehensive income (liabilities) assets	25	(192)
Movements in benefit obligation and fair value of plan assets during the year
Net defined benefit liability (asset), beginning of period	(1,343)	(1,652)
Exchange adjustments (liabilities) assets	30	(68)
Operating charge relating to defined benefit plans	22	0
Interest Expense, Net Defined Benefit Liability	66	61
Contributions by plan participants (liabilities) assets	5	4
Decrease Through Reclassification to Assets Held For Sale, Net Defined Benefit Liability (Asset)	(14)	12
Disposals of (benefit obligations) and fair value of plan asset		0
Remeasurements recognized in other comprehensive income (liabilities) assets	25	(192)
Net defined benefit liability (asset), end of period	(1,371)	(1,343)	(1,652)
Net defined benefit liability (asset)	1,371	1,343	1,652
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	(1,147)
Benefit payments (liabilities) assets	81	79
Net defined benefit liability (asset), end of period	(1,215)	(1,147)
Net defined benefit liability (asset)	1,215	1,147
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	(196)
Benefit payments (liabilities) assets	25	23
Net defined benefit liability (asset), end of period	(156)	(196)
Net defined benefit liability (asset)	156	196
Other | Fair value of plan assets
Analysis of the amount charged to profit or loss
Interest income on plan assets	(56)	(44)
Analysis of the amount recognized in other comprehensive income
Remeasurements recognized in other comprehensive income (liabilities) assets	28	(151)
Movements in benefit obligation and fair value of plan assets during the year
Exchange adjustments (liabilities) assets	39	(52)
Interest income on plan assets	(56)	(44)
Contributions by plan participants (liabilities) assets	5	4
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
Remeasurements recognized in other comprehensive income (liabilities) assets	28	(151)
Plan assets, at fair value, beginning of period	1,186	(1,412)
Plan assets, at fair value, end of period	1,244	1,186	$ (1,412)
Surplus (deficit) at 31 December	(127)	(157)
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)	11	19
Benefit payments (liabilities) assets	(81)	(79)
Rest of world reported through UK [Member]
Analysis of the amount charged to profit or loss
Current service cost	10	11
Movements in benefit obligation and fair value of plan assets during the year
Expenses incurred for administration of the benefits	34	30
FRANCE
Analysis of the amount charged to profit or loss
Past service cost	5
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	(2,992)
Net defined benefit liability (asset), end of period	(3,393)	(2,992)
Net defined benefit liability (asset)	$ 3,393	$ 2,992

Pensions and other post-retir_9

Pensions and other post-retirement benefits - Sensitivity analysis and actuarial assumptions (Details) $ in Millions	Dec. 31, 2023 USD ($)
United Kingdom | Discount rate
Disclosure of defined benefit plans [line items]
Effect on pension and other post-retirement benefit expense in 2024, Increase	$ (197)
Effect on pension and other post-retirement benefit expense in 2024, Decrease	173
Effect on pension and other post-retirement benefit obligation at 31, December 2023, Increase	(2,259)
Effect on pension and other post-retirement benefit obligation at 31 December 2023, Decrease	2,811
United Kingdom | Inflation rate
Disclosure of defined benefit plans [line items]
Effect on pension and other post-retirement benefit expense in 2024, Increase	89
Effect on pension and other post-retirement benefit expense in 2024, Decrease	(83)
Effect on pension and other post-retirement benefit obligation at 31, December 2023, Increase	1,872
Effect on pension and other post-retirement benefit obligation at 31 December 2023, Decrease	(1,738)
US | Discount rate
Disclosure of defined benefit plans [line items]
Effect on pension and other post-retirement benefit expense in 2024, Increase	(40)
Effect on pension and other post-retirement benefit expense in 2024, Decrease	46
Effect on pension and other post-retirement benefit obligation at 31, December 2023, Increase	(449)
Effect on pension and other post-retirement benefit obligation at 31 December 2023, Decrease	651
US | Inflation rate
Disclosure of defined benefit plans [line items]
Effect on pension and other post-retirement benefit expense in 2024, Increase	7
Effect on pension and other post-retirement benefit expense in 2024, Decrease	(6)
Effect on pension and other post-retirement benefit obligation at 31, December 2023, Increase	41
Effect on pension and other post-retirement benefit obligation at 31 December 2023, Decrease	(35)
Eurozone | Discount rate
Disclosure of defined benefit plans [line items]
Effect on pension and other post-retirement benefit expense in 2024, Increase	(8)
Effect on pension and other post-retirement benefit expense in 2024, Decrease	4
Effect on pension and other post-retirement benefit obligation at 31, December 2023, Increase	(608)
Effect on pension and other post-retirement benefit obligation at 31 December 2023, Decrease	737
Eurozone | Inflation rate
Disclosure of defined benefit plans [line items]
Effect on pension and other post-retirement benefit expense in 2024, Increase	34
Effect on pension and other post-retirement benefit expense in 2024, Decrease	(29)
Effect on pension and other post-retirement benefit obligation at 31, December 2023, Increase	582
Effect on pension and other post-retirement benefit obligation at 31 December 2023, Decrease	$ (503)

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, 2023 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	$ 28
Increase (decrease) in defined benefit obligation due to reasonably possible increase in actuarial assumption	577
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	64
Eurozone
Disclosure of defined benefit plans [line items]
Increase (Decrease) In Defined Benefit Plan Expense Due To Reasonably Possible Increase In Actuarial Assumption	10
Increase (decrease) in defined benefit obligation due to reasonably possible increase in actuarial assumption	$ 216

Pensions and other post-reti_11

Pensions and other post-retirement benefits - Expected future benefit payments (Details) $ in Millions	12 Months Ended
	Dec. 31, 2023 USD ($)
Disclosure of defined benefit plans [line items]
Expected Future Benefit, Year One	$ 2,063
Expected Future Benefit Payment, Year Two	1,992
Expected Future Benefit Payment, Year Three	1,985
Expected Future Benefit Payment, Year Four	2,003
Expected Future Benefit Payment, Year Five	1,994
Expected Future Benefit Payment, Years Thereafter	10,056
United Kingdom
Disclosure of defined benefit plans [line items]
Expected Future Benefit, Year One	1,169
Expected Future Benefit Payment, Year Two	1,113
Expected Future Benefit Payment, Year Three	1,126
Expected Future Benefit Payment, Year Four	1,146
Expected Future Benefit Payment, Year Five	1,159
Expected Future Benefit Payment, Years Thereafter	$ 5,958
Weighted average duration of defined benefit obligation	12 years 10 months 24 days
US
Disclosure of defined benefit plans [line items]
Expected Future Benefit, Year One	$ 474
Expected Future Benefit Payment, Year Two	469
Expected Future Benefit Payment, Year Three	456
Expected Future Benefit Payment, Year Four	458
Expected Future Benefit Payment, Year Five	441
Expected Future Benefit Payment, Years Thereafter	$ 2,204
Weighted average duration of defined benefit obligation	9 years 3 months 18 days
Eurozone
Disclosure of defined benefit plans [line items]
Expected Future Benefit, Year One	$ 332
Expected Future Benefit Payment, Year Two	326
Expected Future Benefit Payment, Year Three	318
Expected Future Benefit Payment, Year Four	313
Expected Future Benefit Payment, Year Five	308
Expected Future Benefit Payment, Years Thereafter	$ 1,454
Weighted average duration of defined benefit obligation	12 years 10 months 24 days
Other
Disclosure of defined benefit plans [line items]
Expected Future Benefit, Year One	$ 88
Expected Future Benefit Payment, Year Two	84
Expected Future Benefit Payment, Year Three	85
Expected Future Benefit Payment, Year Four	86
Expected Future Benefit Payment, Year Five	86
Expected Future Benefit Payment, Years Thereafter	$ 440
Weighted average duration of defined benefit obligation	11 years 4 months 24 days

Cash and cash equivalents - Sch

Cash and cash equivalents - Schedule of cash and cash equivalents (Details) - USD ($) $ in Millions	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Subclassifications of assets, liabilities and equities [abstract]
Cash	$ 16,683	$ 15,008
Triparty repos and term bank deposits	9,788	7,971
Other cash equivalents	6,559	6,216
Total cash and cash equivalents	$ 33,030	$ 29,195	$ 30,681	$ 31,111

Cash and cash equivalents - Nar

Cash and cash equivalents - Narrative (Details) - USD ($) $ in Millions	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Disclosure of geographical areas [line items]
Restricted cash and cash equivalents	$ 5,282	$ 5,866
Cash and cash equivalents	33,030	29,195	$ 30,681	$ 31,111
Non-UK Countries
Disclosure of geographical areas [line items]
Cash and cash equivalents	$ 7,174	$ 5,822

Finance debt - Summary of curre

Finance debt - Summary of current and non-current borrowings (Details) - USD ($) $ in Millions	Dec. 31, 2023	Dec. 31, 2022
Disclosure of detailed information about borrowings [line items]
Current finance debt	$ 3,284	$ 3,198
Non-current finance debt	48,670	43,746
Total	51,954	46,944
Borrowings
Disclosure of detailed information about borrowings [line items]
Current finance debt	3,284	3,198
Non-current finance debt	48,670	43,746
Total	$ 51,954	$ 46,944

Finance debt - Narrative (Detai

Finance debt - Narrative (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Disclosure of detailed information about borrowings [line items]
Current finance debt	$ 3,284	$ 3,198
Euro bonds [Member]
Disclosure of detailed information about borrowings [line items]
Repayments of bonds, notes and debentures	1,700
US dollar bonds [Member]
Disclosure of detailed information about borrowings [line items]
Repayments of bonds, notes and debentures		7,400
Carrying amount | Within one year | Long-Term Borrowings, Excluding Finance Lease Liabilities
Disclosure of detailed information about borrowings [line items]
Current finance debt	2,688	2,297
Carrying amount | Within one year | Commercial Papers
Disclosure of detailed information about borrowings [line items]
Current finance debt	456	725
Carrying amount | Within one year | Accrued interest [Member]
Disclosure of detailed information about borrowings [line items]
Current finance debt	$ 495	$ 409

Finance debt - Summary of weigh

Finance debt - Summary of weighted average interest rates (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Disclosure of detailed information about borrowings [line items]
Total borrowings	$ 51,954	$ 46,944
Fixed interest rate [member]
Disclosure of detailed information about borrowings [line items]
Total borrowings	33,716	28,839
Floating interest rate
Disclosure of detailed information about borrowings [line items]
Total borrowings	18,238	18,105
US dollar
Disclosure of detailed information about borrowings [line items]
Total borrowings	51,645	46,756
US dollar | Fixed interest rate [member]
Disclosure of detailed information about borrowings [line items]
Total borrowings	33,511	28,651
US dollar | Floating interest rate
Disclosure of detailed information about borrowings [line items]
Total borrowings	$ 18,134	$ 18,105
US dollar | Weighted average | Fixed interest rate [member]
Disclosure of detailed information about borrowings [line items]
Weighted average interest rate	4%	3%
Weighted average time for which rate is fixed Years	13 years	14 years
US dollar | Weighted average | Floating interest rate
Disclosure of detailed information about borrowings [line items]
Weighted average interest rate	8%	6%
Other currencies
Disclosure of detailed information about borrowings [line items]
Total borrowings	$ 309	$ 188
Other currencies | Fixed interest rate [member]
Disclosure of detailed information about borrowings [line items]
Total borrowings	205	188
Other currencies | Floating interest rate
Disclosure of detailed information about borrowings [line items]
Total borrowings	$ 104	$ 0
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	7 years	8 years
Other currencies | Weighted average | Floating interest rate
Disclosure of detailed information about borrowings [line items]
Weighted average interest rate	10%	0%

