BP p.l.c. (BP) 6-K 4 Aug 20 2020 Q2 Current report (foreign) Financial data

Document and Entity Information

Document and Entity Information	6 Months Ended
	Jun. 30, 2020
Document Information [Abstract]
Document Type	6-K
Amendment Flag	false
Document Period End Date	Jun. 30, 2020
Document Fiscal Year Focus	2020
Document Fiscal Period Focus	Q2
Entity Registrant Name	BP PLC
Entity Central Index Key	0000313807
Current Fiscal Year End Date	--12-31

Group income statement

Group income statement - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Profit (loss) [abstract]
Sales and other operating revenues	$ 31,676	$ 72,676	$ 91,326	$ 138,997
Earnings from joint ventures – after interest and tax	(567)	138	(589)	323
Earnings from associates – after interest and tax	(100)	608	(344)	1,257
Interest and other income	107	270	247	433
Gains on sale of businesses and fixed assets	74	55	90	144
Total revenues and other income	31,190	73,747	90,730	141,154
Purchases	18,778	55,683	67,656	103,955
Production and manufacturing expenses	5,211	5,391	11,310	10,747
Production and similar taxes (Note 8)	124	371	327	795
Depreciation, depletion and amortization (Note 7)	3,937	4,588	7,996	9,049
Impairment and losses on sale of businesses and fixed assets	11,770	906	12,919	1,002
Exploration expense	9,674	146	9,876	513
Distribution and administration expenses	2,509	2,646	5,193	5,413
Profit (loss) before interest and taxation	(20,813)	4,016	(24,547)	9,680
Finance costs	783	853	1,566	1,720
Net finance expense relating to pensions and other post-retirement benefits	8	15	15	30
Profit (loss) before taxation	(21,604)	3,148	(26,128)	7,930
Taxation	(4,082)	1,244	(4,221)	3,027
Profit (loss) for the period	(17,522)	1,904	(21,907)	4,903
Attributable to
BP shareholders	(16,848)	1,822	(21,213)	4,756
Non-controlling interests	$ (674)	$ 82	$ (694)	$ 147
Ordinary Shares
Profit (loss) for the period attributable to BP shareholders
Basic earnings (loss) per share (USD per share)	$ (0.8332)	$ 0.0895	$ (1.0502)	$ 0.2347
Diluted earnings (loss) per share (USD per share)	(0.8332)	0.0892	(1.0502)	0.2335
American Depositary Share
Profit (loss) for the period attributable to BP shareholders
Basic earnings (loss) per share (USD per share)	(5)	0.54	(6.30)	1.41
Diluted earnings (loss) per share (USD per share)	$ (5)	$ 0.54	$ (6.30)	$ 1.40

Condensed group statement of co

Condensed group statement of comprehensive income Statement - USD ($) $ in Millions		3 Months Ended			6 Months Ended
		Jun. 30, 2020		Jun. 30, 2019	Jun. 30, 2020		Jun. 30, 2019
Statement of comprehensive income [abstract]
Profit (loss) for the period		$ (17,522)		$ 1,904	$ (21,907)		$ 4,903
Items that may be reclassified subsequently to profit or loss
Currency translation differences		1,371	[1]	131	(3,271)	[1]	1,120
Reclassification adjustments on exchange differences on translation, before tax		3		0	4		0
Cash flow hedges and costs of hedging		68		133	153		152
Share of items relating to equity-accounted entities, net of tax		(333)		(30)	109		(80)
Income tax relating to items that may be reclassified		(37)		(9)	80		(43)
Other comprehensive income that will be reclassified to profit or loss, net of tax		1,072		225	(2,925)		1,149
Items that will not be reclassified to profit or loss
Remeasurements of the net pension and other post-retirement benefit liability or asset(b)	[2]	(1,960)		(39)	(241)		(892)
Cash flow hedges that will subsequently be transferred to the balance sheet		(2)		(7)	(10)		1
Income tax relating to items that will not be reclassified		623		2	0		275
Other comprehensive income that will not be reclassified to profit or loss, net of tax		(1,339)		(44)	(251)		(616)
Other comprehensive income		(267)		181	(3,176)		533
Total comprehensive income		(17,789)		2,085	(25,083)		5,436
Attributable to
BP shareholders		(17,142)		2,001	(24,359)		5,282
Non-controlling interests		$ (647)		$ 84	$ (724)		$ 154
[1]	Second quarter and half year 2020 was principally affected by movements in the Russian rouble against the US dollar.
[2]	See Note 1 for further information.

Condensed group statement of ch

Condensed group statement of changes in equity - USD ($) $ in Millions	Total	BP shareholders' equity	Non-controlling interests, hybrid bonds [Member]Non-controlling interests [member]	Non-controlling interests, other interests [Member]Non-controlling interests [member]
Equity outstanding, beginning of period at Dec. 31, 2018	$ 101,548	$ 99,444		$ 2,104
Total comprehensive income	5,436	5,282		154
Dividends	(3,319)	(3,200)		(119)
Cash flow hedges transferred to the balance sheet, net of tax	12	12		0
Repurchase of ordinary share capital	(125)	(125)		0
Share-based payments, net of tax	398	398		0
Share of equity-accounted entities’ changes in equity, net of tax	3	3		0
Equity outstanding, end of period at Jun. 30, 2019	103,623	101,485		2,138
Equity outstanding, beginning of period at Dec. 31, 2019	100,708	98,412		2,296
Total comprehensive income	(25,083)	(24,359)		(724)
Dividends	(4,347)	(4,242)		(105)
Cash flow hedges transferred to the balance sheet, net of tax	6	6		0
Repurchase of ordinary share capital	(776)	(776)		0
Share-based payments, net of tax	342	342		0
Share of equity-accounted entities’ changes in equity, net of tax	0	0		0
Issue of perpetual hybrid bonds	11,861	(48)	$ 11,909
Transactions involving non-controlling interests, net of tax	100	(471)		571
Equity outstanding, end of period at Jun. 30, 2020	$ 82,811	$ 68,864	$ 11,909	$ 2,038

Group balance sheet

Group balance sheet - USD ($) $ in Millions	Jun. 30, 2020	Dec. 31, 2019
Non-current assets
Property, plant and equipment	$ 117,208	$ 132,642
Goodwill	12,352	11,868
Intangible assets	5,987	15,539
Investments in joint ventures	8,015	9,991
Investments in associates	16,982	20,334
Other investments	2,559	1,276
Fixed assets	163,103	191,650
Loans	724	630
Trade and other receivables	4,270	2,147
Derivative financial instruments	7,381	6,314
Prepayments	495	781
Deferred tax assets	6,891	4,560
Defined benefit pension plan surpluses	6,346	7,053
Non-current assets	189,210	213,135
Current assets
Loans	370	339
Inventories	12,504	20,880
Trade and other receivables	16,522	24,442
Derivative financial instruments	4,751	4,153
Prepayments	679	857
Current tax receivable	637	1,282
Other investments	122	169
Cash and cash equivalents	34,217	22,472
Current assets other than assets classified as held for sale	69,802	74,594
Assets classified as held for sale	4,169	7,465
Current assets	73,971	82,059
Total assets	263,181	295,194
Current liabilities
Trade and other payables	32,134	46,829
Derivative financial instruments	3,678	3,261
Accruals	3,670	5,066
Lease liabilities	1,958	2,067
Finance debt	11,452	10,487
Current tax payable	1,159	2,039
Provisions	2,074	2,453
Current liabilities other than liabilities directly associated with assets classified as held for sale	56,125	72,202
Liabilities directly associated with assets classified as held for sale	948	1,393
Current liabilities	57,073	73,595
Non-current liabilities
Other payables	11,777	12,626
Derivative financial instruments	5,652	5,537
Accruals	936	996
Lease liabilities	7,373	7,655
Finance debt	64,527	57,237
Deferred tax liabilities	6,585	9,750
Provisions	17,986	18,498
Defined benefit pension plan and other post-retirement benefit plan deficits	8,461	8,592
Non-current liabilities	123,297	120,891
Total liabilities	180,370	194,486
Net assets	82,811	100,708
Equity
BP shareholders’ equity	68,864	98,412
Non-controlling interests	13,947	2,296
Total equity	$ 82,811	$ 100,708

Condensed group cash flow state

Condensed group cash flow statement - USD ($) $ in Millions		3 Months Ended		6 Months Ended
		Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Operating activities
Profit (loss) before taxation		$ (21,604)	$ 3,148	$ (26,128)	$ 7,930
Adjustments to reconcile profit (loss) before taxation to net cash provided by operating activities
Depreciation, depletion and amortization and exploration expenditure written off		13,555	4,665	17,712	9,410
Impairment and (gain) loss on sale of businesses and fixed assets		11,696	851	12,829	858
Earnings from equity-accounted entities, less dividends received		860	(395)	1,365	(984)
Net charge for interest and other finance expense, less net interest paid		17	62	154	150
Share-based payments		351	117	345	414
Net operating charge for pensions and other post-retirement benefits, less contributions and benefit payments for unfunded plans		(34)	(68)	(54)	(145)
Net charge for provisions, less payments		(365)	(198)	(424)	(314)
Movements in inventories and other current and non-current assets and liabilities		(609)	(58)	74	(2,753)
Income taxes paid		(130)	(1,309)	(1,184)	(2,455)
Net cash provided by operating activities		3,737	6,815	4,689	12,111
Investing activities
Expenditure on property, plant and equipment, intangible and other assets		(3,018)	(3,833)	(6,807)	(7,528)
Acquisitions, net of cash acquired		0	(1,747)	(17)	(3,542)
Investment in joint ventures		(8)	(20)	(26)	(20)
Investment in associates		(41)	(54)	(78)	(199)
Total cash capital expenditure		(3,067)	(5,654)	(6,928)	(11,289)
Proceeds from disposal of fixed assets		10	70	20	305
Proceeds from disposal of businesses, net of cash disposed		670	8	1,341	373
Proceeds from loan repayments		543	64	606	119
Net cash used in investing activities		(1,844)	(5,512)	(4,961)	(10,492)
Financing activities
Net issue (repurchase) of shares (Note 9)		0	(80)	(776)	(125)
Payments of lease liabilities, classified as financing activities		(664)	(595)	(1,233)	(1,212)
Proceeds from long-term financing		6,846	4,381	9,530	6,505
Repayments of long-term financing		(964)	(3,602)	(4,681)	(6,242)
Net increase (decrease) in short-term debt		(215)	(119)	2,302	970
Proceeds from issuing other equity instruments		11,861	0	11,861	0
Payments from changes in ownership interests in subsidiaries that do not result in loss of control		(8)	0	(8)	0
Receipts relating to transactions involving non-controlling interests (other)		0	0	9	0
Dividends paid
BP shareholders		(2,119)	(1,779)	(4,221)	(3,214)
Non-controlling interests		(74)	(83)	(105)	(119)
Net cash provided by (used in) financing activities		14,663	(1,877)	12,678	(3,437)
Currency translation differences relating to cash and cash equivalents		(42)	(8)	(225)	24
Increase (decrease) in cash and cash equivalents		16,514	(582)	12,181	(1,794)
Cash and cash equivalents at end of year		34,217	$ 20,674	34,217	$ 20,674
Cash and cash equivalents if different from statement of financial position	[1]	$ 34,653		$ 34,653
[1]	Second quarter and first half 2020 includes $436 million of cash and cash equivalents classified as assets held for sale in the group balance sheet.