Finance debt - Summary of fair

Finance debt - Summary of fair value and carrying value of borrowings (Details) - USD ($) $ in Millions	Dec. 31, 2023	Dec. 31, 2022
Short-term borrowings
Disclosure of detailed information about borrowings [line items]
Financial liabilities, at fair value	$ 596	$ 901
Financial liabilities	596	901
Long-term borrowings
Disclosure of detailed information about borrowings [line items]
Financial liabilities, at fair value	48,199	41,689
Financial liabilities	51,358	46,043
Borrowings
Disclosure of detailed information about borrowings [line items]
Financial liabilities, at fair value	48,795	42,590
Financial liabilities	$ 51,954	$ 46,944

Capital disclosures and net d_3

Capital disclosures and net debt - Disclosure of the net debt ratio (Details) $ in Millions		Dec. 31, 2023 USD ($)	Dec. 31, 2022 USD ($)	Dec. 31, 2021 USD ($)	Dec. 31, 2020 USD ($)
Disclosure of detailed information about hedges [line items]
Finance debt		$ 51,954	$ 46,944
Less: fair value asset (liability) of hedges related to finance debta		(1,988)	(3,673)
Debt, net of hedging instruments		53,942	50,617
Less: cash and cash equivalents		33,030	29,195	$ 30,681	$ 31,111
Net debt		20,912	21,422
Equity	[1]	$ 85,493	$ 82,990	$ 90,439	$ 85,568
Gearing		0.197	0.205
Debt Hedges | Derivatives
Disclosure of detailed information about hedges [line items]
Financial liabilities at fair value through profit or loss		$ 73	$ 91
[1] See Note 32 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, 2023	Dec. 31, 2022
Disclosure of detailed information about hedges [line items]
Finance debt at beginning of year	$ 46,944
Hedge accounted derivatives at beginning of year	3,673
Lease liabilities	8,549
Liabilities arising from financing activities at beginning of year	60,847	$ 70,518
Increase (decrease) through effect of changes in foreign exchange rates, liabilities arising from financing activities	166	(423)
Increase (decrease) through financing cash flows, liabilities arising from financing activities	245	(13,037)
Increase (decrease) through changes in fair values, liabilities arising from financing activities	(676)	1,329
Increase through new leases, liabilities arising from financing activities	4,966	2,388
Increase (decrease) through other changes, liabilities arising from financing activities	535	72
Finance debt at end of year	51,954	46,944
Hedge accounted derivatives at end of year	1,988	3,673
Lease liabilities	11,121	8,549
Liabilities arising from financing activities at beginning of year	66,083	60,847
Borrowings
Disclosure of detailed information about hedges [line items]
Finance debt at beginning of year	46,944	61,176
Increase (decrease) through effect of changes in foreign exchange rates, liabilities arising from financing activities	33	(164)
Increase (decrease) through financing cash flows, liabilities arising from financing activities	3,040	(10,855)
Increase (decrease) through changes in fair values, liabilities arising from financing activities	1,389	(3,694)
Increase through new leases, liabilities arising from financing activities	0	0
Increase (decrease) through other changes, liabilities arising from financing activities	548	481
Finance debt at end of year	51,954	46,944
Borrowings | TravelCenters of America [Member]
Disclosure of detailed information about hedges [line items]
Increase (decrease) through other changes, liabilities arising from financing activities	545
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	5,312	481
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	(213)	(192)
Increase (decrease) through changes in fair values, liabilities arising from financing activities	(2,065)	5,023
Increase through new leases, liabilities arising from financing activities	0	0
Increase (decrease) through other changes, liabilities arising from financing activities	(56)	0
Hedge accounted derivatives at end of year	2,978	5,312
Lease liabilities
Disclosure of detailed information about hedges [line items]
Lease liabilities	8,549	8,611
Increase (decrease) through effect of changes in foreign exchange rates, liabilities arising from financing activities	132	(260)
Increase (decrease) through financing cash flows, liabilities arising from financing activities	(2,560)	(1,961)
Increase (decrease) through changes in fair values, liabilities arising from financing activities	0	0
Increase through new leases, liabilities arising from financing activities	4,956	2,367
Increase (decrease) through other changes, liabilities arising from financing activities	44	(208)
Lease liabilities	11,121	8,549
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	42	250
Increase (decrease) through effect of changes in foreign exchange rates, liabilities arising from financing activities	1	1
Increase (decrease) through financing cash flows, liabilities arising from financing activities	(22)	(29)
Increase (decrease) through changes in fair values, liabilities arising from financing activities	0	0
Increase through new leases, liabilities arising from financing activities	10	21
Increase (decrease) through other changes, liabilities arising from financing activities	(1)	(201)
Net partner (receivable) payable for joint operation leases at end of year	$ 30	$ 42

Capital disclosures and net d_5

Capital disclosures and net debt - Narrative (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Disclosure of detailed information about hedges [line items]
Accrual to acquire or redeem entity's shares	$ 746	$ 497
Payments to acquire or redeem entity's shares	$ 7,918	$ 9,996	$ 3,151

Leases - Narrative (Details)

Leases - Narrative (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Undiscounted operating lease payments for future commitments for leases not yet commenced [Abstract]
Weighted-average remaining lease term (years)	7 years	7 years
Undiscounted operating lease payment for future commitments for leases not yet commenced	$ 5,507	$ 5,360

Leases - Disclosure of maturity

Leases - Disclosure of maturity analysis of operating lease payments (Details) - USD ($) $ in Millions	Dec. 31, 2023	Dec. 31, 2022
Disclosure of maturity analysis of operating lease payments [line items]
Gross lease liabilities	$ 13,080	$ 9,864
Effect Of Lease Discounting	(1,959)	(1,315)
Lease liabilities	11,121	8,549
Current lease liabilities	2,650	2,102
Non-current lease liabilities	8,471	6,447
Within one year
Disclosure of maturity analysis of operating lease payments [line items]
Gross lease liabilities	3,038	2,348
1 to 2 years
Disclosure of maturity analysis of operating lease payments [line items]
Gross lease liabilities	2,177	1,728
2 to 3 years
Disclosure of maturity analysis of operating lease payments [line items]
Gross lease liabilities	1,386	1,232
3 to 4 years
Disclosure of maturity analysis of operating lease payments [line items]
Gross lease liabilities	1,139	740
4 to 5 years
Disclosure of maturity analysis of operating lease payments [line items]
Gross lease liabilities	947	632
5 to 10 years
Disclosure of maturity analysis of operating lease payments [line items]
Gross lease liabilities	3,045	1,909
Over 10 years
Disclosure of maturity analysis of operating lease payments [line items]
Gross lease liabilities	$ 1,348	$ 1,275

Leases - Disclosure of quantita

Leases - Disclosure of quantitative information about right-of-use assets (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Disclosure of quantitative information about right-of-use assets [line items]
Total cash outflow for amounts included in lease liabilities	$ 2,904	$ 2,200
Expense for variable payments not included in the lease liability	27	27
Short-term lease expense	657	482
Additions to right-of-use assets in the period	$ 5,015	$ 2,451

Financial instruments and fin_3

Financial instruments and financial risk factors - Schedule of financial assets and liabilities (Details) - USD ($) $ in Millions	Dec. 31, 2023	Dec. 31, 2022
Financial liabilities
Financial assets (liabilities)	$ (59,919)	$ (66,906)
Trade and other payables
Financial liabilities
Financial liabilities	(67,369)	(71,882)
Derivatives
Financial liabilities
Financial liabilities	(15,652)	(26,155)
Accruals
Financial liabilities
Financial liabilities	(7,837)	(7,631)
Lease liabilities
Financial liabilities
Financial liabilities	(11,121)	(8,549)
Borrowings
Financial liabilities
Financial liabilities	(51,954)	(46,944)
Other financial assets
Financial assets
Financial assets	3,032	3,248
Loans
Financial assets
Financial assets	2,182	1,586
Trade and other receivables
Financial assets
Financial assets	31,354	33,535
Derivatives
Financial assets
Financial assets	22,563	24,395
Cash and cash equivalents
Financial assets
Financial assets	33,030	29,195
Designated as measured at fair value through other comprehensive income
Financial liabilities
Financial assets (liabilities)	(75,519)	(72,293)
Designated as measured at fair value through other comprehensive income | Trade and other payables
Financial liabilities
Financial liabilities	(65,516)	(69,586)
Designated as measured at fair value through other comprehensive income | Accruals
Financial liabilities
Financial liabilities	(7,837)	7,631
Designated as measured at fair value through other comprehensive income | Lease liabilities
Financial liabilities
Financial liabilities	(11,121)	(8,549)
Designated as measured at fair value through other comprehensive income | Borrowings
Financial liabilities
Financial liabilities	(51,954)	(46,944)
Financial liabilities at fair value through profit or loss, category | Derivatives
Financial liabilities
Financial liabilities	(13,545)	(22,481)
Derivative hedging instruments
Financial liabilities
Financial assets (liabilities)	(1,988)	(3,674)
Derivative hedging instruments | Derivatives
Financial liabilities
Financial liabilities	(2,107)	3,674
Measured at amortized cost | Other financial assets
Financial assets
Financial assets	26	26
Measured at amortized cost | Loans
Financial assets
Financial assets	1,725	1,245
Measured at amortized cost | Trade and other receivables
Financial assets
Financial assets	31,354	33,535
Measured at amortized cost | Cash and cash equivalents
Financial assets
Financial assets	27,804	25,611
Mandatorily measured at fair value through profit or loss
Financial liabilities
Financial assets (liabilities)	17,588	9,061
Mandatorily measured at fair value through profit or loss | Other financial assets
Financial assets
Financial assets	3,006	3,222
Mandatorily measured at fair value through profit or loss | Loans
Financial assets
Financial assets	457	341
Mandatorily measured at fair value through profit or loss | Derivatives
Financial assets
Financial assets	22,444	24,395
Mandatorily measured at fair value through profit or loss | Cash and cash equivalents
Financial assets
Financial assets	5,226	3,584
Derivative hedging instruments | Derivatives
Financial assets
Financial assets	$ 119	$ 0

Financial instruments and fin_4

Financial instruments and financial risk factors - Narrative (Details) $ in Millions		12 Months Ended
		Dec. 31, 2023 USD ($) bank		Dec. 31, 2022 USD ($)		Dec. 31, 2021 USD ($)		Dec. 31, 2020 USD ($)
Disclosure of detailed information about financial instruments [line items]
Net gain (loss) related to other assets and liabilities classified as measured at fair value		$ (11)		$ (238)		$ 627
Dividends recognised for investments in equity instruments designated as measured at fair value through profit or loss		18		14		11
Proceeds from long-term financing		7,568		2,013		6,987
Issue of perpetual hybrid bonds	[1]	175		370		924
Cash and cash equivalents		33,030		29,195		30,681		$ 31,111
Non-controlling interests, hybrid bonds [Member]
Disclosure of detailed information about financial instruments [line items]
Issue of perpetual hybrid bonds		176	[1]	374	[1]	$ 950	[1]	$ 11,900
Commodity price risk | Trading [Member]
Disclosure of detailed information about financial instruments [line items]
Value at risk		26		63
Commodity price risk | Arithmetic Average [Member]
Disclosure of detailed information about financial instruments [line items]
Value at risk		49		89
Currency risk
Disclosure of detailed information about financial instruments [line items]
Borrowings not swapped		$ 309		188
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		$ 296		$ 5
Currency risk | Currency Forward Contract, USD and Euro [Member]
Disclosure of detailed information about financial instruments [line items]
Notional amount		22
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		35%		39%
Sensitivity analysis for types of market risk, reasonably possible change in risk variable, amount		$ 182		$ 181
Interest rate risk | Fixed interest rate [member]
Disclosure of detailed information about financial instruments [line items]
Borrowings excluding leases, weighted average maturity period		13 years		14 years
Interest rate risk | Weighted average | Fixed interest rate [member]
Disclosure of detailed information about financial instruments [line items]
Weighted average interest rate		5%		4%
Credit risk
Disclosure of detailed information about financial instruments [line items]
Risk exposure associated with instruments sharing characteristic		$ 12,000		$ 12,600
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		10,700		10,300
Credit risk | Financial guarantee contracts
Disclosure of detailed information about financial instruments [line items]
Financial liabilities		201		267
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		598		680
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		1,655		1,704
Liquidity risk
Disclosure of detailed information about financial instruments [line items]
Cash and cash equivalents		33,000		29,200
Liquidity risk | Non-controlling interests, hybrid bonds [Member]
Disclosure of detailed information about financial instruments [line items]
Issue of perpetual hybrid bonds		200		400
Liquidity risk | Committed Letter Of Credit Facilities [Member]
Disclosure of detailed information about financial instruments [line items]
Maximum borrowing capacity		13,180		12,730
Trade payables		9,955		9,520
Liquidity risk | Secured Letter Of Credit Facilities
Disclosure of detailed information about financial instruments [line items]
Maximum borrowing capacity		3,515		3,800
Liquidity risk | Long-Term Taxable Bonds
Disclosure of detailed information about financial instruments [line items]
Proceeds from long-term financing		6,000		2,000
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 | Top of range [member] | Long-Term Taxable Bonds
Disclosure of detailed information about financial instruments [line items]
Borrowings, maturity term		15 years
Liquidity risk | Bottom of range [member] | Long-Term Taxable Bonds
Disclosure of detailed information about financial instruments [line items]
Borrowings, maturity term		7 years
Currency and interest rate risk
Disclosure of detailed information about financial instruments [line items]
Derivative financial assets, undiscounted cash flows		$ 24,120		$ 23,970
Within one year | Liquidity risk | Credit Facility
Disclosure of detailed information about financial instruments [line items]
Maximum borrowing capacity		200
1 to 2 years | Liquidity risk | Credit Facility
Disclosure of detailed information about financial instruments [line items]
Maximum borrowing capacity		7,800
2 to 3 years | Liquidity risk | Standby Credit Facility
Disclosure of detailed information about financial instruments [line items]
Maximum borrowing capacity		100
3 to 4 years | Liquidity risk | Standby Credit Facility
Disclosure of detailed information about financial instruments [line items]
Maximum borrowing capacity		$ 3,900
[1] See Note 32 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, 2023	Dec. 31, 2022
AAA to AA-
Disclosure of external credit grades [line items]
Expected credit loss rate, percent	7%	9%
A+ to A-
Disclosure of external credit grades [line items]
Expected credit loss rate, percent	59%	49%
BBB+ to BBB-
Disclosure of external credit grades [line items]
Expected credit loss rate, percent	15%	15%
BB+ to BB-
Disclosure of external credit grades [line items]
Expected credit loss rate, percent	7%	11%
B+ to B-
Disclosure of external credit grades [line items]
Expected credit loss rate, percent	4%	12%
CCC+ and below
Disclosure of external credit grades [line items]
Expected credit loss rate, percent	8%	4%

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, 2023	Dec. 31, 2022
Derivatives
Net financial assets subject to offsetting, enforceable master netting arrangements or similar agreements [abstract]
Fair value of derivative assets	$ 25,188	$ 33,199
Less: netting by counterparty	(2,625)	(8,804)
Net amounts presented on the balance sheet	22,563	24,395
Related amounts not set off in the balance sheet
Master netting arrangements	(3,436)	(3,988)
Cash collateral (received) pledged	(1,245)	(918)
Net asset amount	17,882	19,489
Trade and other receivables
Net financial assets subject to offsetting, enforceable master netting arrangements or similar agreements [abstract]
Fair value of derivative assets	17,867	17,947
Less: netting by counterparty	(7,789)	(8,381)
Net amounts presented on the balance sheet	10,078	9,566
Related amounts not set off in the balance sheet
Master netting arrangements	(1,141)	(1,325)
Cash collateral (received) pledged	(633)	(224)
Net asset amount	8,304	8,017
Derivatives
Net financial liabilities subject to offsetting, enforceable master netting arrangements or similar agreements [abstract]
Fair value of derivative liabilities	(18,277)	(34,918)
Less: netting by counterparty	2,625	8,804
Net amounts presented on the balance sheet	(15,652)	(26,114)
Amounts subject to enforceable master netting arrangement or similar agreement not set off against financial liabilities [abstract]
Master netting arrangements	3,436	3,988
Cash collateral (received) pledged	263	436
Net amount	(11,953)	(21,690)
Trade and other payables
Net financial liabilities subject to offsetting, enforceable master netting arrangements or similar agreements [abstract]
Fair value of derivative liabilities	(16,284)	(20,671)
Less: netting by counterparty	7,789	8,381
Net amounts presented on the balance sheet	(8,495)	(12,290)
Amounts subject to enforceable master netting arrangement or similar agreement not set off against financial liabilities [abstract]
Master netting arrangements	1,141	1,325
Cash collateral (received) pledged	44	61
Net amount	$ (7,310)	$ (10,904)

Financial instruments and fin_7

Financial instruments and financial risk factors - Schedule of timing of cash outflows (Details) - USD ($) $ in Millions	Dec. 31, 2023	Dec. 31, 2022
Trade and other payables
Disclosure of detailed information about financial instruments [line items]
Financial liabilities	$ 67,369	$ 71,882
Trade and other payables | Gulf of Mexico Oil Spill
Disclosure of detailed information about financial instruments [line items]
Financial liabilities	10,662	11,884
Accruals
Disclosure of detailed information about financial instruments [line items]
Financial liabilities	7,837	7,631
Finance debt
Disclosure of detailed information about financial instruments [line items]
Financial liabilities	50,311	47,461
Interest on finance debt
Disclosure of detailed information about financial instruments [line items]
Financial liabilities	21,298	18,849
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	9,520	10,660
Within one year | Trade and other payables
Disclosure of detailed information about financial instruments [line items]
Financial liabilities	56,852	59,618
Within one year | Accruals
Disclosure of detailed information about financial instruments [line items]
Financial liabilities	6,527	6,398
Within one year | Finance debt
Disclosure of detailed information about financial instruments [line items]
Financial liabilities	3,054	2,978
Within one year | Interest on finance debt
Disclosure of detailed information about financial instruments [line items]
Financial liabilities	2,394	2,013
1 to 2 years | Trade and other payables
Disclosure of detailed information about financial instruments [line items]
Financial liabilities	1,876	1,625
1 to 2 years | Accruals
Disclosure of detailed information about financial instruments [line items]
Financial liabilities	329	230
1 to 2 years | Finance debt
Disclosure of detailed information about financial instruments [line items]
Financial liabilities	3,820	2,811
1 to 2 years | Interest on finance debt
Disclosure of detailed information about financial instruments [line items]
Financial liabilities	2,151	1,848
2 to 3 years | Trade and other payables
Disclosure of detailed information about financial instruments [line items]
Financial liabilities	1,158	1,378
2 to 3 years | Accruals
Disclosure of detailed information about financial instruments [line items]
Financial liabilities	147	207
2 to 3 years | Finance debt
Disclosure of detailed information about financial instruments [line items]
Financial liabilities	4,767	4,066
2 to 3 years | Interest on finance debt
Disclosure of detailed information about financial instruments [line items]
Financial liabilities	1,907	1,684
3 to 4 years | Trade and other payables
Disclosure of detailed information about financial instruments [line items]
Financial liabilities	1,178	1,192
3 to 4 years | Accruals
Disclosure of detailed information about financial instruments [line items]
Financial liabilities	135	110
3 to 4 years | Finance debt
Disclosure of detailed information about financial instruments [line items]
Financial liabilities	5,367	5,077
3 to 4 years | Interest on finance debt
Disclosure of detailed information about financial instruments [line items]
Financial liabilities	1,666	1,452
4 to 5 years | Trade and other payables
Disclosure of detailed information about financial instruments [line items]
Financial liabilities	1,141	1,188
4 to 5 years | Accruals
Disclosure of detailed information about financial instruments [line items]
Financial liabilities	121	114
4 to 5 years | Finance debt
Disclosure of detailed information about financial instruments [line items]
Financial liabilities	5,778	5,773
4 to 5 years | Interest on finance debt
Disclosure of detailed information about financial instruments [line items]
Financial liabilities	1,396	1,204
5 to 10 years | Trade and other payables
Disclosure of detailed information about financial instruments [line items]
Financial liabilities	5,028	6,109
5 to 10 years | Accruals
Disclosure of detailed information about financial instruments [line items]
Financial liabilities	382	348
5 to 10 years | Finance debt
Disclosure of detailed information about financial instruments [line items]
Financial liabilities	12,939	13,621
5 to 10 years | Interest on finance debt
Disclosure of detailed information about financial instruments [line items]
Financial liabilities	4,894	3,680
Over 10 years | Trade and other payables
Disclosure of detailed information about financial instruments [line items]
Financial liabilities	136	772
Over 10 years | Accruals
Disclosure of detailed information about financial instruments [line items]
Financial liabilities	196	224
Over 10 years | Finance debt
Disclosure of detailed information about financial instruments [line items]
Financial liabilities	14,586	13,135
Over 10 years | Interest on finance debt
Disclosure of detailed information about financial instruments [line items]
Financial liabilities	$ 6,890	6,968
Increase (decrease) due to corrections of prior period errors [member] | Interest on finance debt
Disclosure of detailed information about financial instruments [line items]
Financial liabilities		$ 3,022

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, 2023	Dec. 31, 2022
Disclosure of detailed information about financial instruments [line items]
Derivative financial liabilities, undiscounted cash flows	$ 24,545	$ 25,634
Interest rate and foreign currency risk on finance debt
Disclosure of detailed information about financial instruments [line items]
Derivative financial assets, undiscounted cash flows	24,120	23,970
Within one year
Disclosure of detailed information about financial instruments [line items]
Derivative financial liabilities, undiscounted cash flows	2,071	1,492
1 to 2 years
Disclosure of detailed information about financial instruments [line items]
Derivative financial liabilities, undiscounted cash flows	1,718	2,531
2 to 3 years
Disclosure of detailed information about financial instruments [line items]
Derivative financial liabilities, undiscounted cash flows	5,136	2,053
3 to 4 years
Disclosure of detailed information about financial instruments [line items]
Derivative financial liabilities, undiscounted cash flows	3,077	5,575
4 to 5 years
Disclosure of detailed information about financial instruments [line items]
Derivative financial liabilities, undiscounted cash flows	1,743	3,584
5 to 10 years
Disclosure of detailed information about financial instruments [line items]
Derivative financial liabilities, undiscounted cash flows	6,708	7,627
Over 10 years
Disclosure of detailed information about financial instruments [line items]
Derivative financial liabilities, undiscounted cash flows	$ 4,092	$ 2,772