Basis of preparation

Basis of preparation	6 Months Ended
	Jun. 30, 2020
Corporate Information And Statement Of IFRS Compliance [Abstract]
Basis of preparation	Basis of preparation The interim financial information included in this report has been prepared in accordance with IAS 34 'Interim Financial Reporting'. The results for the interim periods are unaudited and, in the opinion of management, include all adjustments necessary for a fair presentation of the results for each period. All such adjustments are of a normal recurring nature. This report should be read in conjunction with the consolidated financial statements and related notes for the year ended 31 December 2019 included in BP Annual Report and Form 20-F 2019 . The directors consider it appropriate to adopt the going concern basis of accounting in preparing the interim financial information. The impact of COVID-19 and the current economic environment has been considered as part of the going concern assessment. Forecast liquidity has been assessed under a number of stressed scenarios and a reverse stress test performed to support this assertion. BP prepares its consolidated financial statements included within BP Annual Report and Form 20-F on the basis of International Financial Reporting Standards (IFRS) as issued by the International Accounting Standards Board (IASB), IFRS as adopted by the European Union (EU) and in accordance with the provisions of the UK Companies Act 2006 as applicable to companies reporting under IFRS. IFRS as adopted by the 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 periods presented. The financial information presented herein has been prepared in accordance with the accounting policies expected to be used in preparing BP Annual Report and Form 20-F 2020 which are the same as those used in preparing BP Annual Report and Form 20-F 2019 with the exception of the changes described in the 'Updates to significant accounting policies' section below. There are no other new or amended standards or interpretations adopted from 1 January 2020 onwards that have a significant impact on the interim financial information. Considerations in respect of COVID 19 (coronavirus) and the current economic environment BP's significant accounting judgements and estimates were disclosed in BP Annual Report and Form 20-F 2019 . These have been subsequently reviewed at the end of each quarter to determine if any changes were required to those judgements and estimates as a result of current market conditions. The valuation of certain assets and liabilities is subject to a greater level of uncertainty than when reported in BP Annual Report and Form 20-F 2019 , including those set out below. Impairment testing assumptions With the COVID-19 pandemic having continued during the second quarter of 2020, BP now sees the prospect of an enduring impact on the global economy, with the potential for weaker demand for energy for a sustained period. BP’s management also has a growing expectation that the aftermath of the pandemic will accelerate the pace of transition to a lower carbon economy and energy system, as countries seek to ‘build back better’ so that their economies will be more resilient in the future. As a result of all the above, BP has revised its price assumptions used in value-in-use impairment testing, lowering them and extending the period covered to 2050. A summary of the group’s revised price assumptions, in real 2020 terms, is provided below: Second half 2020 2021 2025 2030 2040 2050 Brent oil ($/bbl) 40 50 50 60 60 50 Henry Hub gas ($/mmBtu) 2.00 3.00 3.00 3.00 3.00 2.75 As disclosed in BP Annual Report and Form 20-F 2019 - Note 1, the majority of BP’s reserves and resources that support the carrying amount of the group’s oil and gas properties are expected to be produced over the next ten years. The revised assumptions for Brent oil and Henry Hub gas for the next 10 years are lower by approximately 30% and 16% respectively than the average prices used to estimate cash flows over this period as disclosed in BP Annual Report and Form 20-F 2019 - Note 1. The revised impairment testing price assumptions are lower, on average, by approximately 27% and 31% respectively for the period from 2020 to 2050, than the prices referenced in BP Annual Report and Form 20-F 2019 - Note 1. The group identified oil and gas properties with carrying amounts totalling $43 billion where the headroom, after the impairment tests performed in the second quarter, was less than or equal to 20% of the carrying value. A change in price or other assumptions within the next financial year may result in a recoverable amount of one or more of these assets above or below the current carrying amount. Impairment charges for the second quarter of 2020 relate to the changes to price assumptions, the group’s ongoing disposal programme and other factors. For further information see Note 3. The discount rates used in value-in-use impairment testing were also reviewed. As these are set using a number of parameters that are applicable to longer-term assets, a revision of the discount rate assumption was determined not to be appropriate and therefore the rates, as disclosed in BP Annual Report and Form 20-F 2019, remain unchanged. Exploration and appraisal intangible assets As a result of the revised price assumptions and a review of the long-term strategic plan, management reviewed BP's exploration prospects and the carrying value of the associated intangible assets. The outcome of the review has resulted in revised judgements over the expectations to extract value from certain prospects, thereby leading to write-offs of the associated exploration and appraisal intangible assets in the second quarter of 2020. For further information see Note 4. Note 1 . Basis of preparation (continued) Provisions The nominal risk-free discount rate applied to provisions is reviewed on a quarterly basis. Recent changes in long-dated US government bond yields have not affected the group's overall assessment of the discount rate applied to the group's provisions and therefore the rate, as disclosed in BP Annual Report and Form 20-F 2019, remains unchanged. The timing and amount of cash flows relating to the group's existing provisions are not currently expected to change significantly as a result of the current environment. The detailed annual review will take place later in 2020. In addition, the group expects to recognize provisions for restructuring costs as plans are formalized from the second half of 2020. Pensions and other post-retirement benefits The group's defined benefit pension plans are reviewed quarterly to determine any changes to the fair value of the plan assets or present value of the defined benefit obligations. As a result of the review during the second quarter of 2020, the group's total net defined benefit pension plan deficit as at 30 June 2020 is $2.1 billion , an increase in the deficit by $2.0 billion and $0.6 billion from 31 March 2020 and 31 December 2019 respectively. This principally reflects actuarial losses reported in other comprehensive income arising from decreasing discount rates and higher inflation assumptions increasing the plan obligations partially offset by increases in the valuation of plan assets. The current environment is likely to continue to affect the values of the plan assets and obligations resulting in potential volatility in the amount of the net defined benefit pension plan surplus/deficit recognized. Impairment of financial assets measured at amortized cost The estimate of the loss allowance recognised on financial assets measured at amortized cost using an expected credit loss approach was determined not to be a significant accounting estimate in preparing BP Annual Report and Form 20-F 2019. Expected credit loss allowances are, however, reviewed and updated quarterly. Allowances are recognized on assets where there is evidence that the asset is credit-impaired and on a forward-looking expected credit loss basis for assets that are not credit-impaired. The current economic environment and future credit risk outlook have been considered in updating the estimate of loss allowances although the full economic impact of COVID-19 on the forward-looking expected credit loss is subject to significant uncertainty due to the limited forward-looking information currently available. Whilst credit risk has increased since 31 December 2019, there has also been a significant reduction in the group's trade and other receivables balance. Therefore, the total expected credit loss allowances recognized as at 30 June 2020 have not significantly increased from the amounts disclosed in B P Annual Report and Form 20-F 2019 - Financial statements - Note 21 Valuation and qualifying accounts. The group continues to believe that the calculation of expected credit loss allowances is not a significant accounting estimate. The group continues to apply its credit policy as disclosed in B P Annual Report and Form 20-F 2019 - Financial statements - Note 29 Financial instruments and financial risk factors - credit risk. Income taxes None of the group's deferred tax assets in BP Annual Report and Form 20-F 2019 were determined to be a significant accounting estimate. The carrying amounts are, however, reviewed and updated quarterly to the extent that there are changes in the probability of sufficient taxable profits being available to utilize the reported deferred tax assets. The group has recognized deferred tax assets as at 30 June 2020 of $6.9 billion , an increase of $2.3 billion from 31 December 2019. The group continues to believe that the measurement of its deferred tax assets is not a significant accounting estimate. Other accounting judgements and estimates All other significant accounting judgements and estimates disclosed in BP Annual Report and Form 20-F 2019 remain applicable and no new significant accounting judgements or estimates have been identified. Updates to significant accounting policies Hybrid bond issuance On 17 June 2020, a group subsidiary issued perpetual subordinated hybrid bonds in EUR, GBP and USD for a USD equivalent amount of $11.9 billion . As the group has the unconditional right to avoid transferring cash or another financial asset in relation to these hybrid bonds, they are classified as equity instruments and reported within non-controlling interests in the condensed consolidated financial statements. The contractual terms of these instruments 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. Change in accounting policy - Interest Rate Benchmark Reform: Amendments to IFRS 9 'Financial instruments' Financial authorities in the US, UK, EU and other territories are currently undertaking reviews of key interest rate benchmarks such as the London Inter-bank Offered Rate (LIBOR) with a view to replacing them with alternative benchmarks. Uncertainty around the method and timing of transition from Inter-bank Offered Rates (IBORs) to alternative risk-free rates (RfRs) may impact the assessment of whether hedge accounting can be applied to certain hedging relationships. BP is significantly exposed to benchmark interest rate components e.g. USD LIBOR, GBP LIBOR, EURIBOR and CHF LIBOR. All of the group's existing fair value hedge relationships are directly affected by interest rate benchmark reform as they all manage interest rate risk. Further information about the group’s fair value hedges is included in BP Annual Report and Form 20-F 2019 - Financial statements - Note 30 Derivative financial instruments - Fair value hedges. BP adopted the amendments to IFRS 9 and IFRS 7 ‘Financial Instruments: Disclosures’ relating to interest rate benchmark reform with effect from 1 January 2020. This first phase of amendments provides temporary relief from applying specific hedge accounting requirements to hedging relationships directly affected by interest rate benchmark reforms. Note 1 . Basis of preparation (continued) The reliefs provided by the amendments allow BP, in the event that significant uncertainty around the reforms arise, to assume that: – the interest rate benchmark component of fair value hedges only needs to be assessed as separately identifiable at initial designation; and – the interest rate benchmark is not altered for the purposes of assessing the economic relationship between the hedged item and the hedging instrument for fair value hedges. In accordance with the transition provisions, the amendments have been adopted retrospectively to hedging relationships that existed at the start of the current reporting period and will be applied to new hedging relationships designated after that date. The reliefs have meant that the uncertainty over the interest rate benchmark reforms has not resulted in discontinuation of hedge accounting for any of BP’s fair value hedges. The second phase of IFRS amendments is expected to be issued by the IASB later in 2020 to address the financial reporting impacts of transitioning from IBORs to RfRs. BP has set up an internal working group to monitor and manage the transition to alternative benchmark rates and are currently assessing the population of contracts and arrangements that are linked to existing interest rate benchmarks, for example, leases and derivative contracts. BP is also participating on external committees and task forces dedicated to interest rate benchmark reform. Change in accounting policy - physically settled derivative contracts In March 2019, the IFRS Interpretations Committee (“IFRIC”) issued an agenda decision on the application of IFRS 9 to the physical settlement of contracts to buy or sell a non-financial item, such as commodities, that are not accounted for as 'own-use' contracts. IFRIC concluded that such contracts are settled by the delivery or receipt of a non-financial item in exchange for both cash and the settlement of the derivative asset or liability. BP regularly enters into forward sale and purchase contracts. As described in the group's accounting policy for revenue in BP Annual Report and Form 20-F 2019, revenue recognized at the time such contracts were physically settled was measured at the contractual transaction price and was presented together with revenue from contracts with customers in those financial statements. BP has changed its accounting policy for these contracts, in accordance with the conclusions included in the agenda decision, with effect from 1 April 2020, as follows: – Revenues and purchases from such contracts are measured at the contractual transaction price plus the carrying amount of the related derivative at the date of settlement. Realized derivative gains and losses on physically settled derivative contracts are included in other revenues. – There is no significant effect on current period or comparative information for ‘Sales and other operating revenues’ and ‘Purchases’ as presented in the group income statement, therefore no comparative information has been re-stated. – There is no significant effect on net assets or on comparative information for ‘Profit before taxation’ or ‘Profit after taxation’ as presented in the group income statement. In addition, BP chose to change its presentation of revenues from physically settled derivative sales contracts from first quarter 2020. Revenues from physically settled derivative sales contracts are no longer presented together with revenue from contracts with customers. They are now presented as other revenues. Comparative information in Note 6 for revenue from contracts with customers and other revenues have been re-presented to align with the current period. Condensed consolidating information on certain US subsidiaries On June 30, 2020, BP completed the sale of all its interest in BP Exploration (Alaska) Inc., to Hilcorp Energy, and BP Exploration (Alaska) Inc. is therefore no longer a subsidiary of BP p.l.c. Accordingly BP is no longer presenting condensed consolidating information on BP Exploration (Alaska) Inc. as a subsidiary issuer of registered securities pursuant to Rule 3-10 of Regulation S-X. BP p.l.c. will continue to fully and unconditionally guarantee the payment obligations under the BP Prudhoe Bay Royalty Trust. BP p.l.c. also fully and unconditionally guarantees securities issued by BP Capital Markets p.l.c. and BP Capital Markets America Inc., which are 100%-owned finance subsidiaries of BP p.l.c..