Derivative financial instrume_3

Derivative financial instruments - Summary of fair value of derivative instruments (Details) - USD ($) $ in Millions	Dec. 31, 2023	Dec. 31, 2022
Disclosure of detailed information about financial instruments [line items]
Derivative assets held for trading	$ 22,444	$ 24,395
Derivatives held for trading, Fair value liabilities	(13,545)	(22,440)
Embedded derivatives, Fair value assets	0	0
Embedded derivative, Fair value liabilities	0	(41)
Fair value asset	22,563	24,395
Fair value liability	(15,652)	(26,155)
Current derivatives, Fair value assets	12,583	11,554
Current derivatives, Fair value liabilities	(5,250)	(12,618)
Non-current derivatives, Fair value assets	9,980	12,841
Non-current derivatives, Fair value liabilities	(10,402)	(13,537)
Cash flow hedges
Disclosure of detailed information about financial instruments [line items]
Hedges, Fair value asset	0	0
Hedges, Fair value liability	(1)	0
Fair value hedges
Disclosure of detailed information about financial instruments [line items]
Hedges, Fair value asset	119	0
Hedges, Fair value liability	(2,106)	(3,674)
Currency forwards | Cash flow hedges
Disclosure of detailed information about financial instruments [line items]
Hedges, Fair value asset	0	0
Hedges, Fair value liability	(1)	0
Currency swaps | Fair value hedges
Disclosure of detailed information about financial instruments [line items]
Hedges, Fair value asset	119	0
Hedges, Fair value liability	(2,102)	(3,670)
Interest rate swaps | Fair value hedges
Disclosure of detailed information about financial instruments [line items]
Hedges, Fair value asset	0	0
Hedges, Fair value liability	(4)	(4)
Currency derivatives
Disclosure of detailed information about financial instruments [line items]
Derivative assets held for trading	478	634
Derivatives held for trading, Fair value liabilities	(1,511)	(2,346)
Oil price derivatives
Disclosure of detailed information about financial instruments [line items]
Derivative assets held for trading	1,859	2,753
Derivatives held for trading, Fair value liabilities	(1,139)	(1,961)
Natural gas price derivatives
Disclosure of detailed information about financial instruments [line items]
Derivative assets held for trading	14,750	15,437
Derivatives held for trading, Fair value liabilities	(6,708)	(12,129)
Power price derivatives
Disclosure of detailed information about financial instruments [line items]
Derivative assets held for trading	5,355	5,527
Derivatives held for trading, Fair value liabilities	(4,187)	(6,004)
Other derivatives
Disclosure of detailed information about financial instruments [line items]
Derivative assets held for trading	2	44
Derivatives held for trading, Fair value liabilities	0	0
Embedded derivatives, Fair value assets	0	0
Embedded derivative, Fair value liabilities	$ 0	$ (41)

Derivative financial instrume_4

Derivative financial instruments - Summary of maturities of derivative assets and liabilities (Details) - USD ($) $ in Millions	Dec. 31, 2023	Dec. 31, 2022
Disclosure of detailed information about financial instruments [line items]
Derivative assets held for trading	$ 22,444	$ 24,395
Derivative liabilities held for trading	(13,545)	(22,440)
Currency derivatives
Disclosure of detailed information about financial instruments [line items]
Derivative assets held for trading	478	634
Derivative liabilities held for trading	(1,511)	(2,346)
Oil price derivatives
Disclosure of detailed information about financial instruments [line items]
Derivative assets held for trading	1,859	2,753
Derivative liabilities held for trading	(1,139)	(1,961)
Natural gas price derivatives
Disclosure of detailed information about financial instruments [line items]
Derivative assets held for trading	14,750	15,437
Derivative liabilities held for trading	(6,708)	(12,129)
Power price derivatives
Disclosure of detailed information about financial instruments [line items]
Derivative assets held for trading	5,355	5,527
Derivative liabilities held for trading	(4,187)	(6,004)
Other derivatives
Disclosure of detailed information about financial instruments [line items]
Derivative assets held for trading	2	44
Derivative liabilities held for trading	0	0
Within one year
Disclosure of detailed information about financial instruments [line items]
Derivative assets held for trading	12,562	11,554
Derivative liabilities held for trading	(5,206)	(12,381)
Within one year | Currency derivatives
Disclosure of detailed information about financial instruments [line items]
Derivative assets held for trading	95	536
Derivative liabilities held for trading	(341)	(587)
Within one year | Oil price derivatives
Disclosure of detailed information about financial instruments [line items]
Derivative assets held for trading	1,423	1,971
Derivative liabilities held for trading	(1,047)	(1,615)
Within one year | Natural gas price derivatives
Disclosure of detailed information about financial instruments [line items]
Derivative assets held for trading	8,705	7,157
Derivative liabilities held for trading	(2,126)	(7,255)
Within one year | Power price derivatives
Disclosure of detailed information about financial instruments [line items]
Derivative assets held for trading	2,339	1,848
Derivative liabilities held for trading	(1,692)	(2,924)
Within one year | Other derivatives
Disclosure of detailed information about financial instruments [line items]
Derivative assets held for trading	0	42
1-2 years
Disclosure of detailed information about financial instruments [line items]
Derivative assets held for trading	2,610	5,516
Derivative liabilities held for trading	(1,526)	(2,572)
1-2 years | Currency derivatives
Disclosure of detailed information about financial instruments [line items]
Derivative assets held for trading	31	14
Derivative liabilities held for trading	(3)	(95)
1-2 years | Oil price derivatives
Disclosure of detailed information about financial instruments [line items]
Derivative assets held for trading	206	445
Derivative liabilities held for trading	(61)	(318)
1-2 years | Natural gas price derivatives
Disclosure of detailed information about financial instruments [line items]
Derivative assets held for trading	1,412	3,740
Derivative liabilities held for trading	(796)	(1,157)
1-2 years | Power price derivatives
Disclosure of detailed information about financial instruments [line items]
Derivative assets held for trading	961	1,317
Derivative liabilities held for trading	(666)	(1,002)
1-2 years | Other derivatives
Disclosure of detailed information about financial instruments [line items]
Derivative assets held for trading	0	0
2-3 years
Disclosure of detailed information about financial instruments [line items]
Derivative assets held for trading	1,257	1,532
Derivative liabilities held for trading	(1,305)	(1,071)
2-3 years | Currency derivatives
Disclosure of detailed information about financial instruments [line items]
Derivative assets held for trading	38	10
Derivative liabilities held for trading	(405)	(3)
2-3 years | Oil price derivatives
Disclosure of detailed information about financial instruments [line items]
Derivative assets held for trading	81	150
Derivative liabilities held for trading	(14)	(23)
2-3 years | Natural gas price derivatives
Disclosure of detailed information about financial instruments [line items]
Derivative assets held for trading	625	749
Derivative liabilities held for trading	(473)	(539)
2-3 years | Power price derivatives
Disclosure of detailed information about financial instruments [line items]
Derivative assets held for trading	513	623
Derivative liabilities held for trading	(413)	(506)
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	903	891
Derivative liabilities held for trading	(824)	(1,296)
3-4 years | Currency derivatives
Disclosure of detailed information about financial instruments [line items]
Derivative assets held for trading	33	10
Derivative liabilities held for trading	(166)	(629)
3-4 years | Oil price derivatives
Disclosure of detailed information about financial instruments [line items]
Derivative assets held for trading	52	63
Derivative liabilities held for trading	(4)	(4)
3-4 years | Natural gas price derivatives
Disclosure of detailed information about financial instruments [line items]
Derivative assets held for trading	458	442
Derivative liabilities held for trading	(348)	(328)
3-4 years | Power price derivatives
Disclosure of detailed information about financial instruments [line items]
Derivative assets held for trading	360	376
Derivative liabilities held for trading	(306)	(335)
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	745	651
Derivative liabilities held for trading	(528)	(807)
4-5 years | Currency derivatives
Disclosure of detailed information about financial instruments [line items]
Derivative assets held for trading	28	9
Derivative liabilities held for trading	(7)	(319)
4-5 years | Oil price derivatives
Disclosure of detailed information about financial instruments [line items]
Derivative assets held for trading	41	35
Derivative liabilities held for trading	(1)	(1)
4-5 years | Natural gas price derivatives
Disclosure of detailed information about financial instruments [line items]
Derivative assets held for trading	426	316
Derivative liabilities held for trading	(293)	(214)
4-5 years | Power price derivatives
Disclosure of detailed information about financial instruments [line items]
Derivative assets held for trading	250	291
Derivative liabilities held for trading	(227)	(273)
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	4,367	4,251
Derivative liabilities held for trading	(4,156)	(4,313)
Over 5 years | Currency derivatives
Disclosure of detailed information about financial instruments [line items]
Derivative assets held for trading	253	55
Derivative liabilities held for trading	(589)	(713)
Over 5 years | Oil price derivatives
Disclosure of detailed information about financial instruments [line items]
Derivative assets held for trading	56	89
Derivative liabilities held for trading	(12)	0
Over 5 years | Natural gas price derivatives
Disclosure of detailed information about financial instruments [line items]
Derivative assets held for trading	3,124	3,033
Derivative liabilities held for trading	(2,672)	(2,636)
Over 5 years | Power price derivatives
Disclosure of detailed information about financial instruments [line items]
Derivative assets held for trading	932	1,072
Derivative liabilities held for trading	(883)	(964)
Over 5 years | Other derivatives
Disclosure of detailed information about financial instruments [line items]
Derivative assets held for trading	$ 2	$ 2

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, 2023	Dec. 31, 2022
Disclosure of detailed information about financial instruments [line items]
Derivative financial assets held for trading	$ 22,444	$ 24,395
Derivatives held for trading, Fair value liabilities	(13,545)	(22,440)
Within one year
Disclosure of detailed information about financial instruments [line items]
Derivative financial assets held for trading	12,562	11,554
Derivatives held for trading, Fair value liabilities	(5,206)	(12,381)
1-2 years
Disclosure of detailed information about financial instruments [line items]
Derivative financial assets held for trading	2,610	5,516
Derivatives held for trading, Fair value liabilities	(1,526)	(2,572)
2-3 years
Disclosure of detailed information about financial instruments [line items]
Derivative financial assets held for trading	1,257	1,532
Derivatives held for trading, Fair value liabilities	(1,305)	(1,071)
3-4 years
Disclosure of detailed information about financial instruments [line items]
Derivative financial assets held for trading	903	891
Derivatives held for trading, Fair value liabilities	(824)	(1,296)
4-5 years
Disclosure of detailed information about financial instruments [line items]
Derivative financial assets held for trading	745	651
Derivatives held for trading, Fair value liabilities	(528)	(807)
Over 5 years
Disclosure of detailed information about financial instruments [line items]
Derivative financial assets held for trading	4,367	4,251
Derivatives held for trading, Fair value liabilities	(4,156)	(4,313)
Derivatives held for trading
Disclosure of detailed information about financial instruments [line items]
Derivative financial assets held for trading	22,444	24,395
Derivative assets held for trading, before netting	25,069	33,199
Less: netting by counterparty	(2,625)	(8,804)
Derivatives held for trading, Fair value liabilities	(13,545)	(22,440)
Derivative financial liabilities held for trading, before netting	(16,170)	(31,244)
Less: netting by counterparty	2,625	8,804
Net fair value	8,899	1,955
Derivatives held for trading | Level 1
Disclosure of detailed information about financial instruments [line items]
Derivative financial assets held for trading	151	247
Derivatives held for trading, Fair value liabilities	(126)	(330)
Derivatives held for trading | Level 2
Disclosure of detailed information about financial instruments [line items]
Derivative financial assets held for trading	15,706	24,155
Derivatives held for trading, Fair value liabilities	(8,980)	(23,876)
Derivatives held for trading | Level 3
Disclosure of detailed information about financial instruments [line items]
Derivative financial assets held for trading	9,212	8,797
Derivatives held for trading, Fair value liabilities	(7,064)	(7,038)
Derivatives held for trading | Within one year
Disclosure of detailed information about financial instruments [line items]
Derivative financial assets held for trading	12,562	11,554
Derivative assets held for trading, before netting	14,665	18,893
Less: netting by counterparty	(2,103)	(7,339)
Derivatives held for trading, Fair value liabilities	(5,206)	(12,381)
Derivative financial liabilities held for trading, before netting	(7,309)	(19,720)
Less: netting by counterparty	2,103	7,339
Net fair value	7,356	(827)
Derivatives held for trading | Within one year | Level 1
Disclosure of detailed information about financial instruments [line items]
Derivative financial assets held for trading	98	207
Derivatives held for trading, Fair value liabilities	(70)	(281)
Derivatives held for trading | Within one year | Level 2
Disclosure of detailed information about financial instruments [line items]
Derivative financial assets held for trading	12,802	17,161
Derivatives held for trading, Fair value liabilities	(6,051)	(18,116)
Derivatives held for trading | Within one year | Level 3
Disclosure of detailed information about financial instruments [line items]
Derivative financial assets held for trading	1,765	1,525
Derivatives held for trading, Fair value liabilities	(1,188)	(1,323)
Derivatives held for trading | 1-2 years
Disclosure of detailed information about financial instruments [line items]
Derivative financial assets held for trading	2,610	5,516
Derivative assets held for trading, before netting	2,961	6,659
Less: netting by counterparty	(351)	(1,143)
Derivatives held for trading, Fair value liabilities	(1,526)	(2,572)
Derivative financial liabilities held for trading, before netting	(1,877)	(3,715)
Less: netting by counterparty	351	1,143
Net fair value	1,084	2,944
Derivatives held for trading | 1-2 years | Level 1
Disclosure of detailed information about financial instruments [line items]
Derivative financial assets held for trading	41	17
Derivatives held for trading, Fair value liabilities	(44)	(20)
Derivatives held for trading | 1-2 years | Level 2
Disclosure of detailed information about financial instruments [line items]
Derivative financial assets held for trading	1,857	5,628
Derivatives held for trading, Fair value liabilities	(1,127)	(2,901)
Derivatives held for trading | 1-2 years | Level 3
Disclosure of detailed information about financial instruments [line items]
Derivative financial assets held for trading	1,063	1,014
Derivatives held for trading, Fair value liabilities	(706)	(794)
Derivatives held for trading | 2-3 years
Disclosure of detailed information about financial instruments [line items]
Derivative financial assets held for trading	1,257	1,532
Derivative assets held for trading, before netting	1,352	1,737
Less: netting by counterparty	(95)	(205)
Derivatives held for trading, Fair value liabilities	(1,305)	(1,071)
Derivative financial liabilities held for trading, before netting	(1,400)	(1,276)
Less: netting by counterparty	95	205
Net fair value	(48)	461
Derivatives held for trading | 2-3 years | Level 1
Disclosure of detailed information about financial instruments [line items]
Derivative financial assets held for trading	11	19
Derivatives held for trading, Fair value liabilities	(11)	(22)
Derivatives held for trading | 2-3 years | Level 2
Disclosure of detailed information about financial instruments [line items]
Derivative financial assets held for trading	557	935
Derivatives held for trading, Fair value liabilities	(844)	(702)
Derivatives held for trading | 2-3 years | Level 3
Disclosure of detailed information about financial instruments [line items]
Derivative financial assets held for trading	784	783
Derivatives held for trading, Fair value liabilities	(545)	(552)
Derivatives held for trading | 3-4 years
Disclosure of detailed information about financial instruments [line items]
Derivative financial assets held for trading	903	891
Derivative assets held for trading, before netting	936	952
Less: netting by counterparty	(33)	(61)
Derivatives held for trading, Fair value liabilities	(824)	(1,296)
Derivative financial liabilities held for trading, before netting	(857)	(1,357)
Less: netting by counterparty	33	61
Net fair value	79	(405)
Derivatives held for trading | 3-4 years | Level 1
Disclosure of detailed information about financial instruments [line items]
Derivative financial assets held for trading	1	4
Derivatives held for trading, Fair value liabilities	(1)	(7)
Derivatives held for trading | 3-4 years | Level 2
Disclosure of detailed information about financial instruments [line items]
Derivative financial assets held for trading	236	289
Derivatives held for trading, Fair value liabilities	(365)	(915)
Derivatives held for trading | 3-4 years | Level 3
Disclosure of detailed information about financial instruments [line items]
Derivative financial assets held for trading	699	659
Derivatives held for trading, Fair value liabilities	(491)	(435)
Derivatives held for trading | 4-5 years
Disclosure of detailed information about financial instruments [line items]
Derivative financial assets held for trading	745	651
Derivative assets held for trading, before netting	762	678
Less: netting by counterparty	(17)	(27)
Derivatives held for trading, Fair value liabilities	(528)	(807)
Derivative financial liabilities held for trading, before netting	(545)	(834)
Less: netting by counterparty	17	27
Net fair value	217	(156)
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	0
Derivatives held for trading, Fair value liabilities	0	0
Derivatives held for trading | 4-5 years | Level 2
Disclosure of detailed information about financial instruments [line items]
Derivative financial assets held for trading	124	77
Derivatives held for trading, Fair value liabilities	(93)	(437)
Derivatives held for trading | 4-5 years | Level 3
Disclosure of detailed information about financial instruments [line items]
Derivative financial assets held for trading	638	601
Derivatives held for trading, Fair value liabilities	(452)	(397)
Derivatives held for trading | Over 5 years
Disclosure of detailed information about financial instruments [line items]
Derivative financial assets held for trading	4,367	4,251
Derivative assets held for trading, before netting	4,393	4,280
Less: netting by counterparty	(26)	(29)
Derivatives held for trading, Fair value liabilities	(4,156)	(4,313)
Derivative financial liabilities held for trading, before netting	(4,182)	(4,342)
Less: netting by counterparty	26	29
Net fair value	211	(62)
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	130	65
Derivatives held for trading, Fair value liabilities	(500)	(805)
Derivatives held for trading | Over 5 years | Level 3
Disclosure of detailed information about financial instruments [line items]
Derivative financial assets held for trading	4,263	4,215
Derivatives held for trading, Fair value liabilities	$ (3,682)	$ (3,537)

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, 2023	Dec. 31, 2022
Reconciliation of changes in fair value measurement, assets [abstract]
Net assets, beginning of period	$ 82,990
Net assets, end of period	85,493	$ 82,990
Level 3
Reconciliation of changes in fair value measurement, assets [abstract]
Deferred day-one gains (losses)	1,341	1,245
Derivative asset (liability)	2,148	1,759
Level 3 | Derivatives
Reconciliation of changes in fair value measurement, assets [abstract]
Net assets, beginning of period	514	629
Gains (losses) recognized in the income statement	667	1,108
Purchases, fair value measurement, assets		(893)
Settlements	(295)	(315)
Transfers out of Level 3 of fair value hierarchy, (assets) liabilities	(79)	(15)
Net assets, end of period	807	514
Level 3 | Derivatives | Oil price derivatives
Reconciliation of changes in fair value measurement, assets [abstract]
Net assets, beginning of period	28	199
Gains (losses) recognized in the income statement	79	17
Purchases, fair value measurement, assets		0
Settlements	13	(73)
Transfers out of Level 3 of fair value hierarchy, (assets) liabilities	(13)	(115)
Net assets, end of period	107	28
Level 3 | Derivatives | Natural gas price derivatives
Reconciliation of changes in fair value measurement, assets [abstract]
Net assets, beginning of period	905	534
Gains (losses) recognized in the income statement	19	508
Purchases, fair value measurement, assets		(4)
Settlements	(320)	(210)
Transfers out of Level 3 of fair value hierarchy, (assets) liabilities	(5)	77
Net assets, end of period	599	905
Level 3 | Derivatives | Power price derivatives
Reconciliation of changes in fair value measurement, assets [abstract]
Net assets, beginning of period	(524)	40
Gains (losses) recognized in the income statement	379	334
Purchases, fair value measurement, assets		(889)
Settlements	86	(32)
Transfers out of Level 3 of fair value hierarchy, (assets) liabilities	(61)	23
Net assets, end of period	(120)	(524)
Level 3 | Derivatives | Currency derivatives [Member]
Reconciliation of changes in fair value measurement, assets [abstract]
Net assets, beginning of period	61	(154)
Gains (losses) recognized in the income statement	161	215
Purchases, fair value measurement, assets		0
Settlements	(3)	0
Transfers out of Level 3 of fair value hierarchy, (assets) liabilities	0	0
Net assets, end of period	219	61
Level 3 | Derivatives | Other derivatives
Reconciliation of changes in fair value measurement, assets [abstract]
Net assets, beginning of period	44	10
Gains (losses) recognized in the income statement	29	34
Purchases, fair value measurement, assets		0
Settlements	(71)	0
Transfers out of Level 3 of fair value hierarchy, (assets) liabilities	0	0
Net assets, end of period	$ 2	$ 44

Derivative financial instrume_7

Derivative financial instruments - Narrative (Details) $ in Millions	12 Months Ended
	Dec. 31, 2023 USD ($) MMBTU	Dec. 31, 2022 USD ($) MMBTU MMBoe	Dec. 31, 2021 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	$ 19,786	$ 7,829
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	631	1,223
Futures, Options, Swaps, and Forward Derivative Contracts
Disclosure of detailed information about financial instruments [line items]
Gains (losses) recognized in the income statement	$ 632	$ (1,280)	$ (775)
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	(392,000,000)	(469,000,000)
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 | MMBoe		349
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 | MMBoe		120

Derivative financial instrume_8

Derivative financial instruments - Fair value of hedge ineffectiveness (Details) - Cash flow hedges - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
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	$ 1	$ 0
Change in fair value of hedged item used to calculate ineffectiveness	(1)	0
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	1,065	(825)
Change in fair value of hedged item used to calculate ineffectiveness	(1,065)	825
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, 2023 USD ($) MMBTU	Dec. 31, 2022 USD ($) MMBTU
Disclosure of detailed information about financial instruments [line items]
Hedging instrument, assets	$ 0	$ 0
Hedging instrument, liabilities	(1)	0
Highly probable forecast capital expenditure | Foreign exchange risk
Disclosure of detailed information about financial instruments [line items]
Hedging instrument, assets	0	0
Hedging instrument, liabilities	(1)	0
Nominal amounts of hedging instruments	318	5
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	(392,000,000)	(469,000,000)