Non-current assets held for sal

Non-current assets held for sale	6 Months Ended
	Jun. 30, 2020
Non-current assets held for sale and discontinued operations [Abstract]
Non-current assets held for sale	Non-current assets held for sale The carrying amount of assets classified as held for sale at 30 June 2020 is $4,169 million , with associated liabilities of $948 million . These principally relate to two transactions. Downstream segment On 29 June 2020 BP announced that it had agreed to sell its global petrochemicals business to INEOS for a total consideration of $5 billion , subject to customary closing adjustments. Under the terms of the agreement, INEOS paid BP a deposit of $400 million and will pay a further $3.6 billion on completion. An additional $1 billion will be deferred and paid in three separate instalments of $100 million in March, April and May 2021 with the remaining $700 million payable by the end of June 2021. The business has interests in manufacturing plants in Asia, Europe and the US, including interests held in equity-accounted entities. Subject to regulatory and other approvals, the transaction is expected to complete before the end of 2020. Assets of $3,647 million and associated liabilities of $637 million have been classified as held for sale in the group balance sheet at 30 June 2020. Accumulated foreign exchange differences will be reclassified from the foreign currency translation reserve to the income statement when the sale transaction completes. At 30 June 2020 these foreign exchange differences amounted to a gain of approximately $300 million . Upstream segment On 27 August 2019, BP announced that it had agreed to sell all of its Alaska operations and interests to Hilcorp Energy (‘Hilcorp’), including its ownership interests in BP Exploration (Alaska) Inc, which owned all of BP’s upstream oil and gas interests in Alaska, and the assets of BP Pipelines (Alaska) Inc., including a 49% interest in the Trans Alaska Pipeline System (TAPS), for up to $5.6 billion , subject to customary closing adjustments. Assets of $6,518 million and associated liabilities of $969 million relating to this transaction were classified as held for sale at 31 December 2019. Deposit payments totalling $500 million in cash were received in 2019. On 30 June 2020, BP completed the sale of BP Exploration (Alaska) Inc. On completion, BP received $209 million in cash and recognized a loan note with a principal amount of $2,100 million receivable from Hilcorp. The group also recognized other assets totalling $1,689 million , including amounts in relation to the ‘earn-out’ provisions of the agreement. The sale of BP Pipelines (Alaska) Inc.’s 49% interest in the Trans Alaska Pipeline System (TAPS) and other midstream assets, which is subject to regulatory approvals, is expected to complete during 2020. On completion of the sale, BP will retain its decommissioning liability relating to TAPS, which will be partially offset by a 30% cost reimbursement from Harvest Alaska LLC, an affiliate of Hilcorp. Assets of $499 million and associated liabilities of $279 million relating to this transaction continue to be classified as held for sale at 30 June 2020.

(Notes)

(Notes)	6 Months Ended
	Jun. 30, 2020
Operating Segments [Abstract]
Analysis of replacement cost profit (loss) before interest and tax and reconciliation to profit (loss) before taxation	Analysis of replacement cost profit (loss) before interest and tax and reconciliation to profit (loss) before taxation Second Second First First quarter quarter half half $ million 2020 2019 2020 2019 Upstream (22,008 ) 2,469 (20,985 ) 5,353 Downstream 594 1,288 1,258 3,053 Rosneft (124 ) 525 (141 ) 1,011 Other businesses and corporate (317 ) (381 ) (1,015 ) (927 ) (21,855 ) 3,901 (20,883 ) 8,490 Consolidation adjustment – UPII* (46 ) 34 132 21 RC profit (loss) before interest and tax* (21,901 ) 3,935 (20,751 ) 8,511 Inventory holding gains (losses)* Upstream 57 (10 ) (11 ) (8 ) Downstream 978 93 (3,637 ) 1,139 Rosneft (net of tax) 53 (2 ) (148 ) 38 Profit (loss) before interest and tax (20,813 ) 4,016 (24,547 ) 9,680 Finance costs 783 853 1,566 1,720 Net finance expense relating to pensions and other post-retirement benefits 8 15 15 30 Profit (loss) before taxation (21,604 ) 3,148 (26,128 ) 7,930 RC profit (loss) before interest and tax* US (4,695 ) 498 (4,100 ) 1,269 Non-US (17,206 ) 3,437 (16,651 ) 7,242 (21,901 ) 3,935 (20,751 ) 8,511

Impairment and losses on sale o

Impairment and losses on sale of businesses and fixed assets (Notes)	6 Months Ended
	Jun. 30, 2020
Disclosure of impairment of assets [Abstract]
Disclosure of impairment of assets [text block]	Impairment and losses on sale of businesses and fixed assets Impairment and losses on sale of businesses and fixed assets for the second quarter and half year were $11,770 million and $12,919 million and include net impairment charges of $11,848 million (tax credit of $3,308 million , $8,540 million after tax) and $12,646 million (tax credit of $3,535 million , $9,111 million after tax) respectively. Impairment charges also arose in certain equity-accounted entities in the second quarter. The BP shares of these charges, amounting to $648 million for the second quarter ( $635 million after tax), are reported in the line items 'Earnings from joint ventures' and 'Earnings from associates' in the group income statement. Upstream segment Impairment charges in the Upstream segment were $11,100 million and $11,885 million for the second quarter and half year respectively. Impairment charges for the second quarter mainly relate to producing assets and principally arose as a result of changes to the group’s oil and gas price assumptions. They include amounts in Azerbaijan, BPX Energy, Canada, Egypt, India, Mauritania & Senegal, the North Sea and Trinidad. The recoverable amounts of the cash generating units within these businesses were based on value-in-use calculations. Impairment charges for the second quarter and half year also include amounts relating to the disposal of the group’s interests in its Alaska business. For the second quarter these principally relate to revisions to the fair value of the consideration recognized following changes to oil and gas price assumptions. For the first half they additionally relate to completion adjustments, changes to structure and phasing of consideration and discounting impacts. The recoverable amount of the Alaska business was based on its fair value less costs of disposal. See Note 2 for further information. The BP share of impairment charges arising in equity-accounted entities reported in the Upstream segment in the second quarter was $585 million . Downstream segment Impairment charges in the Downstream segment were $729 million for the second quarter, principally relating to anticipated portfolio changes in the fuels business. There were no other significant impairment charges in the Downstream segment for the half year.

Exploration expense (Notes)

Exploration expense (Notes)	6 Months Ended
	Jun. 30, 2020
Disclosure of exploration and evaluation assets [Abstract]
Disclosure of exploration and evaluation assets [text block]	Exploration expense Exploration expense in the second quarter and half year was $9,674 million and $9,876 million and includes exploration expenditure write-offs of $9,618 million (tax credit of $1,490 million , $8,128 million after tax) and $9,716 million (tax credit of $1,514 million , $8,202 million after tax) respectively. All exploration expenditure is recorded within the Upstream segment. The exploration write-offs principally arose following management's re-assessment of expectations to extract value from certain exploration prospects as a result of a review of the group's long-term strategic plan and changes in the group's long-term price assumptions. The exploration write-offs for the second quarter principally arose in Angola, Brazil, Canada, Egypt, India and the Gulf of Mexico.

Sales and other operating reven

Sales and other operating revenues	6 Months Ended
	Jun. 30, 2020
Revenue [abstract]
Sales and other operating revenues	Sales and other operating revenues Second Second First First quarter quarter half half $ million 2020 2019 2020 2019 By segment Upstream 7,194 13,556 18,658 28,150 Downstream 27,241 66,396 81,205 124,812 Other businesses and corporate 450 433 903 789 34,885 80,385 100,766 153,751 Less: sales and other operating revenues between segments Upstream 2,613 7,481 9,520 13,805 Downstream 330 62 (452 ) 648 Other businesses and corporate 266 166 372 301 3,209 7,709 9,440 14,754 Third party sales and other operating revenues Upstream 4,581 6,075 9,138 14,345 Downstream 26,911 66,334 81,657 124,164 Other businesses and corporate 184 267 531 488 Total sales and other operating revenues 31,676 72,676 91,326 138,997 By geographical area US 10,117 26,086 31,336 47,934 Non-US 24,776 52,933 68,731 102,551 34,893 79,019 100,067 150,485 Less: sales and other operating revenues between areas 3,217 6,343 8,741 11,488 31,676 72,676 91,326 138,997 Revenues from contracts with customers (a) Sales and other operating revenues include the following in relation to revenues from contracts with customers: Crude oil 1,062 2,577 2,497 5,067 Oil products 10,452 27,211 30,706 49,915 Natural gas, LNG and NGLs 2,992 4,294 6,630 9,651 Non-oil products and other revenues from contracts with customers 2,118 3,258 4,608 6,321 Revenue from contracts with customers 16,624 37,340 44,441 70,954 Other operating revenues (b) 15,052 35,336 46,885 68,043 Total sales and other operating revenues 31,676 72,676 91,326 138,997 (a) Amounts shown for revenue from contracts with customers and other operating revenues for second quarter and first half 2019 have been represented to align with the current period. See Note 1 for further information. (b) Principally relates to physically settled derivative sales contracts.

Depreciation, depletion and amo

Depreciation, depletion and amortization	6 Months Ended
	Jun. 30, 2020
Analysis of income and expense [abstract]
Depreciation, depletion and amortization	Depreciation, depletion and amortization Second Second First First quarter quarter half half $ million 2020 2019 2020 2019 Upstream US 1,044 1,288 2,112 2,401 Non-US 1,973 2,396 4,055 4,894 3,017 3,684 6,167 7,295 Downstream US 344 333 686 656 Non-US 408 392 813 775 752 725 1,499 1,431 Other businesses and corporate US 16 14 31 27 Non-US 152 165 299 296 168 179 330 323 Total group 3,937 4,588 7,996 9,049

Production and similar taxes

Production and similar taxes	6 Months Ended
	Jun. 30, 2020
Analysis of income and expense [abstract]
Production and similar taxes	Production and similar taxes Second Second First First quarter quarter half half $ million 2020 2019 2020 2019 US 13 79 26 160 Non-US 111 292 301 635 124 371 327 795

Earnings per share and shares i

Earnings per share and shares in issue	6 Months Ended
	Jun. 30, 2020
Earnings per share [abstract]
Earnings per share and shares in issue	Earnings per share and shares in issue Basic earnings per ordinary share (EpS) amounts are calculated by dividing the profit (loss) for the period attributable to ordinary shareholders by the weighted average number of ordinary shares outstanding during the period. No share buybacks were carried out during the quarter. This brings the total number of ordinary shares repurchased for cancellation in the year to 120 million for a total cost of $776 million , including transaction costs of $4 million , as part of the share buyback programme announced on 31 October 2017. The number of shares in issue is reduced when shares are repurchased. The calculation of EpS is performed separately for each discrete quarterly period, and for the year-to-date period. As a result, the sum of the discrete quarterly EpS amounts in any particular year-to-date period may not be equal to the EpS amount for the year-to-date period. For the diluted EpS calculation the weighted average number of shares outstanding during the period is adjusted for the number of shares that are potentially issuable in connection with employee share-based payment plans using the treasury stock method. Second Second First First quarter quarter half half $ million 2020 2019 2020 2019 Results for the period Profit (loss) for the period attributable to BP shareholders (16,848 ) 1,822 (21,213 ) 4,756 Less: preference dividend 1 1 1 1 Profit (loss) attributable to BP ordinary shareholders (16,849 ) 1,821 (21,214 ) 4,755 Number of shares (thousand) (a)(b) Basic weighted average number of shares outstanding 20,222,575 20,336,347 20,200,694 20,256,254 ADS equivalent 3,370,429 3,389,391 3,366,782 3,376,042 Weighted average number of shares outstanding used to calculate diluted earnings per share 20,222,575 20,421,184 20,200,694 20,368,125 ADS equivalent 3,370,429 3,403,530 3,366,782 3,394,687 Shares in issue at period-end 20,249,046 20,373,332 20,249,046 20,373,332 ADS equivalent 3,374,841 3,395,555 3,374,841 3,395,555 (a) Excludes treasury shares and includes certain shares that will be issued in the future under employee share-based payment plans. (b) If the inclusion of potentially issuable shares would decrease loss per share, the potentially issuable shares are excluded from the weighted average number of shares outstanding used to calculate diluted earnings per share. The numbers of potentially issuable shares that have been excluded from the calculation for the second quarter 2020 and first half 2020 are 63,119 thousand (ADS equivalent 10,520 thousand ) and 85,469 thousand (ADS equivalent 14,245 thousand ) respectively. Issued ordinary share capital as at 30 June 2020 comprised 20,262,823,584 ordinary shares (31 December 2019 20,372,762,750 ordinary shares). This includes shares held in trust to settle future employee share plan obligations and excludes 1,152,958,766 ordinary shares which have been bought back and are held in treasury by BP (31 December 2019 1,163,077,064 ordinary shares).

Dividends

Dividends	6 Months Ended
	Jun. 30, 2020
Interim Financial Reporting [Abstract]
Dividends	Dividends Dividends payable BP today announced an interim dividend of 5.25 cents per ordinary share which is expected to be paid on 25 September 2020 to ordinary shareholders and American Depositary Share (ADS) holders on the register on 14 August 2020 . The corresponding amount in sterling is due to be announced on 14 September 2020 , calculated based on the average of the market exchange rates for the four dealing days commencing on 8 September 2020 . Holders of ADSs are expected to receive $0.315 per ADS (less applicable fees). The board has decided not to offer a scrip dividend alternative in respect of the second quarter 2020 dividend. Ordinary shareholders and ADS holders (subject to certain exceptions) will be able to participate in a dividend reinvestment programme. Details of the second quarter dividend and timetable are available at bp.com/dividends and further details of the dividend reinvestment programmes are available at bp.com/drip . Second Second First First quarter quarter half half 2020 2019 2020 2019 Dividends paid per ordinary share cents 10.500 10.250 21.000 20.500 pence 8.342 8.066 16.498 15.804 Dividends paid per ADS (cents) 63.00 61.50 126.00 123.00 Scrip dividends Number of shares issued (millions) — 46.3 — 136.4 Value of shares issued ($ million) — 318 — 947

Net debt

Net debt	6 Months Ended
	Jun. 30, 2020
Subclassifications of assets, liabilities and equities [abstract]
Net debt and net debt including leases	Net debt Net debt* Second Second First First quarter quarter half half Year $ million 2020 2019 2020 2019 2019 Finance debt (a)(b) 76,003 67,553 76,003 67,553 67,724 Fair value (asset) liability of hedges related to finance debt (c) (430 ) (378 ) (430 ) (378 ) 190 75,573 67,175 75,573 67,175 67,914 Less: cash and cash equivalents (b) 34,653 20,674 34,653 20,674 22,472 Net debt 40,920 46,501 40,920 46,501 45,442 Total equity (d) 82,811 103,623 82,811 103,623 100,708 Gearing* 33.1% 31.0% 33.1 % 31.0 % 31.1 % (a) The fair value of finance debt at 30 June 2020 was $77,990 million (31 December 2019 $69,376 million ). (b) Second quarter and first half 2020 includes $436 million of cash and $24 million of finance debt included in assets and liabilities held for sale in the group balance sheet. (c) 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 $554 million ( second quarter 2019 liability of $563 million ) are not included in the calculation of net debt shown above as hedge accounting is not applied for these instruments. (c) Total equity in the second quarter and first half 2020 includes $11.9 billion related to perpetual hybrid bonds issued on 17 June 2020. See Note 1 for further information.

Inventory valuation

Inventory valuation	6 Months Ended
	Jun. 30, 2020
Disclosure of inventories [Abstract]
Disclosure of inventories [text block]	Inventory valuation A provision of $289 million was held against hydrocarbon inventories at 30 June 2020 ( $290 million at 31 December 2019 ) to write them down to their net realizable value.

Statutory accounts

Statutory accounts	6 Months Ended
	Jun. 30, 2020
Disclosure of interim financial reporting [Abstract]
Statutory accounts	Statutory accounts The financial information shown in this publication, which was approved by the Board of Directors on 3 August 2020, is unaudited and does not constitute statutory financial statements. Audited financial information will be published in BP Annual Report and Form 20-F 2020 .