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, 2023 MMBTU gBPPerUSD	Dec. 31, 2023 MMBTU eURPerUSD	Dec. 31, 2022 MMBTU gBPPerUSD	Dec. 31, 2022 eURPerUSD MMBTU
Highly probable forecast capital expenditure
Disclosure of detailed information about hedges [line items]
Average foreign exchange rate (per USD)	1.27	1.11	1.25	0
Highly probable forecast sales
Disclosure of detailed information about hedges [line items]
Average price of hedging instrument (Henry Hub $/mmBtu)	4.02	4.02	4.03	4.03

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, 2023	Dec. 31, 2022
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	$ 0	$ 26
Change in fair value of hedged item used to calculate ineffectiveness	0	(27)
Gain (loss) on hedge ineffectiveness recognised in profit or loss	0	1
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	(1,417)	3,519
Change in fair value of hedged item used to calculate ineffectiveness	1,356	(3,495)
Gain (loss) on hedge ineffectiveness recognised in profit or loss	$ 61	$ (24)

Derivative financial instrum_12

Derivative financial instruments - Summary of carrying amount of fair value hedges (Details) - Fair value hedges - USD ($) $ in Millions	Dec. 31, 2023	Dec. 31, 2022
Disclosure of detailed information about hedges [line items]
Hedges, Fair value asset	$ 119	$ 0
Hedging instrument, liabilities	2,106	3,674
Interest rate risk on finance debt
Disclosure of detailed information about hedges [line items]
Hedges, Fair value asset	0	0
Hedging instrument, liabilities	4	4
Notional amount	387	368
Interest rate and foreign currency risk on finance debt
Disclosure of detailed information about hedges [line items]
Hedges, Fair value asset	119	0
Hedging instrument, liabilities	2,102	3,670
Notional amount	$ 16,862	$ 17,032

Derivative financial instrum_13

Derivative financial instruments - Summary of tenor of nominal amount of hedges (Details) - Fair value hedges - USD ($) $ in Millions	Dec. 31, 2023	Dec. 31, 2022
Interest rate risk on finance debt
Disclosure of detailed information about hedges [line items]
Notional amount	$ 387	$ 368
Interest rate and foreign currency risk on finance debt
Disclosure of detailed information about hedges [line items]
Notional amount	16,862	17,032
Within one year | Interest rate risk on finance debt
Disclosure of detailed information about hedges [line items]
Notional amount	239	0
Within one year | Interest rate and foreign currency risk on finance debt
Disclosure of detailed information about hedges [line items]
Notional amount	1,857	1,307
1 to 2 years | Interest rate risk on finance debt
Disclosure of detailed information about hedges [line items]
Notional amount	0	216
1 to 2 years | Interest rate and foreign currency risk on finance debt
Disclosure of detailed information about hedges [line items]
Notional amount	1,716	2,238
2 to 3 years | Interest rate risk on finance debt
Disclosure of detailed information about hedges [line items]
Notional amount	148	0
2 to 3 years | Interest rate and foreign currency risk on finance debt
Disclosure of detailed information about hedges [line items]
Notional amount	1,933	1,971
3 to 4 years | Interest rate risk on finance debt
Disclosure of detailed information about hedges [line items]
Notional amount	0	152
3 to 4 years | Interest rate and foreign currency risk on finance debt
Disclosure of detailed information about hedges [line items]
Notional amount	1,441	2,244
4 to 5 years | Interest rate risk on finance debt
Disclosure of detailed information about hedges [line items]
Notional amount	0	0
4 to 5 years | Interest rate and foreign currency risk on finance debt
Disclosure of detailed information about hedges [line items]
Notional amount	1,741	1,845
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	4,164	4,869
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	$ 4,010	$ 2,558

Derivative financial instrum_14

Derivative financial instruments - Weighted average exchange rates of hedges (Details)	12 Months Ended
	Dec. 31, 2023 gBPPerUSD	Dec. 31, 2023 eURPerUSD	Dec. 31, 2023 cADPerUSD	Dec. 31, 2022 gBPPerUSD	Dec. 31, 2022 eURPerUSD	Dec. 31, 2022 cADPerUSD
Cross-currency interest rate swaps
Disclosure of detailed information about hedges [line items]
Average foreign exchange rate (per USD)	1.27	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	3.49%	3.49%	3.49%	2.48%	2.48%	2.48%
Fair value hedges | Cross-currency interest rate swaps | Floating interest rate
Disclosure of detailed information about hedges [line items]
Average rate of hedging instrument	7.35%	7.35%	7.35%	6.23%	6.23%	6.23%

Derivative financial instrum_15

Derivative financial instruments - Accumulated fair value adjustments of the hedged items (Details) - Fair value hedges - USD ($) $ in Millions	Dec. 31, 2023	Dec. 31, 2022
Interest rate risk on finance debt
Disclosure of detailed information about hedged items [line items]
Hedged item, liabilities	$ (426)	$ (422)
Accumulated fair value hedge adjustment on hedged item included in carrying amount, assets	4	4
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	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, discontinued hedges	(237)	(337)
Interest rate and foreign currency risk on finance debt
Disclosure of detailed information about hedged items [line items]
Hedged item, liabilities	(16,834)	(17,003)
Accumulated fair value hedge adjustment on hedged item included in carrying amount, assets	1,512	2,312
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	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, 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, 2023	Dec. 31, 2022	Dec. 31, 2021
Movement in cash flow hedge reserve
Cash flow hedges marked to market	[1]	$ 1,065	$ (825)	$ (430)
Cash flow hedges reclassified to the income statement - hedged item affected profit or loss	[1]	(428)	1,502	255
Cash flow hedges (including reclassifications), pre-tax		637	677	(175)
Movement in costs of hedging reserve
Costs of hedging marked to market	[1]	(67)	61	(105)
Costs of hedging reclassified to the income statement	[1]	(11)	25	21
Costs of hedging (including reclassifications), Pre-tax		(78)	86	(84)
Movement in cash flow hedge and costs of hedging reserves
Total reserve, period start		(212)	(972)
Cash flow hedges marked to market		1,080	(829)
Cash flow hedges reclassified to the income statement - hedged item affected profit or loss	[1]	(428)	1,502	255
Costs of hedging marked to market	[1]	(67)	61	(105)
Costs of hedging reclassified to the income statement	[1]	(11)	25	21
Cash flow hedges and cost of hedges (including reclassifications), pre-tax		574	759
Cash flow hedges transferred to the balance sheet	[2]	1	(1)	10
Total reserve, period start		361	(212)	(972)
Highly probable forecast capital expenditure | Cash flow hedges
Movement in cash flow hedge reserve
Reserve of cash flow hedges, period start		0	3
Cash flow hedges marked to market		15	(4)
Cash flow hedges reclassified to the income statement - hedged item affected profit or loss		0	0
Cash flow hedges (including reclassifications), pre-tax		15	(4)
Reserve of cash flow hedges, period end		14	0	3
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	(1)
Highly probable forecast sales | Cash flow hedges
Movement in cash flow hedge reserve
Reserve of cash flow hedges, period start		(108)	(134)
Cash flow hedges marked to market		1,065	(825)
Cash flow hedges reclassified to the income statement - hedged item affected profit or loss		(428)	851
Cash flow hedges (including reclassifications), pre-tax		637	26
Reserve of cash flow hedges, period end		529	(108)	(134)
Movement in cash flow hedge and costs of hedging reserves
Cash flow hedges reclassified to the income statement - hedged item affected profit or loss		(428)	851
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		0	(651)
Cash flow hedges marked to market		0	0
Cash flow hedges reclassified to the income statement - hedged item affected profit or loss		0	651
Cash flow hedges (including reclassifications), pre-tax		0	651
Reserve of cash flow hedges, period end		0	0	(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		0	651
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		(104)	(190)
Costs of hedging marked to market		(67)	61
Costs of hedging reclassified to the income statement		(11)	25
Costs of hedging (including reclassifications), Pre-tax		(78)	86
Cost of hedging reserve, period end		(182)	(104)	$ (190)
Movement in cash flow hedge and costs of hedging reserves
Costs of hedging marked to market		(67)	61
Costs of hedging reclassified to the income statement		$ (11)	$ 25
[1] See Note 32 for further information. See Note 32 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, 2024 USD ($) shares	Dec. 31, 2023 USD ($) $ / shares shares	Dec. 31, 2022 USD ($) shares	Dec. 31, 2021 USD ($) shares	Dec. 31, 2023 GBP (£) £ / shares shares
Reconciliation of number of shares outstanding [abstract]
Balance, beginning of period		$ 4,496	$ 4,795	$ 5,215
Repurchase of ordinary share capital	[1]		(8,167)	(10,493)	$ (3,151)
Balance, end of period			4,496	4,795	5,215
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		17,900,800	19,097,783	20,778,082	21,449,782
Balance, beginning of period		$ 4,475	$ 4,774	$ 5,194	$ 5,362
Issue of new shares for employee share-based payment plans (in shares) | shares			66,000	55,000	35,001
Issue of new shares for employee share-based payment plans			$ 17	$ 14	$ 9
Issue of new shares – other (in shares) | shares			0	165,105	0
Issue of new shares – other			$ 0	$ 41	$ 0
Repurchase of ordinary share capital (in shares) | shares		(156,000)	(1,262,983)	(1,900,404)	(706,701)
Repurchase of ordinary share capital			$ (316)	$ (475)	$ (177)
Balance, end of period (in shares) | shares			17,900,800	19,097,783	20,778,082
Balance, end of period			$ 4,475	$ 4,774	$ 5,194
Par value per share | $ / shares			$ 0.25
[1] See Note 32 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, 2024 USD ($) shares	Dec. 31, 2023 USD ($) vote shares	Dec. 31, 2022 USD ($) shares	Dec. 31, 2021 USD ($) shares
Disclosure of classes of share capital [line items]
Payments to acquire or redeem entity's shares		$ 7,918	$ 9,996	$ 3,151
Percentage of ordinary share capital repurchased		7.10%
Accrual to acquire or redeem entity's shares		$ 746	$ 497
Percentage of number of shares held in treasury		4.90%	5%	5.20%
Movement in shares held in treasury to ordinary share capital, percent		1.10%	0.50%	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	156,000	1,262,983	1,900,404	706,701
Payments to acquire or redeem entity's shares	$ 922	$ 7,918
Transaction costs for repurchase of ordinary shares		$ 43

Called-up share capital - Treas

Called-up share capital - Treasury shares (Details) - USD ($) shares in Thousands, $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Treasury shares [member]
Disclosure of classes of share capital [line items]
Balance, beginning of period (in shares)	1,124,927	1,137,457	1,187,650
Treasury shares outstanding, beginning of period	$ 281	$ 283	$ 296
Purchases for settlement of employee share plans (in shares)	24,688	14,150	1,432
Purchases for settlement of employee share plans	$ 6	$ 4	$ 0
Shares re-issued for employee share-based payment plans (in shares)	(143,575)	(81,680)	(86,721)
Shares re-issued for employee share-based payment plans	$ (35)	$ (20)	$ (22)
Balance, end of period (in shares)	1,077,079	1,124,927	1,137,457
Treasury shares outstanding, end of period	$ 271	$ 281	$ 283
Treasury shares [member]
Disclosure of classes of share capital [line items]
Issue of new shares for employee share-based payment plans (in shares)	71,039	55,000	35,096
Issue of new shares for employee share-based payment plans	$ 19	$ 14	$ 9