Basis of preparation (Policies)

Basis of preparation (Policies)	6 Months Ended
	Jun. 30, 2020
Corporate Information And Statement Of IFRS Compliance [Abstract]
Basis of presentation	Basis of preparation The interim financial information included in this report has been prepared in accordance with IAS 34 'Interim Financial Reporting'. The results for the interim periods are unaudited and, in the opinion of management, include all adjustments necessary for a fair presentation of the results for each period. All such adjustments are of a normal recurring nature. This report should be read in conjunction with the consolidated financial statements and related notes for the year ended 31 December 2019 included in BP Annual Report and Form 20-F 2019 . The directors consider it appropriate to adopt the going concern basis of accounting in preparing the interim financial information. The impact of COVID-19 and the current economic environment has been considered as part of the going concern assessment. Forecast liquidity has been assessed under a number of stressed scenarios and a reverse stress test performed to support this assertion. BP prepares its consolidated financial statements included within BP Annual Report and Form 20-F on the basis of International Financial Reporting Standards (IFRS) as issued by the International Accounting Standards Board (IASB), IFRS as adopted by the European Union (EU) and in accordance with the provisions of the UK Companies Act 2006 as applicable to companies reporting under IFRS. IFRS as adopted by the 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 periods presented. The financial information presented herein has been prepared in accordance with the accounting policies expected to be used in preparing BP Annual Report and Form 20-F 2020 which are the same as those used in preparing BP Annual Report and Form 20-F 2019 with the exception of the changes described in the 'Updates to significant accounting policies' section below. There are no other new or amended standards or interpretations adopted from 1 January 2020 onwards that have a significant impact on the interim financial information.
Considerations in respect of COVID-19 and current environment [Table Text Block]	Considerations in respect of COVID 19 (coronavirus) and the current economic environment BP's significant accounting judgements and estimates were disclosed in BP Annual Report and Form 20-F 2019 . These have been subsequently reviewed at the end of each quarter to determine if any changes were required to those judgements and estimates as a result of current market conditions. The valuation of certain assets and liabilities is subject to a greater level of uncertainty than when reported in BP Annual Report and Form 20-F 2019 , including those set out below. Impairment testing assumptions With the COVID-19 pandemic having continued during the second quarter of 2020, BP now sees the prospect of an enduring impact on the global economy, with the potential for weaker demand for energy for a sustained period. BP’s management also has a growing expectation that the aftermath of the pandemic will accelerate the pace of transition to a lower carbon economy and energy system, as countries seek to ‘build back better’ so that their economies will be more resilient in the future. As a result of all the above, BP has revised its price assumptions used in value-in-use impairment testing, lowering them and extending the period covered to 2050. A summary of the group’s revised price assumptions, in real 2020 terms, is provided below: Second half 2020 2021 2025 2030 2040 2050 Brent oil ($/bbl) 40 50 50 60 60 50 Henry Hub gas ($/mmBtu) 2.00 3.00 3.00 3.00 3.00 2.75 As disclosed in BP Annual Report and Form 20-F 2019 - Note 1, the majority of BP’s reserves and resources that support the carrying amount of the group’s oil and gas properties are expected to be produced over the next ten years. The revised assumptions for Brent oil and Henry Hub gas for the next 10 years are lower by approximately 30% and 16% respectively than the average prices used to estimate cash flows over this period as disclosed in BP Annual Report and Form 20-F 2019 - Note 1. The revised impairment testing price assumptions are lower, on average, by approximately 27% and 31% respectively for the period from 2020 to 2050, than the prices referenced in BP Annual Report and Form 20-F 2019 - Note 1. The group identified oil and gas properties with carrying amounts totalling $43 billion where the headroom, after the impairment tests performed in the second quarter, was less than or equal to 20% of the carrying value. A change in price or other assumptions within the next financial year may result in a recoverable amount of one or more of these assets above or below the current carrying amount. Impairment charges for the second quarter of 2020 relate to the changes to price assumptions, the group’s ongoing disposal programme and other factors. For further information see Note 3. The discount rates used in value-in-use impairment testing were also reviewed. As these are set using a number of parameters that are applicable to longer-term assets, a revision of the discount rate assumption was determined not to be appropriate and therefore the rates, as disclosed in BP Annual Report and Form 20-F 2019, remain unchanged. Exploration and appraisal intangible assets As a result of the revised price assumptions and a review of the long-term strategic plan, management reviewed BP's exploration prospects and the carrying value of the associated intangible assets. The outcome of the review has resulted in revised judgements over the expectations to extract value from certain prospects, thereby leading to write-offs of the associated exploration and appraisal intangible assets in the second quarter of 2020. For further information see Note 4. Note 1 . Basis of preparation (continued) Provisions The nominal risk-free discount rate applied to provisions is reviewed on a quarterly basis. Recent changes in long-dated US government bond yields have not affected the group's overall assessment of the discount rate applied to the group's provisions and therefore the rate, as disclosed in BP Annual Report and Form 20-F 2019, remains unchanged. The timing and amount of cash flows relating to the group's existing provisions are not currently expected to change significantly as a result of the current environment. The detailed annual review will take place later in 2020. In addition, the group expects to recognize provisions for restructuring costs as plans are formalized from the second half of 2020. Pensions and other post-retirement benefits The group's defined benefit pension plans are reviewed quarterly to determine any changes to the fair value of the plan assets or present value of the defined benefit obligations. As a result of the review during the second quarter of 2020, the group's total net defined benefit pension plan deficit as at 30 June 2020 is $2.1 billion , an increase in the deficit by $2.0 billion and $0.6 billion from 31 March 2020 and 31 December 2019 respectively. This principally reflects actuarial losses reported in other comprehensive income arising from decreasing discount rates and higher inflation assumptions increasing the plan obligations partially offset by increases in the valuation of plan assets. The current environment is likely to continue to affect the values of the plan assets and obligations resulting in potential volatility in the amount of the net defined benefit pension plan surplus/deficit recognized. Impairment of financial assets measured at amortized cost The estimate of the loss allowance recognised on financial assets measured at amortized cost using an expected credit loss approach was determined not to be a significant accounting estimate in preparing BP Annual Report and Form 20-F 2019. Expected credit loss allowances are, however, reviewed and updated quarterly. Allowances are recognized on assets where there is evidence that the asset is credit-impaired and on a forward-looking expected credit loss basis for assets that are not credit-impaired. The current economic environment and future credit risk outlook have been considered in updating the estimate of loss allowances although the full economic impact of COVID-19 on the forward-looking expected credit loss is subject to significant uncertainty due to the limited forward-looking information currently available. Whilst credit risk has increased since 31 December 2019, there has also been a significant reduction in the group's trade and other receivables balance. Therefore, the total expected credit loss allowances recognized as at 30 June 2020 have not significantly increased from the amounts disclosed in B P Annual Report and Form 20-F 2019 - Financial statements - Note 21 Valuation and qualifying accounts. The group continues to believe that the calculation of expected credit loss allowances is not a significant accounting estimate. The group continues to apply its credit policy as disclosed in B P Annual Report and Form 20-F 2019 - Financial statements - Note 29 Financial instruments and financial risk factors - credit risk. Income taxes None of the group's deferred tax assets in BP Annual Report and Form 20-F 2019 were determined to be a significant accounting estimate. The carrying amounts are, however, reviewed and updated quarterly to the extent that there are changes in the probability of sufficient taxable profits being available to utilize the reported deferred tax assets. The group has recognized deferred tax assets as at 30 June 2020 of $6.9 billion , an increase of $2.3 billion from 31 December 2019. The group continues to believe that the measurement of its deferred tax assets is not a significant accounting estimate. Other accounting judgements and estimates All other significant accounting judgements and estimates disclosed in BP Annual Report and Form 20-F 2019 remain applicable and no new significant accounting judgements or estimates have been identified.
Changes in significant accounting policies	Updates to significant accounting policies Hybrid bond issuance On 17 June 2020, a group subsidiary issued perpetual subordinated hybrid bonds in EUR, GBP and USD for a USD equivalent amount of $11.9 billion . As the group has the unconditional right to avoid transferring cash or another financial asset in relation to these hybrid bonds, they are classified as equity instruments and reported within non-controlling interests in the condensed consolidated financial statements. The contractual terms of these instruments 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. Change in accounting policy - Interest Rate Benchmark Reform: Amendments to IFRS 9 'Financial instruments' Financial authorities in the US, UK, EU and other territories are currently undertaking reviews of key interest rate benchmarks such as the London Inter-bank Offered Rate (LIBOR) with a view to replacing them with alternative benchmarks. Uncertainty around the method and timing of transition from Inter-bank Offered Rates (IBORs) to alternative risk-free rates (RfRs) may impact the assessment of whether hedge accounting can be applied to certain hedging relationships. BP is significantly exposed to benchmark interest rate components e.g. USD LIBOR, GBP LIBOR, EURIBOR and CHF LIBOR. All of the group's existing fair value hedge relationships are directly affected by interest rate benchmark reform as they all manage interest rate risk. Further information about the group’s fair value hedges is included in BP Annual Report and Form 20-F 2019 - Financial statements - Note 30 Derivative financial instruments - Fair value hedges. BP adopted the amendments to IFRS 9 and IFRS 7 ‘Financial Instruments: Disclosures’ relating to interest rate benchmark reform with effect from 1 January 2020. This first phase of amendments provides temporary relief from applying specific hedge accounting requirements to hedging relationships directly affected by interest rate benchmark reforms. Note 1 . Basis of preparation (continued) The reliefs provided by the amendments allow BP, in the event that significant uncertainty around the reforms arise, to assume that: – the interest rate benchmark component of fair value hedges only needs to be assessed as separately identifiable at initial designation; and – the interest rate benchmark is not altered for the purposes of assessing the economic relationship between the hedged item and the hedging instrument for fair value hedges. In accordance with the transition provisions, the amendments have been adopted retrospectively to hedging relationships that existed at the start of the current reporting period and will be applied to new hedging relationships designated after that date. The reliefs have meant that the uncertainty over the interest rate benchmark reforms has not resulted in discontinuation of hedge accounting for any of BP’s fair value hedges. The second phase of IFRS amendments is expected to be issued by the IASB later in 2020 to address the financial reporting impacts of transitioning from IBORs to RfRs. BP has set up an internal working group to monitor and manage the transition to alternative benchmark rates and are currently assessing the population of contracts and arrangements that are linked to existing interest rate benchmarks, for example, leases and derivative contracts. BP is also participating on external committees and task forces dedicated to interest rate benchmark reform. Change in accounting policy - physically settled derivative contracts In March 2019, the IFRS Interpretations Committee (“IFRIC”) issued an agenda decision on the application of IFRS 9 to the physical settlement of contracts to buy or sell a non-financial item, such as commodities, that are not accounted for as 'own-use' contracts. IFRIC concluded that such contracts are settled by the delivery or receipt of a non-financial item in exchange for both cash and the settlement of the derivative asset or liability. BP regularly enters into forward sale and purchase contracts. As described in the group's accounting policy for revenue in BP Annual Report and Form 20-F 2019, revenue recognized at the time such contracts were physically settled was measured at the contractual transaction price and was presented together with revenue from contracts with customers in those financial statements. BP has changed its accounting policy for these contracts, in accordance with the conclusions included in the agenda decision, with effect from 1 April 2020, as follows: – Revenues and purchases from such contracts are measured at the contractual transaction price plus the carrying amount of the related derivative at the date of settlement. Realized derivative gains and losses on physically settled derivative contracts are included in other revenues. – There is no significant effect on current period or comparative information for ‘Sales and other operating revenues’ and ‘Purchases’ as presented in the group income statement, therefore no comparative information has been re-stated. – There is no significant effect on net assets or on comparative information for ‘Profit before taxation’ or ‘Profit after taxation’ as presented in the group income statement. In addition, BP chose to change its presentation of revenues from physically settled derivative sales contracts from first quarter 2020. Revenues from physically settled derivative sales contracts are no longer presented together with revenue from contracts with customers. They are now presented as other revenues. Comparative information in Note 6 for revenue from contracts with customers and other revenues have been re-presented to align with the current period.

Analysis of replacement cost pr

Analysis of replacement cost profit (loss) before interest and tax and reconciliation to profit (loss) before taxation (Tables)	6 Months Ended
	Jun. 30, 2020
Operating Segments [Abstract]
Disclosure of detailed information about replacement costs explanatory	Second Second First First quarter quarter half half $ million 2020 2019 2020 2019 Upstream (22,008 ) 2,469 (20,985 ) 5,353 Downstream 594 1,288 1,258 3,053 Rosneft (124 ) 525 (141 ) 1,011 Other businesses and corporate (317 ) (381 ) (1,015 ) (927 ) (21,855 ) 3,901 (20,883 ) 8,490 Consolidation adjustment – UPII* (46 ) 34 132 21 RC profit (loss) before interest and tax* (21,901 ) 3,935 (20,751 ) 8,511 Inventory holding gains (losses)* Upstream 57 (10 ) (11 ) (8 ) Downstream 978 93 (3,637 ) 1,139 Rosneft (net of tax) 53 (2 ) (148 ) 38 Profit (loss) before interest and tax (20,813 ) 4,016 (24,547 ) 9,680 Finance costs 783 853 1,566 1,720 Net finance expense relating to pensions and other post-retirement benefits 8 15 15 30 Profit (loss) before taxation (21,604 ) 3,148 (26,128 ) 7,930 RC profit (loss) before interest and tax* US (4,695 ) 498 (4,100 ) 1,269 Non-US (17,206 ) 3,437 (16,651 ) 7,242 (21,901 ) 3,935 (20,751 ) 8,511

Sales and other operating rev_2

Sales and other operating revenues (Tables)	6 Months Ended
	Jun. 30, 2020
Revenue [abstract]
Disclosure of detailed information about other operating income explanatory	Second Second First First quarter quarter half half $ million 2020 2019 2020 2019 By segment Upstream 7,194 13,556 18,658 28,150 Downstream 27,241 66,396 81,205 124,812 Other businesses and corporate 450 433 903 789 34,885 80,385 100,766 153,751 Less: sales and other operating revenues between segments Upstream 2,613 7,481 9,520 13,805 Downstream 330 62 (452 ) 648 Other businesses and corporate 266 166 372 301 3,209 7,709 9,440 14,754 Third party sales and other operating revenues Upstream 4,581 6,075 9,138 14,345 Downstream 26,911 66,334 81,657 124,164 Other businesses and corporate 184 267 531 488 Total sales and other operating revenues 31,676 72,676 91,326 138,997 By geographical area US 10,117 26,086 31,336 47,934 Non-US 24,776 52,933 68,731 102,551 34,893 79,019 100,067 150,485 Less: sales and other operating revenues between areas 3,217 6,343 8,741 11,488 31,676 72,676 91,326 138,997 Revenues from contracts with customers (a) Sales and other operating revenues include the following in relation to revenues from contracts with customers: Crude oil 1,062 2,577 2,497 5,067 Oil products 10,452 27,211 30,706 49,915 Natural gas, LNG and NGLs 2,992 4,294 6,630 9,651 Non-oil products and other revenues from contracts with customers 2,118 3,258 4,608 6,321 Revenue from contracts with customers 16,624 37,340 44,441 70,954 Other operating revenues (b) 15,052 35,336 46,885 68,043 Total sales and other operating revenues 31,676 72,676 91,326 138,997 (a) Amounts shown for revenue from contracts with customers and other operating revenues for second quarter and first half 2019 have been represented to align with the current period. See Note 1 for further information. (b) Principally relates to physically settled derivative sales contracts.

Depreciation, depletion and a_2

Depreciation, depletion and amortization (Tables)	6 Months Ended
	Jun. 30, 2020
Analysis of income and expense [abstract]
Disclosure of detailed information about depreciation, depletion and amortization explanatory	Second Second First First quarter quarter half half $ million 2020 2019 2020 2019 Upstream US 1,044 1,288 2,112 2,401 Non-US 1,973 2,396 4,055 4,894 3,017 3,684 6,167 7,295 Downstream US 344 333 686 656 Non-US 408 392 813 775 752 725 1,499 1,431 Other businesses and corporate US 16 14 31 27 Non-US 152 165 299 296 168 179 330 323 Total group 3,937 4,588 7,996 9,049

Production and similar taxes (T

Production and similar taxes (Tables)	6 Months Ended
	Jun. 30, 2020
Analysis of income and expense [abstract]
Summary of production and similar taxes	Second Second First First quarter quarter half half $ million 2020 2019 2020 2019 US 13 79 26 160 Non-US 111 292 301 635 124 371 327 795

Earnings per share and shares_2

Earnings per share and shares in issue (Tables)	6 Months Ended
	Jun. 30, 2020
Earnings per share [abstract]
Summary of earnings per share	Second Second First First quarter quarter half half $ million 2020 2019 2020 2019 Results for the period Profit (loss) for the period attributable to BP shareholders (16,848 ) 1,822 (21,213 ) 4,756 Less: preference dividend 1 1 1 1 Profit (loss) attributable to BP ordinary shareholders (16,849 ) 1,821 (21,214 ) 4,755 Number of shares (thousand) (a)(b) Basic weighted average number of shares outstanding 20,222,575 20,336,347 20,200,694 20,256,254 ADS equivalent 3,370,429 3,389,391 3,366,782 3,376,042 Weighted average number of shares outstanding used to calculate diluted earnings per share 20,222,575 20,421,184 20,200,694 20,368,125 ADS equivalent 3,370,429 3,403,530 3,366,782 3,394,687 Shares in issue at period-end 20,249,046 20,373,332 20,249,046 20,373,332 ADS equivalent 3,374,841 3,395,555 3,374,841 3,395,555 (a) Excludes treasury shares and includes certain shares that will be issued in the future under employee share-based payment plans. (b) If the inclusion of potentially issuable shares would decrease loss per share, the potentially issuable shares are excluded from the weighted average number of shares outstanding used to calculate diluted earnings per share. The numbers of potentially issuable shares that have been excluded from the calculation for the second quarter 2020 and first half 2020 are 63,119 thousand (ADS equivalent 10,520 thousand ) and 85,469 thousand (ADS equivalent 14,245 thousand ) respectively. Issued ordinary share capital as at 30 June 2020 comprised 20,262,823,584 ordinary shares (31 December 2019 20,372,762,750 ordinary shares). This includes shares held in trust to settle future employee share plan obligations and excludes 1,152,958,766 ordinary shares which have been bought back and are held in treasury by BP (31 December 2019 1,163,077,064 ordinary shares).

Dividends (Tables)

Dividends (Tables)	6 Months Ended
	Jun. 30, 2020
Interim Financial Reporting [Abstract]
Disclosure of dividends announced and paid	Second Second First First quarter quarter half half 2020 2019 2020 2019 Dividends paid per ordinary share cents 10.500 10.250 21.000 20.500 pence 8.342 8.066 16.498 15.804 Dividends paid per ADS (cents) 63.00 61.50 126.00 123.00 Scrip dividends Number of shares issued (millions) — 46.3 — 136.4 Value of shares issued ($ million) — 318 — 947

Net debt (Tables)

Net debt (Tables)	6 Months Ended
	Jun. 30, 2020
Subclassifications of assets, liabilities and equities [abstract]
Disclosure of the net debt ratio	Net debt* Second Second First First quarter quarter half half Year $ million 2020 2019 2020 2019 2019 Finance debt (a)(b) 76,003 67,553 76,003 67,553 67,724 Fair value (asset) liability of hedges related to finance debt (c) (430 ) (378 ) (430 ) (378 ) 190 75,573 67,175 75,573 67,175 67,914 Less: cash and cash equivalents (b) 34,653 20,674 34,653 20,674 22,472 Net debt 40,920 46,501 40,920 46,501 45,442 Total equity (d) 82,811 103,623 82,811 103,623 100,708 Gearing* 33.1% 31.0% 33.1 % 31.0 % 31.1 % (a) The fair value of finance debt at 30 June 2020 was $77,990 million (31 December 2019 $69,376 million ). (b) Second quarter and first half 2020 includes $436 million of cash and $24 million of finance debt included in assets and liabilities held for sale in the group balance sheet. (c) 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 $554 million ( second quarter 2019 liability of $563 million ) are not included in the calculation of net debt shown above as hedge accounting is not applied for these instruments. (c) Total equity in the second quarter and first half 2020 includes $11.9 billion related to perpetual hybrid bonds issued on 17 June 2020. See Note 1 for further information.