Capital and reserves - Summary

Capital and reserves - Summary of reserves and other equity interest (Details) - USD ($) $ in Millions		12 Months Ended
		Dec. 31, 2023		Dec. 31, 2022		Dec. 31, 2021		Dec. 31, 2020
Disclosure of reserves within equity [line items]
Equity outstanding, beginning of period	[1]	$ 82,990		$ 90,439		$ 85,568
Profit (loss) for the year	[2]	15,880		(1,357)		8,487
Items that may be reclassified subsequently to profit or loss
Currency translation differences (including reclassifications)		754		6,853		(870)
Cash flow hedges and costs of hedging (including reclassifications)		378		774		(210)
Share of items relating to equity-accounted entities, net of tax	[2]	(192)		402		44
Other				(225)		1
Items that will not be reclassified to profit or loss
Remeasurements of the net pension and other post-retirement benefit liability or asset		(1,504)		408		3,099
Other comprehensive income, before tax, gains (losses) on remeasurements of equity instruments		38
Costs of hedges that will subsequently be transferred to the balance sheet		15		(4)		1
Total comprehensive income		15,369	[1]	6,851	[2]	10,552	[2]
Dividends	[1],[3]	(5,234)		(4,659)		(4,627)
Cash flow hedges transferred to the balance sheet, net of tax	[1]	(1)		1		(10)
Issued capital, ordinary shares				820
Repurchase of ordinary share capital	[1]	(8,167)		(10,493)		(3,151)
Share-based payments, net of tax	[1]	669		847		632
Share of equity-accounted entities’ changes in equity, net of tax	[1]	1				556
Issue of perpetual hybrid bonds	[1]	175		370		924
Payments on issue of perpetual hybrid bonds	[1]	(591)		(529)		(499)
Transactions involving non-controlling interests, net of tax	[1]	282		(657)		494
Equity outstanding, end of period	[1]	85,493		82,990		90,439		$ 85,568
Rosneft
Items that will not be reclassified to profit or loss
Total comprehensive income						2,706
Share Capital And Capital Reserve [Member]
Disclosure of reserves within equity [line items]
Equity outstanding, beginning of period	[1]	47,873		46,871		46,701
Profit (loss) for the year		0		0
Items that will not be reclassified to profit or loss
Issued capital, ordinary shares	[1]			820
Repurchase of ordinary share capital		0		0		0
Share-based payments, net of tax	[1]	140		182		170
Equity outstanding, end of period	[1]	48,013		47,873		46,871		46,701
Issued capital [member]
Disclosure of reserves within equity [line items]
Equity outstanding, beginning of period		4,795		5,215		5,383
Profit (loss) for the year		0		0
Items that will not be reclassified to profit or loss
Issued capital, ordinary shares				41
Repurchase of ordinary share capital		(316)		(475)		(177)
Share-based payments, net of tax		17		14		9
Equity outstanding, end of period		4,496		4,795		5,215		5,383
Share premium [member]
Disclosure of reserves within equity [line items]
Equity outstanding, beginning of period		13,692		12,745		12,584
Profit (loss) for the year		0		0
Items that will not be reclassified to profit or loss
Issued capital, ordinary shares				779
Repurchase of ordinary share capital				0
Share-based payments, net of tax		123		168		161
Equity outstanding, end of period		13,815		13,692		12,745		12,584
Capital redemption reserve [member]
Disclosure of reserves within equity [line items]
Equity outstanding, beginning of period		2,180		1,705		1,528
Profit (loss) for the year		0		0
Items that will not be reclassified to profit or loss
Issued capital, ordinary shares				0
Repurchase of ordinary share capital		316		475		177
Share-based payments, net of tax				0
Equity outstanding, end of period		2,496		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
Profit (loss) for the year		0		0
Items that will not be reclassified to profit or loss
Issued capital, ordinary shares				0
Repurchase of ordinary share capital				0
Share-based payments, net of tax				0
Equity outstanding, end of period		27,206		27,206		27,206		27,206
Treasury shares [member]
Disclosure of reserves within equity [line items]
Equity outstanding, beginning of period	[1]	(12,153)		(12,624)		(13,224)
Items that will not be reclassified to profit or loss
Share-based payments, net of tax	[1]	830		471		600
Equity outstanding, end of period	[1]	(11,323)		(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]	(2,643)		(9,572)		(8,719)
Items that may be reclassified subsequently to profit or loss
Currency translation differences (including reclassifications)		728		6,914		(846)
Items that will not be reclassified to profit or loss
Total comprehensive income	[1]	728		6,914		(846)
Payments on issue of perpetual hybrid bonds	[1]	(5)		15		(7)
Equity outstanding, end of period	[1]	(1,920)		(2,643)		(9,572)		(8,719)
Reserve of exchange differences on translation [member] | Rosneft
Items that may be reclassified subsequently to profit or loss
Currency translation differences (including reclassifications)				10,372
Other investments
Disclosure of reserves within equity [line items]
Equity outstanding, beginning of period		0		0
Items that will not be reclassified to profit or loss
Other comprehensive income, before tax, gains (losses) on remeasurements of equity instruments		38
Total comprehensive income		38
Equity outstanding, end of period		38		0		0
Reserve of cash flow hedges [member]
Disclosure of reserves within equity [line items]
Equity outstanding, beginning of period		(183)		(851)		(708)
Items that may be reclassified subsequently to profit or loss
Cash flow hedges and costs of hedging (including reclassifications)		488		671		(134)
Items that will not be reclassified to profit or loss
Costs of hedges that will subsequently be transferred to the balance sheet		15		(4)		1
Total comprehensive income		503		667		(133)
Cash flow hedges transferred to the balance sheet, net of tax		(1)		1		(10)
Equity outstanding, end of period		319		(183)		(851)		(708)
Reserve of change in value of foreign currency basis spreads [member]
Disclosure of reserves within equity [line items]
Equity outstanding, beginning of period		(73)		(176)		(100)
Items that may be reclassified subsequently to profit or loss
Cash flow hedges and costs of hedging (including reclassifications)		(110)		103		(76)
Items that will not be reclassified to profit or loss
Total comprehensive income		(110)		103		(76)
Equity outstanding, end of period		(183)		(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]	(256)		(1,027)		(808)
Items that may be reclassified subsequently to profit or loss
Cash flow hedges and costs of hedging (including reclassifications)		378		774		(210)
Items that will not be reclassified to profit or loss
Other comprehensive income, before tax, gains (losses) on remeasurements of equity instruments		38
Costs of hedges that will subsequently be transferred to the balance sheet		15		(4)		1
Total comprehensive income	[1]	431		770		(209)
Cash flow hedges transferred to the balance sheet, net of tax	[1]	(1)		1		(10)
Equity outstanding, end of period	[1]	174		(256)		(1,027)		(808)
Total Reserve Of Available-For-Sale Securities And Cash Flow Hedges [Member] | Rosneft
Items that may be reclassified subsequently to profit or loss
Cash flow hedges and costs of hedging (including reclassifications)				651
Retained earnings [member]
Disclosure of reserves within equity [line items]
Equity outstanding, beginning of period	[1]	34,732		51,815		47,300
Profit (loss) for the year	[1]	15,239		(2,487)		7,565
Items that may be reclassified subsequently to profit or loss
Share of items relating to equity-accounted entities, net of tax		(192)		402		44
Other				(225)		1
Items that will not be reclassified to profit or loss
Remeasurements of the net pension and other post-retirement benefit liability or asset		(1,504)		408		3,099
Total comprehensive income	[1]	13,543		(1,902)		10,709
Dividends	[1],[3]	(4,831)		(4,365)		(4,316)
Repurchase of ordinary share capital	[1]	(8,167)		(10,493)		(3,151)
Share-based payments, net of tax	[1]	(301)		194		(138)
Share of equity-accounted entities’ changes in equity, net of tax	[1]	1				556
Issue of perpetual hybrid bonds	[1]	(1)		(4)		(26)
Transactions involving non-controlling interests, net of tax	[1]	363		(513)		881
Equity outstanding, end of period	[1]	35,339		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]	67,553		75,463		71,250
Profit (loss) for the year	[1]	15,239		(2,487)		7,565
Items that may be reclassified subsequently to profit or loss
Currency translation differences (including reclassifications)		728		6,914		(846)
Cash flow hedges and costs of hedging (including reclassifications)		378		774		(210)
Share of items relating to equity-accounted entities, net of tax		(192)		402		44
Other				(225)		1
Items that will not be reclassified to profit or loss
Remeasurements of the net pension and other post-retirement benefit liability or asset		(1,504)		408		3,099
Other comprehensive income, before tax, gains (losses) on remeasurements of equity instruments		38
Costs of hedges that will subsequently be transferred to the balance sheet		15		(4)		1
Total comprehensive income	[1]	14,702		5,782		9,654
Dividends	[1],[3]	(4,831)		(4,365)		(4,316)
Cash flow hedges transferred to the balance sheet, net of tax	[1]	(1)		1		(10)
Issued capital, ordinary shares	[1]			820
Repurchase of ordinary share capital	[1]	(8,167)		(10,493)		(3,151)
Share-based payments, net of tax	[1]	669		847		632
Share of equity-accounted entities’ changes in equity, net of tax	[1]	1				556
Issue of perpetual hybrid bonds	[1]	(1)		(4)		(26)
Payments on issue of perpetual hybrid bonds	[1]	(5)		15		(7)
Transactions involving non-controlling interests, net of tax	[1]	363		(513)		881
Equity outstanding, end of period	[1]	70,283		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]	13,390		13,041		12,076
Profit (loss) for the year	[1]	586		519		507
Items that will not be reclassified to profit or loss
Total comprehensive income	[1]	586		519		507
Issue of perpetual hybrid bonds		176	[1]	374	[1]	950	[1]	11,900
Payments on issue of perpetual hybrid bonds	[1]	(586)		(544)		(492)
Equity outstanding, end of period	[1]	13,566		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]	2,047		1,935		2,242
Profit (loss) for the year	[1]	55		611		415
Items that may be reclassified subsequently to profit or loss
Currency translation differences (including reclassifications)		26		(61)		(24)
Items that will not be reclassified to profit or loss
Total comprehensive income	[1]	81		550		391
Dividends	[1],[3]	(403)		(294)		(311)
Transactions involving non-controlling interests, net of tax	[1]	(81)		(144)		(387)
Equity outstanding, end of period	[1]	$ 1,644		$ 2,047		$ 1,935		$ 2,242
[1] See Note 32 for further information. See Note 32 for further information. See Note 10 for further information.