Basis of preparation Disclosure

Basis of preparation Disclosure of considerations in respect to COVID-19 and current environment (Details) $ in Millions	3 Months Ended	6 Months Ended
	Jun. 30, 2020USD ($)	Jun. 30, 2020USD ($)usd_per_bbl	Jun. 30, 2020USD ($)	Jun. 30, 2020USD ($)usd_per_mmBtu	Jun. 30, 2020USD ($)	Dec. 31, 2019USD ($)
Disclosure of considerations in respect of COVID-19 and current environment [Line Items]
Property, plant and equipment	$ 117,208	$ 117,208	$ 117,208	$ 117,208	$ 117,208	$ 132,642
Surplus (deficit) in plan	2,100	2,100	2,100	2,100	2,100
Increase (decrease) in net defined benefit liability (asset)	2,000				600
Deferred tax assets	6,891	6,891	6,891	6,891	6,891	$ 4,560
Increase (decrease) in deferred tax liability (asset)					2,300
Oil and gas properties portion with headroom equal to or less than twenty percent of carrying value [Member]
Disclosure of considerations in respect of COVID-19 and current environment [Line Items]
Property, plant and equipment	$ 43,000	$ 43,000	$ 43,000	$ 43,000	$ 43,000
Oil and gas assets [member]
Disclosure of considerations in respect of COVID-19 and current environment [Line Items]
Reporting unit, percentage of carrying amount in excess of fair value			20.00%
Bottom of range
Disclosure of considerations in respect of COVID-19 and current environment [Line Items]
Percentage decrease in long-term price assumptions used in value-in-use impairment testing			27.00%
Not later than one year [member]
Disclosure of considerations in respect of COVID-19 and current environment [Line Items]
Long term price assumptions used in current measurement of fair value less costs of disposal		40		2
Later than one year and not later than five years [member]
Disclosure of considerations in respect of COVID-19 and current environment [Line Items]
Long term price assumptions used in current measurement of fair value less costs of disposal		50		3
Later than five years and not later than ten years [member]
Disclosure of considerations in respect of COVID-19 and current environment [Line Items]
Long term price assumptions used in current measurement of fair value less costs of disposal		50		3
Later than ten years and not later than twenty years [Member]
Disclosure of considerations in respect of COVID-19 and current environment [Line Items]
Long term price assumptions used in current measurement of fair value less costs of disposal		60		3
Later than twenty years and not later than thirty years [Member]
Disclosure of considerations in respect of COVID-19 and current environment [Line Items]
Long term price assumptions used in current measurement of fair value less costs of disposal		60		3
Later than thirty years [Member]
Disclosure of considerations in respect of COVID-19 and current environment [Line Items]
Long term price assumptions used in current measurement of fair value less costs of disposal		50		2.75
Top of range
Disclosure of considerations in respect of COVID-19 and current environment [Line Items]
Percentage decrease in long-term price assumptions used in value-in-use impairment testing			31.00%
Brent oil USD per barrel [Member]
Disclosure of considerations in respect of COVID-19 and current environment [Line Items]
Percentage decrease in long-term price assumptions used in value-in-use impairment testing			30.00%
Henry Hub gas USD per mmBtu [Member]
Disclosure of considerations in respect of COVID-19 and current environment [Line Items]
Percentage decrease in long-term price assumptions used in value-in-use impairment testing			16.00%

Basis of preparation Disclosu_2

Basis of preparation Disclosure of updates to significant accounting policies (Details) $ in Millions	6 Months Ended
	Jun. 30, 2020USD ($)
Disclosure of updates to significant accounting policies [Line Items]
Issue of perpetual hybrid bonds	$ 11,861
Non-controlling interests [member] | Non-controlling interests, hybrid bonds [Member]
Disclosure of updates to significant accounting policies [Line Items]
Issue of perpetual hybrid bonds	$ 11,909

Non-current assets held for s_2

Non-current assets held for sale (Details) - USD ($) $ in Millions		3 Months Ended			6 Months Ended
		Jun. 30, 2020		Jun. 30, 2019	Jun. 30, 2020		Jun. 30, 2019	Mar. 31, 2020	Dec. 31, 2019
Assets and liabilities held for sale [Line Items]
Assets classified as held for sale		$ 4,169			$ 4,169				$ 7,465
Liabilities directly associated with assets classified as held for sale		948			948				1,393
Trade and other receivables		4,270			4,270				$ 2,147
Currency translation differences		1,371	[1]	$ 131	$ (3,271)	[1]	$ 1,120
Proportion of reimbursement rights					30.00%
Hilcorp Energy [Member]
Assets and liabilities held for sale [Line Items]
Deposit Received For Sale Of Property, Plant And Equipment, And Losing Control Of Subsidiaries Or Other Businesses					$ 500
Consideration paid (received)		209
Trade and other receivables		2,100			2,100
INEOS [Member]
Assets and liabilities held for sale [Line Items]
Total Consideration For Sale Of Property, Plant And Equipment, And Losing Control Of Subsidiaries Or Other Businesses					5,000
Deposit Received For Sale Of Property, Plant And Equipment, And Losing Control Of Subsidiaries Or Other Businesses					400
Consideration Receivable On Completion of Sale Of Property, Plant And Equipment, And Losing Control Of Subsidiaries Or Other Businesses					3,600
Deferred Consideration For Sale Of Property, Plant And Equipment, And Losing Control Of Subsidiaries Or Other Businesses					1,000
Instalment of Deferred Consideration For Sale Of Property, Plant And Equipment, And Losing Control Of Subsidiaries Or Other Businesses					100
Petrochemicals [Member]
Assets and liabilities held for sale [Line Items]
Assets classified as held for sale								$ 3,647
Liabilities directly associated with assets classified as held for sale								637
BP Exploration (Alaska) Inc. [Member]
Assets and liabilities held for sale [Line Items]
Assets classified as held for sale								6,518
Liabilities directly associated with assets classified as held for sale								969
Maximum Expected Consideration For Sale Of Property, Plant And Equipment, And Losing Control Of Subsidiaries Or Other Businesses					5,600
Sale Of Property, Plant And Equipment, And Losing Control Of Subsidiaries Or Other Businesses, Contingent Receivable		$ 1,689			$ 1,689
Trans Alaska Pipeline System (TAPS) [Member]
Assets and liabilities held for sale [Line Items]
Assets classified as held for sale								499
Liabilities directly associated with assets classified as held for sale								$ 279
Trans Alaska Pipeline System (TAPS) [Member]
Assets and liabilities held for sale [Line Items]
Proportion of ownership interest in associate					49.00%
Amount recognised in other comprehensive income and accumulated in equity relating to non-current assets or disposal groups held for sale [member] | Petrochemicals [Member]
Assets and liabilities held for sale [Line Items]
Currency translation differences	[1]				$ 300
Later than one year and not later than two years [member] | INEOS [Member]
Assets and liabilities held for sale [Line Items]
Deferred Consideration For Sale Of Property, Plant And Equipment, And Losing Control Of Subsidiaries Or Other Businesses					$ 700
[1]	Second quarter and half year 2020 was principally affected by movements in the Russian rouble against the US dollar.

Impairment and losses on sale_2

Impairment and losses on sale of businesses and fixed assets (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Disclosure of impairment loss and reversal of impairment loss [line items]
Impairment and losses on sale of businesses and fixed assets	$ 11,770	$ 906	$ 12,919	$ 1,002
Impairment loss	11,848		12,646
Tax credit on impairment loss	3,308		3,535
Impairment loss, net of tax	8,540		9,111
Share of impairment loss of joint ventures and associates accounted for using equity method	648
Share of impairment loss of joint ventures and associates accounted for using equity method, net of tax	635
Upstream
Disclosure of impairment loss and reversal of impairment loss [line items]
Impairment loss	11,100		$ 11,885
Share of impairment loss of joint ventures and associates accounted for using equity method	585
Downstream
Disclosure of impairment loss and reversal of impairment loss [line items]
Impairment loss	$ 729

Analysis of replacement cost _2

Analysis of replacement cost profit (loss) before interest and tax and reconciliation to profit (loss) before taxation - Results by Segment (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Disclosure of operating segments [line items]
RC profit (loss) before interest and tax	$ (21,901)	$ 3,935	$ (20,751)	$ 8,511
Inventory holding gains (losses)
Profit (loss) before interest and taxation	(20,813)	4,016	(24,547)	9,680
Finance costs	783	853	1,566	1,720
Net finance expense relating to pensions and other post-retirement benefits	8	15	15	30
Profit (loss) before taxation	(21,604)	3,148	(26,128)	7,930
US
Disclosure of operating segments [line items]
RC profit (loss) before interest and tax	(4,695)	498	(4,100)	1,269
Non-US
Disclosure of operating segments [line items]
RC profit (loss) before interest and tax	(17,206)	3,437	(16,651)	7,242
Reportable segments
Disclosure of operating segments [line items]
RC profit (loss) before interest and tax, before adjustments	(21,855)	3,901	(20,883)	8,490
Reportable segments | Upstream
Disclosure of operating segments [line items]
RC profit (loss) before interest and tax, before adjustments	(22,008)	2,469	(20,985)	5,353
Inventory holding gains (losses)
Inventory holding gains (losses)	57	(10)	(11)	(8)
Reportable segments | Downstream
Disclosure of operating segments [line items]
RC profit (loss) before interest and tax, before adjustments	594	1,288	1,258	3,053
Inventory holding gains (losses)
Inventory holding gains (losses)	978	93	(3,637)	1,139
Reportable segments | Rosneft
Disclosure of operating segments [line items]
RC profit (loss) before interest and tax, before adjustments	(124)	525	(141)	1,011
Inventory holding gains (losses)
Inventory holding gains (losses)	53	(2)	(148)	38
Other businesses and corporate
Disclosure of operating segments [line items]
RC profit (loss) before interest and tax, before adjustments	(317)	(381)	(1,015)	(927)
Consolidation adjustment and eliminations
Disclosure of operating segments [line items]
Consolidation adjustment – UPII	$ (46)	$ 34	$ 132	$ 21

Exploration expense (Details)

Exploration expense (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Disclosure of exploration and evaluation assets [Abstract]
Tax credit on exploration expense	$ 1,490		$ 1,514
Expense Arising From Exploration For And Evaluation Of Mineral Resources, Write-Off	9,618		9,716
Expense Arising From Exploration For And Evaluation Of Mineral Resources, Write-Off Net of Tax	8,128		8,202
Exploration expense	$ 9,674	$ 146	$ 9,876	$ 513