Capital and reserves - Narrativ

Capital and reserves - Narrative (Details) - USD ($) $ in Millions			12 Months Ended
		Feb. 26, 2024	Dec. 31, 2023		Dec. 31, 2022		Dec. 31, 2021		Dec. 31, 2020
Disclosure of reserves within equity [line items]
Issue of perpetual hybrid bonds	[1]		$ 175		$ 370		$ 924
Payments on issue of perpetual hybrid bonds	[1]		(591)		(529)		(499)
Profit (loss) for the year	[2]		15,880		(1,357)		8,487
Equity	[1]		85,493		82,990		90,439		$ 85,568
Corporate bonds [Member]
Disclosure of reserves within equity [line items]
Payments on issue of perpetual hybrid bonds			(477)		(468)		(499)
Project specific bonds [Member]
Disclosure of reserves within equity [line items]
Payments on issue of perpetual hybrid bonds			$ (114)		(61)
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%
6.45% fixed rate up to 2034 [Member] | Within ten years
Disclosure of reserves within equity [line items]
Coupons on hybrid bonds, fixed rate		6.45%
Non-controlling interests, hybrid bonds [Member]
Disclosure of reserves within equity [line items]
Issue of perpetual hybrid bonds			$ 176	[1]	374	[1]	950	[1]	11,900
Payments on issue of perpetual hybrid bonds	[1]		(586)		(544)		(492)
Profit (loss) for the year	[1]		586		519		507
Equity	[1]		13,566		13,390		13,041		$ 12,076
Non-controlling interests, hybrid bonds [Member] | Corporate bonds [Member]
Disclosure of reserves within equity [line items]
Profit (loss) for the year			473		468		$ 497
Equity			12,066		12,066
Non-controlling interests, hybrid bonds [Member] | Project specific bonds [Member]
Disclosure of reserves within equity [line items]
Profit (loss) for the year			113		51
Equity			$ 1,500		$ 1,324
Non-controlling interests, hybrid bonds [Member] | 6.45% fixed rate up to 2034 [Member]
Disclosure of reserves within equity [line items]
Issue of perpetual hybrid bonds		$ 1,300
Non-controlling interests, hybrid bonds [Member] | 4.375% fixed rate non-call [Member]
Disclosure of reserves within equity [line items]
Issue of perpetual hybrid bonds		$ (1,300)
Coupons on hybrid bonds, fixed rate		4.375%
[1] See Note 32 for further information. 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, 2023		Dec. 31, 2022		Dec. 31, 2021
Pre-tax
Currency translation differences (including reclassifications), Pre-tax		$ 583		$ 6,973		$ (885)
Cash flow hedges (including reclassifications), pre-tax		637		677		(175)
Costs of hedging (including reclassifications), Pre-tax		(78)		86		(84)
Share of items relating to equity-accounted entities, net of tax, Pre-tax		(192)		402		44
Other, Pre-tax				0		0
Tax
Currency translation differences (including reclassifications), Tax		171		(120)		15
Cash flow hedges (including reclassifications), Tax		(149)		(6)		41
Costs of hedging (including reclassifications), Tax		(32)		17		8
Share of items relating to equity-accounted entities, net of tax, Tax		0		0		0
Other, Tax				(225)		1
Currency translation differences (including reclassifications), Net of tax		754		6,853		(870)
Cash flow hedges (including reclassifications), Net of tax		488		671		(134)
Costs of hedging (including reclassifications), Net of tax		(110)		103		(76)
Share of items relating to equity-accounted entities, net of tax, Net of tax	[1]	(192)		402		44
Other, Net of tax				(225)		1
Pre-tax
Remeasurements of the net pension and other post-retirement benefit liability or asset, Pre-tax	[1]	(2,262)		340		4,416
Other comprehensive income, before tax, gains (losses) on remeasurements of equity instruments		51		0		0
Cash flow hedges that will subsequently be transferred to the balance sheet, Pre-tax	[1]	15		(4)		1
Tax
Remeasurements of the net pension and other post-retirement benefit liability or asset, Tax		758		68		(1,317)
Other comprehensive income, gains (losses) on remeasurements of equity instruments		(13)
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		(1,504)		408		3,099
Other comprehensive income, net of tax, gains (losses) on remeasurements of equity instruments		38
Costs of hedges that will subsequently be transferred to the balance sheet		15		(4)		1
Other comprehensive income, Pre-tax		(1,246)		8,474		3,317
Other comprehensive income, Tax		735		(266)		(1,252)
Other comprehensive income		$ (511)	[2]	$ 8,208	[1]	$ 2,065	[1]
[1] See Note 32 for further information. See Note 32 for further information.

Contingent liabilities and le_2

Contingent liabilities and legal proceedings - Disclosure of legal proceedings (Details)	12 Months Ended
	Dec. 31, 2023 USD ($) case participant	Dec. 31, 2022 USD ($)	Jun. 30, 2023 USD ($)
Disclosure of detailed information about legal proceedings [Line Items]
Appeals file to the Fifth Circuit	100
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	$ 16,000,000,000
LMPC claims | Gulf of Mexico Oil Spill
Disclosure of detailed information about legal proceedings [Line Items]
Number of litigation cases pending	60
Other civil complaints - personal injury | Gulf of Mexico Oil Spill
Disclosure of detailed information about legal proceedings [Line Items]
Number of litigation cases pending	88
Number of litigation claims denied, motion granted to BPXP	600
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 | $	$ 10,750,000		$ 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, 2023	Dec. 31, 2022	Dec. 31, 2021
Directors
Disclosure of transactions between related parties [line items]
Emoluments and short-term employee benefits	$ 8	$ 8	$ 9
Amounts received under incentive schemes and share-based payments	6	13	4
Total	14	21	13
Senior management and non-executive directors
Disclosure of transactions between related parties [line items]
Emoluments and short-term employee benefits	31	31	30
Pensions and other post-retirement benefits	0	0	1
Amounts received under incentive schemes and share-based payments	12	31	32
Short term employee benefits, for loss of office	0	0	0
Total	$ 43	$ 62	$ 63

Employee costs and numbers (Det

Employee costs and numbers (Details) $ in Millions	12 Months Ended
	Dec. 31, 2023 USD ($) employees	Dec. 31, 2022 USD ($) employees	Dec. 31, 2021 USD ($) employees
Entity Information [Line Items]
Wages and salaries | $	$ 7,835	$ 7,486	$ 6,934
Social security costs | $	943	720	733
Share-based payments | $	1,131	1,034	733
Pension and other post-retirement benefit costs | $	370	576	457
Employee benefits expense | $	$ 10,279	$ 9,816	$ 8,857
Average number of employees (employee)	79,400	66,300	64,000
Termination payments | $	$ 96	$ 27	$ 74
Operating segments | gas & low carbon energy
Entity Information [Line Items]
Average number of employees (employee)	4,600	4,100	3,800
Operating segments | oil production & operations
Entity Information [Line Items]
Average number of employees (employee)	8,600	8,700	9,100
Operating segments | customers & products
Entity Information [Line Items]
Average number of employees (employee)	55,800	43,700	42,000
other businesses & corporate
Entity Information [Line Items]
Average number of employees (employee)	10,400	9,800	9,100
Service station staff | Operating segments | customers & products
Entity Information [Line Items]
Average number of employees (employee)	33,800	23,300	21,300
US
Entity Information [Line Items]
Average number of employees (employee)	24,900	13,000	11,100
US | Operating segments | gas & low carbon energy
Entity Information [Line Items]
Average number of employees (employee)	900	700	400
US | Operating segments | oil production & operations
Entity Information [Line Items]
Average number of employees (employee)	3,100	3,000	3,100
US | Operating segments | customers & products
Entity Information [Line Items]
Average number of employees (employee)	19,500	8,000	6,200
US | other businesses & corporate
Entity Information [Line Items]
Average number of employees (employee)	1,400	1,300	1,400
Non-US
Entity Information [Line Items]
Average number of employees (employee)	54,500	53,300	52,900
Non-US | Operating segments | gas & low carbon energy
Entity Information [Line Items]
Average number of employees (employee)	3,700	3,400	3,400
Non-US | Operating segments | oil production & operations
Entity Information [Line Items]
Average number of employees (employee)	5,500	5,700	6,000
Non-US | Operating segments | customers & products
Entity Information [Line Items]
Average number of employees (employee)	36,300	35,700	35,800
Non-US | other businesses & corporate
Entity Information [Line Items]
Average number of employees (employee)	9,000	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, 2023	Dec. 31, 2022	Dec. 31, 2021
Auditor's remuneration
The audit of the company annual accounts	$ 38	$ 36	$ 37
The audit of accounts of subsidiaries of the company	15	15	15
Total audit	53	51	52
Audit-related assurance services	4	4	5
Total audit and audit-related assurance services	57	55	57
Non-audit and other assurance services	3	0	0
Services relating to BP pension plans	1	1	1
Auditor's remuneration	$ 61	$ 56	$ 58

Auditor_s remuneration - Narrat

Auditor’s remuneration - Narrative (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Additional information [abstract]
Additional fees for prior year services	$ 0.2	$ 0.3	$ 1
Auditor's remuneration	61	56	58
Total audit expenses, excluding interim services	53	51	52
Interim audit-related assurance services	4	4	5
Taxation compliance services	0	0	0
Auditor's remuneration for corporate finance, services related to defined benefit plants, and non-audit and other assurance	$ 4	$ 1	$ 1

Subsidiaries, joint arrangeme_3

Subsidiaries, joint arrangements and associates - Disclosures of interests in subsidiaries, joint arrangements, and associates (Details)	12 Months Ended
	Dec. 31, 2023
Azule Energy Holdings Limited [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 Gamma Holdings Limited [Member]
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 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	3 Months Ended
	Mar. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Disclosure of non-adjusting events after reporting period [line items]
Non-current assets or disposal groups classified as held for sale or as held for distribution to owners		$ 151	$ 1,242
Classification of assets as held for sale [member] | Egypt
Disclosure of non-adjusting events after reporting period [line items]
Non-current assets or disposal groups classified as held for sale or as held for distribution to owners		$ 1,400
Formation of joint venture [Member] | Joint ventures | Egypt
Disclosure of non-adjusting events after reporting period [line items]
Proportion of ownership interest in joint venture	51%

Uncategorized Items - bp-202312

Label	Element	Value
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	36,000
Number of shares outstanding	ifrs-full_NumberOfSharesOutstanding	0
Number of shares outstanding	ifrs-full_NumberOfSharesOutstanding	0
Treasury Shares Held By Parent [Member]
Treasury shares	ifrs-full_TreasuryShares	$ 183,000,000
Treasury shares	ifrs-full_TreasuryShares	235,000,000
Treasury shares	ifrs-full_TreasuryShares	$ 259,000,000
Number of shares outstanding	ifrs-full_NumberOfSharesOutstanding	1,037,201,000
Number of shares outstanding	ifrs-full_NumberOfSharesOutstanding	940,571,000
Number of shares outstanding	ifrs-full_NumberOfSharesOutstanding	726,339,000
Treasury Shares Held In Employee Share Ownership Plans [Member]
Treasury shares	ifrs-full_TreasuryShares	$ 46,000,000
Treasury shares	ifrs-full_TreasuryShares	24,000,000
Treasury shares	ifrs-full_TreasuryShares	$ 88,000,000
Number of shares outstanding	ifrs-full_NumberOfSharesOutstanding	350,704,000
Number of shares outstanding	ifrs-full_NumberOfSharesOutstanding	184,356,000
Number of shares outstanding	ifrs-full_NumberOfSharesOutstanding	100,256,000