Sales and other operating rev_3

Sales and other operating revenues (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Disclosure of operating segments [line items]
Sales and other operating revenues, gross	$ 34,885	$ 80,385	$ 100,766	$ 153,751
Less: sales and other operating revenues between segments	3,209	7,709	9,440	14,754
Sales and other operating revenues	31,676	72,676	91,326	138,997
Sales and other operating revenues include the following in relation to revenues from contracts with customers:	16,624	37,340	44,441	70,954
Other revenue	15,052	35,336	46,885	68,043
Crude oil
Disclosure of operating segments [line items]
Sales and other operating revenues include the following in relation to revenues from contracts with customers:	1,062	2,577	2,497	5,067
Oil products
Disclosure of operating segments [line items]
Sales and other operating revenues include the following in relation to revenues from contracts with customers:	10,452	27,211	30,706	49,915
Natural gas, LNG and NGLs
Disclosure of operating segments [line items]
Sales and other operating revenues include the following in relation to revenues from contracts with customers:	2,992	4,294	6,630	9,651
Non-oil products and other revenues from contracts with customers
Disclosure of operating segments [line items]
Sales and other operating revenues include the following in relation to revenues from contracts with customers:	2,118	3,258	4,608	6,321
Reportable segments | Upstream
Disclosure of operating segments [line items]
Sales and other operating revenues, gross	7,194	13,556	18,658	28,150
Less: sales and other operating revenues between segments	2,613	7,481	9,520	13,805
Sales and other operating revenues	4,581	6,075	9,138	14,345
Reportable segments | Downstream
Disclosure of operating segments [line items]
Sales and other operating revenues, gross	27,241	66,396	81,205	124,812
Less: sales and other operating revenues between segments	330	62	(452)	648
Sales and other operating revenues	26,911	66,334	81,657	124,164
Other businesses and corporate
Disclosure of operating segments [line items]
Sales and other operating revenues, gross	450	433	903	789
Less: sales and other operating revenues between segments	266	166	372	301
Sales and other operating revenues	184	267	531	488
Geography Eliminations | US and Non-US
Disclosure of operating segments [line items]
Sales and other operating revenues	3,217	6,343	8,741	11,488
Reportable Geographical Components | US and Non-US
Disclosure of operating segments [line items]
Sales and other operating revenues	34,893	79,019	100,067	150,485
Reportable Geographical Components | US
Disclosure of operating segments [line items]
Sales and other operating revenues	10,117	26,086	31,336	47,934
Reportable Geographical Components | Non-US
Disclosure of operating segments [line items]
Sales and other operating revenues	$ 24,776	$ 52,933	$ 68,731	$ 102,551

Depreciation, depletion and a_3

Depreciation, depletion and amortization (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Disclosure of operating segments [line items]
Depreciation, depletion and amortization	$ 3,937	$ 4,588	$ 7,996	$ 9,049
Reportable segments | Upstream
Disclosure of operating segments [line items]
Depreciation, depletion and amortization	3,017	3,684	6,167	7,295
Reportable segments | Upstream | US
Disclosure of operating segments [line items]
Depreciation, depletion and amortization	1,044	1,288	2,112	2,401
Reportable segments | Upstream | Non-US
Disclosure of operating segments [line items]
Depreciation, depletion and amortization	1,973	2,396	4,055	4,894
Reportable segments | Downstream
Disclosure of operating segments [line items]
Depreciation, depletion and amortization	752	725	1,499	1,431
Reportable segments | Downstream | US
Disclosure of operating segments [line items]
Depreciation, depletion and amortization	344	333	686	656
Reportable segments | Downstream | Non-US
Disclosure of operating segments [line items]
Depreciation, depletion and amortization	408	392	813	775
Other businesses and corporate
Disclosure of operating segments [line items]
Depreciation, depletion and amortization	168	179	330	323
Other businesses and corporate | US
Disclosure of operating segments [line items]
Depreciation, depletion and amortization	16	14	31	27
Other businesses and corporate | Non-US
Disclosure of operating segments [line items]
Depreciation, depletion and amortization	$ 152	$ 165	$ 299	$ 296

Production and similar taxes (D

Production and similar taxes (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Disclosure of geographical areas [line items]
Production and similar taxes	$ 124	$ 371	$ 327	$ 795
US
Disclosure of geographical areas [line items]
Production and similar taxes	13	79	26	160
Non-US
Disclosure of geographical areas [line items]
Production and similar taxes	$ 111	$ 292	$ 301	$ 635

Earnings per share and shares_3

Earnings per share and shares in issue - Narrative (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019	Dec. 31, 2019
Earnings per share [line items]
Net issue (repurchase) of shares (Note 9)	$ 0	$ (80)	$ (776)	$ (125)
Payments to acquire or redeem entity's shares, transaction costs			$ 4
Ordinary Shares
Earnings per share [line items]
Ordinary share repurchase (in shares)	(120,000,000)
Net issue (repurchase) of shares (Note 9)	$ (776)
Share capital issued (in shares)	20,262,823,584		20,262,823,584		20,372,762,750
Shares held in treasury (in shares)	1,152,958,766		1,152,958,766		1,163,077,064

Earnings per share and shares_4

Earnings per share and shares in issue - Summary of Earnings per Share and Shares in Issue (Details) - USD ($) shares in Thousands, $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Earnings per share [line items]
Profit (loss) for the period attributable to BP shareholders	$ (16,848)	$ 1,822	$ (21,213)	$ 4,756
Less: preference dividend	1	1	1	1
Profit (loss) attributable to BP ordinary shareholders	$ (16,849)	$ 1,821	$ (21,214)	$ 4,755
Ordinary Shares
Earnings per share [line items]
Adjusted weighted average number of ordinary shares outstanding, number of shares excluded	63,119		85,469
Basic weighted average number of shares outstanding (in shares)	20,222,575	20,336,347	20,200,694	20,256,254
Weighted average number of shares outstanding used to calculate diluted earnings per share (in shares)	20,222,575	20,421,184	20,200,694	20,368,125
Shares in issue at period-end (in shares)	20,249,046	20,373,332	20,249,046	20,373,332
American Depositary Share
Earnings per share [line items]
Adjusted weighted average number of ordinary shares outstanding, number of shares excluded	10,520		14,245
Basic weighted average number of shares outstanding (in shares)	3,370,429	3,389,391	3,366,782	3,376,042
Weighted average number of shares outstanding used to calculate diluted earnings per share (in shares)	3,370,429	3,403,530	3,366,782	3,394,687
Shares in issue at period-end (in shares)	3,374,841	3,395,555	3,374,841	3,395,555

Dividends - Narrative (Details)

Dividends - Narrative (Details)	Sep. 14, 2020$ / shares	Sep. 08, 2020day	Aug. 04, 2020$ / shares
Disclosure of classes of share capital [line items]
Quarterly dividends paid, average of market exchange rates, number of days (day) | day		4
Ordinary Shares
Disclosure of classes of share capital [line items]
Quarterly dividend paid per ordinary share (USD per share)			$ 0.0525
American Depositary Share
Disclosure of classes of share capital [line items]
Quarterly dividend paid per ordinary share (USD per share)	$ 0.315

Dividends - Schedule of Dividen

Dividends - Schedule of Dividends Announced and Paid and Scrip Dividends (Details) $ / shares in Units, shares in Millions, $ in Millions	3 Months Ended				6 Months Ended
	Jun. 30, 2020USD ($)$ / sharesshares	Jun. 30, 2020£ / shares	Jun. 30, 2019USD ($)$ / sharesshares	Jun. 30, 2019£ / shares	Jun. 30, 2020USD ($)$ / sharesshares	Jun. 30, 2020£ / shares	Jun. 30, 2019USD ($)$ / sharesshares	Jun. 30, 2019£ / shares
Disclosure of classes of share capital [line items]
Number of shares issued (in shares) | shares	0		46.3		0		136.4
Value of shares issued | $	$ 0		$ 318		$ 0		$ 947
Ordinary Shares
Disclosure of classes of share capital [line items]
Quarterly dividend paid per ordinary share (Pence and USD per share) | (per share)	$ 0.10500	£ 0.08342	$ 0.10250	£ 0.08066	$ 0.21000	£ 0.16498	$ 0.20500	£ 0.15804
American Depositary Share
Disclosure of classes of share capital [line items]
Quarterly dividend paid per ordinary share (Pence and USD per share) | $ / shares	$ 0.6300		$ 0.6150		$ 1.2600		$ 1.2300

Net debt - Disclosure of the Ne

Net debt - Disclosure of the Net Debt Ratio (Details) $ in Millions		Jun. 30, 2020USD ($)	Mar. 31, 2020USD ($)	Dec. 31, 2019USD ($)	Jun. 30, 2019USD ($)	Mar. 31, 2019USD ($)	Jan. 01, 2019USD ($)	Dec. 31, 2018USD ($)
Disclosure of detailed information about hedges [line items]
Finance debt		$ 76,003		$ 67,724	$ 67,553
Fair value (asset) liability of hedges related to finance debt		(430)		190	(378)
Debt, net of hedging instruments		75,573		67,914	67,175
Less: cash and cash equivalents		436
Cash and cash equivalents if different from statement of financial position	[1]	34,653
Cash and cash equivalents		34,217	$ 18,139	22,472	20,674	$ 21,256		$ 22,468
Net debt		40,920		45,442	46,501
Equity		$ 82,811		$ 100,708	$ 103,623		$ 101,218	$ 101,548
Gearing		0.331		0.311	0.310
Borrowings 1 [Member]
Disclosure of detailed information about hedges [line items]
Financial liabilities, at fair value		$ 77,990		$ 69,376
Derivatives [member] | Debt Hedges
Disclosure of detailed information about hedges [line items]
Financial liabilities at fair value through profit or loss		(554)			$ (563)
Non-controlling interests, hybrid bonds [Member] | Non-controlling interests [member]
Disclosure of detailed information about hedges [line items]
Equity		11,909
Assets and liabilities classified as held for sale [member]
Disclosure of detailed information about hedges [line items]
Finance debt		$ 24
[1]	Second quarter and first half 2020 includes $436 million of cash and cash equivalents classified as assets held for sale in the group balance sheet.

Inventory valuation (Details)

Inventory valuation (Details) - USD ($) $ in Millions	Jun. 30, 2020	Dec. 31, 2019
Hydrocarbon Inventory [Member]
Disclosure of financial assets [line items]
Inventory valuation reserve	$ 289	$ 290

Uncategorized Items - bp-202006

Label	Element	Value
Increase (decrease) due to changes in accounting policy required by IFRSs [member]
Equity	ifrs-full_Equity	$ (330,000,000)	[1]
Equity attributable to owners of parent [member]
Equity	ifrs-full_Equity	99,115,000,000
Equity attributable to owners of parent [member] | Increase (decrease) due to changes in accounting policy required by IFRSs [member]
Equity	ifrs-full_Equity	(329,000,000)	[1]
Non-controlling interests, other interests [Member] | Non-controlling interests [member]
Equity	ifrs-full_Equity	2,103,000,000
Non-controlling interests, other interests [Member] | Non-controlling interests [member] | Increase (decrease) due to changes in accounting policy required by IFRSs [member]
Equity	ifrs-full_Equity	$ (1,000,000)	[1]
[1]	See Note 1 in BP Annual Report and Form 20-F 2019 for further information.